Form 6-K/A - Report of foreign issuer [Rules 13a-16 and 15d-16]: [Amend]

Name	Symbol	Market	Type
Addex Therapeutics Ltd	NASDAQ:ADXN	NASDAQ	Depository Receipt

	Price Change	% Change	Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Traded	Last Trade
	-0.41	-5.39%	7.20	6.79	7.77	7.89	7.10	7.78	3,136	17:41:44

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

Amendment No. 1

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: December 2023

Commission File Number: 001-39179

Addex Therapeutics Ltd

(Translation of registrant’s name into English)

Chemin des Mines 9,

CH-1202 Geneva,

Switzerland

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXPLANATORY NOTE

This Report on Form 6-K/A (the “Amendment”) amends the Report on Form 6-K filed on August 10, 2023 (the “Original 6-K”) containing the Unaudited Interim Condensed Consolidated Financial Statements of Addex Therapeutics Ltd., (the “Company”) as of and for the six months ended June 30, 2023. The purpose of this Amendment is solely to provide the Company’s Unaudited Interim Condensed Consolidated Financial Statements as of and for the six months ended June 30, 2023 formatted in Inline eXtensible Business Reporting Language (“iXBRL”) in accordance with Rule 405 of Regulation S-T and paragraph C.(6)(a)(ii) of the General Instructions to Form 6-K, attached hereto as Exhibit 99.1. Such Unaudited Interim Condensed Consolidated Financial Statements were previously filed without iXBRL as exhibit 99.1 to the Original 6-K.

Except as described above, this Amendment speaks as of the original filing date of the Original 6-K and does not amend, update or restate any information set forth in the Original 6-K or reflect any events that occurred subsequent to the original filing date of the Original 6-K.

The information contained in this Form 6-K, including Exhibits 99.1 and 101, is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333- 255089) and the registration statement on Form S-8 (Registration No.333-255124).


Exhibit
99.1		Unaudited Interim Condensed Consolidated Financial Statements as of and for the six months ended June 30,2023
101.INS		The following materials from this Report on Form 6-K are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022; (ii) Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the three-month and the six-month periods ended June 30, 2023 and 2022; (iii) Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six-month periods ended June 30, 2023 and 2022; (iv) Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the three-month periods ended June 30, 2023 and 2022; (v) Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2023 and 2022; and (vi) Unaudited Notes to the Interim Condensed Consolidated Financial Statements for the three-month and six-month periods ended June 30, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amended report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Addex Therapeutics Ltd
		(Registrant)

Date: December 21, 2023		/s/ Tim Dyer
		Tim Dyer
		Chief Executive Officer

Exhibit 99.1

ADDEX THERAPEUTICS LTD

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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Addex Therapeutics │ Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Balance Sheets

as of June 30, 2023, and December 31, 2022


		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

The accompanying notes form an integral part of these consolidated financial statements.

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Addex Therapeutics │ Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss

for the three-month and six-month periods ended June 30, 2023 and 2022


		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)

The accompanying notes form an integral part of these consolidated financial statements.

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Addex Therapeutics │ Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

for the six-month periods ended June 30, 2023 and 2022


						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

The accompanying notes form an integral part of these consolidated financial statements.

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Addex Therapeutics │ Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

for the three-month period ended June 30, 2022


					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

The accompanying notes form an integral part of these consolidated financial statements.

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Addex Therapeutics │ Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

for the three-month period ended June 30, 2023


						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, 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		—	—	—	—	—	—	(2,407,169)	(2,407,169)
Other comprehensive loss for the period		—	—	—	—	81	(30,641)	—	(30,560)
Total comprehensive loss for the period		—	—	—	—	81	(30,641)	(2,407,169)	(2,437,729)
Cost of shares issuance		—	(4,062)	—	—	—	—	—	(4,062)
Value of share-based services	13	—	—	—	—	—	431,196	—	431,196
Movement in treasury shares:	12
Net purchases under liquidity agreement		—	12,775	—	(11,818)	—	—	—	957
Sales agency agreement		—	(2,565,725)	—	3,742,506	—	—	—	1,176,781
Costs under sale agency agreement		—	(8,826)	—	—	—	—	—	(8,826)
Balance as of March 31, 2023		1,153,483	266,945,772	64,620,223	(2,548,075)	(657,789)	26,826,798	(352,269,184)	4,071,228
Net loss for the period		—	—	—	—	—	—	(2,675,152)	(2,675,152)
Other comprehensive loss for the period		—	—	—	—	(979)	(135,012)	—	(135,991)
Total comprehensive loss for the period		—	—	—	—	(979)	(135,012)	(2,675,152)	(2,811,143)
Issue of treasury shares		176,000	—	—	(176,000)	—	—	—	—
Cost of treasury shares issuance		—	(12,761)	—	—	—	—	—	(12,761)
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	—	—	—	—	—	490,601	—	490,601
Movement in treasury shares:	12
Net purchases under liquidity agreement		—	(10,592)	—	8,936	—	—	—	(1,656)
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

The accompanying notes form an integral part of these consolidated financial statements.

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Addex Therapeutics │ Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Cash Flows

for the six-month periods ended June 30, 2023 and 2022


		For the six months ended
			June 30,
	Notes		2023	2022

			Amounts in Swiss francs
Net loss for the period			(5,082,321)	(13,044,987)
Adjustments for:
Depreciation	8/9		151,186	170,178
Value of share-based services	13		921,797	2,099,311
Post-employment benefits			(39,790)	(7,481)
Finance cost net			149,386	116,981
(Increase)/ decrease in other financial assets	7		(13,579)	13,584
Decrease / (increase) in trade and other receivables	7		161,220	(166,985)
(Increase)/ decrease in contract asset	7		(65,185)	81,383
Increase in prepayments	7		(733,097)	(604,319)
(Decrease)/increase in payables and accruals	11		(566,878)	667,430
Net cash used in operating activities			(5,117,261)	(10,674,905)

Cash flows from investing activities
Purchase of property, plant and equipment	9		(4,959)	—
Net cash used in investing activities			(4,959)	—

Cash flows from financing activities
Proceeds from sale of treasury shares – shelf registration	12		1,159,759	—
Costs paid on sale of treasury shares – shelf registration	12		(17,588)	(193,834)
Proceeds from sale of pre-funded warrants	12		3,382,259	—
Costs paid on sale of pre-funded warrants	12		(26,333)	(306,127)
Proceeds from the exercise of pre-funded warrants	12		5,345	—
Sale/(purchase) of treasury shares under liquidity and sale under agency agreement	12		1,176,082	(13,585)
Costs paid on sale of treasury shares under sale agency agreement			(8,826)	—
Cost paid on issue of treasury shares	12		(45,599)	(215,634)
Principal element of lease payment			(140,616)	(150,979)
Interest received	19		37,175	299
Interest paid	19		(9,748)	(34,746)
Net cash from/ (used in) financing activities			5,511,910	(914,606)

Increase/(decrease) in cash and cash equivalents			389,690	(11,589,511)

Cash and cash equivalents at the beginning of the period	6		6,957,086	20,484,836
Exchange difference on cash and cash equivalents			(177,707)	(82,467)

Cash and cash equivalents at the end of the period	6		7,169,069	8,812,858

The accompanying notes form an integral part of these consolidated financial statements.

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Unaudited Notes to the Interim Condensed Consolidated Financial Statements

for the three-month and six-month periods ended June 30, 2023

(Amounts in Swiss francs)

1. General information

Addex Therapeutics Ltd (the “Company”), formerly Addex Pharmaceuticals Ltd, and its subsidiaries (together, the “Group”) are a clinical stage pharmaceutical group applying its leading allosteric modulator drug discovery platform to discovery and development of small molecule pharmaceutical products, with an initial focus on central nervous system disorders.

The Company is a Swiss stockholding corporation domiciled c/o Addex Pharma SA, Chemin des Aulx 12, CH1228 Plan-les-Ouates, Geneva, Switzerland and the parent company of Addex Pharma SA, Addex Pharmaceuticals France SAS and Addex Pharmaceuticals Inc. Its registered shares are traded at the SIX, Swiss Exchange, under the ticker symbol ADXN. On January 29, 2020, the Group listed on the Nasdaq Stock Market, American Depositary Shares (ADSs) under the symbol “ADXN”, without a new issuance of securities. ADSs represents shares that continue to be admitted to trading on SIX Swiss Exchange.

These interim condensed consolidated financial statements have been approved for issuance by the Board of Directors on August 9, 2023.

2. Basis of preparation

These interim condensed consolidated financial statements for the three-month and six-month periods ended June 30, 2023, have been prepared under the historic cost convention and in accordance with IAS 34 “Interim Financial Reporting” and are presented in a format consistent with the consolidated financial statements under IAS 1 “Presentation of Financial Statements”. However, they do not include all of the notes that would be required in a complete set of financial statements. Thus, this interim financial report should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022.

Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of these unaudited interim condensed consolidated financial statements made in accordance with IAS 34 requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results ultimately may differ from those estimates. The areas involving a higher degree of judgment which are significant to the interim condensed consolidated financial statements are disclosed in note 4 to the consolidated financial statements for the year ended December 31, 2022.

A number of new or amended standards and interpretations became applicable for financial reporting periods beginning on or after January 1, 2023. The Group noted that the latter did not have a material impact on the Group’s financial position or disclosures made in the interim condensed consolidated financial statements.

Due to rounding, numbers presented throughout these interim condensed consolidated financial statements may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amounts rather than the presented rounded amounts.

Where necessary, comparative figures have been revised to conform with the current year 2023 presentation.

