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Financial assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Measurement [Abstract] |
Disclosure of carrying amounts and fair value of financial assets | The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their levels in the fair value hierarchy. Tax and employee-related payables are non-financial liabilities and are therefore excluded from the tables below. They are presented in Note 17.2.
| AS OF DECEMBER 31, 2023
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION |  | FAIR VALUE |  | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS |  | ASSETS AT AMORTIZED COST |  | LIABILITIES AT AMORTIZED COST
Other financial assets (2) | 22,055 |  | 22,394 |  | — |  | 22,394 |  | —
Other receivables and assets (2) | 27,164 |  | 27,164 |  | — |  | 27,164 |  | —
Cash and cash equivalents (1) | 251,942 |  | 251,942 |  | — |  | 251,942 |  | —
Total financial assets | 301,161 |  | 301,500 |  | — |  | 301,500 |  | —
Financial liabilities—non-current portion (4, Note 15) | 39,697 |  | 40,622 |  | 18,506 |  | — |  | 42,768
Financial liabilities—current portion (3, Note 15) | 37,348 |  | 37,348 |  | 11,531 |  | — |  | 5,165
Trade payables and other current liabilities (3) | 47,221 |  | 47,221 |  | — |  | — |  | 47,221
Total financial liabilities | 124,266 |  | 125,191 |  | 30,037 |  | — |  | 95,154
| AS OF DECEMBER 31, 2024
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION |  | FAIR VALUE |  | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS |  | ASSETS AT AMORTIZED COST |  | LIABILITIES AT AMORTIZED COST
Other financial assets (2) | 13,473 |  | 12,690 |  | — |  | 12,690 |  | —
Other receivables and assets (2) | 19,843 |  | 19,843 |  | — |  | 19,843 |  | —
Cash and cash equivalents (1) | 144,221 |  | 144,221 |  | — |  | 144,221 |  | —
Total financial assets | 177,537 |  | 176,754 |  | — |  | 176,754 |  | —
Financial liabilities—non-current portion (4, Note 15) | 69,069 |  | 73,497 |  | 3,620 |  | — |  | 69,877
Financial liabilities—current portion (3, Note 15) | 44,935 |  | 44,935 |  | 21,183 |  | — |  | 23,752
Trade payables and other current liabilities (3) | 43,824 |  | 43,824 |  | — |  | — |  | 43,824
Total financial liabilities | 157,828 |  | 162,256 |  | 24,803 |  | — |  | 137,453
| AS OF DECEMBER 31, 2025
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION |  | FAIR VALUE |  | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS |  | ASSETS AT AMORTIZED COST |  | LIABILITIES AT AMORTIZED COST
Other financial assets (2) | 26,772 |  | 27,141 |  | — |  | 27,141 |  | —
Other receivables and assets (2) | 13,769 |  | 13,769 |  | — |  | 13,769 |  | —
Cash and cash equivalents (1) | 516,685 |  | 516,685 |  | 437,031 |  | 79,654 |  | —
Total financial assets | 557,226 |  | 557,595 |  | 437,031 |  | 120,565 |  | —
Financial liabilities—non-current portion (4, Note 15) | 30,790 |  | 102,555 |  | — |  | — |  | 102,555
Financial liabilities—current portion (3, Note 15) | 1,302 |  | 1,302 |  | — |  | — |  | 1,302
Trade payables and other current liabilities (3) | 37,552 |  | 37,552 |  | — |  | — |  | 37,552
Total financial liabilities | 69,644 |  | 141,409 |  | — |  | — |  | 141,409
(1) The fair value of cash and cash equivalents is determined based on Level 1 fair value measurement and corresponds to the market value of the assets. (2) The carrying amount of financial assets measured at amortized cost is deemed to be a reasonable estimate of fair value, except for the long-term advances made to CROs, whose fair value is determined based on Level 3 fair value measurement and is estimated based on future cash-flows discounted at market rates, using credit spreads ranging from 104 bp to 218 bp as of December 31, 2023, 131 bp to 271 bp as of December 31, 2024 and 34 bp to 131 bp as of December 31, 2025. As