Shareholders' equity (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Shareholders' equity |
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| Schedule of changes in share capital |
| | | | | | | | | | | | | | | | | Premiums | | | | | | | | | | | related to share | | | | | Date | | Nature of the transactions | | Share capital | | capital | | Number of shares | | Nominal value | Balance as of 31 December 2022 | | 421,341 | | 173,885,665 | | 42,134,169 | | 0.01 | August 30, 2023 | | August 2023 Share Issuance | | 96,186 | | 30,491,082 | | 9,618,638 | | 0.01 | August 30, 2023 | | Transaction costs related to the capital increase | | — | | (2,510,855) | | — | | — | December 8, 2023 | | Vesting of bonus shares | | 3,630 | | (3,630) | | 363,000 | | 0.01 | Balance as of 31 December 2023 | | 521,158 | | 201,862,263 | | 52,115,807 | | 0.01 | March 25, 2024 | | AGA 2021 2021-BIS | | 3,614 | | (3,614) | | 361,381 | | 0.01 | October 17, 2024 | | Structured Financing (T1 New Shares and T1 BSAs) | | 346,005 | | 38,422,366 | | 34,600,507 | | 0.01 | December 16, 2024 | | AGA 2023-2 | | 7,126 | | (7,126) | | 712,632 | | 0.01 | December 19, 2024 | | Structured Financing (T1 bis Shares and T1 bis BSAs) financing | | 78,721 | | 8,885,708 | | 7,872,064 | | 0.01 | Balance as of December 31, 2024 | | 956,624 | | 249,159,597 | | 95,662,391 | | 0.01 | April 28, 2025 | | Structured Financing (Exercise of T1 warrants) | | 10,000 | | 1,340,000 | | 1,000,000 | | 0.01 | May 7, 2025 | | Structured Financing (T2 New Shares) | | 424,889 | | 127,595,233 | | 42,488,883 | | 0.01 | October 9, 2025 | | Structured Financing (Exercise of T1 warrants) | | 68,000 | | 9,112,000 | | 6,800,000 | | 0.01 | November 5, 2025 | | Structured Financing (Exercise of T1 and T1bis warrants) | | 3,210 | | 430,182 | | 321,031 | | 0.01 | November 18, 2025 | | Public offering (American Depositary Shares) | | 448,052 | | 138,925,018 | | 44,805,193 | | 0.01 | December 11, 2025 | | Structured Financing (Exercise of T1 warrants) | | 12,517 | | 1,677,310 | | 1,251,724 | | 0.01 | December 15, 2025 | | AGA 2024-1, AGA- 2024-2 and AGA 2024-3 | | 9,078 | | (9,078) | | 907,756 | | 0.01 | Balance as of December 31, 2025 | | 1,932,370 | | 528,230,262 | | 193,236,978 | | 0.01 |
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| BSPCE Share Warrants |
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| Shareholders' equity |
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| Schedule of main characteristics of share-based payment plan |
| | | | | | BSPCE 2021 | | Decision of issuance by the Board of Directors | | 04/16/2021 | | Grant date | | 04/16/2021 | | Beneficiary | | Executive Directors (Frederic Cren and Pierre Broqua) | | Number of BSPCE granted | | 600,000 | | Expiration date | | 03/31/2034 | | Number of shares per BSPCE | | 1 | | Subscription price (€) | | 0 | | Exercise price (€) | | 11.74 | | Performance condition | | Partially | (1) | Valuation method used | | Monte Carlo | | Fair value at grant date (€) | | [5.4 – 5.7] | (1) | Expected volatility | | 64 | % | Average life (years) | | 5 | | Risk-free rate | | 0.60 | % | Expected dividends | | — | |
(1)The fair value at grant date is different depending on whether the BSPCEs are subject to market performance conditions.
