v3.25.4
Consolidated Statement of Cash Flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Result for the year € (42,184) € (27,763) € (27,735)
Adjustments for:      
Other income (441) (640) (3,011)
Depreciation 2,703 2,761 2,513
Results on derecognition of subsidiary     (131)
Share-based compensation 4,014 2,544 3,106
Financial income and expenses (1,046) (2,167) (1,135)
Results related to derecognition of financial liabilities     (1,866)
Results related to financial liabilities measured at FVTPL (235) (345) (953)
Income tax expenses / (gains) 19 (197) (78)
Changes in deferred income (11,984) (12,728) (6,470)
Other changes in working capital (5,433) (536) 55,426
Cash (used in) / generated by operations (54,587) (39,071) 19,666
Corporate income tax (paid) / received (19) 197 78
Interest received 2,333 3,251 2,593
Interest paid (518) (770) (789)
Net cash (used in) / generated by operating activities (52,791) (36,393) 21,548
Cash flow from investing activities      
Purchases of property, plant and equipment (1,020) (1,418) (1,371)
Proceeds from sale of property, plant and equipment     60
Proceeds from sale of intellectual property     7,940
Transaction costs on sale of intellectual property   (2,655) (2,351)
Increase in short-term deposits   (17,000)  
Decrease in short-term deposits   17,000  
Net cash (used in) / generated by investing activities (1,020) (4,073) 4,278
Cash flow from financing activities      
Proceeds from issuance of shares, net of transaction costs   71,635  
Proceeds from exercise of share options 69 223 354
Repayment of convertible loans     (1,008)
Repayment of lease liability (1,905) (1,582) (1,621)
Net cash (used in) / generated by financing activities (1,836) 70,276 (2,275)
Net (decrease) / increase in cash and cash equivalents (55,647) 29,810 23,551
Currency effect cash and cash equivalents (1,348) 673 599
Cash and cash equivalents, at beginning of the period 149,408 118,925 94,775
Cash and cash equivalents at the end of the period € 92,413 € 149,408 € 118,925