Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
American Depositary Shares, each representing one ordinary share, nominal value €0.01 per share | ||
* |
Large accelerated filer ☐ | Non-accelerated filer ☐ | Emerging growth company |
Page | |
INTRODUCTION ........................................................................................................................................ | |
PART I ......................................................................................................................................................... | |
Item 1.Identity of Directors, Senior Management and Advisers ................................................ | |
Item 2.Offer Statistics and Expected Timetable ......................................................................... | |
Item 3.Key Information .............................................................................................................. | |
Item 4.Information on the Company. .......................................................................................... | |
Item 4A. Unresolved Staff Comments. ........................................................................................... | |
Item 5.Operating and Financial Review and Prospects .............................................................. | |
Item 6.Directors, Senior Management and Employees .............................................................. | |
Item 7.Major Shareholders and Related Party Transactions ....................................................... | |
Item 8.Financial Information ...................................................................................................... | |
Item 9.The Offer and Listing ...................................................................................................... | |
Item 10.Additional Information. ................................................................................................... | |
Item 11.Quantitative and Qualitative Disclosures About Market Risk ........................................ | |
Item 12.Description of Securities Other than Equity Securities ................................................... | |
PART II ........................................................................................................................................................ | |
Item 13.Defaults, Dividend Arrearages and Delinquencies .......................................................... | |
Item 15.Controls and Procedures .................................................................................................. | |
Item 16.[Reserved] ........................................................................................................................ | |
Item 16A.Audit Committee Financial Expert .................................................................................. | |
Item 16B.Code of Ethics ................................................................................................................. | |
Item 16C.Principal Accountant Fees and Services .......................................................................... | |
Item 16D.Exemptions from the Listing Standards for Audit Committees ...................................... | |
Item 16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers ......................... | |
Item 16F.Change in Registrant’s Certifying Accountant ................................................................ | |
Item 16G.Corporate Governance ..................................................................................................... | |
Item 16H.Mine Safety Disclosure ................................................................................................... | |
Item 16I.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections ............................ | |
Item 16J.Insider Trading Policies ................................................................................................... | |
Item 16K.Cybersecurity ................................................................................................................... | |
PART III ....................................................................................................................................................... | |
Item 17.Financial Statements ........................................................................................................ | |
Item 18.Financial Statements ........................................................................................................ | |
SIGNATURES ............................................................................................................................................. |
INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS......................................................... | F-1 |
(In thousands of euros) | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2023 | % 2022 Change | % 2023 Change |
Other operating income ............................ | €11,961 | €4,583 | €4,621 | (62)% | 1% |
Total operating income .................................... | 11,961 | 4,583 | 4,621 | (62)% | 1% |
Sales and marketing expenses ................... | — | — | (6,431) | — | — |
Research and development expenses ........ | (47,781) | (48,295) | (103,176) | 1% | 114% |
General and administrative expenses ....... | (5,580) | (7,492) | (22,390) | 34% | 199% |
Goodwill impairment loss ......................... | — | (13,632) | — | —% | (100)% |
Total operating expenses .................................. | (53,361) | (69,419) | (131,997) | 30% | 90% |
Operating income (loss) ................................... | (41,400) | (64,836) | (127,376) | 57% | 96% |
Financial expenses .................................... | (3,561) | (7,022) | (27,875) | 97% | 297% |
Financial income ...................................... | 2,509 | 11,118 | 7,511 | 343% | (32)% |
Financial income (loss) ..................................... | (1,052) | 4,096 | (20,364) | (489)% | (597)% |
Net loss before tax ............................................. | (42,452) | (60,740) | (147,740) | 43% | 143% |
Income Tax ................................................ | — | — | — | — | — |
Net loss for the period ...................................... | €(42,452) | €(60,740) | €(147,740) | 43% | 143% |
(In thousands of euros) | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2023 | % 2022 Change | % 2023 Change |
CIR (Research Tax Credits) ........................................... | €4,204 | €4,476 | €4,493 | 6 | — |
Subsidies ........................................................................ | 7,722 | 29 | 81 | (100)% | 179% |
Other .............................................................................. | 36 | 78 | 47 | 117% | (40)% |
Total other operating income ...................................... | €11,962 | €4,583 | €4,621 | (62)% | 1% |
(In thousands of euros) | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2023 | % 2022 Change | % 2023 Change |
Obefazimod ..................................................... | €43,979 | €45,024 | €97,869 | 2% | 117% |
Ulcerative Colitis .................................... | 20,684 | 38,555 | 83,788 | 86% | 117% |
Crohn’s Disease ...................................... | 136 | 1 | 2,735 | — | — |
Rheumatoid Arthritis ............................... | 2,422 | 848 | 368 | (65)% | (57)% |
Covid-19 ................................................. | 1,171 | (768) | 11 | (166)% | (101)% |
Obefazimod Other Indication .................. | 433 | 68 | 169 | (84)% | 148% |
Transversal activities .............................. | 19,132 | 6,321 | 10,798 | (67)% | 71% |
ABX196 ............................................................ | 1,198 | 693 | 50 | (42)% | (93)% |
ABX711 ............................................................ | — | 287 | 604 | —% | 111% |
Others .............................................................. | 2,604 | 2,291 | 4,653 | (12)% | 103% |
Research and development expenses ............ | €47,781 | €48,295 | €103,176 | 1% | 114% |
(In thousands of euros) | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2023 | % 2022 Change | % 2023 Change |
Personnel costs .................................................. | 2,320 | 1,403 | 13,104 | (40)% | 834% |
Consulting and professional fees ....................... | 2,026 | 2,624 | 6,393 | 30% | 144% |
Other general and administrative expenses ....... | 1,233 | 3,466 | 2,893 | 181% | (17)% |
General and administrative expenses ............ | 5,580 | 7,492 | 22,390 | 34% | 199% |
(In thousands of euros) | Gross proceeds amount |
Capital increase from issuance of ordinary shares - July 30, 2021 . . . . . . . . . . . . . . . . . . . . . | €60,001 |
Capital increase from issuance of ordinary shares - September 2, 2022 . . . . . . . . . . . . . . . . . | €46,231 |
Capital increase from issuance of ordinary shares - February 23, 2023 . . . . . . . . . . . . . . . . .. | €130,000 |
Initial Public Offering (Nasdaq) - October 24, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. | €223,300 |
As of December 31, 2023 | |||
(In thousands of euros) | Contract status | Amount awarded | Amount collected |
Conditional advances ................................................ | €26,387 | €6,609 | |
Carena ............................................................... | Ongoing | €3,830 | €2,187 |
RNP-VIR ........................................................... | Ongoing | €6,298 | €4,032 |
