| Cash flow information |
5.32 Cash flow information 5.32.1 Cash generated from operations The following table shows the adjustments to reconcile net loss to net cash generated from operations: | | | | | | | | | | | | | | | Year ended December 31, | | in € thousand | | 2025 | 2024 | 2023 | | PROFIT/(LOSS) FOR THE PERIOD | | (115,192) | | (12,247) | | (101,429) | | | | | | | | Gain from sale of Priority Review Voucher, net | | — | | (90,833) | | — | | | Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations: | | | | | | Depreciation and amortization | | 21,750 | | 19,586 | | 17,584 | | | Write-off / impairment fixed assets/intangibles | | 895 | | — | | (731) | | | Share-based compensation expense | | 9,533 | | 7,975 | | 5,111 | | | Income tax expense/(income) | | 1,073 | | 761 | | 2,800 | | | | | | | | (Profit)/loss from disposal of property, plant, equipment and intangible assets | | 432 | | (266) | | (12) | | | | | | | | (Profit)/loss from disposal held for sale | | — | | — | | 580 | | | (Gain)/loss from MMF investments | | (841) | | — | | — | | Provision for employer contribution costs on share-based compensation plans | | 1,408 | | (1,594) | | (1,659) | | | Other non-cash (income)/expense | | (9,697) | | 895 | | (804) | | | Interest income | | (1,803) | | (2,362) | | (1,210) | | | Interest expense | | 41,898 | | 23,984 | | 23,325 | | | Total adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations | | 64,649 | | 48,979 | | 44,984 | | | CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION): | | | | | | Other non-current assets | | 446 | | 449 | | (192) | | | | | | | | Long term refund liabilities | | — | | — | | 1,136 | | | Other non-current liabilities and provisions | | 877 | | (629) | | (430) | | | TOTAL CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES | | 1,323 | | (180) | | 514 | | | CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION): | | | | | | Inventory | | 1,032 | | (6,803) | | (9,165) | | | Trade and other receivables | | 13,326 | | 15,707 | | (2,855) | | | Contract liabilities | | (2,600) | | (2,793) | | (3,471) | | | Refund liabilities | | (8,774) | | (14,183) | | (112,689) | | | Trade and other payables and provisions | | (4,455) | | (3,321) | | (17,398) | | | Total changes in working capital | | (1,471) | | (11,394) | | (145,578) | | | CASH GENERATED/(USED) IN OPERATIONS | | (50,691) | | (65,674) | | (201,509) | |
5.32.2 Reconciliation of liabilities arising from financing activities Liabilities arising from financing activities are those for which cash flows were (or future cash flows will be) classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. The below table illustrates the development of borrowings. For development of lease liabilities see Note 5.27. | | | | | | | | | | | Year ended December 31 | | in € thousand | 2025 | 2024 | | | BALANCE AS AT JANUARY 1 | 187,373 | | 176,847 | | | Proceeds of issue | 184,015 | | 910 | | | Transaction costs | (10,130) | | (944) | | | Repayments | (171,632) | | (3,734) | | | Revaluations | (209) | | (385) | | | Accrued interest | 28,695 | | 22,862 | | | Payment of interest | (17,682) | | (19,156) | | | Exchange rate difference | (21,265) | | 10,974 | | | BALANCE AS AT DECEMBER 31 | 179,167 | | 187,373 | | |
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