v3.26.1
Share capital and share based payments
 12 Months Ended
Dec. 31, 2025
Share Capital And Share Based Payments [Abstract]  
Share capital and share based payments Share capital and share based payments
a)Share capital
The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance.
The Company has never declared or paid any dividends on its ordinary shares. The Company does not anticipate paying cash dividends on its equity securities in the foreseeable future and intend to retain all available funds and any future earnings for use in the operation and expansion of its business, given our state of development.
As of December 31, 2025, the Company’s share capital amounted to €4,686,661 divided into (i) 93,719,323 ordinary shares, each with a nominal value of €0.05, (ii) 6,324 “2016” free preferred shares, each with a nominal value of €0.05 and (iii) 7,581 “2017” free preferred shares, each with a nominal value of €0.05, respectively fully paid up.
Share capital does not include BSAs, BSAAR,AGAs and AGAPs that have been granted to certain investors or natural persons, both employees and non-employees of the Company, but not yet exercised.
In October 21, 2019 and December 30, 2019, the retention period for the “2016 free preferred shares” has ended. The number of ordinary shares to which the conversion of one preferred share entitle has been determined according to the fulfillment of the performance criteria. Holders of “2016” preferred shares” are entitled to vote at our shareholders’ meetings, to dividends and to preferential subscription rights, on the basis of the number of ordinary shares to which they are entitled if they convert their preferred shares.
In April 3, 2021, the retention period for the "2017 free preferred shares" has ended. The number of ordinary shares to which the conversion of one preferred share entitle has been determined according to the fulfillment of the performance criteria. According to these same performance criteria, the Executive Board of April 7, 2021 noted that the "2017 preferred shares" did not give right to any ordinary shares. The “2017 preferred shares” will not be redeemed by the Company and will remain incorporated into the capital, unless subsequently decided by the Executive Board. As the conversion is void, the "2017 preferred shares" no longer give the right to vote at our general meetings, nor to receive dividends.
The table below presents the historical changes in the share capital of the Company as of December 31, 2023, 2024 and 2025, respectively:
Number of
DateNature of the TransactionsShare CapitalShare premiumCommon sharesPreferred sharesNominal value
Balance as of January 1
2023		4,011,308 379,636,745 80,212,069 14,095 €0.05 
April 14, 2023Capital increase by issuance of common shares (exercise of share warrants)728 28,955 14,550 — €0.05 
April 14, 2023Capital increase by issuance of common shares3,015 168,840 60,300 — €0.05 
April 14, 2023Capital increase by issuance of common shares (definitive acquisition of free shares )8,165 (8,165)163,293 — €0.05 
July 6, 2023Capital increase by issuance of common shares (exercise of share warrants)3,321 142,991 66,410 — €0.05 
September 18, 2023Capital increase by issuance of common shares (conversion of preferred shares in common shares)33 (33)650 (5)€0.05 
October 3, 2023Capital increase by issuance of common shares (definitive acquisition of free shares )6,403 (6,403)128,061 — 0.05 
December 15, 2023Subsciption of share warrants— 47,120 — — €— 
December 31, 2023Capital increase by issuance of common shares (definitive acquisition of free shares )10,762 (10,762)215,230 — €0.05 
December 31, 2023Share based payments— 4,255,748 — — €— 
Balance as of December 31
2023		4,043,733 384,255,036 80,860,563 14,090 €0.05 
Number of
DateNature of the TransactionsShare CapitalShare premiumCommon sharesPreferred sharesNominal value
Balance as of January 1
2024		4,043,733 384,255,036 80,860,563 14,090 €0.05 
June 10, 2024Capital increase by issuance of common shares1,905 91,440 38,100 — €0.05 
June 10, 2024Capital increase by issuance of common shares (definitive acquisition of free shares )3,437 (3,437)68,744 — €0.05 
Capital increase by issuance of common shares (exercise of share warrants)€0.05 
July 5, 2024Capital increase by issuance of common shares (conversion of preferred shares in common shares)97 (97)1,950 (15)€0.05 
December 5, 2024Capital increase by issuance of common shares91,645 2,767,677 1,832,899 — €0.05 
December 5, 2024Share issuance costs— (24,150)— — €— 
December 31, 2024Capital increase by issuance of common shares (definitive acquisition of free shares )51,404 (51,404)1,028,080 — €0.05 
December 31, 2024Share based payments— 3,944,383 — — 
Balance as of December 31
2024		4,192,221 390,979,449 83,830,336 14,075 €0.05 
Number of
DateNature of the TransactionsShare CapitalShare premiumCommon sharesPreferred sharesNominal value
Balance as of January 1, 20254,192,221 390,979,449 83,830,336 14,075 €0.05 
April 24, 2025Capital increase by issuance of common shares417,269 14,582,729 8,345,387 — €0.05 
April 24, 2025Share issuance costs(67,963)— €0.05 
May 5, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)32 (32)650 (5)€0.05 
July 3, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)355 (355)7,150 (55)€0.05 
July 17, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)32 (32)650 (5)€0.05 
July 25, 2025Subsciption of share warrants— 49,000 — — €— 
July 31, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)32 (32)650 (5)€0.05 
August 18, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)32 (32)650 (5)€0.05 
November 17, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)194 (194)3,900 (30)€0.05 
November 27, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)355 (355)7,150 (55)€0.05 
December 18, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)65 (65)1,300 (10)€0.05 
December 31, 2025Capital increase by issuance of common shares (conversion of preferred shares in common shares)76,075 (76,075)1,521,500 — —
December 31, 2025Share based payments— 2,567,446 — — —
Balance as of December 31, 20254,686,661 408,033,490 93,719,323 13,905 €0.05 
Holding by the Company of its own shares
The Company held 18,575 of its own shares as of December 31, 2025.
