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Share-based payments (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangements [Abstract] |
Disclosure of reconciliation of other equity instruments | 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 |  | NUMBER OF BCEs ISSUED |  | NUMBER OF BCE OUTSTAND ING AS OF JANUARY 1, 2025 | 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, 2025 |  | AS OF DECEMBER 31, 2025
2016-11-07 |  | BCE-2016-1 |  | 84,000 |  | 18,796 | — |  | — |  | (18,796) |  | — |  | — |  | —
2017-01-23 |  | BCE-2017-1 |  | 67,374 |  | 67,000 | — |  | — |  | (33,313) |  | 33,687 |  | 33,687 |  | 33,687
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 | — |  | — |  | (33,686) |  | 33,687 |  | — |  | 33,687
2017-11-20 |  | BCE-2017-5 |  | 67,374 |  | 33,687 | — |  | — |  | (16,843) |  | 16,844 |  | — |  | 16,844
2018-03-15 |  | BCE-2018-1 |  | 22,000 |  | 11,980 | — |  | — |  | (9,440) |  | 2,540 |  | 2,540 |  | 2,540
2018-05-14 |  | BCE-2018-4 |  | 16,843 |  | 16,843 | — |  | — |  | (8,422) |  | 8,421 |  | 8,421 |  | 8,421
2018-05-14 |  | BCE-2018-5 |  | 22,000 |  | 2,000 | — |  | — |  | (2,000) |  | — |  | — |  | —
|  | Total BCEs |  | 496,965 |  | 330,179 | — |  | — |  | (122,500) |  | 207,679 |  | 157,148 |  | 207,679
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 DA TE |  | TYPE |  | Total NUMBER OF BSAs ISSUED |  | NUMBER OF BSAs OUTSTAND ING AS OF JANUARY 1, 2025 | 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, 2025 |  | AS OF DECEMBER 31, 2025
2015-12-04 |  | BSA-2015-11 |  | 96,924 |  | 96,924 | — |  | — |  | (96,924) |  | — |  | — |  | —
2015-12-04 |  | BSA-2015-12 |  | 82,000 |  | 16,400 | — |  | — |  | (16,400) |  | — |  | — |  | —
2017-09-18 |  | BSA-2017-1 |  | 16,400 |  | 16,400 | — |  | — |  | (16,400) |  | — |  | — |  | —
2018-01-22 |  | BSA-2018-1 |  | 49,200 |  | 16,400 | — |  | — |  | — |  | 16,400 |  | 16,400 |  | 16,400
2024-04-04 |  | BSA-2024-1 |  | 58,365 |  | 58,365 | — |  | — |  | (4,863) |  | 53,502 |  | 9,726 |  | 53,502
2024-04-04 |  | BSA-2024-2 |  | 19,455 |  | 19,455 | — |  | — |  | — |  | 19,455 |  | 4,863 |  | 19,455
2025-01-13 |  | BSA-2025-1 |  | 100,000 |  | — | 100,000 |  | — |  | — |  | 100,000 |  | — |  | 100,000
2025-01-13 |  | BSA-2025-2 |  | 25,000 |  | — | 25,000 |  | — |  | — |  | 25,000 |  | — |  | 25,000
2025-04-22 |  | BSA-2025-3 |  | 39,370 |  | — | 39,370 |  | — |  | — |  | 39,370 | 0 | — | 3 9 , 3 7 0 | 39,370
|  | Total BSAs |  | 486,714 |  | 223,944 | 164,370 | — | — |  | (134,587) |  | 253,727 | 0 | 30,989 | 0 | 253,727
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 OUTSTANDING AS OF JANUARY 1, 2025 | NUMBER OF ISSUED AGAs |  | NUMBER OF LAPSED AGAs |  | NUMBER OF VESTED AGAs |  | NUMBER OF AGAs OUTSTANDING
|  |  | YEAR ENDED DECEMBER 31, 2025 | AS OF DECEMBER 31, 2025
07/11/23 |  | AGA-2023-1 |  | 1,382,796 |  | 780,040 | — |  | — |  | (230,464) |  | 549,576
07/11/23 |  | AGA-2023-2 |  | 100,000 |  | 75,000 | — |  | (75,000) |  | — |  | —
09/28/23 |  | AGA-2023-3 |  | 731,500 |  | 485,875 | — |  | (34,750) |  | (251,125) |  | 200,000
09/28/23 |  | AGA-2023-4 |  | 254,250 |  | 213,250 | — |  | (15,000) |  | (108,500) |  | 89,750