of December 31, 2023, 2024, and 2025, an increase in the credit spread by +100 bp would result in a decrease in the advances fair value by €23 thousand, €235 thousand, and €231 thousand, respectively. (3) The carrying amount of short-term financial liabilities measured at amortized cost was deemed to be a reasonable estimate of fair value. (4) The fair value of the royalty certificates, Heights convertible notes, Kreos / Claret BSA and Minimum Return Indemnifications is based on Level 3 fair value measurement and is estimated based on models and assumptions detailed in Note 15. The fair value of other long-term financial liabilities is determined based on Level 3 fair value measurement and is estimated based on future cash-flows discounted at market rates, using the following assumptions: •For the debt components of the Kreos / Claret OCABSA (tranche A) and the tranches B and C of the Kreos / Claret straight bond loans, a credit spread of 960 bp as of August 22, 2023, 900 bp as of December 31, 2023 and 750 bp as of December 31, 2024. As of August 22, 2023, December 31, 2023 (tranche A) and December 31, 2024 (all three tranches), an increase in the credit spread by +100 bp would result in a decrease in the Kreos / Claret debt components fair value by respectively €624 thousand, €538 thousand and €958 thousand. •For the conditional advances and the PGE loan, a credit spread of 900 bp as of December 31, 2023, and 730 bp as of December 31, 2024. An i ncrease in the credit spread by +100 bp w ould result in the following: •As of December 31, 2023, and 2024, a decrease in the PGE loan fair value by €39 thousand and €21 thousand respectively. •As of December 31, 2023, a decrease in the RNP-VIR conditional advance fair value by €15 thousand. •As of December 31, 2023, a decrease in the CARENA conditional advance fair value by €37 thousand. •As of December 31, 2023, a decrease in the Ebola conditional advance fair value by €1 thousand.
Disclosure of carrying amounts and fair value of financial liabilities | The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their levels in the fair value hierarchy. Tax and employee-related payables are non-financial liabilities and are therefore excluded from the tables below. They are presented in Note 17.2.
| AS OF DECEMBER 31, 2023
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION |  | FAIR VALUE |  | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS |  | ASSETS AT AMORTIZED COST |  | LIABILITIES AT AMORTIZED COST
Other financial assets (2) | 22,055 |  | 22,394 |  | — |  | 22,394 |  | —
Other receivables and assets (2) | 27,164 |  | 27,164 |  | — |  | 27,164 |  | —
Cash and cash equivalents (1) | 251,942 |  | 251,942 |  | — |  | 251,942 |  | —
Total financial assets | 301,161 |  | 301,500 |  | — |  | 301,500 |  | —
Financial liabilities—non-current portion (4, Note 15) | 39,697 |  | 40,622 |  | 18,506 |  | — |  | 42,768
Financial liabilities—current portion (3, Note 15) | 37,348 |  | 37,348 |  | 11,531 |  | — |  | 5,165
Trade payables and other current liabilities (3) | 47,221 |  | 47,221 |  | — |  | — |  | 47,221
Total financial liabilities | 124,266 |  | 125,191 |  | 30,037 |  | — |  | 95,154
| AS OF DECEMBER 31, 2024
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION |  | FAIR VALUE |  | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS |  | ASSETS AT AMORTIZED COST |  | LIABILITIES AT AMORTIZED COST
Other financial assets (2) | 13,473 |  | 12,690 |  | — |  | 12,690 |  | —
Other receivables and assets (2) | 19,843 |  | 19,843 |  | — |  | 19,843 |  | —
Cash and cash equivalents (1) | 144,221 |  | 144,221 |  | — |  | 144,221 |  | —
Total financial assets | 177,537 |  | 176,754 |  | — |  | 176,754 |  | —
Financial liabilities—non-current portion (4, Note 15) | 69,069 |  | 73,497 |  | 3,620 |  | — |  | 69,877
