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Notes to the interim condensed consolidated statement of financial position (Tables)
6 Months Ended
Jun. 30, 2024
Notes to the interim condensed consolidated statement of financial position  
Schedule of intangible assets

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Intangible assets, gross

3,947

 

3,926

Amortization and impairment

(3,496)

 

(3,384)

Intangible assets, net

451

 

541

Schedule of property, plant and equipment

In thousands of euros

June 30, 2024

Dec. 31, 2023

Property, plant and equipment, gross

 

20,376

 

19,840

Depreciation and impairment

 

(12,396)

 

(10,714)

Property, plant and equipment, net

 

7,979

 

9,126

Schedule of investment in Hepalys is accounted for using the equity method of accounting

(in thousands of euros)

    

June 30, 2024

    

December 31, 2023

 

Intangible assets

 

17,217

 

20,278

Total noncurrent assets

 

17,217

 

20,278

Other current assets

 

17

 

44

Cash and cash equivalents

 

1,997

 

1,082

Total current assets

 

2,015

 

1,126

Deferred assets

 

2

 

41

Total assets

 

19,233

 

21,444

Capital stock

 

523

 

640

Capital reserve

 

20,379

 

22,655

Capital surplus-others

 

774

 

Earnings brought forward

 

(1,018)

 

(178)

Net loss for the period

 

(1,444)

 

(1,111)

Treasury Shares

 

 

(812)

Shareholders’ equity

 

19,214

 

21,194

Total noncurrent liabilities

 

 

Trade payables

 

7

 

237

Other current liabilities

 

12

 

13

Total current liabilities

 

19

 

250

Total equity and liabilities

 

19,233

 

21,444

Opening net assets

 

21,122

 

22,645

Loss for the period

 

(1,509)

 

(879)

Other comprehensive income

 

(1,964)

 

247

Capital variations

 

1,566

 

(819)

Closing net assets

 

19,214

 

21,194

Group's share in

15

%  

15

%

(in thousands of euros)

 

  

 

  

Group's share

 

2,813

 

3,267

Elimination of unrealised profit on downstream sales

 

(1,718)

 

(1,881)

Goodwill

 

37

 

39

Carrying amount

 

1,131

 

1,425

Schedule of other non current assets

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Long-term deposit accounts

 

9,000

Advance payments – non-current

1,047

 

1,047

Accrued income

 

Security deposits

 

8

Other noncurrent assets

1,047

 

10,055

Schedule of inventories

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Laboratory inventories

402

 

426

Inventories write‑down

(9)

 

(9)

Inventories

393

 

417

Schedule of trade receivables and others break down

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

3 months or less

 

809

3,807

Between 3 and 6 months

 

Between 6 and 12 months

 

More than 12 months

 

Trade receivables

 

809

3,807

Schedule of other current assets and receivables

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

CIR and other research tax credits

 

2,657

 

5,333

Other

 

47

 

19

Tax receivables

 

2,704

 

5,352

Prepaid expenses

 

7,039

 

4,656

Short-term deposit accounts

70

Current accrued income

1,687

1,047

Liquidity agreement - Cash

289

422

Sales tax receivable

3,311

5,066

Other receivables

 

2,229

 

435

Other current assets

 

14,554

 

11,696

Other current assets and receivables

 

17,258

 

17,048

Schedule of cash and cash equivalents

Net cash and cash equivalents

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Other cash equivalents(1)

 

10,273

 

17,933

Cash at bank and at hand

 

1,212

 

8,985

Bank overdrafts

(1,338)

Cash and cash equivalents

 

10,147

 

26,918

(1)Other cash equivalents correspond to short-term bank deposits.
Schedule of changes in share capital

    

Premiums 

Share 

related to 

Number of 

Nominal 

Date

    

Nature of the transactions

    

capital

    

share capital

    

shares

    

value

Balance at December 31, 2023

 

521,158

 

201,862,263

 

52,115,807

 

0.01

3/25/2024

AGA 2021 & AGA 2021 bis

3,614

(3,614)

361,381

0.01

Balance at June 30, 2024

524,772

201,858,649

52,477,188

0.01

Schedule of debt

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Bank borrowings

 

42,509

 

27,206

Derivatives instruments

13,569

10,265

Other loans and similar borrowings(1)

 

4,302

 

3,719

Lease liabilities

 

5,761

 

6,565

Royalty certificates liabilities

7,263

6,327

Total debt

 

73,404

 

54,082

(1)include accrued interests.
Schedule of movements in the period break down

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

January 1, 2024

 

54,083

44,390

Subscription of derivatives instruments(2)

11,809

Subscription of bank borrowings(1)(2)

13,102

Subscription of lease liabilities

 

345

3,706

Issue of royalty certificates

5,100

Repayment of bank borrowings

 

(1,177)

(2,485)

Repayment of lease liabilities

 

(1,173)

(1,612)

Interests on royalty certificates

936

1,227

Capitalized interest

 

