Addex Therapeutics (SIX: ADXN) said on August 26, 2026 that it had raised gross proceeds of USD 2.8 million, or CHF 2.2 million, by selling 437,869 American Depositary Shares under its at-the-market agreement with H.C. Wainwright & Co., and that the money extends its cash runway to the fourth quarter of 2027. The Geneva-based company develops small molecule allosteric modulators for neurological disorders. Its ordinary shares trade on the SIX Swiss Exchange and its ADSs trade on the Nasdaq Capital Market, both under the symbol ADXN.
What was sold
Each ADS represents one hundred and twenty ordinary shares, so the 437,869 ADSs correspond to 52,544,280 shares. After the sales, shares outstanding excluding treasury shares rose to 210,292,217 while issued shares were unchanged at 218,654,496. The shares delivered against the new ADSs therefore came out of the treasury holding rather than from a fresh issuance of capital.
The sales agreement itself dates from January 30, 2024. The prospectus supplement Addex filed in December 2025 registered ADSs with a maximum aggregate offering price of up to $3,300,000 under that agreement, out of a shelf on Form F-3 covering up to $150,000,000. H.C. Wainwright acts as sales agent at a fixed commission of 3.0% of the gross sales price, with reimbursement of counsel fees capped at $50,000 in aggregate plus up to $5,000 for each due diligence session tied to an annual report on Form 20-F and $2,500 for each quarterly session. Addex reports at least quarterly the number of ADSs sold, the net proceeds and the compensation paid.
Sales under the agreement are made in transactions deemed an at-the-market offering as defined in Rule 415(a)(4) under the Securities Act of 1933, on or through Nasdaq at prevailing market prices. No sales are conducted through Euronext, and the offering excludes Switzerland. The company designates the number of ADSs it wants sold, the period, any daily limit and any minimum price below which sales may not be made.
The constraint the filing discloses
The prospectus supplement also records why the programme is small. Under General Instruction I.B.5 to Form F-3, Addex may not sell securities in a primary offering worth more than one-third of its public float in any 12-calendar month period unless that float rises to $75.0 million or more. The company put the aggregate market value of voting and non-voting equity held by non-affiliates at $9.95 million, based on 125,588,452 shares held by non-affiliates and a closing price of CHF 0.063, or $0.079, on SIX on November 13, 2025. It stated that it had not sold any securities under that instruction during the preceding twelve full calendar months.
That is the arithmetic behind a $3,300,000 cap. It also frames the December illustration in the same document, which assumed the sale of 46,424,280 shares in the form of 386,869 ADSs for estimated net proceeds of $3.3 million at an assumed price of $8.53 per ADS, the closing price on Nasdaq on December 4, 2025.
Analysis: a small raise against a going-concern warning
The most useful context for a USD 2.8 million raise is the balance sheet it lands on. Addex last published financial statements for the three months to March 31, 2026. They show cash and cash equivalents of CHF 935,153, down from CHF 1,638,612 at December 31, 2025, and total current assets of CHF 1,189,639 against CHF 1,680,124. The net loss for the quarter was CHF 1,711,739 against CHF 1,472,863 a year earlier, of which CHF 1,229,255 was the share of net loss of an investment accounted for using the equity method, against CHF 847,451.
Those statements carry an explicit going-concern paragraph. The group said its cash at the issuance date would be sufficient to fund operations and meet obligations through the end of July 2026, and that this indicated a material uncertainty raising substantial doubt about its ability to continue as a going concern for one year from issuance. Against that starting point, an August raise of USD 2.8 million is not incremental funding. It is the transaction that funds the company past the date through which it had said its cash would be sufficient.
The statement that the runway now reaches the fourth quarter of 2027 is not accompanied by figures in the same release. It is a forward-looking statement based on management expectations, and the company published no updated cash figure, no burn rate and no assumption set alongside it. The last audited or reviewed cash number in the public record is the CHF 935,153 at March 31, 2026, and the quarterly loss that accompanies it includes a large non-cash equity-method component, so the cash burn and the reported loss are not the same number. The half-year statements are where those figures reconcile.
The size of the raise against the registered capacity is the other measurable point. The prospectus supplement caps this leg of the programme at $3,300,000 and the announced gross proceeds are USD 2.8 million, so most of the registered amount has now been used. Addex did not disclose the average price achieved or the capacity remaining. Refilling that capacity would require either a new prospectus supplement, which under the same instruction depends on the public float at the time, or a float above $75.0 million, which the November 2025 figure of $9.95 million is far from.
There is a structural point in the share counts as well. Issued shares stayed at 218,654,496 while outstanding shares rose to 210,292,217, so the sale drew down treasury stock. Existing holders were diluted in economic terms without any increase in the issued share capital, and the treasury buffer available for future at-the-market sales is smaller than it was. The gap between the two figures is what remains of it.
What this disclosure does not establish is anything about the pipeline. Dipraglurant, the lead candidate, is described as under evaluation for future development in brain injury recovery, which is not the same as being in a trial. The partnered GABAB positive allosteric modulator sits with Indivior, which has completed investigational new drug enabling studies. The 20% stake in Neurosterix US Holdings LLC is the source of the equity-method loss in the first quarter rather than a source of cash. A reader looking for the next real information should look to the half-year statements and to any new prospectus supplement, not to further at-the-market announcements.
The release was made as an ad hoc announcement pursuant to Art. 53 of the SIX listing rules and appears in the company’s own ad hoc directory on its website, which the Directive on Ad hoc Publicity requires issuers to maintain in chronological order for three years alongside a free e-mail push service. The same directive, in force since 1 December 2025, requires distribution to SIX Exchange Regulation, to at least two electronic information systems widely used by professional market participants and to at least two Swiss media of national importance.
