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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n**FORM****20-F**\n\n**(Mark One)**\n\n**☐**\n\n**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**OR**\n\n☒\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the fiscal year ended****December 31****,****2025**\n\n**OR**\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the transition period from to**\n\n**OR**\n\n☐\n\n**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**Date of event requiring this shell company report**\n\n​\n\n**Commission File Number****001-39179**\n\n**Addex Therapeutics Ltd**\n\n(Exact name of registrant as specified in its charter and translation of registrant’s name into English)\n\n​\n\n**Switzerland**\n\n(Jurisdiction of incorporation or organization)\n\n​\n\n**Chemin des Mines 9****,****CH****-****1202********Geneva****,****Switzerland**\n\n(Address of principal executive offices)\n\n​\n\n**Tim Dyer**\n\n**Chief Executive Officer, Addex Therapeutics Ltd,****Chemin des Mines 9****,**\n\n**CH****-****1202********Geneva****,****Switzerland**\n\n**Tel: +****41********22********884 1555**\n\n(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\n​\n\n**Securities registered or to be registered pursuant to Section 12(b) of the Act.**\n\n​\n\n**Title of each class Trading Symbol Name of each exchange on which registered**\n\n**American Depositary Shares****,**\n\n**  ​ ​ ​**\n\n**ADXN**\n\n**  ​ ​ ​**\n\n**The****Nasdaq****Stock Market LLC**\n\n**each representing 120 ordinary shares,**\n\n​\n\n​\n\n​\n\n​\n\n**CHF 0.01 per share**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Shares, par value CHF 0.01 per share*******\n\n​\n\n​\n\n​\n\n​\n\n* Not for trading, but only in connection with the registration of the American Depositary Shares.\n\n​\n\n**Securities registered or to be registered pursuant to Section 12(g) of the Act. None**\n\n**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None**\n\n[Table of Contents](#TOC)\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report.\n\n​\n\n**Shares, par value CHF 0.01 per share:****147,831,814****shares outstanding as of December 31, 2025**\n\n​\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No\n\n​\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer ☐\n\nAccelerated filer ☐\n\nNon-accelerated filer ☒\n\nEmerging growth company ☐\n\n​\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n​\n\n†\n\nThe term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\n​\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐\n\n​\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n​\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n​\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. GAAP ☐\n\n  ​ ​\n\nInternational Financial Reporting Standards as issued\n\n  ​ ​ ​\n\nOther ☐\n\n​\n\n​\n\nby the International Accounting Standards Board ☒\n\n​\n\n​\n\n​\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18\n\n​\n\nIf this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n​\n\n**PAGE**\n\n[**INTRODUCTION**](#INTRODUCTION_685055)\n\n3\n\n[**PART I**](#PARTI_512839)\n\n6\n\n[**Item 1.**](#Item1IdentityofDirectorsSeniorManagement)\n\n[**Identity of Directors, Senior Management and Advisers**](#Item1IdentityofDirectorsSeniorManagement)\n\n6\n\n[**Item 2.**](#Item2OfferStatisticsandExpectedTimetable)\n\n[**Offer Statistics and Expected Timetable**](#Item2OfferStatisticsandExpectedTimetable)\n\n6\n\n[**Item 3.**](#Item3KeyInformation_503531)\n\n[**Key Information**](#Item3KeyInformation_503531)\n\n6\n\n[A.](#Reserved_559226)\n\n[[Reserved]](#Reserved_559226)\n\n6\n\n[B.](#BCapitalizationandIndebtedness_436762)\n\n[*Capitalization and Indebtedness*](#BCapitalizationandIndebtedness_436762)\n\n6\n\n[C.](#CReasonsfortheOfferandUseofProceeds_1348)\n\n[*Reasons for the Offer and Use of Proceeds*](#CReasonsfortheOfferandUseofProceeds_1348)\n\n6\n\n[D.](#DRiskFactors_534063)\n\n[*Risk Factors*](#DRiskFactors_534063)\n\n6\n\n[**Item 4.