Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Documentand Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | ERYP |
Entity Registrant Name | ERYTECH PHARMA S.A. |
Entity Central Index Key | 0001624422 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 17,940,035 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating income | |||
Other income | € 4,447 | € 3,364 | € 4,138 |
Total operating income | 4,447 | 3,364 | 4,138 |
Operating expenses | |||
Research and development expenses | (33,468) | (25,463) | (19,720) |
General and administrative expenses | (14,600) | (8,791) | (6,808) |
Total operating expenses | (48,068) | (34,254) | (26,528) |
Operating loss | (43,621) | (30,889) | (22,390) |
Financial income | 5,427 | 539 | 558 |
Financial expenses | (29) | (3,183) | (70) |
Financial income | 5,399 | (2,644) | 488 |
Income tax | (2) | 3 | (10) |
Net loss | € (38,224) | € (33,530) | € (21,913) |
Basic / Diluted loss per share (€/share) | € (2.13) | € (2.95) | € (2.74) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Comprehensive Income [Abstract] | |||
Net loss | € (38,224) | € (33,530) | € (21,913) |
Elements that may be reclassified subsequently to income (loss) | |||
Foreign subsidiary – Currency translation adjustment | 15 | (38) | 21 |
Elements that may not be reclassified subsequently to income (loss) | |||
Actuarial gains or losses on defined benefits liability | (60) | 8 | (30) |
Tax effect | 3 | (3) | 10 |
Other comprehensive income (loss) | (42) | (33) | 1 |
Total comprehensive loss | € (38,266) | € (33,563) | € (21,912) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | |||
Intangible assets | € 1,613 | € 53 | € 57 |
Property, plant and equipment | 15,274 | 3,406 | 2,245 |
Other non-current financial assets | 1,046 | 234 | 132 |
Total non-current assets | 17,933 | 3,693 | 2,434 |
Current assets | |||
Inventories | 1,396 | 176 | 145 |
Trade and other receivables | 30 | 76 | 218 |
Other current assets | 14,111 | 5,791 | 4,524 |
Cash and cash equivalents | 134,371 | 185,525 | 37,646 |
Total current assets | 149,907 | 191,568 | 42,533 |
TOTAL ASSETS | 167,840 | 195,261 | 44,967 |
Shareholders’ equity | |||
Share capital | 1,794 | 1,794 | 873 |
Premiums related to share capital | 281,745 | 281,745 | 105,090 |
Reserves | (99,524) | (68,386) | (48,247) |
Translation reserve | (188) | (203) | (165) |
Net loss for the period | (38,224) | (33,530) | (21,913) |
Total shareholders’ equity | 145,602 | 181,419 | 35,638 |
Non-current liabilities | |||
Long-term provisions | 347 | 214 | 163 |
Financial liabilities – non-current portion | 1,243 | 2,019 | 2,816 |
Deferred tax | 0 | 3 | 3 |
Total Non-current liabilities | 1,590 | 2,236 | 2,982 |
Current liabilities | |||
Financial liabilities – current portion | 776 | 824 | 50 |
Trade and other payables | 16,655 | 8,076 | 4,832 |
Other current liabilities | 3,217 | 2,706 | 1,465 |
Total current liabilities | 20,648 | 11,606 | 6,347 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | € 167,840 | € 195,261 | € 44,967 |
Consolidated Statements of Cash
Consolidated Statements of Cash flow - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows used in operating activities | |||
Net loss | € (38,224) | € (33,530) | € (21,913) |
Reconciliation of net loss and the cash used for operating activities | |||
Gain or loss on exchange (calculated) | (3,981) | 3,159 | 0 |
Amortization and depreciation | 797 | 532 | 425 |
Provision – non-current portion | 73 | 57 | 31 |
Expenses related to share-based payments | 2,449 | 1,769 | 1,178 |
Interest expense | 4 | 23 | 13 |
Income tax expense | 2 | (3) | 10 |
Change in trade and payables in foreign currency | 15 | (38) | |
Operating cash flow before change in working capital | (38,864) | (28,031) | (20,255) |
(Increase) decrease in inventories | (1,219) | (31) | 21 |
(Increase) decrease in trade and other receivables | 47 | 142 | 206 |
(Increase) decrease in other current assets | (8,321) | (1,266) | 1,181 |
Increase (decrease) in trade and other payables | 8,579 | 3,243 | 1,160 |
Increase (decrease) in other current liabilities | 508 | 1,241 | 154 |
Increase (decrease) in provisions - current portion | (81) | ||
Change in working capital | (407) | 3,329 | 2,641 |
Net cash flow used in operating activities | (39,270) | (24,702) | (17,614) |
Cash flows used in investing activities | |||
Acquisition of property, plant and equipment | (14,222) | (1,664) | (1,726) |
Acquisitions of intangible assets | (3) | (25) | (25) |
Acquisition of other non-current financial assets | (812) | (102) | (40) |
Disposal of property, plant and equipment | 0 | 0 | 0 |
Disposal of non-current financial assets | 5 | ||
Net cash flow used in investing activities | (15,037) | (1,791) | (1,786) |
Cash flows from (used in) financing activities | |||
Capital increases, net of transaction costs | 177,576 | 9,239 | |
Proceeds from borrowings | 421 | 2,717 | |
Repayment of borrowings | (818) | (452) | (563) |
Net cash flow from (used in) financing activities | (818) | 177,545 | 11,393 |
Change rate effect on cash in foreign currency | 3,981 | (3,183) | 19 |
Increase / Decrease in cash and cash equivalents | (51,144) | 147,869 | (7,988) |
Net cash and cash equivalents at the beginning of the period | 185,514 | 37,646 | 45,634 |
Net cash and cash equivalents at the closing of the period | 134,371 | 185,514 | 37,646 |
Supplemental disclosure of cash flows information | |||
Cash paid for interest | € 14 | € 115 | € 72 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - EUR (€) € in Thousands | Total | Amount | Premiums related to the share capital | Reserves | Translation reserve | Net (income) loss |
Beginning balance at Dec. 31, 2015 | € 47,133 | € 792 | € 95,932 | € (34,578) | € (15,013) | |
Net loss | (21,913) | (21,913) | ||||
Other comprehensive income | 1 | 166 | € (165) | |||
Total comprehensive loss | (21,912) | 166 | (165) | (21,913) | ||
Allocation of prior period loss | (15,013) | 15,013 | ||||
Issue of ordinary shares | 81 | 81 | ||||
Additional paid in capital | 9,158 | 9,158 | ||||
Share-based payment | 1,178 | 1,178 | ||||
Ending balance at Dec. 31, 2016 | 35,638 | 873 | 105,090 | (48,247) | (165) | (21,913) |
Net loss | (33,530) | (33,530) | ||||
Other comprehensive income | (33) | 5 | (38) | |||
Total comprehensive loss | (33,563) | 5 | (38) | (33,530) | ||
Allocation of prior period loss | (21,913) | 21,913 | ||||
Issue of ordinary shares | 921 | 921 | ||||
Additional paid in capital | 176,655 | 176,655 | ||||
Share-based payment | 1,769 | 1,769 | ||||
Ending balance at Dec. 31, 2017 | 181,419 | 1,794 | 281,745 | (68,386) | (203) | (33,530) |
Net loss | (38,224) | (38,224) | ||||
Other comprehensive income | (42) | (58) | 15 | |||
Total comprehensive loss | (38,266) | (58) | 15 | (38,224) | ||
Allocation of prior period loss | (33,530) | 33,530 | ||||
Issue of ordinary shares | 0 | 0 | 0 | |||
Share-based payment | 2,449 | 2,449 | ||||
Ending balance at Dec. 31, 2018 | € 145,602 | € 1,794 | € 281,745 | € (99,524) | € (188) | € (38,224) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017EUR (€) | Nov. 30, 2017USD ($) | Apr. 30, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Statement Of Changes In Equity [Abstract] | ||||
Proceeds from fund rasing, net of trasaction cost | € 112 | $ 130 | € 65 | € 9 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Description Of Business [Abstract] | |