Ebola .................................................................. | Stopped | €390 | €390 |
COVID-19 (1) .................................................... | Stopped | €15,869 | — |
Subsidies ..................................................................... | €7,475 | €13,524 | |
Carena ............................................................... | Ongoing | €1,397 | €1,187 |
RNP-VIR ........................................................... | Ongoing | €2,112 | €1,123 |
Ebola .................................................................. | Stopped | — | — |
COVID-19 (1) .................................................... | Stopped | €3,967 | €11,214 |
Total ............................................................................ | €33,862 | €20,133 | |
(In thousands of euros) | Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2023 | Change 2022 | Change 2023 |
Net cash flows (used in) operating activities ............ | (45,048) | (53,936) | (97,130) | 20% | 80% |
Net cash flows from (used in) investing activities ... | (6,232) | (12,026) | (8,095) | 93% | (33)% |
Net cash flows provided by (used in) financing activities ............................................................... | 82,679 | 32,211 | 335,290 | (61)% | 941% |
Effect of movements in exchange rates on cash held ...................................................................... | — | — | (5,072) | — | — |
Net increase (decrease) in cash and cash equivalents .......................................................... | 31,399 | (33,751) | 224,992 | (207)% | (767)% |
Cash and cash equivalents at the beginning of the period ............................................................ | 29,302 | 60,701 | 26,950 | 107% | (56)% |
Cash and cash equivalents at the end of the period .................................................................. | 60,701 | 26,950 | 251,942 | (56)% | 835% |
As of December 31, 2023 | As of December 31, 2023 | As of December 31, 2023 | |
Less than | More than | ||
(In thousands of euros) | 1 year | 1 year | Total |
Financial debt obligations .......................... | 17,762 | 60,584 | 78,346 |
Lease obligations ....................................... | 406 | 169 | 575 |
Retirements benefits .................................. | — | 629 | 629 |
Off-balance sheet obligations .................... | 201,777 | — | 201,777 |
Total .......................................................... | 219,946 | 61,382 | 281,327 |
Name | Age | Position(s) |
Executive Officers | ||
Marc de Garidel .............................................................. | 65 | Chief Executive Officer and Director, Chairman of the Board |
Didier Blondel ................................................................ | 60 | Chief Financial Officer and Board Secretary |
Sheldon Sloan ................................................................. | 65 | Chief Medical Officer |
Michael Ferguson ........................................................... | 46 | Chief Commercial Officer |
Pierre Courteille .............................................................. | 55 | Chief Business Officer |
Didier Scherrer ................................................................ | 54 | Chief Scientific Officer |
Ida Hatoum ..................................................................... | 49 | Chief People Officer |
Directors* | ||
June Lee .......................................................................... | 57 | Independent Director, Chair of the Appointments and Compensation Committee |
Troy Ignelzi .................................................................... | 55 | Independent Director, Chair of the Audit Committee |
Carol L. Brosgart ............................................................ | 72 | Independent Director |
Corinna zur Bonsen-Thomas .......................................... | 64 | Independent Director, Member of the Audit Committee and the Appointments and Compensation Committee |
Kinam Hong (Sofinnova Partners) ................................. | 50 | Director, Member of the Audit Committee and the Appointments and Compensation Committee |
Philippe Pouletty (Truffle Capital) ................................. | 65 | Director, Member of the Appointments and Compensation Committee |
Camilla Soenderby .......................................................... | 52 | Independent Director, Member of the Appointments and Compensation Committee |
Board Diversity Matrix (As of December 31, 2023) | ||||
Total Number of Directors | 8 | |||
Female | Male | Non-Binary | Did Not Disclose Gender | |
Part I: Gender Identity | ||||
Directors | 4 | 4 | 0 | 0 |
Part II: Demographic Background | ||||
African American or Black | ||||
Alaskan Native or Native American | ||||
Asian | 1 |
Hispanic or Latinx | ||||
Native Hawaiian or Pacific Islander | ||||
White | 3 | 3 | ||
Two or More Races or Ethnicities | ||||
LGBTQ+ | ||||
Did Not Disclose Demographic Background | 1 |
Year ended December 31, | ||
2022 | 2023 | |
(€) | (€) | |
Marc de Garidel—Chief Executive Officer and Chairman from May 5, 2023 | ||
Fixed compensation ................................................................................... | N/A | 359,274 |
Variable annual compensation .................................................................. | N/A | 217,582 |
Variable multi-year compensation ............................................................. | N/A | — |
Exceptional variable compensation ........................................................... | N/A | — |
Remuneration allocated due to mandate as director ................................. | N/A | — |
Benefits in kind ........................................................................................... | N/A | 28,496 |
Total .......................................................................................................... | N/A | 605,353 |
Hartmut Ehrlich—Chief Executive Officer until May 5, 2023 (2) | ||
Fixed compensation ................................................................................... | 321,906 | 111,773 |
Variable annual compensation(1) ................................................................ | 193,144 | 64,381 |
Variable multi-year compensation ............................................................. | — | — |
Exceptional variable compensation ........................................................... | — | — |
Remuneration allocated due to mandate as director ................................. | — | — |
Benefits in kind ........................................................................................... | 8,880 | 3,083 |
Total .......................................................................................................... | 523,930 | 179,238 |
Year ended December 31, | ||
2022 | 2023 | |
(€) | (€) | |
Corinna zur Bonsen-Thomas ............................................................................... | 19,620 | 135,160 |
Joy Amundson(1) ................................................................................................... | 20,710 | 7,630 |
Jean-Jacques Bertrand(2) ....................................................................................... | 8,015 | 3,080 |
Santé Holdings SRL (permanent representative to the Board: Paolo Rampulla)(3) .......................... | 14,875 | 32,083 |
Truffle Capital (permanent representative to the Board: Christian Pierret)(4) .......................... | 7,735 | 1,400 |
Carol L. Brosgart ................................................................................................. | 18,530 | 39,967 |
Sofinnova Partners (permanent representative to the Board: Kinam Hong) ....... | 10,200 | 41,000 |
June Lee(1) ............................................................................................................. | N/A | 35,244 |
Troy Ignelzi(2) ....................................................................................................... | N/A | 44,327 |
Philippe Pouletty(4) ................................................................................................ | N/A | 35,000 |
Total .................................................................................................................... | 99,685 | 374,890 |
Chairperson & CEO | Allocation date | Type of AGAs | Number of AGAs allocated | Subscription price | Acquisition period |
Marc de Garidel .......... | July-11-2023 | Free Shares 2023-1 | 1,382,796 | N/A | Minimum of 1 year (*) |
Total ........................... | 1,382,796 |
Category | BCE- 2014-1 | BCE- 2014-2 | BCE- 2014-3 | BCE- 2014-4 | BCE- 2014-5 | BCE- 2014-6 | BCE- 2014-7 | BCE- 2015-9 (G) | BCE- 2015-9 (S) | BCE- 2015-9 (D) | BCE- 2015-9 (C) | BCE- 2016-1 | BCE- 2017-1 | BCE- 2017-2 | BCE 2017-3 | BCE- 2017-4 | BCE- 2017-5 |
Expiration date | 11/03/ 2024 | 11/03/ 2024 | 11/03/ 2024 | 11/03/ 2024 | 11/03/ 2024 | 11/03/20 24 | Null and void | Null and void | Null and void | Null and void | Null and void | 7/11/202 6 | 23/01/20 27 | 20/11/20 27 | 20/11/20 27 | 20/11/20 27 | 20/11/20 27 |
Subscription or purchase price (€) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Exercise price per share (€) | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 12.5 | 17.79 | 17.79 | 17.79 | 17.79 | 7.44 | 6.39 | 11.14 | 11.14 | 11.14 | 11.14 |
