Addex Therapeutics Ltd. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Addex Therapeutics Ltd. has filed its 2023 annual report on Form 20-F, providing a comprehensive overview of its financial and operational status.</b>

AI Summary

Addex Therapeutics Ltd. (ADXN) filed a Foreign Annual Report (20-F) with the SEC on April 18, 2024. Addex Therapeutics Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period ending December 31, 2023, and was submitted on April 18, 2024. The company's principal executive offices are located at Chemin des Mines 9, Geneva, Switzerland. Addex Therapeutics Ltd. is classified under SIC code 2834, Pharmaceutical Preparations. The report details various financial and operational aspects of the company for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking Addex Therapeutics Ltd., this filing contains several important signals. This filing provides investors and stakeholders with the latest official financial statements and disclosures from Addex Therapeutics Ltd., crucial for assessing the company's performance and outlook. As a 20-F filing, it offers insights into the company's business, risk factors, and management discussion, which are essential for investment decisions and understanding its strategic direction.

Risk Assessment

Risk Level: low — Addex Therapeutics Ltd. shows low risk based on this filing. The risk is low as this is a standard annual filing providing historical financial data and disclosures, with no immediate new material events indicated.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Addex Therapeutics Ltd.'s current financial health and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the annual report)
• 2024-04-18 — Filing Date (Date the 20-F was submitted to the SEC)
• 135 — Public Document Count (Number of documents included in the filing)

Key Players & Entities

• Addex Therapeutics Ltd. (company) — Filer of the 20-F report
• 20-F (regulator) — Form type filed by the company
• April 18, 2024 (date) — Filing date of the report
• December 31, 2023 (date) — Fiscal year end date
• Chemin des Mines 9, Geneva, Switzerland (location) — Company's business address
• SIC 2834 (industry) — Standard Industrial Classification for Pharmaceutical Preparations

FAQ

Industry Context

Addex Therapeutics Ltd. operates within the pharmaceutical preparations industry, focusing on the development of novel therapeutics.

Regulatory Implications

As a foreign private issuer, Addex Therapeutics Ltd. files annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements.

What Investors Should Do

1. Thoroughly review the financial statements and management's discussion and analysis (MD&A) in the 20-F filing.
2. Examine the identified risk factors to understand potential challenges and uncertainties facing Addex Therapeutics Ltd.
3. Compare the current filing's data with previous reports to identify trends and changes in the company's financial and operational performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-18: Filing Date — Date Addex Therapeutics Ltd. submitted its annual report.

Year-Over-Year Comparison

This filing represents the annual update for the fiscal year 2023, providing the latest official financial and operational disclosures from Addex Therapeutics Ltd.

Filing Documents

• adxn-20231231x20f.htm (20-F) — 3849KB
• adxn-20231231xex1d1.htm (EX-1.1) — 116KB
• adxn-20231231xex2d4.htm (EX-2.4) — 89KB
• adxn-20231231xex4d21.htm (EX-4.21) — 124KB
• adxn-20231231xex8d1.htm (EX-8.1) — 5KB
• adxn-20231231xex12d1.htm (EX-12.1) — 9KB
• adxn-20231231xex12d2.htm (EX-12.2) — 9KB
• adxn-20231231xex13d1.htm (EX-13.1) — 6KB
• adxn-20231231xex13d2.htm (EX-13.2) — 6KB
• adxn-20231231xex15d1.htm (EX-15.1) — 5KB
• adxn-20231231xex97d1.htm (EX-97.1) — 44KB
• adxn-20231231x20f007.jpg (GRAPHIC) — 21KB
• adxn-20231231x20f008.jpg (GRAPHIC) — 23KB
• adxn-20231231x20f009.jpg (GRAPHIC) — 30KB
• adxn-20231231x20f010.jpg (GRAPHIC) — 36KB
• adxn-20231231x20f011.jpg (GRAPHIC) — 24KB
• adxn-20231231x20f012.jpg (GRAPHIC) — 56KB
• adxn-20231231x20f013.jpg (GRAPHIC) — 38KB
• adxn-20231231x20f014.jpg (GRAPHIC) — 19KB
• adxn-20231231x20f015.jpg (GRAPHIC) — 18KB
• adxn-20231231x20f016.jpg (GRAPHIC) — 15KB
• adxn-20231231x20f017.jpg (GRAPHIC) — 32KB
• adxn-20231231x20f018.jpg (GRAPHIC) — 46KB
• adxn-20231231x20f019.jpg (GRAPHIC) — 46KB
• adxn-20231231x20f020.jpg (GRAPHIC) — 55KB
• 0001104659-24-048532.txt (&nbsp;) — 15491KB
• adxn-20231231.xsd (EX-101.SCH) — 109KB
• adxn-20231231_cal.xml (EX-101.CAL) — 77KB
• adxn-20231231_def.xml (EX-101.DEF) — 326KB
• adxn-20231231_lab.xml (EX-101.LAB) — 738KB
• adxn-20231231_pre.xml (EX-101.PRE) — 564KB
• adxn-20231231x20f_htm.xml (XML) — 2813KB

