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Share-based payments
 12 Months Ended
Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Share-based payments Share-based payments
Accounting policy

The Company has adopted a number of compensation plans since its inception. As of December 31, 2021, the Company had nine (9) outstanding founders’ warrant plans, twelve (12) outstanding warrant plans, nine (9) stock option plans and two (2) outstanding free shares plans.

These share-based compensation plans are settled in equity instruments.

The Company has applied IFRS 2 – Share-based Payment to all equity instruments granted to employees since 2006.

As required by IFRS 2 – Share-based Payment, the cost of remuneration paid in the form of equity instruments is recognized as an expense, with a corresponding increase in shareholders’ equity for the vesting period during which the rights with respect to the equity instruments are earned.

The fair value of the equity instruments granted to employees is measured using the Black-Scholes or Monte Carlo model, as described below.

Detail of share-based payments

The Company has granted stock options (option sur actions, ‘‘OSA’’), warrants (bons de souscription d’actions, ‘‘BSA’’), founders’ warrants (bons de souscription de parts de créateur d’entreprise, ‘‘BSPCE’’) and free shares (attributions gratuites d’actions, ‘‘AGA’’) to corporate officers, employees and members of the Supervisory Board and consultants. In certain cases, exercise of the options and warrants is subject to performance conditions. The Company has no legal or contractual obligation to pay the options in cash.

The number of options and warrants outstanding on December 31, 2021 and their main characteristics, are detailed below:

Founders’ warrants

Pre-2021 founders’ warrant plans
BSPCE 2012-2BSPCE
08-2013		BSPCE
09-2014		BSPCE
2015-1		BSPCE
2015-03
Type of underlying assetNew sharesNew sharesNew sharesNew sharesNew shares
Number of founder’s warrants granted100,00050,00097,20071,65053,050
Date of shareholders' resolution approving the plan05/04/201206/28/201306/18/201406/18/201406/18/2014
Grant date12/18/201208/28/201309/16/201402/10/201506/10/2015
Contractual expiration date12/18/202208/28/202309/16/202402/10/202506/10/2025
Grant price— — — — — 
Exercise price€6.63 €5.92 €18.68 €18.57 €20.28 
Number of founders’ warrants as of Number of founders’ warrants as of December 31, 2021100,00050,00086,15068,45030,350
Number of founders’ warrants exercised—————
Including founders’ warrants exercised during the period—————
Number of founders’ warrants lapsed or cancelled——11,0503,20022,700
Including founders’ warrants lapsed or cancelled during the period————350
Pre-2021 founders’ warrant plans
BSPCE
2016 Ordinary		BSPCE
2016 Performance		BSPCE
2017 Ordinary		BSPCE
2017
Type of underlying assetNew sharesNew sharesNew sharesNew shares
Number of founder’s warrants granted126,400129,250117,65080,000
Date of shareholders' resolution approving the plan06/25/201506/25/201506/23/201606/23/2016
Grant date02/02/201602/02/201601/07/201701/07/2017
Contractual expiration date02/02/202602/02/202601/08/202701/07/2027
Grant price— — — — 
Exercise price€14.46 €14.46 €15.93 €15.93 
Number of founders’ warrants as of December 31, 2021100,567100,27499,50080,000
Number of founders’ warrants exercised333———
Including founders’ warrants exercised during the period————
Number of founders’ warrants lapsed or cancelled25,50028,97618,150—
Including founders’ warrants lapsed or cancelled during the period3501,4261,350—

Warrants
Pre-2021 warrant plans
BSA 04-2012BSA
2013		BSA
2014		BSA
2015-1		BSA
2015-2 (a)		BSA
2015-2 (b)		BSA
2016 ordinary
Type of warrantsNew sharesNew sharesNew sharesNew sharesNew sharesNew sharesNew shares
Number of warrants granted52,500 10,000 14,000 26,000 64,000 6,000 18,103 
Date of shareholders' resolution approving the plan05/04/201205/04/201206/18/201406/18/201406/18/201406/25/201506/25/2015
Grant date05/04/201204/10/201309/16/201402/10/201506/25/201506/25/201502/02/2016
Contractual expiration date05/04/202204/10/202309/16/202402/10/202506/25/202506/25/202002/02/2021
Grant price€0.60 €2.50 €4.87 €4.87 €5.00 €2.80 €1.67 
Exercise price€6.00 €6.37 €17.67 €17.67 €19.54 €19.54 €13.74 
Number of warrants as of December 31, 202130,000 6,000 10,000 21,000 64,000 — — 
Number of warrants exercised22,500 — — — — — — 
Including warrants exercised during the period— — — — — — — 
Number of warrants lapsed or cancelled— 4,000 4,000 5,000 — 6,000 18,103 
Including warrants lapsed or cancelled during the period— — — — — — 18,103 