Exercise conditions | Note (1) | Note (2) | Achieve ment of objective s Note (3) | Achieve ment of objective s Note (4) | Achieve ment of objective s Note (5) | Note (6) | Achieve ment of objective s Note (7) | Achieve ment of objective s Note (8 | Achieve ment of objective s Note (9) | Achieve ment of objective s Note (10 | Achieve ment of objective s Note (11 |
Number of shares subscribed | 275,000 | 275,000 | 76,300 | 98,400 | 2,800 | 19,700 | 0 | 0 | 0 | 0 | 0 | 40,006 | 374 | 0 | 48,426 | 1 | 3,000 |
Beneficiaries (remaining number of shares that can be subscribed) | |||||||||||||||||
Marc de Garidel | |||||||||||||||||
Other | 22,495 | 67,000 | 67,373 | 64,374 | |||||||||||||
Cumulative number of cancelled or lapsed BCEs | 0 | 0 | 626 | 0 | 169 | 328 | 1,650 | 33,687 | 67,374 | 33,687 | 67,374 | 21,499 | 0 | 37,500 | 52,635 | 0 | 0 |
BCEs outstanding as of 31/12/2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22,495 | 67,000 | 112,500 | 0 | 67,373 | 64,374 |
BCEs exercisable at 31/12/2023* | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22,495 | 67,000 | 112,500 | 0 | 67,373 | 64,374 |
Category | BCE-2018-1 | BCE-2018-2 | BCE 2018-3 | BCE-2018-4 | BCE-2018-5 |
Expiration date ............................................................................................... | 15/03/2028 | 21/05/2028 | 20/11/2028 | 14/05/2028 | 14/05/2028 |
Subscription or purchase price (€) ............................................................... | 0 | 0 | 0 | 0 | 0 |
Exercise price per share (€) ........................................................................... | 8.96 | 8.96 | 7.33 | 7.33 | 7.33 |
Terms of exercise ............................................................................................ | Note (12) | Achievement of objectives Note (13 | Achievement of objectives Note (14) | Achievement of objectives Note (15 | Note (16) |
Number of shares subscribed ........................................................................ | 6,930 | 44,916 | 16,843 | 0 | 5,750 |
Beneficiaries (number of shares that can be subscribed) | |||||
Marc de Garidel ............................................................................................. | |||||
Others .............................................................................................................. | 11,980 | 16,844 | 16,843 | 6,000 | |
Cumulative number of cancelled or lapsed BCEs ....................................... | 3,090 | 22,458 | 0 | 0 | 10,250 |
BCEs outstanding at December 31, 2023 ..................................................... | 11,980 | 0 | 16,844 | 16,843 | 6,000 |
BCEs exercisable at December 31, 2023* .................................................... | 11,980 | 0 | 16,844 | 16,843 | 6,000 |
Category | BSA-2014- 1 | BSA-2014- 2 | BSA-2014- 3 | BSA-2014 -4 | BSA-2014- 5 | BSA-2014- 6 | BSA-2014- 7 | BSA-2015- 9 | BSA-2015 - 11- Santé Holdings S | BSA-2015- 12 | BSA-2017- 1 | BSA-2018- 1 | BSA-2018- 2 |
Date of general meeting | 11/03/2014 | 11/03/2014 | 11/03/2014 | 11/03/2014 | 11/03/2014 | 11/03/2014 | 11/03/2014 | 20/02/2015 | 20/02/201 5 | 20/02/2015 | 23/06/2017 | 23/06/2017 | 23/06/2017 |
Date of Board meeting | 21/02/2014 | 21/02/2014 | 21/02/2014 | 21/02/2014 | 21/02/2014 | 21/02/2014 | 21/02/2014 | 14/09/2015 | 04/12/201 5 | 04/12/2015 | 18/09/2017 | 22/01/2018 | 14/05/2018 |
Date of decision of the Chief Executive Officer | |||||||||||||
Total number of shares that may be subscribed or purchased (*) : | |||||||||||||
Santé Holding SRL ......... | 96,924 | ||||||||||||
Corinna zur Bonsen- Thomas ............................. | 16,400 | ||||||||||||
Carol L. Brosgart ............ | 16,400 | ||||||||||||
Others ............................... | 0 | 0 | 0 | 84,160 | 45,900 | 0 | 0 | 0 | 16,400 | 0 |
Category | BSA-2014- 1 | BSA-2014- 2 | BSA-2014- 3 | BSA-2014-4 | BSA- 2014-5 | BSA- 2014-6 | BSA- 2014-7 | BSA- 2015-9 | BSA- 2015-11- Santé Holding SRL | BSA- 2015-12 | BSA- 2017-1 | BSA- 2018-1 | BSA- 2018-2 |
Starting date for exercising options .... | According to the achievement of criteria (see Terms of exercise) | According to the achievement of criteria (see Terms of exercise) | According to the achievement of criteria (see Terms of exercise) | According to the achievement of criteria (see Terms of exercise) | According to the achievement of criteria (see Terms of exercise) | 11/03/2014 | 11/03/2014 | 14/09/2015 | 10/12/2015 | 04/12/2016 | 18/09/2017 | 22/01/2018 | 14/05/2018 |
Expiry date. .............. | 11/03/2024 | 11/03/2024 | 11/03/2024 | 11/03/2024 | 11/03/2024 | 11/03/2024 | 11/03/2024 | 14/09/2025 | 04/12/2025 | 04/12/2025 | 18/09/2027 | 22/01/2028 | 14/05/2028 |
or at the end of a period of 90 days following the date on which the beneficiary ceases to work for us | or at the end of 90 days following the expiration of the beneficiary’s mandate | ||||||||||||
Subscription or purchase price (€) .... | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 2.07 | 1.78 | 1.78 | 1.29 | 0.9 | 0.73 |
Exercise price per share (€) .................... | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 20.73 | 17.79 | 17.79 | 11.57 | 8.05 | 6.6 |
Terms of exercise ..... | Note (1) | Achievement of objectives Note (2) | Achievement of objectives Note (3) | Note (4) | Note (5) | Note (6) | Note (7) | Note (8) | |||||
Number of shares subscribed ................. | 39,400 | 44,800 | 98,000.00 | 47,340 | 22,950.00 | 5,200 | 8,100 | 0 | 0 | 0 | 0 | 16,400 | 0 |
Cumulative number of BSA or BCE cancelled or lapsed ... | 0 | 229 | 264 | 0 | 328 | 0 | 0 | 122,274 | 0 | 65,600 | 0 | 16,400 | 32,800 |
BSAs as of December 31, 2023 ... | 0 | 0 | 0 | 842 | 229,5 | 0 | 0 | 0 | 96,924 | 16,400 | 16,400 | 16,400 | 0 |
BSA potentially exercisable as of December 31 2023,* . | 0 | 0 | 0 | 842 | 229,5 | 0 | 0 | 0 | 96,924 | 16,400 | 16,400 | 16,400 | 0 |
Plan name | Free ordinary share plan AGA 2023-1 |
General Meeting date | June 5, 2023 |
Board of Directors decision | July 11, 2023 |
Free ordinary shares granted by the Board of Directors | 1,382,796 |
Duration of vesting period | •212,738 ordinary shares shall vest on July 11, 2024; •638,214 the ordinary shares shall progressively vest on a monthly basis over a period of three (3) years starting after July 11, 2024 (i.e. 17,728 ordinary shares per month except for the last month of the three-year period where 17,734 ordinary shares shall vest); •531,844 ordinary shares shall vest on the latest date between (i) July 11, 2024, and (ii) the date on which the relevant performance conditions are fulfilled. |
Date of availability | All ordinary shares vesting before July 11, 2025 shall be subject to a lock-up period ending on July 11, 2025. Ordinary shares vesting after July 11, 2025 are not subject to a lock-up period. |
Free ordinary shares fully vested as of December 31, 2023 | 0 |
Free ordinary shares being vested as of December 31, 2023 | 1,382,796 |
Free ordinary shares lapsed as of December 31, 2023 | 0 |
Employment conditions | For all of the ordinary shares, the vesting is subject to the beneficiary of the plan remaining, on the vesting date, the Chief Executive Officer (CEO) of the Company. For 531,844 ordinary shares, the vesting is subject to the achievement of various performance conditions. For 106,369 of these 531,844 ordinary shares, the vesting of the ordinary shares was subject to the successful completion of the initial public offering of the Company’s shares (or depositary receipts representing any such shares) on the NASDAQ stock exchange in New York allowing the Company to raise an amount of gross proceeds at least equal to one hundred million dollars ($100,000,000). Such performance condition has been fulfilled |
Plan name | Free ordinary share plan AGA 2023-2 |
General Meeting date | June 5, 2023 |
Board of Directors decision | July 11, 2023 |
Free ordinary shares granted by the Board of Directors | 100,000 |
Duration of vesting period | •25% of the allocated ordinary shares shall vest on July 11, 2024; and •75% of the allocated ordinary shares shall vest on the latest date between (i) July 11, 2024, and (ii) the date on which the performance condition is fulfilled. |
Date of availability | Each ordinary share vesting before July 11, 2025 shall be subject to a lock-up period ending on July 11, 2025. Ordinary shares vesting after July 11, 2025 are not subject to a lock-up period. |
Free ordinary shares fully vested as of December 31, 2023 | 0 |
Free ordinary shares being vested as of December 31, 2023 | 100,000 |
Free ordinary shares lapsed as of December 31, 2023 | 0 |
Performance and employment conditions | The vesting of the ordinary shares is not subject to a presence condition. 75% of the allocated ordinary shares are subject to the fulfillment of a performance condition. |
Plan name | Free ordinary share plan AGA 2023-3 |
General Meeting date | June 5, 2023 |
Board of Directors decision | September 28, 2023 |
Free ordinary shares granted by the Board of Directors | 731,500 |
Duration of vesting period | •50% of the ordinary shares allocated shall vest on September 28, 2025; •25% of the ordinary shares allocated shall vest on September 28, 2026; and •25% of the ordinary shares allocated shall vest on September 28, 2027. |
Date of availability | The ordinary shares are not subject to a lock-up period once vested. |
Free ordinary shares fully vested as of December 31, 2023 | 0 |
Free ordinary shares being vested as of December 31, 2023 | 731,500 |
Free ordinary shares lapsed as of December 31, 2023 | 0 |