12/01/23 |  | AGA-2023-5 |  | 132,750 |  | 81,250 | — |  | (26,000) |  | (27,625) |  | 27,625
02/01/24 |  | AGA-2024-1 |  | 1,549,125 |  | 1,355,625 | — |  | (134,125) |  | — |  | 1,221,500
03/28/24 |  | AGA-2024-2 |  | 22,500 |  | 22,500 | — |  | — |  | — |  | 22,500
05/23/24 |  | AGA-2024-3 |  | 38,500 |  | 38,500 | — |  | (13,000) |  | — |  | 25,500
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 | — |  | — |  | (10,000) |  | 10,000
09/05/24 |  | AGA-2024-7 |  | 198,000 |  | 198,000 | — |  | — |  | — |  | 198,000
02/06/25 |  | AGA-2025-1 |  | 4,319,500 |  | — | 4,319,500 |  | (217,500) |  | — |  | 4,102,000
02/06/25 |  | AGA-2025-2 |  | 123,102 |  | — | 123,102 |  | — |  | — |  | 123,102
02/06/25 |  | AGA-2025-3 |  | 17,625 |  | — | 17,625 |  | — |  | — |  | 17,625
02/06/25 |  | AGA-2025-4 |  | 30,500 |  | — | 30,500 |  | — |  | — |  | 30,500
03/20/25 |  | AGA-2025-5 |  | 50,000 |  | — | 50,000 |  | (50,000) |  | — |  | —
05/30/25 |  | AGA-2025-6 |  | 25,000 |  | — | 25,000 |  | — |  | — |  | 25,000
08/01/25 |  | AGA-2025-7 |  | 1,711,000 |  | — | 1,711,000 |  | (80,000) |  | — |  | 1,631,000
11/13/25 |  | AGA-2025-8 |  | 4,000 |  | — | 4,000 |  | — |  | — |  | 4,000
|  | Total AGAs | — | 10,828,148 |  | 3,388,040 | 6,280,727 |  | (645,375) |  | (627,714) |  | 8,395,678
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%
BSA-2025-1 |  | €6.13 |  | [€3.5-€3.9] |  | 100,000 |  | €2.00 |  | €6.63 |  | 4.65% |  | [5.5-7.0 years] |  | 60.88%
BSA-2025-2 |  | €6.13 |  | [€3.5-€3.9] |  | 25,000 |  | €2.00 |  | €6.63 |  | 4.65% |  | [5.5-7.0 years] |  | 60.88%
BSA-2025-3 |  | €6.48 |  | [€3.7-€4.1] |  | 39,370 |  | €1.27 |  | €6.41 |  | 3.92% |  | [5.5- 7.0 years] |  | 60.69%
TYPE |  | FAIR VALUE OF THE UNDERLYING SHARE |  | FAIR VALUE OF THE AGA |  | AGA PRICE |  | MATURITY |  | VOLATILITY |  | RISK FREE RATE
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
AGA-2025-1 |  | €5.82 |  | €5.82 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2025-2 |  | €5.82 |  | €5.82 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2025-3 |  | €5.82 |  | €5.82 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2025-4 |  | €5.82 |  | €5.82 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2025-5 |  | €6.17 |  | €6.17 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2025-6 |  | €5.17 |  | €5.17 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2025-7 |  | €61.20 |  | €61.20 |  | €0.00 |  | N/A |  | N/A |  | N/A
AGA-2025-8 |  | €89.40 |  | €89.40 |  | €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 |  | 1.40 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
Disclosure of breakdown of the compensation expenses | Breakdown of the compensation expenses accounted for the period ended December 31, 2023, 2024 and 2025
TYPE (in thousands of euros) | YEAR ENDED DECEMBER 31, 2023 |  | YEAR ENDED DECEMBER 31, 2024 |  | YEAR ENDED DECEMBER 31, 2025
BCEs | (112) |  | (112) | 0 | —
BSAs | — |  | (211) | 0 | (289)
AGAs | (8,067) |  | (19,900) | 0 | (35,108)
Social taxes related to AGAs | (426) |  | (717) | 0 | (48,990)
Total | (8,605) |  | (20,941) | 0 | (84,387)

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