Financial Income and Expenses

12 Months Ended

Dec. 31, 2020

Financial Income and Expenses

Financial Income and Expenses

Note 20. Financial Income and Expenses

	Year ended
	December 31,
(in thousands of euros)	2018	2019	2020
Income from cash and cash equivalents	120	157	226
Foreign exchange gains	21	18	40
Fair value variation gains / losses	—	—	1,791
Total financial income	142	175	2,057
Interest cost	(4)	(3)	(66)
Losses on cash and cash equivalents	(202)	—	—
Foreign exchange losses	(36)	(62)	(5,884)
Other financial expenses	(11)	(16)	(8)
Interests costs on discounted liabilities	—	—	(8)
Total financial expenses	(253)	(81)	(5,959)
Net financial income (loss)	(111)	93	(3,902)

As of December 31, 2020, financial income mainly relates to the change in the fair value of foreign currency forwards.

Foreign exchange losses are mainly due to bank accounts denominated in U.S. dollars for an amount of €2.7 million and short-term deposit accounts in U.S. dollars for an amount of €2.8 million, and are explained by the depreciation of the dollar against the euro since the IPO on the Nasdaq Global Market.