v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€)
€ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows provided by (used in) operating activities    
Net loss for the period € (48,468) € (52,370)
Adjustments for:    
Amortization of intangibles and depreciation of property, plant and equipment 367 273
Retirement benefit obligations 34 36
Share-based compensation expenses 22,610 4,689
Net gain on sale of treasury shares 0 0
Interest expenses and other financial expenses 4,769 5,318
Financial income (12,633) (1,026)
Effect of unwinding the discount related to advances (125) (233)
Increase/(decrease) in derivatives and liabilities measured at fair value 0 1,081
Changes in provisions (12,335) 0
Current and deferred tax expenses 228 0
Other 8 (58)
Cash flows provided by (used in) operating activities before change in working capital requirements (45,545) (42,289)
Decrease / (increase) in other receivables and related accounts (3,484) (2,161)
Increase / (decrease) in trade payables (8,048) 12,754
Increase / (decrease) in tax and social security liabilities 6,557 (1,608)
Change in deferred income and other liabilities 0 26
Changes in working capital requirements (4,974) 9,011
Income taxes paid 0 0
Cash flows provided by (used in) operating activities (50,519) (33,278)
Cash flows provided by (used in) investing activities    
Acquisitions of property, plant and equipment (54) (44)
Advances reimbursed by / (made to) CROs 37 18
Increase in deposits 0 (6)
Decrease in deposits 0 130
Interest received 512 984
Cash flows provided by (used in) investing activities 495 1,082
Cash flows provided by (used in) financing activities    
Exercise of warrants 23 0
Warrants subscription 475 0
Repayments of convertible loan notes 0 (2,188)
Repayments of non-convertible bond loans 0 (3,705)
Payments of the lease liabilities (412) (230)
Interest paid (13) (1,965)
Other 0 250
Cash flows provided by (used in) financing activities 73 (7,837)
Effect of movements in exchange rates on cash held 7,415 (700)
Revaluation of cash equivalents measured at fair value 3,274 88
Increase (decrease) in cash and cash equivalents (39,262) (40,646)
Cash and cash equivalents at the beginning of the year 516,685 144,221
Cash and cash equivalents at the end of the year € 477,423 € 103,576