v3.26.1
Financial liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Disclosure of financial liabilities [abstract]  
Disclosure of financial liabilities breakdown Financial liabilities break down as follows:
 
(amounts in thousands of euros)
FINANCIAL LIABILITIES 
AS OF
DECEMBER 31,
2025
AS OF
MARCH 31, 2026
Lease liabilities
554
346
Borrowings
554
346
Royalty certificates
30,237
32,764
Other financial liabilities
30,237
32,764
Total non-current financial liabilities
30,790
33,110
Lease liabilities
1,302
1,101
Borrowings
1,302
1,101
Total current financial liabilities
1,302
1,101
Total financial liabilities
32,093
34,210
Disclosure of variation in lease liabilities The variations in lease liabilities are set forth below:
(amounts in thousands of euros)
LEASE LIABILITY
AS OF
JANUARY 1, 2025
2,363
(+) Increase
—
(-) Decrease
(241)
AS OF
MARCH 31, 2025
2,122
AS OF
DECEMBER 31, 2025
1,856
(+) Increase
—
(-) Decrease
(409)
AS OF
MARCH 31, 2026
1,447
Disclosure of reconciliation of liabilities arising from financing activities Changes in financial liabilities, excluding derivative instruments, are presented below as of March 31, 2025 and 2026:
(Amounts in thousands of euros)
FINANCIAL LIABILITIES (excluding derivatives
instruments)
Kreos/Claret
convertible
notes
(OCABSA)
Kreos &
Claret bond
loans
Heights
convertible
notes
PGE
Lease
liabilities
Royalty
certificates
Total
AS OF
JANUARY 1, 2025
23,370
46,401
21,574
2,488
2,363
13,023
109,218
Proceeds
—
—
—
—
—
—
—
Repayments
—
(3,705)
(2,188)
—
(230)
—
(6,122)
Interest paid
(563)
(1,019)
(361)
—
(19)
—
(1,962)
Non-cash changes: (gain)/loss on recognition or
derecognition
—
—
(147)
—
—
—
(147)
Non-cash changes: interest expense and other
1,012
2,155
344
22
19
983
4,535
Non-cash changes: other fair value remeasurement
—
—
1,051
—
—
—
1,051
Non cash changes : Effect of the change in foreign currency
exchange rates
—
—
—
—
(11)
—
(11)
AS OF
MARCH 31, 2025
23,819
43,832
20,273
2,510
2,122
14,006
106,563
AS OF
DECEMBER 31, 2025
—
—
—
—
1,856
30,237
32,093
Repayments
—
—
—
—
(412)
—
(412)
Interest paid
—
—
—
—
(13)
—
(13)
Non-cash changes: interest expense and other
—
—
—
—
13
2,527
2,540
Non cash changes : Effect of the change in foreign currency
exchange rates
—
—
—
—
3
—
3
AS OF
MARCH 31, 2026
—
—
—
—
1,447
32,764
34,210
Disclosure of changes in derivative instruments Changes in derivative instruments are presented below:
(amounts in thousands of euros)
Kreos/Claret BSA
Kreos/Claret
Minimal Return
Indemnifications
Total
DERIVATIVE FINANCIAL
INSTRUMENTS
AS OF
JANUARY 1, 2025
1,166
3,620
4,786
(+) Increase in fair value
—
175
175
(-) Decrease in fair value
(145)
—
(145)
AS OF
MARCH 31, 2025
1,021
3,795
4,816
AS OF
DECEMBER 31, 2025
—
—
—
(+) Increase in fair value
—
—
—
(-) Decrease in fair value
—
—
—
(-) Repurchases
—
—
—
(-) Exercises
—
—
—
AS OF
MARCH 31, 2026
—
—
—
Disclosure of remaining contractual maturities of non-derivative financial liabilities The following are the remaining contractual maturities of financial liabilities as of December 31, 2025 and March 31, 2026. The
amounts are gross and undiscounted, and include contractual interest payments.
(amounts in thousands of euros)
AS OF
DECEMBER 31, 2025
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
Royalty certificates (1)
30,237
—
—
—
—
—
Lease liabilities
1,856
1,906
1,340
450
116
—
Total financial liabilities
32,093
1,906
1,340
450
116
—
(amounts in thousands of euros)
AS OF
MARCH 31, 2026
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
Royalty certificates (1)
32,764
—
—
—
—
—
Lease liabilities
1,447
1,482
1,127
250
104
—
Total financial liabilities
34,210
1,482
1,127
250
104
—
(1) The contractual cash flows above do not include potential future royalty payments related to the royalty certificates, amounting to
2% of the future net sales of obefazimod (worldwide and for all indications). The amount of royalties that may be paid under the
royalty certificates is capped at €172.1 million in the aggregate. The royalty certificates were repurchased by the Group on May 7,
2026 and subsequently cancelled (see Note 3.3).
Disclosure of remaining contractual maturities of derivative financial liabilities The following are the remaining contractual maturities of financial liabilities as of December 31, 2025 and March 31, 2026. The
amounts are gross and undiscounted, and include contractual interest payments.
(amounts in thousands of euros)
AS OF
DECEMBER 31, 2025
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
Royalty certificates (1)
30,237
—
—
—
—
—
Lease liabilities
1,856
1,906
1,340
450
116
—
Total financial liabilities
32,093
1,906
1,340
450
116
—
(amounts in thousands of euros)
AS OF
MARCH 31, 2026
CURRENT AND NON-CURRENT
FINANCIAL LIABILITIES
GROSS
AMOUNT
CONTRACTUAL
CASH FLOWS
LESS THAN 1
YEAR
FROM 1 TO 2
YEARS
FROM 2 TO 5
YEARS
LONGER
THAN 5
YEARS
Royalty certificates (1)
32,764
—
—
—
—
—
Lease liabilities
1,447
1,482
1,127
250
104
—
Total financial liabilities
34,210
1,482
1,127
250
104
—
(1) The contractual cash flows above do not include potential future royalty payments related to the royalty certificates, amounting to
2% of the future net sales of obefazimod (worldwide and for all indications). The amount of royalties that may be paid under the
royalty certificates is capped at €172.1 million in the aggregate. The royalty certificates were repurchased by the Group on May 7,
2026 and subsequently cancelled (see Note 3.3).