3,961

3,405

Change in fair value of derivatives instruments(2)

 

(8,506)

389

Exchange rate change

 

24

(38)

June 30, 2024

 

73,404

54,083

Schedule of valuation approach for BSA arrangement

    

BSA 2022

   

BSA 2024

Grant date

 

11/28/2022

01/04/2024

Expiration date

 

11/28/2034

01/04/2036

Number of BSA issued

 

2,266,023

3,144,654

Number of shares per BSA

 

1

1

Subscription premium price per share (€)

 

0.01

0.01

Exercise price per share (€)

 

4.02

3.95

Valuation method

 

Longstaff Schwartz

Longstaff Schwartz

    

As of November 28, 2022

    

 

EIB Tranche A Warrants

 (Grant Date)

As of December 31, 2023

As of June 30, 2024

 

Number of BSA outstanding

 

2,266,023

 

2,266,023

2,266,023

Number of shares per BSA

1.00

1.20

1.27

Stock price (€)

 

4.13

 

4.10

2.79

Maturity (years)

 

12

 

10.9

10.4

Volatility

 

68

%  

62

%

59.6

%

Cap of the put option (m€)

 

25.0

 

25.0

25.0

Risk free rate

 

Euribor 6M

 

Euribor 6M

Euribor 6M

Expected dividends

 

 

Fair Value (k€)

 

9,469

 

10,266

6,738

Unit fair value (€)

 

4.18

 

4.53

2.97

Schedule of provision recorded in respect of defined benefit schemes at the end of each reporting period

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Retirement benefit obligations

1,555

1,559

Total obligation

 

1,555

 

1,559

Schedule of change in the provision recorded in respect of defined benefit schemes

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Provision at beginning of period

 

(1,559)

(1,234)

Expense for the period

 

(70)

(228)

Actuarial gains or losses recognized in other comprehensive income

 

74

(97)

Provision at end of period

 

(1,555)

(1,559)

Schedule of expense recognized in the statement of income (loss)

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Service cost for the period

 

(104)

 

(183)

Interest cost for the period

 

(25)

 

(46)

Benefits for the period

 

59

 

Total

 

(70)

 

(228)

Schedule of maturity of long-term and short-term debt

June 30, 2024

    

    

Less than

    

Between

    

Between

    

More than

In thousands of euros

    

Total

1 year

    

1 and 3 years

    

3 and 5 years

    

5 years

Bank borrowings

 

42,509

3,229

 

36,164

 

2,225

 

890

Derivatives

 

13,569

 

13,569

 

 

Other loans

4,302

42

4,260

Lease liabilities

5,761

2,455

3,306

Royalty certificates liabilities

7,263

7,263

Total debt

 

73,404

5,726

 

57,299

 

2,225

 

8,153

Dec. 31, 2023

    

Less than

    

Between

    

Between

    

More than

In thousands of euros

Total

1 year

1 and 3 years

3 and 5 years

5 years

Bank borrowings

 

27,206

2,928

 

4,872

 

17,848

 

1,558

Derivatives

10,265

10,265

Other loans and similar borrowings

 

3,719

82

 

 

3,636

 

Lease liabilities

6,565

2,298

4,267

Royalty certificates liabilities

 

6,327

 

 

 

6,327

Total debt

 

54,082

5,308

 

9,140

 

31,749

 

7,885

Schedule of trade payables and other current liabilities

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Trade payables

36,583

 

37,679

Short-term contract liabilities

3

6

Other current liabilities

 

Trade payables and other current liabilities

36,586

 

37,685

Schedule of trade payables break down by payment

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Due in 30 days

26,217

 

24,995

Due in 30-60 days

10,362

 

12,684

Due in more than 60 days

4

 

Trade payable

36,583

 

37,679

Schedule of other current liabilities

In thousands of euros

    

June 30, 2024

    

Dec. 31, 2023

Employee‑related payables

 

1,739

 

1,869

Accrued payroll and other employee-related taxes

 

1,801

 

1,540

Sales tax payables

 

2,140

 

3,569

Other accrued taxes and employee-related expenses

 

142

 

164

Other miscellaneous payables

 

12

 

23

Other current liabilities

 

5,834

 

7,165

Schedule of financial assets and liabilities

    

June 30, 2024

Financial

Book value

assets/liabilities

Financial

on the

carried at

assets

Liabilities

statement

fair value

carrieds at

carried at

of financial

through

amortized

amortized

Financial assets

    

position

    

profit or loss

    

cost

    

cost

    

Fair value

Long-term accrued income

 

 

 

 

Long-term deposit accounts

Advance payment

1,047

1,047

1,047

Current accrued income

1,687

 

 

1,687

 

 

1,687

Short-term deposit accounts

 

 

 

 

Trade receivables

809

809

809

Other receivables

2,518

 

 

2,518

 

 

2,518

Cash and cash equivalents

10,147

 

 

10,147

 

 

10,147

Total

16,208

 

