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Financial liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of financial liabilities [abstract] |
Disclosure of financial liabilities breakdown | Financial liabilities break down as follows:
(amounts in thousands of euros) |  |  |  |  |
FINANCIAL LIABILITIES | AS OF DECEMBER 31, 2022 1 |  | AS OF DECEMBER 31, 2023 1 |  | AS OF DECEMBER 31, 2024
Kreos 1 & 2 bond loans | 4,730 |  | — |  | —
Kreos & Claret bond loans | — |  | — |  | 26,373
Lease liabilities | 839 |  | 160 |  | 1,431
PGE | 3,558 |  | 2,402 |  | 1,252
Borrowings | 9,127 |  | 2,563 |  | 29,056
Kreos / Claret convertible notes (OCABSA) | — |  | 21,643 |  | 23,370
Convertible loan notes | — |  | 21,643 |  | 23,370
Kreos A & B BSA | 424 |  | — |  | —
Oceane conversion option | 142 |  | — |  | —
Kreos & Claret minimum return indemnifications | — |  | — |  | 3,620
Derivative instruments | 566 |  | — |  | 3,620
Conditional advances Bpifrance | 3,262 |  | 3,262 |  | —
Royalty certificates | 3,287 |  | 12,229 |  | 13,023
Other financial liabilities | 6,549 |  | 15,491 |  | 13,023
Total non-current financial liabilities | 16,241 |  | 39,697 |  | 69,069
Kreos 1 & 2 bond loans | 8,252 |  | — |  | —
Kreos & Claret bond loans | — |  | — |  | 20,028
Lease liabilities | 545 |  | 379 |  | 932
PGE | 1,280 |  | 1,276 |  | 1,235
Borrowings | 10,077 |  | 1,655 |  | 22,195
OCEANE | 19,957 |  | — |  | —
Heights convertible notes | — |  | 29,605 |  | 21,574
Convertible loan notes | 19,957 |  | 29,605 |  | 21,574
Conditional advances Bpifrance | 3,521 |  | 3,509 |  | —
Other financial liabilities | 3,521 |  | 3,509 |  | —
Kreos / Claret BSA |  |  | 2,579 |  | 1,166
Derivative instruments | — |  | 2,579 |  | 1,166
Total current financial liabilities | 33,555 |  | 37,348 |  | 44,935
Total financial liabilities | 49,797 |  | 77,045 |  | 114,004
1 In application of the Amendments to IAS 1 Presentation of Financial Statements – Classification of Liabilities as Current or Non-current, and Non-current Liabilities with Covenants, the non-current portion of the OCEANE bonds as of December 31, 2022 and the non-current portion of the Heights convertible notes as of December 31, 2023 were reclassified within the current liabilities (Convertible loan notes) as of December 31, 2022 and 2023 respectively (see Note 2).
