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Share-based payments | 6 Months Ended
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Jun. 30, 2025
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Share-based payments | Share-based payments Detail of share-based payments The Company has granted stock options (OSA), founders’ warrants (BSPCE), warrants (BSA), and free shares (AGA) to corporate officers, employees, members of the Executive and Supervisory Board and consultants of the Group. In certain cases, exercise of the stock options, founders’ warrants and warrants is subject to performance conditions. The Company has no legal or contractual obligation to pay the options in cash. The number of stock options, founders’ warrants, warrants and free shares outstanding on June 30, 2025 and their main characteristics, are detailed below: Founders’ warrants outstanding as of June 30, 2025
| BSPCE 2015-1 | BSPCE 2015-3 | BSPCE 2016 O | BSPCE 2016 P | BSPCE 2017 O | BSCPE 2017
Date of the shareholders' meeting | 18-Jun-14 | 18-Jun-14 | 25-Jun-15 | 25-Jun-15 | 23-Jun-16 | 23-Jun-16
Date of grant by the Executive Board | 10-Feb-15 | 10-Jun-15 | 2-Feb-16 | 2-Feb-16 | 7-Jan-17 | 7-Jan-17
Total number of BSPCEs authorized | 450,000 | 450,000 | 450,000 | 450,000 | 450,000 | 450,000
Total number of BSPCEs granted | 71,650 | 53,050 | 126,400 | 129,250 | 117,650 | 80,000
Total number of shares to which the BSPCE were likely to give right on the date of their grant | 71,650 | 53,050 | 126,400 | 129,250 | 117,650 | 80,000
the number of which that may be subscribed by corporate officers: | 24,000 | — | 23,500 | 23,500 | 26,400 | 32,000
the number that can be subscribed by Laurent LEVY | 24,000 | — | 23,500 | 23,500 | 26,400 | 32,000
Number of beneficiaries who are not corporate officers | 13 | 42 | 43 | 50 | 42 | 3
Starting date for the exercise of the BSPCE | 02/10/2016 | 06/10/2016 | 02/02/2017 | 02/02/2016 | 01/07/2017 | 01/07/2017
BSPCE expiry date | 02/10/2025 | 06/10/2025 | 02/02/2026 | 02/02/2026 | 01/07/2027 | 01/07/2027
BSPCE exercise price | €18.57 | €20.28 | €14.46 | €14.46 | €15.93 | €15.93
Number of shares subscribed as of June 30, 2025 | — | — | 333 | — | — | —
Total number of BSPCEs lapsed or cancelled as of June 30, 2025 | 71,650 | 53,050 | 29,250 | 31,150 | 20,600 | —
Total number of BSPCEs outstanding as of June 30, 2025 | — | — | 96,817 | 98,100 | 97,050 | 80,000
Total number of shares available for subscription as of June 30, 2025 | — | — | 96,817 | 98,100 | 97,050 | 80,000
Maximum total number of shares that may be subscribed for upon exercise of all outstanding BSPCEs (assuming that all the conditions for the exercise of the related BSPCEs are met) | — | — | 96,817 | 98,100 | 97,050 | 80,000
Warrants outstanding as of June 30, 2025
| BSA 2015-1 | BSA 2015-2 (a) | BSA 2018-2 | BSA 2019-1 | BSA 2020 | BSA 2021 (a) |  |
Date of the shareholders’ meeting | 18-Jun-14 | 18-Jun-14 | 23-May-18 | 23-May-18 | 11-Apr-19 | 30-Nov-20 |  |
Date of grant by the Executive Board | 10-Feb-15 | 25-Jun-15 | 27-Jul-18 | 29-Mar-19 | 17-Mar-20 | 20-Apr-21 |  |
Maximum number of BSAs authorized | 100,000 | 100,000 | 140,000 | 140,000 | 500,000 | 650,000 |  |
Total number of BSAs granted | 26,000 | 64,000 | 5,820 | 18,000 | 18,000 | 48,103 |  |
Number of shares to which the BSA were likely to give right on the date of their grant | 26,000 | 64,000 | 5,820 | 18,000 | 18,000 | 48,103 |  |
including the total number of shares that may subscribed by the corporate officers of the Company | 15,000 | — | — | 12,700 | 14,024 | — |  |
Relevant officers: |  |  |  |  |  |  |  |
