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

ADDEX THERAPEUTICS LTD

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

Therapeutics Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Balance

as of March 31, 2023, and December 31,

The accompanying notes form an integral part of

these consolidated financial statements.

Therapeutics Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements

of Comprehensive Loss

for the three-month periods ended March 31,

The accompanying notes form an integral part of

these consolidated financial statements.

Therapeutics Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements

of Changes in Equity

For the three-month period ended March 31,

The accompanying notes form an integral part of

these consolidated financial statements.

Therapeutics Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements

of Changes in Equity

For the three-month period ended March 31,

The accompanying notes form an integral part of

these consolidated financial statements.

Therapeutics Unaudited Interim Condensed Consolidated Financial Statements

Unaudited Interim Condensed Consolidated Statements

for the three-month periods ended March 31,

The accompanying notes form an integral part of

these consolidated financial statements.

Therapeutics Unaudited Interim Condensed Consolidated Financial Statements Notes

Unaudited Notes to the Interim Condensed Consolidated

Financial Statements

for the three-month periods ended March 31,

(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. 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 interim condensed consolidated financial statements have been

approved for issuance by the Board of Directors on May 10, 2023.

2. Basis of preparation

These interim condensed consolidated financial statements for the three-month

period ended March 31, 2023, 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,

Interim financial results are not necessarily indicative of results

anticipated for the full year. The preparation of these unaudited interim condensed consolidated 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,

A number of new or amended standards and interpretations became applicable

for financial reporting periods beginning on or after January 1, 2023. 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

amounts rather than the presented rounded amounts.

Where necessary, comparative figures have been revised to conform with

the current year 2023 presentation.

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:

Therapeutics Unaudited Interim Condensed Consolidated Financial Statements Notes

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 interim condensed consolidated financial

statements, will not be sufficient to fund its operations and meet all of its obligations as they fall due for a period of 12 months.

These factors individually and collectively indicate that a material uncertainty exists that raise 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, which may be delayed due to reasons outside of the Group's control.

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, entering 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.

In early 2020 a coronavirus disease (COVID-19) pandemic developed globally