Disclosure of main data and assumptions used for the measurement of other equity instruments | The fair value of the BSAs was determined at grant date using the Black Scholes model, with the following assumptions:
TYPE |  | FAIR VALUE OF THE UNDERLYING SHARE |  | FAIR VALUE OF THE BSA |  | NUMBER OF BSAs |  | SUBSCRIPTI ON PRICE |  | STRIKE PRICE PER SHARE |  | RISK FREE RATE |  | EXPECTED MATURITY |  | VOLATILITY
BSA 2024-1 |  | €14.06 |  | [€5.7-€6.5] |  | 58,365 |  | €2.57 |  | €13.10 |  | 4.30% |  | [5.4-6.9 years] |  | 60.41%
BSA 2024-2 |  | €14.06 |  | [€5.8-€6.6] |  | 19,455 |  | €2.57 |  | €13.10 |  | 4.30% |  | [5.5-7.0 years] |  | 60.41%
TYPE |  | FAIR VALUE OF THE UNDERLYING SHARE |  | FAIR VALUE OF THE AGA |  | AGA PRICE |  | MATURITY |  | VOLATILITY |  | RISK FREE RATE
AGA 2021 |  | €31.60 |  | €23.92 |  | €0.00 |  | 2022-07-31 |  | 49.0% |  | -1.00%
AGA 2023-1 (Tranches 1-4) |  | €15.98 |  | €15.98 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA 2023-1 (Tranche 5) |  | €15.98 |  | €3.62 |  | €0.00 |  | 2024-12-31 |  | 67.2% |  | 3.20%
AGA 2023-1 (Tranche 6) |  | €15.98 |  | €0.74 |  | €0.00 |  | 2024-07-11 |  | 67.2% |  | 3.20%
AGA 2023-2 (Tranche 1) |  | €15.98 |  | €15.98 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA 2023-2 (Tranche 2) |  | €15.98 |  | €9.59 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA 2023-3 |  | €14.92 |  | €14.92 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA 2023-4 |  | €14.92 |  | €14.92 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA 2023-5 |  | €9.16 |  | €9.16 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA 2024-1 |  | €12.26 |  | €12.26 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA 2024-2 |  | €13.40 |  | €13.40 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2024-3 |  | €12.76 |  | €12.76 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2024-4 |  | €12.54 |  | €12.54 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2024-5 |  | €12.54 |  | €12.54 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2024-6 |  | €12.54 |  | €12.54 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2024-7 |  | €10.80 |  | €10.80 |  | €0.00 |  | N/A |  | N/A |  | N/A
T he fair value of the Minimum Return Indemnifications was measured using the following assumptions:
Tranche B Minimum Return Indemnification (issued in March 2024) |  | AS OF MARCH 28, 2024 |  | AS OF DECEMBER 31, 2024
Final redemption scenario probability |  | 95% |  | 95%
Minimal return |  | 1.40 x |  | 1.40 x
Discount rate |  | 13% |  | 8%
Probability-weighted present value of shortfall payment (in thousands of €) |  | 1,959 (Final redemption) 68 (Tender offer) |  | 2,635 (Final redemption) 136 (Tender offer)
Probability-weighted fair value of tranche A-B warrants with MRI (in thousands of €) |  | 1,066 (Final redemption) |  | 104 (Final redemption)
Probability-weighted fair value of tranche A-B warrants without MRI (in thousands of €) |  | 1,410 (Final redemption) |  | 241 (Final redemption)
Total fair value of MRI (in thousands of €) |  | 1,615 (Final redemption, i.e. a+b-c) 68 (Tender offer) |  | 2,499 (Final redemption, i.e. a+b-c) 136 (Tender offer)
Fair value of Tranche B MRI (in thousands of €) |  | 1,683 |  | 2,636
Tranche C Minimum Return Indemnification (issued in June 2024) |  | AS OF JUNE 21, 2024 |  | AS OF DECEMBER 31, 2024
