v3.26.3
Share-based payments
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangements [Abstract]  
Share-based payments Share-based payments
The Group has granted BCEs, BSAs and AGAs. These plans qualify as “equity settled” under IFRS 2. The Group does not have any
obligation to purchase these instruments in the event of departure or if a specific event does not occur.
BCEs
The following tables summarize the data relating to BCEs:
TYPE
NUMBER
OF BCEs
ISSUED
NUMBER
OF BCE
OUTSTAND
ING AS OF
JANUARY
1, 2026
NUMBER
OF ISSUED
BCEs
NUMBER
OF LAPSED
BCEs
NUMBER
OF
EXERCISE
D BCEs
NUMBER
OF BCEs
OUTSTAND
ING
NUMBER
OF BCEs
EXERCISA
BLE
MAXIMUM
NUMBER OF
SHARES TO
BE ISSUED IF
ALL
CONDITIONS
ARE MET
FOR THE SIX MONTHS ENDED JUNE
30, 2026
AS OF
JUNE 30, 2026
Total BCEs
390,965
207,679
—
—
(2,540)
205,139
120,922
205,139
BSAs
The following tables summarize the data relating to BSAs:
TYPE
Total
NUMBER
OF BSAs
ISSUED
NUMBER
OF BCE
OUTSTAND
ING AS OF
JANUARY
1, 2026
NUMBER
OF ISSUED
BSAs
NUMBER
OF LAPSED
BSAs
NUMBER
OF
EXERCISE
D  BSAs
NUMBER
OF BSAs
OUTSTAND
ING
NUMBER
OF BSAs
EXERCISA
BLE
MAXIMUM
NUMBER OF
SHARES TO
BE ISSUED IF
ALL
CONDITIONS
ARE MET
FOR THE SIX MONTHS ENDED JUNE
30, 2026
AS OF
JUNE 30, 2026
Total BSAs
314,867
253,727
23,477
—
(16,400)
260,804
—
75,136
—
260,804
BSAs granted in February 2026
In February 2026, the Group granted its independent Board members, as well as a Board observer and advisor, the right to subscribe
up to 23,477 BSAs in the aggregate, the vesting of which is subject to a service condition of four years, by tranches of 25% each,
vested on each February 1, thereafter. The BSAs were subscribed in February 2026.
The fair value of the BSAs was determined at grant date using the Black Scholes model, with the following assumptions:
TYPE
FAIR VALUE
OF THE
UNDERLYING
SHARE
FAIR VALUE
OF THE BSA
NUMBER OF
BSAs
SUBSCRIPTI
ON PRICE
STRIKE
PRICE PER
SHARE
RISK FREE 
RATE
EXPECTED
MATURITY
VOLATILITY
BSA-2026-1
€99.63
[€77.7-€83.2]
23,477
€20.23
€99.63
3.77%
[5.5-7 years]
99.33%
AGAs
The following tables summarize the data relating to AGAs as well as the assumptions used for the measurement thereof in
accordance with IFRS 2—Share-based Payment:
GRANT DATE
TYPE
Total NUMBER
OF AGAs
ISSUED
NUMBER OF
AGA
OUTSTANDING
AS OF
JANUARY 1,
2026
NUMBER OF
ISSUED AGAs
NUMBER OF
LAPSED AGAs
NUMBER OF
VESTED AGAs
NUMBER OF
AGAs
OUTSTANDING
FOR THE SIX MONTHS ENDED JUNE 30, 2026
AS OF
JUNE 30, 2026
Total AGAs
11,063,460
8,395,678
502,562
(233,738)
(858,370)
7,806,132
TYPE
FAIR VALUE OF
THE
UNDERLYING
SHARE
FAIR VALUE OF
THE AGA
MATURITY
VOLATILITY
RISK FREE RATE
AGA-2026-1
€95.50
€95.50
N/A
N/A
N/A
AGA-2026-2
€106.00
€106.00
N/A
N/A
N/A
AGA-2026-3
€106.00
€106.00
N/A
N/A
N/A
AGA-2026-4
€105.10
€105.10
N/A
N/A
N/A
AGAs granted in February, March and May 2026
In February, March and May 2026 certain of the Group's officers and employees were allocated 47,500 AGAs (AGA plan 2026-1),
294,476 AGAs (AGA plan 2026-2), 1,619 AGAs (AGA plan 2026-3), 41,717 AGAs (AGA plan 2026-4), the vesting of which are
subject to the following service condition: 50% of the AGAs vest at the end of a two-year period from the allocation date, 25% at the
end of a three-year period from the allocation date and 25% at the end of a four-year period from the allocation date.
Accelerated vesting of AGA plans in March 2026
In light of Dr. Didier Scherrer's departure from his role as Chief Scientific Officer, the Group entered into a settlement agreement
("protocole d’accord transactionnel") with Dr. Didier Scherrer in March 2026 under which (i) the Group waived the continued
employment condition attached to 77,050 free shares previously granted to Dr. Scherrer, (ii) the Group waived the continued
employment condition for a further 40,200 free shares, subject to specific performance conditions, and (iii) the remaining 217,750 free
shares previously granted to Dr. Scherrer are lapsed. As a result of transactions (i) and (ii), the Group recognized an expense equal to
the fair value of these 117,250 AGAs (measured on March 5, 2026) of €11,619 thousand during the three-month period ended March
31, 2026 (the accelerated vesting following the settlement agreement was accounted for as a new grant under IFRS 2, and presented
within the "Number of issued AGAs" column in the above table, with the original grants being cancelled and the corresponding
expense reversed as of December 31, 2025).
Breakdown of the compensation expenses accounted for the three- and six-month periods ended June 30, 2025 and
2026:
TYPE
(in thousands of euros)
FOR THE THREE
MONTHS ENDED
JUNE 30, 2025
FOR THE THREE
MONTHS ENDED
JUNE 30, 2026
FOR THE SIX
MONTHS ENDED
JUNE 30, 2025
FOR THE SIX
MONTHS ENDED
JUNE 30, 2026
BCEs
—
—
—
—
BSAs
(71)
(231)
(137)
(380)
AGAs
(6,261)
(16,569)
(10,884)
(39,030)
Social taxes related to AGAs
(667)
(15,789)
(1,350)
(14,580)
Total
(6,998)
(32,589)
(12,371)
(53,990)
The increase in AGA expenses for the six months ended June 30, 2026 is attributable to the €11,619 thousand expense recognized in
relation to the accelerated vesting of certain of the Group's former Chief Scientific Officer's AGA plans (see above) as well as the
impact of plans granted in 2025.
The significant amount of social taxes related to AGAs (and related provisions) for the three- and six-month periods ended June 30,
2026 compared to the corresponding periods in 2025 is predominantly attributable to the increase in the price of the underlying shares
over the three and six-month periods ended June 30, 2026.
The decrease in social taxes related to AGAs (and related provisions) between March 31, 2026 and June 30, 2026 is attributable to
unused reversals of provisions amounting to €1,736 thousand that occurred during the first quarter of 2026, due to (i) the decrease in
the price of the underlying shares over that period and, to a lesser extent, (ii) forfeitures following employee departures and changes in
estimates regarding the achievement of performance conditions. The amount of unused reversals was partly offset by social charges
recognized in relation to the 77,050 AGAs granted to the Group's former Chief Scientific Officer, for which vesting was effective as of
March 5, 2026 and amounting to €2,256 thousand.
Changes in provisions for social taxes related to AGAs are presented in Note 17.3.