6-K/A

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: September 2022

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 18, 2022 (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, 2022. 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, 2022 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, 2022
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, 2022 and December 31, 2021; (ii) Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the three-month and the six-month periods ended June 30, 2022 and 2021; (iii) Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six-month periods ended June 30, 2022 and 2021; (iv) Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the three-month periods ended June 30, 2022 and 2021; (v) Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2022 and 2021; and (vi) Unaudited Notes to the Interim Condensed Consolidated Financial Statements for the three-month and six-month periods ended June 30, 2022.

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: September 14, 2022	/s/ Tim Dyer
	Tim Dyer
	Chief Executive Officer

EX-99.1

Exhibit 99.1

ADDEX THERAPEUTICS LTD

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unaudited Interim Condensed Consolidated Financial Statements
Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the three-month and the six-month periods ended June 30, 2022 and 2021	3
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six-month periods ended June 30, 2022 and 2021	4
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the three-month periods ended June 30, 2022 and 2021	5
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2022 and 2021	7
Unaudited Notes to the Interim Condensed Consolidated Financial Statements for the three-month and six-month periods ended June 30, 2022	8

Addex Therapeutics│Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Balance Sheets

as of June 30, 2022, and December 31, 2021

			June 30,	December 31,
	Notes		2022	2021
		Amounts in Swiss francs
ASSETS
Current assets
Cash and cash equivalents	6		8,812,858	20,484,836
Other financial assets	7/15		3,561	17,145
Trade and other receivables	7		331,770	164,785
Contract asset	7		78,253	159,636
Prepayments	7		1,719,694	1,115,374
Total current assets			10,946,136	21,941,776
Non-current assets
Right-of-use assets	8		323,407	469,989
Property, plant and equipment	9		54,431	72,111
Non-current financial assets	10		58,075	57,908
Total non-current assets			435,913	600,008
Total assets			11,382,049	22,541,784
LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities			242,782	287,698
Payables and accruals	11		4,053,370	3,847,145
Total current liabilities			4,296,152	4,134,843
Non-current liabilities
Non-current lease liabilities			94,169	194,316
Retirement benefits obligations	14		129,276	1,281,525
Total non-current liabilities			223,445	1,475,841
Equity
Share capital	12		65,272,952	49,272,952
Share premium	12		283,716,463	283,981,361
Treasury shares reserve	12		(27,669,822)	(11,703,279)
Other reserves			27,645,648	24,437,868
Accumulated deficit			(342,102,789)	(329,057,802)
Total equity			6,862,452	16,931,100
Total liabilities and equity			11,382,049	22,541,784

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

2

Addex Therapeutics│Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss

for the three-month and six-month periods ended June 30, 2022 and 2021

		For the three months ended			For the six months ended
			June 30,		June 30,
	Notes		2022	2021	2022	2021
			Amounts in Swiss francs
Revenue from contract with customer	15		183,354	992,595	420,591	1,836,818
Other income	16		3,089	79,285	9,800	157,483
Operating costs
Research and development			(5,747,026)	(3,731,839)	(9,512,473)	(6,479,882)
General and administration			(1,531,632)	(1,846,678)	(3,772,718)	(3,169,084)
Total operating costs	17		(7,278,658)	(5,578,517)	(13,285,191)	(9,648,966)
Operating loss			(7,092,215)	(4,506,637)	(12,854,800)	(7,654,665)
Finance income			205	(160,573)	300	368,582
Finance expense			(129,242)	(22,939)	(190,487)	(43,679)
Finance result	19		(129,037)	(183,512)	(190,187)	324,903
Net loss before tax			(7,221,252)	(4,690,149)	(13,044,987)	(7,329,762)
Income tax expense			—	—	—	—
Net loss for the period			(7,221,252)	(4,690,149)	(13,044,987)	(7,329,762)
Basic and diluted loss per share for loss attributable to the ordinary equity holders of the Company	20		(0.19)	(0.14)	(0.34)	(0.22)
Other comprehensive income
Items that will never be reclassified to profit and loss:
Remeasurements of retirement benefits obligation			478,949	126,061	1,144,768	251,462
Items that may be classified subsequently to profit and loss:
Exchange difference on translation of foreign operations			208	1,232	235	1,696
Other comprehensive income for the period, net of tax			479,157	127,293	1,145,003	253,158
Total comprehensive loss for the period			(6,742,095)	(4,562,856)	(11,899,984)	(7,076,604)

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

3

Addex Therapeutics│Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

for the six-month periods ended June 30, 2022 and 2021

	Amounts in Swiss francs
					Foreign
				Treasury	Currency
		Share	Share	Shares	Translation	Other	Accumulated
	Notes	Capital	Premium	Reserve	Reserve	Reserves	Deficit	Total
Balance as of January 1, 2021		32,848,635	286,888,354	(6,078,935)	(657,230)	15,314,867	(313,705,888)	14,609,803
Net loss for the period		—	—	—	—	—	(7,329,762)	(7,329,762)
Other comprehensive income for the period		—	—	—	1,696	251,462	—	253,158
Total comprehensive loss for the period		—	—	—	1,696	251,462	(7,329,762)	(7,076,604)
Issue of shares-third parties	12	6,900,000	3,199,323	—	—	—	—	10,099,323
Issue of treasury shares	12	9,524,317	—	(9,524,317)	—	—	—	—
Cost of share capital issuance		—	(1,902,487)	—	—	—	—	(1,902,487)
Value of share-based services	13	—	—	—	—	522,951	—	522,951
Movement in treasury shares:	12
Settlement of supplier invoices		—	35,115	80,306	—	—	—	115,421
Net purchases under liquidity agreement		—	(4,422)	(22,203)	—	—	—	(26,625)
Other net sales of treasury shares		—	41,004	39,940	—	—	—	80,944
Balance as of June 30, 2021		49,272,952	288,256,887	(15,505,209)	(655,534)	16,089,280	(321,035,650)	16,422,726
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

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

4

Addex Therapeutics│Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

for the three-month period ended June 30, 2022 (1/2)

	Amounts in Swiss francs
					Foreign
				Treasury	Currency
		Share	Share	Shares	Translation	Other	Accumulated
	Notes	Capital	Premium	Reserve	Reserve	Reserves	Deficit	Total
Balance as of January 1, 2021		32,848,635	286,888,354	(6,078,935)	(657,230)	15,314,867	(313,705,888)	14,609,803
Net loss for the period		—	—	—	—	—	(2,639,613)	(2,639,613)
Other comprehensive income for the period		—	—	—	464	125,401	—	125,865
Total comprehensive loss for the period		—	—	—	464	125,401	(2,639,613)	(2,513,748)
Issue of shares – third parties	12	6,900,000	3,199,323	—	—	—	—	10,099,323
Cost of share capital issuance		—	(1,767,053)	—	—	—	—	(1,767,053)
Value of share-based services	13	—	—	—	—	186,102	—	186,102
Movement in treasury shares:	12
Settlement of supplier invoices		—	21,284	37,382	—	—	—	58,666
Net purchases under liquidity agreement		—	8,061	(63,028)	—	—	—	(54,967)
Other net sales of treasury shares		—	41,004	39,940	—	—	—	80,944
Balance as of March 31, 2021		39,748,635	288,390,973	(6,064,641)	(656,766)	15,626,370	(316,345,501)	20,699,070
Net loss for the period		—	—	—	—	—	(4,690,149)	(4,690,149)
Other comprehensive income for the period		—	—	—	1,232	126,061	—	127,293
Total comprehensive loss for the period		—	—	—	1,232	126,061	(4,690,149)	(4,562,856)
Issue of treasury shares	12	9,524,317	—	(9,524,317)	—	—	—	—
Cost of share capital issuance		—	(135,434)	—	—	—	—	(135,434)
Value of share-based services	13	—	—	—	—	336,849	—	336,849
Movement in treasury shares:	12
Settlement of supplier invoices		—	13,831	42,924	—	—	—	56,755
Net sales under liquidity agreement		—	(12,483)	40,825	—	—	—	28,342
Balance as of June 30, 2021		49,272,952	288,256,887	(15,505,209)	(655,534)	16,089,280	(321,035,650)	16,422,726

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

5

Addex Therapeutics│Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

for the three-month period ended June 30, 2022 (2/2)

	Amounts in Swiss francs
					Foreign
				Treasury	Currency
		Share	Share	Shares	Translation	Other	Accumulated
	Notes	Capital	Premium	Reserve	Reserve	Reserves	Deficit	Total
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.

6

Addex Therapeutics│Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Cash Flows

for the six-month periods ended June 30, 2022 and 2021

		For the six months ended
		June 30,
	Notes	2022	2021
	Amounts in Swiss francs
Net loss for the period		(13,044,987)	(7,329,762)
Adjustments for:
Depreciation	8/9	170,178	176,909
Value of share‑based services	13	2,099,311	522,951
Post-employment benefits		(7,481)	(177,901)
Finance cost/(income) net		116,981	(328,977)
Decrease in other financial assets	7	13,584	26,625
Increase in trade and other receivables	7	(166,985)	(58,072)
Decrease / increase) in contract asset	7	81,383	(1,101,429)
Increase in prepayments	7	(604,319)	(1,127,268)
Increase in payables and accruals	11	667,430	880,344
Decrease in contract liability	15	—	(733,668)
Decrease in deferred income	16	—	(86,481)
Services paid in shares	12	—	115,421
Net cash used in operating activities		(10,674,905)	(9,221,308)
Cash flows from investing activities
Purchase of property, plant and equipment	9	—	(5,393)
Net cash used in investing activities		—	(5,393)
Cash flows from financing activities
Proceeds from capital increase		—	10,161,746
Costs paid on issue of shares		—	(1,682,517)
Cost paid on issue of treasury shares	12	(215,634)	—
(Purchase)/sale of treasury shares		(13,585)	54,319
Costs paid on sale of pre-funded warrants	12	(306,127)	—
Costs paid on sales of treasury shares – shelf registration	12	(193,834)	—
Principal element of lease payment		(150,979)	(157,033)
Interest received	19	299	3,329
Interest paid	19	(34,746)	(43,679)
Net cash from/(used in) financing activities		(914,606)	8,336,165
Decrease in cash and cash equivalents		(11,589,511)	(890,536)
Cash and cash equivalents at the beginning of the period	6	20,484,836	18,695,040
Exchange difference on cash and cash equivalents		(82,467)	303,710
Cash and cash equivalents at the end of the period	6	8,812,858	18,108,214

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

7

Addex Therapeutics│Interim Condensed Consolidated Financial Statements│Notes

Unaudited Notes to the Interim Condensed Consolidated Financial Statements

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

(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. registered in Delaware with its principal business location in San Francisco, California, United States. 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 condensed consolidated financial statements have been approved for issuance by the Board of Directors on 17 August, 2022.

2. Basis of preparation

These interim condensed consolidated financial statements for the three-month and six-month periods ended June 30, 2022, 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, 2021.

Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of these unaudited condensed consolidated interim 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, 2021.

A number of new or amended standards and interpretations became applicable for financial periods beginning on or after January 1, 2022. 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 amount rather than the presented rounded amount.

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:

8

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 condensed consolidated interim financial statements, will be sufficient to fund its operations and meet all of its obligations as they fall due, through the end of the first half of 2023. These factors individually and collectively indicate that a material uncertainty exists that may cast 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, that may be delayed due to COVID-19 pandemic and the Russia’s invasion of Ukraine. 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, closing 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 2022 and thereafter cannot be reasonably predicted.

Russia’s invasion of Ukraine

On February 24, 2022, Russia invaded Ukraine creating a global conflict. 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.

9

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. The Group records accrued expenses for estimated costs of research and development activities 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. Accrued expenses for these costs are recorded based on the estimated amount of work completed in accordance with agreements established with these third parties.

To date, the Group has not experienced significant changes in the estimates of accrued research and development expenses after a reporting period. However, due to the nature of estimates, the Group may be required to make changes to the estimates in the future 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 do not have any 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.

10

Information about products, services and major customers

External income of the Group for the three-month and six-month periods ended June 30, 2022 and 2021 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 and grants earned.

