XML 69 R50.htm IDEA: XBRL DOCUMENT v3.25.1
Shareholders' equity (Tables)
12 Months Ended
Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of changes in share capital

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Premiums

​

​

​

​

​

​

​

​

​

​

related to

​

Number of

​

​

Date

    

Nature of the transactions

    

Share capital

    

share capital

    

shares

    

Nominal value

(in euros)

​

Balance as of 31 December 2021

​

408,735

​

165,071,565

​

40,873,551

​

0.01

June 15, 2022

​

Capital increase by issue of ordinary shares - (ATM)

​

12,606

​

9,353,504

​

1,260,618

​

0.01

June 15, 2022

 

Transaction costs related to ATM

 

—

 

(539,404)

 

—

 

—

​

 

Balance as of 31 December 2022

 

421,341

 

173,885,665

 

42,134,169

 

0.01

August 30, 2023

 

August 2023 Share Issuance

 

96,186

 

30,491,082

 

9,618,638

 

0.01

August 30, 2023

 

Transaction costs related to the capital increase

 

—

 

(2,510,855)

 

—

 

—

December 8, 2023

 

Vesting of bonus shares

 

3,630

 

(3,630)

 

363,000

 

0.01

​

 

Balance as of 31 December 2023

 

521,158

 

201,862,263

 

52,115,807

 

0.01

March 25, 2024

 

AGA 2021 2021-BIS

 

3,614

 

(3,614)

 

361,381

 

0.01

October 17, 2024

 

Structured Financing (T1 New Shares and T1 BSAs)

 

346,005

 

38,422,366

 

34,600,507

 

0.01

December 16, 2024

 

AGA 2023-2

 

7,126

 

(7,126)

 

712,632

 

0.01

December 19, 2024

 

Structured Financing (T1 bis Shares and T1 bis BSAs) financing

 

78,721

 

8,885,708

 

7,872,064

 

0.01

​

 

Balance as of December 31, 2024

 

956,624

 

249,159,597

 

95,662,391

 

0.01

BSPCE Share Warrants  
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

​

​

​

​

​

​

    

BSPCE 2021

 

Decision of issuance by the Board of Directors

 

04/16/2021

​

Grant date

 

04/16/2021

​

Beneficiary

 

Chief Executive Officer and Deputy Chief Officer (Frédéric Cren and Pierre Broqua)

​

Number of BSPCE granted

 

600,000

​

Expiration date

 

03/31/2034

​

Number of shares per BSPCE

 

1

​

Subscription price (€)

​

0

​

Exercise price (€)

​

11.74

​

Performance condition

​

Partially

(1)

Valuation method used

​

Monte Carlo

​

Fair value at grant date (€)

​

[5.4 – 5.7]

(1)

Expected volatility

​

64

%

Average life (years)

​

5

​

Risk-free rate

​

0.60

%

Expected dividends

 

—

​

(1)The fair value at grant date is different depending on whether the BSPCEs are subject to market performance conditions.
BSA Share warrant  
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

BSA

​

​

​

BSA

​

​

​

​

 

​

​

​

​

​

    

BSA 2017

    

2018-1

    

BSA 2019

    

2019 Bis

    

BSA 2019 ter

    

BSA 2021

 

BSA 2023

    

BSA 2023-2

​

Decision of issuance by the Board of Directors

​

05/29/2017

​

12/14/2018

 

06/28/2019

 

03/09/2020

 

03/09/2020

​

04/16/2021

​

05/25/2023

​

12/15/2023

​

Grant date

​

05/29/2017

​

12/14/2018

 

06/28/2019

 

03/09/2020

 

03/09/2020

​

04/16/2021

​

05/25/2023

​

12/15/2023

​

Beneficiary

​

Directors

​

Service providers

 

Service providers

 

Service providers

 

Service providers

​

Service providers

​

Service providers

​

Service providers

​

Vesting period (year)

​

3 tranches: 1 year, 2 years and 3 years

​

between 1 and 3 years

 

1

 

1

 

between 1 and 3 years

​

3

​

2.9 years

​

2.3 years

​

Expiration date

​

05/29/2027

​

12/14/2028

 

06/28/2029

 

03/09/2030

 

03/09/2030

​

03/31/2034

​

03/31/2036

​

03/31/2036

​

Number of BSA granted

​

195,000

​

126,000

 

10,000

 

10,000

 

36,000

​

50,000

​

10,000

​

20,000

​

Number of shares per BSA

​

1

​

1

 

1

 

1

 

1

​

1

​

1

​

1

​

Subscription premium price per share (€)