Final redemption scenario probability |  | 95% |  | 95%
Minimal return |  | 1.30 x |  | 1.30 x
Discount rate |  | 15% |  | 8%
(a) Probability-weighted present value of shortfall payment (in thousands of €) |  | 741 (Final redemption) 0 (Tender offer) |  | 1,160 (Final redemption) 43 (Tender offer)
(b) Probability-weighted fair value of tranche C warrants with MRI (in thousands of €) |  | 2,948 (Final redemption) |  | 684 (Final redemption)
(c) Probability-weighted fair value of tranche C warrants without MRI (in thousands of €) |  | 3,250 (Final redemption) |  | 903 (Final redemption)
Total fair value of MRI (in thousands of €) |  | 475 (Final redemption, i.e. a+b-c) 0 (Tender offer) |  | 941 (Final redemption, i.e. a+b-c) 43 (Tender offer)
Fair value of Tranche C MRI (in thousands of €) |  | 475 |  | 984
The main data and assumptions are the following:
Kreos/Claret Tranche A-B BSA - August 2023 |  | AS OF AUGUST 22, 2023 (Tranche A-B) |  | AS OF DECEMBER 31, 2023 |  | AS OF DECEMBER 31, 2024
Number of outstanding BSA |  | 214,198 |  | 214,198 |  | 214,198
Exercise price per share |  | €18.67 |  | €18.67 |  | €18.67
Ordinary share price |  | €17.10 |  | €9.82 |  | €6.76
Exercise date |  | 19/08/2030 (expiry) 18/02/2027 (tender offer) |  | 19/08/2030 (expiry) 18/02/2027 (tender offer) |  | 19/08/2030 (expiry) 18/02/2027 (tender offer)
7-year expiry scenario probability |  | 50% |  | 95% |  | 95%
Volatility |  | 71.9% (expiry) 65.2% (tender offer) |  | 59.5% (expiry) 64.9% (tender offer) |  | 44.3% (expiry) 44.3% (tender offer)
Dividend |  | —% |  | —% |  | —%
Risk-free rate |  | 3.00% |  | 2.30% |  | 2.9% (expiry) 2.9% (tender offer)
Fair value of issued Kreos/Claret Tranche A-B BSA |  | 2,092 |  | 920 |  | 243
Kreos/Claret Tranche C BSA - November 2023 |  | AS OF NOVEMBER 2, 2023 |  | AS OF DECEMBER 31, 2023 |  | AS OF DECEMBER 31, 2024
Number of outstanding BSA |  | 405,832 |  | 405,832 |  | 405,832
of which, number of conditional BSA |  | 202,915 |  | 202,916 |  | 0
Exercise price per share |  | €9.86 |  | €9.86 |  | €9.86
Ordinary share price |  | €8.89 |  | €9.82 |  | €6.67
Exercise date |  | 01/11/2030 (expiry) 18/02/2027 (tender offer) |  | 01/11/2030 (expiry) 18/02/2027 (tender offer) |  | 01/11/2030 (expiry) 18/02/2027 (tender offer)
7-year expiry scenario probability |  | 95% |  | 95% |  | 95%
Probability of Drawdown of Tranche C credit facility |  | 30% |  | 30% |  | Drawn on June 21, 2024
Volatility |  | 67.3% (expiry) 64.3% (tender offer) |  | 67.4% (expiry) 64.9% (tender offer) |  | 44.3% (expiry) 44.3% (tender offer)
Dividend |  | —% |  | —% |  | —%
Risk-free rate |  | 3.00% |  | 2.30% |  | 2.9% (expiry) 2.9% (tender offer)
Fair value of issued Kreos/Claret Tranche C BSA |  | 1,493 |  | 1,659 |  | 923
The Kreos A BSA and Kreos B BSA are measured at fair value using a Black-Scholes valuation model. The main data and assumptions are the following:
Kreos A BSA - June 1, 2018 |  | As of and for the year ended December 31, 2022 |  | As of May 24, 2023 (exercise date)
Number of outstanding Kreos A BSA |  | 110,957 |  | 110,957
Exercise price per share |  | €7.21 |  | €7.21
Ordinary share price |  | €6.18 |  | €18.57
Residual maturity |  | 5.6 years |  | 0.0 years
Volatility |  | 44.01% |  | N/A
Dividend |  | —% |  | N/A
Risk-free rate |  | 2.98% |  | N/A