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,
		2022	2021	2022	2021
Collaborative research funding		183,354	992,595	420,591	1,836,818
Grants earned		—	73,735	—	146,852
Other service income		3,089	5,550	9,800	10,631
Total		186,443	1,071,880	430,391	1,994,301

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,
	2022	2021	2022	2021
Indivior PLC	183,354	992,595	420,591	1,836,818
Eurostars /Innosuisse	—	73,735	—	146,852
Other counterparties	3,089	5,550	9,800	10,631
Total	186,443	1,071,880	430,391	1,994,301

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, 2022	December 31, 2021
Switzerland	431,836	596,098
United States of America	3,717	3,536
France	360	374
Total	435,913	600,008

The geographical analysis of operating costs is as follows:

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Switzerland	7,267,558	5,567,368	13,264,551	9,628,157
United States of America	10,740	8,646	18,448	16,627
France	360	2,503	2,192	4,182
Total operating costs (note 17)	7,278,658	5,578,517	13,285,191	9,648,966

The capital expenditure during the six-month period ended June 30, 2022 is nil (CHF 5,393 for the six-month period ended June 30, 2021).

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6. Cash and cash equivalents

	June 30, 2022	December 31, 2021
Cash at bank and on hand	8,812,858	20,484,836
Total cash and cash equivalents	8,812,858	20,484,836

Split by currency:

	June 30, 2022		December 31, 2021
CHF	86.65	%	44.33	%
USD	10.46	%	54.47	%
EUR	2.33	%	0.58	%
GBP	0.56	%	0.62	%
Total	100.00	%	100.00	%

The Group pays interests on CHF cash and cash equivalents and earns interests on USD cash and cash equivalents. The Group invests its cash balances into a variety of current and deposit accounts mainly with Swiss banks.

All cash and cash equivalents were held either at banks or on hand as of June 30, 2022 and December 31, 2021.

7. Other current assets

	June 30, 2022	December 31, 2021
Other financial assets	3,561	17,145
Trade and other receivables	331,770	164,785
Contract asset (Indivior PLC)	78,253	159,636
Prepayments	1,719,694	1,115,374
Total other current assets	2,133,278	1,456,940

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, 2022, the combined amount of the contract asset, trade receivables and other receivables amounted to CHF 410,023 (CHF 324,421 as of December 31, 2021) including CHF 180,747 for the research agreement with Indivior (CHF 159,636 as of December 31, 2021), CHF 131,848 for the grant from Eurostars/Innosuisse (CHF 131,848 as of December 31, 2021) and CHF 53,881 for five non-governmental debtors (four non-governmental debtors for CHF 3,978 as of December 31, 2021). The Group has considered that the 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, 2022 and December 31, 2021. The prepayments increased by CHF 0.6 million as of June 30, 2022 compared to December 31, 2021 primarily due to Directors and Officers (D&O) Insurance premium for CHF 0.8 million and retirement benefits for CHF 0.3 million paid annually at the beginning of the year, partially offset by a decrease of CHF 0.5 million in amounts prepaid to Contract Research Organization (CROSs).

8. Right-of-use assets

Year ended December 31, 2021	Properties	Equipment	Total
Opening net book amount	543,890	21,454	565,344
Additions	2,000	—	2,000
Depreciation charge	(294,389)	(26,026)	(320,415)
Effect of lease modifications	208,902	17,676	226,578
Disposals	(4,216)	—	(4,216)
Exchange differences	698	—	698
Closing net book amount	456,885	13,104	469,989

12

As of December 31, 2021	Properties	Equipment	Total
Cost	1,298,569	88,844	1,387,413
Accumulated depreciation	(841,684)	(75,740)	(917,424)
Net book value	456,885	13,104	469,989

Period ended June 30, 2022	Properties	Equipment	Total
Opening net book amount	456,885	13,104	469,989
Depreciation charge	(139,348)	(13,150)	(152,498)
Effect of lease modifications	—	5,916	5,916
Closing net book amount	317,537	5,870	323,407

As of June 30, 2022	Properties	Equipment	Total
Cost	1,298,569	13,542	1,312,111
Accumulated depreciation	(981,032)	(7,672)	(988,704)
Net book value	317,537	5,870	323,407

9. Property, plant and equipment

		Furniture &	Chemical
Year ended December 31, 2021	Equipment	fixtures	library	Total
Opening net book amount	67,760	—	—	67,760
Additions	31,549	—	—	31,549
Depreciation charge	(27,198)	—	—	(27,198)
Closing net book amount	72,111	—	—	72,111

		Furniture &	Chemical
As of December 31, 2021	Equipment	fixtures	library	Total
Cost	1,713,828	7,564	1,207,165	2,928,557
Accumulated depreciation	(1,641,717)	(7,564)	(1,207,165)	(2,856,446)
Net book value	72,111	—	—	72,111

		Furniture &	Chemical
Period ended June 30, 2022	Equipment	fixtures	library	Total
Opening net book amount	72,111	—	—	72,111
Depreciation charge	(17,680)	—	—	(17,680)
Closing net book amount	54,431	—	—	54,431

		Furniture &	Chemical
As of June 30, 2022	Equipment	Fixtures	Library	Total
Cost	1,713,828	7,564	1,207,165	2,928,557
Accumulated depreciation	(1,659,397)	(7,564)	(1,207,165)	(2,874,126)
Net book value	54,431	—	—	54,431

10. Non-current financial assets

	June 30, 2022	December 31, 2021
Security rental deposits	58,075	57,908
Total non-current financial assets	58,075	57,908

11. Payables and accruals

	June 30, 2022	December 31, 2021
Trade payables	1,819,031	1,787,287
Social security and other taxes	149,742	203,288
Accrued expenses	2,084,597	1,856,570
Total payables and accruals	4,053,370	3,847,145

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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 accrued expenses increased by CHF 0.2 million as of June 30, 2022 compared to December 31, 2021, primarily due to increased research and 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	Treasury
	shares	shares	Total
Balance as of January 1, 2021	32,848,635	(5,729,861)	27,118,774
Issue of shares – capital increase	16,424,317	(9,524,317)	6,900,000
Settlement of supplier invoices	—	80,306	80,306
Net purchase of treasury shares under liquidity agreement	—	(19,448)	(19,448)
Other net sale of treasury shares	—	39,940	39,940
Balance as of June 30, 2021	49,272,952	(15,153,380)	34,119,572

	Number of shares
	Common	Treasury
	shares	shares	Total
Balance as of January 1, 2022	49,272,952	(11,374,803)	37,898,149
Issue of shares – capital increase	16,000,000	(16,000,000)	—
Net purchase of treasury shares under liquidity agreement	—	(21,949)	(21,949)
Balance as of June 30, 2022	65,272,952	(27,396,752)	37,876,200

The Company maintains a liquidity agreement with Kepler Capital Markets SA (“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, 2022, 113,319 (December 31, 2021: 91,370) treasury shares are recorded under this agreement in the treasury share reserve and CHF 3,561 (December 31,2021: CHF 17,145) is recorded in other financial assets.

As of June 30, 2022, the total outstanding share capital is CHF 37,876,200 consisting of 37,876,200 shares excluding 27,396,752 treasury shares. As of December 31, 2021, the total outstanding share capital was CHF 37,898,149 consisting of 37,898,149 shares excluding 11,374,803 treasury shares. All shares have a nominal value of CHF 1.00.

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 related share issuance costs of CHF 0.2 million were recorded as a deduction in equity.

On December 16, 2021, the Group entered into a securities purchase agreement with Armistice Capital LLC and sold 3,752,202 treasury shares in the form of 625,367 american depositary share (ADS) listed on the nasdaq stock market at a price of USD 1.08 (CHF 1.00) per share, equivalent to USD 6.50 (CHF 6.00) per ADS. In addition, 5,478,570 pre-funded warrants in the form of 913,095 ADS were sold at a price of USD 1.08 (CHF 0.99) per share, equivalent to USD 6.49 (CHF 5.99) per ADS with an exercise price of USD 0.01 per ADS. The total gross proceeds of this offering amounted to USD 10 million (CHF 9.2 million) and directly related share issuance costs of CHF 1.4 million were recorded as a deduction in equity for the year ended December 31, 2021 of which CHF 0.5 million has been paid during the first quarter of 2022. The Group additionally issued to Armistice Capital LLC, 9,230,772 warrants to purchase 1,538,462 ADS with an exercise price of USD 1.08 (CHF 1.00) per share, equivalent to USD 6.5 (CHF 6.00) per ADS. The fair value of each of the warrants issued is CHF 0.40 per share, CHF 2.4 per ADS, and has been calculated using the Black-Scholes valuation model and recorded in equity as a cost of the offering for the year ended December 31, 2021, with a volatility of 55.57% and an annual risk-free rate of -0.64%. The total value of the warrants issued amounted to CHF 3.7 million.

On April 23, 2021, the Company issued 9,524,317 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.

On January 8, 2021, the Company issued 6,900,000 registered shares, with a nominal value of CHF 1.00 each, at an issue price of CHF 1.46. Out of the total new shares, 6,750,000 are in the form of ADS. The gross proceeds amounted to CHF 10.1 million (USD 11.5 million) and directly related share issuance costs of CHF 1.8 million were recorded as a deduction in equity as of June 30, 2021.

14

On June 21, 2022 the Group entered into a new sale agency agreement with Kepler Chevreux whose substantive terms are aligned with the agreement entered into on August 24, 2020 that expired on December 31, 2021. No treasury shares were sold during the six-month period ended June 30, 2022 under the sale agency agreement, whilst 39,940 treasury shares were sold, for a gross amount of CHF 80,944 during the six -month period ended June 30, 2021.

In addition, the Group did not use its treasury shares to pay consultants during the six-month period ended June 30, 2022, whilst during the six-month period ended June 30, 2021, the Group used 80,306 treasury shares to purchase services from consultants including 41,937 treasury shares for Roger Mills, the Group’s Chief Medical Officer. The total value of consulting services settled in shares was CHF 115,421.

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, 2022 amounted to CHF 659,259 and CHF 2,099,311, respectively (CHF 336,849 and CHF 522,951 for the three-month and six-month periods ended June 30, 2021).

As of June 30, 2022, 12,518,255 options were outstanding (8,615,885 options as of December 31, 2021). During the six-month period ended June 30, 2022, the Group granted 3,902,370 options with vesting over 4 years and a 10-year exercise period. Of these new options, 3,846,657 were granted at an exercise price of CHF 1.00 on April 12, 2022, 49,713 were granted at an exercise price of CHF 1.04 on April 12, 2022 and 6,000 were granted at an exercise price of CHF 1.00 on May 2, 2022.

On January 4, 2022, the exercise price of 8,294,045 equity incentive units was reduced to CHF 1.00 and the share-based compensation related to the fair value adjustment for the reduction in the exercise price was recognized over the remaining vesting period of the respective equity incentive units or immediately for fully vested units and amounted to CHF 221,271 and CHF 1,450,274 for the three-month and six-month periods ended June 30, 2022, respectively.

As of June 30, 2022 and December 31, 2021, a total of 198,750 equity sharing certificates (ESCs) were outstanding.

14. Retirement benefits obligations

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

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Current service cost	(85,432)	(74,885)	(170,864)	(163,439)
Past service cost	36,459	—	36,459	219,104
Interest cost	(9,705)	(6,036)	(19,410)	(12,121)
Interest income	6,996	3,857	13,992	7,714
Company pension amount (note 18)	(51,682)	(77,064)	(139,823)	51,258

The conversion rates have changed in April 2022 and January 2021 which has led to a positive past service cost for the three-month period ended June 30, 2022 and for the six-month period ended June 30, 2021.

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

	June 30, 2022	December 31, 2021
Defined benefit obligation	(7,605,263)	(9,276,675)
Fair value of plan assets	7,475,987	7,995,150
Funded status	(129,276)	(1,281,525)

The defined benefit obligation and the fair value of plan assets decreased by CHF 1.7 million and CHF 0.5 million, respectively, as of June 30, 2022 compared to December 31, 2021 due to the discount rate and the interest rate on savings accounts being increased to 2.00% as of June 30, 2022 (0.35% as of December 31, 2021).

15

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.

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, that 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 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 an additional research funding of USD 2.8 million. Effective May 1, 2021, the research term was extended until July 31, 2022 and Indivior agreed an additional research funding of CHF 3.7 million, of which CHF 2.4 million has been paid to the Group as of June 30, 2022, a remaining amount of CHF 0.3 million is expected to be received directly by the Group and CHF 1.0 million paid directly by Indivior to third party suppliers that are supporting the funded research program.