​

0.534

​

0.48

 

0.18

 

0.29

 

0.29

​

2.45

​

0.20

​

0.31

​

Exercise price per share (€)

​

6.675

​

6.067

 

2.20

 

3.68

 

3.68

​

11.74

​

2.51

​

3.91

​

Performance condition

​

No

​

No

 

No

 

No

 

No

​

Yes

​

No

​

No

​

Valuation method

​

Black and Scholes

​

Black and Scholes

​

Black and Scholes

​

Black and Scholes

​

Black and Scholes

​

Monte Carlo

​

Black and Scholes

​

Black and Scholes

​

Fair value per BSA at grant date (€)

​

2.47

​

1.98

​

0.48

​

0.90

​

0.90

​

[3.0 – 3.2]

(1)

1.89

​

2.67

​

Expected volatility

​

40

%

40

%

40

%

40

%

40

%

64

%

65

%

62

%

Average life (years)

​

6

​

6

​

5.5

​

6

​

6

​

5

​

6.5

​

6.2

​

Risk free rate

​

0.22

%

0.30

%

0.33

%

0.0

%

0.0

%

0.60

%

2.96

%

2.65

%

Expected dividends

​

—

​

—

 

—

 

—

 

—

​

—

​

—

​

—

​

(1)The fair value at grant date is different depending on whether the BSAs are subject to market performance conditions.
BSPCE and BSA Share Warrants  
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Exercise

    

Outstanding

    

​

    

​

    

​

    

Outstanding

    

Number of

​

​

​

​

price

​

at Jan 1,

​

​

​

​

​

Forfeited /

​

at December 31,

​

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

 

6.67

 

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Exercise

    

Outstanding

    

​

    

​

    

​

    

Outstanding

    

Number of

​

​

​

​

price

​

at Jan 1,

​

​

​

​

​

Forfeited /

​

at December 31,

​

exercisable

Type

​

Grant Date

    

(in euros)

    

2023

    

Issued

    

Exercised

    

Lapsed

    

2023

    

shares

BSPCE - Plan 2013

​

12/13/2013

 

0.59

 

8,800

 

—

 

—

 

(8,800)

 

—

 

—

BSPCE - Plan 2021

​

04/16/2021

 

11.74

 

480,000

 

—

 

—

 

(50,000)

 

430,000

 

430,000

TOTAL BSPCE share warrants

​

  

 

  

 

488,800

 

—

 

—

 

(58,800)

 

430,000

 

430,000

BSA - Plan 2017

​

05/29/2017

 

6.67

 

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

 

16,000

 

—

 

—

 

(1,667)

 

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

​

​

​

  

​

318,000

​

30,000

​

—

​

(1,667)

​

346,333

​

302,000

Total share warrants

​

​

​

​

​

806,800

​

30,000

​

—

​

(60,467)

​

776,333

​

732,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Exercise

    

Outstanding

    

​

    

​

    

​

    

Outstanding

    

Number of

​

​

​

​

price

​

at January 1,

​

​

​

​

​

​

​

at December 31,

​

shares

Type

    

Grant date

    

(in euros)

    

2022

    

Issued

    

Exercised

    

Forfeited

    

2022

    

exercisable

BSPCE — 2013 plan

​

Dec. 13, 2013

 

0.59

 

8,800

 

—

 

—

 

—

 

8,800

 

8,800

BSPCE Plan 2021

​

April 16, 2021

​

11.74

​

600,000

​

—

​

—

​

(120,000)

​

480,000

​

—

Total BSPCE

​

​

 

​

 

608,800

 

—

 

—

 

(120,000)

 

488,800

 

8,800

BSA — 2017 plan

​

May 29, 2017

 

6.67

 

130,000

 

—

 

—

 

—

 

130,000

 

130,000

BSA — 2018 plan

​

Dec. 14, 2018

 

6.07

 

116,000

 

—

 

—

 

—

 

116,000

 

116,000

BSA — 2019 plan

​

June 28, 2019

 

2.20

 

10,000

 

—

 

—

 

—

 

10,000

 

10,000

BSA 2019 Bis

​

March 9, 2020

​

3.68

​

10,000

​

—

​

—

​

—

​

10,000

​

10,000

BSA 2019 Ter

​

March 9, 2020

 

3.68

 

36,000

 

—

 

—

 

—

 

36,000

 

24,000

BSA – Plan 2021-1

​

April 16, 2021

​

11.74

​

20,000

​

—

​

—

​

(4,000)

​

16,000

​

—

Total BSA

​

​

​

​

 

322,000

 

—

 

