v3.26.1
STATEMENTS OF CONSOLIDATED CASH FLOWS - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from (used in) operating activities      
Net loss for the period € (23,961) € (68,132) € (39,700)
Elimination of other non-cash, non-operating income and expenses      
Depreciation and amortization 1,495 1,621 1,513
Provisions (225) (263) 506
Expenses related to share-based payments 3,539 4,298 3,222
Cost of net debt 4,088 1,942 2,714
Loss on disposal 153 (3) (24)
Impact of discounting financial liabilities and amortized cost 6,787 3,312 4,982
Income tax expense 3 101 120
Other non cash income and expenses (160) 0 4,277
Impact of the Janssen amendment on profit or loss (21,541) 23,352 0
Cash flows from (used in) operations, before tax and changes in working capital (29,822) (33,773) (22,390)
Tax paid (198) (62) (7)
Cash flow from (used in) operating activities after tax and before change in working capital requirement (30,020) (33,834) (22,397)
(Increase) / Decrease in trade receivables 840 (2,070) (806)
Receipt of research tax credit receivable 3,075 3,884 4,091
Increase in other receivables (2,064) (1,459) (4,375)
Increase / (Decrease) in trade and other payables (5,411) 1,959 8,675
Increase / (Decrease) in other current liabilities 175 (224) 723
Increase in deferred income and contract liabilities (16) 12,193 1,612
Changes in operating working capital (3,402) 14,283 9,920
Net cash flows from (used in) operating activities (33,422) (19,551) (12,476)
Cash flows from (used in) investing activities      
Acquisitions of intangible assets (8) (2) (9)
Acquisitions of property, plant and equipment (538) (846) (328)
(Increase) / Decrease in non-current financial assets (32) (107) (12)
Net cash flows from (used in) investing activities (578) (955) (349)
Cash flows from (used in) financing activities      
Capital increases 1,535 0 60,154
Transaction costs (777) 0 (2,790)
Increase in loans - Royalty Financing 42,933 0 0
Increase in other loans and conditional advances 0 0 150
Loan repayments (3,549) (3,075) (2,971)
Payment of lease liabilities (1,195) (1,080) (794)
Interest paid (1,530) (980) (6,978)
Net cash flows from (used in) financing activities 37,416 (5,135) 46,771
Effect of exchange rates changes on cash (402) 94 (51)
Net increase (decrease) in cash and cash equivalents 3,014 (25,547) 33,895
Net cash and cash equivalents at beginning of period 49,737 75,283 41,388
Net cash and cash equivalents at end of period € 52,750 € 49,737 € 75,283