ADXN 6-K/A

Addex Therapeutics Ltd. (ADXN)

6-K/A 2023-12-21 For: 2023-06-30

View Original

Added on August 22, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Unaudited Interim Condensed Consolidated Financial Statements	2
Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the three-month and six-month periods ended June 30, 2023 and 2022	3
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six-month period ended June 30, 2023 and 2022	4
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the three-month period ended June 30, 2022	5
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the three-month period ended June 30, 2023	6
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2023 and 2022	7
Unaudited Notes to the Interim Condensed Consolidated Financial Statements for the three-month and six-month periods ended June 30, 2023	8


		June 30,	December 31,
	Notes	2023	2022

		Amounts in Swiss francs
ASSETS
Current assets
Cash and cash equivalents	6	7,169,069	6,957,086
Other financial assets	7/12	16,744	3,165
Trade and other receivables	7	255,656	416,875
Contract asset	7	246,626	181,441
Prepayments	7	1,003,491	270,394
Total current assets		8,691,586	7,828,961

Non-current assets
Right-of-use assets	8	219,353	357,613
Property, plant and equipment	9	33,154	41,121
Non-current financial assets	10	54,350	54,355
Total non-current assets		306,857	453,089

Total assets		8,998,443	8,282,050

LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities		199,884	286,107
Payables and accruals	11	2,513,958	2,996,004
Total current liabilities		2,713,842	3,282,111

Non-current liabilities
Non-current lease liabilities		32,635	87,028
Retirement benefits obligations	14	125,863	—
Total non-current liabilities		158,498	87,028

Equity
Share capital	12	1,364,513	1,153,483
Share premium	12	263,658,040	269,511,610
Other equity	12	64,620,223	64,620,223
Treasury shares reserve	12	(635,311)	(6,278,763)
Other reserves		32,062,974	25,768,373
Accumulated deficit		(354,944,336)	(349,862,015)
Total equity		6,126,103	4,912,911

Total liabilities and equity		8,998,443	8,282,050


		For the three months ended		For the six months ended
		June 30,		June 30,
	Notes	2023	2022	2023	2022

		Amounts in Swiss francs
Revenue from contract with customer	15	630,877	183,354	1,131,769	420,591
Other income	16	1,100	3,089	2,255	9,800

Operating costs
Research and development		(1,875,088)	(5,747,026)	(3,579,063)	(9,512,473)
General and administration		(1,303,665)	(1,531,632)	(2,501,242)	(3,772,718)
Total operating costs	17	(3,178,753)	(7,278,658)	(6,080,305)	(13,285,191)

Operating loss		(2,546,776)	(7,092,215)	(4,946,281)	(12,854,800)

Finance income		13,349	205	37,175	300
Finance expense		(141,725)	(129,242)	(173,215)	(190,487)
Finance result	19	(128,376)	(129,037)	(136,040)	(190,187)

Net loss before tax		(2,675,152)	(7,221,252)	(5,082,321)	(13,044,987)
Income tax expense		—	—	—	—
Net loss for the period		(2,675,152)	(7,221,252)	(5,082,321)	(13,044,987)

Basic and diluted loss per share for loss attributable to the ordinary equity holders of the Company	20	(0.04)	(0.19)	(0.08)	(0.34)

Other comprehensive (loss)/ income
Items that will never be reclassified to profit and loss:
Remeasurements of retirement benefits obligation		(135,012)	478,949	(165,653)	1,144,768
Items that may be classified subsequently to profit and loss:
Exchange difference on translation of foreign operations		(979)	208	(898)	235
Other comprehensive (loss)/income for the period, net of tax		(135,991)	479,157	(166,551)	1,145,003

Total comprehensive loss for the period		(2,811,143)	(6,742,095)	(5,248,872)	(11,899,984)


						Foreign
					Treasury	Currency
		Share	Share	Other	Shares	Translation	Other	Accumulated
	Notes	Capital	Premium	Equity	Reserve	Reserve	Reserves	Deficit	Total

	Amounts in Swiss francs
Balance as of January 1, 2022		49,272,952	283,981,361	—	(11,703,279)	(657,525)	25,095,393	(329,057,802)	16,931,100
Net loss for the period		—	—	—	—	—	—	(13,044,987)	(13,044,987)
Other comprehensive income for the period		—	—	—	—	235	1,144,768	—	1,145,003
Total comprehensive loss for the period		—	—	—	—	235	1,144,768	(13,044,987)	(11,899,984)
Issue of treasury shares	12	16,000,000	—	—	(16,000,000)	—	—	—	—
Cost of treasury shares issuance		—	(215,633)	—	—	—	—	—	(215,633)
Related costs of sales shelf-registration		—	(2,223)	—	—	—	—	—	(2,223)
Cost of pre-funded warrants sold		—	—	—	—	—	(36,534)	—	(36,534)
Value of share-based services	13	—	—	—	—	—	2,099,311	—	2,099,311
Movement in treasury shares:	12
Net purchases under liquidity agreement		—	(47,042)	—	33,457	—	—	—	(13,585)
Balance as of June 30, 2022		65,272,952	283,716,463	—	(27,669,822)	(657,290)	28,302,938	(342,102,789)	6,862,452