Performance and employment conditions | For all of the ordinary shares, the vesting is subject to the beneficiary of the plan retaining, on an ongoing basis, the status of corporate officer or employee of the Company and/or one of its direct and/or indirect subsidiaries, as applicable. |
Plan name | Free ordinary share plan AGA 2023-4 |
General Meeting date | June 5, 2023 |
Board of Directors decision | September 28, 2023 |
Free ordinary shares granted by the Board of Directors | 254,250 |
Duration of vesting period | Subject to the successful completion of a performance condition linked to the initial public offering of the Company’s shares (or depositary receipts representing any such shares) on the NASDAQ stock exchange in New York: •50% of the ordinary shares allocated shall vest on September 28, 2025; •25% of the ordinary shares allocated shall vest on September 28, 2026; and •25% of the ordinary shares allocated shall vest on September 28, 2027. |
Date of availability | The ordinary shares are not subject to a lock-up period once vested. |
Free ordinary shares fully vested as of December 31, 2023 | 0 |
Free ordinary shares being vested as of December 31, 2023 | 254,250 |
Free ordinary shares lapsed as of December 31, 2023 | 0 |
Performance and employment conditions | For all of the ordinary shares, the vesting is subject to the beneficiary of the plan retaining, on an ongoing basis, the status of corporate officer or employee of the Company and/or one of its direct and/or indirect subsidiaries, as applicable. In addition, the vesting of the ordinary shares was subject to the successful completion of the initial public offering of the Company’s shares (or depositary receipts representing any such shares) on the NASDAQ stock exchange in New York allowing the Company to raise an amount of gross proceeds at least equal to two hundred million dollars ($200,000,000). Such performance condition has been fulfilled. |
Plan name | Free ordinary share plan AGA 2023-5 |
General Meeting date | June 5, 2023 |
Board of Directors decision | December 1, 2023 |
Free ordinary shares granted by the Board of Directors | 132,750 |
Duration of vesting period | •50% of the ordinary shares allocated shall vest on December 1st, 2025; •25% of the ordinary shares allocated shall vest on December 1st, 2026; and •25% of the ordinary shares allocated shall vest on December 1st, 2027. |
Date of availability | The ordinary shares are not subject to a lock-up period once vested. |
Free ordinary shares fully vested as of December 31, 2023 | 0 |
Free ordinary shares being vested as of December 31, 2023 | 132,750 |
Free ordinary shares lapsed as of December 31, 2023 | 0 |
Performance and employment conditions | For all of the ordinary shares, the vesting is subject to the beneficiary of the plan retaining, on an ongoing basis, the status of corporate officer or employee of the Company and/or one of its direct and/or indirect subsidiaries, as applicable. |
Current Position | Year of Initial Appointment | Term Expiration Year(1) | |
Marc de Garidel | Chairman | 2023 (as Director and Chairman) | 2025 |
Corinna zur Bonsen-Thomas | Director | 2017 | 2025 |
June Lee | Director | 2023 | 2026 |
Troy Ignelzi | Director | 2023 | 2026 |
Truffle Capital (permanent representative to the Board: Philippe Pouletty) | Director | 2013 | 2025 |
Carol L. Brosgart | Director | 2018 | 2026 |
Sofinnova Partners (permanent representative to the Board: Kinam Hong) | Director | 2019 | 2026 |
Camilla Soenderby | Director | 2024 | 2025 |
Name of Beneficial Owner | Number of Ordinary Shares Beneficially Owned | Percentage of Ordinary Shares Benefic ially Owned | Percentage of Voting Power+ |
5% Shareholders: | |||
TCG Crossover(1) ..................................................................... | 6,056,596 | 9.63% | 8.66% |
Entities managed by Truffle Capital(2) ..................................... | 4,865,007 | 7.73% | 12.84% |
Sofinnova Crossover(3) ............................................................. | 5,264,739 | 8.37% | 9.94% |
Invus(4) ...................................................................................... | 5,569,364 | 8.85% | 7.97% |
Deep Track Capital(5) ............................................................... | 4,297,438 | 6.83% | 6.10% |
Entities affiliated with Venrock(6) ............................................ | 3,611,570 | 5.74% | 5.17% |
Directors and Officers: | |||
Marc de Garidel(7) .................................................................... | 38,145 | * | * |
Didier Blondel(8) ....................................................................... | 67,374 | * | * |
Pierre Courteille(9) .................................................................... | 67,374 | * | * |
Didier Scherrer(10) .................................................................... | 35,773 | * | * |
Sheldon Sloan ............................................................................ | — | — | — |
Michael Ferguson ...................................................................... | — | — | — |
Ida Hatoum ................................................................................ | — | — | — |
June Lee ..................................................................................... | — | — | — |
Troy Ignelzi ............................................................................... | — | — | — |
Carol L. Brosgart(11) ................................................................ | 16,400 | * | * |
Corinna zur Bonsen-Thomas(12) .............................................. | 16,400 | * | * |
Kinam Hong (representing Sofinnova Partners)(13) ................. | 5,264,739 | 8.37% | 9.94% |
Paolo Rampulla (representing Santé Holdings SRL)(14) .......... | 838,465 | 1.33% | 2.06% |
Philippe Pouletty (representing Truffle Capital)(15) ................. | 5,140,007 | 8.17% | 13.63% |
All directors and officers as a group (14 persons) ..................... | 11,484,677 | 18.18% | 25.90% |
Entities affiliated with Truffle Capital | Sofinnova Crossover | TCG Crossover | Entities affiliated With Venrock | Deep Track Capital | Invus | ||
Private placement in 2023 ........... | Number of ordinary shares purchased (#) | — | 1,535,000 | 2,650,000 | 1,150,000 (1) | 2,000,000 | 2,150,000 |
Purchase price per share (€) | — | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | |
U.S. Initial Public Offering in 2023 | Number of ordinary shares purchased (#) | 265,000(2) | 1,200,000 | 1,100,000 | 700,000(3) | 1,750,000 | 1,500,000 |
Purchase price per share (€) | 10.99 | 10.99 | 10.99 | 10.99 | 10.99 | 10.99 |
Average Market Capitalization | ADVT | Maximum Cumulated Amount Outstanding Under Both First and Second Tranches of the Heights Financing |
At least €700,000,000 | At least €900,000 | €45,000,000 |
At least €850,000,000 | At least €1,250,000 | €55,000,000 |
At least €1,000,000,000 | At least €1,500,000 | €65,000,000 |
Year ended December 31, 2021 | Year ended December 31, 2022 | Year ended December 31, 2023 | ||||
Currency (thousands) | Foreign currency | Euros | Foreign currency | Euros | Foreign currency | Euros |
Australian dollar .......................................................... | — | — | 19 | 13 | — | — |
Brazilian real ............................................................... | — | — | — | — | — | — |
Chinese yuan renminbi ................................................ | — | — | — | — | 61 | 8 |
Danish kroner .............................................................. | — | — | — | — | 120 | 16 |
Hungarian forints ......................................................... | 1,454 | 4 | — | — | 3,517 | 9 |
Israeli shekel ................................................................ | — | — | 21 | 6 | — | — |
Japanese yen ................................................................ | 728 | 5 | 1,128 | 8 | — | — |
Pound sterling .............................................................. | 1,518 | 1,762 | 600 | 708 | 359 | 410 |
Swedish krona ............................................................. | 115 | 11 | 115 | 11 | 350 | 30 |
Swiss franc .................................................................. | 4 | 4 | 27 | 28 | 49 | 50 |
United States dollar ..................................................... | 1,494 | 1,262 | 1,426 | 1,390 | 10,861 | 10,112 |
Total | 5,313 | 3,048 | 3,336 | 2,164 | 15,317 | 10,636 |
Service | Fees |
Issuance of ADSs (e.g., an issuance of ADS upon a deposit of ordinary shares, upon a change in the ADS(s)- to-ordinary share ratio, or for any other reason), excluding ADS issuances as a result of distributions of ordinary shares) | Up to U.S. 5¢ per ADS issued |
Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-ordinary share ratio, or for any other reason) | Up to U.S. 5¢ per ADS cancelled |
Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements) | Up to U.S. 5¢ per ADS held |
Distribution of ADSs pursuant to (i) share dividends or other free share distributions, or (ii) exercise of rights to purchase additional ADSs | Up to U.S. 5¢ per ADS held |
Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off) | Up to U.S. 5¢ per ADS held |
ADS Services | Up to U.S. 5¢ per ADS held on the applicable record date(s) established by the depositary bank |
Registration of ADS transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason) | Up to U.S. 5¢ per ADS (or fraction thereof) transferred |
Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs (each as defined in the Deposit Agreement) into freely transferable ADSs, and vice versa). | Up to U.S. 5¢ per ADS (or fraction thereof) converted |
