Note 10: Capital

10.1 Share Capital Issued

The share capital, as of December 31, 2017, is set at the sum of €2,499,082.20. It is divided into 24,990,822 fully authorized, subscribed and paid-up shares with a nominal value of €0.10.

This number does not include share warrants (“BSA”), employee warrants (“BSPCE”), stock-options (“SO”) and performance shares (“AGA”) granted to certain investors and to certain natural persons, both employees and non-employees of the Company.

All the shares give their owners the right to a proportional share of the income and the net assets of the Company.

The table below presents the historical changes in the share capital of the Company as of December 31, 2015, 2016 and 2017:


Date	Nature of the Transactions	Share Capital			Share premium			Number of Shares			Nominal value
	Balance as of January 1, 2015	K€	1,916.1		K€	163,876.8			19,160,661		€	0.10
01/06/2015	Capital increase by issuance of common shares	K€	0.4		K€	18.9			3,750		€	0.10
01/07/2015	Capital increase by issuance of common shares	K€	1.0		K€	59.0			10,000		€	0.10
01/22/2015	Capital increase by incorporation of reserve	K€	3.5		K€	(3.5	)		35,360		€	0.10
01/30/2015	Capital increase by issuance of common shares	K€	9.8		K€	476.8			97,720		€	0.10
02/03/2015	Capital increase by issuance of common shares	K€	0.8		K€	37.7			7,500		€	0.10
02/13/2015	Capital increase by issuance of common shares	K€	3.8		K€	188.6			37,500		€	0.10
02/17/2015	Capital increase by issuance of common shares	K€	2.0		K€	100.6			19,995		€	0.10
03/04/2015	Capital increase by issuance of common shares	K€	1.0		K€	59			10,000		€	0.10
03/26/2015	Capital increase by issuance of common shares	K€	5.0		K€	400			50,000		€	0.10
04/07/2015	Capital increase by issuance of common shares	K€	4.0		K€	169.2			40,005		€	0.10
04/09/2015	Capital increase by issuance of common shares	K€	15.0		K€	692.1			150,375		€	0.10
04/28/2015	Capital increase by issuance of common shares	K€	1.4		K€	77.1			14,290		€	0.10
05/05/2015	Issue of share subscription warrants	K€			K€	43
05/11/2015	Capital increase by issuance of common shares	K€	2.0		K€	100.7			20,010		€	0.10
06/23/2015	Capital increase by issuance of common shares	K€	59.1		K€	27,029.4			590,543		€	0.10
06/23/2015	Capital Decrease	K€	(58.6	)	K€	(26,823.4	)		(586,048	)	€	0.10
07/20/2015	Capital increase by issuance of common shares	K€	414.0		K€	254,932.9			4,140,000		€	0.10
07/24/2015	Capital increase by issuance of common shares	K€	1.6		K€	79.2			15,750		€	0.10
07/25/2015	Capital increase by incorporation of reserve	K€	28.6		K€	(28.6	)		286,338		€	0.10
07/28/2015	Capital increase by issuance of common shares	K€	1.7		K€	91.5			17,000		€	0.10
09/18/2015	Capital increase by issuance of common shares	K€	0.3		K€	46.7			2,500		€	0.10
10/07/2015	Capital increase by issuance of common shares	K€	4.8		K€	241.2			47,955		€	0.10
12/10/2015	Capital increase by issuance of common shares	K€	1.8		K€	146.9			17,500		€	0.10
12/10/2015	Issue of share subscription warrants	K€			K€	99.2
12/14/2015	Capital increase by issuance of common shares	K€	1.6		K€	69.5			16,425		€	0.10
12/31/2015	Fees charged to share premium	K€			K€	(18,269.7	)