 

16,208

 

 

16,208

 

 

 

 

Financial liabilities

 

 

 

 

Long-term debt (1)

46,846

 

 

 

46,846

 

45,994

Derivative instruments

13,569

 

13,569

 

 

 

13,569

Royalty certificates liabilities

7,263

7,263

9,050

Short-term debt

5,726

 

 

 

5,726

 

5,726

Trade payables

36,583

36,583

36,583

Other miscellaneous payables

12

12

12

Total

109,998

13,569

96,429

110,933

(1)

See Note 4.10 Financial debt detailing amortized cost and fair value of the Credit facility with the EIB

    

Dec. 31, 2023

    

    

Financial

    

    

    

Book Value

assets/liabilities

Financial

on the

carried at

assets

Liabilities

statement

fair value

carrieds at

carried at

of financial

through

amortized

amortized

Financial assets

    

position

    

profit or loss

    

cost

    

cost

    

Fair value

Long-term deposit accounts

9,000

 

 

9,000

 

 

9,000

Long-term security deposits

8

8

8

Advance payment

1,047

 

 

1,047

 

 

1,047

Short-term deposit accounts

70

70

70

Trade receivables

3,807

 

 

3,807

 

 

3,807

Other receivables

857

 

 

857

 

 

857

Cash and cash equivalents

26,918

 

 

26,918

 

 

26,918

Total

41,706

 

 

41,706

 

 

41,706

 

 

 

 

Financial liabilities

 

 

 

 

Long-term debt (1)

32,181

 

 

 

32,181

 

29,701

Derivative instruments

10,265

 

10,265

 

 

 

10,265

Royalty certificates liabilities

6,327

6,327

9,617

Short-term debt

5,308

5,308

5,308

Trade payables

37,679

37,679

37,679

Other miscellaneous payables

23

23

23

Total

91,784

10,265

81,518

92,594

BSPCE share warrants and BSA share warrants  
Notes to the interim condensed consolidated statement of financial position  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

    

    

Exercise

    

Outstanding

    

    

    

    

Outstanding

    

Number of

price

at Jan 1,

Forfeited /

at June 30,

exercisable

Type

    

Grant Date

    

(in euros)

    

2024

    

Issued

    

Exercised

    

Lapsed

    

2024

    

shares

BSPCE - Plan 2021

04/16/2021

11.74

430,000

430,000

430,000

TOTAL BSPCE share warrants

 

  

 

  

 

430,000

 

 

 

 

430,000

 

430,000

BSA - Plan 2017

 

05/29/2017

 

6.68

 

130,000

 

 

 

 

130,000

 

130,000

BSA - Plan 2018

 

12/14/2018

 

6.07

 

116,000

 

 

 

 

116,000

 

116,000

BSA 2019

 

06/28/2019

 

2.20

 

10,000

 

 

 

 

10,000

 

10,000

BSA 2019 bis

03/09/2020

3.68

10,000

10,000

10,000

BSA 2019 ter

03/09/2020

3.68

36,000

36,000

36,000

BSA 2021

04/16/2021

11.74

14,333

14,333

14,333

BSA 2023

05/25/2023

2.51

10,000

10,000

BSA 2023 - 2

12/15/2023

3.91

20,000

20,000

TOTAL BSA share warrants

 

  

 

  

 

346,333

 

 

 

 

346,333

 

316,333

Total share warrants

 

776,333

 

 

 

 

776,333

 

746,333

AGA Plan 2023-1  
Notes to the interim condensed consolidated statement of financial position  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

Stock price

Outstanding

Outstanding

at grant date

at Jan 1,

Forfeited /

at June 30,

Type

    

Grant Date

    

(in euros)

    

2024

    

Granted

    

Vested

    

Lapsed

    

2024

AGA - Plan 2021 - 1

 

04/16/2021

 

11.30

 

297,599

 

 

(296,166)

 

(1,433)

 

AGA - Plan 2021 - bis

 

12/08/2021

 

12.20

 

65,215

 

 

(65,215)

 

 

AGA 2023-1

 

05/25/2023

 

2.60

 

300,000

 

300,000

 

 

 

600,000

AGA 2023-2

12/15/2023

3.90

748,000

(23,350)

724,650

TOTAL free shares

 

1,410,814

 

300,000

 

(361,381)

 

(24,783)

 

1,324,650

PAGUP 2023  
Notes to the interim condensed consolidated statement of financial position  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

As of January 1, 2024, one performance units plan was outstanding: PAGUP 2023.

No performance units award plan has been attributed in the first six months of 2024.

    

    

Reference

    

Outstanding

    

    

    

    

Outstanding

    

Number of

Grant

price (in

at Jan 1,

at June 30,

exercisable

Type

Date

euros)

2024

Issued

Exercised

Convert AGA

2024

shares

PAGUP 2023

05/25/2023

2.60

300,000

(300,000)

TOTAL PAGUP

300,000

(300,000)