Balance as of January 1, 2023		1,153,483	269,511,610	64,620,223	(6,278,763)	(657,870)	26,426,243	(349,862,015)	4,912,911
Net loss for the period		—	—	—	—	—	—	(5,082,321)	(5,082,321)
Other comprehensive loss for the period		—	—	—	—	(898)	(165,653)	—	(166,551)
Total comprehensive loss for the period		—	—	—	—	(898)	(165,653)	(5,082,321)	(5,248,872)
Issue of treasury shares	12	176,000	—	—	(176,000)	—	—	—	—
Cost of treasury shares issuance		—	(16,823)	—	—	—	—	—	(16,823)
Sales under shelf registration	12	—	(920,069)	—	2,079,828	—	—	—	1,159,759
Related costs of sales shelf-registration		—	(34,106)	—	—	—	—	—	(34,106)
Sale of pre-funded warrants	12	—	—	—	—	—	3,382,259	—	3,382,259
Cost of pre-funded warrants sold		—	—	—	—	—	(118,117)	—	(118,117)
Exercise of pre-funded warrants	12	35,030	449,939	—	—	—	(484,930)	—	39
Value of warrants and pre-funded warrants	12	—	(2,760,143)	—	—	—	2,760,143	—	—
Value of share-based services	13	—	—	—	—	—	921,797	—	921,797
Movement in treasury shares:	12
Net purchases under liquidity agreement		—	2,183	—	(2,882)	—	—	—	(699)
Sales agency agreement		—	(2,565,725)	—	3,742,506	—	—	—	1,176,781
Costs under sale agency agreement		—	(8,826)	—	—	—	—	—	(8,826)
Balance as of June 30, 2023		1,364,513	263,658,040	64,620,223	(635,311)	(658,768)	32,721,742	(354,944,336)	6,126,103


					Foreign
				Treasury	Currency
		Share	Share	Shares	Translation	Other	Accumulated
	Notes	Capital	Premium	Reserve	Reserve	Reserves	Deficit	Total

		Amounts in Swiss francs
Balance as of January 1, 2022		49,272,952	283,981,361	(11,703,279)	(657,525)	25,095,393	(329,057,802)	16,931,100
Net loss for the period		—	—	—	—	—	(5,823,735)	(5,823,735)
Other comprehensive income for the period		—	—	—	27	665,819	—	665,846
Total comprehensive loss for the period		—	—	—	27	665,819	(5,823,735)	(5,157,889)
Issue of treasury shares	12	16,000,000	—	(16,000,000)	—	—	—	—
Cost of treasury shares issuance		—	(210,633)	—	—	—	—	(210,633)
Related costs of sales shelf registration		—	(2,223)	—	—	—	—	(2,223)
Cost of pre-funded warrants sold		—	—	—	—	(36,534)	—	(36,534)
Value of share-based services	13	—	—	—	—	1,440,052	—	1,440,052
Movement in treasury shares:	12
Net purchases under liquidity agreement		—	(26,252)	17,692	—	—	—	(8,560)
Balance as of March 31, 2022		65,272,952	283,742,253	(27,685,587)	(657,498)	27,164,730	(334,881,537)	12,955,313
Net loss for the period		—	—	—	—	—	(7,221,252)	(7,221,252)
Other comprehensive income for the period		—	—	—	208	478,949	—	479,157
Total comprehensive loss for the period		—	—	—	208	478,949	(7,221,252)	(6,742,095)
Cost of treasury shares issuance		—	(5,000)	—	—	—	—	(5,000)
Value of share-based services	13	—	—	—	—	659,259	—	659,259
Movement in treasury shares:	12
Net purchases under liquidity agreement		—	(20,790)	15,765	—	—	—	(5,025)
Balance as of June 30, 2022		65,272,952	283,716,463	(27,669,822)	(657,290)	28,302,938	(342,102,789)	6,862,452


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Collaborative research funding	630,877	183,354	1,131,769	420,591
Other service income	1,100	3,089	2,255	9,800
Total	631,977	186,443	1,134,024	430,391


Year ended December 31, 2022	Properties	Equipment	Total
Opening net book amount	456,885	13,104	469,989
Depreciation charge	(277,069)	(14,504)	(291,573)
Effect of lease modifications	173,281	5,916	179,197
Closing net book amount	353,097	4,516	357,613

As of December 31, 2022	Properties	Equipment	Total
Cost	1,471,850	13,542	1,485,392
Accumulated depreciation	(1,118,753)	(9,026)	(1,127,779)
Net book value	353,097	4,516	357,613