Description of the Business | 1. D escription of the business ERYTECH Pharma S.A. (“ ERYTECH Company innovative red blood cell-based therapeutics for cancer and orphan diseases The Company completed its initial public offering on Euronext Paris in May 2013, raising €17.7 million and a follow-on offering of €30.0 million (on a gross basis before deducting offering expenses), in October 2014. The initial public offering triggered the conversion of the totality of the convertible bonds previously issued. Two private placements of respectively 940,000 ordinary and 793,877 ordinary shares for €25.4 million and €9.9 million (on a gross basis before deducting offering expenses) were completed in December 2015 and 2016 with institutional investors in the United States and in Europe. In April 2017, the Company completed a follow-on offering of €70.5 million (on a gross basis before deducting offering expenses). The Company completed an initial public offering on the Nasdaq Global Select Market raising €124 million ($144 million on a gross basis before deducting offering expenses). The Company has incurred losses and negative cash flows from operations since its inception and had shareholders’ equity of €145,602 thousand as at December 31, 2018 as a result of several financing rounds, including an initial public offering. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates in development. Substantial additional financing will be needed by the Company to fund its operations and to commercially develop its product candidates. The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its research and development; (ii) regulatory approval and market acceptance of the Company’s proposed future products; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new debt or equity instruments. The accompanying consolidated financial statements and related notes (the “ Consolidated Financial Statements Major events of 2018 Business February 2018: • The Company announced the selection of triple negative breast cancer as the next target indication for broadening the scope of eryaspase (GRASPA®) development in solid tumors. April 2018: • Presentation of the full results from the U.S. Phase 1 clinical trial evaluating eryaspase (GRASPA®) in combination with chemotherapy for the treatment of acute lymphoblastic leukemia (ALL) and pre-clinical data on the erymethionase program. June 2018: • The Company presented pharmacodynamic characterization data from its Phase 2/3 clinical trial of eryaspase (GRASPA®) in combination with chemotherapy for the treatment of relapsed ALL. • The Company presented preclinical data on the enzymatic activity of eryaspase (GRASPA®) for the treatment of relapsed ALL and results of the Phase 2b clinical trial evaluating eryaspase (GRASPA®) for the treatment of acute myeloid leukemia (AML). • The Company announced that it will focus its development efforts for the product candidate eryaspase on the potential treatment of selected solid tumor indications. The Company also announced its plans to cease the development program for eryaspase in ALL, including the withdrawal of its previously submitted European MAA for eryaspase for the treatment of relapsed and refractory ALL. • The Company signed a lease agreement in order to establish a manufacturing facility in the United States (Princeton, New Jersey). September 2018: • The Company announced that the first three patients were enrolled in the pivotal Phase 3 clinical trial, named TRYbeCA1, evaluating the lead product candidate eryaspase for the treatment of second-line metastatic pancreatic cancer. November 2018: • The Company announced a strategic partnership with New York Blood Center (NYBC) for red blood cell (RBC) supply and research, enabling the Company to diversify and broaden its supply of RBC source materials for the production of eryaspase and future product candidates derived from its proprietary ERYCAPS® platform as the Company ramps up clinical development. Management January 2018: • Grant of 40,500 warrants to members of the board of directors , May 2018: • The Company strengthened its executive team with the appointment of Alex Dusek as Vice President of Commercial Strategy. Mr. Dusek brings 25 years of experience in market access, product marketing and sales across small biotech start-ups and multi-national pharmaceutical companies. September 2018: • Grant of 24,000 stock options to executives. Major events of 2017 April 2017: • The Company completed a private placement of 3,000,000 ordinary shares with investors in the United States and Europe, for total gross proceeds of approximately €70.5 million. November 2017: • The Company completed an underwritten global offering of an aggregate of 6,180,137 ordinary shares, including the full exercise of the underwriters’ options to purchase additional shares, for gross proceeds of $144 million. The global offering consisted of a U.S. initial public offering of 5,389,021 American Depositary Shares, each representing one ordinary share and a concurrent private placement in Europe and other countries outside of the United States and Canada of 791,116 ordinary shares. The net proceeds from the global offering were approximately €112 million ($130 million). Major events of 2016 December 2016: • The Company completed a private placement of 793,877 ordinary shares with investors in the United States and Europe, for total gross proceeds of approximately €10 million. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Basis Of Presentation [Abstract] | |
Basis of Preparation | 2. B asis of preparation The Consolidated Financial Statements as of December 31, 2016, 2017 and 2018 have been prepared under the responsibility of the management of the Company in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase. The general accounting conventions were applied in compliance with the principle of prudence, in accordance with the underlying assumptions namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with IFRS, as defined below. All amounts are expressed in thousands of euros, unless stated otherwise. |
Statement of Compliance
Statement of Compliance | 12 Months Ended |
Dec. 31, 2018 | |
Statement Of Compliance [Abstract] | |
Statement of Compliance | 3. Statement of compliance The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“ IFRS IASB Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Consolidated Financial Statements of the Company are also prepared in accordance with IFRS, as adopted by the European Union (EU). As of December 31, 2018, all IFRS that the IASB had published and that are mandatory are the same as those endorsed by the EU and mandatory in the EU. As a result, the Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU. IFRS include International Financial Reporting Standards (IFRS), International Accounting Standards (“ IAS SIC IFRIC The Company adopted the following standards, amendments and interpretations that are applicable as at January 1, 2018: • IFRS 15 – Revenue from contracts with customers; • Clarifications to IFRS 15; • IFRS 9 – Financial instruments; • IFRIC 22 – Foreign currency transactions and advance consideration; • Amendments to IFRS 2 - Classification and measurement of share-based payment transactions; • Amendments to IFRSs 2014-2016 - Cycle, for amendments effective for annual periods beginning on or after January 1, 2018. These new texts did not have any significant impact on the Company’s results or financial position. The standards and interpretations that are optionally applicable as at December 31, 2018 were not applied in advance. Recently issued accounting pronouncements that may be relevant to the Company’s operations but have not yet been adopted are as follows: • IFRS 16 - Leases; • IFRIC 23 – Uncertainty over income tax treatments; • Amendments to IFRS 9 – Prepayment features with negative compensation; • Amendments to IAS 28 – Long term Interests in Associates and Joint Ventures; • Amendments to IAS 19 - Plan Amendment, Curtailment or Settlement; • Annual Improvements to IFRS Standards 2015-2017 Cycle. The Company does not anticipate any significant impact on its financial statements from the first-time adoption of these new standards, with the exception of IFRS 16. IFRS 16 eliminates the distinction between operating leases and finance leases and requires all leases to be recognized on the lessee’s balance sheet, in the form of an asset (representing the right to use the rented asset during the duration of the contract) and of a liability (corresponding to the future lease payments). The standard will also impact the presentation of the income statement (allocation of expense between operating loss and financial charges) and of the cash flow statement (allocation of cash outflows between cash flow from operating activities and cash flow from financing activities). The Company expects that it will apply the modified retrospective approach. Under this approach, the cumulative effect of initially applying IFRS 16 is recognized as an adjustment to equity at the transition date (January 1, 2019). At the day of approval of the consolidated financial statements, the Company estimates that the first application of IFRS 16 will lead to an increase of the financial liabilities of the Company of approximately €7 million as of January 1, 2019. These estimates may be revised in light of the ongoing changes of premises both in France and in the United States. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Significant Accounting Policies | 4. Significant accounting policies 4.1 Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements ( IFRS 10 Details of the Company’s subsidiary as of December 31, 2018 are as follows: Date of Percent of Accounting ERYTECH Pharma, Inc. April 2014 100% Fully consolidated 4.2 Intercompany transactions Transactions involving reciprocal assets and liabilities, as well as income and expense, between ERYTECH and ERYTECH Pharma, Inc. are eliminated in the Consolidated Financial Statements. 