v3.25.3
Share-based payments (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangements [Abstract]  
Disclosure of reconciliation of other equity instruments The following tables summarize the data relating to BCEs:
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 NINE MONTHS ENDED
SEPTEMBER 30, 2025
AS OF
SEPTEMBER 30, 2025
BCE-2016-1
84,000
18,796
—
—
(13,796)
5,000
5,000
5,000
BCE-2017-1
67,374
67,000
—
—
—
67,000
41,735
67,000
BCE-2017-2
150,000
112,500
—
—
—
112,500
112,500
112,500
BCE-2017-4
67,374
67,373
—
—
—
67,373
33,686
67,373
BCE-2017-5
67,374
33,687
—
—
—
33,687
16,843
33,687
BCE-2018-1
22,000
11,980
—
—
(8,450)
3,530
3,530
3,530
BCE-2018-4
16,843
16,843
—
—
—
16,843
8,422
16,843
BCE-2018-5
22,000
2,000
—
—
(2,000)
—
—
—
Total BCEs
496,965
330,179
—
—
(24,246)
305,933
221,716
305,933
The following tables summarize the data relating to BSAs:
GRANT DA
TE
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 NINE MONTHS ENDED
SEPTEMBER 30, 2025
AS OF
SEPTEMBER 30, 2025
2015-12-04
BSA-2015-11
96,924
96,924
—
—
—
96,924
96,924
96,924
2015-12-04
BSA-2015-12
82,000
16,400
—
—
—
16,400
16,400
16,400
2017-09-18
BSA-2017-1
16,400
16,400
—
—
—
16,400
16,400
16,400
2018-01-22
BSA-2018-1
49,200
16,400
—
—
—
16,400
16,400
16,400
2024-04-04
BSA-2024-1
58,365
58,365
—
—
—
58,365
—
58,365
2024-04-04
BSA-2024-2
19,455
19,455
—
—
—
19,455
—
19,455
2025-01-13
BSA-2025-1
100,000
—
100,000
—
—
100,000
—
100,000
2025-01-13
BSA-2025-2
25,000
—
25,000
—
—
25,000
—
25,000
2025-04-22
BSA-2025-3
39,370
—
39,370
—
—
39,370
—
—
39,370
39,370
Total BSAs
486,714
223,944
164,370
0
—
—
388,314
146,124
388,314
The following tables summarize the data relating to AGAs as well as the assumptions used for the measurement thereof in
accordance with IFRS 2—Share-based Payment:
GRANT DATE
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 NINE MONTHS ENDED SEPTEMBER 30,
2025
AS OF
SEPTEMBER 30,
2025
2023-07-11
AGA-2023-1
1,382,796
780,040
—
—
(177,280)
602,760
2023-07-11
AGA-2023-2
100,000
75,000
—
(75,000)
—
—
2023-09-28
AGA-2023-3
731,500
485,875
—
(15,500)
(251,125)
219,250
2023-09-28
AGA-2023-4
254,250
213,250
—
(1,250)
(108,500)
103,500
2023-12-01
AGA-2023-5
132,750
81,250
—
(26,000)
—
55,250
2024-02-01
AGA-2024-1
1,549,125
1,355,625
—
(30,125)
—
1,325,500
2024-03-28
AGA-2024-2
22,500
22,500
—
—
—
22,500
2024-05-23
AGA-2024-3
38,500
38,500
—
(7,500)
—
31,000
2024-07-11
AGA-2024-4
93,000
93,000
—
—
—
93,000
2024-07-11
AGA-2024-5
25,000
25,000
—
—
—
25,000
2024-07-11
AGA-2024-6
20,000
20,000
—
—
(10,000)
10,000
2024-09-05
AGA-2024-7
198,000
198,000
—
—
—
198,000
2025-02-06
AGA-2025-1
4,319,500
—
4,319,500
(5,500)
4,314,000
2025-02-06
AGA-2025-2
123,102
—
123,102
—
123,102
2025-02-06
AGA-2025-3
17,625
—
17,625
—
17,625
2025-02-06
AGA-2025-4
30,500
—
30,500
—
30,500
2025-03-20
AGA-2025-5
50,000
—
50,000
—
—
50,000
2025-05-30
AGA-2025-6
25,000
—
25,000
—
—
25,000
2025-08-01
AGA-2025-7
1,711,000
—
1,711,000
—
—
1,711,000
Total AGAs
0
10,824,148
3,388,040
6,276,727
(160,875)
(546,905)
8,956,987
Disclosure of main data and assumptions used for the measurement of other equity instruments The fair value of the BSAs was determined at grant date using the Black Scholes model, with the following assumptions:
