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Share-based payments (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-based payments |
Schedule for expense recognized for the equity-settled programs | The expense recognized for share-based payments during the years ended December 31 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | EUR k | ​ | EUR k | ​ | EUR k
Prior VSOP |  | (624) |  | (131) |  | (10)
New VSOP |  | (572) |  | 95 |  | (19)
LTIP Stock Options |  | (12,472) |  | (5,562) |  | (2,944)
LTIP RSUs |  | (705) |  | (3,108) |  | (4,072)
RSU Supervisory board |  | (566) |  | (478) |  | (652)
Total |  | (14,939) |  | (9,184) |  | (7,697)
Prior VSOP |
Share-based payments |
Schedule of reconciliation of outstanding awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |  | 2023
Outstanding at the beginning of the period | ​ | 7,951,265 | ​ | 6,426,365 | ​ | 5,614,246
Granted during the period |  | — | ​ | — | ​ | —
Forfeited during the period |  | — | ​ | (34,859) | ​ | (11,091)
Exercised during the period | ​ | (1,524,900) | ​ | (777,260) | ​ | —
Outstanding at the end of the period |  | 6,426,365 | ​ | 5,614,246 | ​ | 5,603,155
Thereof vested |  | 6,365,422 | ​ | 5,509,886 | ​ | 5,588,513
Thereof exercisable |  | none | ​ | none | ​ | none
Schedule of share-based payments expenses | The expense recognized for this share-based payment plan during the years ended December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2022 | ​ | 2023
​ |  | EUR k |  | EUR k |  | EUR k
Cost of Sales | ​ | — | ​ | — | ​ | (9)
Selling and distribution expenses | ​ | (25) | ​ | (8) | ​ | (6)
Research and development expenses |  | (369) |  | (45) |  | 46
General and administrative expenses |  | (230) |  | (78) |  | (41)
Total |  | (624) |  | (131) |  | (10)
New VSOP |
Share-based payments |
Schedule of reconciliation of outstanding awards | The number of awards in the New VSOP program granted to key employees developed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |  | 2023
Outstanding at the beginning of the period | ​ | 906,595 |  | 349,424 |  | 102,108
Granted during the period | ​ | — |  | — |  | —
Forfeited during the period | ​ | ​ | ​ | (99,696) | ​ | —
Exercised during the period | ​ | (557,171) | ​ | (147,620) | ​ | (69,246)
Outstanding at the end of the period |  | 349,424 | ​ | 102,108 | ​ | 32,862
Thereof vested | ​ | 88,464 | ​ | 59,942 | ​ | 32,862
​ | ​ | ​ | ​ | ​ | ​ | ​
Thereof exercisable |  | 88,464 | ​ | 59,942 | ​ | —
Schedule of share-based payments expenses | The expense recognized for employee services received during the years ended December 31, 2023, 2022, and 2021 is shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | EUR k | ​ | EUR k |  | EUR k
Research and development expenses |  | (349) | ​ | 69 | ​ | (31)
Selling and distribution expenses |  | (188) | ​ | 23 | ​ | —
General and administrative expenses |  | (35) | ​ | 3 | ​ | 12
Total |  | (572) | ​ | 95 | ​ | (19)
Former Chief Executive Officer Grant |
Share-based payments |
Schedule of inputs used in the measurement of the fair value at grant date | ​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 57.40 | ​
Weighted average share price (10-days VWAP before grant date) |  | EUR 50.01 | ​
Exercise price (USD 11.90) |  | EUR 10.04 | ​
Expected volatility (%) |  | 62.06 | %
Expected life (years) |  | 1.82 | ​
Risk-free interest rate (%) |  | 0.07 - 1.48 | %
First tranche: ​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 48.27 | ​
Weighted average share price (actual 10-days VWAP before grant date, USD 81.03) |  | EUR 67.12 | ​
Exercise price (USD 52.96) |  | EUR 43.87 | ​