**](#Item4InformationontheCompany_211662)\n\n[**Information on the Company**](#Item4InformationontheCompany_211662)\n\n30\n\n[A.](#AHistoryandDevelopmentoftheCompany_67995)\n\n[*History and Development of the Company*](#AHistoryandDevelopmentoftheCompany_67995)\n\n30\n\n[B.](#BBusinessOverview_373627)\n\n[*Business Overview*](#BBusinessOverview_373627)\n\n30\n\n[C.](#COrganizationalStructure_128671)\n\n[*Organizational Structure*](#COrganizationalStructure_128671)\n\n52\n\n[D.](#DPropertyPlantsandEquipment_298719)\n\n[*Property, Plants and Equipment*](#DPropertyPlantsandEquipment_298719)\n\n52\n\n[**Item 4A.**](#Item4AUnresolvedStaffComments_720551)\n\n[**Unresolved Staff Comments**](#Item4AUnresolvedStaffComments_720551)\n\n53\n\n[**Item 5.**](#Item5OperatingandFinancialReviewandProsp)\n\n[**Operating and Financial Review and Prospects**](#Item5OperatingandFinancialReviewandProsp)\n\n53\n\n[A.](#AOperatingResults_242860)\n\n[*Operating Results*](#AOperatingResults_242860)\n\n59\n\n[B.](#ALiquidityandCapitalResources_290489)\n\n[*Liquidity and Capital Resources*](#ALiquidityandCapitalResources_290489)\n\n63\n\n[C.](#ResearchandDevelopment_256099)\n\n[*Research and Development*](#ResearchandDevelopment_256099)\n\n66\n\n[D.](#TrendInformation_993031)\n\n[*Trend Information*](#TrendInformation_993031)\n\n66\n\n[E.](#CriticalAccountingEstimates_388709)\n\n[*Critical Accounting estimates*](#CriticalAccountingEstimates_388709)\n\n66\n\n[**Item 6.**](#Item6DirectorsSeniorManagementandEmploye)\n\n[**Directors, Senior Management and Employees**](#Item6DirectorsSeniorManagementandEmploye)\n\n67\n\n[A.](#ADirectorsandSeniorManagement_974208)\n\n[*Directors and Senior Management*](#ADirectorsandSeniorManagement_974208)\n\n67\n\n[B.](#CompensationCompensationofExecutiveOffic)\n\n[*Compensation*](#CompensationCompensationofExecutiveOffic)\n\n70\n\n[C.](#BoardPractices_535904)\n\n[*Board Practices*](#BoardPractices_535904)\n\n74\n\n[D.](#Employees_835321)\n\n[*Employees*](#Employees_835321)\n\n76\n\n[E.](#ShareOwnership_800566)\n\n[*Share Ownership*](#ShareOwnership_800566)\n\n76\n\n[F.](#Disclosureofaregistrantsactiontorecovere)\n\n[*Disclosure of a registrant’s action to recover erroneously awarded compensation*](#Disclosureofaregistrantsactiontorecovere)\n\n76\n\n[**Item 7.**](#Item7MajorShareholdersandRelatedPartyTra)\n\n[**Major Shareholders and Related Party Transactions**](#Item7MajorShareholdersandRelatedPartyTra)\n\n76\n\n[A.](#AMajorshareholders_644392)\n\n[*Major Shareholders*](#AMajorshareholders_644392)\n\n76\n\n[B.](#BRelatedPartyTransactions_801042)\n\n[*Related Party Transactions*](#BRelatedPartyTransactions_801042)\n\n78\n\n[C.](#CInterestsofExpertsandCounsel_984014)\n\n[*Interests of Experts and Counsel*](#CInterestsofExpertsandCounsel_984014)\n\n79\n\n[**Item 8.**](#Item8FinancialInformation_602365)\n\n[**Financial Information**](#Item8FinancialInformation_602365)\n\n79\n\n[A.](#AConsolidatedStatementsandOtherFinancial)\n\n[*Consolidated Statements and Other Financial Information*](#AConsolidatedStatementsandOtherFinancial)\n\n79\n\n[B.](#BSignificantChanges_394331)\n\n[*Significant Changes*](#BSignificantChanges_394331)\n\n80\n\n[**Item 9.