v3.26.1
Financial liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of financial liabilities [abstract]  
Disclosure of Changes in Financial Liabilities
As of December 31,
(in thousands of euros)20252024
Lease liabilities – Short term1,210 1,261 
Repayable BPI loan advances - Short term804 689 
PGE Loans*1,571 2,543 
EIB Loan – Short term725 430 
Royalty Financing - Short term
— — 
Total current financial liabilities4,309 4,924 
Lease liabilities – Long term1,889 2,969 
Repayable BPI loan advances – Long term136 1,258 
PGE Loans*— 1,547 
EIB loan – Long term47,717 40,204 
Royalty Financing - Long term
41,269 — 
Total non-current financial liabilities91,010 45,978 
Total financial liabilities95,320 50,902 
(*)”PGE”or in French “Prêts garantis par l’Etat” are state-guaranteed loans
Detail of financial instruments included in the statements of financial position and impact on income
As of December 31, 2025
(in thousands of euros)Book value on
the statement of
financial position		Financial assets
carried at fair value
through profit or
loss		Assets and liabilities
carried at amortized
cost
Fair value (1)
Non-current financial assets
Non-current financial assets434 — 434 434 
Trade receivables2,136 — 2,136 2,136 
Cash and cash equivalents52,750 — 52,750 52,750 
Total assets55,320 — 55,320 55,320 
Financial liabilities
Non-current financial liabilities91,010 — 91,010 94,282 
Current financial liabilities4,309 — 4,309 4,358 
Trade payables and other payables9,121 — 9,121 9,121 
Total liabilities104,441 — 104,441 107,760 
(1)The fair value of current and non-current liabilities include loans, repayable advances from Bpifrance, the EIB loan, the HCR royalty financing and the HSBC and Bpifrance state-guaranteed loans, was assessed using unobservable “level 3” inputs, in the IFRS 13 classification for fair value. See Note 13 - Financial liabilities.
As of December 31, 2024
 (in thousands of euros)Book value on the statement of financial positionFinancial assets carried at fair value through profit or lossAssets and liabilities carried at amortized cost
Fair value (1)
Non-current financial assets
Non-current financial assets406 — 406 406 
Trade receivables2,977 — 2,977 2,977 
Cash and cash equivalents49,737 — 49,737 49,737 
Total assets53,120 — 53,120 53,120 
Financial liabilities
Non-current financial liabilities45,978 — 45,978 48,443 
Current financial liabilities4,924 — 4,924 4,924 
Trade payables and other payables20,035 — 20,035 20,035 
Total liabilities70,936 — 70,936 73,402 
(1)The fair value of current and non-current liabilities include loans, repayable advances from Bpifrance, the EIB loan and the HSBC and Bpifrance state-guaranteed loans, was assessed using unobservable “level 3” inputs, in the IFRS 13 classification for fair value. See Note 13 - Financial liabilities.
Disclosure of Reconciliation of Changes in Lease Liabilities
The table below shows the detail of changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes.
(in thousands of euros)Lease LiabilitiesRepayable BPI Loan AdvancesPGE LoansEIB LoanRoyalty FinancingTotal
Bpifrance advanceCuradigm Bpi advance
HSBC
“PGE” (1)
Bpifrance
“PGE” (1)
As of December 31, 20235,081 2,066 397 3,155 3,457 36,409 — 50,565 
Principal received / New contracts— — — — — — — — 
Decrease in loans and conditional advances— (500)(75)(1,250)(1,250)— — (3,075)
Interest paid(170)— — (48)(66)(697)— (811)
Payment of lease liabilities(1,080)— — — — — — (1,080)
Cash flows from (used in) financing activities(1,250)(500)(75)(1,298)(1,316)(697)— (5,136)
Indexation effect on current lease commitment245 — — — — — — 245 
Impact of discounting and catch-up(16)12 20 (13)(4)(2,832)— (2,833)
Cumulative fixed interest expense accrual— 28 — 48 62 1,670 — 1,808 
Cumulative variable interest expense accrual169 — — — — 6,085 — 6,254 
Non-cash from (used in) financing activities398 40 20 35 58 4,923 — 5,474 
As of December 31, 20244,230 1,606 342 1,891 2,198 40,635 — 50,902 
Principal received / New contracts82 — — — — — 40,167  1640,249 
