v3.25.2
Share-based payments (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangements [Abstract]  
Disclosure of reconciliation of other equity instruments The following tables summarize the data relating to BCEs:
TYPE
NUMBER
OF BCEs
ISSUED
NUMBER
OF BCE
OUTSTAND
ING AS OF
JANUARY
1, 2025
NUMBER
OF ISSUED
BCEs
NUMBER
OF LAPSED
BCEs
NUMBER
OF
EXERCISE
D BCEs
NUMBER
OF BCEs
OUTSTAND
ING
NUMBER
OF BCEs
EXERCISA
BLE
MAXIMUM
NUMBER OF
SHARES TO
BE ISSUED IF
ALL
CONDITIONS
ARE MET
FOR THE PERIOD ENDED JUNE 30,
2025
AS OF
JUNE 30, 2025
Total
BCEs
496,965
330,179
—
—
—
330,179
245,962
330,179
The following tables summarize the data relating to BSAs:
TYPE
Total
NUMBER
OF BSAs
ISSUED
NUMBER
OF BCAs
OUTSTAND
ING AS OF
JANUARY
1, 2025
NUMBER
OF ISSUED
BSAs
NUMBER
OF LAPSED
BSAs
NUMBER
OF
EXERCISE
D  BSAs
NUMBER
OF BSAs
OUTSTAND
ING
NUMBER
OF BSAs
EXERCISA
BLE
MAXIMUM
NUMBER OF
SHARES TO
BE ISSUED IF
ALL
CONDITIONS
ARE MET
FOR THE PERIOD ENDED JUNE 30,
2025
AS OF
JUNE 30, 2025
Total BSAs
486,714
223,944
164,370
—
—
—
388,314
146,124
388,314
The following tables summarize the data relating to AGAs as well as the assumptions used for the measurement thereof in
accordance with IFRS 2—Share-based Payment:
TYPE
Total NUMBER
OF AGAs
ISSUED
NUMBER OF
AGAs
OUTSTANDING
AS OF
JANUARY 1,
2025
NUMBER OF
ISSUED AGAs
NUMBER OF
LAPSED AGAs
NUMBER OF
VESTED AGAs
NUMBER OF
AGAs
OUTSTANDING
FOR THE PERIOD ENDED JUNE 30, 2025
AS OF
JUNE 30, 2025
Total AGAs
0
9,113,148
—
3,388,040
4,565,727
(160,875)
—
(124,096)
—
7,668,796
Disclosure of main data and assumptions used for the measurement of other equity instruments The fair value of the BSAs was determined at grant date using the Black Scholes model, with the following assumptions:
TYPE
FAIR VALUE
OF THE
UNDERLYING
SHARE
FAIR VALUE
OF THE BSA
NUMBER OF
BSAs
SUBSCRIPTI
ON PRICE
STRIKE
PRICE PER
SHARE
RISK FREE 
RATE
EXPECTED
MATURITY
VOLATILITY
BSA-2025-1
€6.13
[€3.5-€3.9]
100,000
€2.00
€6.63
4.65%
[5.5-7 years]
60.88%
BSA-2025-2
€6.13
[€3.5-€3.9]
25,000
€2.00
€6.63
4.65%
[5.5-7 years]
60.88%
BSA-2025-3
€6.48
[€3.7-€4.1]
39,370
€1.27
€6.41
3.92%
[5.5-7 years]
60.69%
TYPE
FAIR VALUE OF
THE
UNDERLYING
SHARE
FAIR VALUE OF
THE AGA
MATURITY
VOLATILITY
RISK FREE RATE
AGA-2025-1
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-2
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-3
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-4
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-5
€6.17
€6.17
N/A
N/A
N/A
AGA-2025-6
€7.36
€7.36
N/A
N/A
N/A
The fair values of the Minimum Return Indemnifications were measured using the following assumptions:
Tranche B Minimum Return Indemnification - Mars 2024
AS OF DECEMBER 31, 2024
AS OF JUNE 30, 2025
Final redemption scenario probability
95%
95%
Minimal return
1.40x
1.40x
Discount rate
8%
16%
Probability-weighted present value of shortfall payment (in
thousands of €)
2,635 (Final redemption)
136 (Tender offer)
2,595 (Final redemption)
133 (Tender offer)
Probability-weighted fair value of tranche A-B warrants with MRI
(in thousands of €)
104 (Final redemption)
222 (Final redemption)
