v3.26.1
Consolidated Statement of Cash Flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of cash flows [abstract]      
Net income (loss) € (49,177) € (49,471) € (7,570)
Reconciliation of the net income (loss) and the cash generated from (used for) the operating activities      
Depreciation and amortization, net 1,384 1,994 5,091
Employee benefits costs (807) 324 285
Change in provisions 3,330 (293) (966)
Share-based compensation expense 2,567 3,944 4,256
Change in fair value of financial assets (451) (1,335) (1,592)
Foreign exchange (gains) losses on financial assets 1,362 (885) 544
Change in accrued interests on financial assets (352) (380) 0
Gains (losses) on assets and other financial assets 0 0 (991)
Disposal of property and equipment (scrapping) 23 20 470
Other profit or loss items with no cash effect (2) 24 6
Operating cash flow before change in working capital (42,123) (46,058) (467)
Change in working capital (10,632) 39,162 (32,092)
Net cash generated from/ (used in) operating activities [1] (52,755) (6,896) (32,559)
Acquisition of intangible assets 0 0 (2,000)
Acquisition of property and equipment, net (140) (391) (351)
Disposal of property and equipment 0 0 150
Disposal of other assets 5 0 66
Acquisition of other assets 0 0 (3)
Disposal of current financial instruments and paid interests 7,035 9,590 0
Disposal of non-current financial instruments 0 0 22,768
Interest received on financial assets 388 0 0
Net cash generated from / (used in) investing activities 7,289 9,200 20,630
Proceeds from the exercise / subscription of equity instruments 14,981 2,928 395
Repayment of borrowings (8,911) (8,936) (2,361)
Net cash generated from / (used in) financing activities 6,070 (6,008) (1,966)
Effect of the exchange rate changes 1,092 (505) 274
Net increase / (decrease) in cash and cash equivalents (38,304) (4,209) (13,619)
Cash and cash equivalents at the beginning of the year 66,396 70,605 84,225
Cash and cash equivalents at the end of the year 28,092 66,396 70,605
Summary of changes in working capital [abstract]      
Trade receivables and others (excluding rebates related to capital expenditures) 12,651 14,300 66,111
Trade receivables and others (excluding rebates related to capital expenditures), variance 1,649 51,811  
Trade payables and others (excluding payables related to capital expenditures) (15,042) (16,007) (17,018)
Trade payables and others (excluding payables related to capital expenditures), variance (965) (1,011)  
Collaboration liabilities - current and non-current portion (38,249) (48,571) (52,677)
Collaboration liabilities - current and non-current portion, variance (10,322) (4,106)  
Deferred revenue - current and non-current portion (2,825) (3,441) (10,483)
Deferred revenue - current and non-current portion, variance (616) (7,042)  
Change in working capital (43,465) (53,719) (14,067)
Change in working capital, variance (10,254) 39,652  
5% retained - Tax credit refund [2] 868 490 0
5% retained - Tax credit refund, variance [2] (378) (490)  
Change in working capital, adjusted (42,597) (53,229) (14,067)
Change in working capital, variance € (10,632) € 39,162 € (32,092)
[1] Cash flows from operating activities include 0.4 million euros in interest paid in fiscal 2025, with 1.8 million euros interest received. In fiscal 2024, interest paid were 0.6 million euros and 2.2 millions euros in interests received.
[2]
(1) 95% of the pre-financed CIR 2024 and CIR 2023 have been collected. The 5% cumulative retained amount of €0.9 million (€0.4 million in 2025 and €0.5 million in 2024) have been classified under 'Other non current assets'. It will be collected after a 3 years delay.