v3.26.3
Financial liabilities (Tables)
 6 Months Ended
Jun. 30, 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
JUNE 30, 2026
Lease liabilities
554
137
Borrowings
554
137
Royalty certificates
30,237
—
Other financial liabilities
30,237
—
Total non-current financial liabilities
30,790
137
Lease liabilities
1,302
1,075
Borrowings
1,302
1,075
Total current financial liabilities
1,302
1,075
Total financial liabilities
32,093
1,212
Disclosure of variation in lease liabilities The variations in lease liabilities are set forth below:
(amounts in thousands of euros)
LEASE LIABILITY
AS OF
DECEMBER 31, 2024
2,363
(+) Increase
—
(-) Decrease
(486)
AS OF
JUNE 30, 2025
1,876
AS OF
DECEMBER 31, 2025
1,856
(+) Increase
—
(-) Decrease
(644)
AS OF
JUNE 30, 2026
1,212
Disclosure of reconciliation of liabilities arising from financing activities Changes in financial liabilities, excluding derivative instruments, are presented below as of June 30, 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
DECEMBER 31, 2024
23,370
46,401
21,574
2,488
2,363
13,023
109,218
Repayments
—
(9,140)
(2,188)
(1,250)
(454)
—
(13,032)
Interest paid
(1,125)
(1,974)
(689)
(43)
(36)
—
(3,868)
Non-cash changes: (gain)/loss on recognition or
derecognition
—
—
(295)
—
—
—
(295)
Non-cash changes: interest expense and other
2,048
4,136
680
44
36
1,112
8,056
Non-cash changes: other fair value remeasurement
—
—
(1,339)
—
—
—
(1,339)
Non cash changes : Effect of the change in foreign currency
exchange rates
—
—
—
—
(32)
—
(32)
AS OF
JUNE 30, 2025
24,293
39,423
17,743
1,238
1,876
14,135
98,709
AS OF
DECEMBER 31, 2025
—
—
—
—
1,856
30,237
32,093
Repayments
—
—
—
—
(648)
—
(648)
Interest paid
—
—
—
—
(24)
—
(24)
Repurchase settled in cash
—
—
—
—
—
(38,233)
(38,233)
Non cash changes: repurchase settled in shares
—
—
—
—
—
(38,455)
(38,455)
Non-cash changes: (gain)/loss on recognition or
derecognition
—
—
—
—
—
43,205
43,205
Non-cash changes: interest expense and other
—
—
—
—
24
3,246
3,270
Non cash changes : Effect of the change in foreign currency
exchange rates
—
—
—
—
4
—
4
AS OF
JUNE 30, 2026
—
—
—
—
1,212
—
1,212
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
DECEMBER 31, 2024
1,166
3,620
4,786
(+) Increase in fair value
391
91
482
(-) Decrease in fair value
—
(72)
(72)
AS OF
JUNE 30, 2025
1,557
3,639
5,196
AS OF
DECEMBER 31, 2025
—
—
—
AS OF
JUNE 30, 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 June 30, 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
JUNE 30, 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
Lease liabilities
1,212
1,238
1,096
51
91
—
Total financial liabilities
1,212
1,238
1,096
51
91
—
(1) The contractual cash flows as of December 31, 2025 above did 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 were 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 and 15. 5).
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 June 30, 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
JUNE 30, 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
Lease liabilities
1,212
1,238
1,096
51
91
—
Total financial liabilities
1,212
1,238
1,096
51
91
—
(1) The contractual cash flows as of December 31, 2025 above did 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 were 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 and 15. 5).