Addex Therapeutics Ltd (ADXN) Cash Flow Statement

NASDAQ: ADXNOperating cash, capex, free cash flow and buybacks.

Where ADXN’s cash came from and went, 2025

December 31, 2025 · Swiss francs
Cash from operations
−CHF 2.1M
Capital expenditures
CHF 0
0.0% of revenue
Free cash flow
−CHF 2.1M
−6,925.9% margin
Returned to shareholders
CHF 28,850
Change in cash
−CHF 1.3M
cash at year-end CHF 1.6M
Acquisitions & other: CHF 144,945Acquisitions & otherCHF 144,945Shares issued: CHF 1.2MShares issuedCHF 1.2MDrawn from cash: CHF 1.3MDrawn from cashCHF 1.3MCurrency & other: CHF 301,431Currency & otherCHF 301,431Cash used in operations: CHF 2.1MCash used in operationsCHF 2.1M · 70%Investments (net): CHF 795,029Investments (net)CHF 795,029 · 27%Other financing, Share buybacks: CHF 88,475Other usesCHF 88,475 · 3%CHF 3.0M
Cash from operations
−CHF 2.1M
Investments (net)
−CHF 795,029
Acquisitions & other
+CHF 144,945
Share buybacks (net)
−CHF 28,850
Shares issued
+CHF 1.2M
Other financing
−CHF 59,625
Currency & other
+CHF 301,431
Change in cash
−CHF 1.3M

Drawn to scale: where the cash came from and how it was used. Hover for values.

ADXN operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

ADXN cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow−CHF 2.7M2016−CHF 2.1M2025—
Capital expendituresCHF 11,2212016CHF 02025−100.0%
Free cash flow−CHF 2.7M2016−CHF 2.1M2025—
Free cash flow margin−15,613.2%2016−6,925.9%2025+8,687.3 pts
Stock-based compensationCHF 197,3472016CHF 1.8M2023+37.1%/yr
Dividends paidCHF 02016CHF 02025—
Share buybacks (net)CHF 02016CHF 28,8502025—
Capex / revenue64.8%20160.0%2025−64.8 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ADXN cash flow by activity