**](#Item9TheOfferandListing_731355)\n\n[**The Offer and Listing**](#Item9TheOfferandListing_731355)\n\n80\n\n[A.](#AOfferandListingDetails_541664)\n\n[*Offer and Listing Details*](#AOfferandListingDetails_541664)\n\n80\n\n[B.](#BPlanofDistribution_288670)\n\n[*Plan of Distribution*](#BPlanofDistribution_288670)\n\n80\n\n[C.](#CMarkets_410368)\n\n[*Markets*](#CMarkets_410368)\n\n80\n\n[D.](#DSellingShareholders_192520)\n\n[*Selling Shareholders*](#DSellingShareholders_192520)\n\n80\n\n[E.](#EDilution_240091)\n\n[*Dilution*](#EDilution_240091)\n\n80\n\n[F.](#FExpensesoftheIssue_203504)\n\n[*Expenses of the Issue*](#FExpensesoftheIssue_203504)\n\n80\n\n[**Item 10.**](#Item10AdditionalInformation_470690)\n\n[**Additional Information**](#Item10AdditionalInformation_470690)\n\n81\n\n[A.](#AShareCapital_917591)\n\n[*Share Capital*](#AShareCapital_917591)\n\n81\n\n[B.](#BMemorandumandArticlesofAssociation_5255)\n\n[*Memorandum and Articles of Association*](#BMemorandumandArticlesofAssociation_5255)\n\n81\n\n[C.](#CMaterialContracts_409800)\n\n[*Material Contracts*](#CMaterialContracts_409800)\n\n81\n\n[D.](#DExchangeControls_496226)\n\n[*Exchange Controls*](#DExchangeControls_496226)\n\n84\n\n[E.](#ETaxation_337062)\n\n[*Taxation*](#ETaxation_337062)\n\n84\n\n[F.](#FDividendsandPayingAgents_958094)\n\n[*Dividends and Paying Agents*](#FDividendsandPayingAgents_958094)\n\n93\n\n[G.](#GStatementbyExperts_436764)\n\n[*Statement by Experts*](#GStatementbyExperts_436764)\n\n93\n\n[H.](#HDocumentsonDisplay_15738)\n\n[*Documents on Display*](#HDocumentsonDisplay_15738)\n\n94\n\n1\n\n[Table of Contents](#TOC)\n\n[I.](#ISubsidiaryInformation_718923)\n\n[*Subsidiary Information*](#ISubsidiaryInformation_718923)\n\n94\n\n[J.](#AnnualReporttoSecurityHolders_615062)\n\n[*Annual Report to Security Holders*](#AnnualReporttoSecurityHolders_615062)\n\n94\n\n[**Item 11.**](#Item11QuantitativeandQualitativeDisclosu)\n\n[**Quantitative and Qualitative Disclosures About Market Risk**](#Item11QuantitativeandQualitativeDisclosu)\n\n94\n\n[**Item 12.**](#Item12DescriptionofSecuritiesOtherthanEq)\n\n[**Description of Securities Other than Equity Securities**](#Item12DescriptionofSecuritiesOtherthanEq)\n\n95\n\n[A.](#ADebtSecurities_434745)\n\n[*Debt Securities*](#ADebtSecurities_434745)\n\n95\n\n[B.](#BWarrantsandRights_901372)\n\n[*Warrants and Rights*](#BWarrantsandRights_901372)\n\n95\n\n[C.](#COtherSecurities_745661)\n\n[*Other Securities*](#COtherSecurities_745661)\n\n95\n\n[D.](#DAmericanDepositaryShares_79829)\n\n[*American Depositary Shares*](#DAmericanDepositaryShares_79829)\n\n95\n\n[**PART II**](#PARTII_69972)\n\n98\n\n[**Item 13.**](#Item13DefaultsDividendArrearagesandDelin)\n\n[**Defaults, Dividend Arrearages and Delinquencies**](#Item13DefaultsDividendArrearagesandDelin)\n\n98\n\n[**Item 14.**](#Item14MaterialModificationstotheRightsof)\n\n[**Material Modifications to the Rights of Security Holders and Use of Proceeds**](#Item14MaterialModificationstotheRightsof)\n\n98\n\n[**Item 15.**](#Item15ControlsandProceduresDisclosureCon)\n\n[**Controls and Procedures**](#Item15ControlsandProceduresDisclosureCon)\n\n98\n\n[**Item 16A.**](#Item16AAuditCommitteeFinancialExpert_147)\n\n[**Audit Committee Financial Expert**](#Item16AAuditCommitteeFinancialExpert_147)\n\n98\n\n[**Item 16B.**](#Item16BCodeofBusinessConductandEthics_73)\n\n[**Code of Ethics**](#Item16BCodeofBusinessConductandEthics_73)\n\n99\n\n[**Item 16C.**](#Item16CPrincipalAccountantFeesandService)\n\n[**Principal Accountant Fees and Services**](#Item16CPrincipalAccountantFeesandService)\n\n99\n\n[**Item 16D.**](#Item16DExemptionsfromtheListingStandards)\n\n[**Exemptions from the Listing Standards for Audit Committees**](#Item16DExemptionsfromtheListingStandards)\n\n99\n\n[**Item 16E.**](#Item16EPurchasesofEquitySecuritiesbytheI)\n\n[**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**](#Item16EPurchasesofEquitySecuritiesbytheI)\n\n99\n\n[**Item 16F.**](#Item16FChangeinRegistrantsCertifyingAcco)\n\n[**Change in Registrant’s Certifying Accountant**](#Item16FChangeinRegistrantsCertifyingAcco)\n\n99\n\n[**Item 16G.