Information concerning the Group's Consolidated Operations (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Text block1 [abstract] |
|
| Revenues By Country of Origin and Other Income |
Revenues by country of origin and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
For the year ended December 31, |
|
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2023 |
|
|
2024 |
|
|
2025 |
|
|
|
$ in thousands |
|
From France |
|
|
755 |
|
|
|
41,505 |
|
|
|
72,949 |
|
Revenues |
|
|
755 |
|
|
|
41,505 |
|
|
|
72,949 |
|
Research tax credit subsidy |
|
|
6,582 |
|
|
|
6,447 |
|
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|
6,644 |
|
Other subsidies and other |
|
|
1,856 |
|
|
|
1,265 |
|
|
|
- |
|
Other income |
|
|
8,438 |
|
|
|
7,712 |
|
|
|
6,644 |
|
Total revenues and other income |
|
|
9,193 |
|
|
|
49,217 |
|
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|
79,592 |
|
|
| Revenues by Nature |
Revenues by nature
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For the year ended December 31, |
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2023 |
|
|
2024 |
|
|
2025 |
|
|
|
$ in thousands |
|
Collaboration agreements |
|
|
- |
|
|
|
40,898 |
|
|
|
72,074 |
|
Licenses |
|
|
605 |
|
|
|
503 |
|
|
|
765 |
|
Products & services |
|
|
150 |
|
|
|
105 |
|
|
|
110 |
|
Total revenues |
|
|
755 |
|
|
|
41,505 |
|
|
|
72,949 |
|
|
| Details of Operating Expenses by Nature |
Details of operating expenses by nature:
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For the year ended December 31, |
|
Cost of revenue |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Royalty expenses |
|
|
(737 |
) |
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|
- |
|
|
|
- |
|
Cost of revenue |
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|
(737 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
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For the year ended December 31, |
|
Research and development expenses |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Wages and salaries |
|
|
(32,936 |
) |
|
|
(31,945 |
) |
|
|
(36,162 |
) |
Social charges on stock option grants |
|
|
(270 |
) |
|
|
(280 |
) |
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|
1,837 |
|
Non-cash stock-based compensation expense |
|
|
(3,952 |
) |
|
|
(2,028 |
) |
|
|
(4,142 |
) |
Personnel expenses |
|
|
(37,158 |
) |
|
|
(34,253 |
) |
|
|
(38,466 |
) |
Purchases and external expenses |
|
|
(32,996 |
) |
|
|
(36,611 |
) |
|
|
(35,083 |
) |
Depreciation and amortization expenses (incl. right of use amortization) |
|
|
(16,511 |
) |
|
|
(18,391 |
) |
|
|
(18,665 |
) |
Other |
|
|
(981 |
) |
|
|
(1,281 |
) |
|
|
(1,301 |
) |
Total research and development expenses |
|
|
(87,646 |
) |
|
|
(90,536 |
) |
|
|
(93,517 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
Selling, general and administrative expenses |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Wages and salaries |
|
|
(5,994 |
) |
|
|
(6,247 |
) |
|
|
(6,482 |
) |
Social charges on stock option grants |
|
|
(106 |
) |
|
|
(107 |
) |
|
|
769 |
|
Non-cash stock-based compensation expense |
|
|
(1,281 |
) |
|
|
(1,139 |
) |
|
|
(1,968 |
) |
Personnel expenses |
|
|
(7,381 |
) |
|
|
(7,493 |
) |
|
|
(7,681 |
) |
Purchases and external expenses |
|
|
(6,682 |
) |
|
|
(9,182 |
) |
|
|
(9,797 |
) |
Depreciation and amortization expenses (incl. right of use amortization) |
|
|
(2,012 |
) |
|
|
(1,483 |
) |
|
|
(1,397 |
) |
Other |
|
|
(738 |
) |
|
|
(927 |
) |
|
|
(915 |
) |
Total selling, general and administrative expenses |
|
|
(16,812 |
) |
|
|
(19,085 |
) |
|
|
(19,790 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
Personnel expenses |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Wages and salaries |
|
|
(38,930 |
) |
|
|
(38,192 |
) |
|
|
(42,643 |
) |
Social charges on stock option grants |
|
|
(376 |
) |
|
|
(387 |
) |
|
|
2,606 |
|
Non-cash stock-based compensation expense |
|
|
(5,233 |
) |
|
|
(3,167 |
) |
|
|
(6,110 |
) |
Total personnel expenses |
|
|
(44,539 |
) |
|
|
(41,746 |
) |
|
|
(46,147 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Other operating income (expense) |
|
|
(1,300 |
) |
|
|
849 |
|
|
|
638 |
|
|
| Details of Financial Income and Expenses |
Details of financial income and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