4.3 Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “ Parent Company Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency (euros) at the rate of exchange applicable on the transaction date. At period-end, foreign currency monetary assets and liabilities are converted at the rate of exchange prevailing on that date. The resulting exchange gains or losses are recorded in the Consolidated Statements of Income in “Financial income (loss)”. The loan in U.S. dollars from the Parent Company to ERYTECH Pharma, Inc. is considered as part of the net investment in a foreign operation. Exchange differences on this loan are recognized in other comprehensive income. 4.4 Consolidated statements of cash flows The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities. Operating activities correspond to the Company primary income-generating activities and all the other activities that do not meet the investment or financing criteria. The Company has decided to classify grants received such as the Research Tax Credit ( Credit d’Impôt Recherche Cash flows associated with investment activities correspond to cash flows associated with the purchase of property, plant and equipment, net of asset supplier payables, and with the disposal of assets and other investments. Financing activities are operations that result in changes in the amount and composition of the share capital and borrowings of the entity. Capital increases and the obtaining or repayment of loans are classified under this category. The Company has chosen to classify the conditional advances under this category. The increases in assets and liabilities with non-cash effects are eliminated. As such, the assets financed through a finance lease are not included in the investments for the period presented. The decrease in financial liability associated with leases is therefore included under the caption ‘repayment of borrowings’ for the period. 4.5 Use of estimates and judgments Preparation of the financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 4.15 and Note 5.3). 4.6 Intangible assets Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets IAS 38 An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met: (a) it is technically feasible to complete the development project; (b) intention on the part of the Company to complete the project and to utilize it; (c) capacity to utilize the intangible asset; (d) proof of the probability of future economic benefits associated with the asset; (e) availability of the technical, financial, and other resources for completing the project; and (f) reliable evaluation of the development expenses. The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria. Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented. Other intangible assets Other intangible assets are recorded at their acquisition cost plus costs directly attributable to the preparation of the asset for its intended use. Other intangible assets mainly comprised costs of modeling studies of a new production process and costs of acquisition of software licenses. As the new production process relates to equipment that is not yet constructed, the amortization will begin on the date the equipment will be available for use (i.e. when it is in the location and condition necessary for it to be capable of operating). In the meantime, an impairment test will be performed (see Note 4.8). Intangible assets with a finite life are amortized on the basis of the straight-line method over their estimated useful life. Intangible assets Item Amortization period Software 1 to 5 years 4.7 Property, plant and equipment Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management. Property, plant, and equipment are depreciated on the basis of the straight-line method over the estimated useful life of the property. The fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. The depreciation periods used are the following: PROPERTY, PLANT, AND EQUIPMENT ITEM DEPRECIATION PERIOD Industrial equipment Fixtures and improvements in structures 1 to 5 years 3 to 10 years Office equipment 3 years Furniture 3 to 5 years The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern. 4.8 Impairment tests According to IAS 36 Impairment of Assets IAS 36 The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. The intangible assets that are not amortized are tested for impairment at the end of the period in which they are acquired, subsequently annually and whenever there is an indication that the intangible asset may be impaired. An impairment is recognized in the Consolidated Financial Statements up to the amount of the excess of the value over the recoverable value of the asset. 4.9 Financial assets and liabilities – Measurement and Presentation The valuation and the accounting treatment of the financial assets and liabilities are defined by IFRS 9 Financial Instruments IFRS 9 Receivables These instruments are initially recognized in the Consolidated Financial Statements at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR The Company recognizes loss allowances for expected credit losses (“ ECL Financial liabilities at the amortized cost Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Presentation of financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement IFRS 13 • Level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities; • Level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market; • Level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities. 4.10 Inventories In compliance with the IAS 2 Inventories IAS 2 First-In First-Out 4.11 Cash and cash equivalents The item “cash and cash equivalents” in the consolidated statement of financial position includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value. The cash equivalents classification is made if the following criteria are fulfilled: • held for the purpose of meeting short term cash commitments rather than for investment or other purposes. • exit options exist: o exercisable at any time at least every three months o initially included in the contract and this exit option is always provided in the initial contract o exercisable without exit penalty and without significant risk of change in the amount received as cash reimbursement • there is no value risk related to the level of minimum compensation acquired (i.e. that obtained in the event of early exit) because over the entire duration and at each moment this remuneration will be identical to that obtained from an investment of no more than three months that meets the definition of a cash equivalent. This can be the case when the rate is variable or revisable. They are recorded as assets in cash equivalents, measured at their fair value, and the changes in value are recognized through financial income or loss. 4.12 Provisions A provision is recognized where the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current liabilities. The provisions are discounted when the impact is material. Provisions recognized in the consolidated statement of financial position mainly include obligations pertaining to retirement indemnities and provisions for risks. Disclosure is made in the detailed notes on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. Provisions for retirement indemnities—defined benefit plans The employees of the Company receive the retirement benefits stipulated by law in France: • a compensation paid by the Company to employees upon their retirement (defined-benefit plan) and; • a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France). For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits. The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses. The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable. Provisions for risks The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain. The amount recognized in the Consolidated Financial Statements as a provision is the best estimate of the expenses necessary to extinguish the obligation. 4.13 Lease agreements The leases involving property, plant, and equipment are classified as finance lease agreements when the Company bears substantially all the benefits and risks inherent in the ownership of the property. The assets that are covered under finance lease agreements are capitalized as of the beginning date of the rental agreement on the basis of the fair value of the rented asset or the discounted values of the future minimum payments, whichever is lower. Each rental payment is distributed between the debt and the financial cost in such a manner to determine a constant interest rate on the principal that remains due. The corresponding rental obligations, net of the financial expenses, are classified as financial liabilities. The property, plant, or equipment acquired within the framework of a finance lease agreement is amortized over the useful life or the term of the lease agreement, whichever is shorter. The rental agreements for which a significant portion of the risks and advantages is preserved by the lessor are classified as operating leases. The payments made for these operating leases, net of any incentive measures, are recognized as expenses on the consolidated statement of income (loss) on a straight-line basis over the term of the agreement. 