3. Critical accounting estimates and judgments

The Group makes estimates and assumptions concerning the future. These estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities or may have had a significant impact on the reported results are disclosed below:

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Going concern

The Group’s accounts are prepared on a going concern basis. To date, the Group has financed its cash requirements primarily from share issuances and licensing certain of its research and development stage products. The Group is a development-stage enterprise and is exposed to all the risks inherent in establishing a business. The Group expects that its existing cash and cash equivalents, at the issuance date of these unaudited interim condensed consolidated financial statements, will not be sufficient to fund its operations and meet all of its obligations as they fall due for a period of 12 months. These factors individually and collectively indicate that a material uncertainty exists that raise substantial doubt about the Group's ability to continue as a going concern for one year from the date of issuance of these unaudited interim condensed consolidated financial statements. The future viability of the Group is dependent on its ability to raise additional capital through public or private financings or collaboration agreements to finance its future operations, which may be delayed due to reasons outside of the Group’s control. The sale of additional equity may dilute existing shareholders. The inability to obtain funding, as and when needed, would have a negative impact on the Group’s financial condition and ability to pursue its business strategies. If the Group is unable to obtain the required funding to run its operations and to develop and commercialize its product candidates, the Group could be forced to delay, reduce or stop some or all of its research and development programs to ensure it remains solvent. Management continues to explore options to obtain additional funding, including through collaborations with third parties related to the future potential development and/or commercialization of its product candidates. However, there is no assurance that the Group will be successful in raising funds, entering collaboration agreements, obtaining sufficient funding on terms acceptable to the Group, or if at all, which could have a material adverse effect on the Group’s business, results of operations and financial condition.

COVID-19

In early 2020 a coronavirus disease (COVID-19) pandemic developed globally resulting in a significant number of infections and negative effects on economic activity. The Group is actively monitoring the situation and is taking any necessary measures to respond to the situation in cooperation with the various stakeholders. On June 17, 2022 the Group terminated its dipraglurant US registration program including pivotal Phase 2B/3 and open label clinical trials of dipraglurant in levodopa-induced dyskinesia associated with Parkinson’s disease (PD-LID) due to a slow recruitment of patients, attributed to the consequences of COVID-19 related patient concerns about participation in clinical studies, as well as staffing shortages and turnover within study sites. Depending on the duration of the COVID-19 crisis and continued negative impact on global economic activity, the Group may have to take additional measures that will have a negative impact on the Group’s business continuity and may experience certain liquidity restraints as well as incur impairments on its assets. The exact impact on the Group’s activities in 2023 and thereafter cannot be reasonably predicted.

Russia’s invasion of Ukraine

On February 24, 2022, Russia invaded Ukraine. The resulting conflict and retaliatory measures by the global community have created global security concerns, including the possibility of expanded regional or global conflict, which have had, and are likely to continue to have, short-term and more likely longer-term adverse impacts on Ukraine and Europe and around the globe. Potential ramifications include disruption of the supply chain including research and development activities being conducted by the Group and its strategic partners. The Group and partners rely on global networks of contract research organizations to engage clinical study sites and enroll patients, certain of which are in Russia and Ukraine. Delays in research and development activities of the Group and its partners could increase associated costs and, depending upon the duration of any delays, require the Group and its partners to find alternative suppliers at additional expense. In addition, the conflict in Eastern Europe has had significant ramifications on global financial markets, which may adversely impact the ability of the Group to raise capital on favorable terms or at all.

Revenue recognition

Revenue is primarily from fees related to licenses, milestones and research services. Given the complexity of the relevant agreements, judgements are required to identify distinct performance obligations, allocate the transaction price to these performance obligations and determine when the performance obligations are met. In particular, the Group’s judgement over the estimated stand-alone selling price which is used to allocate the transaction price to the performance obligations is disclosed in note 15.

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Grants

Grants are recorded at their fair value when there is reasonable assurance that they will be received and recognized as income when the Group has satisfied the underlying grant conditions. In certain circumstances, grant income may be recognized before explicit grantor acknowledgement that the conditions have been met.

Accrued research and development costs

The Group records accrued expenses for estimated costs of research and development activities conducted by third party service providers based upon the estimated amount of services provided but not yet invoiced, and these costs are included in accrued expenses on the balance sheets and within research and development expenses in the statements of comprehensive loss. These costs are a significant component of research and development expenses and due to the nature of estimates, the Group may be required to make changes to the estimates as it becomes aware of additional information about the status or conduct of its research activities.

Research and development costs

The Group recognizes expenditure incurred in carrying out its research and development activities, including development supplies, until it becomes probable that future economic benefits will flow to the Group, which results in recognizing such costs as intangible assets, involving a certain degree of judgement. Currently, such development supplies are associated with pre-clinical and clinical trials of specific products that have not demonstrated technical feasibility.

Share-based compensation

The Group recognizes an expense for share-based compensation based on the valuation of equity incentive units using the Black-Scholes valuation model. A number of assumptions related to the volatility of the underlying shares and to the risk-free rate are made in this model. Should the assumptions and estimates underlying the fair value of these instruments vary significantly from management's estimates, then the share-based compensation expense would be materially different from the amounts recognized.

Pension obligations

The present value of the pension obligations is calculated by an independent actuary and depends on a number of assumptions that are determined on an actuarial basis such as discount rates, future salary and pension increases, and mortality rates. Any changes in these assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate discount rate at the end of each period. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. Other key assumptions for pension obligations are based in part on current market conditions.

4. Interim measurement note

Seasonality of the business: The business is not subject to any seasonality, but expenses and corresponding revenue are largely determined by the phase of the respective projects, particularly with regard to external research and development expenditures.

Costs: Costs that incur unevenly during the financial year are anticipated or deferred in the interim report only if it would also be appropriate to anticipate or defer such costs at the end of the financial year.

5. Segment reporting

Management has identified one single operating segment, related to the discovery, development and commercialization of small-molecule pharmaceutical products.

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Information about products, services and major customers

External income of the Group for the three-month and six-month periods ended June 30, 2023 and 2022 is derived from the business of discovery, development and commercialization of pharmaceutical products. Income was earned from rendering of research services to a pharmaceutical company.

Information about geographical areas

External income is exclusively recorded in the Swiss operating company.

Analysis of revenue from contract with customer and other income by nature is detailed as follows:


	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

Analysis of revenue from contract with customer and other income by major counterparties is detailed as follows:


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

For more detail, refer to note 15, “Revenue from contract with customer” and note 16 “Other income”.

The geographical allocation of long-lived assets is detailed as follows:


	June 30,	December 31,
	2023	2022
Switzerland	306,505	452,732
France	352	357
Total	306,857	453,089

The geographical analysis of operating costs is as follows:


	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

The capital expenditure during the six-month period ended June 30, 2023 is CHF 4,959 (nil for the six-month period ended June 30, 2022).

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6. Cash and cash equivalents


	June 30,	December 31,
	2023	2022
Cash at bank and on hand	7,169,069	6,957,086
Total cash and cash equivalents	7,169,069	6,957,086

Split by currency:


	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	%

The Group no longer pays interest on CHF cash and cash equivalents from the third quarter of 2022 whilst it earns interests on USD cash and cash equivalents. The Group invests its cash balances into a variety of current and deposit accounts mainly with one Swiss bank whose external credit rating is P- 1/A-1.

All cash and cash equivalents were held either at banks or on hand as of June 30, 2023 and December 31, 2022.

7. Other current assets


	June 30,	December 31,
	2023	2022
Other financial assets	16,744	3,165
Trade and other receivables	255,656	416,875
Contract asset (Indivior PLC)	246,626	181,441
Prepayments	1,003,491	270,394
Total other current assets	1,522,517	871,875

Other current assets increased by CHF 0.7 million as of June 30, 2023 compared to December 31, 2022 primarily due to increased prepayments in Directors and Officers (D&O) Insurance premium and retirement benefits paid annually at the beginning of the year. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (“ECL”), which uses a lifetime expected loss allowance for all contract assets, trade receivables and other receivables. As of June 30, 2023, the combined amount of the contract asset, trade receivables and other receivables primarily relating to the research agreement with Indivior, amounted to CHF 0.5 million compared to CHF 0.6 million as of December 31, 2022 and decreased by CHF 0.1 million primarily due to the payment of the grant by Eurostars/Innosuisse in Q1 2023. The Group considers contract asset, trade receivables and other receivables have a low risk of default based on historic loss rates and forward-looking information on macroeconomic factors affecting the ability of the third parties to settle invoices. As a result, expected loss allowance has been deemed as nil as of June 30, 2023 and December 31, 2022.

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8. Right-of-use assets


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

9. Property, plant and equipment


		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

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10. Non-current financial assets


	June 30,	December 31,
	2023	2022
Security rental deposits	54,350	54,355
Total non‑current financial assets	54,350	54,355

11. Payables and accruals


	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

All payables mature within 3 months. Accrued expenses and trade payables primarily relate to R&D services from contract research organizations, consultants and professional fees. The total amount of payables and accruals decreased by CHF 0.5 million as of June 30, 2023 compared to December 31, 2022 mainly due to our dipraglurant clinical development activities. The carrying amounts of payables do not materially differ from their fair values, due to their short-term nature.

12. Share capital


	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

(1)

In accordance with Swiss corporate law, the issuance of 3,502,950 new shares through the exercise of pre-funded warrants during the first half of 2023 will be registered in the trade register in early 2024 at the latest in accordance with Swiss Corporate law. As of June 30, 2023, the amount of the share capital as registered in the trade register is CHF 1,329,483.11 divided into 132,948,311 shares.

