XML 68 R51.htm IDEA: XBRL DOCUMENT v3.26.1
Debt, Derivatives and Royalty certificates liabilities (Tables)
12 Months Ended
Dec. 31, 2025
Debt, Derivatives and Royalty certificates liabilities  
Schedule of debt

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Debt carried on the

December 31, 2025

​

​

​

​

​

balance sheet on

(in thousands of euros)

  ​ ​ ​

Short-term

  ​ ​ ​

Long-term

  ​ ​ ​

December 31, 2025

Bank borrowings

 

29,836

​

21,398

 

51,234

Accrued interest payable on loans

​

436

​

5,418

​

5,855

Lease liabilities

 

2,036

​

735

 

2,771

Debt

​

32,309

​

27,551

​

59,860

Derivatives

 

—

​

119,385

 

119,385

Royalty certificates liabilities

​

—

​

51,645

​

51,645

Total

 

32,309

​

198,581

 

230,890

Schedule of maturity analysis of financial liabilities

​

​

​

​

​

​

​

​

​

​

December 31, 2025

  ​ ​ ​

Less than 1 

  ​ ​ ​

Between 1 and 

  ​ ​ ​

Between 3 and 

  ​ ​ ​

More than

(in thousands of euros)

​

year

​

3 years

​

5 years

​

 5 years

Bank borrowings

 

29,836

 

19,840

 

1,558

 

—

Derivatives(1)

 

—

 

119,385

 

—

 

—

Accrued interest payable on loans

 

436

 

5,418

 

—

 

—

Lease liabilities

 

2,036

 

735

 

—

 

—

Royalty certificates liabilities

​

—

​

2,643

​

11,888

​

37,115

Total Debt

 

32,309

 

148,021

 

13,445

 

37,115

​

(1)Derivatives relate to EIB Warrants Tranche A and Tranche B, for which maturities are presented in Note 13.3 - Long-term Derivatives.

​

​

​

​

​

​

​

​

​

​

December 31, 2024

  ​ ​ ​

Less than 1

  ​ ​ ​

Between 1 and 

  ​ ​ ​

Between 3 and

  ​ ​ ​

More than

(in thousands of euros)

​

 year

​

3 years

​

 5 years

​

 5 years

Bank borrowings

 

3,275

​

39,252

​

2,002

​

668

Derivatives

 

73,400

​

24,315

​

—

​

—

Accrued interest payable on loans

 

73

​

4,404

​

—

​

—

Lease liabilities

 

2,520

​

2,135

​

—

​

—

Royalty certificates liabilities

​

—

​

—

​

—

​

29,207

Total Debt

 

79,268

​

70,105

​

2,002

​

29,875

​

​

​

​

​

​

​

​

​

​

December. 31, 2023

  ​ ​ ​

Less than 1 

  ​ ​ ​

Between 1 and 

  ​ ​ ​

Between 3 and 

  ​ ​ ​

More than 

(in thousands of euros)

​

year

​

3 years

​

5 years

​

5 years

Bank borrowings

 

2,928

​

4,872

​

17,848

​

1,558

Derivatives

 

—

​

—

​

10,265

​

—

Accrued interest payable on loans

 

82

​

—

​

3,636

​

—

Lease liabilities

 

2,298

​

4,267

​

—

​

—

Royalty certificates liabilities

 

—

​

—

​

—

​

6,327

Total Debt

 

5,308

​

9,140

​

31,749

​

7,885

Schedule of changes in borrowings

​

​

​

​

(in thousands of euros)

  ​ ​ ​

​

December 31, 2022

 

44,390

New lease contracts

​

3,706

Issue of royalty certificates(1)

​

5,100

Repayment of bank borrowings

​

(2,485)

Repayment of lease liabilities

​

(1,612)

Interests on royalty certificates

​

1,227

Capitalized interest(2)

​

3,405

Change in fair value of derivatives instruments(2)

​

389

Exchange rate change

 

(38)

December 31, 2023

​

54,082

Subscription of short-term derivatives instruments(3)

​

89,400

Subscription of long-term derivatives instruments and bank borrowings(1)(2)

​

24,916

Subscription of short-term bank borrowings

​

4

Subscription of lease liabilities

​

428

Issue of royalty certificates(1)

​

19,701

Repayment of bank borrowings

​

(2,606)

Repayment of lease liabilities

​

(2,386)

Interests on royalty certificates

​

3,179

Capitalized interest(2)

​

8,245

Change in fair value of derivatives instruments(2)

​

(13,759)

Exchange rate change

​

48

December 31, 2024

​

181,250

Subscription of lease liabilities

​

880

Repayment of bank borrowings

​

(3,267)

Repayment of lease liabilities

​

(2,713)

Interests on royalty certificates(4)

​

22,438

Capitalized interest

​

10,677

Change in fair value of derivatives instruments(2)(3)

​

179,774

Settlement of derivatives instruments(3)

​

(158,104)

Exchange rate change

​

(51)

Subscription of short-term bank borrowings

 

4

December 31, 2025

​

230,890

(1)Net proceeds

(2)EIB’s loan and warrants.