4.14 Share capital Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax. 4.15 Share-based payment The Company has applied IFRS 2 Share-based payment IFRS 2 AGA SO BSA BSPCE Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGA valuation) and Cox-Ross-Rubinstein valuation model (for 2016 and 2017 BSA valuation). These models allow the Company to take into account the characteristics of the plan (exercise price, vesting period), the market data at the grant date (volatility, expected dividends, repo margin), possible performance conditions attached to warrants and recipient behavior assumptions. 4.16 Presentation of the statement of income (loss) The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is the research and development. As a consequence, only “research and development expenses” and “general administrative expenses” functions are considered to be representative. This distinction reflects the analytical assignment of the personnel, external expenses and depreciation and amortization. The detail of the expenses by nature is disclosed in Note 5.2. 4.17 Operating income Research tax credit The research tax credit ( Crédit d’Impôt Recherche CIR Research Tax Credit The Company benefits from the Research Tax Credit since its inception. The CIR is presented under other income in the consolidated statement of income (loss) as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 20 Subsidies and conditional advances Due to the innovative nature of its product candidate development programs, the Company has benefited from certain sources of financial assistance from Banque Publique d’Investissement BPI France The funds received by the Company are intended to finance its research and development efforts and the recruitment of specific personnel. The Company has received such funding in the form of non-refundable subsidies and conditional advances. Subsidies Subsidies received are grants that are not repayable by the Company and are recognized in the financial statements as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received. Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates. A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized in the Consolidated Financial Statements as other income when there exists reasonable assurance that the subsidies will be received. Conditional advances Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Each award of an advance is made to help fund a specific development milestone. The details concerning the conditional advances are provided in Note 6.10. Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows. The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity. The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success as described in Note 6.10 is used to determine the amount recognized annually as a finance cost. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized. The conditional advances that can be subject to this type of modification are the advances received from BPI France, presented in Note 6.10. Other income The standard IFRS 15 Revenue from contracts with customers (“IFRS 15”) Revenue IAS 18 For each of its partnership agreements, the Company determines if it acts as a principal or as an agent. Partnership with Orphan Europe AML clinical trial As a result of its prior partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“ AML The Company considered that, within the context of this partnership, it acted as agent regarding these reinvoiced external costs, as: • The Company did not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“ CRO • The Company bore no inventory risk, • The Company had no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it was not affected by any price changes applied by the suppliers. Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial. Consequently, for all the years presented: • The re-invoicing of external costs to Orphan Europe is presented as a decrease in corresponding research and development expenses incurred by the Company; • The invoicing of internal costs to Orphan Europe is presented in other income. Partnership with Orphan Europe NOPHO clinical trial Within the context of this agreement, Orphan Europe agreed to finance the NOPHO study for a total amount of €600 thousand. This amount is recognized in “other income” in the statement of income (loss) for all the years presented. 4.18 Financial income and expense Financial results relate to loans, gains and losses on exchange rate variations and other financial debts (notably overdrafts and finance leases) and includes interest expenses incurred on financial liabilities and the related amortization of debt issuance costs, and income received from cash and cash equivalents. 4.19 Income taxes Current taxes Considering the level of tax loss of the Company, no current tax expense is recognized. Deferred taxes Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end. Deferred tax assets and liabilities are not discounted and are classified in the consolidated statement of financial position under non-current assets and liabilities. In addition, the Parent Company, as an entity incorporated in France, is subject to the territorial economic contribution ( Contribution Economique Territoriale—CET cotisation foncière des entreprises—CFE cotisation sur la valeur ajoutée des entreprises—CVAE • the corporate real estate contribution, the amount of which depends on property rental values and which can, where applicable, have a ceiling at a percentage of the value added, presents significant similarities to the former business tax and is recognized under operating expenses; • the corporate value-added contribution meets, based on the Company’s analysis, the definition of an income tax as established under IAS 12 Income Taxes IAS 12 • in conformity with the provisions of IAS 12, qualification of the corporate value-added contribution as an income tax leads to the recognition of deferred taxes relative to temporary differences existing at year end, with a contra-entry of a net expense in that year’s statement of net income (loss). Where applicable, this deferred tax expense is presented on the line income tax. For the moment, the Company does not pay the CVAE. 4.20 Earnings per share The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period. The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 5.3 and 6.8. Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued have been considered anti-dilutive. 4.21 Segment reporting In accordance with IFRS 8 Operating Segments The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future. The assets, liabilities, and operating loss realized are primarily located in France. 4.22 Off-balance sheet commitments The Company has defined and implemented monitoring for its off-balance sheet commitments so as to know their nature and object. Off-balance sheet items identified mainly relate to: • future costs relate to clinical trials for which recruitment has begun, • operating leases, purchase and investment commitments. 4.23 Events After the Close of the Reporting Period The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. Modifications can be made until the date the Consolidated Financial Statements are approved and authorized for issuance by the Board of Directors. January 2019: • Grant of 36,150 free shares and 38,025 stock options to employees. The Company evaluated subsequent events that occurred after December 31, 2018 through the date of approval and authorization of issuance of the Consolidated Financial Statements. The Company took into account the main remarks of the tax authorities as part of the on-going tax audit in France in the Consolidated Financial Statements as of December 31, 2018. |
Notes Related to the Consolidat
Notes Related to the Consolidated Statement of Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Analysis Of Income And Expense [Abstract] | |
