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Exhibit Index |
|
Exhibit 99.1 |
|
Exhibit 99.2 |
Unaudited Interim Condensed Consolidated Financial Statements |
Abivax SA
(Registrant)
|
||
Date: September 8, 2025 |
/s/ Marc de Garidel |
|
Chief Executive Officer |
Page |
|
INTRODUCTION................................................................................................................. |
1 |
RISK FACTORS................................................................................................................... |
3 |
OPERATING RESULTS........................................................................................................ |
4 |
INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS.........................................................
|
F-1 |
(In thousands of euros) |
Six-Month Ended
June 30, 2024
|
Six-Month Ended
June 30, 2025
|
% 2024 Change |
Other operating income ......................................................... |
6,815 |
2,087 |
(69)% |
Total operating income .................................................................. |
6,815 |
2,087 |
(69)% |
Sales and marketing expenses ................................................. |
(4,229) |
(1,534) |
(64)% |
Research and development expenses ...................................... |
(64,650) |
(77,946) |
21% |
General and administrative expenses .................................... |
(17,932) |
(16,303) |
(9)% |
Total operating expenses ............................................................... |
(86,811) |
(95,783) |
10% |
Operating loss ................................................................................. |
(79,997) |
(93,696) |
17% |
Financial expenses ................................................................. |
(9,514) |
(10,857) |
14% |
Financial income .................................................................... |
7,873 |
3,769 |
(52)% |
Financial income (loss) .................................................................. |
(1,641) |
(7,088) |
332% |
Net loss before tax .......................................................................... |
(81,638) |
(100,784) |
23% |
Income Tax ............................................................................. |
— |
— |
—% |
Net loss for the period .................................................................... |
(81,638) |
(100,784) |
23% |
(In thousands of euros) |
Six-Month
Ended June 30,
2024
|
Six-Month
Ended June 30,
2025
|
% 2024 Change |
CIR (Research Tax Credits) .............................................................. |
2,665 |
2,017 |
(24)% |
Subsidies ........................................................................................... |
4,121 |
— |
(100)% |
Other ................................................................................................. |
29 |
70 |
139% |
Total other operating income ........................................................ |
6,815 |
2,087 |
(69)% |
(In thousands of euros) |
Six-Month
Ended June 30,
2024
|
Six-Month
Ended June 30,
2025
|
% 2024
Change
|
Obefazimod ............................................................................................ |
€62,015 |
€75,345 |
21% |
Ulcerative Colitis ........................................................................... |
51,752 |
51,929 |
—% |
Crohn’s Disease ............................................................................. |
917 |
7,416 |
709% |
Obefazimod Other Indication ........................................................ |
257 |
1,171 |
356% |
Transversal activities ..................................................................... |
9,089 |
14,829 |
63% |
Others ..................................................................................................... |
2,636 |
2,601 |
(1)% |
Research and development expenses ................................................... |
€64,650 |
€77,946 |
21% |
(In thousands of euros) |
Six-Month
Ended June
30, 2024
|
Six-Month
Ended June 30,
2025
|
% 2024
Change
|
Personnel costs ..................................................................................... |
11,172 |
9,932 |
(11)% |
Consulting and professional fees .......................................................... |
3,848 |
3,703 |
(4)% |
Other general and administrative expenses .......................................... |
2,912 |
2,668 |
(8)% |
General and administrative expenses ............................................... |
17,932 |
16,303 |
(9)% |
(In thousands of euros) |
Six-Month Ended
June 30, 2024
|
Six-Month Ended
June 30, 2025
|
% 2024
Change
|
Net cash flows used in operating activities ............................................ |
(85,175) |
(66,618) |
(22)% |
Net cash flows provided by investing activities ................................... |
13,458 |
1,269 |
(91)% |
Net cash flows provided by (used in) financing activities ..................... |
40,322 |
(16,604) |
(141)% |
Effect of movements in exchange rates on cash held ............................ |
1,770 |