—

 

(4,000)

 

318,000

 

290,000

Total

​

​

​

​

​

930,800

​

—

​

—

​

(124,000)

​

806,800

​

298,800

AGA Bonus Share Award Plan  
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

​

​

​

​

​

​

​

​

​

​

​

​

    

AGA 2021

    

AGA 2021-bis

    

AGA 2023

    

AGA 2023-2

​

Decision of issuance by the Board of Directors

 

04/16/2021

 

12/08/2021

​

05/25/2023

​

12/15/2023

​

Grant date

 

04/16/2021

 

12/08/2021

​

05/25/2023

​

12/15/2023

​

Beneficiary

 

Employees

 

Employees

​

Deputy Chief Executive Officer (Pierre Broqua)

​

Employees

​

Vesting period (year)

 

3

 

3

​

4

​

1

​

Holding period (year)

 

—

 

—

​

4

​

1

​

Service condition

 

Yes

 

Yes

​

Yes

​

Yes

​

Performance condition

 

Partially

(1)

Partially

(1)

No

​

No

​

Number of AGA granted

 

466,000

 

123,000

​

300,000

​

760,000

​

Number of shares per AGA

 

1

 

1

​

1

​

1

​

Valuation method used

​

Dual

(1)

Dual

(1)

Dual

(1)

Dual

(1)

Fair value per AGA at grant date

​

[9.8 – 11.3]

(1)

[11.4 – 12.2]

(1)

2.60

​

3.9

​

Expected volatility

​

64

%

64

%

N/A

​

N/A

​

Average life (years)

​

3

​

2.3

​

N/A

​

N/A

​

Risk-free rate

​

0.60

%

0.60

%

N/A

​

N/A

​

Expected dividends

​

—

​

—

​

—

​

—

​

Stock price reference

​

N/A

​

N/A

​

N/A

​

N/A

​

Non-transferable discount

 

N/A

 

N/A

​

N/A

​

N/A

​

​

​

​

​

​

​

​

​

​

​

​

​

    

AGA 2024-1

    

AGA 2024-2

    

AGA 2024-3

    

AGA 2024-4

 

​

​

(Tr1 - Tr2 - Tr3)

​

(Tr1 - Tr2 - Tr3)

​

(Tr1 - Tr2 - Tr3)

​

(Tr1 - Tr2 - Tr3)

 

Decision of issuance by the Board of Directors

 

12/13/2024

​

12/13/2024

​

12/13/2024

​

12/13/2024

​

Grant date

 

01/06/2025

​

01/06/2025

​

01/06/2025

​

01/17/2025

​

Beneficiary

 

Chief Executive Officer (Frédéric Cren)

​

Deputy Chief Executive Officer (Pierre Broqua)

​

Employees

​

Employees

​

Vesting period (year)

 

3

​

3

​

3

​

3

​

Holding period (year)

 

1

​

1

​

1

​

1

​

Service condition

 

Yes

​

Yes

​

Yes

​

Yes

​

Performance condition

 

Yes

​

Yes

​

No

​

No

​

Number of AGA granted

 

800,000

​

800,000

​

1,577,000

​

113,000

​

Number of shares per AGA

 

1

​

1

​

1

​

1

​

Valuation method used

 

Dual

(1)

Dual

(1)

Dual

(1)

Dual

(1)

Fair value per AGA at grant date

 

2,3

​

2,3

​

2,3

​

2,3

​

Expected volatility

 

N/A

​

N/A

​

N/A

​

N/A

​

Average life (years)

 

N/A

​

N/A

​

N/A

​

N/A

​

Risk-free rate

 

N/A

​

N/A

​

N/A

​

N/A

​

Expected dividends

 

—

​

—

​

—

​

—

​

Stock price reference

 

N/A

​

N/A

​

N/A

​

N/A

​

Non-transferable discount

 

N/A

​

N/A

​

N/A

​

N/A

​

(1)AGA 2021-1 and AGA 2021-bis plans are partially composed of AGAs subject to a market performance condition. AGAs 2023-1, AGAs 2023-2, AGA 2024-1, AGA 2024-2, AGA 2024-3 and AGA 2024-4 are not subject to a market performance condition. Accordingly, AGAs not subject to performance conditions are valued on the basis of the share price less future dividends, discounted at the risk-free rate. AGAs subject to performance conditions are valued using the same method, adjusted by a discount applied to reflect the performance condition. This discount is determined using the “Monte Carlo” analysis. The fair value at the grant date is different depending on whether the AGAs are subject to market performance conditions.
Bonus share award plans  
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stock price

