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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€)
€ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Non-current assets      
Goodwill € 18,419 € 18,419 € 18,419
Intangible assets 6,605 6,606 6,604
Property, plant and equipment 2,090 2,666 878
Other financial assets 5,358 5,919 12,870
Other non-current assets 625 948 2,320
Total non-current assets 33,097 34,558 41,090
Current assets      
Other financial assets 21,415 7,554 9,186
Other receivables and assets 13,144 18,896 24,845
Cash and cash equivalents 516,685 144,221 251,942
Total current assets 551,244 170,671 285,972
TOTAL ASSETS 584,341 205,228 327,062
Shareholders’ equity      
Share capital 785 633 629
Premiums related to share capital 1,190,593 478,905 478,218
Translation reserve 2,309 (75) 112
Retained earnings (402,380) (262,637) (135,209)
Net loss for the period (336,102) (176,242) (147,740)
Total shareholders’ equity 455,205 40,584 196,010
Non-current liabilities      
Retirement benefit obligations 627 756 629
Provisions 28,849 819 30
Borrowings 554 29,056 2,563
Convertible loan notes 0 23,370 21,643
Derivative instruments 0 3,620 0
Royalty certificates 30,237 13,023 12,229
Other financial liabilities 0 0 3,262
Deferred tax liabilities 5,848 0 0
Total non-current liabilities 66,114 70,645 40,356
Current liabilities      
Borrowings 1,302 22,195 1,655
Convertible loan notes 0 21,574 29,605
Derivative instruments 0 1,166 2,579
Other financial liabilities 0 0 3,509
Provisions 17,030 532 0
Trade payables and other current liabilities 37,552 43,824 47,221
Tax and employee-related payables 7,137 4,709 6,073
Deferred income 0 0 52
Total current liabilities 63,021 93,999 90,695
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY € 584,341 € 205,228 € 327,062