| Schedule of maturity analysis of financial liabilities |
| | | | | | | | | December 31, 2025 | | Less than 1 | | Between 1 and | | Between 3 and | | More than | (in thousands of euros) | | year | | 3 years | | 5 years | | 5 years | Bank borrowings | | 29,836 | | 19,840 | | 1,558 | | — | Derivatives(1) | | — | | 119,385 | | — | | — | Accrued interest payable on loans | | 436 | | 5,418 | | — | | — | Lease liabilities | | 2,036 | | 735 | | — | | — | Royalty certificates liabilities | | — | | 2,643 | | 11,888 | | 37,115 | Total Debt | | 32,309 | | 148,021 | | 13,445 | | 37,115 |
(1)Derivatives relate to EIB Warrants Tranche A and Tranche B, for which maturities are presented in Note 13.3 - Long-term Derivatives. | | | | | | | | | December 31, 2024 | | Less than 1 | | Between 1 and | | Between 3 and | | More than | (in thousands of euros) | | year | | 3 years | | 5 years | | 5 years | Bank borrowings | | 3,275 | | 39,252 | | 2,002 | | 668 | Derivatives | | 73,400 | | 24,315 | | — | | — | Accrued interest payable on loans | | 73 | | 4,404 | | — | | — | Lease liabilities | | 2,520 | | 2,135 | | — | | — | Royalty certificates liabilities | | — | | — | | — | | 29,207 | Total Debt | | 79,268 | | 70,105 | | 2,002 | | 29,875 |
| | | | | | | | | December. 31, 2023 | | Less than 1 | | Between 1 and | | Between 3 and | | More than | (in thousands of euros) | | year | | 3 years | | 5 years | | 5 years | Bank borrowings | | 2,928 | | 4,872 | | 17,848 | | 1,558 | Derivatives | | — | | — | | 10,265 | | — | Accrued interest payable on loans | | 82 | | — | | 3,636 | | — | Lease liabilities | | 2,298 | | 4,267 | | — | | — | Royalty certificates liabilities | | — | | — | | — | | 6,327 | Total Debt | | 5,308 | | 9,140 | | 31,749 | | 7,885 |
|
| Schedule of changes in borrowings |
| | | (in thousands of euros) | | | December 31, 2022 | | 44,390 | New lease contracts | | 3,706 | Issue of royalty certificates(1) | | 5,100 | Repayment of bank borrowings | | (2,485) | Repayment of lease liabilities | | (1,612) | Interests on royalty certificates | | 1,227 | Capitalized interest(2) | | 3,405 | Change in fair value of derivatives instruments(2) | | 389 | Exchange rate change | | (38) | December 31, 2023 | | 54,082 | Subscription of short-term derivatives instruments(3) | | 89,400 | Subscription of long-term derivatives instruments and bank borrowings(1)(2) | | 24,916 | Subscription of short-term bank borrowings | | 4 | Subscription of lease liabilities | | 428 | Issue of royalty certificates(1) | | 19,701 | Repayment of bank borrowings | | (2,606) | Repayment of lease liabilities | | (2,386) | Interests on royalty certificates | | 3,179 | Capitalized interest(2) | | 8,245 | Change in fair value of derivatives instruments(2) | | (13,759) | Exchange rate change | | 48 | December 31, 2024 | | 181,250 | Subscription of lease liabilities | | 880 | Repayment of bank borrowings | | (3,267) | Repayment of lease liabilities | | (2,713) | Interests on royalty certificates(4) | | 22,438 | Capitalized interest | | 10,677 | Change in fair value of derivatives instruments(2)(3) | | 179,774 | Settlement of derivatives instruments(3) | | (158,104) | Exchange rate change | | (51) | Subscription of short-term bank borrowings | | 4 | December 31, 2025 | | 230,890 |