​

Outstanding

​

​

​

​

​

​

​

Outstanding

​

​

​

​

at grant date

​

at Jan 1,

​

​

​

​

​

Forfeited /

​

at December 31,

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

​

—

​

(75,000)

​

525,000

AGA 2023-2

​

12/15/2023

​

3.90

​

748,000

​

—

​

(712,632)

​

(35,368)

​

—

TOTAL free shares

​

​

​

​

​

1,410,814

​

300,000

​

(1,074,013)

​

(111,801)

​

525,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stock price

​

​

​

​

​

​

​

​

​

Outstanding 

​

​

​

​

 at grant

​

Outstanding

​

​

​

​

​

​

​

at

​

​

​

​

date

​

 at Jan 1,

​

​

​

​

​

Forfeited /

​

December 31,

Type

    

Grant Date

    

 (in euros)

    

2023

    

Granted

    

Vested

    

 Lapsed

    

 2023

AGA - Plan 2021 - 1

​

04/16/2021

​

11.30

​

340,800

​

—

​

—

​

(43,201)

​

297,599

AGA - Plan 2021 - bis

​

12/08/2021

​

12.20

​

76,800

​

—

​

—

​

(11,585)

​

65,215

AGA 2022

​

12/08/2022

​

4.18

​

373,000

​

—

​

(363,000)

​

(10,000)

​

—

AGA 2023-1

​

05/25/2023

​

2.60

​

—

​

300,000

​

—

​

—

​

300,000

AGA 2023-2

​

12/15/2023

​

3.90

​

—

​

760,000

​

—

​

(12,000)

​

748,000

TOTAL free shares

 

​

 

​

 

790,600

 

1,060,000

 

(363,000)

 

(76,786)

 

1,410,814

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stock price

​

​

​

​

​

​

​

​

​

Outstanding

​

​

​

​

at grant

​

Outstanding

​

​

​

​

​

​

​

at

​

​

​

​

date

​

at January 1,

​

​

​

​

​

Forfeited /

​

December 31,

Type

    

Grant date

    

(in euros)

    

2022

    

Issued

    

Vested

    

Lapsed

    

2022

AGA — 2021-1 plan

​

04/16/21

 

11.30

 

448,000

 

—

 

—

 

(107,200)

 

340,800

AGA —2021-bis plan

​

12/08/21

 

12.20

 

123,000

 

—

 

—

 

(46,200)

 

76,800

AGA —2022 plan

​

12/08/22

 

4.18

 

—

 

373,000

 

—

 

—

 

373,000

Total AGA

​

  

 

  

 

571,000

 

373,000

 

—

 

(153,400)

 

790,600

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reference

​

Outstanding

​

​

​

​

​

​

​

Outstanding

​

Number of

​

​

​

​

price

​

at Jan 1,

​

​

​

​

​

Convert

​

at December 31,

​

exercisable

Type

    

Grant Date

    

(in euros)

    

2023

    

Issued

    

Exercised

    

AGA

    

2023

    

shares

PAGUP 2023

​

05/25/2023

 

2.60

 

—

 

300,000

 

—

 

—

 

300,000

 

—

TOTAL PAGUP

​

​

​

​

 

—

 

300,000

 

—

 

—

 

300,000

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reference 

​

​

​

​

​

​

​

​

​

Outstanding 

​

Number of 

​

​

​

​

price 

​

Outstanding 

​

​

​

​

​

Convert 

​

at December 

​

exercisable 

Type

    

Grant Date

    

(in euros)

    

at Jan 1, 2024

    

Issued

    

Exercised

    

AGA

    

31, 2024

    

shares

PAGUP 2023

 

05/25/2023

 

2.60

 

300,000

 

—

 

—

 

(300,000)

 

—

 

—

TOTAL AGA

​

​

​

​

 

300,000

 

—

 

—

 

(300,000)

 

—

 

—

Stock options plans  
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of movements in BSPCE and BSA share warrants and Bonus shares

​

​

​

​

​

​

​

    

SO 2024-1

    

SO 2024-2

Decision of issuance by the Board of Directors

 

12/20/2024

 

12/20/2024

Grant date

 

01/23/2025

 

01/23/2025

Beneficiary

 

Chairman since
12/13/2024
(Mark
Pruzanski)

 

non-French
Employees

Vesting period (year)

 

3

 

3

Holding period (year)

 

1

 

1

Service condition

 

Yes

 

Yes

Performance condition

 

Yes

 

No

Number of SO granted

 

12,898,116

 

301,000

Number of shares per SO

 

1

 

1

​