Notes Related to the Consolidated Statement of Income (Loss) | 5 . Notes related to the consolidated statement of income (loss) 5.1 Operating income Operating income consists of the following: For the year ended December 31, (in thousands of euros) 2016 2017 2018 Research Tax Credit 3,347 3,187 4,375 Subsidies 463 — — Other income 327 178 72 Total 4,138 3,364 4,447 Research Tax Credit (“CIR”) The increase of the CIR between 2017 and 2018 is linked to the increase of the clinical trial expenses. Between 2016 and 2017, there was an increase in the Company’s clinical trial expenses, but this increase related mainly to vendors that were not eligible for the CIR. Therefore, the increase in clinical trial expenses did not result in an increase in the CIR between 2016 and 2017. Subsidies The Company received subsidies through the TEDAC project financed by BPI France in 2016. The 5 th Other income Other income mainly comprised: • the re-invoicing of the internal costs incurred by the Company within the context of the AML study in 2016; and • the income linked to the part of the NOPHO study financed by Orphan Europe in 2017 and 2018. The global amount financed by Orphan Europe is €600 thousand for the NOPHO study. 5.2 Operating expenses by nature For the year ended December 31, 2016 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Consumables 2,071 917 1,153 66 2,136 Rental and maintenance 645 161 484 511 1,156 Services, subcontracting and fees 11,409 3,000 8,410 2,793 14,203 Personnel expenses 5,282 1,212 4,070 2,713 7,995 Other 35 8 27 577 613 Depreciation and amortization 277 25 252 148 425 Total 19,720 5,323 14,397 6,808 26,528 For the year ended December 31, 2017 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Consumables 2,391 1,859 532 148 2,539 Rental and maintenance 636 140 496 894 1,531 Services, subcontracting and fees 14,175 1,768 12,407 2,867 17,042 Personnel expenses 7,916 2,089 5,828 3,688 11,604 Other 81 37 44 927 1,008 Depreciation and amortization 263 94 169 266 530 Total 25,463 5,987 19,476 8,791 34,254 For the year ended December 31, 2018 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Consumables 1,789 1,061 728 33 1,822 Rental and maintenance 805 279 526 1,584 2,389 Services, subcontracting and fees 19,632 5,043 14,589 5,409 25,041 Personnel expenses 10,914 3,013 7,901 5,925 16,838 Other 67 38 30 1,122 1,189 Depreciation and amortization 260 68 192 529 789 Total 33,468 9,502 23,965 14,600 48,068 The increase in operating expenses between 2016 and 2017 is mainly due to: • The increase in external services (€2,839 thousand) mainly linked to the MAA re-submission, the Phase 2 clinical trial of eryaspase for the treatment of AML and the Phase 2 clinical trial of eryaspase for the treatment of pancreatic cancer; and • The increase in personnel expenses of €3,609 thousand (see Note 5.3). The increase in operating expenses between 2017 and 2018 is mainly due to: • The increase in external services (€7,999 thousand), mainly linked to the ongoing clinical trials of eryaspase for the treatment of solid tumors, particularly related to the commencement of the Phase 3 clinical trial for the treatment of pancreatic cancer in September 2018; and • The increase in personnel expenses of €5,234 thousand (see Note 5.3). 5.3 Personnel expenses For the year ended December 31, 2016 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Wages and salaries 3,371 701 2,670 1,486 4,857 Share-based payments (employees and executives) 674 142 532 490 1,164 Social security expenses 1,237 369 868 736 1,973 Total personnel expenses 5,282 1,211 4,070 2,713 7,995 For the year ended December 31, 2017 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Wages and salaries 5,229 1,200 4,028 1,990 7,218 Share-based payments (employees and executives) 833 292 541 642 1,475 Social security expenses 1,854 596 1,259 1,057 2,911 Total personnel expenses 7,916 2,088 5,828 3,688 11,604 For the year ended December 31, 2018 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Wages and salaries 7,279 1,887 5,393 3,721 11,000 Share-based payments (employees and executives) 1,158 334 824 849 2,007 Social security expenses 2,476 792 1,684 1,355 3,831 Total personnel expenses 10,914 3,013 7,901 5,925 16,838 The increase in personnel expenses for the years presented is mainly due to an increase in employee staff. The weighted average full-time employees for the year was 66 in 2016, 98 in 2017 and 138 in 2018. Share-based payments (IFRS 2) Share-based awards have been granted to the directors, to certain employees, as well as to members of the Board of Directors in the form of share subscription warrants (“ BSA SO AGA BSPCE Founder subscription warrants (“BSPCE”) plan The type of founder subscriptions warrants issued by the Company are the following: Types of securities BSPCE 2012 BSPCE 2014 Number of warrants granted 33,787 19,500 Number of warrants exercised 16,811 1,500 Number of warrants forfeited 0 1,090 Exercise price per new share subscribed (in €) Depends on the grant date Final date for exercising warrants May 20, 2020 January 22, 2024 Parity 1 warrant for 10 shares 1 warrant for 10 shares Maximum number of new shares that can be issued as of December 31, 2018 169,760 169,100 In the event of a beneficiary departure from the Company for any reason whatsoever, this beneficiary shall retain the BSPCE 2014 2014 2014 2014 Following the resignation of the Company’s former chief scientific officer in January 2016, 1,000 BSPCE of the 3,000 BSPCE initially granted have been forfeited and will not be granted. The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in May 2016 Number of warrants 5,000 BSPCE 2014 Exercise price €24.75 Price of the underlying share €24.75 Risk free interest rate -0.18% to -0.11% Expected dividends 0% Volatility (1) 21.25% to 22.27% Expected term 5 to 5.51 years Fair value of the plan (in thousands of euros) 636 (1) based on the historical volatility observed on the NextBiotech index Share subscription warrants (“BSA”) plan Types of securities BSA 2012 BSA 2014 BSA 2016 BSA 2017 Number of warrants granted 10,760 3,000 60,000 95,500 Number of warrants exercised 6,742 100 0 0 Exercise price per new share subscribed (in €) 7,362 12,250 Depends on the grant date Parity 1 warrant for 10 shares 1 warrant for 10 shares 1 warrant for 1 share 1 warrant for 1 share Vesting period NA NA Tranche 1: 1 year Tranche 2: 2 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Maximum number of new shares that can be issued as of December 31, 2018 40,180 29,000 60,000 95,500 The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in October 2016 Grant in January 2017 Grant in June 2017 Grant in January 2018 Number of warrants 45,000 BSA 2016 15,000 BSA 2016 55,000 BSA 2017 40,500 BSA 2017 Exercise price 18.52€ 13.46€ 26.47€ 18.00€ Price of the underlying share 18.52€ 15.51€ 28.25€ 18.00€ Attrition rate 0.00% 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% 0.00% Volatility (1) 45.00% 48.00% 48.00% 43.94% Repo margin 5.00% 5.00% 5.00% n/a Expected term 3 years 3 years 3 years T1 : 5,5 years T2 : 6 years T3 : 6,5 years Fair value of the plan (in thousands of euros) 198 58 394 300 ( 1 ) based on the historical volatility observed on the ERYP index on Euronext Stock options (“SO”) plan Types of securities SO 2016 SO 2017 SO 2018 Number stock options granted 95,499 119,403 24,000 Number of stock options forfeited 28,500 25,839 0 Number of tranches 2 2 2 Vesting period Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Maximum number of new shares that can be issued as of December 31, 2018 66,999 93,564 24,000 The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in October 2016 Grant in January 2017 Grant in June 2017 Number of options 44,499 SO 2016 3,000 SO 2016 18,000 SO 2016 22,200 SO 2017 Exercise price 18.52€ 15.65€ 26.47€ Price of the underlying share 18.52€ 15.51€ 28.25€ Attrition rate 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% Volatility (1) 45.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Expected term 3 years 3 years 3 years Fair value of the plan (in thousands of euros) 202 13 308 Grant in October 2017 Grant in January 2018 Grant in September 2018 Number of options 30,000 SO 2016 97,203 SO 2017 24,000 SO 2018 Exercise price 23.59€ 18.00€ 9.26€ Price of the underlying share 24.70€ 18.00€ 8.75€ Attrition rate 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% Volatility (1) 48.00% 43.94% 41.59% Repo margin 5.00% n/a n/a Expected term 3 years T1 : 6 years T2 : 6,5 years T1 : 6 years T2 : 6,5 years Fair value of the plan (in thousands of euros) 208 731 80 (1) based on the historical volatility observed on the ERYP index on Euronext Free shares (“AGA”) plan Types of securities AGA 2016 AGA 2017 Number of free shares granted 192,063 188,415 Number of free shares forfeited 12,733 15,675 Number of free shares acquired 10,050 0 Number of tranches 3 3 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Maximum number of new shares that can be issued as of December 31, 2018 169,280 172,740 The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in October 2016 Grant in January 2017 Grant in June 2017 Number of shares 111,261 AGA 2016 15,000 AGA 2016 8,652 AGA 2016 74,475 AGA 2017 Price of the underlying share 18.52€ 15.51€ 28.25€ Attrition rate 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% Volatility (1) 45.