v3.26.1
Consolidated Statements of Cash Flows - EUR (€)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Loss for the period € (45,633,780) € (46,064,402) € (42,667,529)
Adjustments for:      
Depreciation & amortization of property and equipment, right-of-use assets and intangible assets 419,483 485,114 567,780
Net finance income (2,637,922) (6,949,679) (2,240,566)
Share-based payment expense 4,444,639 4,065,807 3,414,489
Net foreign exchange differences 1,533,408 (37,101) 413,017
Changes in:      
Other assets from government grants and research allowances 2,594,009 (5,081,772) 732,971
Other assets and trade receivables 2,202,304 1,042,513 7,825,181
Employee benefits (900,419) 454,912 297,518
Other liabilities 57,410 (2,584,228) 2,738,164
Liabilities from government grants received (6,209,266)
Trade and other payables (5,994,849) (580,129) 6,986,824
Inventories 6,897,666 4,470,141 (11,367,807)
Interest received 1,738,197 2,243,197 1,732,284
Interest paid (34,474) (21,064) (36,025)
Net cash used in operating activities (35,314,328) (48,556,690) (37,812,966)
Investing activities      
Purchase of intangible assets and property and equipment (115,694) (46,871) (81,100)
Purchase of current and non-current financial assets (46,100,315) (35,340,107) (104,051,972)
Proceeds from sale of current financial assets 49,449,058 87,751,331 86,436,456
Net cash from/ (used in) investing activities 3,233,048 52,364,354 (17,696,616)
Financing activities      
Proceeds from issuance of ordinary shares 22,900,851 1,098,289 56,483,929
Proceeds from pre-funded warrants 12,915,909
Transaction costs from issuance of ordinary shares and pre-funded warrants (2,142,530) (323,729) (3,360,626)
Proceeds from exercise of share options 236,943
Repayment of lease liabilities (357,583) (388,114) (373,977)
Net cash from financing activities 33,316,646 386,446 52,986,269
Net in-/decrease in cash and cash equivalents 1,235,366 4,194,110 (2,523,313)
Effect of exchange rate changes on cash and cash equivalents (3,589,174) 1,413,926 (974,099)
Cash and cash equivalents at beginning of period 18,375,979 12,767,943 16,265,355
Cash and cash equivalents at end of period € 16,022,171 € 18,375,979 € 12,767,943