(1,785) |
(201)% |
Revaluation of cash equivalents measured at fair value ........................ |
— |
462 |
—% |
Net increase (decrease) in cash and cash equivalents ..................... |
(29,625) |
(83,275) |
181% |
— |
|||
Cash and cash equivalents at the beginning of the period ............... |
251,942 |
144,221 |
(43)% |
Cash and cash equivalents at the end of the period .......................... |
222,317 |
60,946 |
(73)% |
As of June 30, 2025 |
As of June 30, 2025 |
As of June 30, 2025 |
|
Less than |
More than |
||
(In thousands of euros) |
1 year |
1 year |
Total |
Financial debt obligations .......................... |
36,278 |
65,017 |
101,294 |
Lease obligations ....................................... |
979 |
1,012 |
1,991 |
Retirements benefits .................................. |
0 |
756 |
756 |
Off-balance sheet obligations .................... |
215,046 |
0 |
215,046 |
Total .......................................................... |
252,303 |
66,785 |
319,087 |
Condensed Consolidated Statements of Financial Position ............................................................... |
|
Condensed Consolidated Statements of Loss .................................................................................... |
|
Condensed Consolidated Statements of Comprehensive Loss .......................................................... |
|
Condensed Consolidated Statements of Changes in Shareholders’ Equity ....................................... |
|
Condensed Consolidated Statements of Cash Flows ......................................................................... |
|
Notes to the Condensed Consolidated Financial Statements ............................................................. |
(Amounts in thousands of euros) |
Notes |
AS OF
DECEMBER 31, 2024
|
AS OF
JUNE 30, 2025
|
||
ASSETS |
|||||
Non-current assets |
|||||
Goodwill |
6 |
18,419 |
18,419 |
||
Intangible assets |
7 |
6,606 |
6,606 |
||
Property, plant and equipment |
8 |
2,666 |
2,159 |
||
Other financial assets |
9 |
5,919 |
5,551 |
||
Other receivables and assets |
10 |
948 |
804 |
||
Total non-current assets |
34,558 |
33,539 |
|||
Current assets |
|||||
Other financial assets |
9 |
7,554 |
8,018 |
||
Other receivables and assets |
10 |
18,896 |
17,138 |
||
Cash and cash equivalents |
11 |
144,221 |
60,946 |
||
Total current assets |
170,671 |
86,102 |
|||
TOTAL ASSETS |
205,228 |
119,641 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Shareholders’ equity |
|||||
Share capital |
633 |
635 |
|||
Premiums related to share capital |
478,905 |
479,204 |
|||
Translation reserve |
(75) |
484 |
|||
Retained earnings |
(262,637) |
(427,819) |
|||
Net loss for the period |
(176,242) |
(100,784) |
|||
Total shareholders’ equity |
13 |
40,584 |
(48,280) |
||
Non-current liabilities |
|||||
Retirement benefit obligations |
16 |
756 |
805 |
||
Provisions |
14 |
819 |
1,261 |
||
Borrowings |
15 |
29,056 |
17,896 |
||
Convertible loan notes |
15 |
23,370 |
17,833 |
||
Derivative instruments |
15 |
3,620 |
3,639 |
||
Royalty certificates |
15 |
13,023 |
14,135 |
||
Total non-current liabilities |
70,645 |
55,570 |
|||
Current liabilities |
|||||
Borrowings |
15 |
22,195 |
24,641 |
||
Convertible loan notes |
15 |
21,574 |
24,203 |
||
Derivative instruments |
15 |
1,166 |
1,557 |
||
Provisions |
14 |
532 |
1,226 |
||
Trade payables and other current liabilities |
17.1 |
43,824 |
57,497 |
||
Tax and employee-related payables |
17.2 |
4,709 |
3,228 |
||
Total current liabilities |
93,999 |
112,352 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
205,228 |
119,641 |
(Amounts in thousands of euros, except per
share amounts)
|
Notes |
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2024
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2025
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2024
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2025
|
||||
Other operating income |
18 |
5,628 |
1,093 |
6,815 |
2,087 |
||||
Total operating income |
5,628 |
1,093 |
6,815 |
2,087 |
|||||
Sales and marketing |
19.1 |
(2,252) |
(674) |
(4,229) |
(1,534) |
||||
Research and development |
19.2 |
(28,907) |
(38,645) |
(64,650) |
(77,946) |
||||
General and administrative |
19.3 |
(9,796) |
(8,270) |
(17,932) |
(16,303) |
||||
Total operating expenses |
(40,954) |
(47,589) |
(86,811) |
(95,783) |
|||||
Operating loss |
(35,326) |
(46,496) |
(79,997) |
(93,696) |
|||||
Financial expenses |
(7,056) |
(5,415) |
(9,514) |
(10,857) |
|||||
Financial income |
3,612 |
3,497 |
7,873 |
3,769 |
|||||
Financial gain (loss) |
21 |
(3,444) |
(1,918) |
(1,641) |
(7,088) |
||||
Net loss before tax |
(38,770) |
(48,414) |
(81,638) |
(100,784) |
|||||
Income tax |
22 |
— |
— |
— |
— |
||||
Net loss for the period |
(38,771) |
(48,414) |
(81,638) |
(100,784) |
|||||
Weighted average number of outstanding
shares used for computing basic/diluted loss
per share
|
62,919,401 |
63,440,023 |
62,918,529 |
63,409,688 |
|||||
Basic / diluted loss per share (€/share) |
23 |
(0.62) |
(0.76) |
