Financial Debt (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Financial Debt |
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| Schedule of financial debt consists of recoverable cash advances, and other loans |
| | | | | | | As at | | | June 30, | | December 31, | (in EUR 000) | | 2026 | | 2025 | Recoverable cash advances - Non-current | | 8,769 | | 8,276 | Recoverable cash advances - Current | | 282 | | 333 | Total Recoverable cash advances | | 9,051 | | 8,609 | EIB finance agreement - Non-current | | 18,787 | | 7,793 | EIB accrued interest - Current | | 525 | | — | Synthetic warrants - Non-current | | 7,420 | | 1,601 | Total EIB | | 26,732 | | 9,394 | Convertible bond - Current | | 22,328 | | 22,657 | Total convertible bond | | 22,328 | | 22,657 | Total financial debt | | 58,111 | | 40,660 | Non-current | | 34,976 | | 17,670 | Current | | 23,135 | | 22,990 |
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| Schedule of recoverable cash advances received |
| | | | | | | | | | | Contractual | | Advances | | Fixed | | Variable | (in EUR 000) | | advances | | received | | reimbursements* | | reimbursements* | Sleep apnea device (6472) | | 1,600 | | 1,600 | | 588 | | 8 | First articles (6839) | | 2,160 | | 2,160 | | 669 | | 38 | Clinical trial (6840) | | 2,400 | | 2,400 | | 585 | | 44 | Activation chip improvements (7388) | | 1,467 | | 1,467 | | 117 | | 58 | Total | | 7,627 | | 7,627 | | 1,959 | | 148 |
*Excluding interests
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| Schedule of fair value recoverable cash advances |
| | | | | | | As at | | | June 30, | | December 31, | (in EUR 000) | | 2026 | | 2025 | Contract 6472 | | 1,797 | | 1,697 | Contract 6839 | | 2,344 | | 2,229 | Contract 6840 | | 2,784 | | 2,650 | Contract 7388 | | 2,126 | | 2,033 | Total recoverable cash advances | | 9,051 | | 8,609 | Non-current | | 8,769 | | 8,276 | Current | | 282 | | 333 | Total recoverable cash advances | | 9,051 | | 8,609 |
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| Schedule of detailed information about changes in recoverable cash advances |
| | | | | (in EUR 000) | | 2026 | | 2025 | As at January 1 | | 8,609 | | 8,871 | Advances reimbursed (excluding interests) | | (49) | | — | Interests paid | | (5) | | — | Initial measurement and re-measurement | | (30) | | (25) | Discounting impact | | 526 | | 539 | As at June 30 | | 9,051 | | 9,385 |
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| Schedule of sensitivity analysis fair value recoverable cash advances explanatory |
| | | | | | | Fair Value of Liabilities (in EUR 000) | | Variation of revenue projections | Variation of discount rates * | | -25% | | 0% | | 25% | -25% | | 9,372 | | 9,817 | | 10,106 | 0% | | 8,531 | | 9,051 | | 9,398 | 25% | | 7,808 | | 8,380 | | 8,770 |
* | A change of -25% in the discount rates implies that the discount rate used for the fixed part of the recoverable cash advances is 3.8% instead of 5% while the one used for the variable part is 9.4% instead of 12.5%. |
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| Schedule of change in loan facility, prepayment option and synthetic warrants |
Change in loan facility for Tranche A can be summarized as follows: | | | | | (in EUR 000) | | 2026 | | 2025 | As at January 1 | | 7,793 | | 6,898 | Effective interest rate adjustment | | 256 | | 195 | As at June 30 | | 8,049 | | 7,093 |
Change in synthetic warrants for Tranche A can be summarized as follows: | | | | | (in EUR 000) | | 2026 | | 2025 | As at January 1 | | 1,601 | | 3,204 | Fair value adjustment | | 2,603 | | (508) | As at June 30 | | 4,204 | | 2,696 |
Change in prepayment option for Tranche A can be summarized as follows: | | | | | (in EUR 000) | | 2026 | | 2025 | As at January 1 | | (91) | | (112) | Fair value adjustment | | 36 | | (58) | As at June 30 | | (55) | | (170) |
Change in loan facility for Tranche B can be summarized as follows: | | | (in EUR 000) | | 2026 | As at January 1 | | — | New debt | | 13,750 | Transaction cost related to loans and borrowings | | (20) | Separation of non-closely related embedded derivates | | (3,005) | Subtotal: Initial recognition | | 10,725 | Effective interest rate adjustment | | 13 | As at June 30 | | 10,738 |
Change in synthetic warrants for Tranche B can be summarized as follows: | | | (in EUR 000) | | 2026 | As at January 1 | | — | Separation of non-closely related embedded derivates | | 3,016 | Fair value adjustment | | 200 | As at June 30 | | 3,216 |
Change in prepayment option for Tranche B can be summarized as follows: | | | (in EUR 000) | | 2026 | As at January 1 | | — | Separation of non-closely related embedded derivates | | (11) | As at June 30 | | (11) |
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| Schedule of valuation model |
| | | | | | Per June 30, | | | | 2026 | | Coupon (interest) rate | | 6.5 | % | Conversion price | | 1.48 | | Stock price | | 1.51 | | Return dividend | | 0.0 | % | Expected volatility | | 68.52 | % | Discount rate | | 11.16 | % |
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| Schedule of changes in convertible bonds |
| | | | | Per June 30, | (in EUR 000) | | 2026 | As at January 1, 2025 | | 31,243 | Fair value adjustment | | 2,601 | Conversion to shares | | (4,406) | Total fair value | | 29,438 | Day 1 loss at December 31, 2025 | | (8,586) | Amortization | | 1,476 | Total day 1 loss as at June 30 | | (7,110) | Total convertible bond as at June 30 | | 22,328 |
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