v3.25.3
Financial liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Disclosure of financial liabilities [abstract]  
Disclosure of financial liabilities breakdown Financial liabilities break down as follows:
 
(amounts in thousands of euros)
FINANCIAL LIABILITIES 
AS OF
DECEMBER 31,
2024
AS OF
SEPTEMBER 30,
2025
Kreos & Claret bond loans
26,373
11,779
Lease liabilities
1,431
611
PGE
1,252
—
Borrowings
29,056
12,390
Kreos & Claret convertible notes (OCABSA)
23,370
4,099
Convertible loan notes
23,370
4,099
Kreos & Claret minimal return indemnifications
3,620
—
Derivative instruments
3,620
—
Royalty certificates
13,023
28,099
Other financial liabilities
13,023
28,099
Total non-current financial liabilities
69,069
44,588
Kreos & Claret bond loans
20,028
23,040
Lease liabilities
932
938
PGE
1,235
1,252
Borrowings
22,195
25,230
Heights convertible notes
21,574
—
Kreos & Claret convertible notes (OCABSA)
—
4,170
Convertible loan notes
21,574
4,170
Kreos & Claret BSA
1,166
—
Derivative instruments
1,166
—
Total current financial liabilities
44,935
29,400
Total financial liabilities
114,004
73,988
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 main data and assumptions used for the measurement of convertible loan notes The main data and assumptions are the following:
Heights convertible notes - August 2023
AS OF DECEMBER 31, 2024
Original principal amount (in thousands of €)
35,000
Interest rate
6%
Conversion price per share
€23.77
Ordinary share price
€6.76
Maturity date
24/08/2025 (put event)
24/08/2027 (HTM/voluntary conversion)
Held to maturity scenario probability
75%
Initial price limit
€14.43
Early redemption amount (put event)
120.00%
Volatility
50%
Credit spread
25%
Risk-free rate
2.9%
Fair value of Heights convertible notes (in
thousands of €)
20,017
Disclosure of variation in lease liabilities The variations in lease liabilities are set forth below:
AS OF
DECEMBER 31, 2023
540
(+) Increase
2,051
(-) Decrease
(406)
AS OF
SEPTEMBER 30, 2024
2,185
AS OF
DECEMBER 31, 2024
2,363
(+) Increase
—
(-) Decrease
(814)
AS OF
SEPTEMBER 30, 2025
1,549
Disclosure of reconciliation of liabilities arising from financing activities Changes in financial liabilities, excluding derivative instruments, are presented below as of September 30, 2024 and 2025:
(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, 2023
21,643
29,605
3,678
6,771
540
12,229
74,466
Proceeds
47,444
—
47,444
Repayments
(6,563)
(1,250)
(1,142)
(402)
(9,357)
Interest paid
(1,688)
(2,267)
(1,378)
(18)
(14)
(5,364)
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
(442)
(442)
Non-cash changes: interest expense and
other
2,956
3,559
1,333
56
7
43
3,023
10,977
Non-cash changes: other fair value
remeasurement
609
609
Non-cash changes: conversion into shares
(4,070)
—
(4,070)
Non-cash changes : subsidies
914
914
Non cash changes: additional leases
2,021
2,021
Non cash changes : Effect of the change in
foreign currency exchange rates
(3)
(3)
AS OF
SEPTEMBER 30, 2024
22,912
45,533
23,164
2,466
2,480
2,185
15,253
113,992
AS OF
DECEMBER 31, 2024
23,370
46,401
21,574
2,488
—
2,363
13,023
109,218
Repayments
(14,551)
(2,188)
(1,250)
(782)
(18,770)
Interest paid
(1,688)
(2,951)
(689)
(43)
(51)
(5,422)
Non-cash changes: (gain)/loss on
recognition or derecognition
(1,557)
(1,557)
Non-cash changes: interest expense and
other
2,644
5,919
778
58
51
3,758
13,209
Non-cash changes: amortized cost
remeasurement
11,318
11,318
Non-cash changes: other fair value
remeasurement
36,002
36,002
Non-cash changes: conversion into shares
(16,058)
(53,921)
(69,979)
Non cash changes : Effect of the change in
foreign currency exchange rates