b)Share based payments
The Company has issued BSAs, BSAARs, stock options, AGAs and AGAPs as follows as of December 31, 2023, 2024 and 2025, respectively: :

Date TypesNumber of warrants issued as of 12/31/2023Number of warrants void as of 12/31/2023Number of warrants exercised as of 12/31/2023Number of warrants outstanding as of 12/31/2023Maximum number of shares to be issued as of 12/31/2023Exercise price per share (in €)
Sept. 9, 2011BSAAR 2011650,000 25,000 625,000 — — €2.04 
May 27, 2013BSAAR 2012146,050 12,250 133,800 — — €2.04 
July 1, 2015BSAAR 20151,050,382 2,720 1,940 1,045,722 1,045,722 €7.20 
October 21, 2016AGAP Management 2016-12,000 550 250 1,200 156,000 €— 
October 21, 2016AGAP Employees 2016-12,486 251 172 2,063 268,190 €— 
October 21, 2016AGA Management 2016-150,000 — 50,000 — — €— 
December 30, 2016AGAP Management 2016-23,000 — — 3,000 333,000 €— 
December 30, 2016AGA Management 2016-2250,000 — 250,000 — — — 
April 3, 2018AGAP Employees 2017-15,725 5,725 — — — — 
April 3, 2018AGAP Management 2017-12,400 2,400 — — — — 
April 3, 2018AGA Employees 2017114,500 4,000 110,500 — — — 
July 3, 2018AGA Bonus 2018-167,028 469 66,559 — — — 
November 20, 2018AGAP Perf Employees 2018-1327,500 224,375 103,125 — — — 
November 20, 2018AGAP Perf Management 2018-1260,000 150,000 110,000 — — — 
January 14, 2019AGA Employees 201890,650 5,000 85,650 — — — 
April 29, 2019AGA New Members 2017-125,000 — 25,000 — — — 
July 3, 2019AGA Bonus 2019-157,376 — 57,376 — — — 
November 4, 2019AGAP 2019 Employees 2019546,700 375,150 171,550 — — — 
November 4, 2019AGAP 2019 Management 2019355,000 207,500 147,500 — — — 
July 13, 2020AGA Bonus 2020-1 & 279,861 17,885 61,976 — — — 
August 5, 2020AGA Perf Employees 2020-1766,650 681,420 85,230 — — — 
August 5, 2020AGA Perf Management 2020-1710,000 580,000 130,000 — — — 
July 22, 2021AGA Bonus 2021-1125,748 — 125,748 — — — 
October 1, 2021AGA Perf Employees 2021-11,066,600 247,300 — 819,300 819,300 €— 
October 1, 2021AGA Perf Management 2021-1610,000 130,000 — 480,000 480,000 €— 
February 12, 2022AGA "Plan Epargne Entreprise" 2022138,960 — 138,960 — — €— 
October 3, 2022AGA Bonus 2022-1128,061 — 128,061 — — €— 
December 12, 2022AGA Perf Employees 2022-11,371,500 198,000 — 1,173,500 1,173,500 €— 
December 12, 2022AGA Perf Management 2022-1550,000 — — 550,000 550,000 €— 
April 14, 2023AGA "Plan Epargne Entreprise" 2023163,293 — 163,293 — — €— 
November 2, 2023AGA New Members 2023-125,000 — — 25,000 25,000 €— 
December 21, 2023AGA Perf Employees 2023-11,403,500 4,500 — 1,399,000 1,399,000 €— 
December 21, 2023AGA Perf Management 2023-1750,000 — — 750,000 750,000 €— 
July 21, 2020Stock Options 2020-1102,000 102,000 — — — €— 
July 29, 2011BSA 2011-2225,000 25,000 200,000 — — €1.77 
July 17, 2013BSA 2013237,500 12,500 225,000 — — €2.36 
July 16, 2014BSA 2014150,000 — 75,000 75,000 75,000 €8.65 
April 27, 2015BSA 2015-170,000 — — 70,000 70,000 €9.59 
July 1, 2015BSA 2015-214,200 — — 14,200 14,200 €14.05 
September 20, 2017BSA 201737,000 — — 37,000 37,000 €11.00 
December 16, 2022BSA 2022-140,000 31,740 — 8,260 8,260 €2.31 
December 15, 2023Total as of BSA 2023-150,000 12,000 — 38,000 38,000 2.26
Total as of Balance as of December 31
2023		12,820,670 3,057,735 3,271,690 6,491,245 7,242,172 
DateTypesNumber of warrants issued as of 12/31/2024Number of warrants void as of 12/31/2024Number of warrants exercised as of 12/31/2024Number of warrants outstanding as of 12/31/2024Maximum number of shares to be issued as of 12/31/2024Exercise price per share (in €)
Sept. 9, 2011BSAAR 2011650,000 25,000 625,000 — — €2.04 
May 27, 2013BSAAR 2012146,050 12,250 133,800 — — €2.04 
July 1, 2015BSAAR 20151,050,382 2,720 1,940 1,045,722 1,045,722 €7.20 
October 21, 2016AGAP Management 2016-12,000 550 250 1,200 156,000 €— 
October 21, 2016AGAP Employees 2016-12,486 251 187 2,048 266,240 €— 
October 21, 2016AGA Management 2016-150,000 — 50,000 — — €— 
December 30, 2016AGAP Management 2016-23,000 — — 3,000 333,000 €— 