Financial income and expenses |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
|
|
|
|
|
Income from cash, cash equivalents and financial assets |
|
|
3,614 |
|
|
|
11,278 |
|
|
|
9,498 |
|
Foreign exchange gains |
|
|
17,618 |
|
|
|
13,079 |
|
|
|
5,862 |
|
Gain on fair value measurement |
|
|
245 |
|
|
|
20,009 |
|
|
|
765 |
|
Other financial income |
|
|
2 |
|
|
|
41 |
|
|
|
- |
|
Financial income |
|
|
21,479 |
|
|
|
44,407 |
|
|
|
16,124 |
|
Interest on financial liabilities |
|
|
(2,246 |
) |
|
|
(4,817 |
) |
|
|
(5,882 |
) |
Foreign exchange losses |
|
|
(13,402 |
) |
|
|
(5,754 |
) |
|
|
(27,919 |
) |
Loss on fair value measurement |
|
|
(20,813 |
) |
|
|
(8,366 |
) |
|
|
(15,039 |
) |
Interest on lease liabilities |
|
|
(3,061 |
) |
|
|
(2,636 |
) |
|
|
(2,225 |
) |
Other financial expenses |
|
|
(1,121 |
) |
|
|
(41 |
) |
|
|
(0 |
) |
Financial expenses |
|
|
(40,642 |
) |
|
|
(21,614 |
) |
|
|
(51,064 |
) |
Net financial gain (loss) |
|
|
(19,163 |
) |
|
|
22,793 |
|
|
|
(34,940 |
) |
|
| Disclosure of Income Tax |
Tax proof
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
$ in thousands |
|
Income (loss) before taxes from continuing operations |
|
|
(116,464 |
) |
|
|
(36,761 |
) |
|
|
(68,016 |
) |
Theoretical group tax rate (1) |
|
|
25.12 |
% |
|
|
25.35 |
% |
|
|
25.23 |
% |
Theoretical tax benefit (expense) |
|
|
29,259 |
|
|
|
9,318 |
|
|
|
17,159 |
|
Increase/decrease in tax benefit arising from: |
|
|
|
|
|
|
|
|
|
Permanent differences |
|
|
736 |
|
|
|
(34 |
) |
|
|
(131 |
) |
Research tax credit |
|
|
1,645 |
|
|
|
1,612 |
|
|
|
1,661 |
|
Share-based compensation & other IFRS adjustments (2) |
|
|
(1,134 |
) |
|
|
4,032 |
|
|
|
(1,194 |
) |
Non recognition of deferred tax assets related to tax losses and temporary differences |
|
|
(30,876 |
) |
|
|
(14,928 |
) |
|
|
(17,072 |
) |
Effective tax benefit (expense) |
|
|
(371 |
) |
|
|
(0 |
) |
|
|
423 |
|
Effective tax rate |
|
|
0.32 |
% |
|
|
0.00 |
% |
|
|
(0.62 |
%) |
(1)The Group’s theoretical tax rate corresponds to the average of the income tax rates of each country in which the Group operates, i.e. for the year ended December 31, 2025 25% for France and 21% for the United States, weighted by the pre-tax income from each country. (2)As of December 31, 2024, this reconciling item consists of the tax effect of permanent differences primarily related to (i) share-based compensation for $(0.8) million, (ii) revenue recognized out of proceeds from the AZ IIA and SIA reallocated to the JRCA (see Note 2.6) for $2.2 million, and (iii) change in fair value of certain financial instruments for $2.6 million.
|
| Disclosure of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
$ in thousands |
|
Credits and net operating loss carryforwards |
|
|
155,673 |
|
|
|
160,772 |
|
|
|
205,837 |
|
Capitalization of R&D expenses under SEC 174 rule |
|
|
4,092 |
|
|
|
5,052 |
|
|
|
- |
|
Pension commitments |
|
|
550 |
|
|
|
279 |
|
|
|
332 |
|
Leases liabilities |
|
|
11,478 |
|
|
|
9,459 |
|
|
|
7,321 |
|
Revaluations of financial assets |
|
|
15,830 |
|
|
|
- |
|
|
|
- |
|
Deferred tax assets from other deductible differences |
|
|
772 |
|
|
|
856 |
|
|
|
2,249 |
|
Non-recognition of deferred tax assets |
|
|
(177,001 |
) |
|
|
(167,026 |
) |
|
|
(208,598 |
) |
Deferred tax assets |
|
|
11,392 |
|
|
|
9,391 |
|
|
|
7,142 |
|
|
|
|
|
|
|
|
|
|
|
Accelerated depreciation of assets for tax purposes |
|
|
(740 |
) |
|
|
(94 |
) |
|
|
7 |
|
Right-of-use assets and other leases-related effects |
|
|
(10,401 |
) |
|
|
(8,359 |
) |
|
|
(6,228 |
) |
Deferred tax liabilities from other taxable differences |
|
|
(410 |
) |
|
|
(556 |
) |
|
|
(539 |
) |
Deferred tax liabilities |
|
|
(11,550 |
) |
|
|
(9,009 |
) |
|
|
(6,760 |
) |
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets/(liabilities) |
|
|
(158 |
) |
|
|
382 |
|
|
|
382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
Reflected in the statement of financial position as follows: |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
$ in thousands |
|
Deferred tax assets |
|
|
- |
|
|
|
382 |
|
|
|
382 |
|
Deferred tax liabilities |
|
|
(158 |
) |
|
|
(0 |
) |
|
|
0 |
|
Net deferred tax assets/(liabilities) |
|
|
(158 |
) |
|
|
382 |
|
|
|
382 |
|
|