Fair value of issued Kreos A BSA (in thousands of €) |  | 275 |  | 1,261
Kreos B BSA - June 1, 2019 |  | As of and for the year ended December 31, 2022 |  | As of May 24, 2023 (exercise date)
Number of outstanding Kreos B BSA |  | 74,766 |  | 74,766
Exercise price per share |  | €10.70 |  | €10.70
Ordinary share price |  | €6.18 |  | €18.57
Residual maturity |  | 6.4 years |  | 0.0 years
Volatility |  | 44.01% |  | N/A
Dividend |  | —% |  | N/A
Risk-free rate |  | 2.96% |  | N/A
Fair value of issued Kreos B BSA (in thousands of €) |  | 149 |  | 589
Disclosure of main data and assumptions used for the measurement of convertible loan notes | The main data and assumptions are the following:
Heights convertible notes - August 2023 |  | AS OF AUGUST 24, 2023 |  | AS OF DECEMBER 31, 2023 |  | AS OF DECEMBER 31, 2024
Number of outstanding notes |  | 350 |  | 350 |  | 350
Original principal amount (in thousands of €) |  | 35,000 |  | 35,000 |  | 35,000
Interest rate |  | 6% |  | 6% |  | 6%
Conversion price per share |  | €23.77 |  | €23.77 |  | €23.77
Ordinary share price |  | €16.74 |  | €9.82 |  | €6.76
Maturity date |  | 24/08/2025 (put event) 24/08/2027 (HTM/voluntary conversion) |  | 24/08/2025 (put event) 24/08/2027 (HTM/voluntary conversion) |  | 24/08/2025 (put event) 24/08/2027 (HTM/voluntary conversion)
Held to maturity / voluntary conversion scenario probability |  | 75% |  | 75% |  | 75%
Initial price limit |  | €14.43 |  | €14.43 |  | €14.43
Early redemption amount (put event) |  | 120% |  | 120% |  | 120%
Volatility |  | 50% |  | 50% |  | 50%
Credit spread |  | 20% |  | 20% |  | 25%
Risk-free rate |  | 2.9% |  | 2.3% |  | 2.9%
Fair value of Heights convertible notes (in thousands of €) |  | 32,641 |  | 27,456 |  | 20,017
At inception, the net cash proceeds reflect the OCEANE initial fair value. The fair value of the bifurcated option at inception has been measured with a Monte Carlo model using a Longstaff Schwartz algorithm, with a 53% share price volatility, a 1,400 bp credit spread assumption and a €31.50 share price.
OCEANE |  | AS OF DECEMBER 31, 2022 |  | AS OF AUGUST 24, 2023
Risk free rate |  | 3.05% |  | 3.22%
Credit spread |  | 1,475 bp |  | 1,398 bp
Ordinary share price |  | €6.18 |  | €16.74
Expected term |  | July 21, 2026 |  | July 21, 2026
Volatility |  | 44.01% |  | 37%
Dividend |  | — |  | —
Fair value of issued OCEANE (in thousands of €) |  | 142 |  | 1,762
Disclosure of conditional advances | Conditional advances as of December 31, 2022, 2023 and 2024 are as follows:
(amounts in thousands of euros) |  |  |  |  |
CONDITIONAL ADVANCES | AS OF DECEMBER 31, 2022 |  | AS OF DECEMBER 31, 2023 |  | AS OF DECEMBER 31, 2024
RNP VIR – Bpifrance | 4,171 |  | 4,232 |  | —
CARENA – Bpifrance | 2,454 |  | 2,485 |  | —
EBOLA – Bpifrance | 158 |  | 55 |  | —
Total conditional advances | 6,783 |  | 6,771 |  | —
Disclosure of variation in lease liabilities | The variations in lease liabilities are set forth below:
(amounts in thousands of euros) | LEASE LIABILITY
AS OF JANUARY 1, 2022 | 214
(+) Increase | 1,476
(-) Decrease | (305)
AS OF DECEMBER 31, 2022 | 1,384
(+) Increase | 350
(-) Decrease | (1,194)
AS OF DECEMBER 31, 2023 | 540
(+) Increase | 2,221
(-) Decrease | (398)
AS OF DECEMBER 31, 2024 | 2,363
Disclosure of main data and assumptions used for the measurement of earn-out liability | The main data and assumptions are the following:
