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Share-based payments (Tables)
 12 Months Ended
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- 7.0years]
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
1.40x
1.40x
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
1.30x
1.30x
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)