Addex Therapeutics Ltd. (ADXN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 22.46% of current shares
Recent Dilution: 15.23% (2 years)
Historical Dilution Factor: moderate recent dilution
Outstanding Shares
150M
Potential Supply
33M
Additional shares possible
Splits
None
Past 2 years

Summary

ADXN currently has 148M outstanding shares. with moderate dilution risk from 33.2M authorized shares representing 22.5% potential dilution. The company has diluted shareholders by 15.23% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

20-F filing | 147.8M shares outstanding

150M 33M
May 15, 2025

20-F filing | 128.3M shares outstanding

130M 33M
Apr 18, 2024

POS AM filing: This prospectus relates to the resale by the selling shareholder identified in this prospectus of up to an aggregate of 465,081 ADSs (representing 55,809,720 shares) consisting of Warrants with an exercise price of USD 20.00 per ADS and expiring, on April 5, 2028.

130M 33M
Apr 18, 2024

20-F filing | 125.2M shares outstanding

130M 33M
Nov 29, 2023

POS AM filing: This prospectus relates to the resale by the selling shareholder identified in this prospectus of up to an aggregate of 516,081 ADSs (representing 61,929,720 shares) consisting of (i) Warrants to purchase an aggregate of 55,809,720 shares, represented by 465,081 ADSs with an exercise price of USD 20.00 per ADS and expiring on April 5, 2028, and (ii) Pre-Funded Warrants to purchase up to 6,120,000 shares represented by 51,000 ADSs with an exercise price of USD 0.20 per ADS.

120M 33M
Aug 10, 2023

POS AM filing: This prospectus relates to the resale by the selling shareholder identified in this prospectus of up to an aggregate of 12,156,620 ADSs (representing 72,939,720 shares) consisting of (i) Ordinary Warrants to purchase up to an aggregate of 31,578,948 shares, represented by 5,263,158 ADSs with an exercise price of $1.00 per ADS; (ii) Pre-Funded Warrants to purchase up to 17,130,000 shares represented by 2,855,000 ADSs with an exercise price of $0.01 per ADS and (iii) Amended Warrants to purchase up to an aggregate of 24,230,772 shares, represented by 4,038,462 ADSs with an exercise price of $1.00 per ADS.

95M 33M
May 03, 2023

F-1 filing: This prospectus relates to the resale by the selling shareholder identified in this prospectus of up to an aggregate of 13,231,445 ADSs (representing 79,388,670 shares) consisting of (i) Ordinary Warrants to purchase up to an aggregate of 31,578,948 shares, represented by 5,263,158 ADSs, which are exercisable 90 days after the date of issuance at an exercise price of $1.00 per ADS; (ii) Pre-Funded Warrants to purchase up to 23,578,950 shares represented by 3,929,825 ADSs, which are exercisable 60 days after the date of issuance at an exercise price of $0.01 per ADS; and (iii) Amended Warrants to purchase up to an aggregate of 24,230,772 shares, represented by 4,038,462 ADSs, exercisable starting July 5, 2023 at an exercise price of $1.00 per ADS.

89M 110M
Mar 30, 2023

20-F filing | 77.1M shares outstanding

77M 33M
Aug 24, 2022

POS AM filing: This prospectus relates to the resale of American Depositary Shares (ADSs) representing shares deliverable upon the exercise of December 2021 Ordinary Warrants by the selling shareholder.

49M 33M
Aug 19, 2022

F-1 filing: This F-1 filing relates to the resale by the selling shareholder of up to an aggregate of 4,250,000 ADSs (representing 25,500,000 shares) consisting of (i) 2,500,000 ADSs (representing 15,000,000 ordinary shares) deliverable upon exercise of the Ordinary Warrants and (ii) 1,750,000 ADSs (representing 10,500,000 shares) deliverable upon the exercise of the Pre-Funded Warrants.

49M 33M
Mar 31, 2022

POS AM filing: This prospectus relates to the resale by the selling shareholder identified in this prospectus of up to an aggregate of 2,451,557 ADSs (representing 14,709,342 shares) consisting of (i) 1,538,462 ADSs (representing 9,230,772 shares) deliverable upon exercise of the Ordinary Warrants and (ii) 913,095 ADSs (representing 5,478,570 shares) deliverable upon the exercise of the Pre-Funded Warrants.

38M 7.7M
Mar 29, 2022

POS AM filing: This is a Post-Effective Amendment No. 2 to remove from registration all securities registered but not sold under the Registration Statement.

38M 22M
Mar 10, 2022

20-F filing | 37.9M shares outstanding

38M 22M
Jan 07, 2022

F-1 filing: This prospectus relates to the resale by the selling shareholder of up to an aggregate of 2,451,557 ADSs (representing 14,709,342 shares) consisting of shares deliverable upon exercise of the Ordinary Warrants and the Pre-Funded Warrants.

43M 22M
Apr 07, 2021

F-3 filing: Addex Therapeutics Ltd is offering $150,000,000 of shares and 7,704,600 shares are being offered by the selling shareholder.

27M 7.7M
Mar 11, 2021

20-F filing | 27.1M shares outstanding

27M 0
Dec 14, 2020

F-1 filing: This F-1 filing describes a global offering of shares in the form of ADSs and shares in a European private placement, with an underwriter option to purchase additional shares. The net proceeds will be used to advance the company's preclinical and clinical pipeline.

33M 0
Apr 27, 2020

POS AM filing: This is a POS AM filing detailing the expenses expected to be incurred in connection with the registration of shares.

N/A 0
Apr 27, 2020

20-F filing | 32.8M shares outstanding

33M 0
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