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Financial liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
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, 2023 |  | AS OF DECEMBER 31, 2024 |  | AS OF DECEMBER 31, 2025
Kreos & Claret bond loans | — |  | 26,373 |  | —
Lease liabilities | 160 |  | 1,431 |  | 554
PGE | 2,402 |  | 1,252 |  | —
Borrowings | 2,563 |  | 29,056 |  | 554
Kreos & Claret convertible notes (OCABSA) | 21,643 |  | 23,370 |  | —
Convertible loan notes | 21,643 |  | 23,370 |  | —
Kreos & Claret minimal return indemnifications | — |  | 3,620 |  | —
Derivative instruments | — |  | 3,620 |  | —
Conditional advances Bpifrance | 3,262 |  | — |  | —
Royalty certificates | 12,229 |  | 13,023 |  | 30,237
Other financial liabilities | 15,491 |  | 13,023 |  | 30,237
Total non-current financial liabilities | 39,697 |  | 69,069 |  | 30,790
Kreos & Claret bond loans | — |  | 20,028 |  | —
Lease liabilities | 379 |  | 932 |  | 1,302
PGE | 1,276 |  | 1,235 |  | —
Borrowings | 1,655 |  | 22,195 |  | 1,302
Heights convertible notes | 29,605 |  | 21,574 |  | —
Convertible loan notes | 29,605 |  | 21,574 |  | —
Conditional advances Bpifrance | 3,509 |  | — |  | —
Other financial liabilities | 3,509 |  | — |  | —
Kreos & Claret BSA | 2,579 |  | 1,166 |  | —
Derivative instruments | 2,579 |  | 1,166 |  | —
Total current financial liabilities | 37,348 |  | 44,935 |  | 1,302
Total financial liabilities | 77,045 |  | 114,004 |  | 32,093
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 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
Disclosure of conditional advances | Conditional advances as of December 31, 2023, 2024 and 2025 are as follows:
(amounts in thousands of euros) |  |  |  |  |
CONDITIONAL ADVANCES | AS OF DECEMBER 31, 2023 |  | AS OF DECEMBER 31, 2024 |  | AS OF DECEMBER 31, 2025
RNP VIR – Bpifrance | 4,232 |  | — |  | —
CARENA – Bpifrance | 2,485 |  | — |  | —
EBOLA – Bpifrance | 55 |  | — |  | —
Total conditional advances | 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, 2023 | 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
(+) Increase | 444
(-) Decrease | (950)
AS OF DECEMBER 31, 2025 | 1,856
Disclosure of reconciliation of liabilities arising from financing activities | Changes in financial liabilities, excluding derivative instruments, are presented below as of December 31, 2023, 2024 and 2025:
(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 |  | Royalty certificates |  | Total
AS OF JANUARY 1, 2023 | 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: classification of embedded derivatives as separate derivative financial instruments | — |  | — |  | (1,046) |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,046)
Non-cash changes: (gain)/ loss on recognition or derecognition | 170 |  | 3,069 |  | — |  | — |  | (212) |  | — |  | — |  | — |  | — |  | 3,027
Non-cash changes: interest expense and other | 760 |  | 1,814 |  | 1,393 |  | — |  | 727 |  | 133 |  | 98 |  | 12 |  | 2,521 |  | 7,459
Non-cash changes: recognition of earn-out liability | — |  | — |  | (1,005) |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,005)
(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 |  | Royalty certificates |  | Total
Non-cash changes: amortized cost | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (543) |  | 6,421 |  | 5,878
Non-cash changes: other fair value remeasurement | — |  | — |  | — |  | — |  | (3,198) |  | — |  | — |  | — |  | — |  | (3,198)
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
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 | — |  | — |  | — |  | (3,204) |  | — |  | — |  | — |  | — |  | — |  | (3,204)
Non-cash changes: (gain)/ loss on recognition or | — |  | — |  | — |  | — |  | (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 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 17 |  | — |  | 17
AS OF DECEMBER 31, 2024 | — |  | — |  | 23,370 |  | 46,401 |  | 21,574 |  | 2,488 |  | — |  | 2,363 |  | 13,023 |  | 109,218
Proceeds | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Repayments | — |  | — |  | — |  | (53,920) |  | (2,188) |  | (2,514) |  | — |  | (910) |  | — |  | (59,532)