(1.30) |
(1.59) |
(Amounts in thousands of euros) |
Notes |
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2024
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2025
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2024
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2025
|
||||
Net loss for the period |
(38,771) |
(48,414) |
(81,638) |
(100,784) |
|||||
Items that will not be reclassified to profit or
loss
|
57 |
(4) |
66 |
36 |
|||||
Actuarial gains and losses on retirement benefit
obligations
|
16 |
57 |
(4) |
66 |
36 |
||||
Items that are or may be reclassified
subsequently to profit or loss
|
(43) |
348 |
(80) |
559 |
|||||
Foreign currency translation differences |
(43) |
348 |
(80) |
559 |
|||||
Other comprehensive income (loss) |
14 |
344 |
(14) |
594 |
|||||
Total comprehensive income (loss) for the
period
|
(38,756) |
(48,070) |
(81,652) |
(100,189) |
(In thousands of euros, except number of
shares)
|
NUMBER OF
SHARES
ISSUED
|
SHARE
CAPITAL
|
PREMIUMS
RELATED TO
SHARE
CAPITAL
|
TRANSLATION
RESERVE
|
RETAINED
EARNINGS
|
NET LOSS
FOR THE
YEAR
|
TOTAL
SHAREHOLDER
'S EQUITY
|
|||||||
AS OF
JANUARY 1, 2024
|
62,928,818 |
629 |
478,218 |
112 |
(135,210) |
(147,740) |
196,009 |
|||||||
Net loss for the period |
— |
— |
— |
— |
— |
(81,638) |
(81,638) |
|||||||
Other comprehensive income (loss) |
16 |
— |
— |
— |
(80) |
66 |
— |
(14) |
||||||
Total comprehensive loss for the period |
— |
— |
— |
(80) |
66 |
(81,638) |
(81,652) |
|||||||
Appropriation of prior period net loss |
— |
— |
— |
— |
(147,740) |
147,740 |
— |
|||||||
Transaction costs related to capital increase |
13.3 |
— |
— |
446 |
— |
— |
— |
446 |
||||||
Issue of share warrants |
— |
— |
200 |
— |
— |
— |
200 |
|||||||
Exercises of other share warrants |
4,000 |
— |
45 |
— |
— |
— |
45 |
|||||||
Shares based compensation expense |
— |
— |
— |
— |
11,421 |
— |
11,421 |
|||||||
AS OF
JUNE 30, 2024
|
13.1 |
62,932,818 |
629 |
478,909 |
32 |
(271,463) |
(81,638) |
126,470 |
||||||
AS OF
JANUARY 1, 2025
|
63,347,837 |
633 |
478,905 |
(75) |
(262,637) |
(176,242) |
40,584 |
|||||||
Net loss for the period |
— |
— |
— |
— |
— |
(100,784) |
(100,784) |
|||||||
Other comprehensive income (loss) |
16 |
— |
— |
— |
559 |
36 |
— |
594 |
||||||
Total comprehensive loss for the period |
— |
— |
— |
559 |
36 |
(100,784) |
(100,189) |
|||||||
Appropriation of prior period net loss |
— |
— |
— |
— |
(176,242) |
176,242 |
— |
|||||||
Issue of share warrants |
14 |
— |
— |
300 |
— |
— |
— |
300 |
||||||
Issue of free shares |
14 |
124,096 |
1 |
(1) |
— |
— |
— |
— |
||||||
Shares based compensation expense |
14 |
— |
— |
— |
— |
11,021 |
— |
11,021 |
||||||
Other |
— |
— |
— |
— |
4 |
— |
4 |
|||||||
AS OF
JUNE 30, 2025
|
13.1 |
63,471,933 |
635 |
479,204 |
484 |
(427,819) |
(100,784) |
(48,280) |
(Amounts in thousands of euros) |
Notes |
FOR THE SIX
MONTHS
ENDED JUNE
30, 2024
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2025
|
||
Cash flows used in operating activities |
|||||
Net loss for the period |
(81,638) |
(100,784) |
|||
Ajustments for: |
|||||
Elimination of amortization of intangibles and depreciation of property, plant and
equipment
|
576 |
524 |
|||
Elimination of retirement benefit obligations |
16 |
60 |
71 |
||
Elimination of share-based compensation expenses |
14 |
11,421 |
11,021 |
||
(-) Net gain on sale of treasury shares |
(39) |
— |
|||
Interest expenses and other financial expenses |
21 |
$— |
7,967 |
10,375 |
|
Financial income |
21 |
$— |
(7,359) |
(2,029) |
|
Effect of unwinding the discount related to advances |
(351) |
(362) |
|||
Increase/(decrease) in derivatives and liabilities fair value |
15 |
1,429 |
(929) |
||
Forgiveness of conditional advances |
17 |
(4,140) |
— |
||
Other |
(57) |
35 |
|||
Cash flows used in operating activities before change in working capital
requirements
|
(72,130) |
(82,079) |
|||
Decrease / (increase) in other receivables and related accounts |
4,023 |
2,287 |
|||
Increase / (decrease) in trade payables |
(17,279) |
13,738 |
|||
Increase / (decrease) in tax and social security liabilities |
(13) |
(1,314) |
|||
Increase / (decrease) in deferred income and other liabilities |
224 |
750 |
|||
Changes in working capital requirements |
(13,045) |
15,461 |
|||
Cash flows used in operating activities |
(85,175) |
(66,618) |
|||
Cash flows provided by (used in) in investing activities |
|||||
Acquisitions of intangible assets |
(3) |
— |
|||
Acquisitions of property, plant and equipment |
(236) |
(63) |
|||
Advances reimbursed by (made to) CROs |
10 |
— |
40 |
||
Increase in deposits |
9 |
(232) |
(6) |
||
Decrease in deposits |
9 |
9,050 |
120 |
||
Interest received |
4,879 |
1,178 |
|||
Cash flows provided by (used in) in investing activities |
13,458 |
1,269 |
|||
Cash flows provided by (used in) financing activities |
|||||
Transaction costs related to capital increase |
13 |
446 |
— |
||
Net proceeds from Kreos and Claret (2) 2 bond loans |
15.2 & 15.7 |
48,544 |
— |
||
Repayments of Kreos and Claret (2) 2 bond loans |