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| BSA Share warrant |
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| Shareholders' equity |
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| Schedule of main characteristics of share-based payment plan |
| | | | | | | | | | | | | | | | | | | | BSA 2017 | | BSA 2018-1 | | BSA 2019 | | BSA 2019 Bis | | BSA 2019 ter | | BSA 2021 | | BSA 2023-1 | | BSA 2023-2 | | Decision of issuance by the Board of Directors | | 05/29/2017 | | 12/14/2018 | | 06/28/2019 | | 03/09/2020 | | 03/09/2020 | | 04/16/2021 | | 05/25/2023 | | 12/15/2023 | | Grant date | | 05/29/2017 | | 12/14/2018 | | 06/28/2019 | | 03/09/2020 | | 03/09/2020 | | 04/16/2021 | | 05/25/2023 | | 12/15/2023 | | Beneficiary | | Directors | | Service providers | | Service providers | | Service providers | | Service providers | | Service providers | | Service providers | | Service providers | | Vesting period (year) | | 3 tranches: 1 year, 2 years and 3 years | | between 1 and 3 years | | 1 | | 1 | | between 1 and 3 years | | 3 | | 2.9 years | | 2.3 years | | Expiration date | | 05/29/2027 | | 12/14/2028 | | 06/28/2029 | | 03/09/2030 | | 03/09/2030 | | 03/31/2034 | | 03/31/2036 | | 03/31/2036 | | Number of BSA granted | | 195,000 | | 126,000 | | 10,000 | | 10,000 | | 36,000 | | 50,000 | | 10,000 | | 20,000 | | Number of shares per BSA | | 1 | | 1 | | 1 | | 1 | | 1 | | 1 | | 1 | | 1 | | Subscription premium price per share (€) | | 0.534 | | 0.48 | | 0.18 | | 0.29 | | 0.29 | | 2.45 | | 0.20 | | 0.31 | | Exercise price per share (€) | | 6.675 | | 6.067 | | 2.20 | | 3.68 | | 3.68 | | 11.74 | | 2.51 | | 3.91 | | Performance condition | | No | | No | | No | | No | | No | | Yes | | No | | No | | Valuation method | | Black and Scholes | | Black and Scholes | | Black and Scholes | | Black and Scholes | | Black and Scholes | | Monte Carlo | | Black and Scholes | | Black and Scholes | | Fair value per BSA at grant date (€) | | 2.47 | | 1.98 | | 0.48 | | 0.90 | | 0.90 | | [3.0 – 3.2] | (1) | 1.89 | | 2.67 | | Expected volatility | | 40 | % | 40 | % | 40 | % | 40 | % | 40 | % | 64 | % | 65 | % | 62 | % | Average life (years) | | 6 | | 6 | | 5.5 | | 6 | | 6 | | 5 | | 6.5 | | 6.2 | | Risk free rate | | 0.22 | % | 0.30 | % | 0.33 | % | 0.0 | % | 0.0 | % | 0.60 | % | 2.96 | % | 2.65 | % | Expected dividends | | — | | — | | — | | — | | — | | — | | — | | — | |
(1)The fair value at grant date is different depending on whether the BSAs are subject to market performance conditions.
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| BSPCE and BSA Share Warrants |
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| Shareholders' equity |
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| Schedule of movements in BSPCE and BSA share warrants and AGA |