December 30, 2016AGA Management 2016-2250,000 — 250,000 — — — 
April 3, 2018AGAP Employees 2017-15,725 5,725 — — — — 
April 3, 2018AGAP Management 2017-12,400 2,400 — — — — 
April 3, 2018AGA Employees 2017114,500 4,000 110,500 — — — 
July 3, 2018AGA Bonus 2018-167,028 469 66,559 — — — 
November 20, 2018AGAP Perf Employees 2018-1327,500 224,375 103,125 — — — 
November 20, 2018AGAP Perf Management 2018-1260,000 150,000 110,000 — — — 
January 14, 2019AGA Employees 201890,650 5,000 85,650 — — — 
April 29, 2019AGA New Members 2017-125,000 — 25,000 — — — 
July 3, 2019AGA Bonus 2019-157,376 — 57,376 — — — 
November 4, 2019AGAP 2019 Employees 2019546,700 375,150 171,550 — — — 
November 4, 2019AGAP 2019 Management 2019355,000 207,500 147,500 — — — 
July 13, 2020AGA Bonus 2020-1 & 279,861 17,885 61,976 — — — 
August 5, 2020AGA Perf Employees 2020-1766,650 681,420 85,230 — — — 
August 5, 2020AGA Perf Management 2020-1710,000 580,000 130,000 — — — 
July 22, 2021AGA Bonus 2021-1125,748 — 125,748 — — — 
October 1, 2021AGA Perf Employees 2021-11,066,600 454,520 612,080 — — — 
October 1, 2021AGA Perf Management 2021-1610,000 194,000 416,000 — — — 
February 12, 2022AGA "Plan Epargne Entreprise" 2022138,960 — 138,960 — — — 
October 3, 2022AGA Bonus 2022-1128,061 — 128,061 — — €— 
December 12, 2022AGA Perf Employees 2022-11,371,500 299,000 — 1,072,500 1,072,500 €— 
December 12, 2022AGA Perf Management 2022-1550,000 — — 550,000 550,000 €— 
April 14, 2023AGA "Plan Epargne Entreprise" 2023163,293 — 163,293 — — €— 
November 2, 2023AGA New Members 2023-125,000 — — 25,000 25,000 €— 
December 21, 2023AGA Perf Employees 2023-11,403,500 129,750 — 1,273,750 1,273,750 €— 
December 21, 2023AGA Perf Management 2023-1750,000 — — 750,000 750,000 €— 
February 15, 2024AGA New Members 2024-125,000 — — 25,000 25,000 €— 
June 10, 2024AGA "Plan Epargne Entreprise" 202468,744 — 68,744 — — €— 
August 1, 2024AGA Perf Management 2024-1150,000 — — 150,000 150,000 €— 
November 13, 2024AGA employees 2024-1370,560 1,800 — 368,760 368,760 €— 
November 13, 2024AGA Perf Employees 2024-11,162,900 — — 1,162,900 1,162,900 €— 
November 13, 2024AGA Perf Management 2024-2975,000 — — 975,000 975,000 €— 
November 13, 2024AGA Management 2024-1200,000 — — 200,000 200,000 €— 
July 21, 2020Stock Options 2020-1102,000 102,000 — — — €— 
September 11, 2024Stock Options 2024-1100,000 — — 100,000 100,000 €2.18 
July 29, 2011BSA 2011-2225,000 25,000 200,000 — — €1.77 
July 17, 2013BSA 2013237,500 12,500 225,000 — — €2.36 
July 16, 2014BSA 2014150,000 75,000 75,000 — — €8.65 
April 27, 2015BSA 2015-170,000 — — 70,000 70,000 €9.59 
July 1, 2015BSA 2015-214,200 — — 14,200 14,200 €14.05 
September 20, 2017BSA 201737,000 — — 37,000 37,000 €11.00 
December 16, 2022BSA 2022-140,000 31,740 — 8,260 8,260 €2.31 
December 15, 2023BSA 2023-150,000 12,000 — 38,000 38,000 €2.26 
Total as of Balance as of December 31
2024		15,872,874 3,632,005 4,368,529 7,872,340 8,621,332 

DateTypesNumber of warrants issued as of 12/31/2025Number of warrants void as of 12/31/2025Number of warrants exercised as of 12/31/2025Number of warrants outstanding as of 12/31/2025Maximum number of shares to be issued as of 12/31/2025Exercise price per share (in €)
Sept. 9, 2011BSAAR 2011650,000 25,000 625,000 — — €2.04 
May 27, 2013BSAAR 2012146,050 12,250 133,800 — — €2.04 
July 1, 2015BSAAR 20151,050,382 1,048,442 1,940 — — €7.20 
October 21, 2016AGAP Management 2016-12,000 550 250 1,200 156,000 €— 
October 21, 2016AGAP Employees 2016-12,486 251 357 1,878 244,140 €— 
October 21, 2016AGA Management 2016-150,000 — 50,000 — — €— 
December 30, 2016AGAP Management 2016-23,000 — — 3,000 333,000 €— 
December 30, 2016AGA Management 2016-2250,000 — 250,000 — — — 
April 3, 2018AGAP Employees 2017-15,725 5,725 — — — — 
April 3, 2018AGAP Management 2017-12,400 2,400 — — — — 
April 3, 2018AGA Employees 2017114,500 4,000 110,500 — — — 
July 3, 2018AGA Bonus 2018-167,028 469 66,559 — — — 
November 20, 2018AGAP Perf Employees 2018-1327,500 224,375 103,125 — — — 