As of June 30, 2023, 92,345,018 shares were outstanding excluding 44,106,243 treasury shares directly held by Addex Pharma SA and including 17,431,572 outstanding shares benefiting from our DSPPP, considered as treasury shares under IFRS 2 (see note 13). All shares have a nominal value of CHF 0.01. As of December 31, 2022, 77,134,020 shares were outstanding excluding 38,214,291 treasury shares directly held by Addex Pharma SA and including 17,438,883 outstanding shares benefiting from our DSPPP, considered as treasury shares under IFRS 2. All shares had a nominal value of CHF 0.01 following the reduction of the nominal value effective on July 26, 2022.

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The Group maintains a liquidity agreement with Kepler Cheuvreux (“Kepler”). Under the agreement, the Group has provided Kepler with cash and shares to enable them to buy and sell the Company’s shares. As of June 30, 2023, 155,345 (December 31,2022: 128,200) treasury shares are recorded under this agreement in the treasury share reserve and CHF 2,466 (December 31,2022: CHF 3,165) is recorded in other financial assets.

During the six-month period ended June 30, 2023, the Group sold 3,742,506 treasury shares under the sale agency agreement with Kepler Cheuvreux at an average price of CHF 0.31 per share with a gross proceed of CHF 1,176,781.

On June 14, 2023 the Company issued 17,600,000 new shares from its capital band to its 100% owned subsidiary, Addex Pharma SA, at CHF 0.01. These shares are held as treasury shares, hence the operation does not impact the outstanding share capital.

On April 3, 2023, the Group entered into a securities purchase agreement with one institutional investor. The Group sold 7,999,998 treasury shares in the form of 1,333,333 ADSs at a price of USD 0.95 per ADS (CHF 0.14 per share) and 23,578,950 pre-funded warrants, in the form of 3,929,825 ADSs at a price of USD 0.94 per ADS (CHF 0.14 per share) with a remaining strike price of USD 0.01 per ADS. During the second quarter of 2023, the institutional investor exercised 3,502,950 pre-funded warrants in a form of 583,825 ADSs allowed by the issuance of 3,502,950 new shares through our listed conditional capital. The new issued shares will be registered in the trade register in early 2024 in accordance with Swiss corporate law. As of June 30, 2023, 20,076,000 pre-funded warrants in a form of 3,346,000 ADSs were remaining to be exercised. The total gross proceeds from the offering amounted to USD 5.0 million (CHF 4.5 million) and directly attributable share offering costs of CHF 0.2 million were recorded as a deduction in equity. In addition, the Group granted the institutional investor, 31,578,948 warrants, in the form of 5,263,158 ADSs, with a strike price of USD 1.00 per ADS (CHF 0.15 per share) and an exercise period expiring on April 5, 2028. The fair value of the warrants amounts to CHF 1.78 million and has been recorded in equity as cost of the offering. The Group also reduced the strike price to USD 1.00 per ADS and extended the exercise period to April 5, 2028 of 9,230,772 warrants in the form of 1,538,462 ADSs issued on December 21, 2021 and 15,000,000 warrants in the form of 2,500,000 ADSs issued on July 26, 2022. These amendments to the exercise conditions resulted in an increase in the total fair value of CHF 0.96 million that has been recorded in equity as a cost of the offering.

On February 2, 2022, the Company issued 16,000,000 new shares from the authorized capital to its 100% owned subsidiary, Addex Pharma SA, at CHF 1.00. These shares are held as treasury shares, hence the operation does not impact the outstanding share capital. Directly attributable share issuance costs of CHF 0.2 million were recorded as a deduction in equity.

13. Share-based compensation

The total share-based compensation expense recognized in the statement of comprehensive loss for equity incentive units granted to directors, executives, employees and consultants for the three-month and six-month periods ended June 30, 2023 amounted to CHF 490,601 and CHF 921,797, respectively (CHF 659,259 and CHF 2,099,311 for the three-month and six-month periods ended June 30, 2022). The decrease of CHF 0.2 million and CHF 1.2 million for the three-month and six-month periods is primarily related to the increase in fair value of equity incentive units during the first quarter of 2022 following the modification of certain terms on January 4, 2022.

As of June 30, 2023, 13,949,886 options were outstanding (respectively 777,000 options as of December 31, 2022). During the six-month period ended June 30, 2023, the Group granted 13,172,886 options with vesting over 4 years and a 10-year exercise period of which 12,736,209 options exercisable at CHF 0.13 and 436,677 options exercisable at CHF 0.10. As of June 30, 2023 and December 31, 2022, there are no equity sharing certificates (ESCs) outstanding.

As of June 30, 2023, 17,431,572 shares benefiting from our Deferred Strike Price Payment Plan (DSPPP) were outstanding (respectively 17,438,883 shares as of December 31, 2022). During the first half of 2023, 7,311 shares have been forfeited from our DSPPP. All the shares benefiting from our DSPPP have been recorded as treasury shares in accordance with IFRS 2 (see note 12).

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14. Retirement benefits obligations

The amounts recognized in the statement of comprehensive loss are as follows:


	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)

Swiss Life communicated a decrease in conversion rate in the first quarter of 2023 and in the second quarter of 2022, which led to a positive past service cost for the six-month periods ended June 30, 2023 and June 30, 2022.

The amounts recognized in the balance sheet are determined as follows:


	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)	—

As of June 30, 2023, the funded status has a shortfall of CHF 0.1 million compared to a surplus of CHF 0.2 million as of December 31, 2022 not recorded as an asset in accordance with the asset ceiling rules and minimum funding requirements. This decrease in funded status is primarily due to the discount rate that decreased from 2.30% as of December 31, 2022 to 1.85% as of June 30, 2023.

15. Revenue from contract with customer

License & research agreement with Indivior PLC

On January 2, 2018, the Group entered into an agreement with Indivior for the discovery, development and commercialization of novel GABAB PAM compounds for the treatment of addiction and other CNS diseases. This agreement included the selected clinical candidate, ADX71441. In addition, Indivior agreed to fund a research program at the Group to discover novel GABAB PAM compounds.

The contract contains two distinct material promises and performance obligations: (1) the selected compound ADX71441 which falls within the definition of a licensed compound, whose rights of use and benefits thereon was transferred in January 2018 and, (2) the research services to be conducted by the Group and funded by Indivior to discover novel GABAB PAM compounds for clinical development that may be discovered over the research term of the agreement and selected by Indivior.

Indivior has sole responsibility, including funding liability, for development of selected compounds under the agreement through preclinical and clinical trials, as well as registration procedures and commercialization, if any, worldwide. Indivior has the right to design development programs for selected compounds under the agreement. Through the Group’s participation in a joint development committee, the Group reviews, in an advisory capacity, any development programs designed by Indivior. However, Indivior has authority over all aspects of the development of such selected compounds.

Under terms of the agreement, the Group granted Indivior an exclusive license to use relevant patents and know-how in relation to the development and commercialization of product candidates selected by Indivior. Subject to agreed conditions, the Group and Indivior jointly own all intellectual property rights that are jointly developed and the Group or Indivior individually own all intellectual property rights that the Group or Indivior develop individually. The Group has retained the right to select compounds from the research program for further development in areas outside the interest of Indivior including Charcot-Marie-Tooth type 1A neuropathy, or CMT1A, chronic cough and pain. Under certain conditions, but subject to certain consequences, Indivior may terminate the agreement.

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In January 2018, the Group received, under the terms of the agreement, a non-refundable upfront fee of USD 5.0 million for the right to use the clinical candidate, ADX71441, including all materials and know-how related to this clinical candidate. In addition, the Group is eligible for payments on successful achievement of pre-specified clinical, regulatory and commercial milestones totaling USD 330 million and royalties on net sales of mid-single digits to low double-digits.

On February 14, 2019, Indivior terminated the development of their selected compound, ADX71441. Separately, Indivior funds research at the Group, based on a research plan to be mutually agreed between the parties, to discover novel GABAB PAM compounds. These future novel GABAB PAM compounds, if selected by Indivior, become licensed compounds. The Group agreed with Indivior to an initial research term of two years, which can be extended by twelve month increments and a minimum annual funding of USD 2 million for the Group’s R&D costs incurred. R&D costs are calculated based on the costs incurred in accordance with the contract. Following Indivior’s selection of one newly identified compound, the Group has the right to also select one additional newly identified compound. The Group is responsible for the funding of all development and commercialization costs of its selected compounds and Indivior has no rights to the Group’s selected compounds. The initial two-year research term was expected to run from May 2018 to April 2020. In 2019, Indivior agreed to an additional research funding of USD 1.6 million, for the research period. On October 30, 2020, the research term was extended until June 30, 2021 and Indivior agreed to additional research funding of USD 2.8 million. Effective May 1, 2021, the research term was extended until July 31, 2022 and Indivior agreed additional research funding of CHF 3.7 million, of which CHF 2.7 million has been paid to the Group and CHF 1.0 million paid directly by Indivior to third party suppliers that are supporting the funded research program. In August 2022, the research agreement was extended until March 31, 2023 and Indivior agreed to additional research funding of CHF 0.85 million. The reserved indications, where Addex retains exclusive rights to develop its own independent GABAB PAM program, have also been expanded to include chronic cough. Effective November 1, 2022, the research term was extended until June 30, 2023 and Indivior agreed to additional research funding of CHF 0.95 million. At the end of the first half of 2023, Indivior agreed to extend the research contract for one year terminating on June 30, 2024 and provide additional funding.

