The following table reconciles the Company’s theoretical tax expense to its effective tax expense: | | | | | | | | | | | | | For the year ended December 31, | | (in thousands of euros) | 2025 | 2024 | 2023 | | Net loss | (23,961) | | (68,132) | | (39,700) | | | Effective tax expense | 3 | | 101 | | 120 | | | Recurring loss before tax | (23,959) | | (68,031) | | (39,580) | | | Theoretical tax rate (statutory rate in France) | 25.00 | % | 25.00 | % | 25.00 | % | | Theoretical tax (benefit) expense | (5,990) | | (17,008) | | (9,895) | | | Share-based payment | 885 | | 1,074 | | 805 | | | Other permanent differences | (108) | | 195 | | (660) | | | Other non-taxable items (CIR) | (704) | | (811) | | (985) | | | Unrecognized deferred tax on timing differences and tax losses | 5,920 | | 16,651 | | 10,854 | | | Effective tax expense | 3 | | 101 | | 120 | | | Effective tax rate | 0.0 | % | (0.1) | % | (0.3) | % |
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