Share-based payments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure of terms and conditions of share-based payment arrangement [line items] |
|
| Disclosure of number and weighted average grant date fair value of other equity Instruments Explanatory |
Information on free shares activity is as follows:
|
|
|
|
|
|
|
|
Number of Free shares Outstanding |
|
Weighted-Average Grant Date Fair Value (in €) |
|
|
|
|
|
|
Balance as of January 1, 2023 |
|
909,113 |
|
|
11.18 |
|
Granted |
|
342,900 |
|
|
3.08 |
|
Vested |
|
(167,433 |
) |
|
22.45 |
|
Cancelled |
|
(67,042 |
) |
|
11.40 |
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
1,017,538 |
|
|
6.59 |
|
Granted |
|
- |
|
|
- |
|
Additional shares due to May 2024 modification |
|
44,650 |
|
|
1.71 |
|
Vested |
|
(342,675 |
) |
|
11.89 |
|
Cancelled |
|
(210,219 |
) |
|
6.00 |
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
509,295 |
|
|
2.84 |
|
Granted |
|
- |
|
|
- |
|
Vested |
|
(231,992 |
) |
|
2.60 |
|
Cancelled |
|
(25,356 |
) |
|
3.21 |
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
251,946 |
|
|
3.02 |
|
|
| Warrants [member] |
|
| Disclosure of terms and conditions of share-based payment arrangement [line items] |
|
| Summary of Information on Stock Option Activity |
Information on warrants activity is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Exercisable |
|
Weighted-Average Exercise Price Per Share (in €) |
|
Warrants Outstanding |
|
Weighted-Average Exercise Price Per Share (in €) |
|
Remaining Average Useful Life (in years) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2023 |
|
896,225 |
|
|
27.18 |
|
|
896,225 |
|
|
27.18 |
|
|
3.3 |
|
Granted |
|
|
|
|
|
- |
|
|
- |
|
|
|
Exercised |
|
|
|
|
|
- |
|
|
- |
|
|
|
Forfeited or Expired |
|
(557,350 |
) |
|
27.48 |
|
|
(557,350 |
) |
|
27.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
338,875 |
|
|
26.69 |
|
|
338,875 |
|
|
26.69 |
|
|
2.4 |
|
Granted |
|
|
|
|
|
- |
|
|
- |
|
|
|
Exercised |
|
|
|
|
|
- |
|
|
- |
|
|
|
Forfeited or Expired |
|
|
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
338,875 |
|
|
26.69 |
|
|
338,875 |
|
|
26.69 |
|
|
1.4 |
|
Granted |
|
|
|
|
|
75,000 |
|
|
2.59 |
|
|
|
Exercised |
|
|
|
|
|
- |
|
|
- |
|
|
|
Forfeited or Expired |
|
|
|
|
|
(244,375 |
) |
|
27.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
117,938 |
|
|
19.35 |
|
|
169,500 |
|
|
14.25 |
|
|
4.8 |
|
|
| Summary of assumptions Weighted-average Fair Values of Warrants Granted and Assumptions Used for Black-Scholes Option Pricing Model |
The weighted-average fair values of warrants granted and the assumptions used for the Black-Scholes option pricing model were as follows:
|
|
|
For the twelve-month period ended December 31, |
|
2025 |
|
|
Weighted-Average fair values of warrants granted |
1.43€ |
Assumptions: |
|
Risk-free interest rate |
2.82% |
Share entitlement per warrant |
1 |
Subscription price |
0.13€ |
Exercise price |
2.59€ |
Underlying stock price at grant date |
2.36€ |
Expected volatility |
70.73% |
Expected term (in years) |
5.5 |
Vesting conditions |
Service |
Vesting period |
Graded |
|
| Stock options [member] |
|
| Disclosure of terms and conditions of share-based payment arrangement [line items] |
|
| Summary of Information on Stock Option Activity |
Information on stock option activity follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Exercisable |
|
Weighted-Average Exercise Price Per Share (in €) |
|
Options Outstanding |
|
Weighted-Average Exercise Price Per Share (in €) |
|
Remaining Average contractual Life (in years) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2023 |
|
7,400,519 |
|
|
24.58 |
|
|
8,787,264 |
|
|
22.31 |
|
|
4.6 |
|
Granted |
|
|
|
|
|
1,835,411 |
|
|
2.86 |
|
|
|
Exercised |
|
|
|
|
|
- |
|
|
- |
|
|
|
Forfeited or Expired |
|
|
|
|
|
(79,516 |
) |
|
22.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
7,913,183 |
|
|
23.63 |
|
|
10,543,159 |
|
|
18.92 |
|
|
4.6 |
|
Granted |
|
|
|
|
|
3,054,163 |
|
|
2.51 |
|
|
|
Exercised |
|
|
|
|
|
- |
|
|
- |
|
|
|
Forfeited or Expired |
|
|
|
|
|
(1,078,028 |
) |
|
4.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
8,546,368 |
|
|
22.34 |
|
|
12,519,294 |
|
|
16.16 |
|
|
4.6 |
|
Granted |
|
|
|
|
|
6,346,033 |
|
|
1.49 |
|
|
|
Exercised |
|
|
|
|
|
(13,438 |
) |
|
2.17 |
|
|
|
Forfeited or Expired |
|
|
|
|
|
(2,811,646 |
) |
|
31.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
7,523,716 |
|
|
14.42 |
|
|
16,040,242 |
|
|
7.71 |
|
|
6.4 |
|
|
| Summary of assumptions Vesting Details |
The weighted-average fair values of stock options granted and the assumptions used for the Black-Scholes option pricing model were as follows:
|
|
|
|
|
For the twelve-month period ended December 31, |
|
2023 |
2024 |
2025 |
|
|
|
|
Weighted-Average fair values of stock options granted |
1.65€ |
1.41€ |
0.89€ |
Assumptions: |
|
|
|
Risk-free interest rate |
2.45% - 2.75% |
2.51% - 2.99% |
2.78% - 3.06% |
Share entitlement per options |
1 |
1 - 1.06 |
1 |
Exercise price |
1.74€ - 3.17€ |
1.70€ - 2.82€ |
1.26€ - 4.07€ |
Underlying stock price at grant date |
1.70€-3.09€ |
1.67€-2.76€ |
1.26€-4.02€ |
Expected volatility |
63.7% - 64.4% |
64.6%- 65.2% |
65.0%- 72.2% |
Expected term (in years) |
6.03 - 6.15 |
6.03 - 6.17 |
5.93 - 6.16 |
Vesting conditions |
Performance & Service or Service |
Performance & Service or Service |
Performance & Service or Service only |
Vesting period |
Graded |
Graded |
Graded |
|