Prosynergia earn-out | As of April 1, 2022 | As of and for the period ended December 31, 2022
Risk free rate | (0.3)% | 2.3%
Market capitalization (in thousands of €) | 403,118 | 135,952
Ordinary share price (€) | 24.15 | 6.18
Time to maturity | 1 year | 0.25 years
Volatility | 61% | 44%
Dividend | — | —
Fair value of the earn-out liability (in thousands of €) | (1,446) | —
Disclosure of reconciliation of liabilities arising from financing activities | Changes in financial liabilities, excluding derivative instruments, are presented below as of December 31, 2022, 2023 a nd 2024:
(Amounts in thousands of euros) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FINANCIAL LIABILITIES (excluding derivatives instruments) | Kreos 1 & 2 bond loans |  | Oceane |  | Kreos & Claret convertible notes (OCABSA ) |  | Kreos & Claret bond loans |  | Heights convertible notes |  | PGE |  | Conditional advances BPI |  | Lease liabilities |  | Prosynergia earn-out liability |  | Royalty certificates |  | Total
AS OF JANUARY 1, 2022 | 21,110 |  | 18,816 |  | — |  | — |  | — |  | 4,742 |  | 6,770 |  | 214 |  | — |  | — |  | 51,653
Proceeds | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 2,931 |  | 2,931
Repayments | (9,410) |  | — |  | — |  | — |  | — |  | — |  | (90) |  | (305) |  | — |  | — |  | (9,806)
Interest paid | (2,456) |  | (1,496) |  | — |  | — |  | — |  | (54) |  | — |  | — |  | — |  | — |  | (4,006)
Non-cash changes: interest expense and other | 3,738 |  | 2,636 |  | — |  | — |  | — |  | 150 |  | 102 |  | — |  | — |  | 356 |  | 6,983
Non-cash changes: recognition of earn-out liability | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,446 |  | — |  | 1,446
Non-cash changes: fair value remeasurement |  |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,446) |  | — |  | (1,446)
Non cash changes: additional leases |  |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,476 |  | — |  | — |  | 1,476
AS OF DECEMBER 31, 2022 | 12,982 |  | 19,957 |  | — |  | — |  | — |  | 4,838 |  | 6,783 |  | 1,384 |  | — |  | 3,287 |  | 49,231
Proceeds |  |  | — |  | 23,119 |  | — |  | 35,000 |  | — |  | — |  | — |  | — |  | — |  | 58,119
Repayments | (11,635) |  | (23,238) |  | — |  | — |  | (2,188) |  | (1,250) |  | (110) |  | (573) |  | — |  | — |  | (38,993)
Interest paid | (2,278) |  | (1,602) |  | (818) |  | — |  | (525) |  | (43) |  | — |  | (12) |  | — |  | — |  | (5,278)
Non-cash changes: interest expense and other |  |  | — |  | (1,046) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,046)
Non-cash changes: recognition of earn-out liability |  |  | — |  | (1,005) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,005)
Non-cash changes: fair value remeasurement | 170 |  | 3,069 |  | — |  | — |  | (212) |  | — |  | — |  | — |  | — |  | — |  | 3,027
Non cash changes: additional leases |  |  | — |  | — |  | — |  | — |  | — |  | — |  | 272 |  | — |  | — |  | 272
AS OF DECEMBER 31, 2023 | — |  | — |  | 21,643 |  | — |  | 29,605 |  | 3,678 |  | 6,771 |  | 540 |  | — |  | 12,229 |  | 74,466
(Amounts in thousands of euros) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FINANCIAL LIABILITIES (excluding derivatives instruments) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AS OF DECEMBER 31, 2023 | — |  | — |  | 21,643 |  | — |  | 29,605 |  | 3,678 |  | 6,771 |  | 540 |  | — |  | 12,229 |  | 74,466