Decrease in loans and conditional advances— (921)(125)(1,254)(1,255)— — (3,554)
Interest paid(130)— — (26)(36)(1,328)— (1,520)
Payment of lease liabilities(1,195)— — — — — — (1,195)
Cash flows from financing activities(1,243)(921)(125)(1,280)(1,291)(1,328)40,167 33,981 
Indexation effect on current lease commitment— — — — — — — — 
Impact of discounting and catch-up(19)5 15 (7)(2)480 — 472 
Cumulative fixed interest expense accrual— 17 — 26 36 1,497 1,515 3,091 
Cumulative variable interest expense accrual130 — — — — 7,158 — 7,288 
Foreign exchange gain (loss)— — — — — — (413)(413)
Non-cash from financing activities111 22 15 19 34 9,135 1,101 10,437 
As of December 31, 20253,099 707 232 630 941 48,442 41,269 95,320 
Of which current1,210 707 97 630 941 725 — 4,309 
Of which Non-Current1,889 — 135 — — 47,717 41,269 91,010 
(1)”PGE”or in French “Prêts garantis par l’Etat” are state-guaranteed loans
Disclosure of Commercialization Date Sensitivity Analysis Commercialization date sensitivity analysis
With constant average discount rate and cumulative net sales:
(in thousands of euros)
As of December 31, 2025
Commercialization date sensitivity
Total debt at amortized costP&L impactTotal impact
Base date48,442 — — 
1 year after *41,984 6,457 6,457 
(*) one year postponement versus first year of commercialization
Commercialization date sensitivity analysis
With the same average discount rate and cumulated net sales:
(in thousands of euros)
As of December 31, 2025
Commercialization date sensitivity
Total debt at fair value
Fair Value impact
Total impact
Base date52,730 — — 
1 year after *48,651 4,078 4,078 
(*) one year postponing versus first year of commercialization
Disclosure of Cumulated Net Sales Sensitivity Analysis Cumulated net sales sensitivity analysis
With constant average discount rate and commercialization date:
(in thousands of euros)
As of December 31, 2025
Cumulated net sales sensitivityTotal debt at amortized costP&L impactTotal impact
Net sales -10%47,514 927 927 
Base cumulated net sales48,442 — — 
Net sales +10%49,369 (927)(927)
Cumulated net sales sensitivity analysis
With constant average discount rate and commercialization date:
(in thousands of euros)
As of December 31, 2025
Cumulated net sales sensitivityTotal debt at fair value
Fair Value impact
Total impact
Net sales -10%52,097 633 633 
Base cumulated net sales52,730 — — 
Net sales +10%53,363 (633)(633)
Disclosure of Advances Loans and Lease Liabilities
The due dates for repayment of the financial liabilities at their nominal value and including fixed rate interests and future variable interest payments have been estimated based on the milestone and royalties forecasts at the reporting date and are presented as follows:
As of December 31, 2025
(in thousands of euros)Less than 1 yearBetween 1 and
3 years		Between 3 and
5 years
More than
5 years
Total
Bpifrance716 — — — 716 
Curadigm interest-free Bpifrance advance100 150 — — 250 
HSBC “PGE” (1)631 — — — 631 
Bpifrance “PGE” (1)948 — — — 948 
EIB fixed rate loan824 19,099 46,421 43,149 109,492 
HCR Royalty Financing— 105,949 21,754 101,106 228,809 
Lease liabilities1,289 1,299 656 — 3,243 
Total4,508 145,037 72,637 161,949 344,089 
(1) The Company plans according to contractual terms to reimburse the two “PGE” (“Prêts garantis par l’Etat” or state-guaranteed loans) from HSBC and BPI over 5 years with a deferral of 1 year (last reimbursement being in 2026).
As of December 31, 2024
(in thousands of euros)Less than 1 yearBetween 1 and
3 years		Between 3 and
5 years
More than
5 years
Total
Bpifrance800 837 — — 1,637 
Interest-free Bpifrance loan— — — — — 
Curadigm interest-free Bpifrance advance100 200 75 — 375 
HSBC “PGE” (1)1,272 631 — — 1,903 
Bpifrance “PGE” (1)1,289 948 — — 2,237 
EIB fixed rate loan467 19,942 40,784 39,196 100,389 
Lease liabilities1,282 2,131 866 216 4,495 
Total5,210 24,689 41,725 39,412 111,036 
(1)”The Company will reimburse the two “PGE”or (“Prêts garantis par l’Etat” or state-guaranteed loans) over 5 years with a deferral of 1 year (last reimbursement being in 2026)