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Share-based payments (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangements [Abstract]

Disclosure of reconciliation of other equity instruments

	NUMBER OF BSAs OUTSTANDING	MAXIMUM NUMBER OF SHARES TO BE ISSUED	NUMBER OF BSAs EXERCISED	NUMBER OF BSAs LAPSED	NUMBER OF BSAs OUTSTANDING	MAXIMUM NUMBER OF SHARES TO BE ISSUED
			FOR THE YEAR ENDED
	AS OF JANUARY 1, 2022		DECEMBER 31, 2022		AS OF DECEMBER 31, 2022
BSAs granted under the Equity line agreement ....................................	300,000	300,000	—	(300,000)	—	—

The following tables summarize the data relating to BCEs as well as the assumptions used for the measurement thereof in accordance

with IFRS 2 – Share-based Payment:

GRANT D ATE		TYPE		TOTAL NUMBER OF BCEs ISSUED		NUMBER OF BCE OUTSTAND ING AS OF JANUARY 1, 2024		NUMBER OF ISSUED BCEs		NUMBER OF LAPSED BCEs		NUMBER OF EXERCISE D BCEs		NUMBER OF BCEs OUTSTAND ING		NUMBER OF BCEs EXERCISA BLE		MAXIMUM NUMBER OF SHARES TO BE ISSUED IF ALL CONDITIO NS ARE MET
								YEAR ENDED DECEMBER 31, 2024						AS OF DECEMBER 31, 2024
2016-11-07		BCE-2016-1		84,000		22,495		—		(3,699)		—		18,796		18,796		18,796
2017-01-23		BCE-2017-1		67,374		67,000		—		—		—		67,000		41,735		67,000
2017-11-20		BCE-2017-2		150,000		112,500		—		—		—		112,500		112,500		112,500
2017-11-20		BCE-2017-4		67,374		67,373		—		—		—		67,373		33,686		67,373
2017-11-20		BCE-2017-5		67,374		64,374		—		(26,687)		(4,000)		33,687		16,843		33,687
2018-03-15		BCE-2018-1		22,000		11,980		—		—		—		11,980		11,980		11,980
2018-05-14		BCE 2018-3		33,687		16,844		—		(16,844)		—		—		—		—
2018-05-14		BCE-2018-4		16,843		16,843		—		—		—		16,843		8,422		16,843
2018-05-14		BCE-2018-5		22,000		6,000		—		(4,000)		—		2,000		2,000		2,000
		Total BCEs		530,652		385,409		—		(51,230)		(4,000)		330,179		245,962		330,179

The following tables summarize the data relating to BSAs as well as the assumptions used for the measurement thereof in

accordance with IFRS 2—Share-based Payment:

GRANT  DATE		TYPE		TOTAL NUMBER OF BSAs ISSUED		NUMBER OF BCAs OUTSTAND ING AS OF JANUARY 1, 2024		NUMBER OF ISSUED BSAs		NUMBER OF LAPSED BSAs		NUMBER OF EXERCISE D  BSAs		NUMBER OF BSAs OUTSTAND ING		NUMBER OF BSAs EXERCISA BLE		MAXIMUM NUMBER OF SHARES TO BE ISSUED IF ALL CONDITIO NS ARE MET
								YEAR ENDED DECEMBER 31, 2024						AS OF DECEMBER 31, 2024
2015-12-04		BSA-2015-11		96,924		96,924		—		—		—		96,924		96,924		96,924
2015-12-04		BSA-2015-12		82,000		16,400		—		—		—		16,400		16,400		16,400
2017-09-18		BSA-2017-1		16,400		16,400		—		—		—		16,400		16,400		16,400
2018-01-22		BSA-2018-1		49,200		16,400		—		—		—		16,400		16,400		16,400
2014-03-11		BSA-2014-4		1,315		842		—		(842)		—		—		—		—
2014-03-11		BSA-2014-5		787		230		—		(230)		—		—		—		—
2024-04-04		BSA-2024-1		58,365		—		—		—		—		58,365		—		58,365
2024-04-04		BSA-2024-2		19,455		—		—		—		—		19,455		—		19,455
		Total BSAs		324,446		147,196				(1,072)		—		223,944		146,124		223,944

The following tables summarize the data relating to AGAs as well as the assumptions used for the measurement thereof in

accordance with IFRS 2—Share-based Payment:

GRANT DATE		TYPE		TOTAL NUMBER OF AGAs ISSUED		NUMBER OF AGAs OUTSTANGIN G AS OF JANUARY 1, 2024		NUMBER OF ISSUED AGAs		NUMBER OF LAPSED AGAs		NUMBER OF VESTED AGAs		NUMBER OF AGAs OUTSTANDIN G
								FOR THE YEAR ENDED DECEMBER 31, 2024						AS OF DECEMBER 31, 2024
07/11/23		AGA-2023-1		1,382,796		1,382,796		—		(212,737)		(390,019)		780,040
07/11/23		AGA-2023-2		100,000		100,000		—		—		(25,000)		75,000
09/28/23		AGA-2023-3		731,500		731,500		—		(245,625)		—		485,875
09/28/23		AGA-2023-4		254,250		254,250		—		(41,000)		—		213,250
12/01/23		AGA-2023-5		132,750		132,750		—		(51,500)		—		81,250
02/01/24		AGA-2024-1		1,549,125		—		1,549,125		(193,500)		—		1,355,625
03/28/24		AGA-2024-2		22,500		—		22,500		—		—		22,500
05/23/24		AGA-2024-3		38,500		—		38,500		—		—		38,500
07/11/24		AGA-2024-4		93,000		—		93,000		—		—		93,000
07/11/24		AGA-2024-5		25,000		—		25,000		—		—		25,000
07/11/24		AGA-2024-6		20,000		—		20,000		—		—		20,000
09/05/24		AGA-2024-7		198,000		—		198,000		—		—		198,000
		Total AGAs		4,547,421		2,601,296		1,946,125		(744,362)		(415,019)		3,388,040

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

The 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		1.40x		1.40x
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		1.30x		1.30x
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 breakdown of the compensation expenses

Breakdown of the compensation expenses accounted for the period ended December 31, 2022, 2023 and 2024

TYPE (in thousands of euros)		YEAR ENDED DECEMBER 31, 2022		YEAR ENDED DECEMBER 31, 2023		YEAR ENDED DECEMBER 31, 2024
BCEs		(138)		(112)		(112)
BSAs		—		—		(211)
AGAs		(1,026)		(8,067)		(19,900)
Social taxes related to AGAs		(205)		(426)		(717)
Total		(1,369)		(8,605)		(20,941)

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- Definition

Share-Based Payment Arrangements [Abstract]

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No definition available.

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- Definition

The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's other equity instruments (ie other than share options).

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The disclosure of the number and weighted average exercise prices of other equity instruments (ie other than share options).

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- Definition

The explanation that enables users of financial statements to understand the effect of share-based payment transactions on the entity's profit (loss).

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