November 20, 2018AGAP Perf Management 2018-1260,000 150,000 110,000 — — — 
January 14, 2019AGA Employees 201890,650 5,000 85,650 — — — 
April 29, 2019AGA New Members 2017-125,000 — 25,000 — — — 
July 3, 2019AGA Bonus 2019-157,376 — 57,376 — — — 
November 4, 2019AGAP 2019 Employees 2019546,700 375,150 171,550 — — — 
November 4, 2019AGAP 2019 Management 2019355,000 207,500 147,500 — — — 
July 13, 2020AGA Bonus 2020-1 & 279,861 17,885 61,976 — — — 
August 5, 2020AGA Perf Employees 2020-1766,650 681,420 85,230 — — — 
August 5, 2020AGA Perf Management 2020-1710,000 580,000 130,000 — — — 
July 22, 2021AGA Bonus 2021-1125,748 — 125,748 — — — 
October 1, 2021AGA Perf Employees 2021-11,066,600 454,520 612,080 — — — 
October 1, 2021AGA Perf Management 2021-1610,000 194,000 416,000 — — — 
February 12, 2022AGA "Plan Epargne Entreprise" 2022138,960 — 138,960 — — — 
October 3, 2022AGA Bonus 2022-1128,061 — 128,061 — — €— 
December 12, 2022AGA Perf Employees 2022-11,371,500 400,000 971,500 — — €— 
December 12, 2022AGA Perf Management 2022-1550,000 — 550,000 — — €— 
April 14, 2023AGA "Plan Epargne Entreprise" 2023163,293 — 163,293 — — €— 
November 2, 2023AGA New Members 2023-125,000 — — 25,000 25,000 €— 
December 21, 2023AGA Perf Employees 2023-11,403,500 508,500 — 895,000 895,000 €— 
December 21, 2023AGA Perf Management 2023-1750,000 225,000 — 525,000 525,000 €— 
February 15, 2024AGA New Members 2024-125,000 25,000 — — — €— 
June 10, 2024AGA "Plan Epargne Entreprise" 202468,744 — 68,744 — — €— 
August 1, 2024AGA Perf Management 2024-1150,000 — — 150,000 150,000 €— 
November 13, 2024AGA employees 2024-1370,560 93,480 — 277,080 277,080 €— 
November 13, 2024AGA Perf Employees 2024-11,162,900 304,000 — 858,900 858,900 €— 
November 13, 2024AGA Perf Management 2024-2975,000 375,000 — 600,000 600,000 €— 
November 13, 2024AGA Management 2024-1200,000 — — 200,000 200,000 €— 
May 7, 2025AGA employees 2025-01220,500 56,200 — 164,300 164,300 €— 
July 21, 2020Stock Options 2020-1102,000 102,000 — — — €— 
September 11, 2024Stock Options 2024-1100,000 100,000 — — — €2.18 
July 29, 2011BSA 2011-2225,000 25,000 200,000 — — €1.77 
July 17, 2013BSA 2013237,500 12,500 225,000 — — €2.36 
July 16, 2014BSA 2014150,000 75,000 75,000 — — €8.65 
April 27, 2015BSA 2015-170,000 70,000 — — — €9.59 
July 1, 2015BSA 2015-214,200 14,200 — — — €14.05 
September 20, 2017BSA 201737,000 — — 37,000 37,000 €11.00 
December 16, 2022BSA 2022-140,000 31,740 — 8,260 8,260 €2.31 
December 15, 2023BSA 2023-150,000 12,000 — 38,000 38,000 €2.26 
July 25, 2025BSA-2025-180,000 30,000 — 50,000 50,000 €1.62 
Balance as of December 31, 202516,173,374 6,448,557 5,890,199 3,834,618 4,561,680 

AGA
Details of AGA
AGAP Management 2016-1 AGAP Employees 2016-1AGA Management 2016-1 AGA Employees 2016-1 AGAP Management 2016-2
Date of grant (Board of Directors)October 21, 2016October 21, 2016October 21, 2016October 21, 2016October 21, 2016
Vesting period (years)1 year1 year3 years1 year1 year
Non transferability period
2 years after the vesting period end
2 years after the vesting period end
 None
2 years after the vesting period end
2 years after the vesting period end
Number of free shares granted2,000 2,486 50,000 99,932 3,000 
Share entitlement per free share 130(1)130(1)11111 
Grant date share fair value€10.87 €10.87 €10.87 €10.87 €12.73 
Expected dividendsNoneNoneNoneNoneNone
Performance conditions Yes  Yes NoneNone Yes
Expected turnover (yearly basis)5%5%—5%9%
Volatility40%40%——40%
Fair value per AGA€911 €911 €10.55 €10.55 €956 
In October 21, 2019 and December 30, 2019, the retention period for the “2016 free preferred shares” has ended. The number of ordinary shares to which the conversion of one preferred share entitle has been determined according to the fulfilment of the performance criteria. Holders of “2016” preferred shares” are entitled to vote at our shareholders’ meetings, to dividends and to preferential subscription rights, on the basis of the number of ordinary shares to which they are entitled if they convert their preferred shares.