OperatingInvestingFinancingChange in cash

ADXN net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

ADXN cash flow statement in Swiss francs

2025202420232022202120202019201820172016
Operating activities
Net income−CHF 6.5MCHF 7.1M−CHF 10.6M−CHF 20.8M−CHF 15.4M−CHF 12.9M−CHF 14.8M−CHF 1.6M−CHF 3.3M−CHF 3.1M
Depreciation & amortizationCHF 8,472CHF 260,120CHF 305,952CHF 323,144CHF 347,613CHF 378,754CHF 333,844CHF 2,937CHF 15,249CHF 25,761
Stock-based compensation——CHF 1.8MCHF 3.7MCHF 1.2MCHF 1.2MCHF 1.7MCHF 2.3MCHF 800,188CHF 197,347
Change in working capitalCHF 524,649−CHF 1.2MCHF 213,756CHF 157,677−CHF 761,567−CHF 1.8MCHF 2.7MCHF 742,724CHF 265,147CHF 194,279
Other non-cash itemsCHF 3.9M−CHF 11.5MCHF 249,641CHF 204,134−CHF 117,661CHF 944,909CHF 620,409CHF 351,933CHF 64,870CHF 37,612
Cash from operating activities−CHF 2.1M−CHF 5.4M−CHF 8.0M−CHF 16.4M−CHF 14.7M−CHF 12.2M−CHF 9.5MCHF 1.8M−CHF 2.1M−CHF 2.7M
Investing activities
Capital expendituresCHF 0−CHF 1,273−CHF 6,842−CHF 581−CHF 31,549−CHF 59,414−CHF 28,459−CHF 9,054−CHF 697−CHF 11,221
Investments (net)−CHF 795,029CHF 4.6M−CHF 6,842CHF 2,972CHF 1,236−CHF 59,414−CHF 43,254−CHF 47,317−CHF 47,317−CHF 47,317
Acquisitions & other investingCHF 144,945CHF 1,273CHF 6,842CHF 581CHF 0CHF 59,414CHF 28,459−CHF 5,373CHF 47,317CHF 57,025
Cash from investing activities−CHF 650,084CHF 4.6M−CHF 6,842CHF 2,972−CHF 30,313−CHF 59,414−CHF 43,254−CHF 61,744−CHF 697−CHF 1,513
Financing activities
Dividends paidCHF 0CHF 0CHF 0−CHF 307,496−CHF 390,189CHF 0CHF 0CHF 0CHF 0CHF 0
Share repurchases & issuance (net)−CHF 28,850−CHF 25,782−CHF 48,051−CHF 307,496−CHF 390,189—CHF 5,990−CHF 5,373CHF 3.4MCHF 1.5M
Net borrowing (repayment)−CHF 7,306−CHF 73,688−CHF 281,793−CHF 288,076−CHF 309,617−CHF 367,412−CHF 316,793−CHF 316,793−CHF 316,793−CHF 316,793
Shares issuedCHF 1.2MCHF 240,899CHF 2.4MCHF 1.7MCHF 14.0MCHF 720,013CHF 5,986CHF 40.5MCHF 0CHF 0
Other financing−CHF 59,625−CHF 36,511CHF 3.2MCHF 2.3MCHF 3.5M−CHF 306,202−CHF 158,878−CHF 2.8MCHF 291,046CHF 284,470
Cash from financing activitiesCHF 1.1MCHF 104,918CHF 5.3MCHF 3.1MCHF 16.4MCHF 46,399−CHF 463,695CHF 37.4MCHF 3.4MCHF 1.5M
Summary
Net change in cash−CHF 1.3M−CHF 523,743−CHF 3.1M−CHF 13.5MCHF 1.8M−CHF 12.8M−CHF 10.1MCHF 39.1MCHF 1.2M−CHF 1.2M
Cash at end of periodCHF 1.6MCHF 3.3MCHF 3.9MCHF 7.0MCHF 20.5MCHF 18.7MCHF 31.5MCHF 41.7MCHF 2.6MCHF 1.4M
Free cash flow−CHF 2.1M−CHF 5.4M−CHF 8.0M−CHF 16.4M−CHF 14.7M−CHF 12.2M−CHF 9.5MCHF 1.7M−CHF 2.1M−CHF 2.7M
Free cash flow margin−6,925.9%−1,330.1%−495.9%−1,155.6%−505.3%−338.8%−344.2%28.8%−427.2%−15,613.2%
Capex / revenue0.0%0.3%0.4%0.0%1.1%1.6%1.0%0.1%0.1%64.8%
Operating cash flow / net income—−0.76————————

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Swiss francs as reported; data from EODHD.

ADXN cash generation

In fiscal 2025 (ended December 31, 2025), Addex Therapeutics generated -CHF 2.1 million of cash from operations and spent CHF 0 on capital expenditures, leaving free cash flow of -CHF 2.1 million, −6,925.9% of revenue. It returned CHF 0.0 million to shareholders through dividends (CHF 0) and net share buybacks (CHF 0.0 million). Cash and equivalents fell by CHF 1.3 million over the year.

Related: ADXN income statement, ADXN balance sheet. See the ADXN stock overview for the latest quote and news.

ADXN cash flow FAQ

What is Addex Therapeutics's free cash flow?

Addex Therapeutics's free cash flow was -CHF 2.1 million in fiscal 2025: -CHF 2.1 million of operating cash flow minus CHF 0 of capital expenditures It was -CHF 5.4 million a year earlier..

How much cash does Addex Therapeutics generate from operations?

Addex Therapeutics generated -CHF 2.1 million of cash from operating activities in fiscal 2025.

How much stock does Addex Therapeutics buy back?

Addex Therapeutics spent CHF 0.0 million on net share repurchases in fiscal 2025.

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