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Expected term 3 years 3 years 3 years Performance criteria (2) (3) (3) Fair value of the plan (in thousands of euros) 974 115 1,081 Grant in October 2017 Grant in January 2018 Number of shares 16,650 AGA 2016 40,500 AGA 2016 113,940 AGA 2017 Price of the underlying share 24.70€ 18.00€ Attrition rate 0.00% 0.00% Expected dividends 0.00% 0.00% Volatility (1) 48.00% 42.17% Repo margin 5.00% 5.00% Expected term 3 years 3 years Performance criteria (3) (4) Fair value of the plan (in thousands of euros) 180 1,145 (1) based on the historical volatility observed on the ERYP index on Euronext; (2) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date • ERYP2016: average price of the 40-quoted market share price days before the grant date, which was €20.22 at the grant date • ERYPi : average price of the 40-quoted market share price days before the acquisition date, • Tri: ERYPi / (ERYP2016-1) • If TRi <=0 % no shares granted are acquired • If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage (3) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date • ERYP2017: average price of the 40-quoted market share price days before the grant date (€13.46 for the plan granted in January 2017, €26.47 for the plan granted in June 2017, €24.48 for the plan granted in October 2017) • ERYPi : average price of the 40-quoted market share price days before the acquisition date, • Tri: ERYPi / (ERYP2017-1) • If TRi <=0 % no shares granted are acquired • If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage (4) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date • ERYP2018: average price of the 40-quoted market share price days before the grant date, which was €20.12 at the grant date • ERYPi : average price of the 40-quoted market share price days before the acquisition date, • Tri: ERYPi / (ERYP2018-1) • If TRi <=0 % no shares granted are acquired • If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage Summary of outstanding instruments Number of outstanding options with a ratio of 1 option = 10 shares December 31, 2016 December 31, 2017 December 31, 2018 Number of options Weighted-average exercise price Number of options 2017 Weighted-average exercise price Number of options 2018 Weighted-average exercise price Outstanding at January 1 45,533 € 97.62 42,524 € 98.01 40,804 € 97.34 Granted during the year — € 0.00 — € 0.00 — € 0.00 Forfeited during the year (1,593 ) € 122.50 — € 0.00 — € 0.00 Exercised during the year (1,416 ) € 75.52 (1,720 ) € 113.55 — € 0.00 Outstanding at December 31 42,524 € 98.01 40,804 € 97.34 40,804 € 97.34 Exercisable at December 31 42,524 € 98.01 40,804 € 97.34 40,804 € 97.34 Number of outstanding options with a ratio of 1 option = 1 share December 31, 2016 December 31, 2017 December 31, 2018 Number of options Weighted-average exercise price Number of options 2017 Weighted-average exercise price Number of options 2018 Weighted-average exercise price Outstanding at January 1 — € 0.00 89,499 € 18.52 232,699 € 22.07 Granted during the year 89,499 € 18.52 143,200 € 24.29 161,703 € 16.70 Forfeited during the year — € 0.00 — € 0.00 (54,339 ) € 20.26 Exercised during the year — € 0.00 — € 0.00 — € 0.00 Outstanding at December 31 89,499 € 18.52 232,699 € 22.07 340,063 € 19.87 Exercisable at December 31 — € 0.00 — € 0.00 88,999 € 19.88 Number of outstanding free shares December 31, 2016 December 31, 2017 December 31, 2018 Outstanding at January 1 — 111,261 217,447 Granted during the year 111,261 114,777 154,440 Forfeited during the year — (1,017 ) (27,391 ) Acquired during the year — (7,574 ) (2,476 ) Outstanding at December 31 111,261 217,447 342,020 Breakdown of expenses per financial year Plan name Amount in P&L in euros thousands as of December 31, 2016 of which employees of which executives of which directors Grant in October 2016 151 71 80 TOTAL AGA 151 71 80 0 Grant in June 2015 187 187 Grant in October 2016 37 37 TOTAL BSA 224 0 187 37 Grant in January 2014 21 21 Grant in September 2015 261 261 Grant in May 2016 498 339 159 TOTAL BSPCE 780 339 441 0 Grant in October 2016 22 11 11 TOTAL SO 22 11 11 0 Total IFRS 2 expenses 1,178 421 719 37 Plan name Amount in P&L in euros thousands as of December 31, 2017 of which employees of which executives of which directors Grant in October 2016 533 250 283 Grant in January 2017 92 92 Grant in June 2017 348 156 192 Grant in October 2017 27 27 TOTAL AGA 1,000 433 567 0 Grant in June 2015 50 50 Grant in October 2016 126 126 Grant in January 2017 10 10 Grant in June 2017 165 165 TOTAL BSA 350 0 50 301 Grant in January 2014 7 7 Grant in September 2015 51 51 Grant in May 2016 138 94 44 TOTAL BSPCE 196 94 102 0 Grant in October 2016 90 45 44 Grant in January 2017 46 46 Grant in June 2017 65 44 21 Grant in October 2017 23 23 TOTAL SO 223 158 65 0 Total IFRS 2 expenses 1,769 685 784 301 Plan name Amount in P&L in euros thousands as of December 31, 2018 of which employees of which executives of which directors Grant in October 2016 219 103 116 — Grant in January 2017 31 — 31 — Grant in June 2017 483 222 262 — Grant in October 2017 99 99 — — Grant in January 2018 538 303 235 — TOTAL AGA 1,371 727 644 — Grant in October 2016 71 — — 71 Grant in January 2017 16 — — 16 Grant in June 2017 178 — — 178 Grant in January 2018 177 — — 177 TOTAL BSA 442 — — 442 Grant in October 2016 73 37 36 — Grant in January 2017 6 6 — — Grant in June 2017 137 96 41 — Grant in October 2017 92 92 — — Grant in January 2018 317 185 132 — Grant in September 2018 11 — 11 — TOTAL SO 636 416 220 — Total IFRS 2 expenses 2,449 1,142 865 442 5.4 Depreciation and amortization expense For the year ended December 31, 2016 2017 2018 (in thousands of euros) Clinical studies 252 169 192 Other research and development expenses 26 94 68 Research and development expenses 277 263 260 General and administrative expenses 148 266 529 Total 425 530 789 5.5 Financial income and expense For the year ended December 31, 2016 2017 2018 (in thousands of euros) Interest expense on finance leases (4 ) (8 ) (4 ) Interest expense related to borrowings — (7 ) (5 ) Interest expense on repayable loan — — — Other finance expenses (66 ) (3,168 ) (19 ) Total financial expenses (70 ) (3,183 ) (29 ) Income from short term deposits 545 405 163 Other finance income 13 134 5,264 Total financial income 558 539 5,427 Financial income (expenses), net 488 (2,644 ) 5,399 Other financial income and expenses related mainly to: • a foreign currency exchange loss of €43 thousand in 2016, • a foreign currency exchange loss of €3,026 thousand in 2017, • a foreign currency gain €3,993 thousand and a gain on investments currency transactions on swaps of €1,254 thousand in 2018. The conversion into euros of the U.S. dollar bank account generated an expense of €3,159 thousand in 2017 and an income of €3,981 thousand in 2018. 5.6 Deferred tax balances Reconciliation of effective tax rate For the year ended December 31, 2016 2017 2018 (in thousands of euros) Loss before tax (21,902 ) (33,533 ) (38,224 ) Theoretical tax expense or income 7,541 11,545 10,703 Current year loss not capitalized (8,303 ) (12,071 ) (11,222 ) CICE (employment and competitiveness tax credit) not included in taxable income 24 34 35 Research tax credits 1,144 1,097 1,225 Tax rate differences (51 ) — Share-based compensation expense (398 ) (592 ) (686 ) Permanent differences (10 ) (54 ) Other differences 33 — (2 ) Effective tax (loss)/income (10 ) 3 (2 ) As of December 31, 2016, 2017 and 2018, the amount of accumulated tax loss carryforwards since inception was €80,281 thousand, €128,802 thousand and €175,955 thousand, respectively, with no expiration date. The tax proof has been calculated based on the French tax rate applicable to ERYTECH Pharma S.A. which is: • 34.43% for the financial years 2016 and 2017. • 28% for the financial year 2018. This rate will decrease gradually to reach 25% in 2022. |
Notes Related to the Consolid_2
Notes Related to the Consolidated Statements of Financial Position | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications Of Assets Liabilities And Equities [Abstract] | |
