Addex Therapeutics Posts Narrower Loss In Q3 - Quick Facts

(RTTNews) - Addex Therapeutics (ADXN) posted a third quarter net loss of 2.7 million Swiss francs compared to a loss of 4.2 million francs in the third quarter of 2022, primarily due to reduced R&D expenses. Loss per share was 0.03 francs compared to a loss of 0.09 francs.

During the third quarter of 2023, income decreased to 0.3 million Swiss francs compared to 0.4 million francs in the third quarter of 2022. The company noted that income is primarily driven by amounts received under funded research collaboration with Indivior, recognized as related costs are incurred.

Cash and cash equivalents decreased to 4.8 million Swiss francs at September 30, 2023, compared to 10.4 million francs at September 30, 2022. The company said the decrease is primarily due to the cash used in operating activities, partially offset by the proceeds from financing activities mainly related to the equity offering executed on April 3, 2023 and to a lesser extent research funding from Indivior.

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