| | | | | | | | | | | | | | | | | | | | | Decision of | | | | | | | | | | | | | | | | | | | issuance | | | | | | | | | | | | | | | | | | | by the | | | | Exercise | | Outstanding | | | | | | | | Outstanding | | Number of | | | Board of | | | | price | | at Jan 1, | | | | | | Forfeited / | | at December 31, | | exercisable | Type | | Directors | | Grant Date | | (in euros) | | 2025 | | Issued | | Exercised | | Lapsed | | 2025 | | shares | BSPCE - Plan 2021 | | 04/16/2021 | | 04/16/2021 | | 11.74 | | 430,000 | | — | | — | | — | | 430,000 | | 430,000 | TOTAL BSPCE share warrants | | | | | | | | 430,000 | | — | | — | | — | | 430,000 | | 430,000 | BSA - Plan 2017 | | 05/29/2017 | | 05/29/2017 | | 6.67 | | 130,000 | | — | | — | | — | | 130,000 | | 130,000 | BSA - Plan 2018 | | 12/14/2018 | | 12/14/2018 | | 6.07 | | 116,000 | | — | | — | | — | | 116,000 | | 116,000 | BSA 2019 | | 06/28/2019 | | 06/28/2019 | | 2.20 | | 10,000 | | — | | — | | — | | 10,000 | | 10,000 | BSA 2019 bis | | 03/09/2020 | | 03/09/2020 | | 3.68 | | 10,000 | | — | | — | | — | | 10,000 | | 10,000 | BSA 2019 ter | | 03/09/2020 | | 03/09/2020 | | 3.68 | | 36,000 | | — | | — | | — | | 36,000 | | 36,000 | BSA 2021 | | 04/16/2021 | | 04/16/2021 | | 11.74 | | 14,333 | | — | | — | | — | | 14,333 | | 14,333 | BSA 2023 | | 05/25/2023 | | 05/25/2023 | | 2.51 | | 10,000 | | — | | — | | — | | 10,000 | | — | BSA 2023 - 2 | | 12/15/2023 | | 12/15/2023 | | 3.91 | | 20,000 | | — | | — | | — | | 20,000 | | — | TOTAL BSA share warrants | | | | | | | | 346,333 | | — | | — | | — | | 346,333 | | 316,333 | Total share warrants | | | | | | | | 776,333 | | — | | — | | — | | 776,333 | | 746,333 |
| | | | | | | | | | | | | | | | | | | | | Exercise | | Outstanding | | | | | | | | Outstanding | | Number of | | | | | price | | at Jan 1, | | | | | | Forfeited / | | at December 31, | | exercisable | Type | | Grant Date | | (in euros) | | 2024 | | Issued | | Exercised | | Lapsed | | 2024 | | shares | BSPCE - Plan 2013 | | 12/13/2013 | | 0.59 | | — | | — | | — | | — | | — | | — | BSPCE - Plan 2021 | | 04/16/2021 | | 11.74 | | 430,000 | | — | | — | | — | | 430,000 | | 430,000 | TOTAL BSPCE share warrants | | | | | | 430,000 | | — | | — | | — | | 430,000 | | 430,000 | BSA - Plan 2017 | | 05/29/2017 | | 6.67 | | 130,000 | | — | | — | | — | | 130,000 | | 130,000 | BSA - Plan 2018 | | 12/14/2018 | | 6.07 | | 116,000 | | — | | — | | — | | 116,000 | | 116,000 | BSA 2019 | | 06/28/2019 | | 2.2 | | 10,000 | | — | | — | | — | | 10,000 | | 10,000 | BSA 2019 bis | | 03/09/2020 | | 3.68 | | 10,000 | | — | | — | | — | | 10,000 | | 10,000 | BSA 2019 ter | | 03/09/2020 | | 3.68 | | 36,000 | | — | | — | | — | | 36,000 | | 36,000 | BSA 2021 | | 04/16/2021 | | 11.74 | | 14,333 | | — | | — | | — | | 14,333 | | 14,333 | BSA 2023 | | 05/25/2023 | | 2.51 | | 10,000 | | — | | — | | — | | 10,000 | | — | BSA 2023 - 2 | | 12/15/2023 | | 3.91 | | 20,000 | | — | | — | | — | | 20,000 | | — | TOTAL BSA share warrants | | | | | | 346,333 | | — | | — | | — | | 346,333 | | 316,333 | Total share warrants | | | | | | 776,333 | | — | | — | | — | | 776,333 | | 746,333 |
| | | | | | | | | | | | | | | | | | | | | Exercise | | Outstanding | | | | | | | | Outstanding | | Number of | | | | | price | | at Jan 1, | | | | | | Forfeited / | | at December 31, | | exercisable | Type | | Grant Date | | (in euros) | | 2023 | | Issued | | Exercised | | Lapsed | | 2023 | | shares | BSPCE - Plan 2013 | | 12/13/2013 | | 0.59 | | 8,800 | | — | | — | | (8,800) | | — | | — | BSPCE - Plan 2021 | | 04/16/2021 | | 11.74 | | 480,000 | | — | | — | | (50,000) | | 430,000 | | 430,000 | TOTAL BSPCE share warrants | | | | | | 488,800 | | — | | — | | (58,800) | | 430,000 | | 430,000 | BSA - Plan 2017 | | 05/29/2017 | | 6.67 | | 130,000 | | — | | — | | — | | 130,000 | | 130,000 | BSA - Plan 2018 | | 12/14/2018 | | 6.07 | | 116,000 | | — | | — | | — | | 116,000 | | 116,000 | BSA 2019 | | 06/28/2019 | | 2.20 | | 10,000 | | — | | — | | — | | 10,000 | | 10,000 | BSA 2019 bis | | 03/09/2020 | | 3.68 | | 10,000 | | — | | — | | — | | 10,000 | | 10,000 | BSA 2019 ter | | 03/09/2020 | | 3.68 | | 36,000 | | — | | — | | — | | 36,000 | | 36,000 | BSA 2021 | | 04/16/2021 | | 11.74 | | 16,000 | | — | | — | | (1,667) | | 14,333 | | — | BSA 2023 | | 05/25/2023 | | 2.51 | | — | | 10,000 | | — | | — | | 10,000 | | — | BSA 2023 - 2 | | 12/15/2023 | | 3.91 | | — | | 20,000 | | — | | — | | 20,000 | | — | TOTAL BSA share warrants | | | | | | 318,000 | | 30,000 | | — | | (1,667) | | 346,333 | | 302,000 | Total share warrants | | | | | | 806,800 | | 30,000 | | — | | (60,467) | | 776,333 | | 732,000 |
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| Bonus share award plans (AGA) |
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| Shareholders' equity |
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| Schedule of main characteristics of share-based payment plan |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | AGA 2024-1 | | AGA 2024-2 | | AGA 2024-3 | | AGA 2024-4 | | | | AGA 2021 | | AGA 2021-bis | | AGA 2023-1 | | AGA 2023-2 | | (Tr1 - Tr2 - Tr3) | | (Tr1 - Tr2 - Tr3) | | (Tr1 - Tr2 - Tr3) | | (Tr1 - Tr2 - Tr3) | | Decision of issuance by the Board of Directors | | 04/16/2021 | | 12/08/2021 | | 05/25/2023 | | 12/15/2023 | | 12/13/2024 | | 12/13/2024 | | 12/13/2024 | | 12/13/2024 | | Grant date | | 04/16/2021 | | 12/08/2021 | | 05/25/2023 | | 12/15/2023 | | 01/06/2025 | | 01/06/2025 | | 01/06/2025 | | 01/17/2025 | | Beneficiary | | Employees | | Employees | | Executive Director (Pierre Broqua & Frédéric Cren) | | Employees | | Frédéric Cren | | Pierre Broqua | | Employees | | Employees | | | | 3 | | 3 | | 4 | | 1 | | 3 | | 3 | | 3 | | 3 | | Holding period (year) | | — | | — | | 4 | | 1 | | 1 | | 1 | | 1 | | 1 | | Service condition | | Yes | | Yes | | Yes | | Yes | | Yes | | Yes | | Yes | | Yes | | Performance condition | | Partially | (1) | Partially | (1) | Yes | | No | | Yes | | Yes | | Yes | | Yes | | Number of AGA granted | | 466,000 | | 123,000 | | 600,000 | (2) | 760,000 | | 800,000 | | 800,000 | | 1,577,000 | | 113,000 | | Number of shares per AGA | | 1 | | 1 | | 1 | | 1 | | 1 | | 1 | | 1 | | 1 | | Valuation method used | | Dual | (1) | Dual | (1) | Dual | (1) | Dual | (1) | Dual | (1) | Dual | (1) | Dual | (1) | Dual | (1) | Fair value per AGA at grant date | | [9.8 – 11.3] | (1) | [11.4 – 12.2] | (1) | 2.60 | | 3.90 | | 2.30 | | 2.30 | | 2.30 | | 2.30 | | Expected volatility | | 64 | % | 64 | % | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | Average life (years) | | 3 | | 2.3 | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | Risk-free rate | | 0.60 | % | 0.60 | % | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | Expected dividends | | — | | — | | — | | — | | — | | — | | — | | — | | Stock price reference | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | Non-transferable discount | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | |
