v3.25.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€)
€ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows provided by (used in) operating activities    
Net loss for the period € (254,142) € (136,864)
Adjustments for:    
Elimination of amortization of intangibles and depreciation of property, plant and equipment 796 821
Elimination of retirement benefit obligations 106 47
Elimination of share-based compensation expenses 22,497 15,767
Net gain on sale of treasury shares 0 (16)
Interest expenses and other financial expenses 36,463 14,659
Financial income (18,866) (9,169)
Effect of unwinding the discount related to advances (536) (520)
Increase/(decrease) in derivatives and liabilities measured at fair value 62,330 1,691
Forgiveness of conditional advances 0 (4,140)
Other 65 (73)
Cash flows provided by (used in) operating activities before change in working capital requirements (151,287) (117,797)
Decrease / (increase) in other receivables and related accounts (2,301) 1,365
Increase / (decrease) in trade payables (14,260) (3,613)
Increase / (decrease) in tax and social security liabilities 3,428 (574)
Change in provisions, deferred income and other liabilities 26,519 61
Changes in working capital requirements 13,386 (2,761)
Cash flows provided by (used in) operating activities (137,901) (120,558)
Cash flows provided by (used in) investing activities    
Acquisitions of intangible assets 0 (3)
Acquisitions of property, plant and equipment (55) (547)
Advances reimbursed by / (made to) CROs 80 0
Increase in deposits (230) (212)
Decrease in deposits 120 9,050
Interest received 4,634 6,919
Cash flows provided by (used in) investing activities 4,549 15,206
Cash flows provided by (used in) financing activities    
Capital increases 648,124 0
Repayments / (payments) related to capital increase (40,042) 446
Net proceeds from non-convertible bond loans 0 47,944
Exercise of warrants 2,667 0
Repayments of non-convertible bond loans (14,551) 0
Repayments of convertible loan notes (2,188) (6,563)
Repayment of PGE (1,250) (1,250)
Net proceeds from sale of treasury shares 0 120
Repayments of conditional advances 0 (1,142)
Payments of the lease liabilities (782) (403)
Interest paid (5,422) (5,364)
Other 300 245
Cash flows provided by (used in) financing activities 586,857 34,033
Effect of movements in exchange rates on cash held (8,940) (171)
Revaluation of cash equivalents measured at fair value 916 0
Increase (decrease) in cash and cash equivalents 445,481 (71,491)
Cash and cash equivalents at the beginning of the year 144,221 251,942
Cash and cash equivalents at the end of the year € 589,703 € 180,451