AGA Management 2016-2AGA Employees 2016-2AGA Bonus 2017AGA Employee 2017AGAP Employees 2017-1
Date of grant (Board of Directors)December 30, 2016December 30, 2016September 20, 2017April 3, 2018April 3, 2018
Vesting period (years)3 years1 year1 year1 year1 year
Non transferability period None
2 years after the vesting period end
1 year after the vesting period end
1 year after the vesting period end
2 years after the vesting period end
Number of free shares granted250,000 149,943 114,500 28,556 5,725 
Share entitlement per free share 1 1 1 1 100 
Grant date share fair value€12.73 €12.73 €5.52 €10.90 €5.52 
Expected dividendsNoneNoneNoneNoneNone
Performance conditions None  None Yes None  Yes
Expected turnover (yearly basis)—5%4%—5%
Volatility——55%—55%
Fair value per AGA€14.61 €10.55 €5.83 €10.30 €90 

AGAP Management 2017AGA Bonus 2018AGA Perf Employees 2018AGA Perf Management 2018AGA New Members 2017-1
Date of grant (Board of Directors)April 3, 2018July 3, 2018November 20, 2018November 20, 2018April 29, 2019
Vesting period (years)1 year1 year3 years3 years3 years
Non transferability period
2 years after the vesting period end
1 year after the vesting period end
 None  None None
Number of free shares granted2,400 67,028 327,500 260,000 25,000 
Share entitlement per free share 100 1 1 1 1 
Grant date share fair value€5.52 €5.06 €8.00 €8.00 €5.74 
Expected dividendsNoneNoneNoneNoneNone
Performance conditions Yes  Yes  Yes  Yes No
Expected turnover (yearly basis)11%—4%10%10%
Volatility55%—45%45%—
Fair value per AGA€90 €4.69 €3.81 €3.81 €5.74 
AGA Employees 2018AGA Bonus 2019-1AGA Perf Employees 2019AGA Perf Management 2019AGA Bonus 2020
Date of grant (Board of Directors)January 14, 2019July 3, 2019November 4, 2019November 4, 2019July 13, 2020
Vesting period (years)1 year1 year3 years3 years1 year
Non transferability period
1 year after the vesting period end
1 year after the vesting period end
NoneNone
1 year after the vesting period end
Number of free shares granted90,650 57,376 546,700 355,000 79,861 
Share entitlement per free share 1 1 1 1 1 
Grant date share fair value€7.31 €5.90 €3.13 €3.13 €6.40 
Expected dividendsNoneNoneNoneNoneNone
Performance conditionsNoNoYesYesNo
Expected turnover (yearly basis)4.03%—10%10%—
VolatilityN/A—45%45%—
Fair value per AGA€7.31 €5.72 €3.13 €3.13 €6.40

AGA Perf Employees 2020-1AGA Perf Management 2020-1AGA Bonus 2021-1AGA Perf Employees 2021-1AGA Perf Management 2021-1
Date of grant (Board of Directors)August 5, 2020August 5, 2020July 22, 2021October 1, 2021October 1, 2021
Vesting period (years)3.5 years3.5 years1 year3.5 years3.5 years
Non transferability periodNoneNone1 yearNoneNone
Number of free shares granted769,202 710,000 125,748 1,066,600 610,000 
Share entitlement per free share1 1 1 1 1 
Grant date share fair value€2.94 €2.94 €3.43 €1.76 €1.76 
Expected dividendsNoneNoneNoneNoneNone
Performance conditionsYesYesNoYesYes
Expected turnover (yearly basis)10.00%10.00%—13.32%13.32%
Volatility45.00%45.00—50.0050.00
Fair value per AGA€2.94 €2.94 €3.43 €1.76 €1.76 
AGA "Plan Epargne Entreprise" 2022AGA Bonus 2022-1AGA Perf Employees 2022-1AGA Perf Management 2022-1
Date of grant (Board of Directors)February 14, 2022October 3, 2022December 12, 2022December 12, 2022
Vesting period (years)None1 year3.1 years3.1 years
Non transferability periodNoneNoneNoneNone
Number of free shares granted138,960 128,061 1,371,500 550,000 
Share entitlement per free share1 1 1 1 
Grant date share fair value€4.10 €3.89 €1.39 €1.39 
Expected dividendsNoneNoneNoneNone
Performance conditionsNoNoYesYes
Expected turnover (yearly basis)——10.5010.50
Volatility——50.0050.00
Fair value per AGA€4.10 €3.89 €1.39 €1.39 
AGA "Plan Epargne Entreprise" 2023AGA New Members 2023-1AGA Perf Employees 2023-1AGA Perf Management 2023-1
Date of grant (Board of Directors)April 14, 2023November 2, 2023December 21, 2023December 21, 2023
Vesting period (years)None3 years3.0 years3.0 years
Non transferability periodNoneNoneNoneNone
Number of free shares granted163,293 25,000 1,403,500 750,000 
Share entitlement per free share1 1 1 1 
Grant date share fair value€2.85 €2.23 €1.60 €1.60 
Expected dividendsNoneNoneNoneNone
Performance conditionsNoNoYesYes
Expected turnover (yearly basis)——11.20%11.20%
Volatility——50.00%50.00%
Fair value per AGA€2.85 €2.23 €1.60 €1.60 
  AGA New Members 2024-1AGA "Plan Epargne Entreprise" 2024AGA Perf Management 2024-1AGA employees 2024-1
Date of grant (Board of Directors) 15 February 202410 June 20241 August 202413 November 2024
Vesting period (years) 3.0 yearsNone2.0 years3.0 years
Non transferability period NoneNoneNoneNone
Number of free shares granted 25,00068,744150,000370,560
Share entitlement per free share 1111
Grant date share fair value €2.31 €2.45 €2.01 €1.62 
Expected dividends 0000
Performance conditions NoNoYesNo
Expected turnover (yearly basis) ————
Volatility ————
Fair value per AGA €2.31 €2.45 €2.01 €1.62 

  AGA Perf Employees 2024-1AGA Perf Management 2024-2AGA Management 2024-1AGA employees 2025-1
Date of grant (Board of Directors) 13 November 202413 November 202413 November 2024May 7, 2025
Vesting period (years) 3.0 years3.0 years3.0 years3.0 years
Non transferability period NoneNoneNoneNone
Number of free shares granted 1,162,900975,000200,000220,500
Share entitlement per free share 1111
Grant date share fair value €1.87 €1.87 €1.62 €2.02 
Expected dividends 0000
Performance conditions YesYesNoNo
Expected turnover (yearly basis) 10%10%——
Volatility 50%50%——
Fair value per AGA €1.87 €1.87 €1.62 €2.02 
Change in Number of AGAs Outstanding
Year ended December 31,
Number of AGAs202320242025
Balance at beginning of period4,677,173 5,203,063 6,559,158 
Granted during the period2,341,793 2,952,204 220,500 
Forfeited during the period(1,309,314)(499,270)(1,556,630)
Exercised during the period(506,589)(1,096,839)(1,521,670)
Expired during the period— — — 
Balance at end of period5,203,063 6,559,158 3,701,358 
Breakdown of the Closing Balance
Year ended December 31,
202320242025
Number of AGAsOutstandingOutstandingOutstanding
 AGAP Management 2016-1 1,200 1,200 1,200 