Pre-2021 warrant plans
BSA
2016 performance		BSA
2016-2		BSA
2017		BSA
2018-1		BSA
2018-2		BSA
2019-1		BSA
2020
Type of warrantsNew sharesNew sharesNew sharesNew sharesNew sharesNew sharesNew shares
Number of warrants granted18,1058,00018,00028,0005,82018,00018,000
Date of shareholders' resolution approving the plan06/25/201506/23/201606/23/201606/14/201705/23/201805/23/201804/11/2019
Grant date02/02/201611/03/201601/07/201703/06/201807/27/201803/29/201903/17/2020
Contractual expiration date02/02/202111/03/202101/07/202203/06/202307/27/202803/29/202903/17/2030
Grant price€1.67 €2.03 €2.26 €1.62 €2.36 €1.15 €0.29 
Exercise price€13.74 €15.01 €15.76 €13.55 €16.102 €11.66 €6.59 
Number of warrants as of December 31, 2021——18,00028,0005,82018,00018,000
Number of warrants exercised———————
Including warrants exercised during the period———————
Number of warrants lapsed or cancelled18,1058,000—————
Including warrants lapsed or cancelled during the period18,1058,000—————
2021 warrants
BSA 2021 (a)BSA 2021 (b)
Type of warrantsNew sharesNew shares
Number of warrants granted48,10330,000
Date of shareholders' resolution approving the plan11/30/202011/30/2020
Grant date04/20/202104/20/2021
Contractual expiration date04/20/203104/20/2031
Grant price€2.95 €0.68 
Number of warrants as of Exercise price€13.47 €13.64 
Number of warrants as of December 31, 202114,43130,000
Number of warrants exercised——
Including warrants exercised during the period——
Number of warrants lapsed or cancelled33,672—
Including warrants lapsed or cancelled during the period33,672—
Stock options
Pre-2021 stock option plans
OSA
2016-1 Performance		OSA
2016-2		OSA
2017 Ordinary		OSA
2018		OSA
2019-1		OSA
LLY 2019		OSA
2020
Type of underlying assetNew sharesNew sharesNew sharesNew sharesNew sharesNew sharesNew shares
Number of options granted6,400 4,000 3,500 62,000 37,500 500,000 407,972 
Date of shareholders' resolution approving the plan06/25/201506/23/201606/23/201606/14/201705/23/201804/11/201904/11/2019
Grant date02/02/201611/03/201601/07/201703/06/201803/29/201910/24/201903/11/2020
Contractual expiration date02/02/202611/03/202601/07/202703/06/202803/29/202910/24/202903/11/2030
Grant price— — — — — — — 
Exercise price€13.05 €14.26 €14.97 €12.87 €11.08 €6.41 €6.25 
Number of options as of December 31, 2021400 4,000 500 52,000 28,250 500,000 387,456 
Number of options exercised— — — — — — — 
Number of options as of Including options exercised during the period— — — — — — — 
Number of options lapsed or cancelled6,000 — 3,000 10,000 9,250 — 13,253 
Including options lapsed or cancelled during the period— — — — 500 — 13,253 
2021 stock option plans
OSA 2021-04OSA 2021-06
Type of underlying assetNew sharesNew shares
Number of options granted571,200120,000
Date of shareholders' resolution approving the plan11/30/202004/28/2021
Grant date04/20/202106/21/2021
Contractual expiration date04/20/203106/21/2031
Grant price— — 
Exercise price€13.74 €12.99 
Number of options as of December 31, 2021491,200120,000
Number of options exercised——
Number of options as of Including options exercised during the period——
Number of options lapsed or cancelled80,000—
Including options lapsed or cancelled during the period80,000—
Free shares
Pre-2021 free shares plan not yet vested
2021 free shares plan
AGA
2018-1		AGA
2018-2		AGA
2019-1		AGA
2020		AGA
2021
Type of underlying assetsNew sharesNew sharesNew sharesNew sharesNew shares
Number of free shares granted396,2506,000438,25050,000362,515
Date of shareholders' resolution approving the plan06/14/201705/23/201805/23/201804/11/201911/30/2020
Grant date03/06/201807/27/201803/29/201903/11/202004/20/2021
Grant price— — — — — 
Exercise price— — — — — 
Number of free shares as of December 31, 2021———50,000360,512
Number of free shares exercised340,5836,000369,250——
Including free shares exercised during the period24,500—369,250——
Number of free shares lapsed or cancelled55,667—69,000—2,003
Including free shares lapsed or cancelled during the period——2,750—2,003

BSPCEBSAOSAAGATotal
Total number of shares underlying grants outstanding as of December 31, 2021715,291263,2511,583,806410,5122,972,860