Proceeds |  |  | — |  | — |  | 47,444 |  | — |  | — |  | — |  | — |  | — |  | — |  | 47,444
Repayments |  |  | — |  | — |  | — |  | (8,750) |  | (1,250) |  | (2,708) |  | (459) |  | — |  | — |  | (13,167)
Interest paid |  |  | — |  | (2,250) |  | (3,639) |  | (1,772) |  | (18) |  | — |  | (17) |  | — |  | — |  | (7,696)
Non-cash changes: classification of embedded derivatives as separate derivative financial instruments |  |  | — |  | — |  | (3,204) |  | — |  | — |  | — |  | — |  | — |  | — |  | (3,204)
Non-cash changes: (gain)/ loss on recognition or derecognition |  |  | — |  | — |  | — |  | (590) |  | — |  | — |  | — |  | — |  | — |  | (590)
Non-cash changes: interest expense and other |  |  | — |  | 3,977 |  | 5,800 |  | 1,714 |  | 77 |  | 7 |  | 61 |  | — |  | 4,198 |  | 15,834
Non-cash changes: amortized cost remeasurement |  |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (3,404) |  | (3,404)
Non-cash changes: other fair value remeasurement |  |  | — |  | — |  | — |  | 1,367 |  | — |  | — |  | — |  | — |  | — |  | 1,367
Non-cash changes : subsidies | — |  | — |  | — |  | — |  | — |  | — |  | (4,070) |  | — |  | — |  | — |  | (4,070)
Non cash changes: additional leases |  |  | — |  | — |  | — |  | — |  | — |  | — |  | 2,221 |  | — |  | — |  | 2,221
Non cash changes : Effect of the change in foreign currency exhange rates |  |  | — |  | — |  | — |  | — |  | — |  | — |  | 17 |  | — |  | — |  | 17
AS OF DECEMBER 31, 2024 | — |  | — |  | 23,370 |  | 46,401 |  | 21,574 |  | 2,488 |  | — |  | 2,363 |  | — |  | 13,023 |  | 109,218
Disclosure of changes in derivative instruments | Changes in derivative instruments, are presented below as of December 31, 2022, 2023 and 2024 :
(amounts in thousands of euros) | Kreos A BSA |  | Kreos B BSA |  | OCEANE conversion option |  | Kreos/Claret BSA |  | Kreos/Claret Minimum Return Indemnifications |  | Total
DERIVATIVE FINANCIAL INSTRUMENTS |  |  |  |  |
AS OF JANUARY 1, 2022 | 2,478 |  | 1,525 |  | 5,929 |  | — |  | — |  | 9,932
(+) Increase in fair value | — |  | — |  | — |  | — |  | — |  | —
(-) Decrease in fair value | (2,203) |  | (1,376) |  | (5,787) |  | — |  | — |  | (9,366)
AS OF DECEMBER 31, 2022 | 275 |  | 149 |  | 142 |  | — |  | — |  | 566
(+) Issuance | — |  | — |  | — |  | 3,585 |  | — |  | 3,585
(+) Increase in fair value | 986 |  | 440 |  | 1,620 |  | — |  | — |  | 3,046
(-) Decrease in fair value | — |  | — |  | — |  | (1,006) |  | — |  | (1,006)
(-) Repurchases | (489) |  | (339) |  | (1,762) |  | — |  | — |  | (2,591)
(-) Exercises | (771) |  | (250) |  | — |  | — |  | — |  | (1,021)
AS OF DECEMBER 31, 2023 | — |  | — |  | — |  | 2,579 |  | — |  | 2,579
AS OF DECEMBER 31, 2023 | — |  | — |  | — |  | 2,579 |  | — |  | 2,579
(+) Issuance | — |  | — |  | — |  | — |  | 2,158 |  | 2,158
(+) Increase in fair value | — |  | — |  | — |  | — |  | 1,462 |  | 1,462
(-) Decrease in fair value | — |  | — |  | — |  | (1,413) |  | — |  | (1,413)
AS OF DECEMBER 31, 2024 | — |  | — |  | — |  | 1,166 |  | 3,620 |  | 4,786
Disclosure of remaining contractual maturities of derivative financial liabilities | The following are the remaining contractual maturities of financial liabilities as of December 31, 2022, 2023 and 2024. The amounts are gross and undiscounted, and include contractual interest payments.
