Addex Therapeutics : Half Year Report

Allosteric Modulators for Human Health

Half-Year

Interim Report 2021

Addex Therapeutics │ Interim Condensed Consolidated Financial Statements

Contents

p.3 Interim Condensed Consolidated Financial Statements

p.20 Financial Review

2

Addex Therapeutics │Half-Year interim Report 2021

Addex Therapeutics │ Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Balance Sheets

as of June 30, 2021, and December 31, 2020

		June 30,	December 31,
	Notes	2021	2020
		Amounts in Swiss francs
ASSETS
Current assets
Cash and cash equivalents………………………………………..	6	18,108,214	18,695,040
Other financial assets……………………………………………..	7/15	38,305	64,930
Trade and other receivables………………...…………………….	7	126,445	68,373
Contract asset…………….…………………………………….....	7	1,101,429	-
Prepayments and deferred costs…..………………………………	7	1,625,650	661,221
Total current assets……………………………………………...		21,000,043	19,489,564
Non-current assets
Right-of-use assets………………………………………………..	8	412,717	565,344
Property, plant and equipment……………………………………	9	59,480	67,760
Non-current financial assets………………………………………	10	59,369	59,144
Total non-current assets………………………………………...		531,566	692,248
Total assets………………………………………………………		21,531,609	20,181,812
LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities…………………………………………...		258,674	308,611
Payables and accruals…………………………………………….	11	3,425,548	2,491,927
Contract liability………………………………………………….	15	-	733,668
Deferred income………………………………………………….	16	-	86,481
Total current liabilities………………………………………….		3,684,222	3,620,687
Non-current liabilities
Non-current lease liabilities………………………………………		161,487	258,785
Retirement benefits obligations…………………………………..	14	1,263,174	1,692,537
Total non-current liabilities…………………………………….		1,424,661	1,951,322
Equity
Share capital………………………………………………………	12	49,272,952	32,848,635
Share premium……………………………………………………	12	288,256,887	286,888,354
Treasury shares reserve………………………………………….	12	(15,505,209)	(6,078,935)
Other reserves……………………………………………………		15,433,746	14,657,637
Accumulated deficit………………………………………………		(321,035,650)	(313,705,888)
Total equity………………………………………………………		16,422,726	14,609,803
Total liabilities and equity………………………………………		21,531,609	20,181,812

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

3

Addex Therapeutics │Half-Year interim Report 2021

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, 2021 and 2020

	Notes
Revenue from contract with customer……	15
Other income……………………………….	16
Operating costs
Research and development………………….
General and administration………………….
Total operating costs………………………	17
Operating loss……………………………...
Finance income..............................................
Finance expense ............................................
Finance result...............................................	19
Net loss before tax........................................
Income tax expense…………………………
Net loss for the period .................................
Basic and diluted loss per share for loss
attributable to the ordinary equity
holders of the Company ..........................	20
Other comprehensive income/(loss)
Items that will never be reclassified to profit
and loss:
Remeasurements of retirement benefits
obligation…………………………………
Items that may be classified subsequently to
profit and loss:
Exchange difference on translation of
foreign operations …………..……………
Other comprehensive income/(loss) for the
period, net of tax………..……….………
Total comprehensive loss for the period….

	For the three months ended		For the six months ended
	June 30,			June 30,
	2021			2020		2021			2020
				Amounts in Swiss francs
992,595			860,793	1,836,818			1,764,853
79,285			71,561	157,483			119,957

(3,731,839) (2,318,977) (6,479,882) (5,871,588)

(1,846,678) (1,587,283) (3,169,084) (3,259,806)

(5,578,517) (3,906,260) (9,648,966) (9,131,394)

(4,506,637) (2,973,906) (7,654,665) (7,246,584)

(160,573) 10,843 368,582 32,769

(22,939) (151,675) (43,679) (206,844)

(183,512) (140,832) 324,903 (174,075)

(4,690,149) (3,114,738) (7,329,762) (7,420,659)

-

-

-

-

(4,690,149) (3,114,738) (7,329,762) (7,420,659)

(0.14) (0.12) (0.22) (0.28)

126,061	(226,999)	251,462	(42,048)
1,232	(814)	1,696	(847)
127,293	(227,813)	253,158	(42,895)
(4,562,856)	(3,342,551)	(7,076,604)	(7,463,554)

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

4

Addex Therapeutics │Half-Year interim Report 2021

Addex Therapeutics │ Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

For the six-month periods ended June 30, 2021 and 2020

Amounts in Swiss francs

					Foreign
					Currency
	Notes	Share	Share	Treasury	Translation	Additional	Accumulated
	Capital	Premium	Shares Reserve	Reserve	Reserves	Deficit	Total
Balance as of
January 1, 2020….....		32,848,635	286,375,977	(6,572,316)	(653,161)	14,371,983	(300,847,289)	25,523,829
Net loss for the
period………………..		-	-	-	-	-	(7,420,659)	(7,420,659)
Other comprehensive
loss for the period…...		-	-	-	(847)	(42,048)	-	(42,895)
Total comprehensive
loss for the period…..		-	-	-	(847)	(42,048)	(7,420,659)	(7,463,554)
Value of share-based
services.....………......	13	-	-	-	-	640,791	-	640,791
Movement in treasury
shares:	12
Settlement of supplier
invoices…...................		-	27,955	111,842	-	-	-	139,797
Net purchases under
liquidity agreement.....		-	(7,987)	(31,759)	-	-	-	(39,746)
Balance as of
June 30, 2020……….		32,848,635	286,395,945	(6,492,233)	(654,008)	14,970,726	(308,267,948)	18,801,117
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

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

5

Addex Therapeutics │Half-Year interim Report 2021