For the three-month and six-month periods ended June 30, 2023, the Group recognized CHF 0.6 million and CHF 1.1 million as revenue (For the three- month and the six-month periods ended June 30, 2022, CHF 0.2 million and CHF 0.4 million, respectively) and recorded a combined amount of CHF 0.4 million in contract asset and trade receivable as of June 30, 2023 (December 31, 2022: CHF 0.4 million).

Janssen Pharmaceuticals Inc. (formerly Ortho-McNeil-Janssen Pharmaceuticals Inc)

On December 31, 2004, the Group entered into a research collaboration and license agreement with Janssen Pharmaceuticals Inc. (JPI). In accordance with this agreement, JPI has acquired an exclusive worldwide license to develop mGlu2 PAM compounds for the treatment of human health. The Group is eligible to receive up to EUR 109 million in success-based development and regulatory milestone, and low double-digit royalties on net sales. The Group considers these various milestones to be variable considerations as they are contingent upon achieving uncertain, future development stages and net sales. For this reason, the Group considers the achievement of the various milestones as binary events that will be recognized as revenue upon occurrence.

No amounts have been recognized under this agreement in the three-month and six-month periods ended June 30, 2023 and 2022.

16. Other income

Under a grant agreement with Eurostars/Innosuisse the Group is required to complete specific research activities within a defined period of time. The Group’s funding is fixed and received based on the satisfactory completion of the agreed research activities and incurring the related costs. The Group was awarded a grant by Eurostars/Innosuisse in 2019 for CHF 0.5 million of which CHF 0.38 million and CHF 0.12 million were received in October 2019 and February 2023, respectively. As a consequence, receivables related to Eurostars/Innosuisse were nil as of June 30, 2023 (CHF 0.12 million as of December 31, 2022).

The Group additionally recognized other income from IT consultancy agreements.

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17. Operating costs


	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

The evolution of the total operating costs is mainly driven by staff costs, external research and development costs, professional fees, D&O insurance and other operating costs.

During the six-month period ended June 30, 2023, total operating costs decreased by CHF 7.2 million compared to the same period ended June 30, 2022, primarily due to decreased dipraglurant related external research and development activities for CHF 5.7 million. During the same period, staff costs decreased by CHF 0.8 million due to reduced share-based services (note 18) and D&O insurance decreased by CHF 0.5 million.

During the three-month period ended June 30, 2023, total operating costs decreased by CHF 4.1 million compared to the same period ended June 30, 2022, including CHF 3.8 million for decreased external research and development costs related to our dipraglurant development activities and CHF 0.3 million for decreased D&O insurance.

18. Staff costs


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Wages and salaries	831,457	670,202	1,669,690	1,513,118
Social charges and insurances	94,720	79,979	194,733	179,446
Value of share-based services	416,947	550,221	780,844	1,712,670
Retirement benefit (note 14)	68,836	51,682	110,121	139,823
Total staff costs	1,411,960	1,352,084	2,755,388	3,545,057

During the six-month period ended June 30, 2023, total staff costs decreased by CHF 0.8 million compared to the same period ended June 30, 2022, primarily due to lower share-based service costs.

19. Finance result, net


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Interest income	13,349	204	37,175	299
Interest cost	(93)	(7,574)	(93)	(24,369)
Interest expense on leases	(3,735)	(4,758)	(9,655)	(10,377)
Foreign exchange loss net	(137,897)	(116,909)	(163,467)	(155,740)
Finance result, net	(128,376)	(129,037)	(136,040)	(190,187)

Table of Contents

20. Loss per share

Basic and diluted loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of shares in issue during the period excluding treasury shares.


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Loss attributable to equity holders of the Company	(2,675,152)	(7,221,252)	(5,082,321)	(13,044,987)
Weighted average number of shares in issue	72,188,376	37,467,005	66,731,134	37,891,408
Basic and diluted loss per share	(0.04)	(0.19)	(0.08)	(0.34)

The Company has four categories of dilutive potential shares: treasury shares, equity sharing certificates (“ESCs”), share options and warrants which have been ignored in the calculation of the loss per share for the three-month and six-month periods ended June 30, 2023 and 2022, as they would be antidilutive.

21. Related party transactions

Related parties include members of the Board of Directors and the Executive Management of the Group. The following transactions were carried out with related parties:

Key management compensation


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Salaries, other short‑term employee benefits and post-employment benefits	579,815	482,228	927,505	922,664
Consulting fees	5,375	77,883	9,725	123,707
Share‑based compensation	420,862	556,724	783,540	1,822,104
Total	1,006,052	1,116,835	1,720,770	2,868,475

Salaries, other short-term employee benefits and post-employment benefits relate to members of the Board of Directors and Executive Management who are employed by the Group. Consulting fees relate mainly to Roger Mills, a member of the Executive Management who delivers his services to the Group under a consulting contract. The Group has a net payable to the Board of Directors and Executive Management close to nil as of June 30, 2023 (December 31, 2022: CHF 0.1 million). Share-based compensation relates to the fair value of equity incentive units recognized through profit and loss following their vesting plan.

22. Events after the balance sheet date

On July 28, 2023, 2,946,000 shares have been issued through the exercise of pre-funded warrants and will be registered in the trade register in early 2024 at the latest in accordance with Swiss Corporate law. The amount of the share capital as registered in the trade register remains at CHF 1,329,483.11 divided into 132,948,311 shares.

On August 2, 2023, the research agreement with Indivior has been extended until June 30, 2024 and Indivior committed additional research funding of CHF 2.7 million of which CHF 1.1 million is expected to be received directly by the Group and CHF 1.6 million paid directly by Indivior to third party suppliers that are supporting the funded research program.

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023
Document and Entity Information
Document Type	6-K/A
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	Addex Therapeutics Ltd.
Entity Central Index Key	0001574232
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Description	Amendment No. 1

Unaudited Interim Condensed Consolidated Balance Sheets - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	SFr 7,169,069	SFr 6,957,086
Other financial assets	16,744	3,165
Trade and other receivables	255,656	416,875
Contract asset	246,626	181,441
Prepayments	1,003,491	270,394
Total current assets	8,691,586	7,828,961
Non-current assets
Right-of-use assets	219,353	357,613
Property, plant and equipment	33,154	41,121
Non-current financial assets	54,350	54,355
Total non-current assets	306,857	453,089
Total assets	8,998,443	8,282,050
Current liabilities
Current lease liabilities	199,884	286,107
Payables and accruals	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	125,863
Total non-current liabilities	158,498	87,028
Equity
Share capital	1,364,513	1,153,483
Share premium	263,658,040	269,511,610
Other equity	64,620,223	64,620,223
Treasury shares reserve	(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	SFr 8,998,443	SFr 8,282,050

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss
Revenue from contract with customer	SFr 630,877	SFr 183,354	SFr 1,131,769	SFr 420,591
Other income	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	(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	(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	0	0	0	0
Net loss for the period	SFr (2,675,152)	SFr (7,221,252)	SFr (5,082,321)	SFr (13,044,987)
Basic loss per share for loss attributable to the ordinary equity holders of the Company	SFr (0.04)	SFr (0.19)	SFr (0.08)	SFr (0.34)
Diluted loss per share for loss attributable to the ordinary equity holders of the Company	SFr (0.04)	SFr (0.19)	SFr (0.08)	SFr (0.34)
Items that will never be reclassified to profit and loss:
Remeasurements of retirement benefits obligation	SFr (135,012)	SFr 478,949	SFr (165,653)	SFr 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	SFr (2,811,143)	SFr (6,742,095)	SFr (5,248,872)	SFr (11,899,984)