| | | | | | | | | | | | | | | AGA 2025-1 | | AGA 2025-1 | | AGA 2025-2 | | AGA 2025-3 | | AGA 2025-4 | | AGA 2025-5 | | | (Tr1 - Tr2 - Tr3) | | (Tr4) | | (Tr1 - Tr2 - Tr3) | | (Tr1 - Tr2 - Tr3) | | (Tr1 - Tr2 - Tr3) | | (Tr1 - Tr2 - Tr3) | Decision of issuance by the Board of Directors | | 09/30/2025 | | 09/30/2025 | | 09/26/2025 | | 09/26/2025 | | 12/15/2025 | | 12/15/2025 | Grant date | | 09/30/2025 | | 09/30/2025 | | 09/26/2025 | | 09/26/2025 | | 12/15/2025 | | 12/15/2025 | Beneficiary | | Frédéric Cren | | Frédéric Cren | | Employees | | Employees | | Employees | | Employees | | | [1 – 3] | | [1 – 3] | | 3 | | 3 | | 3 | | 3 | Holding period (year) | | [0 – 1] | | [0 – 1] | | — | | — | | — | | — | Service condition | | Yes | | Yes | | Yes | | Yes | | Yes | | Yes | Performance condition | | Partially | (1) | Yes | | No | | No | | No | | No | Number of AGA granted | | 3,065,366 | | 3,093,333 | | 2,370,500 | | 38,000 | | 68,000 | | 500,000 | Number of shares per AGA | | 1 | | 1 | | 1 | | 1 | | 1 | | 1 | Valuation method used | | Share price | | Dual | (1) | Share price | | Share price | | Share price | | Share price | Fair value per AGA at grant date | | [3.67 – 4.92] | | [3.61 – 4.76] | | 4.95 | | 4.95 | | 3.79 | | 3.79 | Expected volatility | | N/A | | 54.9 | % | N/A | | N/A | | N/A | | N/A | Average life (years) | | N/A | | 1.5 | | N/A | | N/A | | N/A | | N/A | Risk-free rate | | N/A | | 2.0 | % | N/A | | N/A | | N/A | | N/A | Expected dividends | | — | | — | | — | | — | | — | | — | Stock price reference | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | Non-transferable discount | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A |
| (1) | AGA 2025-1 plan is partially composed of AGAs subject to market performance condition (Tranche 2, Tranche 3 and Tranche 4). AGAs 2025-1 (Tranche 1), AGAs 2025-2 and AGAs 2025-3 are not subject to market performance condition. Accordingly, AGAs not subject to market performance conditions are valued on the basis of the share price less future dividends, discounted at the risk-free rate. AGAs subject to market performance conditions are valued using the Monte Carlo approach. The fair value at the grant date is different depending on whether the AGAs are subject to market performance conditions. |
(2) | At the Board of Directors’ meeting held on March 25, 2024, it was decided to grant Frédéric Cren 300,000 performance shares (AGA 2023 - 1) in place of his 300,000 performance units (PAGUP 2023) (see note 12.5 - Performance units plans). |
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| Schedule of movements in BSPCE and BSA share warrants and AGA |
| | | | | | | | | | | | | | | | | | | Decision of | | | | | | | | | | | | | | | | | issuance | | | | | | | | | | | | | | | | | by the | | | | Fair value | | Outstanding | | | | | | | | Outstanding | | | Board of | | | | at grant date | | at Jan 1, | | | | | | Forfeited / | | at December 31, | Type | | Directors | | Grant Date | | (in euros) | | 2025 | | Granted | | Vested | | Lapsed | | 2025 | AGA 2023-1 | | 05/25/2023 | | 05/25/2023 | | 2.60 | | 525,000 | | — | | — | | (139,294) | | 385,706 | AGA 2024-1 (Tr1 - Tr2 - Tr3) | | 12/13/2024 | | 01/06/2025 | | 2.30 | | — | | 800,000 | | (266,667) | | (256,483) | | 276,850 | AGA 2024-2 (Tr1 - Tr2 - Tr3) | | 12/13/2024 | | 