15 |
— |
(9,140) |
||
Repayments of convertible loan notes (3) |
15 |
(4,375) |
(2,188) |
||
Repayment of PGE |
15 |
(1,250) |
(1,250) |
||
Repayments of conditional advances |
15 |
(55) |
— |
||
Payments of the lease liabilities |
15 |
(277) |
(458) |
||
Interest paid |
15 |
(2,955) |
(3,868) |
||
Other |
244 |
300 |
|||
Cash flows provided by (used in) financing activities |
40,322 |
(16,604) |
|||
Effect of movements in exchange rates on cash held |
11 |
1,770 |
(1,785) |
||
Revaluation of cash equivalents measured at fair value |
11 & 21 |
— |
462 |
||
Increase (decrease) in cash and cash equivalents |
(29,625) |
(83,275) |
|||
Cash and cash equivalents at the beginning of the year |
11 |
251,942 |
144,221 |
||
Cash and cash equivalents at the end of the year |
11 |
222,317 |
60,946 |
||
Increase (decrease) in cash and cash equivalents |
(29,625) |
(83,275) |
(amounts in thousands of euros) |
LICENCES |
SOFTWARES |
PATENTS |
OTHER
INTANGIBLE
ASSETS
|
TOTAL |
||||
GROSS VALUES |
|||||||||
AS OF
JANUARY 1, 2024
|
120 |
24 |
6,529 |
— |
6,673 |
||||
Acquisition |
— |
3 |
— |
— |
3 |
||||
Disposal |
— |
— |
— |
— |
— |
||||
AS OF
JUNE 30, 2024
|
120 |
27 |
6,529 |
— |
6,677 |
||||
GROSS VALUES |
|||||||||
AS OF
DECEMBER 31, 2024
|
120 |
27 |
6,529 |
— |
6,677 |
||||
Acquisition |
— |
— |
— |
— |
— |
||||
Disposal |
— |
— |
— |
— |
— |
||||
AS OF
JUNE 30, 2025
|
120 |
27 |
6,529 |
— |
6,677 |
(amounts in thousands of euros) |
LICENCES |
SOFTWARES |
PATENTS |
OTHER
INTANGIBLE
ASSETS
|
TOTAL |
||||
AMORTIZATION |
|||||||||
AS OF
JANUARY 1, 2024
|
(45) |
(24) |
— |
— |
(70) |
||||
Increase |
— |
— |
— |
— |
— |
||||
Disposal |
— |
— |
— |
— |
— |
||||
AS OF
JUNE 30, 2024
|
(45) |
(24) |
— |
— |
(70) |
||||
AS OF
DECEMBER 31, 2024
|
(45) |
(25) |
— |
— |
(70) |
||||
Increase |
— |
(1) |
— |
— |
(1) |
||||
Disposal |
— |
— |
— |
— |
— |
||||
AS OF
JUNE 30, 2025
|
(45) |
(25) |
— |
— |
(71) |
(amounts in thousands of euros) |
LICENCES |
SOFTWARES |
PATENTS |
OTHER
INTANGIBLE
ASSETS
|
TOTAL |
||||
NET BOOK VALUES |
|||||||||
AS OF
JUNE 30, 2024
|
75 |
3 |
6,529 |
— |
6,607 |
||||
AS OF
DECEMBER 31, 2024
|
75 |
3 |
6,529 |
— |
6,606 |
||||
AS OF
JUNE 30, 2025
|
75 |
2 |
6,529 |
— |
6,606 |
(amounts in thousands of euros) |
BUILDINGS |
EQUIPMENT |
FURNITURE
AND
COMPUTER
EQUIPMENT
|
TOTAL |
OF WHICH
ROU
|
||||
GROSS VALUES |
|||||||||
AS OF
JANUARY 1, 2024
|
1,346 |
— |
513 |
507 |
2,366 |
1,262 |
|||
Acquisition |
2,018 |
— |
241 |
2,258 |
2,018 |
||||
Disposal |
(1,110) |
0 |
(104) |
(1,214) |
(960) |
||||
Effect of the change in foreign currency exchange rates |
9 |
— |
2 |
11 |
9 |
||||
AS OF
JUNE 30, 2024
|
2,263 |
— |
513 |
— |
646 |
0 |
3,421 |
0 |
2,328 |
AS OF
DECEMBER 31, 2024
|
2,818 |
— |
513 |
698 |
4,029 |
2,526 |
|||
Acquisition |
80 |
— |
26 |
106 |
52 |
||||
Disposal |
— |
(16) |
(39) |
(54) |
(20) |
||||
Effect of the change in foreign currency exchange rates |
(49) |
— |
(11) |
(61) |
(49) |
||||
AS OF
JUNE 30, 2025
|
2,849 |
— |
497 |
— |
673 |
0 |
4,020 |
0 |
2,508 |
(amounts in thousands of euros) |
BUILDINGS |
EQUIPMENT |
FURNITURE
AND
COMPUTER
EQUIPMENT
|
TOTAL |
OF WHICH
ROU
|
||||
DEPRECIATION |
|||||||||
AS OF
JANUARY 1, 2024
|
(837) |
(387) |
(265) |
(1,488) |
(761) |
||||
Increase |
(456) |
(18) |
(101) |
(575) |
(405) |
||||
Disposal |
1,111 |
104 |
1,215 |
960 |
|||||
AS OF
JUNE 30, 2024
|
(182) |
(405) |
(262) |
(849) |
(206) |
||||
AS OF
DECEMBER 31, 2024
|
(613) |
(419) |
(332) |
(1,363) |
(575) |
||||
Increase |
(452) |
(19) |
(102) |
(573) |
(422) |
||||
Disposal |
— |
16 |
39 |
54 |
20 |
||||
Effect of the change in foreign currency exchange rates |
16 |
— |
5 |
21 |
16 |
||||
AS OF
JUNE 30, 2025
|
(1,048) |
— |
(422) |
— |
(390) |
0 |
(1,860) |
(961) |
(amounts in thousands of euros) |
BUILDINGS |
EQUIPMENT |
FURNITURE
AND
COMPUTER
EQUIPMENT
|
TOTAL |
OF WHICH
ROU
|
||||
NET BOOK VALUES |
|||||||||
AS OF
JUNE 30, 2024
|
2,081 |
— |
108 |
— |
384 |
0 |
2,573 |
— |
2,122 |
AS OF
DECEMBER 31, 2024
|
2,205 |
94 |
366 |
2,666 |
1,950 |
||||
AS OF
JUNE 30, 2025
|
1,801 |
— |
75 |
— |
283 |
0 |
2,159 |
— |
1,547 |
(amounts in thousands of euros) |
AS OF
DECEMBER 31,
2024
|
AS OF
JUNE 30, 2025
|
||
OTHER FINANCIAL ASSETS |
||||
Advances related to CRO contracts |
4,929 |
4,603 |
||
Deposits |
863 |
822 |
||
Other |
126 |
126 |
||
Total other non-current financial assets |
5,919 |
5,551 |
||
Advances related to CRO contracts |
7,418 |
8,018 |
||
Deposits |
136 |
— |
||
Total other current financial assets |
7,554 |
8,018 |
||
Other financial assets |
13,473 |
13,569 |
(amounts in thousands of euros) |
AS OF
DECEMBER 31,
2024
|
AS OF
JUNE 30, 2025
|
||
OTHER RECEIVABLES AND ASSETS |
||||
Prepaid expenses - non current |
948 |
804 |
||
Total non-current other receivables and assets |
948 |
804 |
||
Research tax credit ("CIR") |
5,774 |
2,152 |
||
VAT receivables |
9,841 |
12,517 |
||
Prepaid expenses |
3,233 |
2,331 |
||
Credit notes |
48 |
68 |
||
Other |
— |
70 |
||
Total current other receivables and assets |