Unaudited Interim Condensed Consolidated Statements of Changes in Equity - CHF (SFr)	Share Capital	Share Premium	Other equity	Treasury Shares Reserve	Foreign Currency Translation Reserve	Other Reserves	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2021	SFr 49,272,952	SFr 283,981,361		SFr (11,703,279)	SFr (657,525)	SFr 25,095,393	SFr (329,057,802)	SFr 16,931,100
Net loss for the period							(5,823,735)	(5,823,735)
Other comprehensive income/(loss) 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	16,000,000			(16,000,000)
Cost of 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						1,440,052		1,440,052
Movement in treasury shares:
Net purchases under liquidity agreement		(26,252)		17,692				(8,560)
Ending balance at Mar. 31, 2022	65,272,952	283,742,253		(27,685,587)	(657,498)	27,164,730	(334,881,537)	12,955,313
Beginning balance at Dec. 31, 2021	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/(loss) 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	16,000,000			(16,000,000)
Cost of 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						2,099,311		2,099,311
Movement in treasury shares:
Net purchases under liquidity agreement		(47,042)		33,457				(13,585)
Ending balance at Jun. 30, 2022	65,272,952	283,716,463		(27,669,822)	(657,290)	28,302,938	(342,102,789)	6,862,452
Beginning balance at Mar. 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/(loss) 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 shares issuance		(5,000)						(5,000)
Value of share-based services						659,259		659,259
Movement in treasury shares:
Net purchases under liquidity agreement		(20,790)		15,765				(5,025)
Ending balance at Jun. 30, 2022	65,272,952	283,716,463		(27,669,822)	(657,290)	28,302,938	(342,102,789)	6,862,452
Beginning balance at Dec. 31, 2022	1,153,483	269,511,610	SFr 64,620,223	(6,278,763)	(657,870)	26,426,243	(349,862,015)	4,912,911
Net loss for the period							(2,407,169)	(2,407,169)
Other comprehensive income/(loss) for the period					81	(30,641)		(30,560)
Total comprehensive loss for the period					81	(30,641)	(2,407,169)	(2,437,729)
Cost of shares issuance		(4,062)						(4,062)
Value of share-based services						431,196		431,196
Movement in treasury shares:
Net purchases under liquidity agreement		12,775		(11,818)				957
Sales agency agreement		(2,565,725)		3,742,506				1,176,781
Costs under sale agency agreement		(8,826)						(8,826)
Ending balance at Mar. 31, 2023	1,153,483	266,945,772	64,620,223	(2,548,075)	(657,789)	26,826,798	(352,269,184)	4,071,228
Beginning balance at Dec. 31, 2022	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 income/(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	176,000			(176,000)
Cost of shares issuance		(16,823)						(16,823)
Sales under shelf-registration		(920,069)		2,079,828				1,159,759
Related costs of sales shelf-registration		(34,106)						(34,106)
Sale of pre-funded warrants						3,382,259		3,382,259
Cost of pre-funded warrants sold						(118,117)		(118,117)
Exercise of pre-funded warrants	35,030	449,939				(484,930)		39
Value of warrants and pre-funded warrants		(2,760,143)				2,760,143
Value of share-based services						921,797		921,797
Movement in treasury shares:
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)
Ending balance at Jun. 30, 2023	1,364,513	263,658,040	64,620,223	(635,311)	(658,768)	32,721,742	(354,944,336)	6,126,103
Beginning balance at Mar. 31, 2023	1,153,483	266,945,772	64,620,223	(2,548,075)	(657,789)	26,826,798	(352,269,184)	4,071,228
Net loss for the period							(2,675,152)	(2,675,152)
Other comprehensive income/(loss) for the period					(979)	(135,012)		(135,991)
Total comprehensive loss for the period					(979)	(135,012)	(2,675,152)	(2,811,143)
Issue of treasury shares	176,000			(176,000)
Cost of shares issuance		(12,761)						(12,761)
Sales under shelf-registration		(920,069)		2,079,828				1,159,759
Related costs of sales shelf-registration		(34,106)						(34,106)
Sale of pre-funded warrants						3,382,259		3,382,259
Cost of pre-funded warrants sold						(118,117)		(118,117)
Exercise of pre-funded warrants	35,030	449,939				(484,930)		39
Value of warrants and pre-funded warrants		(2,760,143)				2,760,143
Value of share-based services						490,601		490,601
Movement in treasury shares:
Net purchases under liquidity agreement		(10,592)		8,936				(1,656)
Ending balance at Jun. 30, 2023	SFr 1,364,513	SFr 263,658,040	SFr 64,620,223	SFr (635,311)	SFr (658,768)	SFr 32,721,742	SFr (354,944,336)	SFr 6,126,103

Unaudited Interim Condensed Consolidated Statements of Cash Flows - CHF (SFr)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Unaudited Interim Condensed Consolidated Statements of Cash Flows
Net loss for the period	SFr (5,082,321)	SFr (13,044,987)
Adjustments for:
Depreciation	151,186	170,178
Value of share-based services	921,797	2,099,311
Post-employment benefits	(39,790)	(7,481)
Finance cost net	149,386	116,981
(Increase)/ decrease in other financial assets	(13,579)	13,584
Decrease / (increase) in trade and other receivables	161,220	(166,985)
(Increase)/ decrease in contract asset	(65,185)	81,383
Increase in prepayments	(733,097)	(604,319)
(Decrease)/increase in payables and accruals	(566,878)	667,430
Net cash used in operating activities	(5,117,261)	(10,674,905)
Cash flows from investing activities
Purchase of property, plant and equipment	(4,959)	0
Net cash used in investing activities	(4,959)
Cash flows from financing activities
Proceeds from sale of treasury shares-shelf registration	1,159,759
Costs paid on sale of treasury shares-shelf registration	(17,588)	(193,834)
Proceeds from sale of pre-funded warrants	3,382,259
Costs paid on sale of pre-funded warrants	(26,333)	(306,127)
Proceeds from the exercise of pre-funded warrants	5,345
Sale/(purchase) of treasury shares under liquidity and sale under agency agreement	1,176,082	(13,585)
Costs paid on sale of treasury shares under sale agency agreement	(8,826)
Cost paid on issue of treasury shares	(45,599)	(215,634)
Principal element of lease payment	(140,616)	(150,979)
Interest received	37,175	299
Interest paid	(9,748)	(34,746)
Net cash from/ (used in) financing activities	5,511,910	(914,606)
Increase/(decrease) in cash and cash equivalents	389,690	(11,589,511)
Cash and cash equivalents at the beginning of the period	6,957,086	20,484,836
Exchange difference on cash and cash equivalents	(177,707)	(82,467)
Cash and cash equivalents at the end of the period	SFr 7,169,069	SFr 8,812,858

General information

6 Months Ended

Jun. 30, 2023

General information

General information

1. General information

These interim condensed consolidated financial statements have been approved for issuance by the Board of Directors on August 9, 2023.

Basis of preparation

6 Months Ended

Jun. 30, 2023

Basis of preparation

Basis of preparation

2. Basis of preparation

Where necessary, comparative figures have been revised to conform with the current year 2023 presentation.

Critical accounting estimates and judgments

6 Months Ended

Jun. 30, 2023

Critical accounting estimates and judgments

Critical accounting estimates and judgments

3. Critical accounting estimates and judgments

Going concern

COVID-19

Russia’s invasion of Ukraine

Revenue recognition

Grants

Accrued research and development costs

Research and development costs

Share-based compensation

Pension obligations

Interim measurement note

6 Months Ended

Jun. 30, 2023

Interim measurement note

Interim measurement note

4. Interim measurement note

Segment information

6 Months Ended

Jun. 30, 2023

Segment information

Segment information

5. Segment reporting

Management has identified one single operating segment, related to the discovery, development and commercialization of small-molecule pharmaceutical products.

Information about products, services and major customers

Information about geographical areas

External income is exclusively recorded in the Swiss operating company.

Analysis of revenue from contract with customer and other income by nature is detailed as follows:


	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

Analysis of revenue from contract with customer and other income by major counterparties is detailed as follows:


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

For more detail, refer to note 15, “Revenue from contract with customer” and note 16 “Other income”.

The geographical allocation of long-lived assets is detailed as follows:


	June 30,	December 31,
	2023	2022
Switzerland	306,505	452,732
France	352	357
Total	306,857	453,089

The geographical analysis of operating costs is as follows:


	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

The capital expenditure during the six-month period ended June 30, 2023 is CHF 4,959 (nil for the six-month period ended June 30, 2022).

Cash and cash equivalents

6 Months Ended

Jun. 30, 2023

Cash and cash equivalents

Cash and cash equivalents

6. Cash and cash equivalents


	June 30,	December 31,
	2023	2022
Cash at bank and on hand	7,169,069	6,957,086
Total cash and cash equivalents	7,169,069	6,957,086

Split by currency:


	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	%

All cash and cash equivalents were held either at banks or on hand as of June 30, 2023 and December 31, 2022.

Other current assets

6 Months Ended

Jun. 30, 2023

Other current assets

Other current assets

7. Other current assets


	June 30,	December 31,
	2023	2022
Other financial assets	16,744	3,165
Trade and other receivables	255,656	416,875
Contract asset (Indivior PLC)	246,626	181,441
Prepayments	1,003,491	270,394
Total other current assets	1,522,517	871,875

Right-of-use assets

6 Months Ended

Jun. 30, 2023

Right-of-use assets

Right-of-use assets

8. Right-of-use assets


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

Property, plant and equipment

6 Months Ended

Jun. 30, 2023

Property, plant and equipment

Property, plant and equipment

9. Property, plant and equipment


		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

Non-current financial assets

6 Months Ended

Jun. 30, 2023

Non-current financial assets

Non-current financial assets

10. Non-current financial assets


	June 30,	December 31,
	2023	2022
Security rental deposits	54,350	54,355
Total non‑current financial assets	54,350	54,355

Payables and accruals

6 Months Ended

Jun. 30, 2023

Payables and accruals

Payables and accruals

11. Payables and accruals


	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

Share capital

6 Months Ended

Jun. 30, 2023

Share capital.

Share capital

12. Share capital


	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

(1)

Share-based compensation

6 Months Ended

Jun. 30, 2023

Share-based compensation

Share-based compensation

13. Share-based compensation

Retirement benefit obligations

6 Months Ended

Jun. 30, 2023

Retirement benefit obligations

Retirement benefit obligations

14. Retirement benefits obligations

The amounts recognized in the statement of comprehensive loss are as follows:


	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)

The amounts recognized in the balance sheet are determined as follows:


	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)	—

Revenue from contract with customer

6 Months Ended

Jun. 30, 2023

Revenue from contract with customer

Revenue from contract with customer

15. Revenue from contract with customer

License & research agreement with Indivior PLC

Janssen Pharmaceuticals Inc. (formerly Ortho-McNeil-Janssen Pharmaceuticals Inc)

No amounts have been recognized under this agreement in the three-month and six-month periods ended June 30, 2023 and 2022.

Other income

6 Months Ended

Jun. 30, 2023

Other income

Other income

16. Other income

The Group additionally recognized other income from IT consultancy agreements.

Operating costs

6 Months Ended

Jun. 30, 2023

Operating costs

Operating costs

17. Operating costs


	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

The evolution of the total operating costs is mainly driven by staff costs, external research and development costs, professional fees, D&O insurance and other operating costs.