(3)T2 New Shares - T2 BSAs of the Structured Financing

(4)Including remeasurement of Royalty certificates

​

Movements are further detailed as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt

​

​

​

​

​

​

​

​

​

​

​

Debt

​

​

carried

​

​

​

​

​

​

​

​

​

​

​

carried

​

​

on the

​

​

​

​

​

​

​

​

​

Effect of

​

on the

​

​

balance

​

​

​

​

​

​

​

​

​

movements

​

balance

​

​

sheet at

​

​

​

​

​

​

​

Fair

​

in

​

sheet on

​

​

Jan. 1,

​

​

​

Capitalized

​

​

​

Value

​

exchange

​

December 31, 

(in thousands of euros)

  ​ ​ ​

2025

  ​ ​ ​

Additions

  ​ ​ ​

Interests(1)

  ​ ​ ​

Repayments

  ​ ​ ​

Variation(2)

  ​ ​ ​

rates

  ​ ​ ​

2025

PGE SG 2020

​

1,261

​

—

​

—

​

(839)

​

—

​

—

​

422

PGE BPI France 2020

​

1,444

​

—

​

—

​

(840)

​

—

​

—

​

604

PGE CA 2020

​

1,261

​

—

​

—

​

(1,031)

​

—

​

—

​

230

PPR CA 2022

​

1,780

​

—

​

—

​

—

​

—

​

—

​

1,780

PPR SG 2022

​

1,780

​

—

​

—

​

—

​

—

​

—

​

1,780

PGE BPI France 2022

 

1,669

​

—

​

—

​

(556)

​

—

​

—

​

1,113

EIB Tranche A 2022

 

22,886

​

—

​

5,014

​

—

​

—

​

—

​

27,900

EIB Tranche B 2024

 

13,107

​

—

​

4,286

​

—

​

—

​

—

​

17,393

Bank overdraft

 

9

​

4

​

—

​

—

​

—

​

—

​

13

Total Bank Borrowings

 

45,197

​

4

​

9,299

​

(3,267)

​

—

​

—

​

51,233

EIB Warrants Tranche A

 

11,987

​

—

​

—

​

—

​

49,017

​

—

​

61,004

EIB Warrants Tranche B

 

12,328

​

—

​

—

​

—

​

46,053

​

—

​

58,381

T2 New Shares and T2 BSAs call options

 

73,400

​

—

​

—

​

—

​

(73,400)

​

—

​

—

Derivatives

 

97,715

​

—

​

—

​

—

​

21,670

​

—

​

119,385

Accrued interest payable on loans

 

4,477

​

—

​

1,378

​

—

​

—

​

—

​

5,855

2023 Royal Certificates

 

8,050

​

—

​

5,005

​

—

​

—

​

—

​

13,055

2024 Royal Certificates

 

21,157

​

—

​

17,433

​

—

​

—

​

—

​

38,590

Royalty certificates liabilities

 

29,207

​

—

​

22,438

​

—

​

—

​

—

​

51,645

Lease liabilities

 

4,654

​

880

​

—

​

(2,713)

​

—

​

(51)

​

2,771

Total Debt

 

181,250

​

885

​

33,115

​

(5,979)

​

21,670

​

(51)

​

230,890

(1)

Include remeasurement of the Royalty certificates. See Note 13.4 – Short-term Derivatives.

(2)

Include settlement of the derivatives. See Note 13.4 – Short-term Derivatives for information on the fair value variation of the call options related to T2 New Shares and T2 BSAs.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

Debt

​

​

​

​

​

​

​

​

​

​

​

Debt

​

​

carried

​

​

​

​

​

​

​

​

​

​

​

carried

​

​

on the

​

​

​

​

​

​

​

​

​

Effect of

​

on the

​

​

balance

​

​

​

​

​

​

​

​

​

movements

​

balance

​

​

sheet at

​

​

​

​

​

​

​

Fair

​

in

​

sheet on

​

​

Jan. 1,

​

Additions

​

Capitalized 

​

Repayments 

​

Value

​

exchange

​

December 31, 

(in thousands of euros)

  ​ ​ ​

2024

  ​ ​ ​

(+)

  ​ ​ ​

Interests

  ​ ​ ​

(-)