| AS OF DECEMBER 31, 2022
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT |  | CONTRACTUAL CASH FLOWS |  | LESS THAN 1 YEAR |  | FROM 1 TO 2 YEARS |  | FROM 2 TO 5 YEARS |  | LONGER THAN 5 YEARS
(amounts in thousands of euros) |  |  |  |  |
Kreos 1 & 2 bond loans | 12,982 |  | 14,098 |  | 9,034 |  | 5,065 |  | — |  | —
Oceane | 19,957 |  | 31,000 |  | 1,500 |  | 1,500 |  | 28,000 |  | —
PGE | 4,838 |  | 5,173 |  | 1,293 |  | 1,293 |  | 2,586 |  | —
Conditional advances BPI | 6,783 |  | 6,813 |  | 3,697 |  | 1,490 |  | 1,626 |  | —
Royalty certificates | 3,287 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 1,384 |  | 1,403 |  | 558 |  | 557 |  | 289 |  | —
Derivative instruments | 566 |  | 566 |  | 142 |  | — |  | 424 |  | —
Total financial liabilities | 49,797 |  | 59,053 |  | 16,223 |  | 9,905 |  | 32,925 |  | —
| AS OF DECEMBER 31, 2023
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT |  | CONTRACTUAL CASH FLOWS |  | LESS THAN 1 YEAR |  | FROM 1 TO 2 YEARS |  | FROM 2 TO 5 YEARS |  | LONGER THAN 5 YEARS
(amounts in thousands of euros) |  |  |  |  |
Heights convertible notes | 29,605 |  | 36,750 |  | 10,522 |  | 9,997 |  | 16,231 |  | —
Kreos/Claret convertible notes (OCABSA) | 21,643 |  | 30,903 |  | 2,250 |  | 2,250 |  | 26,403 |  | —
PGE | 3,678 |  | 3,880 |  | 1,293 |  | 1,293 |  | 1,293 |  | —
Conditional advances BPI | 6,771 |  | 6,813 |  | 3,697 |  | 1,490 |  | 1,626 |  | —
Royalty certificates | 12,229 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 540 |  | 575 |  | 406 |  | 162 |  | 7 |  | —
Derivative instruments | 2,579 |  | 2,579 |  | 2,579 |  | — |  | — |  | —
Total financial liabilities | 77,045 |  | 81,500 |  | 20,747 |  | 15,192 |  | 45,561 |  | —
| AS OF DECEMBER 31, 2024
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT |  | CONTRACTUAL CASH FLOWS |  | LESS THAN 1 YEAR |  | FROM 1 TO 2 YEARS |  | FROM 2 TO 5 YEARS |  | LONGER THAN 5 YEARS
(amounts in thousands of euros) |  |  |  |  |
Heights convertible notes | 21,574 |  | 24,063 |  | 8,750 |  | 8,750 |  | 6,563 |  | —
Kreos/Claret convertible notes (OCABSA) | 23,370 |  | 30,653 |  | 2,250 |  | 19,943 |  | 8,460 |  | —
Kreos/Claret bond loans | 46,401 |  | 58,080 |  | 24,016 |  | 25,715 |  | 8,348 |  | —
PGE | 2,488 |  | 2,586 |  | 1,293 |  | 1,293 |  | — |  | —
Royalty certificates | 13,023 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 2,363 |  | 2,512 |  | 993 |  | 996 |  | 516 |  | 7
Derivative instruments | 4,786 |  | 4,786 |  | 1,166 |  | — |  | 3,620 |  | —
Total financial liabilities | 114,004 |  | 122,680 |  | 38,468 |  | 56,698 |  | 27,507 |  | 7
Disclosure of remaining contractual maturities of non-derivative financial liabilities | The following are the remaining contractual maturities of financial liabilities as of December 31, 2022, 2023 and 2024. The amounts are gross and undiscounted, and include contractual interest payments.