Staff costs

6 Months Ended

Jun. 30, 2023

Staff costs

Staff costs

18. Staff costs


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Wages and salaries	831,457	670,202	1,669,690	1,513,118
Social charges and insurances	94,720	79,979	194,733	179,446
Value of share-based services	416,947	550,221	780,844	1,712,670
Retirement benefit (note 14)	68,836	51,682	110,121	139,823
Total staff costs	1,411,960	1,352,084	2,755,388	3,545,057

During the six-month period ended June 30, 2023, total staff costs decreased by CHF 0.8 million compared to the same period ended June 30, 2022, primarily due to lower share-based service costs.

Finance result, net

6 Months Ended

Jun. 30, 2023

Finance result, net

Finance result, net

19. Finance result, net


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Interest income	13,349	204	37,175	299
Interest cost	(93)	(7,574)	(93)	(24,369)
Interest expense on leases	(3,735)	(4,758)	(9,655)	(10,377)
Foreign exchange loss net	(137,897)	(116,909)	(163,467)	(155,740)
Finance result, net	(128,376)	(129,037)	(136,040)	(190,187)

Loss per share

6 Months Ended

Jun. 30, 2023

Loss per share

Loss per share

20. Loss per share


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Loss attributable to equity holders of the Company	(2,675,152)	(7,221,252)	(5,082,321)	(13,044,987)
Weighted average number of shares in issue	72,188,376	37,467,005	66,731,134	37,891,408
Basic and diluted loss per share	(0.04)	(0.19)	(0.08)	(0.34)

Related party transactions

6 Months Ended

Jun. 30, 2023

Related party transactions

Related party transactions

21. Related party transactions

Related parties include members of the Board of Directors and the Executive Management of the Group. The following transactions were carried out with related parties:

Key management compensation


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Salaries, other short‑term employee benefits and post-employment benefits	579,815	482,228	927,505	922,664
Consulting fees	5,375	77,883	9,725	123,707
Share‑based compensation	420,862	556,724	783,540	1,822,104
Total	1,006,052	1,116,835	1,720,770	2,868,475

Events after the balance sheet date

6 Months Ended

Jun. 30, 2023

Events after the balance sheet date

Events after the balance sheet date

22. Events after the balance sheet date

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2023
Summary of significant accounting policies
Accounting policies and methods of computation followed in interim financial statements	These interim condensed consolidated financial statements for the three-month and six-month periods ended June 30, 2023, have been prepared under the historic cost convention and in accordance with IAS 34 “Interim Financial Reporting” and are presented in a format consistent with the consolidated financial statements under IAS 1 “Presentation of Financial Statements”. However, they do not include all of the notes that would be required in a complete set of financial statements. Thus, this interim financial report should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022.

Segment information (Tables)

6 Months Ended

Jun. 30, 2023

Segment information

Schedule of revenue from contract with customer and other income by nature


	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

Schedule of revenue from contract with customer and other income by major counterparties


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

Schedule of geographical areas

The geographical allocation of long-lived assets is detailed as follows:


	June 30,	December 31,
	2023	2022
Switzerland	306,505	452,732
France	352	357
Total	306,857	453,089

The geographical analysis of operating costs is as follows:


	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

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2023

Cash and cash equivalents

Schedule of cash and cash equivalents


	June 30,	December 31,
	2023	2022
Cash at bank and on hand	7,169,069	6,957,086
Total cash and cash equivalents	7,169,069	6,957,086

Schedule of cash and cash equivalents by currency


	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	%

Other current assets (Tables)

6 Months Ended

Jun. 30, 2023

Other current assets

Schedule of other current assets


	June 30,	December 31,
	2023	2022
Other financial assets	16,744	3,165
Trade and other receivables	255,656	416,875
Contract asset (Indivior PLC)	246,626	181,441
Prepayments	1,003,491	270,394
Total other current assets	1,522,517	871,875

Right-of-use assets (Tables)

6 Months Ended

Jun. 30, 2023

Right-of-use assets

Schedule of right-of-use assets


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

Property, plant and equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, plant and equipment

Schedule of changes in property, plant and equipment


		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

Non-current financial assets (Tables)

6 Months Ended

Jun. 30, 2023

Non-current financial assets

Schedule of non-current financial assets


	June 30,	December 31,
	2023	2022
Security rental deposits	54,350	54,355
Total non‑current financial assets	54,350	54,355

Payables and accruals (Tables)

6 Months Ended

Jun. 30, 2023

Payables and accruals

Schedule of payables and accruals


	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

Share capital (Tables)

6 Months Ended

Jun. 30, 2023

Share capital.

Schedule of share capital


	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

(1)

Retirement benefit obligations (Tables)

6 Months Ended

Jun. 30, 2023

Retirement benefit obligations

Schedule of amounts recognized in statement of loss for employment benefit obligations


	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)

Schedule of amounts recognized in balance sheet for employment benefit obligations


	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)	—

Operating costs (Tables)

6 Months Ended

Jun. 30, 2023

Operating costs

Schedule of operating costs


	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

Staff costs (Tables)

6 Months Ended

Jun. 30, 2023

Staff costs

Schedule of staff costs


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Wages and salaries	831,457	670,202	1,669,690	1,513,118
Social charges and insurances	94,720	79,979	194,733	179,446
Value of share-based services	416,947	550,221	780,844	1,712,670
Retirement benefit (note 14)	68,836	51,682	110,121	139,823
Total staff costs	1,411,960	1,352,084	2,755,388	3,545,057

Finance result, net (Tables)

6 Months Ended

Jun. 30, 2023

Finance result, net

Schedule of finance result, net


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Interest income	13,349	204	37,175	299
Interest cost	(93)	(7,574)	(93)	(24,369)
Interest expense on leases	(3,735)	(4,758)	(9,655)	(10,377)
Foreign exchange loss net	(137,897)	(116,909)	(163,467)	(155,740)
Finance result, net	(128,376)	(129,037)	(136,040)	(190,187)

Loss per share (Tables)

6 Months Ended

Jun. 30, 2023

Loss per share

Schedule of loss per share


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Loss attributable to equity holders of the Company	(2,675,152)	(7,221,252)	(5,082,321)	(13,044,987)
Weighted average number of shares in issue	72,188,376	37,467,005	66,731,134	37,891,408
Basic and diluted loss per share	(0.04)	(0.19)	(0.08)	(0.34)

Related party transactions (Tables)

6 Months Ended

Jun. 30, 2023

Related party transactions

Schedule of key management compensation


	For the three months		For the six months
	ended June 30,		ended June 30,
	2023	2022	2023	2022
Salaries, other short‑term employee benefits and post-employment benefits	579,815	482,228	927,505	922,664
Consulting fees	5,375	77,883	9,725	123,707
Share‑based compensation	420,862	556,724	783,540	1,822,104
Total	1,006,052	1,116,835	1,720,770	2,868,475

Segment information (Details)	3 Months Ended		6 Months Ended
Segment information (Details)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr) segment	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2022 CHF (SFr)
Segments
Number of segments \| segment			1
Collaborative research funding	SFr 630,877	SFr 183,354	SFr 1,131,769	SFr 420,591
Other service income	1,100	3,089	2,255	9,800
Revenue and other operating income	631,977	186,443	1,134,024	430,391
Long-lived assets	306,857		306,857		SFr 453,089
Operating costs	3,178,753	7,278,658	6,080,305	13,285,191
Capital expenditure			4,959	0
Switzerland
Segments
Long-lived assets	306,505		306,505		452,732
Operating costs	3,189,652	7,267,558	6,072,960	13,264,551
United States of America
Segments
Operating costs	(11,863)	10,740	5,274	18,448
France
Segments
Long-lived assets	352		352		SFr 357
Operating costs	964	360	2,071	2,192
Indivior PLC
Segments
Revenue and other operating income	630,877	183,354	1,131,769	420,591
Other counterparties
Segments
Revenue and other operating income	SFr 1,100	SFr 3,089	SFr 2,255	SFr 9,800

Cash and cash equivalents (Details) - CHF (SFr)	6 Months Ended	12 Months Ended
Cash and cash equivalents (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents
Cash at bank and on hand	SFr 7,169,069	SFr 6,957,086
Total cash and cash equivalents	SFr 7,169,069	SFr 6,957,086	SFr 8,812,858	SFr 20,484,836
Percentage of cash and cash equivalents	100.00%	100.00%
CHF
Cash and cash equivalents
Percentage of cash and cash equivalents	20.75%	52.98%
USD
Cash and cash equivalents
Percentage of cash and cash equivalents	71.82%	42.10%
EUR
Cash and cash equivalents
Percentage of cash and cash equivalents	4.84%	2.69%
GBP
Cash and cash equivalents
Percentage of cash and cash equivalents	2.59%	2.23%

Other current assets (Details) - CHF (SFr)	6 Months Ended
Other current assets (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Other current assets
Other financial assets	SFr 16,744	SFr 3,165
Trade and other receivables	255,656	416,875
Contract asset (Indivior PLC)	246,626	181,441
Prepayments	1,003,491	270,394
Total other current assets	1,522,517	871,875
Increase in other current assets	700,000
Contract asset and trade and other receivables	500,000	600,000
Increase (decrease) in contract assets and trade and other receivables	(100,000)
Accumulated impairment \| Contract assets and trade and other receivables
Other current assets
Expected loss allowance	SFr 0	SFr 0

