v3.26.1
Financial assets and liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Measurement [Abstract]  
Disclosure of carrying amounts and fair value of financial assets The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
Tax and employee-related payables are non-financial liabilities and are therefore excluded from the tables below. They are
presented in Note 17.2.
AS OF
DECEMBER 31,
2025
(amounts in thousands of euros)
AMOUNT
RECOGNIZED
IN THE
STATEMENT
OF FINANCIAL
POSITION
FAIR VALUE
ASSETS/
LIABILITIES AT
FAIR VALUE
THROUGH
PROFIT AND
LOSS
ASSETS AT
AMORTIZED
COST
LIABILITIES
AT AMORTIZED
COST
Other financial assets (2)
26,772
27,141
—
27,141
—
Other receivables and assets (2)
13,769
13,769
—
13,769
—
Cash and cash equivalents (1)
516,685
516,685
437,031
79,654
—
Total financial assets
557,226
557,595
437,031
120,565
—
Financial liabilities—non-current portion (4, Note 15)
30,790
102,555
—
—
102,555
Financial liabilities—current portion (3, Note 15)
1,302
1,302
—
—
1,302
Trade payables and other current liabilities (3)
37,552
37,552
—
—
37,552
Total financial liabilities
69,644
141,409
—
—
141,409
AS OF
MARCH 31, 2026
(amounts in thousands of euros)
AMOUNT
RECOGNIZED
IN THE
STATEMENT
OF FINANCIAL
POSITION
FAIR VALUE
ASSETS/
LIABILITIES AT
FAIR VALUE
THROUGH
PROFIT AND
LOSS
ASSETS AT
AMORTIZED
COST
LIABILITIES
AT AMORTIZED
COST
Other financial assets (2)
27,426
27,444
—
27,444
—
Other receivables and assets (2)
15,486
15,486
—
15,486
—
Cash and cash equivalents (1)
477,423
477,423
410,972
66,451
—
Total financial assets
520,335
520,353
410,972
109,381
—
Financial liabilities—non-current portion (4, Note 15)
33,110
104,379
—
—
104,379
Financial liabilities—current portion (3, Note 15)
1,101
1,101
—
—
1,101
Trade payables and other current liabilities (3)
29,514
29,514
—
—
29,514
Total financial liabilities
63,725
134,993
—
—
134,993
(1)    The fair value of cash and cash equivalents is determined based on Level 1 fair value measurement and corresponds to the
market value of the assets.
(2)    The carrying amount of financial assets measured at amortized cost is deemed to be a reasonable estimate of fair value, except
for the long-term advances made to CROs, whose fair value is determined based on Level 3 fair value measurement and is estimated
based on future cash-flows discounted at market rates, using credit spreads ranging from 34 bp to 131 bp as of December 31, 2025 and
42 bp to 145 bp as of March 31, 2026. As of December 31, 2025 and March 31, 2026, an increase in the credit spread by +100 bp
would result in a decrease in the advances fair value by €231 thousand and €195 thousand respectively.
(3)    The carrying amount of current financial liabilities measured at amortized cost, including Trade payables and other current
liabilities, was deemed to be a reasonable estimate of fair value.
(4)    The fair value of the royalty certificates, is based on Level 3 fair value measurement and is estimated based on models and
assumptions detailed in Note 15.
Disclosure of carrying amounts and fair value of financial liabilities The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
Tax and employee-related payables are non-financial liabilities and are therefore excluded from the tables below. They are
presented in Note 17.2.
AS OF
DECEMBER 31,
2025
(amounts in thousands of euros)
AMOUNT
RECOGNIZED
IN THE
STATEMENT
OF FINANCIAL
POSITION
FAIR VALUE
ASSETS/
LIABILITIES AT
FAIR VALUE
THROUGH
PROFIT AND
LOSS
ASSETS AT
AMORTIZED
COST
LIABILITIES
AT AMORTIZED
COST
Other financial assets (2)
26,772
27,141
—
27,141
—
Other receivables and assets (2)
13,769
13,769
—
13,769
—
Cash and cash equivalents (1)
516,685
516,685
437,031
79,654
—
Total financial assets
557,226
557,595
437,031
120,565
—
Financial liabilities—non-current portion (4, Note 15)
30,790
102,555
—
—
102,555
Financial liabilities—current portion (3, Note 15)
1,302
1,302
—
—
1,302
Trade payables and other current liabilities (3)
37,552
37,552
—
—
37,552
Total financial liabilities
69,644
141,409
—
—
141,409
AS OF
MARCH 31, 2026
(amounts in thousands of euros)
AMOUNT
RECOGNIZED
IN THE
STATEMENT
OF FINANCIAL
POSITION
FAIR VALUE
ASSETS/
LIABILITIES AT
FAIR VALUE
THROUGH
PROFIT AND
LOSS
ASSETS AT
AMORTIZED
COST
LIABILITIES
AT AMORTIZED
COST
Other financial assets (2)
27,426
27,444
—
27,444
—
Other receivables and assets (2)
15,486
15,486
—
15,486
—
Cash and cash equivalents (1)
477,423
477,423
410,972
66,451
—
Total financial assets
520,335
520,353
410,972
109,381
—
Financial liabilities—non-current portion (4, Note 15)
33,110
104,379
—
—
104,379
Financial liabilities—current portion (3, Note 15)
1,101
1,101
—
—
1,101
Trade payables and other current liabilities (3)
29,514
29,514
—
—
29,514
Total financial liabilities
63,725
134,993
—
—
134,993
(1)    The fair value of cash and cash equivalents is determined based on Level 1 fair value measurement and corresponds to the
market value of the assets.
(2)    The carrying amount of financial assets measured at amortized cost is deemed to be a reasonable estimate of fair value, except
for the long-term advances made to CROs, whose fair value is determined based on Level 3 fair value measurement and is estimated
based on future cash-flows discounted at market rates, using credit spreads ranging from 34 bp to 131 bp as of December 31, 2025 and
42 bp to 145 bp as of March 31, 2026. As of December 31, 2025 and March 31, 2026, an increase in the credit spread by +100 bp
would result in a decrease in the advances fair value by €231 thousand and €195 thousand respectively.
(3)    The carrying amount of current financial liabilities measured at amortized cost, including Trade payables and other current
liabilities, was deemed to be a reasonable estimate of fair value.
(4)    The fair value of the royalty certificates, is based on Level 3 fair value measurement and is estimated based on models and
assumptions detailed in Note 15.