Financial liabilities—current portion (3, Note 15) | 44,935 |  | 44,935 |  | 21,183 |  | — |  | 23,752
Trade payables and other current liabilities (3) | 43,824 |  | 43,824 |  | — |  | — |  | 43,824
Total financial liabilities | 157,828 |  | 162,256 |  | 24,803 |  | — |  | 137,453
| AS OF DECEMBER 31, 2025
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION |  | FAIR VALUE |  | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS |  | ASSETS AT AMORTIZED COST |  | LIABILITIES AT AMORTIZED COST
Other financial assets (2) | 26,772 |  | 27,141 |  | — |  | 27,141 |  | —
Other receivables and assets (2) | 13,769 |  | 13,769 |  | — |  | 13,769 |  | —
Cash and cash equivalents (1) | 516,685 |  | 516,685 |  | 437,031 |  | 79,654 |  | —
Total financial assets | 557,226 |  | 557,595 |  | 437,031 |  | 120,565 |  | —
Financial liabilities—non-current portion (4, Note 15) | 30,790 |  | 102,555 |  | — |  | — |  | 102,555
Financial liabilities—current portion (3, Note 15) | 1,302 |  | 1,302 |  | — |  | — |  | 1,302
Trade payables and other current liabilities (3) | 37,552 |  | 37,552 |  | — |  | — |  | 37,552
Total financial liabilities | 69,644 |  | 141,409 |  | — |  | — |  | 141,409
(1) The fair value of cash and cash equivalents is determined based on Level 1 fair value measurement and corresponds to the market value of the assets. (2) The carrying amount of financial assets measured at amortized cost is deemed to be a reasonable estimate of fair value, except for the long-term advances made to CROs, whose fair value is determined based on Level 3 fair value measurement and is estimated based on future cash-flows discounted at market rates, using credit spreads ranging from 104 bp to 218 bp as of December 31, 2023, 131 bp to 271 bp as of December 31, 2024 and 34 bp to 131 bp as of December 31, 2025. As of December 31, 2023, 2024, and 2025, an increase in the credit spread by +100 bp would result in a decrease in the advances fair value by €23 thousand, €235 thousand, and €231 thousand, respectively. (3) The carrying amount of short-term financial liabilities measured at amortized cost was deemed to be a reasonable estimate of fair value. (4) The fair value of the royalty certificates, Heights convertible notes, Kreos / Claret BSA and Minimum Return Indemnifications is based on Level 3 fair value measurement and is estimated based on models and assumptions detailed in Note 15. The fair value of other long-term financial liabilities is determined based on Level 3 fair value measurement and is estimated based on future cash-flows discounted at market rates, using the following assumptions: •For the debt components of the Kreos / Claret OCABSA (tranche A) and the tranches B and C of the Kreos / Claret straight bond loans, a credit spread of 960 bp as of August 22, 2023, 900 bp as of December 31, 2023 and 750 bp as of December 31, 2024. As of August 22, 2023, December 31, 2023 (tranche A) and December 31, 2024 (all three tranches), an increase in the credit spread by +100 bp would result in a decrease in the Kreos / Claret debt components fair value by respectively €624 thousand, €538 thousand and €958 thousand. •For the conditional advances and the PGE loan, a credit spread of 900 bp as of December 31, 2023, and 730 bp as of December 31, 2024. An i ncrease in the credit spread by +100 bp w ould result in the following: •As of December 31, 2023, and 2024, a decrease in the PGE loan fair value by €39 thousand and €21 thousand respectively. •As of December 31, 2023, a decrease in the RNP-VIR conditional advance fair value by €15 thousand. •As of December 31, 2023, a decrease in the CARENA conditional advance fair value by €37 thousand. •As of December 31, 2023, a decrease in the Ebola conditional advance fair value by €1 thousand.

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