v3.26.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€)
€ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows provided by (used in) operating activities    
Profit (loss) € (165,900) € (100,784)
Adjustments for:    
Amortization of intangibles and depreciation of property, plant and equipment 741 524
Retirement benefit obligations 65 71
Share-based compensation expenses 39,410 11,021
Interest expenses and other financial expenses 48,904 10,375
Financial income (17,299) (2,029)
Effect of unwinding the discount related to advances (193) (362)
Increase/(decrease) in derivatives and liabilities measured at fair value 0 (929)
Changes in provisions 1,314 0
Current and deferred tax income (5,853) 0
Other 38 35
Cash flows provided by (used in) operating activities before change in working capital requirements (98,774) (82,079)
Decrease / (increase) in other receivables and related accounts (5,026) 2,287
Increase / (decrease) in trade payables 1,445 13,738
Increase / (decrease) in tax and social security liabilities (87) (1,314)
Change in deferred income and other liabilities (66) 750
Changes in working capital requirements (3,735) 15,461
Income taxes paid 0 0
Cash flows provided by (used in) operating activities (102,509) (66,618)
Cash flows provided by (used in) investing activities    
Acquisitions of property, plant and equipment (166) (63)
Advances reimbursed by / (made to) CROs 43 40
Increase in deposits 0 (6)
Decrease in deposits 0 120
Interest received 1,589 1,178
Cash flows provided by (used in) investing activities 1,466 1,269
Cash flows provided by (used in) financing activities    
Transaction costs related to capital increase (1,002) 0
Exercise of warrants 155 0
Warrants subscription 475 300
Repayments of convertible loan notes 0 (2,188)
Repayments of non-convertible bond loans 0 (9,140)
Repayment of PGE 0 (1,250)
Repayment of royalty certificates (38,233) 0
Payments of the lease liabilities (648) (458)
Interest paid (24) (3,868)
Other 0 0
Cash flows provided by (used in) financing activities (39,276) (16,604)
Effect of movements in exchange rates on cash held 6,206 (1,785)
Revaluation of cash equivalents measured at fair value 5,420 462
Increase (decrease) in cash and cash equivalents (128,693) (83,275)
Cash and cash equivalents at the beginning of the year 516,685 144,221
Cash and cash equivalents at the end of the year € 387,992 € 60,946