Commitments

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 12: Commitments

On August 29, 2025, the Company updated its Manufacturing and Supply Agreement (the “Supply Agreement”) with SANOFI WINTHROP INDUSTRIE (“SANOFI”), under which SANOFI will manufacture and supply the Viaskin® Peanut API exclusively for the Company during the term of the Supply Agreement. Under such, the Company has agreed to certain minimum purchase levels and service fees over the initial 4-year-term.

As of September 30, 2025, total payments made during the period under the Supply Agreement are approximately $5,875 million, which were recorded as R&D expenses.

We have non-cancellable minimum commitments for products and services, subject to the Supply Agreement. Under US GAAP, take-or-pay arrangements are generally considered firm purchase commitments. As of September 30, 2025, we have assessed our ability to meet our performance obligations as per US GAAP requirements (ASC 440-10: Commitments, ASC 450-20: Loss Contingencies and ASC 330-10-35: Inventory and purchase commitments) and confirm to commit to agreed volumes. Hence, we have not recognized on the balance sheet any loss provision.

Future purchase commitments as of September 30, 2025, are as follows and are consistent with the Company’s overall manufacturing and supply strategy in preparation for potential commercial launch activities.

in thousands USD	2025	2026	2027	2028	Total
Commitments	12,313	14,687	12,751	4,827	44,578