For the three-month and six-month periods ended June 30, 2022, the Group recognized CHF 0.2 million and CHF 0.4 million as revenue (For the three- month and the six-month periods ended June 30, 2021, CHF 1.0 million and CHF 1.8 million, respectively) and recorded a combined amount of CHF 0.2 million in contract asset and trade receivable as of June 30, 2022 (December 31, 2021: CHF 0.2 million).

16

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 consideration 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, 2022 and 2021.

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 512,032 of which CHF 380,184 were paid as of June 30, 2022. As of June 30, 2022 and December 31, 2021, the amount recognized by the Group as other receivables remains stable at CHF 131,848 and is expected to be received in the fourth quarter of 2022 in accordance with the grant conditions.

The Group additionally recognized other income from IT consultancy agreements.

For the three-month and six-month periods ended June 30, 2022, the Group recognized CHF 3,089 and CHF 9,800, respectively as other income (CHF 79,285 and CHF 157,483 for the three-month and six-month periods ended June 30, 2021). The decrease is primarily due to the Group not recognizing any income from Eurostars/Innosuisse during the three-month and six-month periods ended June 30, 2022, in accordance with the grant conditions.

17. Operating costs

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Staff costs (note 18)	1,352,084	1,273,385	3,545,057	2,163,344
Depreciation (notes 8/9)	83,346	88,264	170,178	176,909
External research and development costs	4,677,306	2,781,951	7,184,492	4,741,337
Laboratory consumables	100,849	55,561	182,211	138,906
Patent maintenance and registration costs	96,617	66,270	171,849	144,961
Professional fees	323,390	642,403	781,544	928,746
Short-term leases	14,596	8,046	27,861	16,437
D&O Insurance	411,861	396,838	795,688	795,858
Other operating costs	218,609	265,799	426,311	542,468
Total operating costs	7,278,658	5,578,517	13,285,191	9,648,966

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

During the six-month period ended June 30, 2022, total operating costs increased by CHF 3.6 million compared to the same period ended June 30, 2021, primarily due to increased external research and development costs of CHF 2.4 million of which CHF 2.0 million relate to dipraglurant clinical development activities. During the same period, staff costs increased by CHF 1.4 million of which CHF 1.2 million relate to higher share-based compensation costs (note 18).

During the three-month period ended June 30, 2022, total operating costs increased by CHF 1.7 million compared to the same period ended June 30, 2021, primarily due to increased external research and development costs of CHF 1.9 million including CHF 1.6 million for dipraglurant clinical development activities. During the same period, professional fees decreased by CHF 0.3 million

17

primarily due to certain one off expenses, in the second quarter of 2021, related to the setting-up of our US shelf registration and “at-the-market” (ATM) ADS equity sale program.

18. Staff costs

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Wages and salaries	649,639	816,750	1,472,876	1,592,602
Social charges and insurances	100,542	118,595	219,688	217,606
Value of share-based services	550,221	260,976	1,712,670	404,394
Retirement benefit (note 14)	51,682	77,064	139,823	(51,258)
Total staff costs	1,352,084	1,273,385	3,545,057	2,163,344

During the six-month period ended June 30, 2022, total staff costs increased by CHF 1.4 million compared to the same period ended June 30, 2021, primarily due to higher share-based compensation cost for CHF 1.2 million, related to the reduction of the exercise price of the equity incentive units granted to employees to CHF 1.00 on January 4, 2022.

18

19. Finance result, net

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Interest income	204	1,717	299	3,329
Interest cost	(7,574)	(17,274)	(24,369)	(31,404)
Interest expense on leases	(4,758)	(5,665)	(10,377)	(12,275)
Foreign exchange (losses)/gains, net	(116,909)	(162,290)	(155,740)	365,253
Finance result, net	(129,037)	(183,512)	(190,187)	324,903

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 shares purchased by the Group and held as treasury shares.

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Loss attributable to equity holders of the Company	(7,221,252)	(4,690,149)	(13,044,987)	(7,329,762)
Weighted average number of shares in issue	37,467,005	34,060,051	37,891,408	33,789,956
Basic and diluted loss per share	(0.19)	(0.14)	(0.34)	(0.22)

The Company has three categories of dilutive potential shares as of June 30, 2022 and 2021: equity sharing certificates (“ESCs”), share options and warrants. For the three-month and six-month periods ended June 30, 2022 and 2021, equity sharing certificates, share options and warrants have been ignored in the calculation of the loss per share, 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,
	2022	2021	2022	2021
Salaries, other short-term employee benefits and post-employment benefits	482,228	516,146	922,664	793,077
Consulting fees	77,883	63,077	123,707	121,854
Share-based compensation	556,724	266,916	1,822,104	421,221
Total	1,116,835	846,139	2,868,475	1,336,152

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 of CHF 130,187 as of June 30, 2022 (December 31, 2021: CHF 172,443).

22. Events after the balance sheet date

On July 19, 2022, the nominal value of the issued, conditional and authorized share capital has been reduced from CHF 1.00 to CHF 0.01 with effect on SIX Swiss Exchange and Nasdaq Stock Market on July 26, 2022. The total number of issued, outstanding, conditional and authorized shares remains the same one.

On July 14, 2022 and on July 21, 2022 Armistice Capital LLC exercised pre-funded warrants for 5,478,570 shares in the form of 913,095 ADSs and paid the exercise price of USD 0.01 per ADS, amounting to a total of USD 9,131.

19

On July 21, 2022 and July 22, 2022 the Group sold, under the sale agency agreement with Kepler Cheuvreux, a total number of 1,355,248 treasury shares at an average price of CHF 0.34 per share, with gross proceeds of CHF 0.5 million.

On July 22, 2022 the Group entered into a securities purchase agreement with Armistice Capital LLC and sold 4,500,000 treasury shares in the form of 750,000 ADSs at a price of CHF 0.27 per share (USD 1.70 per ADS). As a result, the total number of outstanding shares increased to 49,235,768. In addition, 10,500,000 pre-funded warrants, in the form of 1,750,000 ADSs, were sold at a price of USD 1.69 per ADS (CHF 0.27 per share) with an exercise price of USD 0.01 per ADS. The total gross proceeds from the offering amounted to USD 4.2 million (CHF 4.1 million). The Group granted Armistice Capital LLC, 15,000,000 warrants, in the form of 2,500,000 ADSs, with an exercise price of USD 1.90 per ADS (CHF 0.30 per share) and an exercise period of 5 years.

On August 2, 2022, the exercise price of 12,434,713 equity incentive units was reduced to CHF 0.19 and the share-based compensation related to the fair value adjustment for the reduction in the exercise price of CHF 0.95 million will be recognized over the remaining vesting period of the respective equity incentive units or immediately for fully vested units. As a result, CHF 0.6 million will be recognized in the second half of 2022 and CHF 0.35 million over the period 2023 to 2026 as share-based compensation expense.

The research agreement with Indivior has been extended until March 31, 2023, with an effective date of August 1, 2022. Under the amendment to the research agreement, Indivior committed additional research funding of CHF 0.85 million.

20

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2022
Document and Entity Information
Document Type	6-K/A
Document Period End Date	Jun. 30, 2022
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	2022
Document Fiscal Period Focus	Q2
Amendment Description	Amendment No. 1

XML

Unaudited Interim Condensed Consolidated Balance Sheets - CHF (SFr)	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	SFr 8,812,858	SFr 20,484,836
Other financial assets	3,561	17,145
Trade and other receivables	331,770	164,785
Contract asset	78,253	159,636
Prepayments	1,719,694	1,115,374
Total current assets	10,946,136	21,941,776
Non-current assets
Right-of-use assets	323,407	469,989
Property, plant and equipment	54,431	72,111
Non-current financial assets	58,075	57,908
Total non-current assets	435,913	600,008
Total asset	11,382,049	22,541,784
Current liabilities
Current lease liabilities	242,782	287,698
Payables and accruals	4,053,370	3,847,145
Total current liabilities	4,296,152	4,134,843
Non-current liabilities
Non-current lease liabilities	94,169	194,316
Retirement benefits obligations	129,276	1,281,525
Total non-current liabilities	223,445	1,475,841
Equity
Share capital	65,272,952	49,272,952
Share premium	283,716,463	283,981,361
Treasury shares reserve	(27,669,822)	(11,703,279)
Other reserves	27,645,648	24,437,868
Accumulated deficit	(342,102,789)	(329,057,802)
Total equity	6,862,452	16,931,100
Total liabilities and equity	SFr 11,382,049	SFr 22,541,784

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Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss
Revenue from contract with customer	SFr 183,354	SFr 992,595	SFr 420,591	SFr 1,836,818
Other income	3,089	79,285	9,800	157,483
Operating costs
Research and development	(5,747,026)	(3,731,839)	(9,512,473)	(6,479,882)
General and administration	(1,531,632)	(1,846,678)	(3,772,718)	(3,169,084)
Total operating costs	(7,278,658)	(5,578,517)	(13,285,191)	(9,648,966)
Operating loss	(7,092,215)	(4,506,637)	(12,854,800)	(7,654,665)
Finance income	205	(160,573)	300	368,582
Finance expense	(129,242)	(22,939)	(190,487)	(43,679)
Finance result	(129,037)	(183,512)	(190,187)	324,903
Net loss before tax	(7,221,252)	(4,690,149)	(13,044,987)	(7,329,762)
Net loss for the period	SFr (7,221,252)	SFr (4,690,149)	SFr (13,044,987)	SFr (7,329,762)
Basic loss per share for loss attributable to the ordinary equity holders of the Company	SFr (0.19)	SFr (0.14)	SFr (0.34)	SFr (0.22)
Diluted loss per share for loss attributable to the ordinary equity holders of the Company	SFr (0.19)	SFr (0.14)	SFr (0.34)	SFr (0.22)
Items that will never be reclassified to profit and loss:
Remeasurements of retirement benefits obligation	SFr 478,949	SFr 126,061	SFr 1,144,768	SFr 251,462
Items that may be classified subsequently to profit and loss:
Exchange difference on translation of foreign operations	208	1,232	235	1,696
Other comprehensive income for the period, net of tax	479,157	127,293	1,145,003	253,158
Total comprehensive loss for the period	SFr (6,742,095)	SFr (4,562,856)	SFr (11,899,984)	SFr (7,076,604)

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Unaudited Interim Condensed Consolidated Statements of Changes in Equity - CHF (SFr)	Share Capital	Share Premium	Treasury Shares Reserve	Foreign Currency Translation Reserve	Other Reserves	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	SFr 32,848,635	SFr 286,888,354	SFr (6,078,935)	SFr (657,230)	SFr 15,314,867	SFr (313,705,888)	SFr 14,609,803
Net loss for the period						(2,639,613)	(2,639,613)
Other comprehensive income for the period				464	125,401		125,865
Total comprehensive loss for the period				464	125,401	(2,639,613)	(2,513,748)
Issue of shares-third parties	6,900,000	3,199,323					10,099,323
Cost of share issuance		(1,767,053)					(1,767,053)
Value of share-based services					186,102		186,102
Movement in treasury shares:
Settlement of supplier invoices		21,284	37,382				58,666
Net sales (purchases) under liquidity agreement		8,061	(63,028)				(54,967)
Other net sales of treasury shares		41,004	39,940				80,944
Ending balance at Mar. 31, 2021	39,748,635	288,390,973	(6,064,641)	(656,766)	15,626,370	(316,345,501)	20,699,070
Beginning balance at Dec. 31, 2020	32,848,635	286,888,354	(6,078,935)	(657,230)	15,314,867	(313,705,888)	14,609,803
Net loss for the period						(7,329,762)	(7,329,762)
Other comprehensive income for the period				1,696	251,462		253,158
Total comprehensive loss for the period				1,696	251,462	(7,329,762)	(7,076,604)
Issue of shares-third parties	6,900,000	3,199,323					10,099,323
Issue of treasury shares	9,524,317		(9,524,317)
Cost of share issuance		(1,902,487)					(1,902,487)
Value of share-based services					522,951		522,951
Movement in treasury shares:
Settlement of supplier invoices		35,115	80,306				115,421
Net sales (purchases) under liquidity agreement		(4,422)	(22,203)				(26,625)
Other net sales of treasury shares		41,004	39,940				80,944
Ending balance at Jun. 30, 2021	49,272,952	288,256,887	(15,505,209)	(655,534)	16,089,280	(321,035,650)	16,422,726
Beginning balance at Mar. 31, 2021	39,748,635	288,390,973	(6,064,641)	(656,766)	15,626,370	(316,345,501)	20,699,070
Net loss for the period						(4,690,149)	(4,690,149)
Other comprehensive income for the period				1,232	126,061		127,293
Total comprehensive loss for the period				1,232	126,061	(4,690,149)	(4,562,856)
Issue of treasury shares	9,524,317		(9,524,317)
Cost of share issuance		(135,434)					(135,434)
Value of share-based services					336,849		336,849
Movement in treasury shares:
Settlement of supplier invoices		13,831	42,924				56,755
Net sales (purchases) under liquidity agreement		(12,483)	40,825				28,342
Ending balance at Jun. 30, 2021	49,272,952	288,256,887	(15,505,209)	(655,534)	16,089,280	(321,035,650)	16,422,726
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						(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	16,000,000		(16,000,000)
Cost of share 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 sales (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 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 share 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 sales (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 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 share issuance		(5,000)					(5,000)
Value of share-based services					659,259		659,259
Movement in treasury shares:
Net sales (purchases) under liquidity agreement		(20,790)	15,765				(5,025)
Ending balance at Jun. 30, 2022	SFr 65,272,952	SFr 283,716,463	SFr (27,669,822)	SFr (657,290)	SFr 28,302,938	SFr (342,102,789)	SFr 6,862,452

