v3.25.2
Financial liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure of financial liabilities [abstract]  
Disclosure of financial liabilities breakdown Financial liabilities break down as follows:
 
(amounts in thousands of euros)
FINANCIAL LIABILITIES 
AS OF
DECEMBER 31,
2024
AS OF
JUNE 30, 2025
Kreos & Claret bond loans
26,373
16,949
Lease liabilities
1,431
947
PGE
1,252
—
Borrowings
29,056
17,896
Kreos & Claret convertible notes (OCABSA)
23,370
17,833
Convertible loan notes
23,370
17,833
Kreos & Claret minimum return indemnifications
3,620
3,639
Derivative instruments
3,620
3,639
Royalty certificates
13,023
14,135
Other financial liabilities
13,023
14,135
Total non-current financial liabilities
69,069
53,503
Kreos & Claret bond loans
20,028
22,473
Lease liabilities
932
929
PGE
1,235
1,238
Borrowings
22,195
24,641
Heights convertible notes
21,574
17,743
Kreos & Claret convertible notes (OCABSA)
—
6,460
Convertible loan notes
21,574
24,203
Kreos & Claret BSA
1,166
1,557
Derivative instruments
1,166
1,557
Total current financial liabilities
44,935
50,401
Total financial liabilities
114,004
103,905
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 main data and assumptions used for the measurement of convertible loan notes The main data and assumptions are the following:
Heights convertible notes - August 2023
AS OF DECEMBER 31, 2024
AS OF JUNE 30, 2025
Number of outstanding notes
350
350
Original principal amount (in thousands of €)
35,000
35,000
Interest rate
6%
6%
Conversion price per share
€23.77
€23.77
Ordinary share price
€6.76
€6.64
Maturity date
24/08/2025 (put event)
24/08/2027 (HTM/voluntary conversion)
24/08/2026 (put event)
24/08/2027 (HTM/voluntary conversion)
Held to maturity scenario probability
75%
75%
Initial price limit
€14.43
€14.43
Early redemption amount (put event)
120%
120%
Volatility
50%
50%
Credit spread
25%
25%
Risk-free rate
2.9%
1.9%
Fair value of Heights convertible notes (in
thousands of €)
20,017
16,481
Disclosure of variation in lease liabilities The variations in lease liabilities are set forth below:
(amounts in thousands of euros)
  LEASE LIABILITY
AS OF
DECEMBER 31, 2023
540
(+) Increase
2,036
(-) Decrease
(353)
AS OF
JUNE 30, 2024
2,223
AS OF
DECEMBER 31, 2024
2,363
(+) Increase
—
(-) Decrease
(486)
AS OF
JUNE 30, 2025
1,876
Disclosure of reconciliation of liabilities arising from financing activities Changes in financial liabilities, excluding derivative instruments, are presented below as of June 30, 2024 and 2025:
(Amounts in thousands of euros)
Kreos/
Claret
convertible
notes
(OCABSA)
Kreos &
Claret
bond
loans
Heights
convertibl
e notes
PGE
Conditional
advances BPI
Lease
liabilities
Royalty
certificates
Total
FINANCIAL LIABILITIES (excluding
derivatives instruments)
AS OF
JANUARY 1, 2024
21,643
29,605
3,678
6,771
540
12,229
74,466
Proceeds
47,444
—
47,444
Repayments
(4,375)
(1,250)
(55)
(353)
(6,033)
Interest paid
(1,125)
(829)
(952)
(18)
(25)
(2,949)
Non-cash changes: classification of
embedded derivatives as separate
derivative financial instruments
(3,204)
(3,204)
Non-cash changes: (gain)/loss on
recognition or derecognition
(295)
(295)
Non-cash changes: interest expense
and other
1,948
1,365
920
34
7
25
1,933
6,232
Non-cash changes: other fair value
remeasurement
(91)
(91)
Non-cash changes : subsidies
(4,070)
—
—
(4,070)
Non-cash changes : other
reclassifications
(173)
(173)
Non cash changes: additional leases
2,036
2,036
AS OF
JUNE 30, 2024
22,466
44,776
24,812
2,444
2,480
2,223
14,162
113,363
(Amounts in thousands of euros)
Kreos/
Claret
convertible
notes
(OCABSA)
Kreos &
Claret
bond
loans
Heights
convertibl
e notes
PGE
Conditional
advances BPI
Lease
liabilities
Royalty
certificates
Total
FINANCIAL LIABILITIES (excluding
derivatives instruments)
AS OF
DECEMBER 31, 2024
23,370
46,401
21,574
2,488
—
2,363
13,023
109,218
Repayments
(9,140)
(2,188)
(1,250)
(454)
(13,032)
Interest paid
(1,125)
(1,974)
(689)
(43)
(36)
(3,868)
Non-cash changes: (gain)/loss on
recognition or derecognition
(295)
(295)
Non-cash changes: interest expense and
other
2,048
4,136
680
44
36
1,112
8,056
Non-cash changes: other fair value
remeasurement
(1,339)
(1,339)
Non cash changes : Effect of the change in
foreign currency exchange rates
(32)
(32)
AS OF
JUNE 30, 2025
24,293
39,423
17,743
1,238
—
1,876
14,135
98,709
Disclosure of changes in derivative instruments Changes in derivative instruments are presented below as of June 30, 2024 and 2025:
(amounts in thousands of euros)
Kreos/Claret BSA
Kreos/Claret
Minimum Return
Indemnifications
Total
DERIVATIVE FINANCIAL
INSTRUMENTS
AS OF
JANUARY 1, 2024
2,579
—
2,579
(+) Issuance
—
2,158
2,158
(+) Increase in fair value
1,542
5
1,547
(-) Decrease in fair value
—
(27)
(27)
AS OF JUNE 30, 2024
4,121
2,136
6,257
AS OF
JANUARY 1, 2025
1,166
3,620
4,786
(+) Increase in fair value
391
91
482
(-) Decrease in fair value
—
(72)
(72)
AS OF
JUNE 30, 2025
1,557
3,639
5,196
Disclosure of remaining contractual maturities of non-derivative financial liabilities The following are the remaining contractual maturities of financial liabilities as of December 31, 2024 and June 30, 2025. The
amounts are gross and undiscounted, and include contractual interest payments.