18,896 |
17,138 |
||
Other receivables and assets |
19,843 |
17,942 |
(amounts in thousands of euros) |
AS OF
DECEMBER 31,
2024
|
AS OF
JUNE 30, 2025
|
||
CASH AND CASH EQUIVALENTS |
||||
Cash equivalents |
87,265 |
44,302 |
||
Cash |
56,956 |
16,644 |
||
Cash and cash equivalents |
144,221 |
60,946 |
AS OF
DECEMBER 31,
2024
|
|||||||||
(amounts in thousands of euros) |
AMOUNT
RECOGNIZED
IN THE
STATEMENT
OF FINANCIAL
POSITION
|
FAIR VALUE |
ASSETS/
LIABILITIES AT
FAIR VALUE
THROUGH
PROFIT AND
LOSS
|
ASSETS AT
AMORTIZED
COST
|
LIABILITIES
AT AMORTIZED
COST
|
||||
Other financial assets (2) |
13,473 |
12,690 |
— |
12,690 |
— |
||||
Other receivables and assets (2) |
19,843 |
19,843 |
— |
19,843 |
— |
||||
Cash and cash equivalents (1) |
144,221 |
144,221 |
— |
144,221 |
— |
||||
Total financial assets |
177,537 |
176,754 |
— |
176,754 |
— |
||||
Financial liabilities—non-current portion (4, Note 15) |
69,069 |
73,497 |
3,620 |
— |
69,877 |
||||
Financial liabilities—current portion (3, Note 15) |
44,935 |
44,935 |
21,183 |
— |
23,752 |
||||
Trade payables and other current liabilities (3) |
43,824 |
43,824 |
— |
— |
43,824 |
||||
Total financial liabilities |
157,828 |
162,256 |
24,803 |
— |
137,453 |
AS OF
JUNE 30, 2025
|
|||||||||
(amounts in thousands of euros) |
AMOUNT
RECOGNIZED
IN THE
STATEMENT
OF FINANCIAL
POSITION
|
FAIR VALUE |
ASSETS/
LIABILITIES AT
FAIR VALUE
THROUGH
PROFIT AND
LOSS
|
ASSETS AT
AMORTIZED
COST
|
LIABILITIES
AT AMORTIZED
COST
|
||||
Other financial assets (2) |
13,569 |
13,088 |
— |
13,088 |
— |
||||
Other receivables and assets (2) |
17,942 |
17,942 |
— |
17,942 |
— |
||||
Cash and cash equivalents (1) |
60,946 |
60,946 |
40,462 |
20,484 |
— |
||||
Total financial assets |
92,457 |
91,976 |
40,462 |
51,514 |
— |
||||
Financial liabilities—non-current portion (4, Note 15) |
53,503 |
(50,401) |
52,169 |
3,639 |
— |
48,530 |
|||
Financial liabilities—current portion (3, Note 15) |
50,401 |
50,401 |
18,038 |
— |
32,363 |
||||
Trade payables and other current liabilities (3) |
57,497 |
57,497 |
— |
— |
57,497 |
||||
Total financial liabilities |
161,402 |
160,067 |
21,677 |
— |
138,390 |
TYPE |
NUMBER
OF BCEs
ISSUED
|
NUMBER
OF BCE
OUTSTAND
ING AS OF
JANUARY
1, 2025
|
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 PERIOD ENDED JUNE 30,
2025
|
AS OF
JUNE 30, 2025
|
|||||||||||||||
Total
BCEs
|
496,965 |
330,179 |
— |
— |
— |
330,179 |
245,962 |
330,179 |
||||||||
TYPE |
Total
NUMBER
OF BSAs
ISSUED
|
NUMBER
OF BCAs
OUTSTAND
ING AS OF
JANUARY
1, 2025
|
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 PERIOD ENDED JUNE 30,
2025
|
AS OF
JUNE 30, 2025
|
||||||||||||||
Total BSAs |
486,714 |
223,944 |
164,370 |
— |
— |
— |
388,314 |
146,124 |
388,314 |
||||||
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-2025-1 |
€6.13 |
[€3.5-€3.9] |
100,000 |
€2.00 |
€6.63 |
4.65% |
[5.5-7 years] |
60.88% |
||||||||
BSA-2025-2 |
€6.13 |
[€3.5-€3.9] |
25,000 |
€2.00 |
€6.63 |
4.65% |
[5.5-7 years] |
60.88% |
||||||||
BSA-2025-3 |
€6.48 |
[€3.7-€4.1] |
39,370 |
€1.27 |
€6.41 |
3.92% |
[5.5-7 years] |
60.69% |
TYPE |
Total NUMBER
OF AGAs
ISSUED
|
NUMBER OF
AGAs
OUTSTANDING
AS OF
JANUARY 1,
2025
|
NUMBER OF
ISSUED AGAs
|
NUMBER OF
LAPSED AGAs
|
NUMBER OF
VESTED AGAs
|
NUMBER OF
AGAs
OUTSTANDING
|
||||||
FOR THE PERIOD ENDED JUNE 30, 2025 |
AS OF
JUNE 30, 2025
|
|||||||||||
Total AGAs |
0 |
9,113,148 |
— |
3,388,040 |
4,565,727 |
(160,875) |
— |
(124,096) |
— |
7,668,796 |
||
TYPE |
FAIR VALUE OF
THE
UNDERLYING
SHARE
|
FAIR VALUE OF
THE AGA
|
MATURITY |
VOLATILITY |
RISK FREE RATE |
||||
AGA-2025-1 |
€5.82 |
€5.82 |
N/A |
N/A |
N/A |
||||
AGA-2025-2 |
€5.82 |
€5.82 |
N/A |
N/A |
N/A |
||||
AGA-2025-3 |
€5.82 |
€5.82 |
N/A |
N/A |
N/A |
||||
AGA-2025-4 |
€5.82 |
€5.82 |
N/A |
N/A |
N/A |
||||
AGA-2025-5 |
€6.17 |
€6.17 |
N/A |
N/A |
N/A |
||||
AGA-2025-6 |
€7.36 |
€7.36 |
N/A |
N/A |
N/A |
TYPE
(in thousands of euros)
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2024
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2025
|
FOR THE
PERIOD
ENDED JUNE
30, 2024
|
FOR THE
PERIOD
ENDED JUNE
30, 2025
|
||||
BCEs |
(28) |
— |
(56) |
— |
— |
|||
BSAs |
(68) |
(71) |
(68) |
— |
(137) |
|||
AGAs |
(5,570) |
(6,261) |
(11,297) |
— |
(10,884) |
|||
Social taxes related to AGAs |
(178) |
(667) |
(640) |
— |
(1,350) |
|||
Total |
(5,845) |
(6,998) |
(12,061) |
— |
(12,371) |
(amounts in thousands of euros) |
||||
FINANCIAL LIABILITIES |
AS OF
DECEMBER 31,
2024
|
AS OF
JUNE 30, 2025
|
||
Kreos & Claret bond loans |
26,373 |
16,949 |
||
Lease liabilities |
1,431 |
947 |
||
PGE |
1,252 |
— |
||
Borrowings |
29,056 |
17,896 |
||
Kreos & Claret convertible notes (OCABSA) |
23,370 |
17,833 |
||
Convertible loan notes |
23,370 |
17,833 |
||
Kreos & Claret minimum return indemnifications |
3,620 |
3,639 |
||
Derivative instruments |
3,620 |
3,639 |
||
Royalty certificates |
13,023 |
14,135 |
||
Other financial liabilities |
13,023 |
14,135 |
||
Total non-current financial liabilities |
69,069 |
53,503 |
||
Kreos & Claret bond loans |
