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Share-based payments
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangements [Abstract]  
Share-based payments Share-based payments
The Group has granted BCEs, BSAs and free shares (attributions gratuities d’actions, or “AGAs”). These plans qualify as “equity
settled” under IFRS 2. The Group does not have any obligation to purchase these instruments in the event of departure or if a specific
event does not occur.
BCEs
The following tables summarize the data relating to BCEs:
GRANT DA
TE
TYPE
TOTAL
NUMBER
OF BCEs
ISSUED
NUMBER
OF BCEs
OUTSTAND
ING AS OF
JANUARY
1, 2025
NUMBER
OF ISSUED
BCEs
NUMBER
OF LAPSED
BCEs
NUMBER
OF
EXERCISE
D BCEs
NUMBER
OF BCEs
OUTSTAND
ING
NUMBER
OF BCEs
EXERCISA
BLE
MAXIMUM
NUMBER
OF
SHARES
TO BE
ISSUED IF
ALL
CONDITIO
NS ARE
MET
FOR THE THREE MONTHS ENDED
MARCH 31, 2025
AS OF
MARCH 31, 2025
Total BCEs
496,965
330,179
—
—
—
330,179
245,962
330,179
BSAs
The following tables summarize the data relating to BSAs:
GRANT 
DATE
TYPE
TOTAL
NUMBER
OF BSAs
ISSUED
NUMBER
OF BCAs
OUTSTAND
ING AS OF
JANUARY
1, 2025
NUMBER
OF ISSUED
BSAs
NUMBER
OF LAPSED
BSAs
NUMBER
OF
EXERCISE
D  BSAs
NUMBER
OF BSAs
OUTSTAND
ING
NUMBER
OF BSAs
EXERCISA
BLE
MAXIMUM
NUMBER
OF SHARES
TO BE
ISSUED IF
ALL
CONDITIO
NS ARE
MET
FOR THE THREE MONTHS ENDED
MARCH 31, 2025
AS OF
MARCH 31, 2025
Total BSAs
447,344
223,944
125,000
—
—
348,944
146,124
348,944
BSAs granted in January 2025
In January 2025, the Group granted its independent Board members, as well as one of its Board Observers and Advisor, the right to
subscribe up to 125,000 share warrants (BSA) in the aggregate, the vesting of which (if subscribed) is subject to a service condition of
four years, by tranches of 25% each, vested on January, 1 of each year. Additionally, the BSAs are subject to a vesting acceleration
condition in case of a tender offer on the securities issued by the Group and resulting in a change of control of the Group. All of the
granted BSAs were subscribed by the beneficiaries in February 2025.
The fair value of the BSAs was determined at grant date using the Black Scholes model, with the following assumptions:
TYPE
FAIR VALUE
OF THE
UNDERLYING
SHARE
FAIR VALUE
OF THE BSA
NUMBER OF
BSAs
SUBSCRIPTI
ON PRICE
STRIKE
PRICE PER
SHARE
RISK FREE 
RATE
EXPECTED
MATURITY
VOLATILITY
BSA-2025-1
€6.13
[€3.5-€3.9]
100,000
€2.00
€6.63
4.65%
[5.5-7 years]
60.88%
BSA-2025-2
€6.13
[€3.5-€3.9]
25,000
€2.00
€6.63
4.65%
[5.5-7 years]
60.88%
AGAs
The following tables summarize the data relating to AGAs as well as the assumptions used for the measurement thereof in
accordance with IFRS 2—Share-based Payment:
GRANT 
DATE
TYPE
TOTAL
NUMBER OF
AGAs ISSUED
NUMBER OF
AGAs
OUTSTANGIN
G AS OF
JANUARY 1,
2025
NUMBER OF
ISSUED AGAs
NUMBER OF
LAPSED AGAs
NUMBER OF
VESTED AGAs
NUMBER OF AGAs
OUTSTANDING
FOR THE PERIOD ENDED MARCH 31, 2025
AS OF MARCH 31, 2025
Total AGAs
9,088,148
3,388,040
3
3
8
8
0
4
0
4,540,727
-72,875
0
-70,912
0
7,784,980
TYPE
FAIR VALUE OF
THE
UNDERLYING
SHARE
FAIR VALUE OF
THE AGA
MATURITY
VOLATILITY
RISK FREE RATE
AGA-2025-1
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-2
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-3
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-4
€5.82
€5.82
N/A
N/A
N/A
AGA-2025-5
€6.17
€6.17
N/A
N/A
N/A
AGAs granted in February and March 2025
In February 2025, , certain of the Group’s officers and employees were allocated respectively 4,319,500 AGAs (AGA plan 2025-1),
123,102 AGAs (AGA plan 2025-2), 17,625 AGAs (AGA plans 2025-3) and 30,500 AGAs (AGA plan 2025-4) in the aggregate, the
vesting of which is subject to certain conditions:
•Subject to remaining employed with the Group, each such officer or employee’s AGAs will be vested as follows: (i) 50% at
the end of a two-year period from the allocation date, (ii) 25% at the end of a three-year period from the allocation date and
(iii) 25% at the end of a four-year period from the allocation date (service condition).
•By exception to the above, the vesting of half of the 4,319,500 2025-1 AGAs is subject to the occurrence of a tender offer on
the securities issued by the Group and resulting in a change of control of the Group before the second anniversary of the grant
date.
•Additionally, all the remaining 2025-1 AGAs as well as the 2025-2, 2025-3 and 2025-4 AGAs are subject to a vesting
acceleration condition in case of a tender offer on the securities issued by the Group and resulting in a change of control of
the Group.
In March 2025, a Group employee was allocated respectively 50,000 AGAs (AGA plan 2025-5), the vesting of which is subject to the
achievement of certain milestones related to clinical studies and market authorization of ABX464 in UC and CD.
Breakdown of the compensation expenses accounted for the three-month periods ended March 31, 2024 and 2025:
TYPE
(in thousands of euros)
FOR THE
THREE
MONTHS
ENDED
MARCH 31,
2024
FOR THE
THREE
MONTHS
ENDED
MARCH 31,
2025
BCEs
(28)
—
BSAs
—
(65)
AGAs
(5,727)
(4,623)
Social taxes related to AGAs
(461)
(683)
Total
(6,216)
(5,372)