Investments accounted for using the equity method

12 Months Ended

Dec. 31, 2025

Investments accounted for using the equity method

Investments accounted for using the equity method

Note 7. Investments accounted for using the equity method

On September 26, 2023, pursuant to the terms of the Catalys Option Agreement, the Company exercised an option to buy 30% (1,500,000 ordinary shares) of Hepalys at an aggregate exercise price of ¥300 (equal to €1.90). Following the receipt of the exercise notice, Hepalys’s Board of Directors authorized the transfer of the 1,500,000 ordinary shares from Catalys to the Company on October 11, 2023.

The Company did not participate in Hepalys’ capital increases in 2023 and 2024, which resulted in a dilution of the Company’s ownership down to 15%.

As of December 31, 2025, the Company holds 15% of Hepalys’ shares.

The Company analyzed its ownership of Hepalys and concluded that, as of December 31, 2025, it has a significant influence over Hepalys. The significant influence is reflected through the ownership of percentage of interests held, the percentage of potential voting rights owned by the Company including the right of the Company under the Catalys Shareholders Agreement to acquire all outstanding shares of Hepalys at a pre-agreed multiple of post-money valuation that was exercisable as of December 31, 2025, as well as the active participation in the business of Hepalys in the framework of the Hepalys License Agreement.

The investment in Hepalys is accounted for using the equity method of accounting as of December 31, 2025.

The tables below provide the summarized statement of financial position of Hepalys. The disclosed information reflects the amounts presented in the financial statements of Hepalys and not the Company’s share of those amounts. They have been amended to reflect adjustments made by the Company when using the equity method, in this case, the adjustments to eliminate unrealized profit on the license sold. The tables below also provide the reconciliation between the Hepalys statement of financial position and the carrying amount in the Company’s statement of financial position.


		December 31,		December 31,		December 31,
(in thousands of euros)		2023		2024		2025
Intangible assets		20,278		16,984		12,729
Total non-current assets		20,278		16,984		12,729
Other current assets		44		81		102
Cash and cash equivalents		1,082		1,785		81
Total current assets		1,126		1,866		183
Deferred assets		41		2		—
Total assets		21,444		18,851		12,912

Capital stock		640		552		489
Capital reserve		22,655		21,489		8,267
Capital surplus-others		—		816		10,259
Earnings brought forward		(178)		(1,089)		(2,745)
Net loss for the period		(1,111)		(3,277)		(3,504)
Treasury Shares		(812)		—		—
Shareholders’ equity		21,194		18,490		12,766
Trade payables		237		353		134
Other current liabilities		13		8		12
Total current liabilities		250		361		146
Total equity and liabilities		21,444		18,851		12,912

Opening net assets		22,645		21,122		18,368
Loss for the period⁽¹⁾		(879)		(3,277)		(3,816)
Other comprehensive income		247		(920)		(1,786)
Capital variations		(819)		1,566		—
Closing net assets		21,194		18,490		12,766

Group’s share in %		15	%	15	%	15	%
(in thousands of euros)
Group’s share		3,267		2,707		1,869
Elimination of unrealized profit on downstream sales		(1,881)		(1,604)		(1,378)
Goodwill		38		37		37
Carrying amount		1,425		1,139		527

⁽¹⁾Refer to Note 23 – Share of net profit (loss) - equity method