Addex Therapeutics Ltd.

ADXN
About the company

Addex Therapeutics Ltd discovers, develops, and commercializes small-molecule pharmaceutical products for neurological disorders in Switzerland. The company focuses on the discovery of G-protein coupled receptors and enzymes. Its lead programs include Dipraglurant, which is in phase 1 clinical trial for the treatment of post-stroke/TBI recovery, as well as to treat Parkinson's disease levodopa-induced dyskinesia. The company also develops ADX71149, which is in phase 1 for undisclosed indication; and GABAB PAM for the treatment pain, anxiety, addiction, chronic cough, and overactive bladder.

Country: SwitzerlandPrice: $4.06Market Cap: $7.1M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

2 / 13

NEUTRAL / FAIL

Median fair value

$0.38

-90.6% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks object

Key risk

All 10 investors flag ADXN's cash flow

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety-968.4%-463.9%N/AN/AN/AN/AN/A-1094.1%N/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-05-15

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Buffett and Marks object

    LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $3.0M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: -1712.4x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt$3.7M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities4.42
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-1712.4x, D/EBITDA=N/A (D&A unavailable)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0043; #486/4210 (top 11.5%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Cash Flow0% pass✗ 12▾

    All 10 investors flag ADXN's cash flow

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing$-6.0M
    ✗LynchPositive and growing
    Operating Cash Flow$-5.9M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-50.32%, ROA=66.08%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldP/E=52.4x, FCF Yield=-83.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive1/8 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-1.1%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency1/8 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-6.0M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-83.64%; #4016/4519 (top 88.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 52.4x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-51.7%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -741.0% -> -681.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-31.0%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Valuation models0% pass✗ 3▾

    ADXN overvalued: all 3 models price fair value below $4.06 (median $0.38)

    Graham fair value$0.38
    ✗Graham-968.4% margin vs $4.06
    Buffett fair value$0.72
    ✗Buffett-463.9% margin vs $4.06
    Pabrai fair value$0.34
    ✗Pabrai-1094.1% margin vs $4.06
  • Profitability6% pass✓ 9✗ 26▾

    15 of 16 flag ADXN's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)1/9 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/9 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-290.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-681.8% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 52.4x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE72.9%
    ✓Lynch> 15%
    EBIT / Enterprise Value-88.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-88.1%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets66.08%
    ✓PiotroskiROA > 0
    ROA Change YoY-227.41% -> 66.08% (delta: +293.49%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-50.32%, ROA=66.08%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-1214.9%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity72.9%
    ✓Dreman> 12%
    Margin of SafetyP/E=52.4x, P/B=48.6x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-424.0% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-681.8%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity72.9%
    ✓Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-741.0% (2022) -> -681.8% (2024)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -741.0% -> -681.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+109.79%; #94/6340 (top 1.5%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+72.91%; #132/5226 (top 2.5%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-1.1715; #5321/5884 (top 90.4%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/8 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts7% pass✓ 1✗ 13▾

    Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (4/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation8% pass✓ 3✗ 25▾

    12 of 13 flag ADXN's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio48.6x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 52.4x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-88.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-88.1%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS52.4x
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share48.6x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=52.4x
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=52.4x, FCF Yield=-83.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=52.4x, P/B=48.6x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low139% of trailing low ($2.93)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+109.79%; #94/6340 (top 1.5%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.5059; #910/6449 (top 14.1%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS52.4x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share48.62x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-91.6%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0629; #4503/5247 (top 85.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-83.64%; #4016/4519 (top 88.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-38.48%; #4744/6202 (top 76.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag ADXN's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio4.42
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-34.1%
    ✗Buffett> 10%
    ROIC - WACC-44.1%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.46 -> 4.42
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.35x -> 0.04x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities4.42
    ✓Dreman> 1.5
    Return on Invested Capital-22.4%
    ✗Munger> 15%
    ROIC (high and growing)FY2022: ROIC=-157.5%; FY2023: ROIC=-118.9%; FY2024: ROIC=-22.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC-22.4% (RR=100% x ROIC=-22.4%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -22.4%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Pharmaceutical Products
SIC Sector: Chemicals & Pharmaceuticals
Size: Micro Cap($7.1M)
Revenue: $447391.59-76.6% YoY
Net Income: $7.8M+162.4% YoY

