2025

2024

2023

€

Clinical expenses

(67,744,537

)

(55,867,694

)

(30,690,293

)

Personnel expenses (Note 5)

(35,755,155

)

(27,767,184

)

(19,132,307

)

Manufacturing costs

(12,024,982

)

(9,434,537

)

(6,500,986

)

Nonclinical expenses

(7,485,648

)

(3,324,513

)

(8,977,187

)

License costs

(1,065,471

)

(1,592,687

)

—

Intellectual Property costs

(402,541

)

(576,914

)

(274,257

)

(124,478,334

)

(98,563,529

)

(65,575,030

)