XML 49 R41.htm IDEA: XBRL DOCUMENT v3.25.1
Share-based payments (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangements [Abstract]  
Disclosure of reconciliation of other equity instruments 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
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
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
Disclosure of main data and assumptions used for the measurement of other equity instruments 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%
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
The fair values of the Minimum Return Indemnifications were measured using the following assumptions:
Tranche B Minimum Return Indemnification (issued in March
2024)
AS OF DECEMBER 31, 2024
AS OF MARCH 31, 2025
Final redemption scenario probability
95%
95%
Minimal return
1.40x
1.40x
Discount rate
7.5%
10%
Probability-weighted present value of shortfall payment (in
thousands of €)
2,635 (Final redemption)
136 (Tender offer)
2,669 (Final redemption)
139 (Tender offer)
Probability-weighted fair value of tranche A-B warrants with MRI
(in thousands of €)
104 (Final redemption)
108 (Final redemption)
Probability-weighted fair value of tranche A-B warrants without
MRI (in thousands of €)
241 (Final redemption)
225 (Final redemption)
Total fair value of MRI (in thousands of €)
2,499 (Final redemption, i.e. a+b-c)
136 (Tender offer)
2,552 (Final redemption)
139 (Tender offer)
Fair value of Tranche B MRI (in thousands of €)
2,636
2,691
Tranche C Minimum Return Indemnification (issued in June
2024)
AS OF DECEMBER 31, 2024
AS OF MARCH 31, 2025
Final redemption scenario probability
95%
95%
Minimal return
1.30x
1.30x
Discount rate
7.5%
10%
(a) Probability-weighted present value of shortfall payment (in
thousands of €)
1,160 (Final redemption)
43 (Tender offer)
1,233 (Final redemption)
52 (Tender offer)
(b) Probability-weighted fair value of tranche C warrants with MRI
(in thousands of €)
684 (Final redemption)
597 (Final redemption)
(c) Probability-weighted fair value of tranche C warrants without
MRI (in thousands of €)
903 (Final redemption)
779 (Final redemption)
Total fair value of MRI (in thousands of €)
941 (Final redemption, i.e. a+b-c)
43 (Tender offer)
1,051 (Final redemption)
52 (Tender offer)
Fair value of Tranche C MRI (in thousands of €)
984
1,104
The
main data and assumptions are the following:
Kreos/Claret Tranche A-B BSA  (issued in August 2023)
AS OF DECEMBER 31, 2024
AS OF MARCH 31, 2025
Number of outstanding BSA
214,198
214,198
Exercise price per share
€18.67
€18.67
Ordinary share price
€6.76
€5.75
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
95%
95%
Volatility
44.3% (expiry)
44.3% (tender offer)
51.7% (expiry)
51.7% (tender offer)
Dividend
—%
—%
Risk-free rate
2.9% (expiry)
2.9% (tender offer)
2.4% (expiry)
2.4% (tender offer)
Fair value of issued Kreos/Claret Tranche A-B BSA
243
227
Kreos/Claret Tranche C BSA (issued in November 2023)
AS OF DECEMBER 31, 2024
AS OF MARCH 31, 2025
Number of outstanding BSA
405,832
405,832
of which, number of conditional BSA
0
0
Exercise price per share
€9.86
€9.86
Ordinary share price
€6.67
€5.75
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
95%
95%
Probability of Drawdown of Tranche C credit facility
Drawn on June 21, 2024
Drawn on June 21, 2024
Volatility
44.3% (expiry)
44.3% (tender offer)
51.7% (expiry)
51.7% (tender offer)
Dividend
0
—%
Risk-free rate
2.9% (expiry)
2.9% (tender offer)
2.4% (expiry)
2.4% (tender offer)
Fair value of issued Kreos/Claret Tranche C BSA
923
794
Disclosure of breakdown of the compensation expenses 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)