v3.26.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Borrowings [abstract]  
Schedule of composition of borrowings
Borrowings of the Group at period-end include the following:
Year ended December 31
 in € thousand 20252024
NON-CURRENT
Borrowings and other loans161,261 166,521 
CURRENT
Borrowings and other loans17,905 20,852 
TOTAL BORROWINGS179,167 187,373 
Schedule of maturity analysis of non-current borrowings
The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Balance as at December 31, 2025
in € thousandLess than 1 yearBetween 1 and 3 yearsBetween 3 and 5 yearsOver 5 yearsTotal
Borrowings17,905 33,439 215,495 851 267,690 
Lease liabilities2,739 5,572 5,414 14,357 28,082 
Refund liabilities10,814 6,684 — — 17,498 
Trade payables and accruals24,540 — — — 24,540 
Tax and employee-related liabilities (1)
12,642 — — — 12,642 
Other liabilities7 — — — 7 
TOTAL68,648 45,696 220,908 15,208 350,460 
(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.







Balance as at December 31, 2024
in € thousandLess than 1 yearBetween 1 and 3 yearsBetween 3 and 5 yearsOver 5 yearsTotal
Borrowings20,852 132,489 33,349 683 187,373 
Lease liabilities2,508 5,203 5,083 16,147 28,941 
Refund liabilities19,650 6,491 — — 26,141 
Trade payables and accruals35,522 — — — 35,522 
Tax and employee-related liabilities (1)
13,107 — — — 13,107 
Other liabilities79 — — — 79 
TOTAL91,719 144,183 38,432 16,829 291,163 
(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.
The maturity of the borrowings is as follows:
Year ended December 31
in € thousand20252024
Between 1 and 3 years28,715 132,489 
Between 3 and 5 years131,953 33,349 
Over 5 years594 683 
NON-CURRENT BORROWINGS161,261 166,521 
Current borrowings17,905 20,852 
TOTAL BORROWINGS179,167 187,373 
Schedule of borrowings by denominated currency
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
Year ended December 31
in € thousand20252024
Borrowings denominated in EUR3,144 3,540 
Borrowings denominated in USD176,022 183,833 
TOTAL BORROWINGS179,167 187,373 
Schedule of reconciliation of loan
The Pharmakon Loan Agreement is included in the balance sheet item “Borrowings”. The Pharmakon Loan Agreement and the previous D&O Loan Agreement, which the Pharmakon Loan superseded and fully replaced during the fourth quarter of 2025, developed as follows:
in € thousand20252024
BALANCE AS AT JANUARY 1180,841 167,520 
Proceeds of issue182,979 — 
Transaction costs(10,130)(944)
Principal repayment(170,213)— 
Accrued interest28,403 22,530 
Payment of interest(17,558)(18,978)
Exchange rate difference(20,916)10,713 
BALANCE AS AT CLOSING DATE173,407 180,841 
Less: non-current portion(156,710)(161,420)
CURRENT PORTION16,697 19,421