20,028 |
22,473 |
||
Lease liabilities |
932 |
929 |
||
PGE |
1,235 |
1,238 |
||
Borrowings |
22,195 |
24,641 |
||
Heights convertible notes |
21,574 |
17,743 |
||
Kreos & Claret convertible notes (OCABSA) |
— |
6,460 |
||
Convertible loan notes |
21,574 |
24,203 |
||
Kreos & Claret BSA |
1,166 |
1,557 |
||
Derivative instruments |
1,166 |
1,557 |
||
Total current financial liabilities |
44,935 |
50,401 |
||
Total financial liabilities |
114,004 |
103,905 |
Tranche B Minimum Return Indemnification - Mars 2024 |
AS OF DECEMBER 31, 2024 |
AS OF JUNE 30, 2025 |
|
Final redemption scenario probability |
95% |
95% |
|
Minimal return |
1.40x |
1.40x |
|
Discount rate |
8% |
16% |
|
Probability-weighted present value of shortfall payment (in
thousands of €)
|
2,635 (Final redemption)
136 (Tender offer)
|
2,595 (Final redemption)
133 (Tender offer)
|
|
Probability-weighted fair value of tranche A-B warrants with MRI
(in thousands of €)
|
104 (Final redemption) |
222 (Final redemption) |
|
Probability-weighted fair value of tranche A-B warrants without
MRI (in thousands of €)
|
241 (Final redemption) |
386 (Final redemption) |
|
Total fair value of MRI (in thousands of €) |
2,499 (Final redemption, i.e. a+b-c)
136 (Tender offer)
|
2,431 (Final redemption)
133 (Tender offer)
|
|
Fair value of Tranche B MRI (in thousands of €) |
2,636 |
2,564 |
Tranche C Minimum Return Indemnification - June 2024 |
AS OF DECEMBER 31, 2024 |
AS OF JUNE 30, 2025 |
|
Final redemption scenario probability |
95% |
95% |
|
Minimal return |
1.30x |
1.30x |
|
Discount rate |
8% |
16% |
|
(a) Probability-weighted present value of shortfall payment (in
thousands of €)
|
1,160 (Final redemption)
43 (Tender offer)
|
1,245 (Final redemption)
45 (Tender offer)
|
|
(b) Probability-weighted fair value of tranche A-B warrants with
MRI (in thousands of €)
|
684 (Final redemption) |
927 (Final redemption) |
|
(c) Probability-weighted fair value of tranche A-B warrants without
MRI (in thousands of €)
|
903 (Final redemption) |
1,142 (Final redemption) |
|
Total fair value of MRI (in thousands of €) |
941 (Final redemption, i.e. a+b-c)
43 (Tender offer)
|
1,030 (Final redemption)
45 (Tender offer)
|
|
Fair value of Tranche C MRI (in thousands of €) |
984 |
1,075 |
Kreos/Claret Tranche A-B BSA - August 2023 |
AS OF DECEMBER 31, 2024 |
AS OF JUNE 30, 2025 |
|
Number of outstanding BSA |
214,198 |
214,198 |
|
Exercise price per share |
18.67 |
18.67 |
|
Ordinary share price |
6.76 |
6.64 |
|
Exercise date |
19/8/2030 (expiry)
18/2/2027 (tender offer)
|
19/8/2030 (expiry)
18/2/2027 (tender offer)
|
|
7-year expiry scenario probability |
95% |
95% |
|
Volatility |
44.3% (expiry)
44.3% (tender offer)
|
60.8% (expiry)
60.8% (tender offer)
|
|
Dividend |
—% |
—% |
|
Risk-free rate |
2.9% (expiry)
2.9% (tender offer)
|
1.9% (expiry)
1.9% (tender offer)
|
|
Fair value of issued Kreos/Claret Tranche A-B BSA |
243 |
390 |
Kreos/Claret Tranche C BSA - November 2023 |
AS OF DECEMBER 31, 2024 |
AS OF JUNE 30, 2025 |
|
Number of outstanding BSA |
405,832 |
405,832 |
|
of which, number of conditional BSA |
0 |
0 |
|
Exercise price per share |
9.86 |
9.86 |
|
Ordinary share price |
6.67 |
6.64 |
|
Exercise date |
1/11/2030 (expiry)
18/2/2027 (tender offer)
|
1/11/2030 (expiry)
18/2/2027 (tender offer)
|
|
7-year expiry scenario probability |
95% |
95% |
|
Probability of Drawdown of Tranche C credit facility |
Drawn on June 21, 2024 |
Drawn on June 21, 2024 |
|
Volatility |
44.3% (expiry)
44.3% (tender offer)
|
60.8% (expiry)
60.8% (tender offer)
|
|
Dividend |
—% |
—% |
|
Risk-free rate |
2.9% (expiry)
2.9% (tender offer)
|
1.9% (expiry)
1.9% (tender offer)
|
|
Fair value of issued Kreos/Claret Tranche A-B BSA |
923 |
1,167 |
Heights convertible notes - August 2023 |
AS OF DECEMBER 31, 2024 |
AS OF JUNE 30, 2025 |
Number of outstanding notes |
350 |
350 |
Original principal amount (in thousands of €) |
35,000 |
35,000 |
Interest rate |
6% |
6% |
Conversion price per share |
€23.77 |
€23.77 |
Ordinary share price |
€6.76 |
€6.64 |
Maturity date |
24/08/2025 (put event)
24/08/2027 (HTM/voluntary conversion)
|
24/08/2026 (put event)
24/08/2027 (HTM/voluntary conversion)
|
Held to maturity scenario probability |
75% |
75% |
Initial price limit |
€14.43 |
€14.43 |
Early redemption amount (put event) |
120% |
120% |
Volatility |
50% |
50% |
Credit spread |
25% |
25% |
Risk-free rate |
2.9% |
1.9% |
Fair value of Heights convertible notes (in
thousands of €)
|
20,017 |
16,481 |
(amounts in thousands of euros) |
LEASE LIABILITY |
AS OF
DECEMBER 31, 2023
|
540 |
(+) Increase |
2,036 |
(-) Decrease |
(353) |
AS OF
JUNE 30, 2024
|
2,223 |
AS OF
DECEMBER 31, 2024
|
2,363 |
(+) Increase |
— |
(-) Decrease |
(486) |
AS OF
JUNE 30, 2025
|
1,876 |
(Amounts in thousands of euros) |
Kreos/
Claret
convertible
notes
(OCABSA)
|
Kreos &
Claret
bond
loans
|
Heights
convertibl
e notes
|
PGE |
Conditional
advances BPI
|
Lease
liabilities
|
Royalty
certificates
|
Total |
||||||||
FINANCIAL LIABILITIES (excluding
derivatives instruments)