Anne-Marie GRAFFIN | 5,000 | — | — | 2,900 | 3,843 | — |  |
Enno SPILLNER | 3,000 | — | — | 4,000 | 3,829 | — |  |
Alain HERRERA | 5,000 | — | — | 2,900 | 3,195 | — |  |
Gary PHILLIPS | — | — | — | — | — | — |  |
Number of beneficiaries who are not corporate officers | 2 | 1 | 1 | 1 | 1 | 1 |  |
Starting date for the exercise of the BSA | 02/10/2015 | 06/25/2015 | 07/27/18 | 03/29/19 | 03/17/20 | 04/20/21 |  |
BSA expiry date (6) | 02/10/2025 | 06/25/2025 | 07/27/28 | 03/29/29 | 03/17/30 | 04/20/31 |  |
BSA issue price | €4.87 | €5.00 | €2.36 | €1.15 | €0.29 | €2.95 |  |
Exercise price per BSA | €17.67 | €19.54 | €16.10 | €11.66 | €6.59 | €13.47 |  |
Number of shares subscribed as of June 30, 2025 | — | — | — | — | — | — |  |
Total number of forfeited or cancelled BSAs as of June 30, 2025 | 26,000 | 64,000 | — | — | — | 33,672 |  |
Total number of BSAs outstanding as of June 30, 2025 | — | — | 5,820 | 18,000 | 18,000 | 14,431 |  |
Total number of shares available for subscription as of June 30, 2025 (considering the conditions of exercise of the BSAs) | — | — | — | — | — | — |  |
Maximum total number of shares that may be subscribed for upon exercise of all outstanding BSAs (assuming that all the conditions for the exercise of said BSAs are met) | — | — | 5,820 | 18,000 | 18,000 | 14,431 |  |
Stock options outstanding as of June 30, 2025
| OSA 2016-1 P | OSA 2016-2 | OSA 2017 O | OSA 2018 | OSA 2019-1 | OSA 2019 LLY | OSA 2020 | OSA 2021-04 O
Date of the shareholders’ meeting | 25-Jun-15 | 23-Jun-16 | 23-Jun-16 | 14-Jun-17 | 23-May-18 | 11-Apr-19 | 11-Apr-19 | 30-Nov-20
Date of grant by the Executive Board | 02-Feb-16 | 03-Nov-16 | 07-Jan-17 | 6-Mar-18 | 29-Mar-19 | 24-Oct-19 | 11-Mar-20 | 20-Apr-21
Total number of OSAs authorized | 450,000 | 450,000 | 450,000 | 526,800 | 648,000 | 500,000 | 500,000 | 850,000
Total number of OSAs granted | 6,400 | 4,000 | 3,500 | 62,000 | 37,500 | 500,000 | 407,972 | 143,200
Total number of shares to which the OSAs were likely to give right on the date of their grant | 6,400 | 4,000 | 3,500 | 62,000 | 37,500 | 500,000 | 407,972 | 143,200
including the number that may be subscribed or purchased by corporate officers: | — | — | — | — | — | 500,000 | 180,000 | —
the number that can be subscribed by Laurent LEVY | — | — | — | — | — | 500,000 | 120,000 | —
the number that can be subscribed by Anne-Juliette HERMANT | — | — | — | — | — | — | 60,000 | —
the number that can be subscribed by Bart VAN RHIJN | — | — | — | — | — | — | — | —
the number that can be subscribed by Louis KAYITALIRE | — | — | — | — | — | — | — | —
Number of beneficiaries who are not corporate officers | 2 | 1 | 2 | 5 | 12 | — | 104 | 13
Starting date for the exercise of the OSA | 02/02/2017 | 11/03/2017 | 01/08/2018 | 03/07/2019 | 03/30/2021 | 10/24/2019 | 03/11/2021 | 04/20/22
OSA expiry date | 02/02/2026 | 11/03/2026 | 01/07/2027 | 03/06/2028 | 03/29/2029 | 10/24/2029 | 03/11/2030 | 04/20/31
Exercise price per OSA | €13.05 | €14.26 | €14.97 | €12.87 | €11.08 | €6.41 | €6.25 | €13.74
Number of shares subscribed as of June 30, 2025 | — | — | — | — | — | — | — | —
Total number of lapsed or cancelled OSAs as of June 30, 2025 | 6,000 | — | 3,000 | 12,000 | 12,750 | — | 47,265 | 104,668
Total number of OSAs outstanding as of June 30, 2025 | 400 | 4,000 | 500 | 50,000 | 24,750 | 500,000 | 360,707 | 38,532
Maximum number of shares available for subscription as of June 30, 2025 (given the vesting conditions of the OSAs) | 400 | 4,000 | 500 | 50,000 | 24,750 | — | 360,707 | 38,532
Maximum total number of shares that may be subscribed for upon exercise of all outstanding OSAs (assuming that all the conditions for the exercise of said OSAs are met) | 400 | 4,000 | 500 | 50,000 | 24,750 | 500,000 | 360,707 | 38,532
