
(in thousands of euro)	June 30, 2026	December 31, 2025

Cash and cash equivalents	6,461	28,092
Short-term investments	4,435	6,218
Cash, cash equivalents and short-term investments	10,896	34,310
Non-current financial assets	10,480	10,455
Cash, cash equivalents and financial assets	21,376	44,765

Cash and cash equivalents are mainly composed of current bank accounts, interest-bearing accounts and fixed-term accounts and mutual funds units (with short-term maturities) held with various banking institutions.

As of June 30, 2026, the Company also holds shares in three mutual funds. The risk profiles of these funds are rated from 1 to 7 by the financial institution that manages and markets these funds (1 being the lowest risk profile).When the maturity of shares in mutual funds is longer than one year, they are classified as non-current financial instruments.

Non-current financial assets generally include a guarantee of capital at the maturity date (which is always longer than one year). These instruments are defined by the Company as financial assets at fair value through profit or loss and classified as non-current due to their maturity.

As of June 30, 2026 and December 31, 2025, the amount of cash, cash equivalents and financials assets denominated in US dollars amounted to €4,300 thousand and €7,078 thousand, respectively.

Changes in short-term investments and non-current financial assets for the six months ended June 30, 2026 and June 30, 2025 are the following:


(in thousands of euro)	December 31, 2025	Additions (1)	Deductions (2)	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2026
Short-term investments	6,218	137	(2,136)	82	—	134	4,435
Non-current financial assets	10,455	—	—	25	—	—	10,480
Total	16,673	137	(2,136)	107	—	134	14,915


(in thousands of euro)	December 31, 2024	Additions	Deductions	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2025
Short-term investments	14,375	—	(7,035)	140	191	(1,347)	6,324
Non-current financial assets	10,281	—	—	109	—	—	10,390
Total	24,656	—	(7,035)	249	191	(1,347)	16,714

(1) The additions correspond to both acquisitions and reclassifications of financial assets according to their maturity at the closing date.

(2) The deductions correspond to both disposals and reclassifications of financial assets according to their maturity at the closing date.

For the six months ended June 30, 2026 , variance of fair value through the consolidated statement of income (loss) is made of €25 thousand of unrealized gains on non-current financial assets and €82 thousand of unrealized gains on short-term investments. For the six months ended June 30, 2025, variance of fair value through the consolidated statement of income (loss) was made of €109 thousand of unrealized gains on non-current financial assets and €140 thousand of unrealized gains on short-term investments (see note 1 5).