|
||||||||||||||||
AS OF
JANUARY 1, 2024
|
21,643 |
29,605 |
3,678 |
6,771 |
540 |
12,229 |
74,466 |
|||||||||
Proceeds |
47,444 |
— |
47,444 |
|||||||||||||
Repayments |
(4,375) |
(1,250) |
(55) |
(353) |
(6,033) |
|||||||||||
Interest paid |
(1,125) |
(829) |
(952) |
(18) |
(25) |
(2,949) |
||||||||||
Non-cash changes: classification of
embedded derivatives as separate
derivative financial instruments
|
(3,204) |
(3,204) |
||||||||||||||
Non-cash changes: (gain)/loss on
recognition or derecognition
|
(295) |
(295) |
||||||||||||||
Non-cash changes: interest expense
and other
|
1,948 |
1,365 |
920 |
34 |
7 |
25 |
1,933 |
6,232 |
||||||||
Non-cash changes: other fair value
remeasurement
|
(91) |
(91) |
||||||||||||||
Non-cash changes : subsidies |
(4,070) |
— |
— |
(4,070) |
||||||||||||
Non-cash changes : other
reclassifications
|
(173) |
(173) |
||||||||||||||
Non cash changes: additional leases |
2,036 |
2,036 |
||||||||||||||
AS OF
JUNE 30, 2024
|
22,466 |
44,776 |
24,812 |
2,444 |
2,480 |
2,223 |
14,162 |
113,363 |
||||||||
(Amounts in thousands of euros) |
Kreos/
Claret
convertible
notes
(OCABSA)
|
Kreos &
Claret
bond
loans
|
Heights
convertibl
e notes
|
PGE |
Conditional
advances BPI
|
Lease
liabilities
|
Royalty
certificates
|
Total |
||||||||
FINANCIAL LIABILITIES (excluding
derivatives instruments)
|
||||||||||||||||
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 |
(amounts in thousands of euros) |
Kreos/Claret BSA |
Kreos/Claret
Minimum Return
Indemnifications
|
Total |
|||
DERIVATIVE FINANCIAL
INSTRUMENTS
|
||||||
AS OF
JANUARY 1, 2024
|
2,579 |
— |
2,579 |
|||
(+) Issuance |
— |
2,158 |
2,158 |
|||
(+) Increase in fair value |
1,542 |
5 |
1,547 |
|||
(-) Decrease in fair value |
— |
(27) |
(27) |
|||
AS OF JUNE 30, 2024 |
4,121 |
2,136 |
6,257 |
|||
AS OF
JANUARY 1, 2025
|
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, 2024
|
|||||||||||
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
|
|||||
(amounts in thousands of euros) |
|||||||||||
Heights convertible notes |
21,574 |
24,063 |
8,750 |
8,750 |
6,563 |
— |
|||||
Kreos/Claret convertible notes
(OCABSA)
|
23,370 |
30,653 |
2,250 |
19,943 |
8,460 |
— |
|||||
Kreos/Claret bond loans |
46,401 |
58,080 |
24,016 |
25,715 |
8,348 |
— |
|||||
PGE |
2,488 |
2,586 |
1,293 |
1,293 |
— |
— |
|||||
Royalty certificates |
13,023 |
— |
— |
— |
— |
— |
|||||
Lease liabilities |
2,363 |
2,512 |
993 |
996 |
516 |
7 |
|||||
Derivative instruments |
4,786 |
4,786 |
1,166 |
— |
3,620 |
— |
|||||
Total financial liabilities |
114,004 |
122,680 |
38,468 |
56,698 |
27,507 |
7 |
|||||
AS OF
JUNE 30, 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
|
|||||
(amounts in thousands of euros) |
|||||||||||
Heights convertible notes |
17,743 |
24,828 |
1,313 |
1,313 |
22,203 |
— |
|||||
Kreos/Claret convertible notes
(OCABSA)
|
24,293 |
29,528 |
8,148 |
21,380 |
— |
— |
|||||
Kreos/Claret bond loans |
39,423 |
45,670 |
25,549 |
20,121 |
— |
— |
|||||
PGE |
1,238 |
1,268 |
1,268 |
— |
— |
— |
|||||
Royalty certificates |
14,135 |
— |
— |
— |
— |
— |
|||||
Lease liabilities |
1,876 |
1,991 |
979 |
907 |
105 |
— |
|||||
Derivative instruments |
5,196 |
5,196 |
1,557 |
3,639 |
— |
||||||
Total financial liabilities |
103,905 |
108,481 |
$— |
38,814 |
0 |
47,359 |
$— |
22,308 |
0 |
— |
|
(amounts in thousands of euros) |
|||
TRADE PAYABLES AND OTHER CURRENT LIABILITIES |
AS OF
DECEMBER 31,
2024
|
AS OF
JUNE 30, 2025
|
|
Trade payables |
30,748 |
36,114 |
|
Accrued invoices |
13,049 |
21,376 |
|
Other |
26 |
7 |
|
Trade payables and other current liabilities |
43,824 |
— |
57,497 |
(amounts in thousands of euros) |
|||
TAX AND EMPLOYEE-RELATED PAYABLES |
AS OF
DECEMBER 31,
2024
|
AS OF
JUNE 30, 2025
|
|
Employee-related payables |
2,742 |
2,184 |
|
Social security and other |
1,783 |
881 |
|
Other tax and related payments |
184 |
163 |
|
Tax and employee-related payables |
4,709 |
3,228 |
(amounts in thousands of euros) |
||||||||
OPERATING INCOME |
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2024
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2025
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2024
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2025
|
||||
Research tax credit ("CIR") |
1,515 |
1,047 |
2,665 |
2,017 |
||||
Subsidies |
4,096 |
— |
4,121 |
— |
||||
Other |
18 |
46 |
29 |
70 |
||||
Total operating income |
5,628 |
1,093 |
6,815 |
2,087 |
(amounts in thousands of euros) |
||||||||
SALES AND MARKETING |
FOR THE THREE
MONTHS ENDED
JUNE 30, 2024
|
FOR THE THREE
MONTHS ENDED
JUNE 30, 2025
|
FOR THE SIX
MONTHS
ENDED JUNE 30,
2024
|
FOR THE SIX
MONTHS
ENDED JUNE 30,
2025
|
||||
Personnel costs |
353 |
474 |
1,443 |
944 |
||||
Consulting and professional fees |
1,547 |
166 |
2,093 |
384 |
||||
Other sales and marketing expenses |
352 |
34 |
693 |
206 |
||||
Sales & Marketing |
2,252 |
674 |
4,229 |
1,534 |
||||
(amounts in thousands of euros) |
||||||||
RESEARCH AND DEVELOPMENT
EXPENSES
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2024