Financial Snapshot

Operating Margin-681.8%
Return on Equity72.9%
Debt / Equity0.00
Current Ratio4.42
EPS (Diluted)$0.08
Shares Retired−2.5%

Similar Companies

MRKMerck & Co., Inc.
$364.3B
ABTABBOTT LABORATORIES
$188.0B
BMYBRISTOL MYERS SQUIBB CO
$129.7B
TECHBIO-TECHNE Corp
$11.4B

Shareholder Return

Fiscal 2024

Issued 2.5% of shares last year.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2024
Sources
  • 20-F · 2025-05-15
FY 2023
Sources
  • 20-F · 2024-04-18
FY 2022
Sources
  • 20-F · 2023-03-30
FY 2021
Sources
  • 20-F · 2022-03-10
FY 2020
Sources
  • 20-F · 2021-03-11
Market Cap$7.1Mcurrent$1.3Best.$1.7Best.$4.3Best.$5.8Best.
Revenue$447.4K↓77%$1.9M↑24%$1.5M↓52%$3.2M↓22%$4.1M
Operating Income-$3.1M↓15%-$2.7M↑77%-$11.4M↑33%-$17.0M↓22%-$13.9M
Net Income$7.8M↑162%-$12.5M↑44%-$22.5M↓34%-$16.8M↓15%-$14.6M
EPS (Diluted)$0.08↑147%$-0.17↑67%$-0.50↓1%$-0.49↑10%$-0.54
Gross Margin—————
Operating Margin-681.8%↓390%-139.1%↑81%-741.0%↓39%-531.7%↓57%-338.9%
ROE72.9%↑108%-921.6%↓118%-423.5%↓367%-90.7%↓3%-88.0%
Total Debt$46.5K↓89%$408.3K↑1%$404.3K↓23%$527.5K↓18%$643.6K
Shareholders' Equity$10.7M↑689%$1.4M↓74%$5.3M↓71%$18.5M↑12%$16.6M
Current Ratio4.42↑202%1.46↓39%2.39↓55%5.31↓1%5.38
Debt / Equity0.00↓99%0.30↑296%0.08↑167%0.03↓27%0.04
Operating Cash Flow-$5.9M↑37%-$9.5M↑47%-$17.8M↓11%-$16.1M↓16%-$13.8M
Free Cash Flow-$6.0M↑37%-$9.5M↑47%-$17.8M↓10%-$16.1M↓16%-$13.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

ADXN vs Peers — Financial Grading

Revenue$447391.59Bottom 25%
Net Income$7.8MMedian
ROE72.9%Top 25%
D/E0.00Top 25%
Op. Margin-681.8%Bottom 25%
Curr. Ratio4.42Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Merck & Co., Inc.MRK$364.3B$147.76$65.0B$18.3B34.7%0.94—1.542/95/94/70/3F-Score 41/11
ABBOTT LABORATORIESABT$188.0B$108.52$44.3B$6.5B12.5%0.2518.2%1.583/94/92/71/3F-Score 53/11
BRISTOL MYERS SQUIBB COBMY$129.7B$63.43$48.2B$7.1B38.2%2.4419.4%1.262/91/93/71/3F-Score 85/11
BIO-TECHNE CorpTECH$11.4B$72.80$1.2B$73.4M3.8%—8.4%3.464/93/93/70/3F-Score 54/11
REPLIGEN CORPRGEN$10.7B$167.79$738.3M$48.9M2.3%0.267.5%8.373/92/93/70/3F-Score 75/11
IONIS PHARMACEUTICALS INCIONS$4.8B$29.06$943.7M$381.4M-78.0%3.60-40.4%3.833/91/91/70/3F-Score 43/11
NEOGEN CORPNEOG$2.5B$11.23$870.4M$7.9M-0.4%0.76-2.5%3.823/91/92/70/3F-Score 64/11
Pharvaris N.V.PHVS$2.4B$33.36—$206.4M-64.8%0.00——0/90/92/70/3F-Score 22/11