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Unaudited Interim Condensed Consolidated Statements of Cash Flows - CHF (SFr)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Unaudited Interim Condensed Consolidated Statements of Cash Flows
Net loss for the period	SFr (13,044,987)	SFr (7,329,762)
Adjustments for:
Depreciation	170,178	176,909
Value of sharebased services	2,099,311	522,951
Post-employment benefits	(7,481)	(177,901)
Finance cost/(income) net	116,981	(328,977)
Decrease in other financial assets	13,584	26,625
Increase in trade and other receivables	(166,985)	(58,072)
Decrease / increase) in contract asset	81,383	(1,101,429)
Increase in prepayments	(604,319)	(1,127,268)
Increase in payables and accruals	667,430	880,344
Decrease in contract liability		(733,668)
Decrease in deferred income		(86,481)
Services paid in shares		115,421
Net cash used in operating activities	(10,674,905)	(9,221,308)
Cash flows from investing activities
Purchase of property, plant and equipment	0	(5,393)
Net cash used in investing activities		(5,393)
Cash flows from financing activities
Proceeds from capital increase		10,161,746
Costs paid on issue of shares or treasury shares	(215,634)	(1,682,517)
(Purchase)/sale of treasury shares	(13,585)	54,319
Costs paid on sale of pre-funded warrants	(306,127)
Costs paid on sales of treasury shares - shelf registration	(193,834)
Principal element of lease payment	(150,979)	(157,033)
Interests received	299	3,329
Interests paid	(34,746)	(43,679)
Net cash from/(used in) financing activities	(914,606)	8,336,165
Decrease in cash and cash equivalents	(11,589,511)	(890,536)
Cash and cash equivalents at the beginning of the period	20,484,836	18,695,040
Exchange difference on cash and cash equivalents	(82,467)	303,710
Cash and cash equivalents at the end of the period	SFr 8,812,858	SFr 18,108,214

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General information

6 Months Ended

Jun. 30, 2022

General information

General information

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. registered in Delaware with its principal business location in San Francisco, California, United States. 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 condensed consolidated financial statements have been approved for issuance by the Board of Directors on 17 August, 2022.

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Basis of preparation

6 Months Ended

Jun. 30, 2022

Basis of preparation

Basis of preparation

2. Basis of preparation

These interim condensed consolidated financial statements for the three-month and six-month periods ended June 30, 2022, 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, 2021.

Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of these unaudited condensed consolidated interim 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, 2021.

A number of new or amended standards and interpretations became applicable for financial periods beginning on or after January 1, 2022. 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 amount rather than the presented rounded amount.

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Critical accounting estimates and judgments

6 Months Ended

Jun. 30, 2022

Critical accounting estimates and judgments

Critical accounting estimates and judgments

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:

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 condensed consolidated interim financial statements, will be sufficient to fund its operations and meet all of its obligations as they fall due, through the end of the first half of 2023. These factors individually and collectively indicate that a material uncertainty exists that may cast 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, that may be delayed due to COVID-19 pandemic and the Russia’s invasion of Ukraine. 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, closing 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 2022 and thereafter cannot be reasonably predicted.

Russia’s invasion of Ukraine

On February 24, 2022, Russia invaded Ukraine creating a global conflict. 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.

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. The Group records accrued expenses for estimated costs of research and development activities 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. Accrued expenses for these costs are recorded based on the estimated amount of work completed in accordance with agreements established with these third parties.

To date, the Group has not experienced significant changes in the estimates of accrued research and development expenses after a reporting period. However, due to the nature of estimates, the Group may be required to make changes to the estimates in the future 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 do not have any 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.

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Interim measurement note

6 Months Ended

Jun. 30, 2022

Interim measurement note

Interim measurement note

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.

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Segment reporting

6 Months Ended

Jun. 30, 2022

Segment reporting

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

External income of the Group for the three-month and six-month periods ended June 30, 2022 and 2021 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 and grants earned.

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,
		2022	2021	2022	2021
Collaborative research funding		183,354	992,595	420,591	1,836,818
Grants earned		—	73,735	—	146,852
Other service income		3,089	5,550	9,800	10,631
Total		186,443	1,071,880	430,391	1,994,301

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,
	2022	2021	2022	2021
Indivior PLC	183,354	992,595	420,591	1,836,818
Eurostars /Innosuisse	—	73,735	—	146,852
Other counterparties	3,089	5,550	9,800	10,631
Total	186,443	1,071,880	430,391	1,994,301

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, 2022	December 31, 2021
Switzerland	431,836	596,098
United States of America	3,717	3,536
France	360	374
Total	435,913	600,008

The geographical analysis of operating costs is as follows:

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Switzerland	7,267,558	5,567,368	13,264,551	9,628,157
United States of America	10,740	8,646	18,448	16,627
France	360	2,503	2,192	4,182
Total operating costs (note 17)	7,278,658	5,578,517	13,285,191	9,648,966

The capital expenditure during the six-month period ended June 30, 2022 is nil (CHF 5,393 for the six-month period ended June 30, 2021).

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Cash and cash equivalents

6 Months Ended

Jun. 30, 2022

Cash and cash equivalents

Cash and cash equivalents

6. Cash and cash equivalents

	June 30, 2022	December 31, 2021
Cash at bank and on hand	8,812,858	20,484,836
Total cash and cash equivalents	8,812,858	20,484,836

Split by currency:

	June 30, 2022		December 31, 2021
CHF	86.65	%	44.33	%
USD	10.46	%	54.47	%
EUR	2.33	%	0.58	%
GBP	0.56	%	0.62	%
Total	100.00	%	100.00	%

The Group pays interests on CHF cash and cash equivalents and earns interests on USD cash and cash equivalents. The Group invests its cash balances into a variety of current and deposit accounts mainly with Swiss banks.

All cash and cash equivalents were held either at banks or on hand as of June 30, 2022 and December 31, 2021.

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Other current assets

6 Months Ended

Jun. 30, 2022

Other current assets

Other current assets

7. Other current assets

	June 30, 2022	December 31, 2021
Other financial assets	3,561	17,145
Trade and other receivables	331,770	164,785
Contract asset (Indivior PLC)	78,253	159,636
Prepayments	1,719,694	1,115,374
Total other current assets	2,133,278	1,456,940

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, 2022, the combined amount of the contract asset, trade receivables and other receivables amounted to CHF 410,023 (CHF 324,421 as of December 31, 2021) including CHF 180,747 for the research agreement with Indivior (CHF 159,636 as of December 31, 2021), CHF 131,848 for the grant from Eurostars/Innosuisse (CHF 131,848 as of December 31, 2021) and CHF 53,881 for five non-governmental debtors (four non-governmental debtors for CHF 3,978 as of December 31, 2021). The Group has considered that the 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, 2022 and December 31, 2021. The prepayments increased by CHF 0.6 million as of June 30, 2022 compared to December 31, 2021 primarily due to Directors and Officers (D&O) Insurance premium for CHF 0.8 million and retirement benefits for CHF 0.3 million paid annually at the beginning of the year, partially offset by a decrease of CHF 0.5 million in amounts prepaid to Contract Research Organization (CROSs).

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Right-of-use assets

6 Months Ended

Jun. 30, 2022

Right-of-use assets

Right-of-use assets

8. Right-of-use assets

Year ended December 31, 2021	Properties	Equipment	Total
Opening net book amount	543,890	21,454	565,344
Additions	2,000	—	2,000
Depreciation charge	(294,389)	(26,026)	(320,415)
Effect of lease modifications	208,902	17,676	226,578
Disposals	(4,216)	—	(4,216)
Exchange differences	698	—	698
Closing net book amount	456,885	13,104	469,989

As of December 31, 2021	Properties	Equipment	Total
Cost	1,298,569	88,844	1,387,413
Accumulated depreciation	(841,684)	(75,740)	(917,424)
Net book value	456,885	13,104	469,989

Period ended June 30, 2022	Properties	Equipment	Total
Opening net book amount	456,885	13,104	469,989
Depreciation charge	(139,348)	(13,150)	(152,498)
Effect of lease modifications	—	5,916	5,916
Closing net book amount	317,537	5,870	323,407

As of June 30, 2022	Properties	Equipment	Total
Cost	1,298,569	13,542	1,312,111
Accumulated depreciation	(981,032)	(7,672)	(988,704)
Net book value	317,537	5,870	323,407

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Property, plant and equipment

6 Months Ended

Jun. 30, 2022

Property, plant and equipment

Property, plant and equipment

9. Property, plant and equipment

		Furniture &	Chemical
Year ended December 31, 2021	Equipment	fixtures	library	Total
Opening net book amount	67,760	—	—	67,760
Additions	31,549	—	—	31,549
Depreciation charge	(27,198)	—	—	(27,198)
Closing net book amount	72,111	—	—	72,111

		Furniture &	Chemical
As of December 31, 2021	Equipment	fixtures	library	Total
Cost	1,713,828	7,564	1,207,165	2,928,557
Accumulated depreciation	(1,641,717)	(7,564)	(1,207,165)	(2,856,446)
Net book value	72,111	—	—	72,111

		Furniture &	Chemical
Period ended June 30, 2022	Equipment	fixtures	library	Total
Opening net book amount	72,111	—	—	72,111
Depreciation charge	(17,680)	—	—	(17,680)
Closing net book amount	54,431	—	—	54,431

		Furniture &	Chemical
As of June 30, 2022	Equipment	Fixtures	Library	Total
Cost	1,713,828	7,564	1,207,165	2,928,557
Accumulated depreciation	(1,659,397)	(7,564)	(1,207,165)	(2,874,126)
Net book value	54,431	—	—	54,431

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Non-current financial assets

6 Months Ended

Jun. 30, 2022

Non-current financial assets

Non-current financial assets

10. Non-current financial assets

	June 30, 2022	December 31, 2021
Security rental deposits	58,075	57,908
Total non-current financial assets	58,075	57,908

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Payables and accruals

6 Months Ended

Jun. 30, 2022

Payables and accruals

Payables and accruals

11. Payables and accruals

	June 30, 2022	December 31, 2021
Trade payables	1,819,031	1,787,287
Social security and other taxes	149,742	203,288
Accrued expenses	2,084,597	1,856,570
Total payables and accruals	4,053,370	3,847,145

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 accrued expenses increased by CHF 0.2 million as of June 30, 2022 compared to December 31, 2021, primarily due to increased research and development activities. The carrying amounts of payables do not materially differ from their fair values, due to their short-term nature.

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Share capital

6 Months Ended

Jun. 30, 2022

Share capital.

