Operating expenses |
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| Operating expenses | Operating expensesNote 19.1. Sales and marketing
The sales and marketing expenses as of September 30, 2025 consist primarily in consulting costs associated with market research in preparation for the Group's future sales and commercialization efforts in the U.S. The decrease for the nine-month period ended September 30, 2025 compared to September 30, 2024 was predominantly driven by a reduction in the headcount of the Group's Sales and Marketing department as well as one-time costs that were incurred in 2024 for the Group's corporate re-branding, including its new website. The increase for the three-month period ended September 30, 2025 compared to September 30, 2024 is primarily driven by personnel costs related to share-based compensation (AGAs). Note 19.2. Research and developmentResearch and development expenses break down as follows:
For the nine-month period ended September 30, 2025, research and development expenses were €133,362 thousand, as compared to €107,936 thousand for the nine-month period ended September 30, 2024, and consisted primarily of expenses related to the UC clinical program for €92,784 thousand, the CD clinical program for €11,472 thousand, the development of new indications for obefazimod for €6,295 thousand as well as transversal activities for €20,367 thousand. This increase was primarily due to increased expenses relating to (i) the continued progression of the UC clinical program and Phase 3 induction trials data read-out during the third quarter of 2025 for €8,579 thousand, (ii) new indications for obefazimod by €5,985 thousand, (iii) the CD clinical program, resulting from the progression of the Phase 2b trials in CD by €5,385 thousand and (iv) transversal activities by €5,948 thousand, mainly due to increased chemistry, manufacturing and control ("CMC") & supply chain costs related to the progression of clinical trials and anticipation of future commercial launch.. These increased costs also resulted from a sharp rise in employer contributions related to share-based payments (AGAs) by €14,815 thousand, in turn attributable to the increase in the Company's share price during the third quarter of 2025 (see Note 14) and recorded under the line item Personnel costs. Similar factors have driven the increase for the three-month period ended September 30, 2025 compared to September 30, 2024. Note 19.3. General and administrative
For the nine-month period ended September 30, 2025, general and administrative expenses were €41,803 thousand, as compared to €25,306 thousand for the nine-month period ended September 30, 2024. This increase was primarily due to the sharp rise in employer contributions related to share-based payments (AGAs) by €15,075 thousands and an increase in consulting and professional fees by €1,168 thousand, resulting from an increase in legal and professional fees and costs associated with operating as a dual-listed public company. Similar factors have driven the decrease for the three-month periods ended September 30, 2025 compared to September 30, 2024.
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