Interest paid | — |  | — |  | (1,875) |  | (3,791) |  | (689) |  | (72) |  | — |  | (64) |  | — |  | (6,491)
Non-cash changes: (gain)/ loss on recognition or derecognition | — |  | — |  | — |  | 3,838 |  | (1,557) |  | — |  | — |  | — |  | — |  | 2,281
Non-cash changes: interest expense and other | — |  | — |  | 2,860 |  | 7,472 |  | 778 |  | 99 |  | — |  | 64 |  | 5,927 |  | 17,200
Non-cash changes: amortized cost remeasurement | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (7) |  | 11,286 |  | 11,278
Non-cash changes: other fair value remeasurement | — |  | — |  | — |  | — |  | 36,002 |  | — |  | — |  | — |  | — |  | 36,002
Non-cash changes: conversion into shares | — |  | — |  | (24,354) |  | — |  | (53,921) |  | — |  | — |  | — |  | — |  | (78,275)
Non cash changes: additional leases | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 444 |  | — |  | 444
Non cash changes : Effect of the change in foreign currency exchange rates | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (33) |  | — |  | (33)
AS OF DECEMBER 31, 2025 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,856 |  | 30,237 |  | 32,093
Disclosure of changes in derivative instruments | Changes in derivative instruments, are presented below as of December 31, 2023, 2024 and 2025 :
(amounts in thousands of euros) | Kreos A BSA |  | Kreos B BSA |  | OCEANE conversion option |  | Kreos/Claret BSA |  | Kreos/Claret Minimal Return Indemnifications |  | Total
DERIVATIVE FINANCIAL INSTRUMENTS |  |  |  |  |
AS OF JANUARY 1, 2023 | 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
(+) 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
(+) Increase in fair value | — |  | — |  | — |  | 29,935 |  | — |  | 29,935
(-) Decrease in fair value | — |  | — |  | — |  | — |  | (3,620) |  | (3,620)
(-) Repurchases | — |  | — |  | — |  | (4,427) |  | — |  | (4,427)
(-) Exercises | — |  | — |  | — |  | (26,674) |  | — |  | (26,674)
AS OF DECEMBER 31, 2025 | — |  | — |  | — |  | — |  | — |  | —
Disclosure of remaining contractual maturities of derivative financial liabilities | The following are the remaining contractual maturities of financial liabilities as of December 31, 2023, 2024 and 2025. The amounts are gross and undiscounted, and include contractual interest payments.
(amounts in thousands of euros) |  | 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
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 Bpifrance |  | 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 |  | —
(amounts in thousands of euros) |  | 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
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 (1) |  | 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
(amounts in thousands of euros) | AS OF DECEMBER 31, 2025
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
Royalty certificates | 30,237 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 1,856 |  | 1,906 |  | 1,340 |  | 450 |  | 116 |  | —
Total financial liabilities | 32,093 |  | 1,906 |  | 1,340 |  | 450 |  | 116 |  | —
Disclosure of remaining contractual maturities of non-derivative financial liabilities | The following are the remaining contractual maturities of financial liabilities as of December 31, 2023, 2024 and 2025. The amounts are gross and undiscounted, and include contractual interest payments.
(amounts in thousands of euros) |  | 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
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 Bpifrance |  | 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 |  | —
(amounts in thousands of euros) |  | 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
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 (1) |  | 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
(amounts in thousands of euros) | AS OF DECEMBER 31, 2025
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
Royalty certificates | 30,237 |  | — |  | — |  | — |  | — |  | —
Lease liabilities | 1,856 |  | 1,906 |  | 1,340 |  | 450 |  | 116 |  | —
Total financial liabilities | 32,093 |  | 1,906 |  | 1,340 |  | 450 |  | 116 |  | —

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