AGAP Employees 2016-12,063 2,048 1,878 
AGAP 2016-2 3,000 3,000 3,000 
AGA New Members 2017-1— — — 
AGA Perf Employees 2019-1— — — 
AGA Perf Management 2019-1— — — 
AGA Bonus 2020-1— — — 
AGA Perf Employees 2020-1— — — 
AGA Perf Management 2020-1— — — 
AGA Bonus 2021-1— — — 
AGA Perf Employees 2021-1819,300 — — 
AGA Perf Management 2021-1480,000 — — 
AGA Bonus 2022-1— — — 
AGA Perf Employees 2022-11,173,500 1,072,500 — 
AGA Perf Management 2022-1550,000 550,000 — 
AGA New Members 2023-125,000 25,000 25,000 
AGA Perf Employees 2023-11,399,000 1,273,750 895,000 
AGA Perf Management 2023-1750,000 750,000 525,000 
AGA New Members 2024-1— 25,000 — 
AGA "Plan Epargne Entreprise" 2024— — — 
AGA Perf Management 2024-1— 150,000 150,000 
AGA employees 2024-1— 368,760 277,080 
AGA Perf Employees 2024-1— 1,162,900 858,900 
AGA Perf Management 2024-1— 975,000 600,000 
AGA Management 2024-1— 200,000 200,000 
AGA employees 2025-1164,300 
TOTAL5,203,063 6,559,158 3,701,358 
The fair value of granted free shares is based on the closing price of the Company’s share at grant date, reduced when necessary by an estimated turn-over rate. This estimated fair value is recognized as operating expenses on a straight-line basis over the vesting period.
Free performance shares 2019 (AGA Perf Employees 2019-1 / AGA Perf Management 2019)
Free performance shares granted in 2019 are subject to share price conditions and a vesting kicker triggered by the performance of an internal condition, which is Lumoxiti's market penetration rate in the United States.
The fair value of these free performance shares is based on a third-party valuation report. The valuation method used to estimate the fair value of these free performance shares is presented below:
•Estimation of the expectation of gain associated with internal and share price conditions, made on the basis of a CAPM model of the share price using a Monte Carlo approach;
•Adjustment of the estimation by applying expected turnover rates.
On November 7, 2022, the Executive Board determined the achievement of the performance conditions and the final vesting of the 2019 free performance shares as of November 4, 2022. The underlying performance conditions were thus achieved at 50%. Consequently, on November 7, 2022, the Executive Board carried out the definitive acquisition of 171,550 free performance shares under the "AGA Perf Management 2019-1" plans.
Income relating to the 2022 financial year is explained by the review of the performance conditions during the 2022 financial year with regard to the definitive achievement of the vesting. These instruments were definitively acquired during the 2022 financial year. Consequently, there were no expenses related to these plans for the financial year ended December 31,2023.
Free performance shares 2020 (AGA Perf Employees 2020-1 / AGA Perf Management 2020)
Free performance shares granted in 2020 are subject to share price conditions and two vesting kickers triggered by the performance of internal conditions, which are :
•A commercial break-even point for Lumoxiti in the U.S. reached at the end of fiscal year 2023 (this criterion will not be met given the return of the commercial rights notified to AstraZeneca in December 2020).
•Revenue from collaborative and licensing agreements accrued between the attribution and definitive acquisition date (excluding payment by AstraZeneca for the first patient in Phase 3 for monalizumab), reaching $100 million.
The fair value of these free performance shares is based on a third-party valuation report. The valuation method used to estimate the fair value of these free performance shares is presented below:
•Estimation of the expectation of gain associated with internal and share price conditions, made on the basis of a CAPM model of the share price using a Monte Carlo approach;
•Adjustment of the estimation by applying expected turnover rates.
On January 2, 2024, the Executive Board determined the achievement of the performance conditions and the final vesting of the 2020 free performance shares as of December 31, 2023. The underlying performance conditions were thus achieved at 20%. Consequently, on December 31, 2023, the Executive Board carried out the definitive acquisition of 85,230 free performance shares under the "AGA Perf Employees 2020-1" plans and 130,000 free performance shares under the "AGA Perf Management 2020-1" plans.
Expenses were €1,436 thousand and €— thousand for the financial year ended December 31, 2023 and 2024, respectively. These instruments were definitively acquired during the 2023 financial year. Consequently, no expense relating to these plans was recognized during the financial years ended December 31,2024 and December 31, 2025.
Free performance shares 2021 (AGA Perf Employees 2021-1 / AGA Perf Management 2021-1)
Free performance shares granted in 2021 are subject to share price conditions and two vesting kickers triggered by the performance of internal conditions, which are :
•An interim analysis demonstrates a predefined threshold of clinical activity in the INTERLINK-1 study (phase 3 study evaluating monalizumab in combination with cetuximab in patients with squamous cell carcinoma of the head and neck and previously treated with chemotherapy).
•Obtaining positive Phase 2 results for a product in the Company's portfolio.
•The start of a first clinical trial for a product in the Company's portfolio
The fair value of these free performance shares is based on a third-party valuation report. The valuation method used to estimate the fair value of these free performance shares is presented below:
•Estimation of the expectation of gain associated with internal and share price conditions, made on the basis of a CAPM model of the share price using a Monte Carlo approach;
•Adjustment of the estimation by applying expected turnover rates.
These instruments were definitively acquired during the 2024 financial year. Expenses were €1,161 thousand, €1,162 thousand and €0 thousand for the financial years ended December 31, 2023, 2024 and 2025, respectively.