01/06/2025 | | 2.30 | | — | | 800,000 | | (145,388) | | (541,433) | | 113,179 | AGA 2024-3 (Tr1 - Tr2 - Tr3) | | 12/13/2024 | | 01/06/2025 | | 2.30 | | — | | 1,577,000 | | (495,701) | | (106,256) | | 975,043 | AGA 2024-4 (Tr1 - Tr2 - Tr3) | | 12/13/2024 | | 01/17/2025 | | 2.30 | | — | | 113,000 | | — | | — | | 113,000 | AGA 2025-1 (Tr1 - Tr2 - Tr3) | | 09/30/2025 | | 09/30/2025 | | 3.67 - 4.92 | | — | | 3,065,366 | | — | | (1,476,703) | | 1,588,663 | AGA 2025-1 (Tr4) | | 09/30/2025 | | 09/30/2025 | | 3.61 - 4.76 | | — | | 3,093,333 | | — | | (2,463,263) | | 630,070 | AGA 2025-2 | | 09/26/2025 | | 09/26/2025 | | 4.95 | | — | | 2,370,500 | | — | | (72,500) | | 2,298,000 | AGA 2025-3 | | 09/26/2025 | | 09/26/2025 | | 4.95 | | — | | 38,000 | | — | | (38,000) | | — | AGA 2025-4 | | 12/15/2025 | | 12/15/2025 | | 3.79 | | — | | 68,000 | | — | | — | | 68,000 | AGA 2025-5 | | 12/15/2025 | | 12/15/2025 | | 3.79 | | — | | 500,000 | | — | | — | | 500,000 | TOTAL free shares | | | | | | | | 525,000 | | 12,425,199 | | (907,756) | | (5,093,932) | | 6,948,511 |
| | | | | | | | | | | | | | | | | | | Fair value | | | | | | | | | | Outstanding | | | | | at grant | | Outstanding | | | | | | | | at | | | | | date | | at Jan 1, | | | | | | Forfeited / | | December 31, | Type | | Grant Date | | (in euros) | | 2024 | | Granted | | Vested | | Lapsed | | 2024 | AGA - Plan 2021 - 1 | | 04/16/2021 | | 11.30 | | 297,599 | | — | | (296,166) | | (1,433) | | — | AGA - Plan 2021 - bis | | 12/08/2021 | | 12.20 | | 65,215 | | — | | (65,215) | | — | | — | AGA 2023-1 | | 05/25/2023 | | 2.60 | | 300,000 | | 300,000 | | — | | (75,000) | | 525,000 | AGA 2023-2 | | 12/15/2023 | | 3.90 | | 748,000 | | — | | (712,632) | | (35,368) | | — | TOTAL free shares | | | | | | 1,410,814 | | 300,000 | | (1,074,013) | | (111,801) | | 525,000 |
| | | | | | | | | | | | | | | | | | | Fair value | | | | | | | | | | Outstanding | | | | | at grant | | Outstanding | | | | | | | | at | | | | | date | | at Jan 1, | | | | | | Forfeited / | | December 31, | Type | | Grant Date | | (in euros) | | 2023 | | Granted | | Vested | | Lapsed | | 2023 | AGA - Plan 2021 - 1 | | 04/16/2021 | | 11.30 | | 340,800 | | — | | — | | (43,201) | | 297,599 | AGA - Plan 2021 - bis | | 12/08/2021 | | 12.20 | | 76,800 | | — | | — | | (11,585) | | 65,215 | AGA 2022 | | 12/08/2022 | | 4.18 | | 373,000 | | — | | (363,000) | | (10,000) | | — | AGA 2023-1 | | 05/25/2023 | | 2.60 | | — | | 300,000 | | — | | — | | 300,000 | AGA 2023-2 | | 12/15/2023 | | 3.90 | | — | | 760,000 | | — | | (12,000) | | 748,000 | TOTAL free shares | | | | | | 790,600 | | 1,060,000 | | (363,000) | | (76,786) | | 1,410,814 |
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| PAGUP 2023 |
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| Shareholders' equity |
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| Schedule of movements in BSPCE and BSA share warrants and AGA |
| | | | | | | | | | | | | | | | | | | | | Reference | | Outstanding | | | | | | | | Outstanding | | Number of | | | | | price | | at Jan 1, | | | | | | Convert | | at December 31, | | exercisable | Type | | Grant Date | | (in euros) | | 2024 | | Issued | | Exercised | | AGA | | 2024 | | shares | PAGUP 2023 | | 05/25/2023 | | 2.60 | | 300,000 | | — | | — | | (300,000) | | — | | — | TOTAL PAGUP | | | | | | 300,000 | | — | | — | | (300,000) | | — | | — |