Notes Related to the Consolidated Statements of Financial Position | 6 Notes related to the consolidated statements of financial position 6.1 Intangible assets (in thousands of euros) As of January 1, 2018 Increase Decrease Reclassification As of December 31, 2018 Other intangible assets 234 3 1,596 1,833 Total gross value 234 3 — 1,596 1,833 Accumulated amortization and depreciation of intangible assets (181 ) (39 ) (220 ) Total accumulated amortization and depreciation (181 ) (39 ) — — (220 ) Total net value 53 (36 ) — 1,596 1,613 The reclassification of €1,596 thousand corresponds to expenses incurred as part of a new production process that were recognized in assets under construction as of December 31, 2017. (in thousands of euros) As of January 1, 2017 Increase Decrease Reclassification As of December 31, 2017 Other intangible assets 209 25 234 Total gross value 209 25 — — 234 Accumulated amortization and depreciation of intangible assets (152 ) (29 ) (181 ) Total accumulated amortization and depreciation (152 ) (29 ) — — (181 ) Total net value 57 (4 ) — — 53 (in thousands of euros) As of January 1, 2016 Increase Decrease Reclassification As of December 31, 2016 Other intangible assets 184 25 209 Total gross value 184 25 — — 209 Accumulated amortization and depreciation of intangible assets (122 ) (29 ) (152 ) Total accumulated amortization and depreciation (122 ) (29 ) (152 ) Total net value 61 (4 ) — — 57 6.2 Property, plant and equipment (in thousands of euros) As of January 1, 2018 Increase Decrease Reclassification As of December 31, 2018 Assets under construction 1,730 13,425 (1,596 ) 13,559 Plant, equipment, and tooling 2,094 490 — 2,584 General equipment, fixtures and fittings 1,855 152 — 2,007 Office equipment and computers 669 155 — 824 Total gross value 6,348 14,222 — (1,596 ) 18,974 Accumulated depreciation of plant, equipment and tooling (1,571 ) (248 ) (5 ) (1,824 ) Accumulated depreciation of general equipment, fixtures and fittings (1,116 ) (355 ) (1,471 ) Accumulated depreciation of office equipment and computers (255 ) (155 ) 5 (405 ) Total accumulated depreciation (2,942 ) (758 ) — — (3,700 ) Total net value 3,406 13,464 — (1,596 ) 15,274 The significant increase of assets under construction is mainly related to the establishment of a manufacturing facility in the United States (Princeton, New Jersey) for an amount of €11,873 thousand and the expansion of the manufacturing facility in France (Lyon) to increase production capacity for an amount of €1,194 thousand (in thousands of euros) As of January 1, 2017 Increase Decrease Reclassification As of December 31, 2017 Assets under construction 862 868 1,730 Plant, equipment, and tooling 1,824 270 2,094 General equipment, fixtures and fittings 1,466 389 1,855 Office equipment and computers 532 137 669 Total gross value 4,684 1,664 — — 6,348 Accumulated depreciation of plant, equipment and tooling (1,406 ) (165 ) (1,571 ) Accumulated depreciation of general equipment, fixtures and fittings (908 ) (208 ) (1,116 ) Accumulated depreciation of office equipment and computers (125 ) (130 ) (255 ) Total accumulated depreciation (2,439 ) (503 ) — — (2,942 ) Total net value 2,245 1,161 — — 3,406 (in thousands of euros) As of January 1, 2016 Increase Decrease Reclassification As of December 31, 2016 Assets under construction 44 862 (44 ) 862 Plant, equipment, and tooling 1,701 123 1,824 General equipment, fixtures and fittings 1,079 387 1,466 Office equipment and computers 134 398 532 Total gross value 2,958 1,770 (44 ) 4,684 Accumulated depreciation of plant, equipment and tooling (1,257 ) (149 ) (1,406 ) Accumulated depreciation of general equipment, fixtures and fittings (733 ) (175 ) (908 ) Accumulated depreciation of office equipment and computers (51 ) (74 ) (125 ) Total accumulated depreciation (2,041 ) (398 ) (2,439 ) Total net value 917 1,372 (44 ) 2,245 Net book value of plant equipment and tooling held under finance leases amounted to €92 thousand and €37 thousand as of December 31, 2016 and December 31, 2017, respectively. The net book value of plant equipment and tooling held under finance leases is null as of December 31, 2018. Net book value of office equipment and computers held under finance leases amounted to €111 thousand, €76 thousand and €37 thousand as of December 31, 2016, December 31, 2017 and December 31, 2018, respectively. 6.3 Other non-current financial assets As of December 31, 2016 2017 2018 (in thousands of euros) Deposits related to leased premises 132 168 446 Advance payments to suppliers — — 510 Other — 67 91 Total other non-current financial assets 132 234 1,046 Advance payments comprise payments made to service providers, especially Contract Research Organizations (“ CROs 6.4 Inventories As of December 31, 2016 2017 2018 (in thousands of euros) Production inventory 71 104 1,336 Laboratory inventory 74 72 59 Total inventory 145 176 1,396 The significant increase of production inventory between 2017 and 2018 is linked to the launch of the Phase 3 clinical trial in the pancreatic cancer indication (TRYbeCA1 study). 6.5 Trade and other receivables As of December 31, 2016 2017 2018 (in thousands of euros) Trade and other receivables 218 76 30 Total trade and other receivables 218 76 30 The receivables as of December 31, 2016 related mainly to the receivables on Orphan Europe within the context of the AML study. 6.6 Other current assets As of December 31, 2016 2017 2018 (in thousands of euros) Research Tax Credit 3,321 3,326 7,701 Tax receivables (e.g. VAT) and other receivables 863 1,114 1,949 Cash to be received from bank related to exercise of warrants — 23 — Prepaid expenses 339 1,327 4,461 Total other current assets 4,524 5,791 14,111 Research Tax Credit The Company benefits from the provisions in Articles 244 quater septies As of December 31, 2016, and December 31, 2017, the CIR receivables included Research Tax Credit of the relative periods. As of December 31, 2018, the CIR receivable included Research Tax Credit for the 2017 and 2018 financial years. The reimbursement is expected in 2019. Prepaid expenses Prepaid expenses mainly related to advances payments made to suppliers of asparaginase (€570 thousand as of December 31, 2017 and €3,180 thousand as of December 31, 2018). 6.7 Cash and cash equivalents As of December 31, (in thousands of euros) 2016 2017 2018 Cash and cash equivalents 37,646 185,525 134,371 Total cash and cash equivalents as reported in statement of financial position 37,646 185,525 134,371 Bank overdrafts — 11 — Total cash and cash equivalents as reported in statement of cash flow 37,646 185,514 134,371 At December 31, 2016, the cash position is composed of the following items: (i) €10.6 million in current accounts and (ii) €27.0 million in term deposits, with maturities of 1 month to 3 years, but readily available without penalty subject to a 32-day notice. At December 31, 2017, the cash position is composed of the following items: (i) €174.5 million in current accounts and (ii) €11.0 million in term deposits, with a maturity as of January 1, 2019, but readily available without penalty subject to a 32-day notice. At December 31, 2018, the cash position is composed of the following items: (i) €118.4 million in current accounts and (ii) €16.0 million in term deposits, with a maturity in January 2019. 6.8 Shareholders’ equity Our capital is managed to ensure that the Company will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. The capital structure consists of financial liabilities as detailed in Notes 6.10 offset by cash and bank balances and equity (comprising issued capital, reserves and retained earnings). The Company is not subject to any externally imposed capital requirements. As of December 31, 2018, the capital of the Parent Company consisted of 17,940,035 shares, fully paid up, with a nominal value of 0.10 euro. Nature of transactions Number of shares Balance as of January 1, 2016 7,924,611 Follow-on offering 793,877 Exercise of share warrants 14,160 Balance as of December 31, 2016 8,732,648 Exercise of share warrants 17,200 Free shares / stock options / share warrants 7,574 Private placement with institutional investors in April 3,000,000 Initial public offering (including 5,389,021 ordinary shares in the form of ADSs) 6,180,137 Total as of December 31, 2017 17,937,559 Free shares 2,476 Total as of December 31, 2018 17,940,035 The costs of issuing ordinary shares amounted to €16,722 thousand in 2017 and were deducted from the share premium increase. These costs were related to bank fees, legal counsels, advisors and auditors’ fees. Basic earnings per share and diluted earnings (loss) per share For the year ended December 31, (in thousands of euros) 2016 2017 2018 Net loss (in thousands of euros) (21,913 ) (33,530 ) (38,224 ) Weighted number of shares for the period (1) 7,983,642 11,370,557 17,937,481 Basic loss per share (€/share) (2.74 ) (2.95 ) (2.13 ) Diluted loss per share (€/share) (2.74 ) (2.95 ) (2.13 ) (1 ) after deduction of treasury shares (2,500 shares are held by the Company as treasury shares and recognized as a deduction of shareholders’ equity). At December 31, 2016, 2017 and 2018, the potential shares that could be issued (626,000, 858,186 and 1,090,123 as at December 31, 2016, 2017 and 2018, respectively) were not taken into consideration in the calculation of the diluted earnings, as their effect would be anti-dilutive. 