Addex Therapeutics

Revenue is near zero and non‑recurring. Cash flows are negative and hinge on financing windows. Clinical milestones are binary and partner‑dependent, particularly the Neurosterix NTX‑253 Phase 1 completion and Indivior’s forward steps. The return of ADX71149 to Addex and re‑evaluation of its path add uncertainty.

Geographic and listing structures are straightforward (Switzerland and US), but regulatory, trial, and funding risks dominate. This profile is the opposite of the steady, toll‑like economics we seek.