**](#Item16GCorporateGovernance_220976)\n\n[**Corporate Governance**](#Item16GCorporateGovernance_220976)\n\n100\n\n[**Item 16H.**](#Item16HMineSafetyDisclosure_500290)\n\n[**Mine Safety Disclosure**](#Item16HMineSafetyDisclosure_500290)\n\n100\n\n[**Item 16I.**](#Item16IDisclosureRegardingForeignJurisdi)\n\n[**Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**](#Item16IDisclosureRegardingForeignJurisdi)\n\n100\n\n[**Item 16J.**](#Item16JInsiderTradingpolicies_224344)\n\n[**Insider Trading policies**](#Item16JInsiderTradingpolicies_224344)\n\n100\n\n[**Item 16K.**](#Item16KCybersecurity_515)\n\n[**Cybersecurity**](#Item16KCybersecurity_515)\n\n101\n\n[**PART III**](#PARTIII_537649)\n\n102\n\n[**Item 17.**](#Item17FinancialStatements_46348)\n\n[**Financial Statements**](#Item17FinancialStatements_46348)\n\n102\n\n[**Item 18.**](#Item18FinancialStatements_748647)\n\n[**Financial Statements**](#Item18FinancialStatements_748647)\n\n102\n\n[**Item 19.**](#Item19Exhibits_939802)\n\n[**Exhibits**](#Item19Exhibits_939802)\n\n103\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**INTRODUCTION**\n\nUnless otherwise indicated or the context otherwise requires, all references in this Annual Report on Form 20-F to the terms “Addex,” “Addex Therapeutics,” “Addex Therapeutics Ltd,” “the company,” the “Addex Group,” the “Group”, “we,” “us” and “our” refer to Addex Therapeutics Ltd together with its subsidiaries.\n\nWe own trademarks for Addex Pharmaceuticals in Switzerland. All other trade names, trademarks and service marks of other companies appearing in this Annual Report on Form 20-F are the property of their respective holders. Solely for convenience, the trademarks and trade names in this Annual Report on Form 20-F may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies’ trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.\n\nOur ADSs are traded on the Nasdaq Capital Market, or Nasdaq, under the symbol “ADXN”. Effective October 23, 2023, the ratio of ordinary shares per ADS was changed to one hundred and twenty shares per ADS. From January 29, 2020 to October 22, 2023, the ADSs traded on Nasdaq with a ratio of six shares per ADS. Unless indicated or the context otherwise requires, all per ADS amounts and numbers of ADSs in this Annual Report on Form 20-F have been retrospectively adjusted for the ADS Ratio Change.\n\nOur reporting currency is the Swiss franc. The exchange rate between the Swiss franc and the U.S. dollar as of May 12, 2026 was USD 1.2810 per CHF 1.0. We present our consolidated financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards). Readers of this Annual Report on Form 20-F should note that there may be certain differences between the presentation of our financial position, results of operations and cash flows under IFRS and U.S. generally accepted accounting principles.\n\nThe terms “dollar,” “USD” or “$” refer to U.S. dollars and the terms “Swiss francs” or “CHF” refer to the legal currency of Switzerland.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\n**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\nThis Annual Report on Form 20-F contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to our management. All statements other than present and historical facts and conditions contained in this Annual Report on Form 20-F, including statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements. When used in this Annual Report on Form 20-F, the words “anticipate,” “believe,” “continue” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “ongoing,” “objective,” “plan,” “potential,” “predict,” “should,” “will” and “would,” or the negative of these