Risk Factors

Risk Factors 6 Item 4. Information on the Company 29 A. History and Development of the Company 29 B. Business Overview 30 C. Organizational Structure 60 D. Property, Plants and Equipment 60 Item 4A. Unresolved Staff Comments 60 Item 5. Operating and Financial Review and Prospects 60 A. Operating Results 67 B. Liquidity and Capital Resources 71 C. Research and Development 74 D. Trend Information 74 E. Critical Accounting estimates 74 Item 6. Directors, Senior Management and Employees 74 A. Directors and Senior Management 74 B. Compensation 78 C. Board Practices 83 D. Employees 84 E. Share Ownership 84 F. Disclosure of a registrant's action to recover erroneously awarded compensation 84 Item 7. Major Shareholders and Related Party Transactions 85 A. Major Shareholders 85 B. Related Party Transactions 86 C. Interests of Experts and Counsel 88 Item 8. Financial Information 88 A. Consolidated Statements and Other Financial Information 88 B. Significant Changes 88 Item 9. The Offer and Listing 89 A. Offer and Listing Details 89 B. Plan of Distribution 89 C. Markets 89 D. Selling Shareholders 89 E.

Dilution

Dilution 89 F. Expenses of the Issue 89 Item 10. Additional Information 89 A. Share Capital 89 B. Memorandum and Articles of Association 89 C. Material Contracts 89 D. Exchange Controls 92 E. Taxation 93 F. Dividends and Paying Agents 102 G. 102 H. Documents on Display 102 1 Table of Contents I. Subsidiary Information 102 J. Annual Report to Security Holders 102 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 103 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 104 A. Debt Securities 104 B. Warrants and Rights 104 C. Other Securities 104 D. American Depositary Shares 104 PART II 107 Item 13. Defaults, Dividend Arrearages and Delinquencies 107 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 107 Item 15.

Controls and Procedures

Controls and Procedures 107 Item 16A. Audit Committee Financial Expert 108 Item 16B. Code of Ethics 108 Item 16C. Principal Accountant Fees and Services 108 Item 16D. Exemptions from the Listing Standards for Audit Committees 109 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 109 Item 16F. Change in Registrant's Certifying Accountant 109 Item 16G. Corporate Governance 109 Item 16H. Mine Safety Disclosure 110 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 110 Item 16J. Insider Trading policies 110 Item 16K. Cybersecurity 110 PART III 111 Item 17.

Financial Statements

Financial Statements 111 Item 18.

Financial Statements

Financial Statements 111 Item 19. Exhibits 112 2 Table of Contents INTRODUCTION Unless otherwise indicated or the context otherwise requires, all references in this Annual Report on Form 20-F to the terms "Addex," "Addex Therapeutics," "Addex Therapeutics Ltd," "the company," the "Group" "we," "us" and "our" refer to Addex Therapeutics Ltd together with its subsidiaries. We own trademarks for Addex Pharmaceuticals in Switzerland. All other trade names, trademarks and service marks of other companies appearing in this Annual Report on Form 20-F are the property of their respective holders. Solely for convenience, the trademarks and trade names in this Annual Report on Form 20-F may be referred to without the and symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Our ADSs are traded on the Nasdaq Capital Market, or Nasdaq, under the symbol "ADXN". Effective October 23, 2023, the ratio of ordinary shares per ADS was changed to one hundred and twenty shares per ADS. From January 29, 2020 to October 22, 2023, the ADSs traded on Nasdaq with a ratio of six shares per ADS. Unless indicated or the context otherwise requires, all per ADS amounts and numbers of ADSs in this Annual Report on Form 20-F have been retrospectively adjusted for the ADS Ratio Change. Our reporting currency is the Swiss franc. The exchange rate between the Swiss franc and the U.S. dollar as of April 9, 2024 was USD 1.11 per CHF 1.0. We present our consolidated financial statements in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. Readers of this Annual Report on Form 20-F should note that there may be

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers. Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable. Not applicable.

Key Information

Item 3. Key Information. A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Our business faces significant risks. You should carefully consider all of the information set forth in this Annual Report on Form 20-F and in our other filings with the United States Securities and Exchange Commission, or the SEC, including the following risk factors which we face, and which are faced by our industry. Our business, financial condition, results of operations and growth prospects could be materially adversely affected by any of these risks. This report also contains forward-looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking statements, as a result of certain factors including the risks described below and elsewhere in this Annual Report and our other SEC filings. See "Special Note Regarding Forward-Looking Statements" above. Summary Risk Factors We will need significant amounts of additional new capital to fund our continued development activities. We are a development-stage company working with novel approaches to therapeutics, which may not be successful. We have no products on the market and we may never generate revenue from the sale or licensing of drug candidates. Our dependence on Janssen to develop and commercialize ADX71149 and Indivior to develop and commercialize our GABAB PAM program exposes us to significant risks. If third parties on which we depend to conduct our clinical trials do not perform as contractually required, fail to satisfy regulatory or legal requirements or miss expected deadlines, our clinical development program could be delayed and otherwise adversely affected. Our ADSs may be delisted from Nasdaq which could negatively impact the price of our ADSs, our liquidity and our ability to access the capital markets. Because we rely on third party manufacturi

View Full Filing

View this 20-F filing on SEC EDGAR