Period ended June 30, 2023	Properties	Equipment	Total
Opening net book amount	353,097	4,516	357,613
Depreciation charge	(136,906)	(1,354)	(138,260)
Closing net book amount	216,191	3,162	219,353

As of June 30, 2023	Properties	Equipment	Total
Cost	1,471,850	13,542	1,485,392
Accumulated depreciation	(1,255,659)	(10,380)	(1,266,039)
Net book value	216,191	3,162	219,353


		Furniture &	Chemical
Year ended December 31, 2022	Equipment	fixtures	library	Total
Opening net book amount	72,111	—	—	72,111
Additions	581	—	—	581
Depreciation charge	(31,571)	—	—	(31,571)
Closing net book amount	41,121	—	—	41,121

		Furniture &	Chemical
As of December 31, 2022	Equipment	fixtures	library	Total
Cost	1,714,409	7,564	1,207,165	2,929,138
Accumulated depreciation	(1,673,288)	(7,564)	(1,207,165)	(2,888,017)
Net book value	41,121	—	—	41,121

		Furniture &	Chemical
Period ended June 30, 2023	Equipment	fixtures	library	Total
Opening net book amount	41,121	—	—	41,121
Additions	4,959	—	—	4,959
Depreciation charge	(12,926)	—	—	(12,926)
Closing net book amount	33,154	—	—	33,154

		Furniture &	Chemical
As of June 30, 2023	Equipment	fixtures	library	Total
Cost	1,719,368	7,564	1,207,165	2,934,097
Accumulated depreciation	(1,686,214)	(7,564)	(1,207,165)	(2,900,943)
Net book value	33,154	—	—	33,154


	Number of shares
	Common shares	Treasury shares	Total
Balance as of January 1, 2022	49,272,952	(11,374,803)	37,898,149
Issue of shares – treasury shares	16,000,000	(16,000,000)	—
Net purchase of shares under liquidity agreement	—	(21,949)	(21,949)
Balance as of June 30, 2022	65,272,952	(27,396,752)	37,876,200


	Number of shares
	Common	Treasury
	shares	shares	Total
Balance as of January 1, 2023	115,348,311	(38,214,291)	77,134,020
Issue of shares – treasury shares	17,600,000	(17,600,000)	—
Sale of shares under shelf registration	—	7,999,998	7,999,998
Exercise of pre-funded warrants ⁽¹⁾	3,502,950	—	3,502,950
Sale of shares under sale agency agreement	—	3,742,506	3,742,506
Net purchase of shares under liquidity agreement	—	(27,145)	(27,145)
Acquisition of shares forfeited from DSPPP	—	(7,311)	(7,311)
Balance as of June 30, 2023	136,451,261	(44,106,243)	92,345,018
Shares reclassed as treasury shares under IFRS 2	—	(17,431,572)	(17,431,572)
Balance as of June 30, 2023 IFRS 2	136,451,261	(61,537,815)	74,913,446


	For the three months ended June 30,		For the six months ended June 30,
	2023	2022	2023	2022
Current service cost	(67,188)	(85,432)	(133,722)	(170,864)
Past service cost	—	36,459	26,899	36,459
Interest cost	(46,888)	(9,705)	(93,778)	(19,410)
Interest income	45,240	6,996	90,480	13,992
Company pension amount (note 18)	(68,836)	(51,682)	(110,121)	(139,823)


	June 30, 2023	December 31, 2022
Defined benefit obligation	(8,495,027)	(7,682,529)
Fair value of plan assets	8,369,164	7,867,835
Effect of asset ceiling	—	(185,306)
Funded status shortfall	(125,863)	—


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Switzerland	3,189,652	7,267,558	6,072,960	13,264,551
United States of America	(11,863)	10,740	5,274	18,448
France	964	360	2,071	2,192
Total operating costs (note 17)	3,178,753	7,278,658	6,080,305	13,285,191


	June 30,		December 31,
	2023		2022
CHF	20.75	%	52.98	%
USD	71.82	%	42.10	%
EUR	4.84	%	2.69	%
GBP	2.59	%	2.23	%
Total	100.00	%	100.00	%


	June 30,	December 31,
	2023	2022
Trade payables	1,114,486	1,276,546
Social security and other taxes	186,354	120,875
Accrued expenses	1,213,118	1,598,583
Total payables and accruals	2,513,958	2,996,004


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Staff costs (note 18)	1,411,960	1,352,084	2,755,388	3,545,057
Depreciation (notes 8/9)	75,407	83,346	151,186	170,178
External research and development costs	751,860	4,677,306	1,460,642	7,184,492
Laboratory consumables	109,151	100,849	178,773	182,211
Patent maintenance and registration costs	56,349	96,617	118,691	171,849
Professional fees	368,927	323,390	662,455	781,544
Short-term leases	10,279	14,596	18,495	27,861
D&O Insurance	158,597	411,861	314,912	795,688
Other operating costs	236,223	218,609	419,763	426,311
Total operating costs	3,178,753	7,278,658	6,080,305	13,285,191