(33)
(33)
AS OF
SEPTEMBER 30, 2025
8,269
34,819
—
1,252
—
1,549
28,099
73,988
Disclosure of changes in derivative instruments Changes in derivative instruments are presented below as of September 30, 2024 and 2025:
(amounts in thousands of euros)
Kreos/Claret BSA
Kreos/Claret
Minimal Return
Indemnifications
Total
DERIVATIVE FINANCIAL
INSTRUMENTS
AS OF
DECEMBER 31, 2023
2,579
—
2,579
(+) Issuance
—
2,158
2,158
(+) Increase in fair value
544
677
1,221
(-) Decrease in fair value
(139)
—
(139)
AS OF
SEPTEMBER 30, 2024
2,984
2,835
5,819
AS OF
DECEMBER 31, 2024
1,166
3,620
4,786
(+) Increase in fair value
29,935
—
29,935
(-) Decrease in fair value
—
(3,620)
(3,620)
(-) Repurchases
(4,427)
—
(4,427)
(-) Exercises
(26,674)
—
(26,674)
AS OF
SEPTEMBER 30, 2025
—
—
—
Disclosure of remaining contractual maturities of non-derivative financial liabilities The following are the remaining contractual maturities of financial liabilities as of December 31, 2024 and September 30, 2025. The
amounts are gross and undiscounted, and include contractual interest payments.
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 (1)
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
SEPTEMBER 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
—
—
—
—
—
—
Kreos/Claret convertible notes
(OCABSA)
8,269
9,660
4,684
4,976
—
—
Kreos/Claret bond loans
34,819
40,241
25,548
14,693
—
—
PGE
1,252
1,268
1,268
—
—
—
Royalty certificates (1)
28,099
—
—
—
—
—
Lease liabilities
1,549
1,747
980
672
95
—
Derivative instruments
—
—
—
—
—
—
Total financial liabilities
73,988
$52,916
32,481
20,341
95
—
(1) The contractual cash flows above do not include potential future royalty payments related to the royalty certificates, amounting to
2% of the future net sales of obefazimod (worldwide and for all indications). The amount of royalties that may be paid under the
royalty certificates is capped at €172.0 million in the aggregate. Royalty payments are expected to take place before the expiry date of
the certificates, which is 15 years after their issuance date (September 2, 2037), and would be included in the "from 2 to 5 years" and
"longer than 5 years" maturity categories according to management's projections.
Disclosure of remaining contractual maturities of derivative financial liabilities The following are the remaining contractual maturities of financial liabilities as of December 31, 2024 and September 30, 2025. The
amounts are gross and undiscounted, and include contractual interest payments.
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 (1)
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
SEPTEMBER 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
—
—
—
—
—
—
Kreos/Claret convertible notes
(OCABSA)
8,269
9,660
4,684
4,976
—
—
Kreos/Claret bond loans
34,819
40,241
25,548
14,693
—
—
PGE
1,252
1,268
1,268
—
—
—
Royalty certificates (1)
28,099
—
—
—
—
—
Lease liabilities
1,549
1,747
980
672
95
—
Derivative instruments
—
—
—
—
—
—
Total financial liabilities
73,988
$52,916
32,481
20,341
95
—
(1) The contractual cash flows above do not include potential future royalty payments related to the royalty certificates, amounting to
2% of the future net sales of obefazimod (worldwide and for all indications). The amount of royalties that may be paid under the
royalty certificates is capped at €172.0 million in the aggregate. Royalty payments are expected to take place before the expiry date of
the certificates, which is 15 years after their issuance date (September 2, 2037), and would be included in the "from 2 to 5 years" and
"longer than 5 years" maturity categories according to management's projections.