Right-of-use assets (Details) - CHF (SFr)	6 Months Ended	12 Months Ended
Right-of-use assets (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Right-of-use assets
Opening amount	SFr 357,613	SFr 469,989
Depreciation charge	(138,260)	(291,573)
Effect of lease modifications		179,197
Closing amount	219,353	357,613
Cost
Right-of-use assets
Opening amount	1,485,392
Closing amount	1,485,392	1,485,392
Accumulated depreciation
Right-of-use assets
Opening amount	(1,127,779)
Closing amount	(1,266,039)	(1,127,779)
Properties
Right-of-use assets
Opening amount	353,097	456,885
Depreciation charge	(136,906)	(277,069)
Effect of lease modifications		173,281
Closing amount	216,191	353,097
Properties \| Cost
Right-of-use assets
Opening amount	1,471,850
Closing amount	1,471,850	1,471,850
Properties \| Accumulated depreciation
Right-of-use assets
Opening amount	(1,118,753)
Closing amount	(1,255,659)	(1,118,753)
Equipment
Right-of-use assets
Opening amount	4,516	13,104
Depreciation charge	(1,354)	(14,504)
Effect of lease modifications		5,916
Closing amount	3,162	4,516
Equipment \| Cost
Right-of-use assets
Opening amount	13,542
Closing amount	13,542	13,542
Equipment \| Accumulated depreciation
Right-of-use assets
Opening amount	(9,026)
Closing amount	SFr (10,380)	SFr (9,026)

Property, plant and equipment (Details) - CHF (SFr)	6 Months Ended	12 Months Ended
Property, plant and equipment (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Property, plant and equipment
Opening amount	SFr 41,121	SFr 72,111
Additions	4,959	581
Depreciation charge	(12,926)	(31,571)
Closing amount	33,154	41,121
Cost
Property, plant and equipment
Opening amount	2,929,138
Closing amount	2,934,097	2,929,138
Accumulated depreciation
Property, plant and equipment
Opening amount	(2,888,017)
Closing amount	(2,900,943)	(2,888,017)
Equipment
Property, plant and equipment
Opening amount	41,121	72,111
Additions	4,959	581
Depreciation charge	(12,926)	(31,571)
Closing amount	33,154	41,121
Equipment \| Cost
Property, plant and equipment
Opening amount	1,714,409
Closing amount	1,719,368	1,714,409
Equipment \| Accumulated depreciation
Property, plant and equipment
Opening amount	(1,673,288)
Closing amount	(1,686,214)	(1,673,288)
Furniture and fixtures \| Cost
Property, plant and equipment
Opening amount	7,564
Closing amount	7,564	7,564
Furniture and fixtures \| Accumulated depreciation
Property, plant and equipment
Opening amount	(7,564)
Closing amount	(7,564)	(7,564)
Chemical library \| Cost
Property, plant and equipment
Opening amount	1,207,165
Closing amount	1,207,165	1,207,165
Chemical library \| Accumulated depreciation
Property, plant and equipment
Opening amount	(1,207,165)
Closing amount	SFr (1,207,165)	SFr (1,207,165)

Non-current financial assets (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Non-current financial assets
Security rental deposits	SFr 54,350	SFr 54,355
Total non-current financial assets	SFr 54,350	SFr 54,355

Payables and accruals (Details) - CHF (SFr)	6 Months Ended
Payables and accruals (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Payables and accruals
Trade payables	SFr 1,114,486	SFr 1,276,546
Social security and other taxes	186,354	120,875
Accrued expenses	1,213,118	1,598,583
Total payables and accruals	SFr 2,513,958	SFr 2,996,004
Maturity period of payables	3 months
Increase (decrease) in payables and accruals	SFr (500,000)

Share capital (Details) SFr / shares in Units, $ / shares in Units, $ in Millions					3 Months Ended				6 Months Ended
	Jun. 14, 2023 SFr / shares shares	Apr. 03, 2023 SFr / shares shares	Apr. 03, 2023 $ / shares shares	Feb. 02, 2022 CHF (SFr) SFr / shares shares	Jun. 30, 2023 CHF (SFr) SFr / shares shares	Mar. 31, 2023 CHF (SFr) shares	Jun. 30, 2022 CHF (SFr) shares	Mar. 31, 2022 CHF (SFr) shares	Jun. 30, 2023 CHF (SFr) SFr / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 CHF (SFr) shares	Dec. 31, 2022 CHF (SFr) SFr / shares shares
Share capital
Number of shares at beginning of period						(38,214,291)			(38,214,291)	(38,214,291)
Number of shares at beginning of period						77,134,020		37,898,149	77,134,020	77,134,020	37,898,149
Sale of shares under shelf registration									7,999,998	7,999,998
Exercise of pre-funded warrants									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)	(21,949)
Acquisition of shares forfeited from DSPPP									(7,311)	(7,311)
Number of shares at end of period					(44,106,243)				(44,106,243)	(44,106,243)
Number of shares at end of period					92,345,018		37,876,200		92,345,018	92,345,018	37,876,200
Number of shares reclassed as treasury shares under IFRS 2					(17,431,572)				(17,431,572)			(17,438,883)
Number of shares including IFRS 2 shares					74,913,446				74,913,446
Share capital as registered in trade register \| SFr					SFr 1,329,483.11				SFr 1,329,483.11
Number of shares registered in trade register					132,948,311				132,948,311
Par value per share \| SFr / shares					SFr 0.01				SFr 0.01			SFr 0.01
Treasury shares \| SFr					SFr 635,311				SFr 635,311			SFr 6,278,763
Gross proceed of treasury shares sold \| SFr						SFr 1,176,781			SFr 1,176,781
Number of warrants issued in 2021 with reduced strike price									9,230,772	9,230,772
Number of warrants issued in 2022 with reduced strike price									15,000,000	15,000,000
Increase (decrease) in fair value of warrants due to amendment in exercise conditions \| SFr									SFr 960,000
Share issuance cost \| SFr					12,761	SFr 4,062	SFr 5,000	SFr 210,633	SFr 16,823		SFr 215,633
Addex Pharma SA
Share capital
Issue of shares-treasury shares	17,600,000			16,000,000
Issue price \| SFr / shares	SFr 0.01			SFr 1.00
Proportion of ownership interest in subsidiary	100.00%			100.00%
Share issuance cost \| SFr				SFr 200,000
Kepler
Share capital
Sale of shares under sale agency agreement									3,742,506	3,742,506
Issue price \| SFr / shares									SFr 0.31
Gross proceed of treasury shares sold \| SFr									SFr 1,176,781
Kepler \| Treasury Shares Reserve
Share capital
Treasury shares \| SFr					155,345				155,345			128,200
Kepler \| Other financial assets
Share capital
Treasury shares \| SFr					SFr 2,466				SFr 2,466			SFr 3,165
One institutional investor
Share capital
Sale of shares under shelf registration		7,999,998	7,999,998
Exercise of pre-funded warrants					3,502,950
Share sale price \| SFr / shares		SFr 0.14
Number of pre-funded warrants sold		23,578,950	23,578,950
Warrants sale price \| SFr / shares		SFr 0.14
Number of pre-funded warrants to be exercised					20,076,000				20,076,000
Gross proceeds									SFr 4,500,000	$ 5.0
Share issuance cost \| SFr									SFr 200,000
Number of warrants issued									31,578,948	31,578,948
Strike price of issued warrants \| SFr / shares									SFr 0.15
Value of issued warrants \| SFr									SFr 1,780,000
Common shares
Share capital
Number of shares at beginning of period						115,348,311		49,272,952	115,348,311	115,348,311	49,272,952
Issue of shares-treasury shares									17,600,000	17,600,000	16,000,000
Exercise of pre-funded warrants									3,502,950	3,502,950
Number of shares at end of period					136,451,261		65,272,952		136,451,261	136,451,261	65,272,952
Number of common shares including IFRS 2 shares					136,451,261				136,451,261
Treasury shares
Share capital
Number of shares at beginning of period						(38,214,291)		(11,374,803)	(38,214,291)	(38,214,291)	(11,374,803)
Issue of shares-treasury shares									(17,600,000)	(17,600,000)	(16,000,000)
Sale of shares under shelf registration									7,999,998	7,999,998
Sale of shares under sale agency agreement									3,742,506	3,742,506
Net purchase of shares under liquidity agreement									(27,145)	(27,145)	(21,949)
Acquisition of shares forfeited from DSPPP									(7,311)	(7,311)
Number of shares at end of period					(44,106,243)		(27,396,752)		(44,106,243)	(44,106,243)	(27,396,752)
Number of shares reclassed as treasury shares under IFRS 2					(17,431,572)				(17,431,572)
Number of shares including IFRS 2 shares					(61,537,815)				(61,537,815)
American Depositary Shares
Share capital
Reduction in strike price of issued warrants \| $ / shares										$ 1.00
Number of warrants issued in 2021 with reduced strike price									1,538,462	1,538,462
Number of warrants issued in 2022 with reduced strike price									2,500,000	2,500,000
American Depositary Shares \| One institutional investor
Share capital
Sale of shares under shelf registration		1,333,333	1,333,333
Exercise of pre-funded warrants					583,825
Share sale price \| $ / shares			$ 0.95
Number of pre-funded warrants sold		3,929,825	3,929,825
Warrants sale price \| $ / shares			$ 0.94
Strike price of pre-funded warrants \| $ / shares			$ 0.01
Number of pre-funded warrants to be exercised					3,346,000				3,346,000
Number of warrants issued									5,263,158	5,263,158
Strike price of issued warrants \| $ / shares										$ 1.00

