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Commitments

12 Months Ended

Dec. 31, 2023

Operating contracts or services

The Group enters into contracts in the normal course of business with CROs and clinical sites for the conduct of clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts can usually be terminated with 30 to 180 days’ notice. In addition to this minimum duration, these contracts require full payment for services already rendered.

During 2023, the Group did not have any commitments to purchase property, plant and equipment or patents and trademarks (respectively nil in 2022).

Lease obligations

The maturity analysis of lease liabilities is disclosed in the following table:

Maturity analysis for capitalized leases in 2023	Contractual minimum lease obligations		Effect of discounting		Lease liabilities
			(in €)
Within one year		391,158		16,829		374,329
After one year but not more than five years		760,275		14,559		745,716
More than five years		—		—		—
Total		1,151,434		31,389		1,120,045

Maturity analysis for capitalized leases in 2022	Contractual minimum lease obligations		Effect of discounting		Lease liabilities
			(in €)
Within one year		380,518		11,142		369,376
After one year but not more than five years		999,482		12,175		987,307
More than five years		—		—		—
Total		1,380,000		23,317		1,356,683

Maturity analysis for all lease obligations in 2023	Total		Low value leases		Short-term leases		Capitalized leases
Within one year		397,942		4,816		1,968		391,158
After one year but not more than five years		760,421		146		—		760,275
More than five years		—		—		—		—
Total		1,158,363		4,962		1,968		1,151,434

Maturity analysis for all lease obligations in 2022	Total		Low value leases		Short-term leases		Capitalized leases
			(in €)
Within one year		386,779		6,261		—		380,518
After one year but not more than five years		1,004,444		4,962		—		999,482
More than five years		—		—		—		—
Total		1,391,223		11,223		—		1,380,000

Anticipated future lease expenses were converted with the exchange rate as of December 31, 2023, 1 Euro = 1.1050 U.S. dollar.

The Group applies the ‘lease of low-value assets’ recognition exemptions. The Group also applied the ‘short-term lease’ exemption for leases with a maturity of less than 12 months.