	Balance as of December 31, 2015	K€	2,420.5		K€	403,910.4			24,205,129		€	0.10

Date	Nature of the Transactions	Share Capital			Share premium			Number of Shares			Nominal value
	Balance as of January 1, 2016	K€	2,420.5		K€	403,910.4			24,205,129		€	0.10
01/05/16	Capital increase by issuance of common shares	K€	0.6		K€	32.7			6,495
02/16/16	Issue of share subscription warrants	K€			K€	471.1					€	0.10
04/06/16	Capital increase by incorporation of reserve	K€	10.2		K€	(10.2	)		101,829		€	0.10
05/27/16	Capital increase by issuance of common shares	K€	0.2		K€	7.5			1,500		€	0.10
06/03/16	Capital increase by issuance of common shares	K€	15.6		K€	(15.6	)		156,000		€	0.10
06/06/16	Capital increase by issuance of common shares	K€	6.0		K€	301.2			59,890		€	0.10
06/10/16	Capital increase by issuance of common shares	K€	3.5		K€	176.0			34,985		€	0.10
07/18/16	Capital increase by issuance of common shares	K€	2.0		K€	100.7			20,010		€	0.10
08/21/16	Issue of share subscription warrants	K€			K€	106					€
08/04/16	Capital increase by issuance of common shares	K€	1.0		K€	50.4			10,020		€	0.10
08/24/16	Capital increase by issuance of common shares	K€	0.7		K€	37.1			7,380		€	0.10
08/30/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
08/31/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/01/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/02/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/05/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/06/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/06/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/08/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/09/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/12/16	Capital increase by issuance of common shares	K€	0.4		K€	66.2			3,500		€	0.10
09/12/16	Capital increase by issuance of common shares	K€	0.5		K€	23.1			4,590		€	0.10
11/25/16	Capital increase by issuance of common shares	K€	0.6		K€	30.2			6,000		€	0.10

	Balance as of December 31, 2016	K€	2,464.9		K€	405,882.5			24,648,828		€	0.10

Date	Nature of the Transactions	Share Capital			Share premium			Number of Shares			Nominal value
	Balance as of January 1, 2017	K€	2,464.9		K€	405,882.5			24,648,828		€	0.10
02/03/17	Capital increase by issuance of common shares	K€	2.0		K€	100.7			20,010		€	0.10
02/09/17	Issue of share subscription warrants	K€			K€	237.4					€
05/16/17	Capital increase by issuance of common shares	K€	4.0		K€	170.7			40,365		€	0.10
07/12/17	Capital increase by issuance of common shares	K€	0.2		K€	8.3			1,650		€	0.10
08/04/17	Capital increase by issuance of common shares	K€	0.1		K€	64.6			1,200		€	0.10
09/14/17	Capital increase by issuance of common shares	K€	3.6		K€	208.2			35,925		€	0.10
09/14/17	Issue of share subscription warrants	K€			K€	53.1					€
09/29/17	Capital increase by issuance of common shares	K€	0.1		K€	4.0			500		€	0.10
09/30/17	Capital increase by incorporation of reserve	K€	23.1		K€	(23.1	)		230,843		€	0.10
10/02/17	Capital increase by issuance of common shares	K€	0.1		K€	4.0			500		€	0.10
12/15/17	Capital increase by incorporation of reserve	K€	1.1		K€	(1.1	)		11,001		€	0.10

	Balance as of December 31, 2017	K€	2,499.1		K€	406,709.3			24,990,822		€	0.10

No fees and banks commissions related to share capital increases in 2016 were posted in deduction of the share premium. In 2015, the fees and banks commissions related to share capital increases were €18.3 million.

On July 20, 2015, the Company announced the closing of its underwritten public offering of 4,140,000 ordinary shares in the form of 8,280,000 American Depositary Shares (ADSs) at a price to the public of $34.00 per ADS, before underwriting discounts and commissions, which included an additional 1,080,000 ADSs sold pursuant to the full exercise of the underwriters’ option to purchase additional ADSs. Each ADS represents the right to receive one-half of one ordinary share.

