Basis of presentation and statement of compliance (Policies)

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Abstract]

The interim condensed consolidated financial statements as of June 30, 2024 and for the six-months period ended June 30, 2024 and 2023 and the related notes (together, the “interim condensed consolidated financial statements”) have been prepared under the responsibility of the management of the Company in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase.

The interim condensed consolidated financial statements were closed by the Executive Board, approved and authorized by the Supervisory Board on September 11, 2024 upon recommendation of the Audit Committee on September 10, 2024.

They have been prepared in accordance with IAS 34, ‘Interim Financial Reporting’ as issued by the International Accounting Standard Board (“IASB”). Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the interim condensed consolidated financial statements are also prepared in accordance with IFRS, as adopted by the European Union (EU).For the presented periods, the differences between IFRS as issued by IASB and IFRS adopted by EU had no impact on the interim condensed consolidated financial statements.

The general accounting conventions were applied in accordance with the underlying assumptions, namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). The interim condensed consolidated financial statements do not include all disclosures required for annual financial statements and should therefore be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2023.

The results of the operations for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any year in the future.

Except for number of shares and per share amounts, all amounts are expressed in thousands of euros, unless stated otherwise. Some amounts may be rounded for the calculation of financial information contained in the interim condensed consolidated financial statements. Accordingly, the totals in some tables may not be the exact sum of the preceding figures.

Use of judgments and estimates

The preparation of financial statements in accordance with IFRS requires the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.

These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The estimates and judgments which are mainly used by the Company are detailed in note 2.w) of the appendix to the consolidated financial statements as of December 31, 2023 filed with SEC (20-F) on April 2, 2024. As of June 30, 2024, the Company has not identified any other significant estimates and judgments that could have an impact on the consolidated financial statements.

Recently issued accounting standards and interpretations

Application of the following amended standards is mandatory for the first time for the financial period beginning on January 1, 2024 and, as such, they have been adopted by the Company:

•Amendments to IAS 1 : Classification of liabilities with covenants;

•Amendments to IAS 7 and IFRS 7 : Supplier finance arrangements;

•Amendments to IFRS 16 : Lease liability in a sale and leaseback.

Those amended standards have no impact on the interim condensed consolidated financial statements.

The Company has not opted for the early application of any standards whose application would be mandatory from subsequent financial years.

Translation of transactions denominated in foreign currency

Foreign currency transactions are translated into the functionnal currency using the following exchange rates:

June 30, 2023

December 31, 2023

June 30, 2024

€1 equals to

Average rate

Closing rate

Average rate

Closing rate

Average rate

Closing rate

USD

1.0806

1.0866

1.0813

1.1050

1.0813

1.0705