Share capital

12. Share capital

	Number of shares
	Common	Treasury
	shares	shares	Total
Balance as of January 1, 2021	32,848,635	(5,729,861)	27,118,774
Issue of shares – capital increase	16,424,317	(9,524,317)	6,900,000
Settlement of supplier invoices	—	80,306	80,306
Net purchase of treasury shares under liquidity agreement	—	(19,448)	(19,448)
Other net sale of treasury shares	—	39,940	39,940
Balance as of June 30, 2021	49,272,952	(15,153,380)	34,119,572

	Number of shares
	Common	Treasury
	shares	shares	Total
Balance as of January 1, 2022	49,272,952	(11,374,803)	37,898,149
Issue of shares – capital increase	16,000,000	(16,000,000)	—
Net purchase of treasury shares under liquidity agreement	—	(21,949)	(21,949)
Balance as of June 30, 2022	65,272,952	(27,396,752)	37,876,200

The Company maintains a liquidity agreement with Kepler Capital Markets SA (“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, 2022, 113,319 (December 31, 2021: 91,370) treasury shares are recorded under this agreement in the treasury share reserve and CHF 3,561 (December 31,2021: CHF 17,145) is recorded in other financial assets.

As of June 30, 2022, the total outstanding share capital is CHF 37,876,200 consisting of 37,876,200 shares excluding 27,396,752 treasury shares. As of December 31, 2021, the total outstanding share capital was CHF 37,898,149 consisting of 37,898,149 shares excluding 11,374,803 treasury shares. All shares have a nominal value of CHF 1.00.

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 related share issuance costs of CHF 0.2 million were recorded as a deduction in equity.

On December 16, 2021, the Group entered into a securities purchase agreement with Armistice Capital LLC and sold 3,752,202 treasury shares in the form of 625,367 american depositary share (ADS) listed on the nasdaq stock market at a price of USD 1.08 (CHF 1.00) per share, equivalent to USD 6.50 (CHF 6.00) per ADS. In addition, 5,478,570 pre-funded warrants in the form of 913,095 ADS were sold at a price of USD 1.08 (CHF 0.99) per share, equivalent to USD 6.49 (CHF 5.99) per ADS with an exercise price of USD 0.01 per ADS. The total gross proceeds of this offering amounted to USD 10 million (CHF 9.2 million) and directly related share issuance costs of CHF 1.4 million were recorded as a deduction in equity for the year ended December 31, 2021 of which CHF 0.5 million has been paid during the first quarter of 2022. The Group additionally issued to Armistice Capital LLC, 9,230,772 warrants to purchase 1,538,462 ADS with an exercise price of USD 1.08 (CHF 1.00) per share, equivalent to USD 6.5 (CHF 6.00) per ADS. The fair value of each of the warrants issued is CHF 0.40 per share, CHF 2.4 per ADS, and has been calculated using the Black-Scholes valuation model and recorded in equity as a cost of the offering for the year ended December 31, 2021, with a volatility of 55.57% and an annual risk-free rate of -0.64%. The total value of the warrants issued amounted to CHF 3.7 million.

On April 23, 2021, the Company issued 9,524,317 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.

On January 8, 2021, the Company issued 6,900,000 registered shares, with a nominal value of CHF 1.00 each, at an issue price of CHF 1.46. Out of the total new shares, 6,750,000 are in the form of ADS. The gross proceeds amounted to CHF 10.1 million (USD 11.5 million) and directly related share issuance costs of CHF 1.8 million were recorded as a deduction in equity as of June 30, 2021.

On June 21, 2022 the Group entered into a new sale agency agreement with Kepler Chevreux whose substantive terms are aligned with the agreement entered into on August 24, 2020 that expired on December 31, 2021. No treasury shares were sold during the six-month period ended June 30, 2022 under the sale agency agreement, whilst 39,940 treasury shares were sold, for a gross amount of CHF 80,944 during the six -month period ended June 30, 2021.

In addition, the Group did not use its treasury shares to pay consultants during the six-month period ended June 30, 2022, whilst during the six-month period ended June 30, 2021, the Group used 80,306 treasury shares to purchase services from consultants including 41,937 treasury shares for Roger Mills, the Group’s Chief Medical Officer. The total value of consulting services settled in shares was CHF 115,421.

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Share-based compensation

6 Months Ended

Jun. 30, 2022

Share-based compensation

Share-based compensation

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, 2022 amounted to CHF 659,259 and CHF 2,099,311, respectively (CHF 336,849 and CHF 522,951 for the three-month and six-month periods ended June 30, 2021).

As of June 30, 2022, 12,518,255 options were outstanding (8,615,885 options as of December 31, 2021). During the six-month period ended June 30, 2022, the Group granted 3,902,370 options with vesting over 4 years and a 10-year exercise period. Of these new options, 3,846,657 were granted at an exercise price of CHF 1.00 on April 12, 2022, 49,713 were granted at an exercise price of CHF 1.04 on April 12, 2022 and 6,000 were granted at an exercise price of CHF 1.00 on May 2, 2022.

On January 4, 2022, the exercise price of 8,294,045 equity incentive units was reduced to CHF 1.00 and the share-based compensation related to the fair value adjustment for the reduction in the exercise price was recognized over the remaining vesting period of the respective equity incentive units or immediately for fully vested units and amounted to CHF 221,271 and CHF 1,450,274 for the three-month and six-month periods ended June 30, 2022, respectively.

As of June 30, 2022 and December 31, 2021, a total of 198,750 equity sharing certificates (ESCs) were outstanding.

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Retirement benefits obligations

6 Months Ended

Jun. 30, 2022

Retirement benefits obligations

Retirement benefits obligations

14. Retirement benefits obligations

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

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Current service cost	(85,432)	(74,885)	(170,864)	(163,439)
Past service cost	36,459	—	36,459	219,104
Interest cost	(9,705)	(6,036)	(19,410)	(12,121)
Interest income	6,996	3,857	13,992	7,714
Company pension amount (note 18)	(51,682)	(77,064)	(139,823)	51,258

The conversion rates have changed in April 2022 and January 2021 which has led to a positive past service cost for the three-month period ended June 30, 2022 and for the six-month period ended June 30, 2021.

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

	June 30, 2022	December 31, 2021
Defined benefit obligation	(7,605,263)	(9,276,675)
Fair value of plan assets	7,475,987	7,995,150
Funded status	(129,276)	(1,281,525)

The defined benefit obligation and the fair value of plan assets decreased by CHF 1.7 million and CHF 0.5 million, respectively, as of June 30, 2022 compared to December 31, 2021 due to the discount rate and the interest rate on savings accounts being increased to 2.00% as of June 30, 2022 (0.35% as of December 31, 2021).

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Revenue from contract with customer

6 Months Ended

Jun. 30, 2022

Revenue from contract with customer

Revenue from contract with customer

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.

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, that 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 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 an additional research funding of USD 2.8 million. Effective May 1, 2021, the research term was extended until July 31, 2022 and Indivior agreed an additional research funding of CHF 3.7 million, of which CHF 2.4 million has been paid to the Group as of June 30, 2022, a remaining amount of CHF 0.3 million is expected to be received directly by the Group and CHF 1.0 million paid directly by Indivior to third party suppliers that are supporting the funded research program.

For the three-month and six-month periods ended June 30, 2022, the Group recognized CHF 0.2 million and CHF 0.4 million as revenue (For the three- month and the six-month periods ended June 30, 2021, CHF 1.0 million and CHF 1.8 million, respectively) and recorded a combined amount of CHF 0.2 million in contract asset and trade receivable as of June 30, 2022 (December 31, 2021: CHF 0.2 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 consideration 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, 2022 and 2021.

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Other income

6 Months Ended

Jun. 30, 2022

Other income

Other income

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 512,032 of which CHF 380,184 were paid as of June 30, 2022. As of June 30, 2022 and December 31, 2021, the amount recognized by the Group as other receivables remains stable at CHF 131,848 and is expected to be received in the fourth quarter of 2022 in accordance with the grant conditions.

The Group additionally recognized other income from IT consultancy agreements.

For the three-month and six-month periods ended June 30, 2022, the Group recognized CHF 3,089 and CHF 9,800, respectively as other income (CHF 79,285 and CHF 157,483 for the three-month and six-month periods ended June 30, 2021). The decrease is primarily due to the Group not recognizing any income from Eurostars/Innosuisse during the three-month and six-month periods ended June 30, 2022, in accordance with the grant conditions.

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Operating costs

6 Months Ended

Jun. 30, 2022

Operating costs

Operating costs

17. Operating costs

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Staff costs (note 18)	1,352,084	1,273,385	3,545,057	2,163,344
Depreciation (notes 8/9)	83,346	88,264	170,178	176,909
External research and development costs	4,677,306	2,781,951	7,184,492	4,741,337
Laboratory consumables	100,849	55,561	182,211	138,906
Patent maintenance and registration costs	96,617	66,270	171,849	144,961
Professional fees	323,390	642,403	781,544	928,746
Short-term leases	14,596	8,046	27,861	16,437
D&O Insurance	411,861	396,838	795,688	795,858
Other operating costs	218,609	265,799	426,311	542,468
Total operating costs	7,278,658	5,578,517	13,285,191	9,648,966

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

During the six-month period ended June 30, 2022, total operating costs increased by CHF 3.6 million compared to the same period ended June 30, 2021, primarily due to increased external research and development costs of CHF 2.4 million of which CHF 2.0 million relate to dipraglurant clinical development activities. During the same period, staff costs increased by CHF 1.4 million of which CHF 1.2 million relate to higher share-based compensation costs (note 18).

During the three-month period ended June 30, 2022, total operating costs increased by CHF 1.7 million compared to the same period ended June 30, 2021, primarily due to increased external research and development costs of CHF 1.9 million including CHF 1.6 million for dipraglurant clinical development activities. During the same period, professional fees decreased by CHF 0.3 million

primarily due to certain one off expenses, in the second quarter of 2021, related to the setting-up of our US shelf registration and “at-the-market” (ATM) ADS equity sale program.

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Staff costs

6 Months Ended

Jun. 30, 2022

Staff costs

Staff costs

18. Staff costs

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Wages and salaries	649,639	816,750	1,472,876	1,592,602
Social charges and insurances	100,542	118,595	219,688	217,606
Value of share-based services	550,221	260,976	1,712,670	404,394
Retirement benefit (note 14)	51,682	77,064	139,823	(51,258)
Total staff costs	1,352,084	1,273,385	3,545,057	2,163,344

During the six-month period ended June 30, 2022, total staff costs increased by CHF 1.4 million compared to the same period ended June 30, 2021, primarily due to higher share-based compensation cost for CHF 1.2 million, related to the reduction of the exercise price of the equity incentive units granted to employees to CHF 1.00 on January 4, 2022.

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Finance result, net

6 Months Ended

Jun. 30, 2022

Finance result, net

Finance result, net

19. Finance result, net

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Interest income	204	1,717	299	3,329
Interest cost	(7,574)	(17,274)	(24,369)	(31,404)
Interest expense on leases	(4,758)	(5,665)	(10,377)	(12,275)
Foreign exchange (losses)/gains, net	(116,909)	(162,290)	(155,740)	365,253
Finance result, net	(129,037)	(183,512)	(190,187)	324,903

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Loss per share

6 Months Ended

Jun. 30, 2022

Loss per share

Loss per share

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 shares purchased by the Group and held as treasury shares.

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Loss attributable to equity holders of the Company	(7,221,252)	(4,690,149)	(13,044,987)	(7,329,762)
Weighted average number of shares in issue	37,467,005	34,060,051	37,891,408	33,789,956
Basic and diluted loss per share	(0.19)	(0.14)	(0.34)	(0.22)

The Company has three categories of dilutive potential shares as of June 30, 2022 and 2021: equity sharing certificates (“ESCs”), share options and warrants. For the three-month and six-month periods ended June 30, 2022 and 2021, equity sharing certificates, share options and warrants have been ignored in the calculation of the loss per share, as they would be antidilutive.

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Related party transactions

6 Months Ended

Jun. 30, 2022

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,
	2022	2021	2022	2021
Salaries, other short-term employee benefits and post-employment benefits	482,228	516,146	922,664	793,077
Consulting fees	77,883	63,077	123,707	121,854
Share-based compensation	556,724	266,916	1,822,104	421,221
Total	1,116,835	846,139	2,868,475	1,336,152

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 of CHF 130,187 as of June 30, 2022 (December 31, 2021: CHF 172,443).