(amounts in thousands of euros) | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 |
Audit fees | 100 | 1,714 |
Audit-related fees | — | — |
Tax fees | — | — |
All other fees | 740 | 492 |
Total | 840 | 2,206 |
Exhibit Number | Description of Exhibit |
1.1 | By-laws (statuts) of the registrant (English translation) (incorporated by reference to Exhibit 3.1 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
2.1* | |
2.2 | Form of Deposit Agreement (incorporated by reference to Exhibit (a) to the Form F-6 Registration Statement (File No. 333-274845), filed with the Commission on October 3, 2023) |
2.3 | Form of American Depositary Receipt (included in Exhibit 2.2) |
4.1 ^ | OCABSA Issue Agreement between Abivax SA and Kreos Capital VII (UK) Limited and Claret European Growth Capital Fund III SCSp dated August 20, 2023 (incorporated by reference to Exhibit 10.1 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.2 ^ | Subscription Agreement between Abivax SA and Kreos Capital VII (UK) Limited, Kreos Capital VII Aggregator SCSp, Claret European Specialty Lending Company III, S.à r.l., Claret European Growth Capital Fund III SCSp dated August 20, 2023 (incorporated by reference to Exhibit 10.2 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.3 ^ | Tranche A-B Warrants Issue Agreement between Abivax SA and Kreos Capital VII Aggregator SCSp and Claret European Growth Capital Fund III SCSp dated August 20, 2023 (incorporated by reference to Exhibit 10.3 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.4 | Claret European Growth Capital Fund III SCSp dated August 20, 2023 (incorporated by reference to Exhibit 10.4 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.5 ^ | (incorporated by reference to Exhibit 10.5 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.6 ^ | August 20, 2023 (incorporated by reference to Exhibit 10.6 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.7 ^ | (incorporated by reference to Exhibit 10.7 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.8 ^ | September 1, 2017 (incorporated by reference to Exhibit 10.8 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.9 ^ | GmbH dated January 1, 2022 (incorporated by reference to Exhibit 10.9 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.10 ^ | (incorporated by reference to Exhibit 10.10 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.11 ^ | Auxiliaires et de Synthèse dated March 11, 2016 (incorporated by reference to Exhibit 10.11 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.12 ^ | Produits Chimiques Auxiliaires et de Synthèse dated March 2, 2021 (incorporated by reference to Exhibit 10.12 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.13 ^ | (incorporated by reference to Exhibit 10.13 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.14 ^ | (incorporated by reference to Exhibit 10.14 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.15 ^ | Montpellier, and the Institut Curie dated December 18, 2008 (incorporated by reference to Exhibit 10.15 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
4.16* | |
4.17* | |
4.18* | |
8.1 | List of subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of the Company’s Registration Statement on Form F-1 (File No. 333-274780) filed with the Commission on September 29, 2023) |
12.1* | |
12.2* | |
13.1** | |
13.2** | |
97.1* | |
101.INS | Inline XBRL Instance Document |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | F-2 |
Consolidated Statements of Financial Position .................................................................................. | F-3 |
Consolidated Statements of Income (Loss) ....................................................................................... | F-4 |
Consolidated Statements of Comprehensive Income (Loss) ............................................................. | F-5 |
Consolidated Statements of Changes in Shareholders’ Equity .......................................................... | F-6 |
Consolidated Statements of Cash Flows ............................................................................................ | F-7 |
Notes to the Consolidated Financial Statements ................................................................................ | F-8 |
(Amounts in thousands of euros) | Notes | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | |||
ASSETS | |||||||
Non-current assets | |||||||
Goodwill | 6 | ||||||
Intangible assets | 7 | ||||||
Property, plant and equipment | 8 | ||||||
Other financial assets | 9 | ||||||
Other assets | 10 | ||||||
Total non-current assets | |||||||
Current assets | |||||||
Other financial assets | 9 | ||||||
Other receivables and assets | 10 | ||||||
Cash and cash equivalents | 11 | ||||||
Total current assets | |||||||
TOTAL ASSETS | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Shareholders’ equity | |||||||
Share capital | |||||||
Premiums related to share capital | |||||||
Reserves | |||||||
Retained earnings | ( | ( | ( | ||||
Net loss for the period | ( | ( | ( | ||||
Total shareholders’ equity | 13 | ||||||
Non-current liabilities | |||||||
Retirement benefit obligations | 16 | ||||||
Provisions | |||||||
Borrowings | 15 | ||||||
Convertible loan notes | 15 | ||||||
Derivative instruments | 15 | ||||||
Royalty certificates | 15 | ||||||
Other financial liabilities | 15 | ||||||
Total non-current liabilities | |||||||
Current liabilities | |||||||
Borrowings | 15 | ||||||
Convertible loan notes | 15 | ||||||
Derivative instruments | 15 | ||||||
Other financial liabilities | 15 | ||||||
Trade payables and other current liabilities | 17.1 | ||||||
Tax and employee-related payables | 17.2 | ||||||
Deferred income | |||||||
Total current liabilities | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
(Amounts in thousands of euros, except per share amounts) | Notes | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | |||
Other operating income | 18 | ||||||
Total operating income | |||||||
Sales and marketing | 19.1 | ( | |||||
Research and development | 19.2 | ( | ( | ( | |||
General and administrative | 19.3 | ( | ( | ( | |||
Goodwill impairment loss | 6 | ( | |||||
Total operating expenses | ( | ( | ( | ||||
Operating loss | ( | ( | ( | ||||
Financial expenses | ( | ( | ( | ||||
Financial income | |||||||
Financial gain (loss) | 21 | ( | ( | ||||
Net loss before tax | ( | ( | ( | ||||
Income tax | 22 | ||||||
Net loss for the period | ( | ( | ( | ||||
Loss per share (€/share) | |||||||
Weighted average number of outstanding shares used for computing basic/diluted loss per share | |||||||
Basic / diluted loss per share (€/share) | 23 | ( | ( | ( |
(Amounts in thousands of euros) | Notes | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | |||
Net loss for the period | ( | ( | ( | ||||
Items that will not be reclassified to profit or loss | |||||||
Actuarial gains and losses on retirement benefit obligations | 16 | ||||||
Items that are or may be reclassified subsequently to profit or loss | |||||||
Foreign currency translation differences | |||||||
Other comprehensive income (loss) | |||||||
Total comprehensive income (loss) for the period | ( | ( | ( |
(Amounts in thousands of euros) | Notes | NUMBER OF SHARES ISSUED | SHARE CAPITAL | PREMIUMS RELATED TO SHARE CAPITAL | TRANSLATION RESERVE | RETAINED EARNINGS | NET LOSS FOR THE YEAR | TOTAL SHAREHOLDER 'S EQUITY | ||||||
AS OF JANUARY 1, 2021 | - | - | ||||||||||||
Net loss for the period | 0 | — | — | — | — | - | - | |||||||
Other comprehensive income (loss) | 16 | 0 | — | — | — | — | ||||||||
Total comprehensive loss for the period | 0 | — | — | — | - | - | ||||||||
Appropriation of prior period net loss | 0 | — | — | — | - | |||||||||
Capital increase from issuance of ordinary shares | 13.3 | — | — | — | ||||||||||
Transaction costs related to capital increase | 13.3 | 0 | — | - | — | — | — | - | ||||||
Exercises of share warrants under the Equity line agreement | 13.2, 13.3 | — | — | — | ||||||||||
Exercises of share warrants | 13.3, 14 | — | — | — | ||||||||||
Shares based compensation expense | 14 | 0 | — | — | — | — | ||||||||
Transaction on treasury shares | 13.1 | 0 | — | — | — | — | ||||||||
AS OF DECEMBER 31, 2021 | - | - | ||||||||||||
AS OF DECEMBER 31, 2021 | - | - | ||||||||||||
Net loss for the period | 0 | — | — | — | — | - | - | |||||||
Other comprehensive income (loss) | 16 | 0 | — | — | — | — | ||||||||
Total comprehensive loss for the period | — | — | — | - | - | |||||||||
Appropriation of prior period net loss | 0 | — | — | — | - | |||||||||
Capital increase from issuance of ordinary shares | 13.3 | — | — | — | ||||||||||
Transaction costs related to capital increase | 13.3 | 0 | — | - | — | — | — | - | ||||||
Exercises of share warrants | 13.3, 14 | — | — | — | — | |||||||||
Shares based compensation expense | 14 | 0 | — | — | — | - | — | - | ||||||
Transactions on treasury shares | 13.1 | 0 | — | — | — | - | — | - | ||||||
AS OF DECEMBER 31, 2022 | - | - | ||||||||||||
AS OF DECEMBER 31, 2022 | - | - | ||||||||||||
Net loss for the period | 0 | — | — | — | — | - | - | |||||||
Other comprehensive income (loss) | 16 | 0 | — | — | — | |||||||||
Total comprehensive loss for the period | 0 | — | — | - | - | |||||||||
Appropriation of prior period net loss | 0 | — | — | — | - | |||||||||
Capital increase from issuance of ordinary shares | 13.3 | — | — | — | ||||||||||
Transaction costs related to capital increase | 13.3 | 0 | — | - | — | — | — | - | ||||||