(1)Net proceeds (2)EIB’s loan and warrants. (3)T2 New Shares - T2 BSAs of the Structured Financing (4)Including remeasurement of Royalty certificates Movements are further detailed as follows: | | | | | | | | | | | | | | | | | Debt | | | | | | | | | | | | Debt | | | carried | | | | | | | | | | | | carried | | | on the | | | | | | | | | | Effect of | | on the | | | balance | | | | | | | | | | movements | | balance | | | sheet at | | | | | | | | Fair | | in | | sheet on | | | Jan. 1, | | | | Capitalized | | | | Value | | exchange | | December 31, | (in thousands of euros) | | 2025 | | Additions | | Interests(1) | | Repayments | | Variation(2) | | rates | | 2025 | PGE SG 2020 | | 1,261 | | — | | — | | (839) | | — | | — | | 422 | PGE BPI France 2020 | | 1,444 | | — | | — | | (840) | | — | | — | | 604 | PGE CA 2020 | | 1,261 | | — | | — | | (1,031) | | — | | — | | 230 | PPR CA 2022 | | 1,780 | | — | | — | | — | | — | | — | | 1,780 | PPR SG 2022 | | 1,780 | | — | | — | | — | | — | | — | | 1,780 | PGE BPI France 2022 | | 1,669 | | — | | — | | (556) | | — | | — | | 1,113 | EIB Tranche A 2022 | | 22,886 | | — | | 5,014 | | — | | — | | — | | 27,900 | EIB Tranche B 2024 | | 13,107 | | — | | 4,286 | | — | | — | | — | | 17,393 | Bank overdraft | | 9 | | 4 | | — | | — | | — | | — | | 13 | Total Bank Borrowings | | 45,197 | | 4 | | 9,299 | | (3,267) | | — | | — | | 51,233 | EIB Warrants Tranche A | | 11,987 | | — | | — | | — | | 49,017 | | — | | 61,004 | EIB Warrants Tranche B | | 12,328 | | — | | — | | — | | 46,053 | | — | | 58,381 | T2 New Shares and T2 BSAs call options | | 73,400 | | — | | — | | — | | (73,400) | | — | | — | Derivatives | | 97,715 | | — | | — | | — | | 21,670 | | — | | 119,385 | Accrued interest payable on loans | | 4,477 | | — | | 1,378 | | — | | — | | — | | 5,855 | 2023 Royal Certificates | | 8,050 | | — | | 5,005 | | — | | — | | — | | 13,055 | 2024 Royal Certificates | | 21,157 | | — | | 17,433 | | — | | — | | — | | 38,590 | Royalty certificates liabilities | | 29,207 | | — | | 22,438 | | — | | — | | — | | 51,645 | Lease liabilities | | 4,654 | | 880 | | — | | (2,713) | | — | | (51) | | 2,771 | Total Debt | | 181,250 | | 885 | | 33,115 | | (5,979) | | 21,670 | | (51) | | 230,890 |
(1) | Include remeasurement of the Royalty certificates. See Note 13.4 – Short-term Derivatives. |
(2) | Include settlement of the derivatives. See Note 13.4 – Short-term Derivatives for information on the fair value variation of the call options related to T2 New Shares and T2 BSAs. |
| | | | | | | | | | | | | | | | | Debt | | | | | | | | | | | | Debt | | | carried | | | | | | | | | | | | carried | | | on the | | | | | | | | | | Effect of | | on the | | | balance | | | | | | | | | | movements | | balance | | | sheet at | | | | | | | | Fair | | in | | sheet on | | | Jan. 1, | | Additions | | Capitalized | | Repayments | | Value | | exchange | | December 31, | (in thousands of euros) | | 2024 | | (+) | | Interests | | (-) | | Variation | | rates | | 2024 | PGE SG 2020 | | 2,096 | | — | | — | | (835) | | — | | — | | 1,261 | PGE BPI France 2020 | | 2,269 | | — | | — | | (825) | | — | | — | | 1,444 | PGE CA 2020 | | 2,096 | | — | | — | | (835) | | — | | — | | 1,261 | PPR CA 2022 | | 1,780 | | — | | — | | — | | — | | — | | 1,780 | PPR SG 2022 | | 1,780 | | — | | — | | — | | — | | — | | 1,780 | PGE BPI France 2022 | | 1,780 | | — | | — | | (111) | | — | | — | | 1,669 | EIB Tranche A 2022 | | 15,400 | | — | | 7,486 | | — | | — | | — | | 22,886 | EIB Tranche B 2024 | | — | | 13,107 | | — | | — | | — | | — | | 13,107 | Bank overdraft | | 5 | | 4 | | — | | — | | — | | — | | 9 | Total Bank Borrowings | | 27,206 | | 13,111 | | 7,486 | | (2,606) | | 0 | | 0 | | 45,197 | EIB Warrants Tranche A | | 10,265 | | — | | — | | — | | 1,722 | | — | | 11,987 | EIB Warrants Tranche B | | — | | 11,809 | | — | | — | | 519 | | — | | 12,328 | T2 New Shares and T2 BSAs call options | | — | | 89,400 | | — | | — | | (16,000) | | — | | 73,400 | Derivatives | | 10,265 | | 101,209 | | 0 | | 0 | | (13,759) | | 0 | | 97,715 | Accrued interest payable on loans | | 3,719 | | — | | 758 | | — | | — | | — | | 4,477 | 2023 Royal Certificates | | 6,327 | | — | | 1,723 | | — | | — | | — | | 8,050 | 2024 Royal Certificates | | — | | 19,701 | | 1,456 | | — | | — | | — | | 21,157 | Royalty certificates liabilities | | 6,327 | | 19,701 | | 3,179 | | 0 | | 0 | | 0 | | 29,207 | Lease liabilities | | 6,566 | | 428 | | — | | (2,386) | | — | | 48 | | 4,654 | Total Debt | | 54,082 | | 134,449 | | 11,424 | | (4,992) | | (13,759) | | 48 | | 181,250 |
