v3.25.3
Financial assets and liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Measurement [Abstract]  
Disclosure of carrying amounts and fair value of financial assets The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
Tax and employee-related payables are non-financial liabilities and are therefore excluded from the tables below. They are
presented in Note 17.2.
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
SEPTEMBER 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)
14,273
13,904
—
13,904
—
Other receivables and assets (2)
21,137
21,137
—
21,137
—
Cash and cash equivalents (1)
589,703
589,703
441,318
148,385
—
Total financial assets
625,114
624,744
441,318
183,426
—
Financial liabilities—non-current portion (4, Note 15)
44,588
(29,400)
109,751
—
—
109,751
Financial liabilities—current portion (3, Note 15)
29,400
29,400
—
—
29,400
Trade payables and other current liabilities (3)
30,019
30,019
—
—
30,019
Total financial liabilities
104,007
169,170
—
—
169,170
(1)    The fair value of cash and cash equivalents is determined based on Level 1 fair value measurement and corresponds to the
market value of the assets.
(2)    The carrying amount of financial assets measured at amortized cost is deemed to be a reasonable estimate of fair value, except
for the long-term advances made to CROs, whose fair value is determined based on Level 3 fair value measurement and is estimated
based on future cash-flows discounted at market rates, using credit spreads ranging from 104 bp to 218 bp as of December 31, 2024
and 36 bp to 188 bp as of September 30, 2025. As of December 31, 2024 and September 30, 2025, an increase in the credit spread by
+100 bp would result in a decrease in the advances fair value by €236 thousand and €243 thousand respectively.
(3)    The carrying amount of short-term financial liabilities measured at amortized cost was deemed to be a reasonable estimate of
fair value.
(4)    The fair value of the royalty certificates, Heights convertible notes, Kreos / Claret BSA and Minimal Return Indemnifications is
based on Level 3 fair value measurement and is estimated based on models and assumptions detailed in Note 15. The fair value of
other long-term financial liabilities is determined based on Level 3 fair value measurement and is estimated based on future cash-flows
discounted at market rates, using the following assumptions:
•For the debt components of the Kreos / Claret OCABSA (tranche A) and tranches B and C of the Kreos / Claret straight bond
loans, a credit spread of 750 bp as of December 31, 2024 and 850 bp as of September 30, 2025.
As of December 31, 2024 and September 30, 2025, an increase in the credit spread by +100 bp would result in a decrease in
the Kreos / Claret tranche A (OCABSA), tranches B and C debt components fair value by respectively €538 thousand and
€344 thousand, respectively (the OCABSA held by Kreos being fully converted and no longer oustanding as of September
30, 2025).
•For the PGE loan, a credit spread of 900 bp as of December 31, 2024. As of December 31, 2024 an increase in the credit
spread by +100 bp would result in a decrease in the PGE loan fair value by €39 thousand. The PGE being a short-term
liability as of September 30, 2025, its carrying amount measured at amortized cost is deemed to be a reasonable estimate of
its fair value on that date.
Disclosure of carrying amounts and fair value of financial liabilities The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
Tax and employee-related payables are non-financial liabilities and are therefore excluded from the tables below. They are
presented in Note 17.2.
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
SEPTEMBER 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)
14,273
13,904
—
13,904
—
Other receivables and assets (2)
21,137
21,137
—
21,137
—
Cash and cash equivalents (1)
589,703
589,703
441,318
148,385
—
Total financial assets
625,114
624,744
441,318
183,426
—
Financial liabilities—non-current portion (4, Note 15)
44,588
(29,400)
109,751
—
—
109,751
Financial liabilities—current portion (3, Note 15)
29,400
29,400
—
—
29,400
Trade payables and other current liabilities (3)
30,019
30,019
—
—
30,019
Total financial liabilities
104,007
169,170
—
—
169,170
(1)    The fair value of cash and cash equivalents is determined based on Level 1 fair value measurement and corresponds to the
market value of the assets.
(2)    The carrying amount of financial assets measured at amortized cost is deemed to be a reasonable estimate of fair value, except
for the long-term advances made to CROs, whose fair value is determined based on Level 3 fair value measurement and is estimated
based on future cash-flows discounted at market rates, using credit spreads ranging from 104 bp to 218 bp as of December 31, 2024
and 36 bp to 188 bp as of September 30, 2025. As of December 31, 2024 and September 30, 2025, an increase in the credit spread by
+100 bp would result in a decrease in the advances fair value by €236 thousand and €243 thousand respectively.
(3)    The carrying amount of short-term financial liabilities measured at amortized cost was deemed to be a reasonable estimate of
fair value.
(4)    The fair value of the royalty certificates, Heights convertible notes, Kreos / Claret BSA and Minimal Return Indemnifications is
based on Level 3 fair value measurement and is estimated based on models and assumptions detailed in Note 15. The fair value of
other long-term financial liabilities is determined based on Level 3 fair value measurement and is estimated based on future cash-flows
discounted at market rates, using the following assumptions:
•For the debt components of the Kreos / Claret OCABSA (tranche A) and tranches B and C of the Kreos / Claret straight bond
loans, a credit spread of 750 bp as of December 31, 2024 and 850 bp as of September 30, 2025.
As of December 31, 2024 and September 30, 2025, an increase in the credit spread by +100 bp would result in a decrease in
the Kreos / Claret tranche A (OCABSA), tranches B and C debt components fair value by respectively €538 thousand and
€344 thousand, respectively (the OCABSA held by Kreos being fully converted and no longer oustanding as of September
30, 2025).
•For the PGE loan, a credit spread of 900 bp as of December 31, 2024. As of December 31, 2024 an increase in the credit
spread by +100 bp would result in a decrease in the PGE loan fair value by €39 thousand. The PGE being a short-term
liability as of September 30, 2025, its carrying amount measured at amortized cost is deemed to be a reasonable estimate of
its fair value on that date.