| OSA 2021-04 P | OSA 2021-06 P | OSA 2021-06 O | OSA 2022-06 P | OSA 2022-06 O | OSA 2023-01 O | OSA 2024-01 O | OSA 2025-01 O | OSA 2025-02 O
Date of the shareholders’ meeting | 30-Nov-20 | 30-Nov-20 | 28-Apr-21 | 30-Nov-20 | 28-Apr-21 | 20-jun-2023 | 20-Jul-23 | 28-May-2024 | 28-May-2024
Date of grant by the Executive Board | 20-Apr-21 | 21-Jun-21 | 21-Jun-21 | 22-Jun-22 | 22-Jun-22 | 20-Jul-23 | 23-May-24 | 18-Feb-25 | 16-May-25
Total number of OSAs authorized | 1,000,000 | 1,000,000 | 850,000 | 1,000,000 | 850,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000
Total number of OSAs granted | 428,000 | 60,000 | 60,000 | 170,400 | 410,500 | 338,860 | 1,224,780 | 8,000 | 1,241,005
Total number of shares to which the OSAs were likely to give right on the date of their grant | 428,000 | 60,000 | 60,000 | 170,400 | 410,500 | 338,860 | 1,224,780 | 8,000 | 1,241,005
including the number that may be subscribed or purchased by corporate officers: | 240,000 | 60,000 | 60,000 | — | 245,000 | 298,860 | 930,000 | — | 945,000
the number that can be subscribed by Laurent LEVY | 180,000 | — | — | — | 150,000 | 200,116 | 500,000 | — | 505,000
the number that can be subscribed by Anne-Juliette HERMANT | 60,000 | — | — | — | 35,000 | 33,354 | 90,000 | — | 100,000
the number that can be subscribed by Bart VAN RHIJN | — | 60,000 | 60,000 | — | 60,000 | 65,390 | 180,000 | — | 190,000
the number that can be subscribed by Louis KAYITALIRE | — | — | — | — | — | — | 160,000 | — | 150,000
Number of beneficiaries who are not corporate officers | 14 | — | — | 83 | 49 | 2 | 107 | 2 | 105
Starting date for the exercise of the OSA | 04/20/22 | 06/21/22 | 06/21/22 | 06/22/23 | 06/22/23 | 7/20/2023 | 5/23/2024 | 2/18/2025 | 5/16/2025
OSA expiry date | 04/20/31 | 06/21/31 | 06/21/31 | 06/22/32 | 06/22/32 | 7/20/2033 | 5/23/2034 | 2/18/2035 | 5/16/2035
Exercise price per OSA | €13.74 | €12.99 | €12.99 | €4.16 | €4.16 | €5.00 | €5.81 | €3.36 | €2.97
Number of shares subscribed as of June 30, 2025 | — | — | — | — | — | — | — | — | —
Total number of lapsed or cancelled OSAs as of June 30, 2025 | 87,400 | — | — | 46,620 | 30,500 | 20,000 | 5,250 | — | 1
Total number of OSAs outstanding as of June 30, 2025 | 340,600 | 60,000 | 60,000 | 123,780 | 380,000 | 318,860 | 1,219,530 | 8,000 | 1,241,004
Maximum number of shares available for subscription as of June 30, 2025 (given the vesting conditions of the OSAs) | — | — | 60,000 | — | 380,000 | 106,288 | 406,510 | — | —
Maximum total number of shares that may be subscribed for upon exercise of all outstanding OSAs (assuming that all the conditions for the exercise of said OSAs are met) | 340,600 | 60,000 | 60,000 | 123,780 | 380,000 | 318,860 | 1,219,530 | 8,000 | 1,241,004
Free shares outstanding as at June 30, 2025
| AGA 2023 - P1 | AGA 2023 - P2
Date of the shareholders’ meeting | 27-Jun-23 | 27-Jun-23
Date of grant by the Executive Board | 27-Jun-23 | 27-Jun-23
Total number of AGAs authorized | 1,200,000 | 1,200,000
Total number of AGAs granted | 427,110 | 439,210
Total number of shares to which the AGAs were likely to give right on the date of their grant | 427,110 | 439,210
including the number that can be subscribed by corporate officers: | 298,860 | 293,470
the number that can be subscribed by Laurent LEVY | 200,116 | 200,116
the number that can be subscribed by Anne-Juliette HERMANT | 33,354 | 33,354
the number that can be subscribed by Bart VAN RHIJN | 65,390 | 65,390
Number of beneficiaries who are not corporate officers | 88 | 87