| | | | | | | | | | | | | | | | | Debt | | | | | | | | | | | | Debt | | | carried | | | | | | | | | | | | carried | | | on the | | | | | | | | | | | | on the | | | balance | | | | | | | | | | Exchange | | balance | | | sheet at | | | | Capitalized | | | | Fair | | rate | | sheet on | Analysis of debt | | Jan. 1, | | Proceeds | | Interests | | Repayments | | Value | | gain/losses | | December 31, | (in thousands of euros) | | 2023 | | (+) | | (+) | | (-) | | Variation | | (+/-) | | 2023 | Lease liabilities | | 4,510 | | 3,706 | | — | | (1,612) | | — | | (38) | | 6,566 | PGE SG 2020 (state-guaranteed) | | 2,926 | | — | | — | | (830) | | — | | — | | 2,096 | PGE BPI France 2020 (state-guaranteed) | | 3,094 | | — | | — | | (825) | | — | | — | | 2,269 | PGE CA 2020 (state-guaranteed) | | 2,926 | | — | | — | | (830) | | — | | — | | 2,096 | PPR CA 2022 | | 1,780 | | — | | — | | — | | — | | — | | 1,780 | PPR SG 2022 | | 1,780 | | — | | — | | — | | — | | — | | 1,780 | PGE BPI France 2022 (state-guaranteed) | | 1,780 | | — | | — | | — | | — | | — | | 1,780 | BEI EMPRUNT PART 1 2022 | | 15,400 | | — | | — | | — | | — | | — | | 15,400 | DETTE BSA BEI 2022 | | 9,876 | | — | | — | | — | | 389 | | — | | 10,265 | Royalty certificates | | — | | 5,100 | | 1,227 | | — | | — | | — | | 6,327 | Other | | 319 | | — | | 3,405 | | — | | — | | — | | 3,724 | Total Debt | | 44,390 | | 8,806 | | 4,632 | | (4,097) | | 389 | | (38) | | 54,082 |
|
| Schedule of valuation approach for BSA arrangement |
The assumptions and results are detailed in the following tables: | | | | | | | BSA 2022 | | BSA 2024 | Grant date | | 11/28/2022 | | 01/04/2024 | Expiration date | | 11/28/2034 | | 01/04/2036 | Number of BSA issued | | 2,266,023 | | 3,144,654 | Number of shares per BSA | | 1 | | 1 | Subscription premium price per share (€) | | 0.01 | | 0.01 | Exercise price per share (€) | | 4.02 | | 3.95 | Valuation method | | Longstaff Schwartz | | Longstaff Schwartz |
| | | | | | | | | | | | As of November 28, | | As of December 31, | | As of December 31, | | As of December 31, | | EIB Tranche A Warrants | | 2022 (Grand Date) | | 2023 | | 2024 | | 2025 | | Number of BSA outstanding | | 2,266,023 | | 2,266,023 | | 2,266,023 | | 2,266,023 | | Number of shares per warrant | | 1.00 | | 1.20 | | 2.70 | | 6.46 | | Stock price (€) | | 4.13 | | 4.10 | | 2.18 | | 3.95 | | Maturity (years) | | 12 | | 10.9 | | 9.9 | | 8.9 | | Volatility | | 68 | % | 62 | % | 58.3 | % | 56.2 | % | Cap of the put option (k€) | | 25.0 | | 25.0 | | 25.0 | | 25.0 | | Risk free rate | | Euribor 6M | | Euribor 6M | | Euribor 6M | | Euribor 6M | | Expected dividends | | — | | — | | — | | — | | Fair Value (k€) | | 9,469 | | 10,266 | | 11,987 | | 61,004 | | Unit Fair value (€) | | 4.18 | | 4.53 | | 5.29 | | 26.92 | |
| | | | | | | | | | As of January 4, | | As of December 31, | | As of December 31, | | EIB Tranche B Warrants | | 2024 (Grant Date) | | 2024 | | 2025 | | Number of BSA outstanding | | 3,144,654 | | 3,144,654 | | 3,144,654 | | Number of shares per warrant | | 1.00 | | 2.13 | | 5.05 | | Stock price (€) | | 4.12 | | 2.18 | | 3.95 | | Maturity (years) | | 12 | | 11.0 | | 10.0 | | Volatility | | 62 | % | 58.3 | % | 56.2 | % | Cap of the put option (k€) | | 25.0 | | 25.0 | | 25.0 | | Risk free rate | | Euribor 6M | | Euribor 6M | | Euribor 6M | | Expected dividends | | — | | — | | — | | Fair Value (k€) | | 11,809 | | 12,328 | | 58,381 | | Unit Fair value (€) | | 3.76 | | 3.92 | | 18.57 | |
|