BSPCEBSAOSAAGATotal
Total number of shares underlying grants outstanding as of December 31, 2020718,767263,028986,359446,5002,414,654

BSPCEBSAOSAAGATotal
Total number of shares underlying grants outstanding as of December 31, 2019751,585251,028589,150746,2502,338,013

The measurement methods used to estimate the fair value of stock options, warrants and free shares are described below:

•The share price on the grant date is equal to the exercise price, except for the BSA 2014 which exercise price was set at €40, taking into account both the average share price on the 20 days preceding the grant date and the expected development perspectives of the Company;
•The risk-free rate was determined based on the average life of the instruments; and
•Volatility was determined based on a sample of listed companies in the biotechnology sector on the grant date and for a period equal to the life of the warrant or option.

The performance conditions for all of the plans were assessed as follows:

•Performance conditions unrelated to the market were analyzed to determine the likely exercise date of the warrants and options and expense was recorded accordingly based on the probability these conditions would be met; and
•Market-related performance conditions were directly included in the calculation of the fair value of the instruments.

Except for the 2012-1 founders’ warrants, the fair value of the warrants and options was measured using the Black-Scholes model.

The fair value of 2012-1 founders’ warrants was determined using the Monte Carlo valuation model to take into account the exercise conditions, which depend on the realized gain compared to the expected stock market listing price.