Expected volatility (%) |  | 62.27 | %
Expected life (years) |  | 1.78 | ​
Risk-free interest rate (%) |  | 0.07 - 1.50 | %
​ Second tranche: ​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 24.36 | ​
Weighted average share price (estimated by Monte Carlo simulation to be USD 98.36) |  | EUR 81.48 | ​
Exercise price (estimated by Monte Carlo simulation to be USD 98.36) |  | EUR 81.48 | ​
Expected volatility (%) |  | 62.27 | %
Expected life (years) |  | 2.23 | ​
Risk-free interest rate (%) |  | 0.07 - 1.50 | %
​ Third tranche: ​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 20.01 | ​
Weighted average share price (estimated by Monte Carlo simulation to be USD 98.57) |  | EUR 81.65 | ​
Exercise price (estimated by Monte Carlo simulation to be USD 98.57) |  | EUR 81.65 | ​
Expected volatility (%) |  | 62.27 | %
Expected life (years) |  | 2.66 | ​
Risk-free interest rate (%) |  | 0.07 - 1.50 | %
​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 0.65 | ​
Weighted average share price (30-days VWAP after grant date) |  | EUR 77.73 | ​
Exercise price (USD 88.16) |  | EUR 77.73 | ​
Expected volatility (%) |  | 73.00 | %
Expected life (years) |  | 2.15 | ​
Risk-free interest rate (%) |  | 0.08 - 0.49 | %
​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 17.56 | ​
Weighted average share price (20-day VWAP before grant date) |  | EUR 56.51 | ​
Exercise price (USD 84.03) |  | EUR 70.92 | ​
Expected volatility (%) | ​ | 70.95 | %
Expected life (years) |  | 4.5 | ​
Risk-free interest rate (%) | ​ | 0.099  –  0.903 | %
​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 17.56 | ​
Weighted average share price (20-days VWAP before grant date) |  | EUR 41.81 | ​
Exercise price (USD 84.03) |  | EUR 46.16 | ​
Expected volatility (%) | ​ | 75.13 | %
Expected life (years) |  | 4.6 | ​
Risk-free interest rate (%) | ​ | 0.075  –  0.704 | %
​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 14.31 | ​
Weighted average share price (30-days VWAP after grant date) |  | EUR 30.67 | ​
Exercise price (USD 34.87) |  | EUR 30.67 | ​
Expected volatility (%) |  | 72.17 | %
Expected life (years) |  | 2.16 | ​
Risk-free interest rate (%) |  | 0.40 - 1.15 | %
​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 4.86 | ​
Weighted average share price (10 - day VWAP before grant date) |  | EUR 15.07 | ​
Exercise price (USD 19.35) |  | EUR 18.37 | ​
Expected volatility (%) |  | 73.87 - 86.09 | %
Expected life (years) |  | 2.33 | ​
Risk-free interest rate (%) |  | 2.34 - 3.21 | %
​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 6.81 |
Weighted average share price (10-days VWAP before grant date) | ​ | EUR 17.45 |
Exercise price (USD 19.28) |  | EUR 17.45 | ​
Expected volatility (%) |  | 50.91 | %
Expected life (years) |  | 2.16 | ​
Risk-free interest rate (%) |  | 2.67 | %
​
​ | ​ | ​ | ​
Weighted average fair value per option |  | EUR 3.55 | ​
Weighted average share price (10-day VWAP before grant date) |  | EUR 6.12 | ​
Exercise price (USD 6.66) |  | EUR 6.12 | ​
Expected volatility (%) |  | 75.0 | %
Expected life (years) |  | 3.39 | ​
Risk-free interest rate (%) |  | 3.70 | %
Restricted Stock Units |
Share-based payments |
Schedule of share-based payments expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | EUR k | ​ | EUR k | ​ | EUR k
Cost of Sales | ​ | — | ​ | — | ​ | (331)
Research and development expenses |  | (240) |  | (909) |  | (1,719)
Selling and distribution expenses |  | (82) |  | (199) |  | (269)
General and administrative expenses |  | (383) |  | (2,000) |  | (1,753)
Total |  | (705) |  | (3,108) |  | (4,072)
​

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