| | | | | | | | | | | | | | | | | | | | | Reference | | Outstanding | | | | | | | | Outstanding | | Number of | | | | | price | | at Jan 1, | | | | | | Forfeited | | at December 31, | | exercisable | Type | | Grant Date | | (in euros) | | 2023 | | Issued | | Exercised | | / Lapsed | | 2023 | | shares | PAGUP 2023 | | 05/25/2023 | | 2.60 | | — | | 300,000 | | — | | — | | 300,000 | | — | TOTAL PAGUP | | | | | | — | | 300,000 | | — | | — | | 300,000 | | — |
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| Stock options |
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| Shareholders' equity |
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| Schedule of measurements for share options granted |
| | | | | | | | | | | | | SO 2024-1 | | SO 2024-2 | | SO 2025-1 | | SO 2025-2 | | SO 2025-3 | Decision of issuance by the Board of Directors | | 12/20/2024 | | 12/20/2024 | | 10/10/2025 | | 12/02/2025 | | 12/15/2025 | Grant date | | 01/23/2025 | | 01/23/2025 | | 10/10/2025 | | 12/04/2025 | | 01/26/2026 | Beneficiary | | Mark Pruzanski | | Employees | | Employees | | Andrew Obenshain | | Employees | Vesting period (year) | | 3 | | 3 | | 3 | | 3 | | 3 | Holding period (year) | | 1 | | 1 | | 1 | | 1 | | 1 | Service condition | | Yes | | Yes | | Yes | | Yes | | Yes | Performance condition | | Yes | | No | | No | | No | | No | Number of SO granted | | 12,898,116 | | 301,000 | | 1,865,750 | | 6,000,000 | | 1,145,500 | Number of shares per SO | | 1 | | 1 | | 1 | | 1 | | 1 | Valuation method used | | Black & Scholes | | Black & Scholes | | Black & Scholes | | Black & Scholes | | Black & Scholes | Fair value per SO at grant date | | 1.1 | | 1.1 | | 1.77 | | 1.78 | | N.D | Expected volatility | | 58.2 | % | 58.2 | % | 54.6 | % | 56.2 | % | N/A | Average life (years) | | 3 | | 3 | | 3 | | 3 | | N/A | Risk-free rate | | 2.6 | % | 2.6 | % | 2.6 | % | 2.6 | % | N/A | Expected dividends | | — | | — | | — | | — | | — | Stock price reference | | € 2.19 | | € 2.19 | | € 3.99 | | € 3.53 | | N/A | Non-transferable discount | | N/A | | N/A | | N/A | | N/A | | N/A |
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| Schedule of stock option plans |
| | | | | | | | | | | | | | | | | | | Decision of | | | | | | | | | | | | | | | | | issuance | | | | Fair value | | Outstanding | | | | | | | | | | | by the Board of | | | | at grant | | at Jan 1, | | | | | | Forfeited | | Outstanding at | Type | | Directors | | Grant Date | | date (in euros) | | 2025 | | Issued | | Exercised | | / Lapsed | | December 31, 2025 | SO 2024-1 | | 12/20/2024 | | 01/23/2025 | | 1.10 | | — | | 12,898,116 | | — | | — | | 12,898,116 | SO 2024-2 | | 12/20/2024 | | 01/23/2025 | | 1.10 | | — | | 301,000 | | — | | (88,000) | | 213,000 | SO 2025-1 | | 10/10/2025 | | 10/10/2025 | | 1.77 | | — | | 1,865,750 | | — | | — | | 1,865,750 | SO 2025-2 | | 12/02/2025 | | 12/04/2025 | | 1.78 | | — | | 6,000,000 | | — | | — | | 6,000,000 | SO 2025-3 | | 12/15/2025 | | 01/26/2026 | | N.D. | | — | | 1,145,500 | | — | | — | | 1,145,500 | TOTAL Stock options | | | | | | | | — | | 22,210,366 | | — | | (88,000) | | 22,122,366 |
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