| Schedule of adjustments to reconcile net loss to net 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) | |
|
| Disclosure of reconciliation of liabilities arising from financing activities |
| | | | | | | | | | | 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 | | |
|