As part of the public offering completed in July 2015, share capital increased by the issuance of 4,140,000 shares (€414 thousands) with a corresponding increase of €236.9 million in share premium (€254.9 million gross, or €236.9 million net after deduction of fees and expenses of €18.0 million).

Initial public offering on the NASDAQ Global Market

On October 22, 2014, the Company announced the pricing of its global offering of 2,673,641 common shares, of which 2,138,913 ordinary shares represented by 4,277,826 ADSs at the subscription price of $ 21.64 per ADS, as part of a public offering conducted in the United States, Canada and some countries outside of France, and 534,728 common shares at a price of € 34 per share, under a concurrent private placement conducted by leaders banks and international sales agents in France and in some countries outside the United States and Canada.

As part of the initial public offering completed in October 2014, share capital increased by the issuance of 3,074,686 shares €(307,468) with a corresponding increase of €93,403,561 in share premium (€104,231,855 gross, or €93,403,561 net after deduction of fees and expenses for €10,828,294.23).

10.2 Share Warrants and Employee Warrants

The Company has issued share warrants (BSAs), employee warrants (BSPCEs), performance shares (AGAs) and stock-options (SO) as follows:


Date	Type	Number of warrants issued as of 12/31/2015		Number of warrants null and void as of 12/31/2015		Number of warrants null and outstanding as of 12/31/2015		Maximum number of shares to be issued		Strike price per share
12/07/2007	BSA		1,717		572		859		12,885	€	4.33
01/21/2009	BSA/BSPCE		16,380		—		4,041		60,615	€	4.33
01/21/2009	BSPCE		2,296		—		—		—	€	4.33
06/25/2010	BSA		1,825		—		730		10,950	€	4.33
01/28/2011	BSA		10,039		7,529		—		—	€	5.13
06/24/2011	BSA/BSPCE		32,000		—		13,465		201,975	€	5.13
11/22/2011	BSA/BSPCE		11,377		—		2,509		37,635	€	5.13
01/17/2012	BSA		89,835		—		89,835		89,835	€	5.13
04/02/2012	AGA		669,796		1,860		—		—	€	—
07/25/2012	AGA		134,081		—		—		—	€	—
09/25/2012	BSA		30,000		—		10,000		10,000	€	8.59
11/28/2012	AGA		35,360		—		—		—	€	—
07/25/2013	BSA		73,000		—		13,000		13,000	€	8.10
09/12/2013	AGA		501,500		113,333		101,829		101,829	€	—
09/18/2013	SO		518,000		47,000		471,000		471,000	€	7.57
06/03/2014	BSA		10,000		—		5,000		5,000	€	18.79
06/03/2014	AGA		186,000		30,000		156,000		156,000	€	—
06/03/2014	SO		75,000		—		75,000		75,000	€	19.01
03/24/2015	BSA		10,000		—		10,000		10,000	€	43.00
06/23/2015	SO		120,000		—		120,000		120,000	€	48.90
09/30/2015	AGA		708,500		—		708,500		708,500	€	—
11/19/2015	SO		195,000		—		195,000		195,000	€	66.06
11/19/2015	BSA		22,500		7,500		15,000		15,000	€	66.06
12/15/2015	AGA		42,000		—		42,000		42,000	€	—

Total			3,496,206		207,794		2,033,768		2,336,224


Date	Type	Number of warrants issued as of 12/31/2016		Number of warrants null and void as of 12/31/2016		Number of warrants null and outstanding as of 12/31/2016		Maximum number of shares to be issued		Strike price per share
12/07/2007	BSA		1,717		572		859		12,885	€	4.33
01/21/2009	BSA/BSPCE		16,380		—		2,997		44,955	€	4.33
01/21/2009	BSPCE		2,296		—		—		—	€	4.33
06/25/2010	BSA		1,825		—		730		10,950	€	4.33
01/28/2011	BSA		10,039		7,529		—		—	€	5.13
06/24/2011	BSA/BSPCE		32,000		—		10,440		156,600	€	5.13
11/22/2011	BSA/BSPCE		11,377		—		2,509		37,635	€	5.13
01/17/2012	BSA		89,835		—		—		—	€	5.13
04/02/2012	AGA		669,796		1,860		—		—	€	—
07/25/2012	AGA		134,081		—		—		—	€	—
09/25/2012	BSA		30,000		—		10,000		10,000	€	8.59
11/28/2012	AGA		35,360		—		—		—	€	—