Probability-weighted fair value of tranche A-B warrants without
MRI (in thousands of €)
241 (Final redemption)
386 (Final redemption)
Total fair value of MRI (in thousands of €)
2,499 (Final redemption, i.e. a+b-c)
136 (Tender offer)
2,431 (Final redemption)
133 (Tender offer)
Fair value of Tranche B MRI (in thousands of €)
2,636
2,564
Tranche C Minimum Return Indemnification - June 2024
AS OF DECEMBER 31, 2024
AS OF JUNE 30, 2025
Final redemption scenario probability
95%
95%
Minimal return
1.30x
1.30x
Discount rate
8%
16%
(a) Probability-weighted present value of shortfall payment (in
thousands of €)
1,160 (Final redemption)
43 (Tender offer)
1,245 (Final redemption)
45 (Tender offer)
(b) Probability-weighted fair value of tranche A-B warrants with
MRI (in thousands of €)
684 (Final redemption)
927 (Final redemption)
(c) Probability-weighted fair value of tranche A-B warrants without
MRI (in thousands of €)
903 (Final redemption)
1,142 (Final redemption)
Total fair value of MRI (in thousands of €)
941 (Final redemption, i.e. a+b-c)
43 (Tender offer)
1,030 (Final redemption)
45 (Tender offer)
Fair value of Tranche C MRI (in thousands of €)
984
1,075
The
main data and assumptions are the following:
Kreos/Claret Tranche A-B BSA - August 2023
AS OF DECEMBER 31, 2024
AS OF JUNE 30, 2025
Number of outstanding BSA
214,198
214,198
Exercise price per share
18.67
18.67
Ordinary share price
6.76
6.64
Exercise date
19/8/2030 (expiry)
18/2/2027 (tender offer)
19/8/2030 (expiry)
18/2/2027 (tender offer)
7-year expiry scenario probability
95%
95%
Volatility
44.3% (expiry)
44.3% (tender offer)
60.8% (expiry)
60.8% (tender offer)
Dividend
—%
—%
Risk-free rate
2.9% (expiry)
2.9% (tender offer)
1.9% (expiry)
1.9% (tender offer)
Fair value of issued Kreos/Claret Tranche A-B BSA
243
390
Kreos/Claret Tranche C BSA - November 2023
AS OF DECEMBER 31, 2024
AS OF JUNE 30, 2025
Number of outstanding BSA
405,832
405,832
of which, number of conditional BSA
0
0
Exercise price per share
9.86
9.86
Ordinary share price
6.67
6.64
Exercise date
1/11/2030 (expiry)
18/2/2027 (tender offer)
1/11/2030 (expiry)
18/2/2027 (tender offer)
7-year expiry scenario probability
95%
95%
Probability of Drawdown of Tranche C credit facility
Drawn on June 21, 2024
Drawn on June 21, 2024
Volatility
44.3% (expiry)
44.3% (tender offer)
60.8% (expiry)
60.8% (tender offer)
Dividend
—%
—%
Risk-free rate
2.9% (expiry)
2.9% (tender offer)
1.9% (expiry)
1.9% (tender offer)
Fair value of issued Kreos/Claret Tranche A-B BSA
923
1,167
Disclosure of breakdown of the compensation expenses Breakdown of the compensation expenses accounted for the three- and six-month periods ended June 30, 2024 and
2025:
TYPE
(in thousands of euros)
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2024
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2025
FOR THE
PERIOD
ENDED JUNE
30, 2024
FOR THE
PERIOD
ENDED JUNE
30, 2025
BCEs
(28)
—
(56)
—
—
BSAs
(68)
(71)
(68)
—
(137)
AGAs
(5,570)
(6,261)
(11,297)
—
(10,884)
Social taxes related to AGAs
(178)
(667)
(640)
—
(1,350)
Total
(5,845)
(6,998)
(12,061)
—
(12,371)