Share-based compensation (Details)	3 Months Ended		6 Months Ended
Share-based compensation (Details)	Jun. 30, 2023 CHF (SFr) shares SFr / shares	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr) shares SFr / shares	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2022 shares
Share-based compensation
Share-based compensation \| SFr	SFr 490,601	SFr 659,259	SFr 921,797	SFr 2,099,311
Increase (decrease) in share-based compensation expense \| SFr	SFr (200,000)		SFr (1,200,000)
Shares outstanding benefiting from Deferred Strike Price Payment Plan	17,431,572		17,431,572		17,438,883
Share option plans
Share-based compensation
Options outstanding	13,949,886		13,949,886		777,000
Options granted			13,172,886
Vesting period			4 years
Exercise period			10 years
Share option plans \| CHF0.13
Share-based compensation
Options exercisable	12,736,209		12,736,209
Exercise price of share options exercisable \| SFr / shares	SFr 0.13		SFr 0.13
Share option plans \| CHF0.10
Share-based compensation
Options exercisable	436,677		436,677
Exercise price of share options exercisable \| SFr / shares	SFr 0.10		SFr 0.10
Deferred Strike Price Payment Plan (DSPPP)
Share-based compensation
Shares outstanding benefiting from Deferred Strike Price Payment Plan	17,431,572		17,431,572		17,438,883
Shares forfeited			7,311

Retirement benefit obligations - Comprehensive loss (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement benefit obligations
Current service cost	SFr (67,188)	SFr (85,432)	SFr (133,722)	SFr (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	SFr (68,836)	SFr (51,682)	SFr (110,121)	SFr (139,823)

Retirement benefit obligations - Balance sheet (Details) - CHF (SFr)	Jun. 30, 2023	Dec. 31, 2022
Defined benefit plans
Net defined benefit (liability) asset	SFr (125,863)
Defined benefit obligation
Defined benefit plans
Net defined benefit (liability) asset	(8,495,027)	SFr (7,682,529)
Fair value of plan assets
Defined benefit plans
Net defined benefit (liability) asset	SFr 8,369,164	7,867,835
Effect of asset ceiling
Defined benefit plans
Net defined benefit (liability) asset		SFr (185,306)

Retirement benefit obligations - Additional information (Details) - CHF (SFr) SFr in Millions	Jun. 30, 2023	Dec. 31, 2022
Retirement benefit obligations
Funded status	SFr (0.1)	SFr 0.2
Discount rate	1.85%	2.30%

Revenue from contract with customer (Details) € in Millions, $ in Millions					1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended	15 Months Ended
	Nov. 01, 2022 CHF (SFr)	May 01, 2021 CHF (SFr)	Oct. 30, 2020 USD ($)	Jan. 02, 2018 USD ($) item	Aug. 31, 2022 CHF (SFr)	Jan. 31, 2018 USD ($)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2019 USD ($)	Jul. 31, 2022 CHF (SFr)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2004 EUR (€)
Revenue from contract with customer
Revenue from contract with customer							SFr 630,877	SFr 183,354	SFr 1,131,769	SFr 420,591
Contract asset and trade receivables							500,000		500,000				SFr 600,000
Indivior PLC
Revenue from contract with customer
Number of distinct material promises and performance obligations \| item				2
Indivior PLC \| Rights granted
Revenue from contract with customer
Revenue from contract with customer \| $						$ 5.0
Indivior PLC \| Achievement of pre-specified milestones
Revenue from contract with customer
Variable consideration allocated to contract \| $				$ 330.0
Indivior PLC \| Research
Revenue from contract with customer
Revenue from contract with customer							600,000	200,000	1,100,000	400,000
Initial research term				2 years
Increment period for extension of research term				12 months
Number of newly identified compounds selected \| item				1
Additional funding for research and development costs incurred	SFr 950,000	SFr 3,700,000	$ 2.8		SFr 850,000						$ 1.6
Research funding received												SFr 2,700,000
Research funding paid by investor to third parties												SFr 1,000,000.0
Contract asset and trade receivables							400,000		400,000				SFr 400,000
Indivior PLC \| Research \| Minimum
Revenue from contract with customer
Annual funding for research and development costs incurred \| $				$ 2.0
Indivior PLC \| Research \| Indivior PLC
Revenue from contract with customer
Number of newly identified compounds selected \| item				1
Janssen Pharmaceuticals Inc. \| Development
Revenue from contract with customer
Revenue from contract with customer							SFr 0	SFr 0	SFr 0	SFr 0
Janssen Pharmaceuticals Inc. \| Development \| Maximum
Revenue from contract with customer
Variable consideration allocated to contract \| €														€ 109

Other income (Details) - Eurostars/Innosuisse - CHF (SFr) SFr in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2023	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2023	Dec. 31, 2022
Other income
Amount of grant awarded			SFr 500
Proceeds from grants	SFr 120	SFr 380
Other receivables				SFr 0	SFr 120

Operating costs (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
Operating costs (Details) - CHF (SFr)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating costs
Staff costs (note 18)	SFr 1,411,960	SFr 1,352,084	SFr 2,755,388	SFr 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	SFr 3,178,753	SFr 7,278,658	SFr 6,080,305	SFr 13,285,191

Operating costs - Additional Information (Details) - CHF (SFr) SFr in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Operating costs
Decrease in total operating costs	SFr (4.1)	SFr (7.2)
Decrease in external research and development costs relating to dipraglurant program	(3.8)	(5.7)
Decrease in staff costs		(0.8)
Decrease in D&O insurance	SFr (0.3)	SFr (0.5)

Staff costs (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
Staff costs (Details) - CHF (SFr)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Staff costs
Wages and salaries	SFr 831,457	SFr 670,202	SFr 1,669,690	SFr 1,513,118
Social charges and insurances	94,720	79,979	194,733	179,446
Value of share-based services	416,947	550,221	780,844	1,712,670
Retirement benefit (note 14)	68,836	51,682	110,121	139,823
Total staff costs	SFr 1,411,960	SFr 1,352,084	SFr 2,755,388	SFr 3,545,057

Staff costs - Additional Information (Details) SFr in Millions	6 Months Ended
	Jun. 30, 2023 CHF (SFr)
Staff costs
Increase (decrease) in staff costs	SFr (0.8)

Finance result, net (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
Finance result, net (Details) - CHF (SFr)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finance result, net
Interests income	SFr 13,349	SFr 204	SFr 37,175	SFr 299
Interests cost	(93)	(7,574)	(93)	(24,369)
Interests expense on leases	(3,735)	(4,758)	(9,655)	(10,377)
Foreign exchange loss net	(137,897)	(116,909)	(163,467)	(155,740)
Finance result	SFr (128,376)	SFr (129,037)	SFr (136,040)	SFr (190,187)

Loss per share (Details)	3 Months Ended		6 Months Ended
Loss per share (Details)	Jun. 30, 2023 CHF (SFr) SFr / shares shares	Jun. 30, 2022 CHF (SFr) SFr / shares shares	Jun. 30, 2023 CHF (SFr) category SFr / shares shares	Jun. 30, 2022 CHF (SFr) category SFr / shares shares
Loss per share
Loss attributable to equity holders of the Company \| SFr	SFr (2,675,152)	SFr (7,221,252)	SFr (5,082,321)	SFr (13,044,987)
Weighted average number of shares in issue \| shares	72,188,376	37,467,005	66,731,134	37,891,408
Basic loss per share	SFr (0.04)	SFr (0.19)	SFr (0.08)	SFr (0.34)
Diluted loss per share	SFr (0.04)	SFr (0.19)	SFr (0.08)	SFr (0.34)
Number of categories of dilutive potential shares \| category			4	4

Related party transactions (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
Related party transactions (Details) - CHF (SFr)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related party transactions
Salaries, other short-term employee benefits and post-employment benefits	SFr 579,815	SFr 482,228	SFr 927,505	SFr 922,664
Consulting fees	5,375	77,883	9,725	123,707
Share-based compensation	420,862	556,724	783,540	1,822,104
Key management compensation	1,006,052	SFr 1,116,835	1,720,770	SFr 2,868,475
Board of Directors and Executive Management
Related party transactions
Net payable	SFr 0		SFr 0		SFr 100,000

Events after the balance sheet date (Details) $ in Millions						1 Months Ended	6 Months Ended	12 Months Ended
Events after the balance sheet date (Details) $ in Millions	Aug. 02, 2023 CHF (SFr)	Jul. 28, 2023 CHF (SFr) shares	Nov. 01, 2022 CHF (SFr)	May 01, 2021 CHF (SFr)	Oct. 30, 2020 USD ($)	Aug. 31, 2022 CHF (SFr)	Jun. 30, 2023 CHF (SFr) shares	Dec. 31, 2019 USD ($)
Events after balance sheet date
Exercise of pre-funded warrants \| shares							3,502,950
Share capital as registered in trade register							SFr 1,329,483.11
Number of shares registered in trade register \| shares							132,948,311
Indivior PLC \| Research
Events after balance sheet date
Additional funding for research and development costs incurred			SFr 950,000	SFr 3,700,000	$ 2.8	SFr 850,000		$ 1.6
Issuance of shares
Events after balance sheet date
Exercise of pre-funded warrants \| shares		2,946,000
Share capital as registered in trade register		SFr 1,329,483.11
Number of shares registered in trade register \| shares		132,948,311
Research agreement \| Indivior PLC \| Research
Events after balance sheet date
Additional funding for research and development costs incurred	SFr 2,700,000
Research funding to be received	1,100,000
Research funding to be paid by investor to third parties	SFr 1,600,000

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ADXN Addex Therapeutics Ltd