Date	Type	Number of warrants issued as of 12/31/2016		Number of warrants null and void as of 12/31/2016		Number of warrants null and outstanding as of 12/31/2016		Maximum number of shares to be issued		Strike price per share
07/25/2013	BSA		73,000		—		13,000		13,000	€	8.10
09/12/2013	AGA		501,500		113,333		—		—	€	—
09/18/2013	SO		518,000		47,000		471,000		471,000	€	7.57
06/03/2014	BSA		10,000		—		5,000		5,000	€	18.79
06/03/2014	AGA		186,000		30,000		—		—	€	—
06/03/2014	SO		75,000		—		40,000		40,000	€	19.01
03/24/2015	BSA		10,000		—		10,000		10,000	€	43.00
06/23/2015	SO		120,000		—		120,000		120,000	€	48.90
09/30/2015	AGA		708,500		13,000		695,500		695,500	€	—
11/19/2015	SO		195,000		25,000		170,000		170,000	€	66.06
11/19/2015	BSA		22,500		7,500		15,000		15,000	€	66.06
12/15/2015	AGA		42,000		6,000		36,000		36,000	€	—
12/15/2015	BSA		90,000		16,500		73,500		73,500	€	64.14
01/04/2016	SO		75,000		—		75,000		75,000	€	65.68
04/06/2016	AGA		63.750		5,000		58,750		58,750	€	—
04/21/2016	SO		33,000		—		33,000		33,000	€	62.82
05/02/2016	SO		22,000		—		22,000		22,000	€	59.04
06/21/2016	SO		110,000		—		110,000		110,000	€	53.96
06/21/2016	BSA		20,000		—		20,000		20,000	€	52.97
06/21/2016	AGA		208,000		—		208,000		208,000	€	—
08/01/2016	SO		10,000		—		10,000		10,000	€	62.24
09/15/2016	SO		9,300		—		9,300		9,300	€	62.80
10/17/2016	SO		16,500		—		16,500		16,500	€	64.39
10/27/2016	AGA		15,000		—		15,000		15,000	€	—
11/15/2016	SO		8,300		—		8,300		8,300	€	68.33
12/09/2016	SO		74,960		—		74,960		74,960	€	69,75
12/09/2016	AGA		23,600		—		23,600		23,600	€	—

