v3.26.3
Other Current & Non Current Assets
 9 Months Ended
Sep. 30, 2026
Other Assets [Abstract]  
Other Current & Non Current Assets Other Current & Non Current Assets
The following tables summarize the Other Current & Non Current Assets as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Prepaid Right of Use Asset7.4
3.9
Deposits, pledged securities and other non-current financial assets0.9
1.3
Liquidity contract0.40.6
Total Other non-current assets
8.85.8
Research tax credit
8.75.9
VAT Assets
8.88.7
Prepaid and deferred expenses
4.22.6
Other receivables
2.21.6
Total Other Current Assets23.918.8
Prepaid Right of Use Asset
The $7.4 million included the $4.1 million prepaid rent of the dedicated PSM production line and the $3.3 million prepaid rent of the dedicated PDS production line located at Fareva La Vallée’s facilities.
The right‑of‑use assets will be recognized when the production line is made available for use following completion of cGMP qualification.
Research tax credit
Amount in millions of US dollars
Opening research tax credit receivable as of January 1, 2025
4.0
‘+ Other operating income
5.6
- Payment received
(4.3)
- Adjustment and currency translation effect0.6
Closing research tax credit receivable as of December 31, 2025
5.9
Of which - Non-current portion
—
Of which - Current portion
5.9

Amount in millions of US dollars
Opening research tax credit receivable as of January 1, 20265.9
+ Other operating income3.1
- Adjustment and currency translation effect(0.3)
Closing research tax credit receivable as of September 30, 2026
8.7
Of which - Non-current portion—
Of which - Current portion8.7
In the fiscal year ended December 31, 2021, the Company recovered its Small & Medium Enterprise “SME” status under EU law, and became therefore eligible again for the immediate reimbursement of the Research Tax Credit. The Company received payment of the 2025 Research Tax Credit, of $5.6 million during the fourth quarter of 2026.
VAT Assets
Value-added tax (“VAT”) receivables primarily consisted of recoverable value-added taxes incurred on purchases and operating expenditures. The balance increased during the period, reflecting the receipt of VAT refunds from tax authorities related to previously submitted claims, partially offset by VAT generated from the Company’s ongoing operating, clinical development and commercial readiness activities.
Prepaid and deferred expenses & Other receivables
Prepaid expenses & other receivables primarily consisted of $1.7 million related to directors' and officers' liability insurance coverage for the 2026–2027 policy period and $1.4 million of receivables arising from credit notes issued by contract research organizations ("CROs").