Issue of convertible notes | 15.1. | 0 | — | — | — | — | ||||||||
Exercises of the Kreos share warrants | 13.3, 15.3 | — | — | — | ||||||||||
Exercises of other share warrants | 13.3, 14 | — | — | — | — | |||||||||
Shares based compensation expense | 14 | 0 | — | — | — | — | ||||||||
Transaction on treasury shares | 13.1 | 0 | — | — | — | — | ||||||||
AS OF DECEMBER 31, 2023 | - | - |
(Amounts in thousands of euros) | Notes | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | |||
Cash flows used in operating activities | |||||||
Net loss for the period | ( | ( | ( | ||||
Ajustments for: | |||||||
Elimination of amortization of intangibles and depreciation of property, plant and equipment | |||||||
Elimination of Impairment loss of goodwill | 6 | ||||||
Elimination of retirement benefit obligations | 16 | ||||||
Elimination of share-based compensation expenses | 14 | ( | |||||
(-) Net gain on sale of treasury shares | ( | ( | |||||
Interest expenses and other financial expenses | 21 | ||||||
Financial income | 21 | ( | ( | ||||
Effect of unwinding the discount related to advances | ( | ( | |||||
Increase/(decrease) in derivatives and liabilities fair value | 15 | ( | ( | ( | |||
Forgiveness of Covid 19 conditional advances | 17 | ( | |||||
Other | ( | ||||||
Cash flows used in operating activities before change in working capital requirements | ( | ( | ( | ||||
Decrease / (increase) in other receivables and other assets | ( | ( | |||||
Increase / (decrease) in trade payables | ( | ||||||
Increase / (decrease) in tax and social security liabilities | |||||||
Increase / (decrease) in deferred income and other liabilities | ( | ( | ( | ||||
Changes in working capital requirements | ( | ( | |||||
Cash flows used in operating activities | ( | ( | ( | ||||
Cash flows used in investing activities | |||||||
Acquisitions of intangible assets | ( | ||||||
Acquisitions of property, plant and equipment | ( | ( | ( | ||||
Advance made to CROs | 10 | ( | ( | ||||
Payments for the acquisition of Prosynergia, incl. related costs, net of cash acquired (1) | 4.15 & 10 | ( | ( | ||||
Increase in Deposits and other financial assets | 9 | ( | ( | ( | |||
Decrease in Deposits | 9 | ||||||
Repayment / (disbursement) of the advance made to the Nice CHU | 10 | ( | |||||
Interest received | |||||||
Cash flows used in investing activities | ( | ( | ( | ||||
Cash flows provided by (used in) financing activities | |||||||
Capital increases | 13 | ||||||
Transaction costs related to capital increase | 13 | ( | ( | ( | |||
Warrants subscription | |||||||
Repayments of KREOS (2) 1&2 bond loans | 15 | ( | ( | ( | |||
Repayments of convertible loan notes | 15 | ( | |||||
Net proceeds from convertible loan notes | 15 | ||||||
Repayment of PGE | 15 | ( | |||||
Net proceeds from sale of royalty certificate | 15 | ||||||
Net proceeds from sale of treasury shares | 15 | ||||||
Repayments of conditional advances | 15 | ( | ( | ( | |||
Payments of the lease liabilities | 15 | ( | ( | ( | |||
Interest paid | 15 | ( | ( | ( | |||
Other | |||||||
Cash flows provided by (used in) financing activities | |||||||
Effect of movements in exchange rates on cash held | 11 | ( | |||||
Increase (decrease) in cash and cash equivalents | ( | ||||||
Cash and cash equivalents at the beginning of the year | 11 | ||||||
Cash and cash equivalents at the end of the year | 11 | ||||||
Increase (decrease) in cash and cash equivalents | ( |
DEPRECIATION PERIOD | ||
Buildings | ||
Office fixtures and fittings | ||
Equipment | ||
Industrial materials and equipment | ||
Technical facilities | ||
Furniture and computer equipment: | ||
Office equipment | ||
IT equipment | ||
Furniture |
(Amounts in thousands of euros) | Amount allocated as of April 1, 2022 |
Cash prepayment made in 2021 ........ | |
Loan granted to Prosynergia in 2021 | |
Cash payment made in 2022 ............. | |
Acquisition fees (1) ........................... | |
Earn-out measured at fair value ........ | |
Total acquisition cost allocated ...... | |
Patents ............................................... | |
Cash and cash equivalents ................ | |
Total assets ...................................... | |
Total liabilities ................................. | ( |
Total net assets ................................ |
(amounts in thousands of euros) | LICENCES | SOFTWARES | PATENTS | OTHER INTANGIBLE ASSETS | TOTAL | ||||
GROSS VALUES | |||||||||
AS OF JANUARY 1, 2021 | |||||||||
Acquisition | |||||||||
Disposal | |||||||||
Transfer | |||||||||
AS OF DECEMBER 31, 2021 | |||||||||
Acquisition | |||||||||
Disposal | |||||||||
Transfer | |||||||||
AS OF DECEMBER 31, 2022 | |||||||||
Acquisition | |||||||||
Disposal | |||||||||
Transfer | |||||||||
AS OF DECEMBER 31, 2023 |
(amounts in thousands of euros) | LICENCES | SOFTWARES | PATENTS | OTHER INTANGIBLE ASSETS | TOTAL | ||||
AMORTIZATION | |||||||||
AS OF JANUARY 1, 2021 | - | - | |||||||
Increase | - | - | |||||||
Decrease | |||||||||
AS OF DECEMBER 31, 2021 | - | - | |||||||
Increase | - | - | - | ||||||
Decrease | |||||||||
AS OF DECEMBER 31, 2022 | - | - | - | ||||||
Increase | - | - | |||||||
Decrease | |||||||||
AS OF DECEMBER 31, 2023 | - | - | - |
(amounts in thousands of euros) | LICENCES | SOFTWARES | PATENTS | OTHER INTANGIBLE ASSETS | TOTAL | ||||
NET BOOK VALUES | |||||||||
AS OF JANUARY 1, 2021 | |||||||||
AS OF DECEMBER 31, 2021 | |||||||||
AS OF DECEMBER 31, 2022 | |||||||||
AS OF DECEMBER 31, 2023 |
(amounts in thousands of euros) | BUILDINGS | EQUIPMENT | FURNITURE AND COMPUTER EQUIPMENT | TOTAL | OF WHICH ROU | ||||
GROSS VALUES | |||||||||
AS OF JANUARY 1, 2021 | |||||||||
Acquisition | |||||||||
Disposal | ( | ( | ( | ( | |||||
Transfer | |||||||||
AS OF DECEMBER 31, 2021 | |||||||||
Acquisition | |||||||||
Disposal | ( | ( | ( | ( | ( | ||||
Transfer | |||||||||
AS OF DECEMBER 31, 2022 | |||||||||
Acquisition | |||||||||
Disposal | ( | ( | ( | ( | |||||
Transfer | |||||||||
AS OF DECEMBER 31, 2023 |
(amounts in thousands of euros) | BUILDINGS | EQUIPMENT | FURNITURE AND COMPUTER EQUIPMENT | TOTAL | OF WHICH ROU | ||||
DEPRECIATION | |||||||||
AS OF JANUARY 1, 2021 | ( | ( | ( | ( | ( | ||||
Increase | ( | ( | ( | ( | ( | ||||
Decrease | |||||||||
AS OF DECEMBER 31, 2021 | ( | ( | ( | ( | ( | ||||
Increase | ( | ( | ( | ( | ( | ||||
Decrease | |||||||||
AS OF DECEMBER 31, 2022 | ( | ( | ( | ( | ( | ||||
Increase | ( | ( | ( | ( | ( | ||||
Decrease | |||||||||
AS OF DECEMBER 31, 2023 | ( | ( | ( | ( | ( |
(amounts in thousands of euros) | BUILDINGS | EQUIPMENT | FURNITURE AND COMPUTER EQUIPMENT | TOTAL | OF WHICH ROU | ||||
NET BOOK VALUES | |||||||||
AS OF JANUARY 1, 2021 | |||||||||
AS OF DECEMBER 31, 2021 | |||||||||
AS OF DECEMBER 31, 2022 | |||||||||
AS OF DECEMBER 31, 2023 |
(amounts in thousands of euros) | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
OTHER FINANCIAL ASSETS | |||||
Advances related to CRO contracts | |||||
Deposits | |||||
Other | |||||
Total other non-current financial assets | |||||
Other investments | |||||
Deposits | |||||
Total other current financial assets | |||||
Other financial assets |
(amounts in thousands of euros) | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
OTHER RECEIVABLES AND OTHER ASSETS | |||||
Prepaid expenses - non current | |||||
Total non-current other assets | |||||
Research tax credit ("CIR") | |||||
VAT receivables | |||||
Advance made to the Nice CHU | |||||
Advance payments for the acquisition of Prosynergia | |||||
Prepaid expenses | |||||
Credit notes | |||||
Total current other receivables and assets | |||||
Other receivables and other assets |
(amounts in thousands of euros) | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
CASH AND CASH EQUIVALENTS | |||||
Cash equivalents | |||||
Cash | |||||
Cash and cash equivalents |
AS OF DECEMBER 31, 2021 | |||||||||
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION | FAIR VALUE | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS | ASSETS AT AMORTIZED COST | LIABILITIES AT AMORTIZED COST | ||||
Other financial assets (2) | — | ||||||||
Other receivables and assets (2) | — | ||||||||
Cash and cash equivalents (1) | — | ||||||||
Total financial assets | — | ||||||||
Financial liabilities—non-current portion (4, Note 15) | — | ||||||||
Financial liabilities—current portion (3, Note 15) | — | ||||||||
Trade payables and other current liabilities (3) | — | ||||||||
Total financial liabilities | — |
AS OF DECEMBER 31, 2022 | |||||||||
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION | FAIR VALUE | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS | ASSETS AT AMORTIZED COST | LIABILITIES AT AMORTIZED COST | ||||
Other financial assets (2) | — | ||||||||
Other receivables and assets (2) | — | ||||||||
Cash and cash equivalents (1) | — | ||||||||
Total financial assets | — | ||||||||
Financial liabilities—non-current portion (4, Note 15) | — | ||||||||
Financial liabilities—current portion (3, Note 15) | — | ||||||||
Trade payables and other current liabilities (3) | — | ||||||||
Total financial liabilities | — |
AS OF DECEMBER 31, 2023 | |||||||||
(amounts in thousands of euros) | AMOUNT RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION | FAIR VALUE | ASSETS/ LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS | ASSETS AT AMORTIZED COST | LIABILITIES AT AMORTIZED COST | ||||
Other financial assets (2) | — | ||||||||
Other receivables and assets (2) | — | ||||||||
Cash and cash equivalents (1) | — | ||||||||
Total financial assets | — | ||||||||