and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about:\n\n●the development of our drug candidates, including statements regarding the timing of initiation, completion and the outcome of pre-clinical studies or clinical trials and related preparatory work, the period during which the results of the studies or trials will become available and our research and development programs with respect to our drug candidates;\n\n●the impact of global macroeconomic conditions, including pandemics, inflation, interest rates, trade policies (including tariffs) and geopolitical risks, on our business and operations;\n\n●our ability to obtain and maintain regulatory approval of our drug candidates in the indications for which we plan to develop them, and any related restrictions, limitations or warnings in the label of an approved drug or therapy;\n\n●our plans to collaborate, or statements regarding the ongoing collaborations, with partner companies;\n\n●our plans to research, develop, manufacture and commercialize our drug candidates;\n\n●the timing of our regulatory filings for our drug candidates;\n\n●the size and growth potential of the markets for our drug candidates;\n\n●our ability to raise additional capital;\n\n●our commercialization, marketing and manufacturing capabilities and strategy;\n\n●our expectations regarding our ability to obtain and maintain intellectual property;\n\n●our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;\n\n●how long we will qualify as a non-accelerated filer or a foreign private issuer;\n\n●our estimates regarding future revenue, expenses and needs for additional financing;\n\n●our belief about the duration of our cash runway;\n\n●regulatory developments in the United States, European Union and other jurisdictions; and\n\n●other risks and uncertainties, including those listed in this section of this Annual Report on Form 20-F titled “Item 3.D—Risk Factors.”\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\nYou should refer to the section of this Annual Report on Form 20-F titled “Item 3.D—Risk Factors” for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Annual Report on Form 20-F will prove to be accurate. Furthermore, if our forward- looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n\nYou should read this Annual Report on Form 20-F and the documents that we reference in this Annual Report on Form 20-F and have filed as exhibits to this Annual Report on Form 20-F completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.\n\nThis Annual Report on Form 20-F contains market data and industry forecasts that were obtained from industry publications. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified any third-party information. While we believe the market position, market opportunity and market size information included in this Annual Report on Form 20-F is generally reliable, such information is inherently imprecise.\n\nThis Annual Report on Form 20-F contains estimates, projections and other information concerning our industry, our business and the markets for our drug candidates. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from our own internal estimates and research as well as from reports, research surveys, studies and similar data prepared by market research firms and other third parties such as investment banking analysts, industry, medical and general publications, government data and similar sources. In addition, assumptions and estimates of our and our industry’s future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Item 3.D—Risk Factors.” These and other factors could cause our future performance to differ materially from our assumptions and estimates.\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\n**PART I**"}