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Events after the balance sheet date

6 Months Ended

Jun. 30, 2022

Events after the balance sheet date

Events after the balance sheet date

22. Events after the balance sheet date

On July 19, 2022, the nominal value of the issued, conditional and authorized share capital has been reduced from CHF 1.00 to CHF 0.01 with effect on SIX Swiss Exchange and Nasdaq Stock Market on July 26, 2022. The total number of issued, outstanding, conditional and authorized shares remains the same one.

On July 14, 2022 and on July 21, 2022 Armistice Capital LLC exercised pre-funded warrants for 5,478,570 shares in the form of 913,095 ADSs and paid the exercise price of USD 0.01 per ADS, amounting to a total of USD 9,131.

On July 21, 2022 and July 22, 2022 the Group sold, under the sale agency agreement with Kepler Cheuvreux, a total number of 1,355,248 treasury shares at an average price of CHF 0.34 per share, with gross proceeds of CHF 0.5 million.

On July 22, 2022 the Group entered into a securities purchase agreement with Armistice Capital LLC and sold 4,500,000 treasury shares in the form of 750,000 ADSs at a price of CHF 0.27 per share (USD 1.70 per ADS). As a result, the total number of outstanding shares increased to 49,235,768. In addition, 10,500,000 pre-funded warrants, in the form of 1,750,000 ADSs, were sold at a price of USD 1.69 per ADS (CHF 0.27 per share) with an exercise price of USD 0.01 per ADS. The total gross proceeds from the offering amounted to USD 4.2 million (CHF 4.1 million). The Group granted Armistice Capital LLC, 15,000,000 warrants, in the form of 2,500,000 ADSs, with an exercise price of USD 1.90 per ADS (CHF 0.30 per share) and an exercise period of 5 years.

On August 2, 2022, the exercise price of 12,434,713 equity incentive units was reduced to CHF 0.19 and the share-based compensation related to the fair value adjustment for the reduction in the exercise price of CHF 0.95 million will be recognized over the remaining vesting period of the respective equity incentive units or immediately for fully vested units. As a result, CHF 0.6 million will be recognized in the second half of 2022 and CHF 0.35 million over the period 2023 to 2026 as share-based compensation expense.

The research agreement with Indivior has been extended until March 31, 2023, with an effective date of August 1, 2022. Under the amendment to the research agreement, Indivior committed additional research funding of CHF 0.85 million.

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Basis of preparation (Policies)

6 Months Ended

Jun. 30, 2022

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, 2022, 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, 2021.

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Segment reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment reporting

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,
		2022	2021	2022	2021
Collaborative research funding		183,354	992,595	420,591	1,836,818
Grants earned		—	73,735	—	146,852
Other service income		3,089	5,550	9,800	10,631
Total		186,443	1,071,880	430,391	1,994,301

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,
	2022	2021	2022	2021
Indivior PLC	183,354	992,595	420,591	1,836,818
Eurostars /Innosuisse	—	73,735	—	146,852
Other counterparties	3,089	5,550	9,800	10,631
Total	186,443	1,071,880	430,391	1,994,301

Schedule of geographical areas

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

	June 30, 2022	December 31, 2021
Switzerland	431,836	596,098
United States of America	3,717	3,536
France	360	374
Total	435,913	600,008

The geographical analysis of operating costs is as follows:

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Switzerland	7,267,558	5,567,368	13,264,551	9,628,157
United States of America	10,740	8,646	18,448	16,627
France	360	2,503	2,192	4,182
Total operating costs (note 17)	7,278,658	5,578,517	13,285,191	9,648,966

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Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2022

Cash and cash equivalents

Schedule of cash and cash equivalents

	June 30, 2022	December 31, 2021
Cash at bank and on hand	8,812,858	20,484,836
Total cash and cash equivalents	8,812,858	20,484,836

Schedule of cash and cash equivalents by currency

	June 30, 2022		December 31, 2021
CHF	86.65	%	44.33	%
USD	10.46	%	54.47	%
EUR	2.33	%	0.58	%
GBP	0.56	%	0.62	%
Total	100.00	%	100.00	%

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Other current assets (Tables)

6 Months Ended

Jun. 30, 2022

Other current assets

Schedule of other current assets

	June 30, 2022	December 31, 2021
Other financial assets	3,561	17,145
Trade and other receivables	331,770	164,785
Contract asset (Indivior PLC)	78,253	159,636
Prepayments	1,719,694	1,115,374
Total other current assets	2,133,278	1,456,940

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Right-of-use assets (Tables)

6 Months Ended

Jun. 30, 2022

Right-of-use assets

Schedule of right-of-use assets

Year ended December 31, 2021	Properties	Equipment	Total
Opening net book amount	543,890	21,454	565,344
Additions	2,000	—	2,000
Depreciation charge	(294,389)	(26,026)	(320,415)
Effect of lease modifications	208,902	17,676	226,578
Disposals	(4,216)	—	(4,216)
Exchange differences	698	—	698
Closing net book amount	456,885	13,104	469,989

As of December 31, 2021	Properties	Equipment	Total
Cost	1,298,569	88,844	1,387,413
Accumulated depreciation	(841,684)	(75,740)	(917,424)
Net book value	456,885	13,104	469,989

Period ended June 30, 2022	Properties	Equipment	Total
Opening net book amount	456,885	13,104	469,989
Depreciation charge	(139,348)	(13,150)	(152,498)
Effect of lease modifications	—	5,916	5,916
Closing net book amount	317,537	5,870	323,407

As of June 30, 2022	Properties	Equipment	Total
Cost	1,298,569	13,542	1,312,111
Accumulated depreciation	(981,032)	(7,672)	(988,704)
Net book value	317,537	5,870	323,407

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Property, plant and equipment (Tables)

6 Months Ended

Jun. 30, 2022

Property, plant and equipment

Schedule of changes in property, plant and equipment

		Furniture &	Chemical
Year ended December 31, 2021	Equipment	fixtures	library	Total
Opening net book amount	67,760	—	—	67,760
Additions	31,549	—	—	31,549
Depreciation charge	(27,198)	—	—	(27,198)
Closing net book amount	72,111	—	—	72,111

		Furniture &	Chemical
As of December 31, 2021	Equipment	fixtures	library	Total
Cost	1,713,828	7,564	1,207,165	2,928,557
Accumulated depreciation	(1,641,717)	(7,564)	(1,207,165)	(2,856,446)
Net book value	72,111	—	—	72,111

		Furniture &	Chemical
Period ended June 30, 2022	Equipment	fixtures	library	Total
Opening net book amount	72,111	—	—	72,111
Depreciation charge	(17,680)	—	—	(17,680)
Closing net book amount	54,431	—	—	54,431

		Furniture &	Chemical
As of June 30, 2022	Equipment	Fixtures	Library	Total
Cost	1,713,828	7,564	1,207,165	2,928,557
Accumulated depreciation	(1,659,397)	(7,564)	(1,207,165)	(2,874,126)
Net book value	54,431	—	—	54,431

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Non-current financial assets (Tables)

6 Months Ended

Jun. 30, 2022

Non-current financial assets

Schedule of non-current financial assets

	June 30, 2022	December 31, 2021
Security rental deposits	58,075	57,908
Total non-current financial assets	58,075	57,908

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Payables and accruals (Tables)

6 Months Ended

Jun. 30, 2022

Payables and accruals

Schedule of payables and accruals

	June 30, 2022	December 31, 2021
Trade payables	1,819,031	1,787,287
Social security and other taxes	149,742	203,288
Accrued expenses	2,084,597	1,856,570
Total payables and accruals	4,053,370	3,847,145

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Share capital (Tables)

6 Months Ended

Jun. 30, 2022

Share capital.

Schedule of share capital

	Number of shares
	Common	Treasury
	shares	shares	Total
Balance as of January 1, 2021	32,848,635	(5,729,861)	27,118,774
Issue of shares – capital increase	16,424,317	(9,524,317)	6,900,000
Settlement of supplier invoices	—	80,306	80,306
Net purchase of treasury shares under liquidity agreement	—	(19,448)	(19,448)
Other net sale of treasury shares	—	39,940	39,940
Balance as of June 30, 2021	49,272,952	(15,153,380)	34,119,572

	Number of shares
	Common	Treasury
	shares	shares	Total
Balance as of January 1, 2022	49,272,952	(11,374,803)	37,898,149
Issue of shares – capital increase	16,000,000	(16,000,000)	—
Net purchase of treasury shares under liquidity agreement	—	(21,949)	(21,949)
Balance as of June 30, 2022	65,272,952	(27,396,752)	37,876,200

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Retirement benefits obligations (Tables)

6 Months Ended

Jun. 30, 2022

Retirement benefits obligations

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

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Current service cost	(85,432)	(74,885)	(170,864)	(163,439)
Past service cost	36,459	—	36,459	219,104
Interest cost	(9,705)	(6,036)	(19,410)	(12,121)
Interest income	6,996	3,857	13,992	7,714
Company pension amount (note 18)	(51,682)	(77,064)	(139,823)	51,258

Schedule of amounts recognized in balance sheet for employment benefit obligations

	June 30, 2022	December 31, 2021
Defined benefit obligation	(7,605,263)	(9,276,675)
Fair value of plan assets	7,475,987	7,995,150
Funded status	(129,276)	(1,281,525)

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Operating costs (Tables)

6 Months Ended

Jun. 30, 2022

Operating costs

Schedule of operating costs

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Staff costs (note 18)	1,352,084	1,273,385	3,545,057	2,163,344
Depreciation (notes 8/9)	83,346	88,264	170,178	176,909
External research and development costs	4,677,306	2,781,951	7,184,492	4,741,337
Laboratory consumables	100,849	55,561	182,211	138,906
Patent maintenance and registration costs	96,617	66,270	171,849	144,961
Professional fees	323,390	642,403	781,544	928,746
Short-term leases	14,596	8,046	27,861	16,437
D&O Insurance	411,861	396,838	795,688	795,858
Other operating costs	218,609	265,799	426,311	542,468
Total operating costs	7,278,658	5,578,517	13,285,191	9,648,966

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Staff costs (Tables)

6 Months Ended

Jun. 30, 2022

Staff costs

Schedule of staff costs

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Wages and salaries	649,639	816,750	1,472,876	1,592,602
Social charges and insurances	100,542	118,595	219,688	217,606
Value of share-based services	550,221	260,976	1,712,670	404,394
Retirement benefit (note 14)	51,682	77,064	139,823	(51,258)
Total staff costs	1,352,084	1,273,385	3,545,057	2,163,344

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Finance result, net (Tables)

6 Months Ended

Jun. 30, 2022

Finance result, net

Schedule of finance result, net

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Interest income	204	1,717	299	3,329
Interest cost	(7,574)	(17,274)	(24,369)	(31,404)
Interest expense on leases	(4,758)	(5,665)	(10,377)	(12,275)
Foreign exchange (losses)/gains, net	(116,909)	(162,290)	(155,740)	365,253
Finance result, net	(129,037)	(183,512)	(190,187)	324,903

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Loss per share (Tables)

6 Months Ended

Jun. 30, 2022

Loss per share

Schedule of loss per share

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Loss attributable to equity holders of the Company	(7,221,252)	(4,690,149)	(13,044,987)	(7,329,762)
Weighted average number of shares in issue	37,467,005	34,060,051	37,891,408	33,789,956
Basic and diluted loss per share	(0.19)	(0.14)	(0.34)	(0.22)

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Related party transactions (Tables)

6 Months Ended

Jun. 30, 2022

Related party transactions

Schedule of key management compensation

	For the three months		For the six months
	ended June 30,		ended June 30,
	2022	2021	2022	2021
Salaries, other short-term employee benefits and post-employment benefits	482,228	516,146	922,664	793,077
Consulting fees	77,883	63,077	123,707	121,854
Share-based compensation	556,724	266,916	1,822,104	421,221
Total	1,116,835	846,139	2,868,475	1,336,152