Free performance shares 2022 (AGA Perf Employees 2022-1 / AGA Perf Management 2022-1)
Free performance shares granted in 2022 are subject to share market capitalization and three vesting kickers triggered by the performance of internal conditions, which are :
•The filing and approval of a BLA (Biologic License Application) application filed with the Food and Drug Administration ("FDA") in the United States or the European Medicine Agency ("EMEA") in Europe for one of the Company's products.
•The start of a first clinical trial for a product from the Company's portfolio.
•The conclusion of a collaboration or license agreement.
The fair value of these free performance shares is based on a third-party valuation report. The valuation method used to estimate the fair value of these free performance shares is presented below:
•Estimation of the expectation of gain associated with internal and share price conditions, made on the basis of a CAPM model of the share price using a Monte Carlo approach;
•Adjustment of the estimation by applying expected turnover rates.
Expenses were €1,157 thousand, €888 thousand and €891 thousand for the financial year ended December 31, 2023, 2024 and 2025, respectively.
AGA Bonus 2022-1
AGA Bonus 2022 were granted to the Executive members Committee who opted for these compensation plans. For each recipient, the number of shares definitely acquired is equal to the cash equivalent of 50% of the annual variable compensation increased by a 50% premium. In the event of an over-performance (i.e. achieved target above 100%), the surplus is paid in cash.
Expenses were €0 thousand for the financial year ended December 31, 2025. These instruments were definitely acquired during the 2023 financial year. No expense relating to this plan was recognized during the financial years ended December 31, 2023, December 31, 2024 and December 31, 2025.
AGA New-members 2023-1
Expenses were €19 thousand and €19 thousand for the financial year ended December 31, 2024 and 2025, respectively.
Free performance shares 2023 (AGA Perf Employees 2023-1 / AGA Perf Management 2023-1)
Free performance shares granted in 2023 are subject to the Company's market capitalization and three internal performance internal conditions and a bonus condition, which are :
•The start of a first clinical trial involving a product in the Company's portfolio or the "proof of concept" of a new therapeutic approach involving a product in the Company's portfolio;
•the conclusion of a collaboration or licensing agreement or the receipt of income from collaboration and licensing agreements totalling €50 million ;
•the implementation of six environmental or social actions by the Company's employees;
•obtaining marketing authorization for a product in the Company's portfolio (bonus condition).
The fair value of these free performance shares is based on a third-party valuation report. The valuation method used to estimate the fair value of these free performance shares is presented below:
•Estimation of the expectation of gain associated with internal and share price conditions, made on the basis of a CAPM model of the share price using a Monte Carlo approach;
•Adjustment of the estimation by applying expected turnover rates.
Expenses were €33 thousand, €1,226 thousand and €702 thousand for the financial year ended December 31,2023, 2024 and 2025, respectively.
AGA New-members 2024-1
Expense was €(17) thousand for the financial year ended December 31, 2025.
Free performance shares 2024 (AGA Perf Management 2024-1)
These free performance shares granted in 2024 are subject to two internal conditions, which are :
•Selection and presentation to the Supervisory Board of candidates for the position of Chairman of the Executive Board or Chairman of the Board of Directors (depending on the Company's organization) (“Performance Condition 1”); and/or ;
•Recruitment of a new executive for the position of Chairman of the Executive Board or Chairman of the Board of Directors (depending on the Company's organization) (“Performance Condition 2”).
There were no expenses for these plans for the year ended December 31, 2025.
Other free shares
Expenses were €231 thousand for the financial year ended December 31, 2025.
Free performance shares 2024 (AGA Perf Employees 2024-1 / AGA Perf Management 2024-2)
Free performance shares granted in 2024 are subject to the Company's market capitalization and three internal performance internal conditions and a bonus condition, which are :
•The start of a first clinical trial involving a product in the Company's portfolio or the "proof of concept" of a new therapeutic approach involving a product in the Company's portfolio;
•the conclusion of a collaboration or licensing agreement or the receipt of income from collaboration and licensing agreements totalling €50 million ;
•a 25% increase in the number of employees already using "soft mobility" means of transport mobility;
•obtaining marketing authorization for a product in the Company's portfolio (bonus condition).
The fair value of these free performance shares is based on a third-party valuation report. The valuation method used to estimate the fair value of these free performance shares is presented below:
•Estimation of the expectation of gain associated with internal and share price conditions, made on the basis of a CAPM model of the share price using a Monte Carlo approach;
•Adjustment of the estimation by applying expected turnover rates.
Expenses were €119 thousand and €699 thousand for the financial year ended December 31, 2024 and 2025.
AGA 2025-01
Expense was €54 thousand for the financial year ended December 31, 2025.
BSA
Until 2017, the Company issued BSAs to members of the Supervisory Board and certain consultants. Following the AMF's position dated June 5, 2018, the Company has decided not to issue any further BSAs other than at market conditions to Supervisory Board members.