Total			4,275,616		273,294		2,360,945		2,606,435


Date	Type	Number of warrants issued as of 12/31/2017		Number of warrants null and void as of 12/31/2017		Number of warrants null and outstanding as of 12/31/2017		Maximum number of shares to be issued		Strike price per share
12/07/2007	BSA		1,717		572		—		—	€	4.33
01/21/2009	BSA/BSPCE		16,380		—		—		—	€	4.33
01/21/2009	BSPCE		2,296		—		—		—	€	4.33
06/25/2010	BSA		1,825		—		—		—	€	4.33
01/28/2011	BSA		10,039		7,529		—		—	€	5.13
06/24/2011	BSA/BSPCE		32,000		—		8,996		134,940	€	5.13
11/22/2011	BSA/BSPCE		11,377		—		2,509		37,635	€	5.13
01/17/2012	BSA		89,835		—		—		—	€	5.13
04/02/2012	AGA		669,796		1,860		—		—	€	—
07/25/2012	AGA		134,081		—		—		—	€	—
09/25/2012	BSA		30,000		—		7,500		7,500	€	8.59
11/28/2012	AGA		35,360		—		—		—	€	—
07/25/2013	BSA		73,000		—		9,500		9,500	€	8.10
09/12/2013	AGA		501,500		113,333		—		—	€	—
09/18/2013	SO		518,000		47,000		471,000		471,000	€	7.57
06/03/2014	BSA		10,000		—		2,500		2,500	€	18.79
06/03/2014	AGA		186,000		30,000		—		—	€	—
06/03/2014	SO		75,000		—		40,000		40,000	€	19.01
03/24/2015	BSA		10,000		—		10,000		10,000	€	43.00
Date	Type	Number of warrants issued as of 12/31/2017		Number of warrants null and void as of 12/31/2017		Number of warrants null and outstanding as of 12/31/2017		Maximum number of shares to be issued		Strike price per share
06/23/2015	SO		120,000		—		120,000		120,000	€	48.90
09/30/2015	AGA		708,500		23,000		454,657		454.657	€	—
11/19/2015	SO		195,000		25,000		170,000		170,000	€	66.06
11/19/2015	BSA		22,500		7,500		15,000		15,000	€	66.06
12/15/2015	AGA		42,000		9,000		21,999		21,999	€	—
12/15/2015	BSA		90,000		16,500		73,500		73,500	€	64.14
01/04/2016	SO		75,000		—		75,000		75,000	€	65.68
04/06/2016	AGA		63.750		6,250		57,500		57,500	€	—
04/21/2016	SO		33,000		—		33,000		33,000	€	62.82
05/02/2016	SO		22,000		—		22,000		22,000	€	59.04
06/21/2016	SO		110,000		7,500		101,300		101,300	€	53.96
06/21/2016	BSA		20,000		—		20,000		20,000	€	52.97
06/21/2016	AGA		208,000		—		208,000		208,000	€	—
08/01/2016	SO		10,000		—		10,000		10,000	€	62.24
09/15/2016	SO		9,300		—		9,300		9,300	€	62.80
10/17/2016	SO		16,500		7,200		9,300		9,300	€	64.39
10/27/2016	AGA		15,000		—		15,000		15,000	€	—
11/15/2016	SO		8,300		—		8,300		8,300	€	68.33
12/09/2016	SO		74,960		2,000		72,000		72,000	€	69,75
12/09/2016	AGA		23,600		1,900		21,700		21,700	€	—
12/09/2016	BSA		59,000		24,992		34,008		34,008	€	69.75
12/15/2016	SO		1,100		—		1,100		1,100	€	69.35
01/16/2017	SO		19,100		—		19,100		19,100	€	66.11
03/14/2017	AGA		22,500		2,500		20,000		20,000	€	—
03/15/2017	SO		7,200		—		7,200		7,200	€	66.25
04/18/2017	SO		16,500		—		16,500		16,500	€	60.77
04/20/2017	AGA		24,000		—		24,000		24,000	€	—
06/15/2017	SO		126,000		7,500		118,500		118,500	€	59.05
06/15/2017	SO		111,600		—		111,600		111,600	€	60.54
06/15/2017	BSA		9,000		—		9,000		9,000	€	59.05
07/17/2017	SO		30,900		—		30,900		30,900	€	71.61
09/15/2017	SO		52,600		—		52,600		52,600	€	74.22
12/05/2017	SO		625,200		—		625,200		625,200	€	39.00
12/15/2017	SO		8,300		—		8,300		8,300	€	38.08

Total			5,388,616		341,196		3,148,469		3,309,539

The totals presented above do not include the warrants cancelled prior to December 31, 2009.

As part of the initial public offering on Euronext, the nominal value of the shares underwent a fifteen-for-one share split following the decision of the Combined General Meeting of December 9, 2011.

The impact of the share-based payments on the net income (or loss) is presented in Note 17.