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CONSOLIDATED STATEMENTS OF CASH FLOWS
€ in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Cash flows provided by (used in) operating activities      
Net loss for the period € (336,102) € (176,242) € (147,740)
Adjustments for:      
Amortization of intangibles and depreciation of property, plant and equipment 1,072 1,100 707
Retirement benefit obligations (65) 74 109
Share-based compensation expenses 35,397 20,224 8,179
Net gain on sale of treasury shares 0 (16) (34)
Interest expenses and other financial expenses 45,697 14,203 24,827
Financial income (23,782) (11,609) (2,953)
Effect of unwinding the discount related to advances (153) (710) (355)
Increase/(decrease) in derivatives and liabilities measured at fair value 62,330 1,416 (1,158)
Forgiveness of conditional advances 0 (4,140) 0
Changes in provisions 44,706 0 0
Current and deferred taxes expenses 5,848 0 0
Other 270 204 22
Cash flows provided by (used in) operating activities before change in working capital requirements (164,780) (155,495) (118,395)
Decrease / (increase) in other receivables and related accounts 7,042 4,591 (14,231)
Increase / (decrease) in trade payables (6,210) (3,444) 31,757
Increase / (decrease) in tax and social security liabilities 2,110 (1,487) 3,821
Changes in deferred income and other liabilities 710 1,763 (81)
Changes in working capital requirements 3,651 1,423 21,265
Income taxes paid 0 0 0
Cash flows provided by (used in) operating activities (161,129) (154,072) (97,130)
Cash flows provided by (used in) investing activities      
Acquisitions of intangible assets 0 (3) 0
Acquisitions of property, plant and equipment (142) (640) (265)
Advances reimbursed by / (made to) CROs 71 (231) (1,620)
Increase in deposits (14,152) (591) (9,351)
Decrease in deposits 500 9,050 741
Interest received 5,530 8,178 2,400
Cash flows provided by (used in) investing activities (8,193) 15,762 (8,095)
Cash flows provided by (used in) financing activities      
Capital increases 648,124 0 353,377
Transaction costs related to capital increase (40,914) 446 (28,111)
Net proceeds from non-convertible bond loans 0 47,944 0
Repayments of non-convertible bond loans (53,920) 0 (11,635)
Net proceeds from convertible loan notes 0 0 55,841
Repayments of convertible loan notes (2,188) (8,750) (27,188)
Repayment of PGE (2,514) (1,250) (1,250)
Repayments of conditional advances 0 (2,708) (110)
Payments of the lease liabilities (911) (458) (529)
Net proceeds from sale of treasury shares 0 434 10
Interest paid (6,490) (7,696) (5,279)
Exercise of warrants 5,820 0 0
Other 300 245 163
Cash flows provided by (used in) financing activities 547,307 28,207 335,290
Effect of movements in exchange rates on cash held (10,251) 2,382 (5,072)
Revaluation of cash equivalents measured at fair value 4,730 0 0
Increase (decrease) in cash and cash equivalents 372,464 (107,720) 224,992
Cash and cash equivalents at the beginning of the year 144,221 251,942 26,950
Cash and cash equivalents at the end of the year € 516,685 € 144,221 € 251,942