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Financial liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of financial liabilities [abstract]  
Disclosure of Changes in Financial Liabilities
Details of financial liabilities
As of December 31,
(in thousands of euros)20242023
Lease liabilities – Short term1,261 1,199 
Repayable BPI loan advances - Short term689 592 
PGE Loans*2,543 2,583 
EIB Loan – Short term430 649 
Total current financial liabilities4,924 5,022 
Lease liabilities – Long term2,969 3,883 
Repayable BPI loan advances – Long term1,258 1,872 
PGE Loans*1,547 4,028 
EIB loan – Long term40,204 35,761 
Total non-current financial liabilities45,978 45,543 
Total financial liabilities50,902 50,565 
(*)”PGE”or in French “Prêts garantis par l’Etat” are state-guaranteed loans
Detail of financial instruments included in the statements of financial position and impact on income
As of December 31, 2024
(in thousands of euros)Book value on
the statement of
financial position		Financial assets
carried at fair value
through profit or
loss		Assets and liabilities
carried at amortized
cost
Fair value (1)
Non-current financial assets
Non-current financial assets406 406 406 
Trade receivables2,977 2,977 2,977 
Cash and cash equivalents49,737 49,737 49,737 
Total assets53,120 — 53,120 53,120 
Financial liabilities
Non-current financial liabilities45,978 45,978 48,443 
Current financial liabilities4,924 4,924 4,924 
Trade payables and other payables20,035 20,035 20,035 
Total liabilities70,936 — 70,936 73,402 
(1)The fair value of current and non-current liabilities include loans, repayable advances from Bpifrance, the EIB loan and the HSBC and Bpifrance state-guaranteed loans, was assessed using unobservable “level 3” inputs, in the IFRS 13 classification for fair value.
As of December 31, 2024, the carrying value of receivables and current liabilities is assumed to approximate their fair value.
As of December 31, 2023
 (in thousands of euros)Book value on the statement of financial positionFinancial assets carried at fair value through profit or lossAssets and liabilities carried at amortized cost
Fair value (1)
Non-current financial assets
Non-current financial assets299 — 299 299 
Trade receivables19,004 — 19,004 19,004 
Cash and cash equivalents75,283 — 75,283 75,283 
Total assets94,586 — 94,586 94,586 
Financial liabilities
Non-current financial liabilities45,543 — 45,543 47,821 
Current financial liabilities5,022 — 5,022 5,033 
Trade payables and other payables18,237 — 18,237 18,237 
Total liabilities68,802 — 68,802 71,091 
(1)The fair value of current and non-current liabilities include loans, repayable advances from Bpifrance, the EIB loan and the HSBC and Bpifrance state-guaranteed loans, was assessed using unobservable “level 3” inputs, in the IFRS 13 classification for fair value..
Disclosure of Commercialization Date Sensitivity Analysis Commercialization date sensitivity analysis
With constant average discount rate and cumulated net sales :
(in thousands of euros)
As of December 31, 2024
Commercialization date sensitivity
Total debt at amortized costP&L impactTotal impact
Base date40,635 — — 
1 year after *36,131 4,504 4,504 
(*) one year postponing versus first year of commercialization
Commercialization date sensitivity analysis
With the same average discount rate and cumulated net sales :
(in thousands of euros)
As of December 31, 2024
Commercialization date sensitivity
Total debt at fair value
Fair Value impact
Total impact
Base date43,115 — — 
1 year after *39,974 3,141 3,141 
(*) one year postponing versus first year of commercialization
Disclosure of Cumulated Net Sales Sensitivity Analysis Cumulated net sales sensitivity analysis
With constant average discount rate and commercialization date :
(in thousands of euros)
As of December 31, 2024
Cumulated net sales sensitivityTotal debt at amortized costP&L impactTotal impact
Net sales -10%40,058 577 577 
Base cumulated net sales40,635 — — 
Net sales +10%41,212 (577)(577)
Cumulated net sales sensitivity analysis
With constant average discount rate and commercialization date :
(in thousands of euros)
As of December 31, 2024
Cumulated net sales sensitivityTotal debt at fair value
Fair Value impact
Total impact
Net sales -10%42,742 373 373 
Base cumulated net sales43,115 — — 
Net sales +10%43,488 (373)(373)
Disclosure of Conditional Advance, Bank Loan and Loans from Government and Public Authorities
Conditional advances and loans from government and public authorities
(in thousands of euros)Bpifrance advanceInterest-free Bpifrance loanEIB LoanCuradigm Bpifrance advanceTotal
As of January 1, 20232,316 125 35,754 317 38,512 
Principal received— — — 150 150 
Impact of discounting and accretion16 — (285)(20)(289)
Accumulated fixed interest expense accrual34 — 2,385 — 2,419 
Accumulated variable interest expense accrual— — 5,195 — 5,195 
Repayment(300)(125)(6,639)(50)(7,114)
As of December 31, 20232,066 — 36,409 397 38,872 
Principal received— — — — — 
Impact of discounting and accretion12 — (2,832)20 (2,800)
Accumulated fixed interest expense accrual28 — 1,670 — 1,698 
Accumulated variable interest expense accrual— — 6,085 — 6,085 
Repayment(500)— (697)(75)(1,272)
As of December 31, 20241,606 — 40,635 342 42,583 
Bank loan
(in thousands of euros)
HSBC
“PGE” (1)
Bpifrance
“PGE” (1)
Total
As of January 1, 20234,409 4,717 9,127 
Principal received— — — 
Impact of discounting and accretion(9)(6)(15)
Accumulated fixed interest expense accrual (2)41 90 131 
Repayment(1,287)(1,345)(2,632)
As of December 31, 20233,155 3,457 6,612 
Principal received— — — 
Impact of discounting and accretion(13)(4)(17)
Accumulated fixed interest expense accrual (2)35 62 97 
Repayment(1,285)(1,317)(2,602)
As of December 31, 20241,891 2,198 4,089 
(1)”PGE”or in French “Prêts garantis par l’Etat” are state-guaranteed loans
(2) The fixed interest accrual refers to guaranteed fee of 0.25% of the principal of the HSBC PGE loan and to a guarantee fee of 0.25% added to a fixed interest rate of 1.36% for the Bpifrance PGE loan, respectively.
Disclosure of Reconciliation of Changes in Lease Liabilities
The table below shows the detail of changes in lease liabilities related to office space and manufacturing facilities,recognized on the statements of financial position over the periods disclosed:
(in thousands of euros)Lease liabilities
As of January 1, 20235,530 
New lease contracts— 
Indexation effect on current lease commitment376 
Impact of discounting and accretion(31)
Fixed interest expense203 
Repayment of lease(996)
Early termination of lease contracts— 
As of December 31, 20235,081 
New lease contracts— 
Indexation effect on current lease commitment245 
Impact of discounting and accretion(16)
Fixed interest expense170 
Repayment of lease(1,250)
Early termination of lease contracts— 
As of December 31, 20244,230 