The probability of meeting the performance conditions for the 2016 BSPCE, BSA and OSA performance plans was reassessed as of December 31, 2021. As a consequence , no new instrument became issuable.
BSPCE
Share price
(in
euros)
Exercise price
(in euros)
Volatility
Maturity (in years)
Risk-free rateYield
Value of
initial plan
(in thousands
of euros)
Expense for the year ended
2021
(in thousands
of euros)
Expense for the year ended
2020
(in thousands
of euros)
Expense for the year ended
2019
(in thousands
of euros)
BSPCE 2012-15.26 5.26 41 %
3.49
0.20 %0.00 %307 — — — 
BSPCE 2012-26.65 6.63 
44.3% - 47.6%
 5 - 7.30
0.84% - 1.22%
0.00 %288 — — — 
BSPCE 04-20136.30 6.30 56 %50.90 %0.00 %167 — — — 
BSPCE 08-20136.30 5.92 256 %70.90 %0.00 %152 — — — 
BSPCE 09-201418.68 18.68 58 %
 5.5/6/6.5
0.64 %0.00 %932 — — — 
BSPCE 2015-118.57 18.57 
58% - 62% - 61%
5.5/6/6.5
0.39 %0.00 %50 — — — 
BSPCE 2015-218.57 18.57 
58% - 62% - 61%
5.5/6/6.5
0.39 %0.00 %650 — — — 
BSPCE 2015-320.28 20.28 
61% - 62% - 61%
5.5/6/6.5
0.56 %0.00 %483 — — — 
BSPCE 2016 Ordinary14.46 14.46 
59% - 62% - 60%
5.5/6/6.5
0.32 %0.00 %1,080 — — 10 
BSPCE 2016 Performance14.46 14.46 59 %50.19 %0.00 %1,212 32 99 79 
BSPCE 2017 Ordinary15.93 15.93 
58% - 61% - 59%
5.5/6/6.5
0.23 %0.00 %1,000 0 8 86 
BSPCE 2017 Performance15.93 15.93 59 %50.11 %0.00 %622 — — — 
BSPCE 201715.93 15.93 59 %50.11 %0.00 %627 — — — 
BSPCE 2017 Project15.9315.9359 %50.11 %0.00 %94 — — — 
Total BSPCEn.a.n.a.n.a.n.a.n.a.n.a.n.a.32 107 175 
BSA
Share price
(in
euros)
Exercise price
(in
euros)
Volatility
Maturity (in years)
Risk-free rateYield
Value of
initial plan
(in
thousands
of euros)
Expense for the year ended
2021
(in
thousands
of euros)
Expense for the year ended
2020
(in
thousands
of euros)
Expense for the year ended
2019
(in
thousands
of euros)
BSA 20126.00 6.00 49 %100.96 %0.00 %183 — — — 
BSA 20136.30 6.37 156 %60.90 %0.00 %1 — — — 
BSA 201418.68 17.67 57 %50.41 %0.00 %— — — — 
BSA 2015-117.67 17.67 58 %5
0.26% - 0.27%
0.00 %63 — — — 
BSA 2015-217.67 19.54 
58%-58%-57%-58%
5/5.1/5.3/5.4
0.39 %0.00 %16 — — — 
BSA 2015-319.54 19.54 
58% - 60%
4.6 – 9.6
0.25% - 0.91%
0.00 %284 — — — 
BSA 2016o-113.74 13.74 57 %2.40.00 %0.00 %37 — — — 
BSA 2016p-113.74 13.74 57 %2.40.00 %0.00 %143 — — (41)
BSA 2016-215.01 15.01 57 %2.40.00 %0.00 %— — — — 
BSA 2017o-115.76 15.76 33 %2.40.00 %0.00 %— — — — 
BSA 2018-113.55 13.55 38 %4.8
0.7% - 0.1%
0.00 %2 — — — 
BSA 2018-216.102 16.102 38 %4.8
0.7% - 0.1%
0.00 %1 — — — 
BSA 2019-111.66 11.66 37 %
9.8/9.9
0.16% - 0.50%
0.00 %24 — — 24 
BSA 2020— 6.5938 %10-0.13%/
-0.07%		0.00 %19 — 19 — 
BSA 2021 (a)13.47 13.4739.10 %100.27 %0.00 %44 44 — — 
BSA 2021 (b)n.a.13.64n.a.100.27 %0.00 %— — — — 
Total BSAn.a.n.a.n.a.n.a.n.a.n.a.n.a.44 19 (16)
OSA
Share price
(in
euros)
Exercise price
(in
euros)
Volatility
Maturity (in years)
Risk-free rateYield
Value of
initial plan
(in
thousands
of euros)
Expense for the year ended
2021
(in
thousands
of euros)
Expense for the year ended
2020
(in
thousands
of euros)
Expense for the year ended
2019
(in
thousands
of euros)
OSA 2016 Ordinary13.05 13.05 
59% - 62% - 60%
 5.5 / 6 /6.5
0.32 %0.00 %117 — — — 
OSA 2016 Performance13.05 13.05 59 %50.19 %0.00 %69 — — — 
OSA 2016-214.26 14.26 
58% - 62% - 59%
 5.5 / 6 /6.5
0.04 %0.00 %27 — — 3 
OSA 2017 Ordinary15.93 14.97 
58% - 61% - 59%
5.5 / 6 /6.5
0.23 %0.00 %31 — — 1 
OSA 2017 Performance15.93 14.97 59 %50.11 %0.00 %35 — — — 
OSA 201812.87 12.87 35 %
5.5 / 6 /6.5
0.00 %0.00 %252 — 7 66 
OSA 2019-111.08 11.08 
38.1% / 37.4%
6 /6.5
0.103% / 0.149%
0.00 %140 17 49 38 
OSA 2019-26.41 6.41 37 %100.40 %0.00 %252 — — 436 
OSA 20206.25 6.25 38 %100.31 %0.00 %939 329 453 — 
OSA 2021-04 O13.60 13.74 
38.9% - 37.8% - 38.3%
 5.5 / 6 /6.5
-0.38%/ -0.33%/ -0.28%0.00 %684 188 — — 
OSA 2021-04 P13.60 13.74 39.10 %100.03 %0.00 %1,816 131 — 
OSA 2021-06 O12.20 12.99 
39.2% / 37.9% / 38.1%
 5.5 / 6 /6.5
-0.35 %/ -0.3 %/ -0.26 %0.00 %246 79 — — 
OSA 2021-06 P12.20 12.99 39.10 %100.13 %0.00 %212 16 — 
Total OSAn.a.n.a.n.a.n.a.n.a.n.a.n.a.760 509 543 
AGA
Share price
(in
euros)
Exercise price
(in
euros)
Volatility
Maturity (in years)
Risk-free rateYield
Value of
initial plan
(in
thousands
of euros)
Expense for the year ended
2021
(in
thousands
of euros)
Expense for the year ended
2020
(in
thousands
of euros)
Expense for the year ended
2019
(in
thousands
of euros)
AGA 2018-112.87 0.00 n.a.n.a.0.00 %0.00 %4,951 16 268 2,052 
AGA 2018-212.87 0.00 n.a.n.a.0.00 %0.00 %75 — 21 37 
AGA 2019-110.90 0.00 n.a.n.a.
0.19% / 0.141%
0.00 %4,776 422 1,884 1,529 
AGA 20205.90 0.00 n.a.n.a.-0.74%/-0.69%0.00 %287 144 116 — 
AGA 202113.60 0.00 n.a.n.a.-0.63%/ -0.59%0.00 %4,869 1,784 — — 
Total AGAn.a.n.a.n.a.n.a.n.a.n.a.n.a.2,366 2,289 3,618 



(in thousands of euros)BSPCEBSAOSAAGATotal
Expense for the year ended December 31, 202132447602,3663,202

(in thousands of euros)BSPCEBSAOSAAGATotal
Expense for the year ended December 31, 2020107195092,2892,924

(in thousands of euros)BSPCEBSAOSAAGATotal
Expense for the year ended December 31, 2019175(16)5433,6184,320