FAIR VALUE MEASUREMENT (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| FAIR VALUE MEASUREMENT |
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| Schedule of fair value measurement, net |
The €(32,906) thousand ‘FV measurement, net’ component of the financial result for the six months ended June 30, 2026 breaks down by instrument as follows: | | | | | | in € thousand | | Amount | Change in FV of Pegasus Warrants | | (7,082) | Group 14 shares FX valuation | | 265 | XJ Harbour derivatives — realized (positions derecognized in the period) | | 299 | XJ Harbour derivatives — unrealized | | 132 | Change in FV of the XJ Liability (through Jan 16, 2026, pre-conversion) | | (25,114) | 2028 Convertible Notes — Warrants, FV re-measurement | | 1,908 | 2028 Convertible Notes — Conversion option, FV re-measurement (unrealized) | | (539) | 2028 Convertible Notes — Day-1 loss deferral amortization | | (1,835) | 2025 Convertible Loan — warrants and conversion option, FV re-measurement | | (1) | 2025 Convertible Loan — Day-1 loss deferral amortization | | (339) | Debt-to-equity swap — 20% discount Christine Schmid | | (600) | Total FV measurement, net | | (32,906) |
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| Schedule of significant unobservable inputs of liabilities |
| | | | | | | | | | Level 3 instrument | | Key inputs (Jun 30, 2026) | | Fair value (€ thousand) | 2025 Convertible Loan Warrants (1,250,000 outstanding) | | Share price $6.26; strike $4.1956; volatility 91.2%; risk-free rate 3.9% | | 5,335 | 2025 Convertible Loan Conversion Option ($2.5 million nominal) | | Conversion price $2.15; calibrated rate 79.7%; CDS spread 14.8% | | 3,350 | XJ Share Price Protection (10,162,575 options) | | Share price $6.26; strike $0.215; volatility 91.2%; risk-free rate 4.0% | | 1,313 | 2028 Convertible Notes Warrants | | Share price $6.26; strike $8.01; volatility 111.7%; risk-free rate 4.0% | | 12,195 | 2028 Convertible Notes Option (combined tranches) | | Conversion price $8.0125/VWAP; calibrated rate 68.5%; CDS spread 24.8% | | 6,307 |
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| Schedule of reconciliation of financial assets |
| | | | | | | | | | | | | | | | | | XJ Harbour price | | | in € thousand | | Group 14 shares | | protection cap | | Total | 01/01/2026 | | 8,478 | | 7,713 | | 16,191 | Settlements and changes from fair value remeasurement | | 265 | | (2,215) | | (1,950) | 06/30/2026 | | 8,743 | | 5,498 | | 14,241 |
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| Schedule of reconciliation of financial liabilities |
| | | | | | | | | | | | | | | | | | | | | | | | Black Forest | | Black Forest | | | | Linden Conv. | | | in € thousand | | Warrants | | Conv. Option | | Linden Warrants | | Option | | XJ Protection | 01/01/2026 | | 5,193 | | 3,491 | | — | | — | | 9,459 | Additions | | — | | — | | 13,837 | | 13,880 | | — | Settlements and changes from fair value remeasurement | | 142 | | (141) | | (1,908) | | (7,710) | | (2,646) | 06/30/2026 | | 5,335 | | 3,350 | | 11,929 | | 6,170 | | 6,813 |
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| Schedule of deferral items of warrants |
| | | | | | | | | | | | | | 2028 | | | | | Convertible | | | Black Forest | | Notes | in € thousand | | 2025 Warrants | | Warrants | 01/01/2026 | | 3,394 | | — | Initial recognition | | — | | 13,837 | Amortized in finance expense due to the passage of time | | (339) | | (1,835) | 06/30/2026 | | 3,055 | | 12,002 |
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