13.3. Changes in liabilities arising from financing activities

The table below shows the detail of changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes.
(in thousands of euros)Bpifrance advanceInterest-free Bpifrance loanCuradigm Bpifrance advanceEIB LoanHSBC
“PGE”		Bpifrance
“PGE” 		Lease LiabilitiesTotal
January 1, 20232,316 125 317 35,754 4,409 4,717 5,530 53,168 
Principal received— — 150 — — — — 150 
Decrease in loans and conditional advances(300)(125)(50)— (1,246)(1,250)— (2,971)
Interest paid— — — (6,639)(41)(95)— (6,775)
Interest paid (IFRS 16)— — — — — — (203)(203)
Payment of lease liabilities— — — — — — (793)(793)
Cash flows from (used in)
financing activities		(300)(125)100 (6,639)(1,287)(1,345)(996)(10,592)
Indexation effect on current lease commitment— — — — — — 376 376 
Impact of discounting and catch-up16 — (20)(285)(9)(6)(31)(335)
Accumulated fixed interest expense accrual34 — — 2,385 41 90 — 2,550 
Accumulated variable interest expense accrual— — — 5,195 — — 201 5,396 
Non-cash from financing activities50 — (20)7,295 32 84 547 7,988 
As of December 31, 20232,066 — 397 36,409 3,155 3,457 5,081 50,565 
Principal received— — — — — — — — 
Decrease in loans and conditional advances(500)— (75)— (1,250)(1,250)— (3,075)
Interest paid— — — (697)(48)(66)(810)
Interest paid (IFRS 16)— — — — — — (170)(170)
Payment of lease liabilities — — — — — — (1,080)(1,080)
Cash flows from
financing activities 		(500)— (75)(697)(1,298)(1,316)(1,250)(5,136)
Indexation effect on current lease commitment— — — — — — 245 245 
Impact of discounting and catch-up12 — 20 (2,832)(13)(4)(16)(2,833)
Accumulated fixed interest expense accrual28 — — 1,670 48 62 — 1,808 
Accumulated variable interest expense accrual— — — 6,085 — — 169 6,254 
Non-cash from financing activities40 — 20 4,923 35 58 398 5,474 
As of December 31, 20241,606 — 342 40,635 1,891 2,198 4,230 50,902 
Disclosure of Advances Loans and Lease Liabilities
The due dates for repayment of the advances loans and lease liabilities at their nominal value and including fixed-rate interest are as follows:
As of December 31, 2024
(in thousands of euros)Less than 1 yearBetween 1 and
3 years		Between 3 and
5 years
More than
5 years
Bpifrance800 837 — — 
Interest-free Bpifrance loan— — — — 
Curadigm interest-free Bpifrance advance100 200 75 — 
HSBC “PGE” 1,272 631 — — 
Bpifrance “PGE”
1,289 948 — — 
EIB fixed rate loan467 19,942 40,784 39,196 
Lease liabilities1,282 2,131 866 216 
Total5,210 24,689 41,725 39,412 

As of December 31, 2023
(in thousands of euros)Less than 1 yearBetween 1 and
3 years		Between 3 and
5 years
More than
5 years
Bpifrance500 1,637 — — 
Interest-free Bpifrance loan— — — — 
Curadigm interest-free Bpifrance advance100 200 175 — 
HSBC “PGE” (1)
1,285 1,904 — — 
Bpifrance “PGE” (1)
1,317 2,237 — — 
EIB fixed rate loan692 19,946 17,872 51,246 
Lease liabilities1,219 2,434 1,227 621 
Total5,113 28,358 19,274 51,867 
(1)”The Company will reimburse the two “PGE”or (“Prêts garantis par l’Etat” or state-guaranteed loans) over 5 years with a deferral of 1 year (last reimbursement being in 2026)