  ​ ​ ​

Variation

  ​ ​ ​

rates

  ​ ​ ​

2024

PGE SG 2020

​

2,096

​

—

​

—

​

(835)

​

—

​

—

​

1,261

PGE BPI France 2020

​

2,269

​

—

​

—

​

(825)

​

—

​

—

​

1,444

PGE CA 2020

​

2,096

​

—

​

—

​

(835)

​

—

​

—

​

1,261

PPR CA 2022

​

1,780

​

—

​

—

​

—

​

—

​

—

​

1,780

PPR SG 2022

 

1,780

​

—

​

—

​

—

​

—

​

—

​

1,780

PGE BPI France 2022

 

1,780

​

—

​

—

​

(111)

​

—

​

—

​

1,669

EIB Tranche A 2022

 

15,400

​

—

​

7,486

​

—

​

—

​

—

​

22,886

EIB Tranche B 2024

​

—

​

13,107

​

—

​

—

​

—

​

—

​

13,107

Bank overdraft

​

5

​

4

​

—

​

—

​

—

​

—

​

9

Total Bank Borrowings

​

27,206

​

13,111

​

7,486

​

(2,606)

​

0

​

0

​

45,197

EIB Warrants Tranche A

​

10,265

​

—

​

—

​

—

​

1,722

​

—

​

11,987

EIB Warrants Tranche B

​

—

​

11,809

​

—

​

—

​

519

​

—

​

12,328

T2 New Shares and T2 BSAs call options

​

—

​

89,400

​

—

​

—

​

(16,000)

​

—

​

73,400

Derivatives

​

10,265

​

101,209

​

0

​

0

​

(13,759)

​

0

​

97,715

Accrued interest payable on loans

​

3,719

​

—

​

758

​

—

​

—

​

—

​

4,477

2023 Royal Certificates

​

6,327

​

—

​

1,723

​

—

​

—

​

—

​

8,050

2024 Royal Certificates

​

—

​

19,701

​

1,456

​

—

​

—

​

—

​

21,157

Royalty certificates liabilities

​

6,327

​

19,701

​

3,179

​

0

​

0

​

0

​

29,207

Lease liabilities

​

6,566

​

428

​

—

​

(2,386)

​

—

​

48

​

4,654

Total Debt

 

54,082

 

134,449

 

11,424

 

(4,992)

 

(13,759)

 

48

 

181,250

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

Debt

​

​

​

​

​

​

​

​

​

​

​

Debt

​

​

carried

​

​

​

​

​

​

​

​

​

​

​

carried

​

​

on the

​

​

​

​

​

​

​

​

​

​

​

on the

​

​

balance

​

​

​

​

​

​

​

​

​

Exchange

​

balance

​

​

sheet at

​

​

​

Capitalized 

​

​

​

Fair

​

rate

​

sheet on

Analysis of debt

​

Jan. 1,

​

Proceeds

​

Interests

​

Repayments 

​

Value

​

gain/losses

​

December 31, 

(in thousands of euros)

  ​ ​ ​

2023

  ​ ​ ​

(+)

  ​ ​ ​

(+)

  ​ ​ ​

(-)

  ​ ​ ​

Variation

  ​ ​ ​

(+/-)

  ​ ​ ​

2023

Lease liabilities

​

4,510

​

3,706

​

—

​

(1,612)

​

—

​

(38)

​

6,566

PGE SG 2020 (state-guaranteed)

​

2,926

​

—

​

—

​

(830)

​

—

​

—

​

2,096

PGE BPI France 2020 (state-guaranteed)

​

3,094

​

—

​

—

​

(825)

​

—

​

—

​

2,269

PGE CA 2020 (state-guaranteed)

​

2,926

​

—

​

—

​

(830)

​

—

​

—

​

2,096

PPR CA 2022

​

1,780

​

—

​

—

​

—

​

—

​

—

​

1,780

PPR SG 2022

 

1,780

 

—

 

—

 

—

 

—

​

—

 

1,780

PGE BPI France 2022 (state-guaranteed)

 

1,780

 

—

 

—

 

—

 

—

​

—

 

1,780

BEI EMPRUNT PART 1 2022

 

15,400

 

—

 

—

 

—

 

—

​

—

 

15,400

DETTE BSA BEI 2022

​

9,876

​

—

​

—

​

—

​

389

​

—

​

10,265

Royalty certificates

​

—

​

5,100

​

1,227

​

—

​

—

​

—

​

6,327

Other

​

319

​

—

​

3,405

​

—

​

—

​

—

​

3,724

Total Debt

​

44,390

​

8,806

​

4,632

​

(4,097)

​

389

​

(38)

​

54,082

​

Schedule of valuation approach for BSA arrangement

The assumptions and results are detailed in the following tables:

​

​

​

​

​

​

  ​ ​ ​

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,

  ​ ​ ​

As of December 31, 

​

As of December 31, 

  ​ ​ ​

As of December 31, 

 

EIB Tranche A Warrants

  ​ ​ ​

2022 (Grand Date)

  ​ ​ ​

2023

​

2024

  ​ ​ ​

2025

​

Number of BSA outstanding

​

2,266,023

​

2,266,023

​

2,266,023

​

2,266,023

 

Number of shares per warrant

​

1.00

​

1.20

​

2.70

​

6.46

​

Stock price (€)

 

4.13

 

4.10

​

2.18

 

3.95

​

Maturity (years)

 

12

 

10.9

​

9.9

 

8.9

​

Volatility

 

68

%  

62

%

58.3

%  

56.2

%

Cap of the put option (k€)

 

25.0

 

25.0

​

25.0

 

25.0

​

Risk free rate

 

Euribor 6M

 

Euribor 6M

​

Euribor 6M

 

Euribor 6M

​

Expected dividends

 

—

 

—

​

—

 

—

​

Fair Value (k€)

 

9,469

 

10,266

​

11,987

 

61,004

​

Unit Fair value (€)

 

4.18

 

4.53

​

5.29

 

26.92

​

​

​

​

​

​

​

​

​

​

​

​

As of January 4,

​

As of December 31, 

​

As of December 31, 

 

EIB Tranche B Warrants

  ​ ​ ​

2024 (Grant Date)

  ​ ​ ​

2024

  ​ ​ ​

2025

 

Number of BSA outstanding

 

3,144,654

 

3,144,654

​

3,144,654

​

Number of shares per warrant

 

1.00

 

2.13

​

5.05

​

Stock price (€)

 

4.12

 

2.18

​

3.95

​

Maturity (years)

 

12

 

11.0

​

10.0

​

Volatility

 

62

%  

58.3

%  

56.2

%  

Cap of the put option (k€)

 

25.0

 

25.0

​

25.0

​

Risk free rate

 

Euribor 6M

 

Euribor 6M

​

Euribor 6M

​

Expected dividends

 

—

 

—

​

—

​

Fair Value (k€)

 

11,809

 

12,328

​

58,381

​

Unit Fair value (€)

 

3.76

 

3.92

​

18.57

​

Schedule of assumptions and results

The assumptions and results are detailed in the following tables:

​

​

​

​

​

​

​

​

  ​ ​ ​

As of May 7, 2025

​

​

​

​

​

​

Aggregate

​

​

T2 New Shares

  ​ ​ ​

T2 BSAs

  ​ ​ ​

amount

Number of instruments (in millions of units)

 

42.5

 

43.4

​

—

Number of shares per instruments

​

1.0

​

1.0

​

—

Stock price (€)

​

3.19

​

3.19

​

—

Risk free rate

​

Euribor 1M

​

Euribor 1M

​

—

Fair Value (in millions of euros)

​

135.5

​

138.1

​

273.7

Unit fair value

​

3.19

​

3.18

​

—

Subscription price per instrument (€)

 

1.35

 

1.34

​

—

Gross proceeds (in millions of euros)

 

57.4

​

58.2

​

115.6

Settlement of derivatives (in millions of euros)

 

78.2

​

79.9

​

158.1

​

​

​

​

​

​

​

​

​

As of December 31, 2024

 

​

  ​ ​ ​

T2 New Shares

  ​ ​ ​

T2 BSAs

 

Number of instruments (in millions of units)

 

42.5

 

43.4

​

Number of shares per instruments

 

1.00

 

1.00

​

Stock price (€)

 

2.18

 

2.18

​

Maturity (months)

 

3.0

 

3.0

​

Volatility

 

58.3

%  

58.3

%

Risk free rate

 

Euribor 3M

 

Euribor 3M

​

Expected dividends

 

—

 

—

​

Fair Value (in millions of euros)

 

36.1

 

37.3

​

Unit fair value

 

0.85

 

0.86

​

​

​

​

​

​

​

​

​

  ​ ​ ​

As of December 11, 2024

 

​

​

(Issuance date)

​

​

​

T2 New Shares

  ​ ​ ​

T2 BSAs

 

Number of instruments (in millions of units)

 

42.5

 

43.4

​

Number of shares per instruments

 

1.00

 

1.00

​

Stock price (€)

 

2.37

 

2.37

​

Maturity (months)

 

3.5

 

3.5

​

Volatility

 

59.3

%  

59.3

%

Risk free rate

 

Euribor 3M

 

Euribor 3M

​

Expected dividends

 

—

 

—

​

Fair Value (in millions of euros)

 

44

 

45.4

​

Unit fair value

 

1.04

 

1.05

​