AS OF
DECEMBER 31, 2024
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
(amounts in thousands of euros)
Heights convertible notes
21,574
24,063
8,750
8,750
6,563
—
Kreos/Claret convertible notes
(OCABSA)
23,370
30,653
2,250
19,943
8,460
—
Kreos/Claret bond loans
46,401
58,080
24,016
25,715
8,348
—
PGE
2,488
2,586
1,293
1,293
—
—
Royalty certificates
13,023
—
—
—
—
—
Lease liabilities
2,363
2,512
993
996
516
7
Derivative instruments
4,786
4,786
1,166
—
3,620
—
Total financial liabilities
114,004
122,680
38,468
56,698
27,507
7
AS OF
JUNE 30, 2025
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
(amounts in thousands of euros)
Heights convertible notes
17,743
24,828
1,313
1,313
22,203
—
Kreos/Claret convertible notes
(OCABSA)
24,293
29,528
8,148
21,380
—
—
Kreos/Claret bond loans
39,423
45,670
25,549
20,121
—
—
PGE
1,238
1,268
1,268
—
—
—
Royalty certificates
14,135
—
—
—
—
—
Lease liabilities
1,876
1,991
979
907
105
—
Derivative instruments
5,196
5,196
1,557
3,639
—
Total financial liabilities
103,905
108,481
$—
38,814
0
47,359
$—
22,308
0
—
(1) The contractual cash flows above do not include potential future royalty payments related to the royalty certificates, amounting to
2% of the future net sales of obefazimod (worldwide and for all indications). The amount of royalties that may be paid under the
royalty certificates is capped at €172.0 million in the aggregate. Royalty payments are expected to take place before the expiry date of
the certificates, which is 15 years after their issuance date (September 2, 2037), and would be included in the "from 2 to 5 years" and
"longer than 5 years" maturity categories according to management's projections.
Disclosure of remaining contractual maturities of derivative financial liabilities The following are the remaining contractual maturities of financial liabilities as of December 31, 2024 and June 30, 2025. The
amounts are gross and undiscounted, and include contractual interest payments.
AS OF
DECEMBER 31, 2024
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
(amounts in thousands of euros)
Heights convertible notes
21,574
24,063
8,750
8,750
6,563
—
Kreos/Claret convertible notes
(OCABSA)
23,370
30,653
2,250
19,943
8,460
—
Kreos/Claret bond loans
46,401
58,080
24,016
25,715
8,348
—
PGE
2,488
2,586
1,293
1,293
—
—
Royalty certificates
13,023
—
—
—
—
—
Lease liabilities
2,363
2,512
993
996
516
7
Derivative instruments
4,786
4,786
1,166
—
3,620
—
Total financial liabilities
114,004
122,680
38,468
56,698
27,507
7
AS OF
JUNE 30, 2025
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
(amounts in thousands of euros)
Heights convertible notes
17,743
24,828
1,313
1,313
22,203
—
Kreos/Claret convertible notes
(OCABSA)
24,293
29,528
8,148
21,380
—
—
Kreos/Claret bond loans
39,423
45,670
25,549
20,121
—
—
PGE
1,238
1,268
1,268
—
—
—
Royalty certificates
14,135
—
—
—
—
—
Lease liabilities
1,876
1,991
979
907
105
—
Derivative instruments
5,196
5,196
1,557
3,639
—
Total financial liabilities
103,905
108,481
$—
38,814
0
47,359
$—
22,308
0
—
(1) The contractual cash flows above do not include potential future royalty payments related to the royalty certificates, amounting to
2% of the future net sales of obefazimod (worldwide and for all indications). The amount of royalties that may be paid under the
royalty certificates is capped at €172.0 million in the aggregate. Royalty payments are expected to take place before the expiry date of
the certificates, which is 15 years after their issuance date (September 2, 2037), and would be included in the "from 2 to 5 years" and
"longer than 5 years" maturity categories according to management's projections.