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Segment reporting (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2021 CHF (SFr)	Jun. 30, 2022 CHF (SFr) segment	Jun. 30, 2021 CHF (SFr)	Dec. 31, 2021 CHF (SFr)
Segments
Number of segments | segment			1
Collaborative research funding	SFr 183,354	SFr 992,595	SFr 420,591	SFr 1,836,818
Grants earned		73,735		146,852
Other service income	3,089	5,550	9,800	10,631
Revenue and other operating income	186,443	1,071,880	430,391	1,994,301
Long-lived assets	435,913		435,913		SFr 600,008
Operating costs	7,278,658	5,578,517	13,285,191	9,648,966
Capital expenditure			0	5,393
Switzerland
Segments
Long-lived assets	431,836		431,836		596,098
Operating costs	7,267,558	5,567,368	13,264,551	9,628,157
United States of America
Segments
Long-lived assets	3,717		3,717		3,536
Operating costs	10,740	8,646	18,448	16,627
France
Segments
Long-lived assets	360		360		SFr 374
Operating costs	360	2,503	2,192	4,182
Indivior PLC
Segments
Revenue and other operating income	183,354	992,595	420,591	1,836,818
Eurostars/Innosuisse
Segments
Revenue and other operating income		73,735		146,852
Other counterparties
Segments
Revenue and other operating income	SFr 3,089	SFr 5,550	SFr 9,800	SFr 10,631

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Cash and cash equivalents (Details) - CHF (SFr)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents
Cash at bank and on hand	SFr 8,812,858	SFr 20,484,836
Total cash and cash equivalents	SFr 8,812,858	SFr 20,484,836	SFr 18,108,214	SFr 18,695,040
Percentage of cash and cash equivalents	100.00%	100.00%
CHF
Cash and cash equivalents
Percentage of cash and cash equivalents	86.65%	44.33%
USD
Cash and cash equivalents
Percentage of cash and cash equivalents	10.46%	54.47%
EUR
Cash and cash equivalents
Percentage of cash and cash equivalents	2.33%	0.58%
GBP
Cash and cash equivalents
Percentage of cash and cash equivalents	0.56%	0.62%

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Other current assets (Details)	6 Months Ended
	Jun. 30, 2022 CHF (SFr) Counterparty	Dec. 31, 2021 CHF (SFr) Counterparty
Other current assets
Other financial assets	SFr 3,561	SFr 17,145
Trade and other receivables	331,770	164,785
Contract asset	78,253	159,636
Prepayments	1,719,694	1,115,374
Total other current assets	2,133,278	1,456,940
Contract asset, trade receivables and other receivables	410,023	324,421
Increase (decrease) in current prepayments	600,000
Directors and Officers (D&O) Insurance premium
Other current assets
Increase (decrease) in current prepayments	800,000
Retirement benefits
Other current assets
Increase (decrease) in current prepayments	300,000
Contract Research Organization (CROSs)
Other current assets
Increase (decrease) in current prepayments	(500,000)
Indivior PLC
Other current assets
Contract asset, trade receivables and other receivables	180,747	159,636
Eurostars/Innosuisse
Other current assets
Contract asset, trade receivables and other receivables	131,848	131,848
Accumulated impairment | Receivables
Other current assets
Expected loss allowance	0	0
Non-government customers
Other current assets
Contract asset, trade receivables and other receivables	SFr 53,881	SFr 3,978
Number of counterparties from which receivables are due | Counterparty	5	4

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Right-of-use assets (Details) - CHF (SFr)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Right-of-use assets
Opening net book amount	SFr 469,989	SFr 565,344
Additions		2,000
Depreciation charge	(152,498)	(320,415)
Effect of lease modifications	5,916	226,578
Disposals		(4,216)
Exchange differences		698
Closing net book amount	323,407	469,989
Cost
Right-of-use assets
Opening net book amount	1,387,413
Closing net book amount	1,312,111	1,387,413
Accumulated depreciation
Right-of-use assets
Opening net book amount	(917,424)
Closing net book amount	(988,704)	(917,424)
Properties
Right-of-use assets
Opening net book amount	456,885	543,890
Additions		2,000
Depreciation charge	(139,348)	(294,389)
Effect of lease modifications		208,902
Disposals		(4,216)
Exchange differences		698
Closing net book amount	317,537	456,885
Properties | Cost
Right-of-use assets
Opening net book amount	1,298,569
Closing net book amount	1,298,569	1,298,569
Properties | Accumulated depreciation
Right-of-use assets
Opening net book amount	(841,684)
Closing net book amount	(981,032)	(841,684)
Equipment
Right-of-use assets
Opening net book amount	13,104	21,454
Depreciation charge	(13,150)	(26,026)
Effect of lease modifications	5,916	17,676
Closing net book amount	5,870	13,104
Equipment | Cost
Right-of-use assets
Opening net book amount	88,844
Closing net book amount	13,542	88,844
Equipment | Accumulated depreciation
Right-of-use assets
Opening net book amount	(75,740)
Closing net book amount	SFr (7,672)	SFr (75,740)

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Property, plant and equipment (Details) - CHF (SFr)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, plant and equipment
Opening amount	SFr 72,111	SFr 67,760
Additions		31,549
Depreciation charge	(17,680)	(27,198)
Closing amount	54,431	72,111
Cost
Property, plant and equipment
Opening amount	2,928,557
Closing amount	2,928,557	2,928,557
Accumulated depreciation
Property, plant and equipment
Opening amount	(2,856,446)
Closing amount	(2,874,126)	(2,856,446)
Equipment
Property, plant and equipment
Opening amount	72,111	67,760
Additions		31,549
Depreciation charge	(17,680)	(27,198)
Closing amount	54,431	72,111
Equipment | Cost
Property, plant and equipment
Opening amount	1,713,828
Closing amount	1,713,828	1,713,828
Equipment | Accumulated depreciation
Property, plant and equipment
Opening amount	(1,641,717)
Closing amount	(1,659,397)	(1,641,717)
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)

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Non-current financial assets (Details) - CHF (SFr)	Jun. 30, 2022	Dec. 31, 2021
Non-current financial assets
Security rental deposits	SFr 58,075	SFr 57,908
Total non-current financial assets	SFr 58,075	SFr 57,908

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Payables and accruals (Details) - CHF (SFr)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Payables and accruals
Trade payables	SFr 1,819,031	SFr 1,787,287
Social security and other taxes	149,742	203,288
Accrued expenses	2,084,597	1,856,570
Total payables and accruals	SFr 4,053,370	SFr 3,847,145
Maturity period of payables	3 months
Increase in accrued expenses	SFr 200,000

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Share capital (Details) SFr / shares in Units, $ / shares in Units, $ in Millions										3 Months Ended				6 Months Ended		12 Months Ended
	Jul. 22, 2022 CHF (SFr) SFr / shares shares	Jul. 22, 2022 USD ($) $ / shares shares	Jul. 21, 2022 $ / shares	Feb. 02, 2022 CHF (SFr) SFr / shares shares	Dec. 16, 2021 SFr / shares shares	Dec. 16, 2021 $ / shares shares	Apr. 23, 2021 SFr / shares shares	Jan. 08, 2021 CHF (SFr) SFr / shares shares	Jan. 08, 2021 USD ($) shares	Jun. 30, 2022 CHF (SFr) SFr / shares shares	Mar. 31, 2022 CHF (SFr) shares	Jun. 30, 2021 CHF (SFr) shares	Mar. 31, 2021 CHF (SFr) shares	Jun. 30, 2022 CHF (SFr) SFr / shares shares	Jun. 30, 2021 CHF (SFr) shares	Dec. 31, 2021 CHF (SFr) SFr / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share capital
Number of treasury shares at beginning of period											(11,374,803)			(11,374,803)
Number of outstanding shares at beginning of period											37,898,149		27,118,774	37,898,149	27,118,774	27,118,774	27,118,774
Issue of shares - capital increase								6,900,000	6,900,000						6,900,000
Issue of shares in form of ADS - capital increase								6,750,000	6,750,000
Settlement of supplier invoices															80,306
Net purchase of treasury shares under liquidity agreement														(21,949)	(19,448)
Other net sale of treasury shares															39,940
Number of treasury shares at end of period										(27,396,752)				(27,396,752)		(11,374,803)	(11,374,803)
Number of outstanding shares at end of period	49,235,768	49,235,768								37,876,200		34,119,572		37,876,200	34,119,572	37,898,149	37,898,149
Treasury shares | SFr										SFr 27,669,822				SFr 27,669,822		SFr 11,703,279
Outstanding capital | SFr										SFr 37,876,200				SFr 37,876,200		SFr 37,898,149
Nominal value per share | SFr / shares								SFr 1.00		SFr 1.00				SFr 1.00		SFr 1.00
Issue price | SFr / shares								SFr 1.46
Share issuance cost | SFr								SFr 1,800,000		SFr 5,000	SFr 210,633	SFr 135,434	SFr 1,767,053	SFr 215,633	SFr 1,902,487
Gross proceeds								SFr 10,100,000	$ 11.5				10,099,323		10,099,323
Other net sales | SFr													80,944		SFr 80,944
Number of treasury shares used to purchase services															80,306
Settlement of supplier invoices | SFr												SFr 56,755	SFr 58,666		SFr 115,421
Addex Pharma SA
Share capital
Proportion of ownership interest in subsidiary				100.00%			100.00%
Armistice Capital LLC
Share capital
Sale of treasury shares under shelf registration	4,500,000	4,500,000			3,752,202	3,752,202
Share sale price | (per share)	SFr 0.27				SFr 1.00	$ 1.08
Number of pre-funded warrants sold	10,500,000	10,500,000														5,478,570	5,478,570
Warrants sale price | (per share)	SFr 0.27															SFr 0.99	$ 1.08
Gross proceeds	SFr 4,100,000	$ 4.2														SFr 9,200,000	$ 10.0
Share issuance cost | SFr																SFr 1,400,000
Costs paid on sales of treasury shares and pre-funded warrants | SFr											SFr 500,000
Number of warrants issued																9,230,772	9,230,772
Exercise price of issued warrants | (per share)																SFr 1.00	$ 1.08
Fair value of issued warrants | SFr / shares																SFr 0.40
Expected volatility																55.57%	55.57%
Annual risk-free rate																(0.64%)	(0.64%)
Value of issued warrants | SFr																SFr 3,700,000
Kepler Cheuvreux
Share capital
Other net sale of treasury shares														0	39,940
Sale of treasury shares under shelf registration	1,355,248	1,355,248
Share sale price | SFr / shares	SFr 0.34
Other net sales | SFr															SFr 80,944
Roger Mills
Share capital
Number of treasury shares used to purchase services															41,937
Treasury Shares Reserve | Kepler
Share capital
Number of treasury shares at beginning of period											(91,370)			(91,370)
Number of treasury shares at end of period										(113,319)				(113,319)		(91,370)	(91,370)
Other financial assets | Kepler
Share capital
Treasury shares | SFr										SFr 3,561				SFr 3,561		SFr 17,145
Common shares
Share capital
Number of issued shares at beginning of period											49,272,952		32,848,635	49,272,952	32,848,635	32,848,635	32,848,635
Issue of shares - capital increase														16,000,000	16,424,317
Number of issued shares at end of period										65,272,952		49,272,952		65,272,952	49,272,952	49,272,952	49,272,952
Treasury shares
Share capital
Number of treasury shares at beginning of period											(11,374,803)		(5,729,861)	(11,374,803)	(5,729,861)	(5,729,861)	(5,729,861)
Issue of shares - capital increase														(16,000,000)	(9,524,317)
Settlement of supplier invoices															80,306
Net purchase of treasury shares under liquidity agreement														(21,949)	(19,448)
Other net sale of treasury shares															39,940
Number of treasury shares at end of period										(27,396,752)		(15,153,380)		(27,396,752)	(15,153,380)	(11,374,803)	(11,374,803)
Treasury shares | Addex Pharma SA
Share capital
Issue of shares - capital increase				16,000,000			9,524,317
Issue price | SFr / shares				SFr 1.00			SFr 1.00
Share issuance cost | SFr				SFr 200,000
American Depositary Shares (each representing 6 ordinary shares) | Armistice Capital LLC
Share capital
Sale of treasury shares under shelf registration	750,000	750,000			625,367	625,367
Share sale price | (per share)		$ 1.70			SFr 6.00	$ 6.50
Number of pre-funded warrants sold	1,750,000	1,750,000														913,095	913,095
Warrants sale price | (per share)		$ 1.69														SFr 5.99	$ 6.49
Exercise price of pre-funded warrants | $ / shares		$ 0.01	$ 0.01														$ 0.01
Number of warrants issued																1,538,462	1,538,462
Exercise price of issued warrants | (per share)																SFr 6.00	$ 6.5
Fair value of issued warrants | SFr / shares																SFr 2.4