Date of acquisition (end of the acquisition period) | 06/27/25 | 06/27/25
Number of shares subscribed as of June 30, 2025 | 392,060 | 417,760
Total number of AGAs lapsed or cancelled as of June 30, 2025 | 35,050 | 21,450
Total number of AGAs outstanding as of June 30, 2025 | — | —
Total number of shares that may be subscribed | — | —
Duration of the holding period | 1 year | 1 year
|  | BSPCE |  | BSA |  | OSA |  |  |  | Total
Total number of shares underlying grants outstanding as of June 30, 2025 |  | 371,967 |  | 56,251 |  | 4,730,663 |  |  |  | 5,158,881
The measurement methods used to estimate the fair value of stock options and warrants are described below: •The exercise price is based on the share price at the grant date; •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 at 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. As of June 30, 2025, the details of active share-based payment plans with remaining IFRS 2 expense are presented in the tables below, reflecting the assumptions related to the probability that the non-market performance conditions will be and the ongoing accounting impact for the period:
OSA | Share price (in euros) | Exercise price (in euros) | Volatility | Maturity (in years) | Risk-free rate | Yield | Value of initial plan (in thousands of euros) | Expense for the first half of 2025 (in thousands of euros) | Expense for the first half of 2024 (in thousands of euros)
OSA 2021-04 O | 13.60 |  | 13.74 |  | 38.9% - 37.8% - 38.3% | 5.5 / 6 /6.5 | 0.38% / 0.33% / 0.28% | 0.00 | % | 684 |  | — |  | (4) |
OSA 2021-04 P | 13.60 |  | 13.74 |  | 39.10 | % | 10 | 0.03 | % | 0.00 | % | 1,816 |  | 48 |  | 77 |
OSA 2021-06 O | 12.20 |  | 12.99 |  | 39.2% - 37.9% - 38.1% | 5.5 / 6 /6.5 | 0.35% / 0.30% / 0.26% | 0.00 | % | 246 |  |  | 13 |
OSA 2021-06 P | 12.20 |  | 12.99 |  | 39.10 | % | 10 | 0.13 | % | 0.00 | % | 212 |  | 12 |  | 12 |
OSA 2022-06 P | 3.68 |  | 4.16 |  | 0.4008 | 10 | 0.0228 | 0.00 | % | 71 |  | — |  | 2 |
OSA 2022-06 O | 3.68 |  | 4.16 |  | 42.06% - 41.21% - 40.65% | 5.5 / 6 /6.5 | 1.83% / 1.87% / 1.90% | 0.00 | % | 580 |  | 23 |  | 57 |
OSA 2023-01 O | 6.75 |  | 5.00 |  | 45.07% - 44.11% - 43.41% | 5.5 / 6 /6.5 | 2.85% /2.83% / 2.82% | 0.00 | % | 1,255 |  | 164 |  | 357 |
OSA 2024-01 O | 5.19 |  | 5.81 |  | 53.30% - 51.90% - 50.70% | 5.4 / 5.9 / 6.4 | 3.00% / 3.02% / 3.02% | 0.00 | % | 3,107 |  | 837 |  | 194 |
OSA 2025-01 O | 3.65 | 3.36 | 47.18% / 47.43% / 47.57% | 5.4 / 5.9 / 6.4 | 2.83% / 2.91% / 2.98% | 0.00 | % | 15 |  | 3 |  | — |
OSA 2025-02 O | 3.74 | 2.97 | 47.56% / 47.32% / 47.43% | 5.4 / 5.9 / 6.4 | 2.53% / 2.61% / 2.70% | 0.00 | % | 2,523 |  | 186 |  | — |
Total OSA | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 1,273 |  | 708 |
AGA | Share price (in euros) | Exercise price (in euros) | Volatility | Maturity (in years) | Risk-free rate | Yield | Value of initial plan (in thousands of euros) | Expense for the first half of 2025 (in thousands of euros) | Expense for the first half of 2024 (in thousands of euros)
AGA 2023 - P1 | 4.87 | 0.00 |  | n.a. | n.a. | 3% / 3.2% | 0.00 | % | 2,071 |  | 446 |  | 472 |
AGA 2023 - P2 | 4.87 | 0 | n.a. | n.a. | 3% /3.2% | 0.00 | % | 2,130 |  | 442 |  | 507 |
Total AGA | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 888 |  | 1,232 |
(in thousands of euros) |  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Expense for the year ended June 30, 2025 |  | — |  | — |  | 1,273 |  | 888 |  | 2,161
(in thousands of euros) |  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Expense for the year ended June 30, 2024 |  | — |  | — |  | 708 |  | 1,232 |  | 1,940

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