Financial liabilities—non-current portion (4, Note 15) | — | ||||||||
Financial liabilities—current portion (3, Note 15) | — | ||||||||
Trade payables and other current liabilities (3) | — | ||||||||
Total financial liabilities | — |
NUMBER OF BSAs OUTSTANDING | MAXIMUM NUMBER OF SHARES TO BE ISSUED | NUMBER OF BSAs EXERCISED | NUMBER OF BSAs LAPSED | NUMBER OF BSAs OUTSTANDING | MAXIMUM NUMBER OF SHARES TO BE ISSUED | |
FOR THE YEAR ENDED | ||||||
AS OF DECEMBER 31, 2021 | DECEMBER 31, 2022 | AS OF DECEMBER 31, 2022 | ||||
BSAs granted under the Equity line agrement ...................................... | ( |
GRANT DAT E | TYPE | NUMBER OF BCEs ISSUED | NUMBER OF BCE OUTSTANDI NG AS OF JANUARY 1, 2023 | NUMBER OF LAPSED BCEs | NUMBER OF EXERCISED BCEs | NUMBER OF BCEs OUTSTANDI NG | NUMBER OF BCEs EXERCISAB LE | MAXIMUM NUMBER OF SHARES TO BE ISSUED IF ALL CONDITION S ARE MET | ||||||||
YEAR ENDED DECEMBER 31, 2023 | AS OF DECEMBER 31, 2023 | |||||||||||||||
2014-03-11 | BCE-2014-2 | ( | ||||||||||||||
2014-03-11 | BCE-2014-4 | ( | ||||||||||||||
2016-11-07 | BCE-2016-1 | |||||||||||||||
2017-01-23 | BCE-2017-1 | |||||||||||||||
2017-11-20 | BCE-2017-2 | ( | ||||||||||||||
2017-11-20 | BCE-2017-4 | |||||||||||||||
2017-11-20 | BCE-2017-5 | |||||||||||||||
2018-03-15 | BCE-2018-1 | |||||||||||||||
2018-05-14 | BCE 2018-3 | |||||||||||||||
2018-05-14 | BCE-2018-4 | |||||||||||||||
2018-05-14 | BCE-2018-5 | |||||||||||||||
Total BCEs | ( | ( |
GRANT DATE | TYPE | NUMBER OF BSAs ISSUED | NUMBER OF BCAs OUTSTANDI NG AS OF JANUARY 1, 2023 | NUMBER OF LAPSED BSAs | NUMBER OF EXERCISED BSAs | NUMBER OF BSAs OUTSTANDI NG | NUMBER OF BSAs EXERCISAB LE | MAXIMUM NUMBER OF SHARES TO BE ISSUED IF ALL CONDITIONS ARE MET | ||||||||
YEAR ENDED DECEMBER 31, 2023 | AS OF DECEMBER 31, 2023 | |||||||||||||||
2014-03-11 | BSA-2014-3 | ( | ||||||||||||||
2015-12-04 | BSA-2015-11 | |||||||||||||||
2015-12-04 | BSA-2015-12 | |||||||||||||||
2017-09-18 | BSA-2017-1 | |||||||||||||||
2018-01-22 | BSA-2018-1 | |||||||||||||||
2014-03-11 | BSA-2014-4 | |||||||||||||||
2014-03-11 | BSA-2014-5 | ( | ||||||||||||||
Total BSAs | ( |
GRANT DATE | TYPE | NUMBER OF AGAs ISSUED | NUMBER OF AGAs OUTSTANGING AS OF JANUARY 1, 2023 | NUMBER OF LAPSED AGAs | NUMBER OF EXERCISED AGAs | NUMBER OF AGAs OUTSTANDING | ||||||
AS OF DECEMBER 31, 2023 | ||||||||||||
2023-07-11 | AGA-2023-1 | |||||||||||
2023-07-11 | AGA-2023-2 | |||||||||||
2023-09-28 | AGA-2023-3 | |||||||||||
2023-09-28 | AGA-2023-4 | |||||||||||
2023-12-01 | AGA-2023-5 | |||||||||||
Total AGAs |
TYPE | FAIR VALUE OF THE UNDERLYING SHARE | FAIR VALUE OF THE AGA | AGA PRICE | MATURITY | VOLATILITY | RISK FREE RATE | ||||||
AGA 2021 | € | € | 2022-07-31 | - | ||||||||
AGA 2023-1 (Tranches 1-4) | € | € | N/A | N/A | N/A | |||||||
AGA 2023-1 (Tranche 5) | € | € | 2024-12-31 | |||||||||
AGA 2023-1 (Tranche 6) | € | € | 2024-07-11 | |||||||||
AGA 2023-2 (Tranche 1) | € | € | N/A | N/A | N/A | |||||||
AGA 2023-2 (Tranche 2) | € | € | N/A | N/A | N/A | |||||||
AGA 2023-3 | € | € | N/A | N/A | N/A | |||||||
AGA 2023-4 | € | € | N/A | N/A | N/A | |||||||
AGA 2023-5 | € | € | N/A | N/A | N/A |
TYPE (in thousands of euros) | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | |||
BCEs | ( | ( | ( | |||
BSAs | ||||||
AGAs | ( | ( | ||||
Social taxes related to AGAs | ( | ( | ||||
Total | ( | ( |
(amounts in thousands of euros) | |||||
FINANCIAL LIABILITIES | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
Kreos 1 & 2 bond loans | |||||
Lease liabilities | |||||
PGE | |||||
Borrowings | |||||
Oceane | |||||
Heights convertible notes | |||||
Kreos / Claret convertible notes (OCABSA) | |||||
Convertible loan notes | |||||
Kreos A & B BSA | |||||
Oceane conversion option | |||||
Derivative instruments | |||||
Conditional advances Bpifrance | |||||
Royalty certificates | |||||
Other financial liabilities | |||||
Total non-current financial liabilities | |||||
Kreos 1 & 2 bond loans | |||||
Lease liabilities | |||||
PGE | |||||
Borrowings | |||||
OCEANE | |||||
Heights convertible notes | |||||
Convertible loan notes | |||||
Conditional advances Bpifrance | |||||
Prosynergia earn-out liability | |||||
Other financial liabilities | |||||
Kreos / Claret BSA | |||||
Derivative instruments | |||||
Total current financial liabilities | |||||
Total financial liabilities |
Kreos/Claret Tranche A-B BSA - August 2023 | AS OF AUGUST 22, 2023 (Tranche A-B) | AS OF DECEMBER 31, 2023 | |
Number of outstanding BSA | |||
Exercise price per share | € | € | |
Ordinary share price | € | € | |
Exercise date | 19/08/2030 (expiry) 18/02/2027 (tender offer) | 19/08/2030 (expiry) 18/02/2027 (tender offer) | |
7-year expiry scenario probability | |||
Volatility | |||
Dividend | |||
Risk-free rate | |||
Fair value of issued Kreos/Claret Tranche A-B BSA |
Kreos/Claret Tranche C BSA - November 2023 | AS OF NOVEMBER 2, 2023 | AS OF DECEMBER 31, 2023 | |
Number of outstanding BSA | |||
of which, number of conditional BSA | |||
Exercise price per share | € | € | |
Ordinary share price | € | € | |
Exercise date | 01/11/2030 (expiry) 18/02/2027 (tender offer) | 01/11/2030 (expiry) 18/02/2027 (tender offer) | |
7-year expiry scenario probability | |||
Probability of Drawdown of Tranche C credit facility | |||
Volatility | |||
Dividend | |||
Risk-free rate | |||
Fair value of issued Kreos/Claret Tranche C BSA |
Average market capitalization | ADVT | Maximum cumulated amount outstanding under both first and second tranches of the Heights Financing: |
At least € | At least € | € |
At least € | At least € | € |
At least € | At least € | € |
Heights convertible notes - August 2023 | AS OF AUGUST 24, 2023 | AS OF DECEMBER 31, 2023 | |
Number of outstanding notes | |||
Original principal amount (in thousands of €) | |||
Interest rate | |||
Conversion price per share | € | € | |
Ordinary share price | € | € | |
Maturity date | 24/08/2025 (put event) 24/08/2027 (HTM/voluntary conversion) | 24/08/2025 (put event) 24/08/2027 (HTM/voluntary conversion) | |
Held to maturity / voluntary conversion scenario probability | |||
Initial price limit | € | € | |
Early redemption amount (put event) | |||
Volatility | |||
Credit spread | |||
Risk-free rate | |||
Fair value of Heights convertible notes (in thousands of €) |
Kreos A BSA - June 1, 2018 | As of and for the year ended December 31, 2021 | As of and for the year ended December 31, 2022 | As of May 24, 2023 (exercise date) | ||
Number of outstanding Kreos A BSA | |||||
Exercise price per share | € | € | € | ||
Ordinary share price | € | € | € | ||
Residual maturity | |||||
Volatility | N/A | ||||
Dividend | N/A | ||||
Risk-free rate | N/A | ||||
Fair value of issued Kreos A BSA (in thousands of €) |
Kreos B BSA - June 1, 2019 | As of and for the year ended December 31, 2021 | As of and for the year ended December 31, 2022 | As of May 24, 2023 (exercise date) | ||
Number of outstanding Kreos B BSA | |||||
Exercise price per share | € | € | € | ||
Ordinary share price | € | € | € | ||
Residual maturity | |||||
Volatility | N/A | ||||
Dividend | N/A | ||||
Risk-free rate | N/A | ||||
Fair value of issued Kreos B BSA (in thousands of €) |
OCEANE | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF AUGUST 24, 2023 | ||
Risk free rate | - | ||||
Credit spread | |||||
Ordinary share price | € | € | € | ||
Expected term | July 21, 2026 | July 21, 2026 | July 21, 2026 | ||
Volatility | |||||
Dividend | |||||
Fair value of issued OCEANE (in thousands of €) |
(amounts in thousands of euros) | |||||
CONDITIONAL ADVANCES | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
RNP VIR – Bpifrance | |||||
CARENA – Bpifrance | |||||
EBOLA – Bpifrance | |||||
COVID-19 – Bpifrance | |||||
Total conditional advances |
(amounts in thousands of euros) | LEASE LIABILITY |
AS OF JANUARY 1, 2021 | |
(+) Increase | |
(-) Decrease | ( |
AS OF DECEMBER 31, 2021 | |
AS OF DECEMBER 31, 2021 | |
(+) Increase | |
(-) Decrease | ( |
AS OF DECEMBER 31, 2022 | |
AS OF DECEMBER 31, 2022 | |
(+) Increase | |
(-) Decrease | ( |
AS OF DECEMBER 31, 2023 |
Prosynergia earn-out | As of April 1, 2022 | As of and for the period ended December 31, 2022 |
Risk free rate | ( | |
Market capitalization (in thousands of €) | ||
Ordinary share price (€) | ||
Time to maturity | ||
Volatility | ||
Dividend | ||
Fair value of the earn-out liability (in thousands of €) | ( |
(Amounts in thousands of euros) | |||||||||||||||||||
FINANCIAL LIABILITIES (excluding derivatives instruments) | Kreos 1 & 2 bond loans | Oceane | Kreos & Claret convertible notes (OCABSA ) | Heights convertible notes | PGE | Conditional advances BPI | Lease liabilities | Prosynergia earn-out liability | Royalty certificates | Total | |||||||||
AS OF JANUARY 1, 2021 | |||||||||||||||||||
Proceeds | |||||||||||||||||||
Repayments | ( | ( | ( | ( | |||||||||||||||
Interest paid | |||||||||||||||||||
Non-cash changes: interest expense and other | |||||||||||||||||||
Non-cash changes: classification of the conversion option as a derivative instrument | ( | ( | |||||||||||||||||
Non-cash changes: subsidies | ( | ( | |||||||||||||||||
Non cash changes: additional leases |
AS OF DECEMBER 31, 2021 | |||||||||||||||||||
Proceeds | |||||||||||||||||||
Repayments | ( | ( | ( | ( | |||||||||||||||
Interest paid | ( | ( | ( | ( | |||||||||||||||
Non-cash changes: interest expense and other | |||||||||||||||||||
Non-cash changes: classification of the conversion option as a derivative instrument | |||||||||||||||||||
