Financial liabilities (Tables)

6 Months Ended

Jun. 30, 2023

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Detail of financial liabilities

	As of December 31,		As of June 30,
	2022		2023
	$ in thousands
Conditional advances		—		417
Lease debts		49,358		46,157
State Guaranteed loan « PGE »		13,569		11,314
EIB loan		—		16,654
EIB warrants		—		4,875
Other non-current financial liabilities		6,962		7,010
Total non-current financial liabilities and    non-current lease debts		69,889		86,427
Lease debts		7,872		8,270
State Guaranteed loan « PGE »		4,972		5,064
Other current financial liabilities		116		122
Total current financial liabilities and    current lease debts		12,960		13,455
Trade payables		21,456		19,229
Other current liabilities		13,179		8,093
Total Financial liabilities		117,484		127,204

Schedule of Assumptions and Results of Warrants Valuation

The assumptions and results of the warrants valuation are detailed in the following tables:

	Warrants Tranche A
Grant date *	4/17/2023
Expiration date	4/17/2043
Number of options granted	2,779,188
Share entitlement per option	1
Exercise price (in euros per option)	1.92
Valuation method	Longstaff Schwartz

* The grant date retained is the disbursement date of the Tranche A as this is the issuance date defined in the contract.

	Warrants Tranche A
	4/17/2023			6/30/2023
Number of warrants granted	2,779,188			2,779,188
Share price (in euros)	1.87			1.77
Average life of options (in years)	20			19.8
Expected volatility	81.3%				70.6	%
Put option cap (in € thousands)	7.196			7.196
Discount rate	2.85%			2.71%
Expected dividends		0	%		0	%
Fair value per options (in euros per share)	1.73			1.61
Fair value in $ thousands		5,224			4,875

Schedule of Sensitivity Of The Fair Value To The Expected Volatility

We conducted sensitivity analysis on the expected volatility. As shown in the tables below, the sensitivity of the fair value to the expected volatility is not significant:

As of April 17, 2023	Fair value in $ thousands
Expected volatility -5%		5,206
Expected volatility		5,224
Expected volatility +5%		5,231

As of June 30, 2023	Fair value in $ thousands
Expected volatility -5%		4,790
Expected volatility		4,875
Expected volatility +5%		4,925

Due dates of the financial liabilities

Balance as of June 30, 2023	Book value		Less than One Year		One to Five Years		More than Five Years
	$ in thousands
Lease debts		54,427		8,270		28,661		17,496
Financial liabilities		45,455		5,185		17,886		22,384
Financial liabilities		99,882		13,455		46,547		39,879
Trade payables		19,229		19,229		—		—
Other current liabilities		8,093		8,093		—		—
Total financial liabilities		127,204		40,777		46,547		39,879