| AS OF DECEMBER 31, 2022
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT |  | CONTRACTUAL CASH FLOWS |  | LESS THAN 1 YEAR |  | FROM 1 TO 2 YEARS |  | FROM 2 TO 5 YEARS |  | LONGER THAN 5 YEARS
(amounts in thousands of euros) |  |  |  |  |
Kreos 1 & 2 bond loans | 12,982 |  | 14,098 |  | 9,034 |  | 5,065 |  | — |  | —
Oceane | 19,957 |  | 31,000 |  | 1,500 |  | 1,500 |  | 28,000 |  | —
PGE | 4,838 |  | 5,173 |  | 1,293 |  | 1,293 |  | 2,586 |  | —
Conditional advances BPI | 6,783 |  | 6,813 |  | 3,697 |  | 1,490 |  | 1,626 |  | —
Royalty certificates | 3,287 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 1,384 |  | 1,403 |  | 558 |  | 557 |  | 289 |  | —
Derivative instruments | 566 |  | 566 |  | 142 |  | — |  | 424 |  | —
Total financial liabilities | 49,797 |  | 59,053 |  | 16,223 |  | 9,905 |  | 32,925 |  | —
| AS OF DECEMBER 31, 2023
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT |  | CONTRACTUAL CASH FLOWS |  | LESS THAN 1 YEAR |  | FROM 1 TO 2 YEARS |  | FROM 2 TO 5 YEARS |  | LONGER THAN 5 YEARS
(amounts in thousands of euros) |  |  |  |  |
Heights convertible notes | 29,605 |  | 36,750 |  | 10,522 |  | 9,997 |  | 16,231 |  | —
Kreos/Claret convertible notes (OCABSA) | 21,643 |  | 30,903 |  | 2,250 |  | 2,250 |  | 26,403 |  | —
PGE | 3,678 |  | 3,880 |  | 1,293 |  | 1,293 |  | 1,293 |  | —
Conditional advances BPI | 6,771 |  | 6,813 |  | 3,697 |  | 1,490 |  | 1,626 |  | —
Royalty certificates | 12,229 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 540 |  | 575 |  | 406 |  | 162 |  | 7 |  | —
Derivative instruments | 2,579 |  | 2,579 |  | 2,579 |  | — |  | — |  | —
Total financial liabilities | 77,045 |  | 81,500 |  | 20,747 |  | 15,192 |  | 45,561 |  | —
| AS OF DECEMBER 31, 2024
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT |  | CONTRACTUAL CASH FLOWS |  | LESS THAN 1 YEAR |  | FROM 1 TO 2 YEARS |  | FROM 2 TO 5 YEARS |  | LONGER THAN 5 YEARS
(amounts in thousands of euros) |  |  |  |  |
Heights convertible notes | 21,574 |  | 24,063 |  | 8,750 |  | 8,750 |  | 6,563 |  | —
Kreos/Claret convertible notes (OCABSA) | 23,370 |  | 30,653 |  | 2,250 |  | 19,943 |  | 8,460 |  | —
Kreos/Claret bond loans | 46,401 |  | 58,080 |  | 24,016 |  | 25,715 |  | 8,348 |  | —
PGE | 2,488 |  | 2,586 |  | 1,293 |  | 1,293 |  | — |  | —
Royalty certificates | 13,023 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 2,363 |  | 2,512 |  | 993 |  | 996 |  | 516 |  | 7
Derivative instruments | 4,786 |  | 4,786 |  | 1,166 |  | — |  | 3,620 |  | —
Total financial liabilities | 114,004 |  | 122,680 |  | 38,468 |  | 56,698 |  | 27,507 |  | 7

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