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Income tax
12 Months Ended
Dec. 31, 2025
Income taxes paid (refund) [abstract]  
Income tax Income tax
The income tax rate applicable to the Company is the French corporate income tax rate, i.e. 25% for the years ended December 31,
2023, 2024 and 2025.
The income tax rates applicable to the U.S. Subsidiary are the federal income tax rate of 21% and the State income tax rates of 4.35%,
5.36% and 8.06% i.e. a total of 25.35%, 26.36% and 29.06% for the years ended December 31, 2023, 2024 and 2025 respectively.
(In thousands of euros, except percentage)
YEAR ENDED
DECEMBER 31, 2023
YEAR ENDED
DECEMBER 31, 2024
YEAR ENDED
DECEMBER 31, 2025
Loss before tax
(147,740)
(176,242)
(330,254)
Statutory French tax rate
25%
25%
25%
Nominal income tax using statutory French tax rate
36,935
44,061
82,563
Tax effect of:
Tax rates in foreign jurisdictions
(153)
Share-based payment
(2,045)
(5,056)
(8,849)
CIR
1,123
1,663
765
Transaction costs related to capital increase
3,073
(112)
10,077
Decrease / (increase) in derivatives and other liabilities measured
at FVTPL
748
(207)
(17,087)
Non-recognition of deferred tax assets related to tax losses and
temporary differences
(39,612)
(40,399)
(61,320)
Other
(222)
49
(148)
Effective income tax (loss)
(5,848)
(In thousands of euros)
DEFERRED TAX ASSETS AND LIABILITIES BY
NATURE
AS OF
DECEMBER 31, 2023
AS OF
DECEMBER 31, 2024
AS OF DECEMBER 31,
2025
Retirement benefit obligation
157
189
157
Leases
135
591
476
Other financial liabilities
351
1,678
Provisions for AGA taxes
83
142
11,454
Tax losses carryforward
114,946
152,372
228,239
Other items
335
744
1,568
Deferred tax assets
116,006
155,715
241,894
Subsidies
24
12
Leases
124
485
396
Royalty certificates
17,208
Other financial liabilities
285
1,075
Other items
10
12
11
Deferred tax liabilities
444
1,584
17,616
Deferred tax assets, net
115,562
154,131
224,279
Unrecognized deferred tax assets
(115,562)
(154,131)
(230,127)
Total deferred taxes, net recognized in the statement of
financial position
(5,848)
The Group incurred tax losses in the reporting periods ended December 31, 2023, 2024 and 2025. As the recoverability of these tax
losses is not considered probable in subsequent periods due to the uncertainties inherent in the Group’s business, the Group has not
recognized deferred tax assets beyond deferred tax liabilities arising within the same taxable entity under the same taxable regime and
with consistent timing of reversal, after considering, if applicable, limitations in the use of deductible tax losses carried forward from
prior periods applicable under tax laws in France and in the U.S..
As of December 31, 2025, the €17,208 thousand deferred tax liability on royalty certificates results from the difference between (i) the
amount already deducted from the Company's taxable income as of December 31, 2025 (based on the certificates' fair value minus the
subscription price) and (ii) the amount of the related financial liability recognized in the Group's Statements of Financial Position at
that date (measured at amortized cost using the original EIR).
As of December 31, 2024 and 2023, this difference resulted in a deferred tax asset of respectively €1,427 thousand (classified within
the "Other financial liabilities" line item) and €0.
As of December 31, 2025, the Group has assessed the expected reversal of temporary taxable and deductible differences existing at the
reporting date. The timing of reversal of the taxable difference on royalty certificates was estimated under the same cash flow schedule
and discount rate assumptions as the certificates' fair value as of December 31, 2025 (see Note 15.9).
Based on this assessment, under the above recoverability assumption and after taking into account the limitations on the use of
deductible tax losses carried forward in France, the Group determined that deferred tax assets amounting to €11,720 thousand should
be recognized as the related deductible temporary differences and losses carried forward will reverse and be utilized against future
taxable temporary differences in the same periods in this jurisdiction.
As a result, the net deferred tax position of the Group as of December 31, 2025 is a deferred tax liability of €5,848 thousand, relating
to royalty certificates.
The accumulated tax loss carry forwards for the Company amount to €459,752 thousand, €609,390 thousand and €911,776 thousand
as of December 31, 2023, 2024 and 2025, respectively. In France, unused tax losses do not have any expiration date; however, their
annual utilization is limited to €1 million plus 50% of the taxable profit exceeding that amount.
The accumulated tax loss carry forwards for the U.S. Subsidiary consist of federal Net Operating Loss ("NOL") carry forwards and
amount to €38 thousand, €112 thousand and €1,083 thousand as of December 31, 2023, 2024 and 2025, respectively. They do not
have any expiration date.