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CONSOLIDATED STATEMENTS OF CASH FLOWS
€ in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Dec. 31, 2022
EUR (€)
Cash flows used in operating activities      
Net loss for the period € (176,242) € (147,740) € (60,740)
Adjustments for:      
Elimination of amortization of intangibles and depreciation of property, plant and equipment 1,100 707 485
Elimination of Impairment loss of goodwill 0 0 13,632
Elimination of retirement benefit obligations 74 109 143
Elimination of share-based compensation expenses 20,224 8,179 (1,164)
Net gain on sale of treasury shares (16) (34) (108)
Interest expenses and other financial expenses 14,203 24,827 7,028
Financial income (11,609) (2,953) (288)
Effect of unwinding the discount related to advances (710) (355) (2)
Increase/(decrease) in derivatives and liabilities fair value 1,416 (1,158) (10,817)
Forgiveness of conditional advances (4,140) 0 0
Other 204 22 (100)
Cash flows used in operating activities before change in working capital requirements (155,495) (118,395) (51,933)
Decrease / (increase) in other receivables and other assets 4,591 (14,231) 312
Increase / (decrease) in trade payables (3,444) 31,757 (2,388)
Increase / (decrease) in tax and social security liabilities (1,487) 3,821 100
Increase / (decrease) in deferred income and other liabilities 1,763 (81) (26)
Changes in working capital requirements 1,423 21,265 (2,002)
Cash flows used in operating activities (154,072) (97,130) (53,936)
Cash flows provided by (used in) investing activities      
Acquisitions of intangible assets (3) 0 (35)
Acquisitions of property, plant and equipment (640) (265) (288)
Repayment / (disbursement) of the advance made to the Nice CHU 0 0 3,302
Advances made to CROs (231) (1,620) (12,187)
Payments for the acquisition of Prosynergia, incl. related costs, net of cash acquired [1] 0 0 (2,913)
Increase in Deposits (591) (9,351) (142)
Decrease in Deposits 9,050 741 218
Interest received 8,178 2,400 19
Cash flows provided by (used in) investing activities 15,762 (8,095) (12,026)
Cash flows provided by (used in) financing activities      
Capital increases 0 353,377 46,231
Transaction costs related to capital increase 446 (28,111) (3,280)
Net proceeds from the issuance of non-convertible bond loans 47,944 0 0
Repayments of non-convertible bond loans 0 (11,635) (9,410)
Net proceeds from the issuance of convertible bond loans 0 55,841 0
Repayments of convertible bond loans (8,750) (27,188) 0
Repayment of PGE (1,250) (1,250) 0
Repayments of conditional advances (2,708) (110) (90)
Payments of the lease liabilities (458) (529) (301)
Net proceeds from sale of royalty certificates 0 0 2,931
Net proceeds from sale of treasury shares 434 10 143
Interest paid (7,696) (5,279) (4,015)
Other 245 163 3
Cash flows provided by (used in) financing activities 28,207 335,290 32,211
Effect of movements in exchange rates on cash held 2,382 (5,072) 0
Increase (decrease) in cash and cash equivalents (107,720) 224,992 (33,751)
Cash and cash equivalents at the beginning of the year 251,942 [2] 26,950 [2] 60,701
Cash and cash equivalents at the end of the year € 144,221 € 251,942 [2] € 26,950 [2]
[1] Prosynergia SARL (or "Prosynergia"
[2] 1In 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, amounting to €19,332
thousand, and the non-current portion of the Heights convertible notes as of December 31, 2023, amounting to €20,652 thousand, were
reclassified within the current liabilities (Convertible loan notes) as of December 31, 2022 and 2023 respectively (see Note 2).