Details of BSA
BSA 2013BSA 2014BSA 2015-1BSA 2015-2BSA 2017
Date of grant (Board of directors)July 17, 2013July 16, 2014April 27, 2015July 1, 2015September 20, 2017
Vesting period (years)2 years2 years2 years2 years2 years
Plan expiration dateJuly 17, 2023July 16, 2024April 26, 2025June 30, 2025September 20, 2027
Number of BSA granted237,500 150,000 70,000 14,200 37,000 
Share entitlement per BSA1 1 1 1 1 
Exercise price€2.36 €8.65 €9.59 €14.05 €11.00 
Valuation method usedBlack & ScholesBlack & ScholesBlack & ScholesBlack & ScholesBlack & Scholes
Grant date share fair value€2.45 €6.85 €13.65 €13.64 €10.41 
Expected volatility31.83%46.72%54.08%47.83%61.74%
Average life of BSA5.5 years5.5 years5.5 years5.5 years6 years
Risk-free interest rate2.42%1.00%0.25%0.25%0.20%
Expected dividendsNoneNoneNoneNoneNone
Performance conditionsNoneNoneNoneNoneNone
Fair value per BSA€0.87 €2.51 €6.59 €4.73 €0.57 
BSA 2022-1
BSA 2023-1
BSA 2025-1
Date of grant (Board of directors)December 16, 2022December 15, 2023July 25, 2025
Vesting period (years)2 years2 years2 years
Plan expiration dateOctober 3, 2032October 19, 2033July 24, 2035
Number of BSA granted40,000 50,000 80,000 
Share entitlement per BSA1 1 1 
Exercise price€2.31 €2.26 €0.64 
Valuation method usedBlack & ScholesBlack & ScholesBlack & Scholes
Grant date share fair value€1.31 €1.24 €0.98 
Expected volatility50.00%45.00%45.00%
Average life of BSA5.5 years5.5 years5.5 years
Risk-free interest rate2.40%2.50%2.50%
Expected dividendsNoneNoneNone
Performance conditionsNoneNoneNone
Fair value per BSA€1.21 €1.24 €0.98 

Change in Number of BSA Outstanding
Year ended December 31,
Number of BSA202320242025
Balance at beginning of period250,820 242,460 167,460 
Granted during the period50,000 — 80,000 
Forfeited during the period(24,500)(75,000)(30,000)
Exercised during the period(33,860)— — 
Expired during the period— — (84,200)
Balance at end of period242,460 167,460 133,260 
Breakdown of the Closing Balance
Year ended December 31,
202320242025
Number of BSAOutstandingExercisableOutstandingExercisableOutstandingExercisable
BSA 201475,000 75,000 — — — — 
BSA 2015-170,000 70,000 70,000 70,000 — — 
BSA 2015-214,200 14,200 14,200 14,200 — — 
BSA 201737,000 37,000 37,000 37,000 37,000 37,000 
BSA 2022-18,260 8,260 8,260 8,260 8,260 8,260 
BSA 2023-138,000 38,000 38,000 38,000 38,000 38,000 
BSA 2025-1— — — — 50,000 50,000 
TOTAL242,460 242,460 167,460 167,460 133,260 133,260 
BSAAR
BSAAR are securities whose subscription price and exercise price are fixed at their fair value as determined by an expert. The BSAAR subscription therefore represents an investment on the part of the beneficiary. At the end of the exercise period, if they have not been exercised, the BSAAR becomes void. The Company benefits from a clause called «forcing» making it possible to encourage holders to exercise their redeemable equity warrants when the market price exceeds the exercise price and reaches a threshold defined in the BSAAR issuance agreement. The Company may, then, subject to a time period for notifying holders that will permit them to exercise the BSAAR, decide to reimburse the warrants not exercised at a unit price equal to the BSAAR acquisition price paid by its holder.
Details of BSAAR
BSAAR. The methodology used to estimate the fair value of the BSAAR is similar to the one used to estimate the fair value of the BSA, except for the following:
Expected Term. Unlike the BSA, the Company does not have sufficient historical experience for the BSAAR. Consequently, the expected term used for the valuation of the fair value is the legal maturity of the instrument (10 years).
No share-based payment compensation expense was recognized relating to the BSAAR since the amount paid by the beneficiaries is equal to the fair value.
BSAAR 2015
Date of grant (Board of directors)July 1, 2015
Beneficiaries
Employees and corporate officers
Vesting period (years)2 years
Plan expiration dateJune 30, 2025
Number of BSAAR granted1,050,382 
Share entitlement per BSAAR 1 
Exercise price€7.20 
Valuation method usedBlack & Scholes
Grant date share fair value€13.77 
Expected volatility41%
Average life of BSAAR10 years
Risk-free interest rate1.22%
Expected dividendsNone
Performance conditionsNo
Fair value per BSA€1.15 

Change in Number of BSAAR Outstanding
Year ended December 31,
Number of BSAAR202320242025
Balance at beginning of period1,105,072 1,045,722 1,045,722 
Granted during the period— — — 
Forfeited during the period(12,250)— (1,045,722)
Exercised during the period(47,100)— — 
Expired during the period— — — 
Balance at end of period1,045,722 1,045,722 — 
Breakdown of the Closing Balance
Year ended December 31,
202320242025
Number of BSAAROutstandingExercisable OutstandingExercisable OutstandingExercisable
BSAAR 2011— — — — — — 
BSAAR 2012— — — — — — 
BSAAR 20151,045,722 1,045,722 1,045,722 1,045,722 — — 
TOTAL1,045,722 1,045,722 1,045,722 1,045,722 — — 
Breakdown of expenses per financial year
The share-based compensation expenses are broken down as follows:
Year ended December 31,
(in thousands of euro)202320242025
AGAP Employee 2020 / AGAP Management 20201,436 — — 
AGAP Employee 2021 / AGAP Management 20211,161 1,162 — 
AGAP Employee 2022 / AGAP Management 20221,157 888 891 
AGA New Members 2023-1 Management
3 19 19
AGAP Employee 2023/ AGAP Management 2023
33 1,226 702
AGA "Plan Epargne Entreprise" 2023
465 — — 
AGA Perf Management 2024-1— 302 — 
AGAP Employee 2024/ AGAP Management 2024
— 119 699 
AGA "Plan Epargne Entreprise" 2024
— 168 — 
AGA New Members 2024 - 1 Management
— 17 (17)
Stock-option 2024
— 12 (12)
Other free shares
— 32 231 
AGA Employee 2025
— — 54
Share based compensation4,256 3,944 2,567