v3.26.1
Unaudited condensed consolidated statement of cash flows - EUR (€)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Loss before tax € (86,168,095) € (91,316,060)
Non-cash adjustments to reconcile loss before tax to net cash flows from operations:    
Share-based payment expense 11,529,359 9,625,030
Depreciation expense 284,025 208,333
Net foreign exchange (gain) loss (6,653,895) 12,001,515
Finance costs (income) 149,015 (438,896)
Changes in working capital:    
Increase in receivables (356,870) (73,806)
Decrease (increase) in other current assets 1,480,653 (383,606)
(Decrease ) increase in trade and other payables (5,829,636) 422,029
Increase in accrued liabilities 819,017 942,596
Income taxes (paid) received (1,697,788) 98,343
(Paid) received interest (122,717) 462,559
Net cash flows used in operating activities (86,566,932) (68,451,963)
Investing activities    
Purchase of property, plant and equipment (79,004) (144,367)
Net cash flows used in investing activities (79,004) (144,367)
Financing activities    
Proceeds from issue of shares 113,126,633 29,458
Transaction costs on issue of shares (7,190,579) 0
Payment of principal portion of lease liabilities (123,552) (127,805)
Net cash flows provided by (used in) financing activities 105,812,502 (98,347)
Net increase (decrease) in cash and cash equivalents 19,166,566 (68,694,677)
Cash and cash equivalents at the beginning of the period 291,678,888 280,728,037
Effect of exchange rate changes 7,436,999 (12,461,675)
Cash and cash equivalents at the end of the period € 318,282,453 € 199,571,685