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
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
€5.17
€5.17
N/A
N/A
N/A
AGA-2025-7
€61.20
€61.20
N/A
N/A
N/A
The fair values of the Minimal Return Indemnifications were measured using the following assumptions:
Tranche B Minimal Return Indemnification - March 2024
AS OF DECEMBER 31, 2024
Minimal return
1.40x
Discount rate
7.50%
Probability-weighted present value of shortfall payment (in
thousands of €)
2,635 (Final redemption)
136 (Tender offer)
Probability-weighted fair value of tranche A-B warrants with MRI
(in thousands of €)
104 (Final redemption)
Probability-weighted fair value of tranche A-B warrants without
MRI (in thousands of €)
241 (Final redemption)
Total fair value of MRI (in thousands of €)
2,499 (Final redemption, i.e. a+b-c)
136 (Tender offer)
Fair value of Tranche B MRI (in thousands of €)
2,636
Tranche C Minimal Return Indemnification - June 2024
AS OF DECEMBER 31, 2024
Minimal return
1.30x
Discount rate
7.50%
(a) Probability-weighted present value of shortfall payment (in
thousands of €)
1,160 (Final redemption)
43 (Tender offer)
(b) Probability-weighted fair value of tranche A-B warrants with
MRI (in thousands of €)
684 (Final redemption)
(c) Probability-weighted fair value of tranche A-B warrants without
MRI (in thousands of €)
903 (Final redemption)
Total fair value of MRI (in thousands of €)
941 (Final redemption, i.e. a+b-c)
43 (Tender offer)
Fair value of Tranche C MRI (in thousands of €)
984
The
main data and assumptions are the following:
Kreos/Claret Tranche A-B BSA - August 2023
AS OF DECEMBER 31, 2024
Number of outstanding BSA
214,198
Exercise price per share
€18.67
Ordinary share price
€6.76
Exercise date
19/08/2030 (expiry)
18/02/2027 (tender offer)
7-year expiry scenario probability
95%
Volatility
44.3% (expiry)
44.3% (tender offer)
Dividend
0
Risk-free rate
2.9% (expiry)
2.9% (tender offer)
Fair value of issued Kreos/Claret Tranche A-B BSA
243
Kreos/Claret Tranche C BSA - November 2023
AS OF DECEMBER 31, 2024
Number of outstanding BSA
405,832
of which, number of conditional BSA
0
Exercise price per share
€9.86
Ordinary share price
€6.67
Exercise date
01/11/2030 (expiry)
18/02/2027 (tender offer)
7-year expiry scenario probability
95%
Probability of Drawdown of Tranche C credit facility
Drawn on June 21, 2024
Volatility
44.3% (expiry)
44.3% (tender offer)
Dividend
0
Risk-free rate
2.9% (expiry)
2.9% (tender offer)
Fair value of issued Kreos/Claret Tranche A-B BSA
923
Disclosure of breakdown of the compensation expenses Breakdown of the compensation expenses accounted for the three- and nine-month periods ended September 30,
2024 and 2025:
TYPE
(in thousands of euros)
FOR THE
THREE
MONTHS
ENDED
SEPTEMBER
30, 2024
FOR THE
THREE
MONTHS
ENDED
SEPTEMBER
30, 2025
FOR THE NINE
MONTHS
ENDED
SEPTEMBER
30, 2024
FOR THE NINE
MONTHS
ENDED
SEPTEMBER
30, 2025
BCEs
(56)
—
(84)
—
—
BSAs
(130)
(142)
(199)
—
(213)
AGAs
(9,914)
(16,023)
(15,484)
—
(22,284)
Social taxes related to AGAs
(441)
(30,251)
(619)
—
(30,918)
Total
(10,541)
(46,416)
(16,386)
—
(53,415)