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Share-based compensation (Details)				3 Months Ended		6 Months Ended
	May 02, 2022 Options	Apr. 12, 2022 Options	Jan. 04, 2022 EquityInstruments SFr / shares	Jun. 30, 2022 CHF (SFr) Options EquityInstruments	Jun. 30, 2021 CHF (SFr)	Jun. 30, 2022 CHF (SFr) Options EquityInstruments	Jun. 30, 2021 CHF (SFr)	Dec. 31, 2021 Options EquityInstruments
Share option plans
Share-based compensation
Number of options outstanding				12,518,255		12,518,255		8,615,885
Number of options granted						3,902,370
Vesting period						4 years
Exercise period						10 years
Share option plans | Exercise price of CHF 1.00
Share-based compensation
Number of options granted	6,000	3,846,657
Share option plans | Exercise price of CHF 1.04
Share-based compensation
Number of options granted		49,713
Equity incentive units
Share-based compensation
Share-based compensation expense | SFr				SFr 659,259	SFr 336,849	SFr 2,099,311	SFr 522,951
Number of equity incentive units, for which exercise price changed | EquityInstruments			8,294,045
Exercise price of equity incentive units after reduction | SFr / shares			SFr 1.00
Fair value adjustment related to reduction in exercise price of equity incentive units | SFr				SFr 221,271		SFr 1,450,274
Equity sharing certificate plan
Share-based compensation
Number of other units outstanding | EquityInstruments				198,750		198,750		198,750

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Retirement benefits obligations - Amounts recognized in the statement of Comprehensive loss (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement benefits obligations
Current service cost	SFr (85,432)	SFr (74,885)	SFr (170,864)	SFr (163,439)
Past service cost	36,459		36,459	219,104
Interest cost	(9,705)	(6,036)	(19,410)	(12,121)
Interest income	6,996	3,857	13,992	7,714
Company pension amount	SFr (51,682)	SFr (77,064)	SFr (139,823)	SFr 51,258

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Retirement benefits obligations - Amounts recognized in the Balance sheet (Details) - CHF (SFr)	Jun. 30, 2022	Dec. 31, 2021
Retirement benefits obligations
Defined benefit obligation	SFr (7,605,263)	SFr (9,276,675)
Fair value of plan assets	7,475,987	7,995,150
Funded status	SFr (129,276)	SFr (1,281,525)

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Retirement benefits obligations (Details) - CHF (SFr) SFr in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Retirement benefits obligations
Decrease in defined benefit obligation	SFr (1.7)
Decrease in fair value of plan assets	SFr (0.5)
Discount rate	2.00%	0.35%

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Revenue from contract with customer (Details) € in Millions, $ in Millions					1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		14 Months Ended
	Aug. 01, 2022 CHF (SFr)	May 01, 2021 CHF (SFr)	Oct. 30, 2020 USD ($)	Jan. 02, 2018 USD ($) item	Jan. 31, 2018 USD ($)	Dec. 20, 2019 USD ($)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2021 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2021 CHF (SFr)	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2021 CHF (SFr)	Dec. 31, 2004 EUR (€)
Revenue from contract with customer
Revenue from contract with customer							SFr 183,354	SFr 992,595	SFr 420,591	SFr 1,836,818
Indivior PLC
Revenue from contract with customer
Number of distinct material promises and performance obligations | item				2
Additional funding for research and development costs incurred	SFr 850,000
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							200,000	1,000,000.0	400,000	1,800,000
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 3,700,000	$ 2.8			$ 1.6
Research funding received											SFr 2,400,000
Research funding to be received							300,000		300,000		300,000
Research funding to be paid by investor to third parties							1,000,000.0		1,000,000.0		1,000,000.0
Contract asset and trade receivable							200,000		200,000		SFr 200,000	SFr 200,000
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

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Other income (Details) - CHF (SFr)	3 Months Ended		6 Months Ended		12 Months Ended	42 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2019	Jun. 30, 2022	Dec. 31, 2021
Other income
Other income	SFr 3,089	SFr 79,285	SFr 9,800	SFr 157,483
Eurostars/Innosuisse
Other income
Amount of grant awarded					SFr 512,032
Proceeds from grants						SFr 380,184
Other receivables	SFr 131,848		SFr 131,848			SFr 131,848	SFr 131,848

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Operating costs (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating costs
Staff costs (note 18)	SFr 1,352,084	SFr 1,273,385	SFr 3,545,057	SFr 2,163,344
Depreciation (notes 8/9)	83,346	88,264	170,178	176,909
External research and development costs	4,677,306	2,781,951	7,184,492	4,741,337
Laboratory consumables	100,849	55,561	182,211	138,906
Patent maintenance and registration costs	96,617	66,270	171,849	144,961
Professional fees	323,390	642,403	781,544	928,746
Short-term leases	14,596	8,046	27,861	16,437
D&O Insurance	411,861	396,838	795,688	795,858
Other operating costs	218,609	265,799	426,311	542,468
Total operating costs	SFr 7,278,658	SFr 5,578,517	SFr 13,285,191	SFr 9,648,966

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Operating costs - Additional Information (Details) - CHF (SFr) SFr in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Operating costs
Increase in total operating costs	SFr 1.7	SFr 3.6
Increase in external research and development costs	1.9	2.4
Increase in external research and development costs relating to dipraglurant clinical development activities	1.6	2.0
Increase in staff costs		1.4
Increase in share-based compensation costs		SFr 1.2
Decrease in professional fees	SFr (0.3)

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Staff costs (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Staff costs
Wages and salaries	SFr 649,639	SFr 816,750	SFr 1,472,876	SFr 1,592,602
Social charges and insurances	100,542	118,595	219,688	217,606
Value of share-based services	550,221	260,976	1,712,670	404,394
Retirement benefit (note 14)	51,682	77,064	139,823	(51,258)
Total staff costs	SFr 1,352,084	SFr 1,273,385	SFr 3,545,057	SFr 2,163,344

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Staff costs - Additional Information (Details) - CHF (SFr) SFr / shares in Units, SFr in Millions		6 Months Ended
	Jan. 04, 2022	Jun. 30, 2022
Share-based compensation
Increase in staff costs		SFr 1.4
Increase in share-based compensation costs		SFr 1.2
Equity incentive units
Share-based compensation
Exercise price of equity incentive units after reduction	SFr 1.00

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Finance result, net (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finance result, net
Interest income	SFr 204	SFr 1,717	SFr 299	SFr 3,329
Interest cost	(7,574)	(17,274)	(24,369)	(31,404)
Interest expense on leases	(4,758)	(5,665)	(10,377)	(12,275)
Foreign exchange (losses)/gains, net	(116,909)	(162,290)	(155,740)	365,253
Finance result	SFr (129,037)	SFr (183,512)	SFr (190,187)	SFr 324,903

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Loss per share (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 CHF (SFr) SFr / shares shares	Jun. 30, 2021 CHF (SFr) SFr / shares shares	Jun. 30, 2022 CHF (SFr) item SFr / shares shares	Jun. 30, 2021 CHF (SFr) item SFr / shares shares
Loss per share
Loss attributable to equity holders of the Company | SFr	SFr (7,221,252)	SFr (4,690,149)	SFr (13,044,987)	SFr (7,329,762)
Weighted average number of shares in issue | shares	37,467,005	34,060,051	37,891,408	33,789,956
Basic loss per share	SFr (0.19)	SFr (0.14)	SFr (0.34)	SFr (0.22)
Diluted loss per share	SFr (0.19)	SFr (0.14)	SFr (0.34)	SFr (0.22)
Number of categories of dilutive potential shares | item			3	3

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Related party transactions (Details) - CHF (SFr)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related party transactions
Salaries, other short-term employee benefits and post-employment benefits	SFr 482,228	SFr 516,146	SFr 922,664	SFr 793,077
Consulting fees	77,883	63,077	123,707	121,854
Share-based compensation	556,724	266,916	1,822,104	421,221
Key management compensation	1,116,835	SFr 846,139	2,868,475	SFr 1,336,152
Board of Directors and Executive Management
Related party transactions
Net payable	SFr 130,187		SFr 130,187		SFr 172,443

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Events after the balance sheet date (Details) SFr / shares in Units, $ / shares in Units, SFr in Thousands								12 Months Ended
	Aug. 02, 2022 CHF (SFr) EquityInstruments SFr / shares	Aug. 01, 2022 CHF (SFr)	Jul. 22, 2022 USD ($) $ / shares shares	Jul. 22, 2022 CHF (SFr) SFr / shares shares	Jul. 21, 2022 USD ($) $ / shares shares	Dec. 16, 2021 SFr / shares shares	Dec. 16, 2021 $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 CHF (SFr) SFr / shares shares	Jul. 26, 2022 SFr / shares	Jul. 19, 2022 SFr / shares	Jun. 30, 2022 SFr / shares shares	Jun. 30, 2021 shares	Jan. 08, 2021 SFr / shares	Dec. 31, 2020 shares
Events after balance sheet date
Nominal value | SFr / shares									SFr 1.00			SFr 1.00		SFr 1.00
Number of shares outstanding			49,235,768	49,235,768					37,898,149			37,876,200	34,119,572		27,118,774
Armistice Capital LLC
Events after balance sheet date
Number of pre-funded warrants exercised					5,478,570
Proceeds from exercise od pre-funded warrants | $					$ 9,131
Number of treasury shares sold			4,500,000	4,500,000		3,752,202	3,752,202
Share sale price | (per share)				SFr 0.27		SFr 1.00	$ 1.08
Number of pre-funded warrants sold			10,500,000	10,500,000				5,478,570	5,478,570
Warrants sale price | (per share)				SFr 0.27				$ 1.08	SFr 0.99
Gross proceeds			$ 4,200,000	SFr 4,100				$ 10,000,000	SFr 9,200
Number of pre-funded warrants granted			15,000,000	15,000,000
Exercise price of pre-funded warrants granted | SFr / shares				SFr 0.30
Exercise period			5 years	5 years
Armistice Capital LLC | American Depositary Shares (each representing 6 ordinary shares)
Events after balance sheet date
Number of pre-funded warrants exercised					913,095
Exercise price of pre-funded warrants | $ / shares			$ 0.01		$ 0.01			$ 0.01
Number of treasury shares sold			750,000	750,000		625,367	625,367
Share sale price | (per share)			$ 1.70			SFr 6.00	$ 6.50
Number of pre-funded warrants sold			1,750,000	1,750,000				913,095	913,095
Warrants sale price | (per share)			$ 1.69					$ 6.49	SFr 5.99
Number of pre-funded warrants granted			2,500,000	2,500,000
Exercise price of pre-funded warrants granted | $ / shares			$ 1.90
Kepler Cheuvreux
Events after balance sheet date
Number of treasury shares sold			1,355,248	1,355,248
Share sale price | SFr / shares				SFr 0.34
Proceeds from sale of treasury shares | SFr				SFr 500
Indivior PLC
Events after balance sheet date
Additional funding for research and development costs incurred | SFr		SFr 850
Major ordinary share transaction
Events after balance sheet date
Nominal value | SFr / shares										SFr 0.01	SFr 1.00
Change in exercise price of equity incentive units
Events after balance sheet date
Number of equity incentive units, for which exercise price changed | EquityInstruments	12,434,713
Exercise price of equity incentive units after reduction | SFr / shares	SFr 0.19
Fair value adjustment related to reduction in exercise price of equity incentive units | SFr	SFr 950
Change in exercise price of equity incentive units | Second half of 2022
Events after balance sheet date
Fair value adjustment related to reduction in exercise price of equity incentive units | SFr	600
Change in exercise price of equity incentive units | 2023 - 2026
Events after balance sheet date
Fair value adjustment related to reduction in exercise price of equity incentive units | SFr	SFr 350