Non-cash changes: subsidies | ( | ( | |||||||||||||||||
Non cash changes: additional leases | |||||||||||||||||||
AS OF DECEMBER 31, 2022 | |||||||||||||||||||
(Amounts in thousands of euros) | |||||||||||||||||||
FINANCIAL LIABILITIES (excluding derivatives instruments) | Kreos 1 & 2 bond loans | Oceane | Kreos & Claret convertible notes (OCABSA ) | Heights convertible notes | PGE | Conditional advances BPI | Lease liabilities | Prosynergia earn-out liability | Royalty certificates | Total | |||||||||
AS OF DECEMBER 31, 2022 | |||||||||||||||||||
Proceeds | |||||||||||||||||||
Repayments | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Interest paid | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Non-cash changes: classification of the warrants as a derivative instrument | ( | ( | |||||||||||||||||
Non-cash changes: classification of the conversion option in equity | ( | ( | |||||||||||||||||
Non-cash changes: (gain)/loss on recognition or derecognition | ( | ||||||||||||||||||
Non-cash changes: interest expense and other | |||||||||||||||||||
Non-cash changes: amortized cost remeasurement | ( | ||||||||||||||||||
Non-cash changes: other fair value remeasurement | ( | ( | |||||||||||||||||
Non cash changes: additional leases | |||||||||||||||||||
AS OF DECEMBER 31, 2023 |
(amounts in thousands of euros) | Kreos A BSA | Kreos B BSA | OCEANE conversion option | Kreos/Claret BSA | Total | ||||
DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
AS OF JANUARY 1, 2021 | |||||||||
(+) Issuance | |||||||||
(+) Increase in fair value | |||||||||
(-) Decrease in fair value | ( | ( | ( | ( | |||||
AS OF DECEMBER 31, 2021 | |||||||||
AS OF DECEMBER 31, 2021 | |||||||||
(+) Increase in fair value | |||||||||
(-) Decrease in fair value | ( | ( | ( | ( | |||||
AS OF DECEMBER 31, 2022 | |||||||||
AS OF DECEMBER 31, 2022 | |||||||||
(+) Issuance | |||||||||
(+) Increase in fair value | |||||||||
(-) Decrease in fair value | ( | ( | |||||||
(-) Repurchases | ( | ( | ( | ( | |||||
(-) Exercises | ( | ( | ( | ||||||
AS OF DECEMBER 31, 2023 |
AS OF DECEMBER 31, 2021 | |||||||||||
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT | CONTRACTUAL CASH FLOWS | LESS THAN 1 YEAR | FROM 1 TO 2 YEARS | FROM 2 TO 5 YEARS | LONGER THAN 5 YEARS | |||||
(amounts in thousands of euros) | |||||||||||
Kreos 1 & 2 bond loans | |||||||||||
Oceane | |||||||||||
PGE | |||||||||||
Conditional advances BPI | |||||||||||
Lease liabilities | |||||||||||
Derivative instruments | |||||||||||
Total financial liabilities |
AS OF DECEMBER 31, 2022 | |||||||||||
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT | CONTRACTUAL CASH FLOWS | LESS THAN 1 YEAR | FROM 1 TO 2 YEARS | FROM 2 TO 5 YEARS | LONGER THAN 5 YEARS | |||||
(amounts in thousands of euros) | |||||||||||
Kreos 1 & 2 bond loans | |||||||||||
Oceane | |||||||||||
PGE | |||||||||||
Conditional advances BPI | |||||||||||
Royalty certificates | |||||||||||
Lease liabilities | |||||||||||
Derivative instruments | |||||||||||
Total financial liabilities |
AS OF DECEMBER 31, 2023 | |||||||||||
CURRENT AND NON-CURRENT FINANCIAL LIABILITIES | GROSS AMOUNT | CONTRACTUAL CASH FLOWS | LESS THAN 1 YEAR | FROM 1 TO 2 YEARS | FROM 2 TO 5 YEARS | LONGER THAN 5 YEARS | |||||
(amounts in thousands of euros) | |||||||||||
Heights convertible notes | |||||||||||
Kreos/Claret convertible notes (OCABSA) | |||||||||||
PGE | |||||||||||
Conditional advances BPI | |||||||||||
Royalty certificates | |||||||||||
Lease liabilities | |||||||||||
Derivative instruments | |||||||||||
Total financial liabilities |
ACTUARIAL ASSUMPTIONS | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Retirement age | |||||
Collective agreement | Pharmaceutical industry | Pharmaceutical industry | Pharmaceutical industry | ||
Discount Rate (IBoxx Corporates AA) | |||||
Mortality rate table | INSEE 2016-2018 | INSEE 2016-2018 | INSEE 2016-2018 | ||
Salary increase rate | |||||
Turnover rate | Decreasing from years-old to years-old | Decreasing from years-old to years-old | Decreasing from years-old to years-old | ||
Employee contribution rate |
(amounts in thousands of euros) | RETIREMENT BENEFIT OBLIGATIONS |
AS OF JANUARY 1, 2021 | |
Service cost | |
Interest cost | |
Benefits paid | ( |
Actuarial gains and losses | ( |
AS OF DECEMBER 31, 2021 | |
Service cost | |
Interest cost | |
Benefits paid | |
Actuarial gains and losses | ( |
AS OF DECEMBER 31, 2022 | |
Service cost | |
Interest cost | |
Benefits paid | |
Actuarial gains and losses | ( |
AS OF DECEMBER 31, 2023 |
(amounts in thousands of euros) | |||||
TRADE PAYABLES AND OTHER CURRENT LIABILITIES | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
Trade payables | |||||
Accrued invoices | |||||
Other | ( | ||||
Trade payables and other current liabilities |
(amounts in thousands of euros) | |||||
TAX AND EMPLOYEE-RELATED PAYABLES | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
Employee-related payables | |||||
Social security and other | |||||
Other tax and related payments | |||||
Tax and employee-related payables |
(amounts in thousands of euros) | |||||
OPERATING INCOME | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Research tax credit ("CIR") | |||||
Subsidies | |||||
Other | |||||
Total operating income |
(amounts in thousands of euros) | |||||
SALES AND MARKETING | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Personnel costs | |||||
Consulting and professional fees | |||||
Other sales and marketing expenses | |||||
Sales & Marketing |
(amounts in thousands of euros) | |||||
RESEARCH AND DEVELOPMENT EXPENSES | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Sub-contracting, studies and research | |||||
Personnel costs | |||||
Consulting and professional fees | |||||
Intellectual property fees | |||||
Other research and development expenses | |||||
Research and development expenses |
(amounts in thousands of euros) | |||||
GENERAL AND ADMINISTRATIVE EXPENSES | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Personnel costs | |||||
Consulting and professional fees | |||||
Other general and administrative expenses | |||||
General and administrative expenses |
(amounts in thousands of euros) | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Statutory Auditor, certification of individual and consolidated financial statements | |||||
Issuer | |||||
Other procedures required by law | |||||
Issuer | |||||
Total |
HEADCOUNTS | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
France | |||||
United States | |||||
Total |
(amounts in thousands of euros) | |||||
FINANCIAL GAIN (LOSS) | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Interest on Kreos 1 & 2 straight bond loans | ( | ( | ( | ||
Interest on convertible loan notes | ( | ( | ( | ||
Interest on conditional advances | ( | ( | ( | ||
Interest on royalty certificates | ( | ( | |||
Interest on lease liabilities | ( | ( | ( | ||
Increase in derivatives fair value | ( | ||||
Loss on derecognition of financial liabilities | ( | ||||
Transaction costs | ( | ||||
Foreign exchange losses | ( | ||||
Other | ( | ( | ( | ||
Financial expenses | ( | ( | ( | ||
Interest income | |||||
Decrease/(increase) in derivatives fair value | |||||
Decrease/(increase) in other liabilities at fair value through profit and loss | |||||
Effect of unwinding the discount related to advances made to CROs | |||||
Day-one gain on recognition of financial liabilities | |||||
Gain on derecognition of financial liabilities | |||||
Other financial income | |||||
Financial income | |||||
Financial gain (loss) | ( | ( |
(In thousands of euros, except percentage) | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Loss before tax | ( | ( | ( | ||
Statutory French tax rates | 26.50% | 25.00% | 25.00% | ||
Nominal income tax using statutory French tax rate | |||||
Tax effect of: | |||||
Tax rates in foreign jurisdictions | |||||
Share-based payment | ( | ( | |||
CIR | |||||
Transaction costs related to capital increase | |||||
Decrease / (increase) in derivatives fair value and other | |||||
Non-recognition of deferred tax assets related to tax losses and temporary differences | ( | ( | ( | ||
Other | ( | ( | ( | ||
Effective income tax (loss) |
(In thousands of euros) | |||||
DEFERRED TAX ASSETS AND LIABILITIES BY NATURE | AS OF DECEMBER 31, 2021 | AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2023 | ||
Retirement benefit obligation | |||||
Leases | |||||
Other financial liabilities | |||||
Tax losses carryforward | |||||
Other items | |||||
Deferred tax assets | |||||
Subsidies | |||||
Leases | |||||
Other financial liabilities | |||||
Other items | |||||
Deferred tax liabilities | |||||
Deferred tax assets, net | |||||
Unrecognized deferred tax assets | ( | ( | ( | ||
Total deferred taxes, net recognized in the statement of financial position |
(amounts in thousands of euros, except share data) | |||||
BASIC AND DILUTED LOSS PER SHARE | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Weighted average number of outstanding shares | |||||
Net loss for the period | ( | ( | ( | ||
Basic and diluted loss per share (€/share) | ( | ( | ( |
(In thousands of euros) | |||||
COMPENSATION | YEAR ENDED DECEMBER 31, 2021 | YEAR ENDED DECEMBER 31, 2022 | YEAR ENDED DECEMBER 31, 2023 | ||
Fixed compensation owed | |||||
Variable compensation owed | |||||
Contributions in-kind | |||||
Employer contributions | |||||
Attendance fees—Board of Directors | |||||
Share-based payments | ( | ||||
Departure indemnities | |||||
Total |