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Condensed consolidated statement of cash flows
$ in Millions
6 Months Ended
Jun. 30, 2024
EUR (€)
Jun. 30, 2023
EUR (€)
Operating activities    
Loss before tax € (57,394,089) € (44,373,987)
Non-cash adjustments to reconcile loss before tax to net cash flows from operations:    
Share-based payment expense 6,288,303 5,299,814
Depreciation expense 135,032 123,593
Net foreign exchange (gain) loss (3,146,528) 928,172
Finance income (2,160,801) (85,173)
Changes in working capital:    
Decrease (increase) in receivables (91,786) 48,169
Increase in other current assets (300,336) (4,855,629)
Increase (decrease) trade and other payables 58,721 (1,522,938)
Increase (decrease) in accrued liabilities 3,690,913 (948,917)
Income taxes paid (1,114,758) (383,953)
Received interest 2,120,352 83,384
Net cash flows used in operating activities (51,914,977) (45,687,465)
Investing activities    
Purchase of property, plant and equipment (70,844) (54,114)
Net cash flows used in investing activities (70,844) (54,114)
Financing activities    
Proceeds from issue of shares 632,737 64,084,953
Transaction costs on issue of shares ,net 592,968 (210,473)
Payment of principal portion of lease liabilities (107,239) (90,249)
Net cash flows provided by financing activities 1,118,466 63,784,231
Net (decrease) increase in cash and cash equivalents (50,867,355) 18,042,652
Cash and cash equivalents at the beginning of the period 391,231,637 161,837,429
Effect of exchange rate changes 3,210,104 (691,322)
Cash and cash equivalents at the end of the period € 343,574,386 € 179,188,759