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2025
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2024
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2025
|
||||
Sub-contracting, studies and research |
20,207 |
30,139 |
47,282 |
59,292 |
||||
Personnel costs |
4,868 |
5,558 |
9,421 |
10,627 |
||||
Consulting and professional fees |
2,280 |
1,867 |
5,489 |
5,848 |
||||
Intellectual property fees |
600 |
238 |
941 |
476 |
||||
Other research and development expenses |
952 |
843 |
1,519 |
1,703 |
||||
Research and development expenses |
28,907 |
38,645 |
64,650 |
77,946 |
||||
(amounts in thousands of euros) |
||||||||
GENERAL AND ADMINISTRATIVE
EXPENSES
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2024
|
FOR THE
THREE
MONTHS
ENDED JUNE
30, 2025
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2024
|
FOR THE SIX
MONTHS
ENDED JUNE
30, 2025
|
||||
Personnel costs |
5,898 |
5,244 |
11,172 |
9,932 |
||||
Consulting and professional fees |
2,331 |
1,768 |
3,848 |
3,703 |
||||
Other general and administrative expenses |
1,566 |
1,258 |
2,912 |
2,668 |
||||
General and administrative expenses |
9,796 |
8,270 |
17,932 |
16,303 |
||||
HEADCOUNT |
FOR THE SIX
MONTHS ENDED
JUNE 30, 2024
|
FOR THE SIX
MONTHS ENDED
JUNE 30, 2025
|
||
France |
34 |
42 |
||
United States |
27 |
27 |
||
Total |
61 |
69 |
(amounts in thousands of euros) |
||||||||
FINANCIAL GAIN (LOSS) |
FOR THE THREE
MONTHS ENDED
JUNE 30, 2024
|
FOR THE THREE
MONTHS ENDED
JUNE 30, 2025
|
FOR THE SIX
MONTHS ENDED
JUNE 30, 2024
|
FOR THE SIX
MONTHS ENDED
JUNE 30, 2025
|
||||
Interest on bond loans |
(1,365) |
(1,981) |
(1,365) |
(4,136) |
||||
Interest on convertible loan notes |
(1,431) |
(1,372) |
(2,868) |
(2,728) |
||||
Interest on conditional advances and PGE |
(10) |
(22) |
(61) |
(44) |
||||
Interest on royalty certificates |
(1,002) |
(129) |
(1,933) |
(1,112) |
||||
Interest on lease liabilities |
(20) |
(17) |
(25) |
(36) |
||||
Increase in derivatives fair value |
(639) |
(536) |
(1,547) |
(482) |
||||
Increase (decrease) in other liabilities (assets) at fair
value through profit and loss
|
(1,480) |
— |
— |
— |
||||
Transaction costs |
(1,025) |
— |
(1,606) |
— |
||||
Foreign exchange losses |
(6) |
(1,352) |
(76) |
(2,306) |
||||
Other financial expense |
(80) |
(7) |
(34) |
(14) |
||||
Financial expenses |
(7,056) |
(5,415) |
(9,514) |
(10,857) |
||||
Interest income |
2,277 |
190 |
4,811 |
1,049 |
||||
Decrease in derivatives fair value |
306 |
156 |
27 |
72 |
||||
Decrease (increase) in other liabilities (assets) at fair
value through profit and loss
|
— |
2,765 |
91 |
1,801 |
||||
Effect of unwinding the discount related to advances
made to CROs
|
169 |
129 |
351 |
362 |
||||
Day-one gain on recognition of financial liabilities |
147 |
147 |
295 |
295 |
||||
Foreign exchange gains |
713 |
110 |
2,298 |
189 |
||||
Financial income |
3,612 |
3,497 |
7,873 |
3,769 |
||||
Financial gain (loss) |
(3,444) |
(1,918) |
(1,641) |
(7,088) |
(amounts in thousands of euros, except share data) |
||||||||
BASIC AND DILUTED LOSS PER SHARE |
FOR THE
THREE
MONTHS
ENDED JUNE 30,
2024
|
FOR THE
THREE
MONTHS
ENDED JUNE 30,
2025
|
FOR THE SIX
MONTHS
ENDED JUNE 30,
2024
|
FOR THE SIX
MONTHS
ENDED JUNE 30,
2025
|
||||
Weighted average number of outstanding shares |
62,919,401 |
63,440,023 |
62,918,529 |
— |
63,409,688 |
|||
Net loss for the period |
(38,771) |
(48,414) |
(81,638) |
— |
(100,784) |
|||
Basic and diluted loss per share (€/share) |
(0.62) |
(0.76) |
(1.30) |
(1.59) |
Income Statement |
Six months ended
June 30,
|
Change |
|||||||||||||||
in millions of euros |
2025 | 2024 | |||||||||||||||
Total operating income |
2.1 | 6.8 | (4.7) |
||||||||||||||
Total operating expenses |
|||||||||||||||||
of which Research and Development costs |
(77.9) | (64.7) | (13.2) | ||||||||||||||
of which Sales and Marketing costs |
(1.5) | (4.2) | 2.7 | ||||||||||||||
of which General and Administrative costs |
(16.3) | (17.9) | 1.6 | ||||||||||||||
Operating loss |
(93.7) | (80.0) | (13.7) | ||||||||||||||
Financial (loss) |
(7.1) |
(1.6) | (5.5) |
||||||||||||||
Net loss for the period |
(100.8) | (81.6) | (19.2) | ||||||||||||||
Balance Sheet |
June 30, 2025 |
December 31, 2024 |
Change |
||||||||||||||
in millions of euros |
|||||||||||||||||
Net financial position |
(20.2) |
53.4 | (73.6) |
||||||||||||||
of which other current financial assets and other current receivables and assets* |
22.8 | 23.2 | (0.4) |
||||||||||||||
of which available cash and cash equivalents |
60.9 | 144.2 | (83.3) |
||||||||||||||
(of which financial liabilities)** |
(103.9) |
(114.0) | 10.1 |
||||||||||||||
| Total Assets | 119.6 | 205.2 | (85.6) |
||||||||||||||
Total Shareholders’ Equity |
(48.3) |
40.6 | (88.9) |
||||||||||||||
|
* Excluding items of the liquidity contract (liquidity and own shares) and prepaid expenses
** Financial liabilities include borrowings, convertible loan notes, derivative instruments, royalty certificates and other financial liabilities
| |||||||||||||||||