6.9 Provisions The provisions can be detailed as follows: (amounts in thousands of euros) As of December 31, (in thousands of euros) 2016 2017 2018 Provision for retirement indemnities 163 214 347 Other provisions — — — Total provisions 163 214 347 The breakdown of provisions is as follows: In thousands of euros Opening Other (1) Provisions Reversals Closing Period from January 1 to December 31, 2016 Retirement indemnity provision 100 30 33 — 163 Provision for disputes 81 — — (81 ) — Net closing balance 181 30 33 (81 ) 163 Period from January 1 to December 31, 2017 Retirement indemnity provision 163 (8 ) 59 — 214 Net closing balance 163 (8 ) 59 — 214 Period from January 1 to December 31, 2018 Retirement indemnity provision 214 60 73 — 347 Net closing balance 214 60 73 — 347 (1) The “Other” differences relate to actuarial gains and losses Provision for retirement indemnities The regime for retirement indemnities applicable at the Parent Company, is defined by the collective agreement for the pharmaceutical industry in France. The Company recognizes actuarial differences in other comprehensive income. The pension commitments are not covered by plan assets. The portion of the provision for which the maturity is less than one year is not significant. As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 2016 2017 2018 Discount rate 1.36% 1.3% 1.57% Wage increase 2% 2% 2% Social welfare contribution rate Non-executive 44% Non-executive 44% Non executive 44% Executive 54% Executive 54% Executive 54% Expected staff turnover 0-10% 0-10% 0 - 10% Age of retirement: 65-67 years 65-67 years 65 - 67 years Mortality table INSEE 2014 INSEE 2014 INSEE 2014 Provision for disputes The Company has settled the dispute with BPI France related to the GR-SIL subsidy for €81 thousand as well as the residual conditional advance for €23 thousand. The reimbursement was made in January 2016 for €104 thousand. 6.10 Financial liabilities Financial liabilities by type As of December 31, (in thousands of euros) 2016 2017 2018 Financial liabilities related to finance leases 204 117 39 Bank overdrafts — 11 — Conditional advances 1,182 1,182 1,181 Bank loans 1,480 1,534 799 Total financial liabilities 2,865 2,843 2,019 Financial liabilities by maturity Maturity dates of financial liabilities as of December 31, 2016 are as follows: (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Financial liabilities Bank loans — 1,480 — — 1,480 Conditional advances — — — 1,182 1,182 Liabilities related to leases 50 154 — — 204 Total financial liabilities 50 1,634 — 1,182 2,865 Maturity dates of financial liabilities as of December 31, 2017 are as follows: (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Financial liabilities Bank loans 735 799 — — 1,534 Conditional advances — — — 1,182 1,182 Liabilities related to leases 79 39 — — 117 Bank overdrafts 11 — — — 11 Total financial liabilities 824 838 — 1,182 2,843 Maturity dates of financial liabilities as of December 31, 2018 are as follows: (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Financial liabilities Bank loans 738 62 — — 799 Conditional advances — — — 1,181 1,181 Liabilities related to leases 39 — — — 39 Total financial liabilities 776 62 — 1,181 2,019 Bank loans In 2017, the Company received a bank loan amounting to €1,900 thousand with Société Générale with a 0.4% interest rate and 36 monthly repayment terms to finance its investments. Conditional advances The conditional advances from public authorities relate to contracts with BPI France. The Company has three contracts related to conditional advances with BPI France. These advances are not interest-bearing and are 100% repayable (nominal value) in the event of technical and/or commercial success. Under IFRS, the fact that a conditional advance does not require an annual interest payment is akin to obtaining a zero-interest loan, i.e., more favorable than market conditions. The difference between the amount of the advance at its historical cost and that of the advance discounted at the risk-free rate (10 year forward bonds) increased by an estimated credit spread is considered to be a grant received from the State. These grants are recognized in the consolidated statement of net income (loss) over the estimated duration of the projects financed by these advances. The portion of the conditional advances due in more than one year is recorded under financial debts—non-current portion, while the portion due in less than one year is recorded under financial debts—current portion. Since its creation, the Company has received 3 conditional advances from BPI France, repayable under certain conditions. The main terms of the agreements as well as the balances as of December 31, 2016, 2017 and 2018 respectively are presented below: Conditional advances (in thousand of euros) BPI France - Pancreas BPI France - GR-SIL BPI France - TEDAC TOTAL Financial liabilities as of January 1, 2016 478 23 63 564 Repayment (485 ) (23 ) (508 ) Advances received 1,118 1,118 Interests 7 7 Financial liabilities as of December 31, 2016 — — 1,181 1,181 Interests — — — — Financial liabilities as of December 31, 2017 — — 1,181 1,181 Interests — — — — Financial liabilities as of December 31, 2018 — — 1,181 1,181 • BPI France / Pancreas The first conditional advance, granted by BPI France for a total amount of €735 thousand, related to the development of a new treatment against pancreatic cancer through the administration of allogenic red blood cells incorporating L-asparaginase program. The repayment of this conditional advance was according to a fixed payment schedule that ended on June 30, 2016 following the last payment of €260 thousand. This conditional advance is fully reimbursed as of December 31, 2018. • BPI France / GR-SIL The second conditional advance, granted by BPI France, which provided for a total amount of €135 thousand, concerns a program for the preclinical validation of the encapsulation of interfering RNA for therapeutic use in red blood cells, notably to limit inflammation of the cirrhotic liver and/or prevent the development of hepatocellular carcinomas. This conditional advance is fully reimbursed as of December 31, 2018. • BPI France / TEDAC The third conditional advance, granted by BPI France within the scope of the TEDAC project, is for a total amount of €4,895 thousand. This conditional advance is paid upon completion of the following key milestones: • €63 thousand upon signature of the agreement (received in 2012) • €1,119 thousand upon the milestones n°4 (received in 2016) • the remainder upon calls for funds when key milestones are reached (not yet received) The Company undertakes to repay BPI France initially: a) an amount of €5,281 thousand upon achieving cumulative sales (excluding VAT) equal to or greater than €10 million, according to the following payment schedule: • €500 thousand at the latest on June 30 of the first year in which the cumulative sales condition is achieved, • €750 thousand at the latest on June 30 of the second year, • €1,500 thousand at the latest on June 30 of the third year, • €2,531 thousand at the latest on June 30 of the fourth year, b) and, where applicable, an annuity equal to 50% of the income generated through the sale of intellectual property rights resulting from the project, within the limit of a total repayment of €5.3 million. In a second phase, when the cumulative sales reach €60 million, the Company undertakes to pay BPI France 2.5% of sales generated by the products developed within the project, limited to a total amount of €15 million over 15 years once sales begin. 6.11 Trade and other payables As of December 31, (in thousands of euros) 2016 2017 2018 Domestic vendors 2,802 2,335 3,013 Foreign vendors 745 2,631 10,389 Vendors—Accruals 1,292 3,211 3,253 Other (7 ) (101 ) — Total trade and other payables 4,832 8,076 16,655 The increase of trades and other payables over the years presented is mainly due to the increase of the expenses incurred by the Company as part of its clinical trials. 6.12 Other current liabilities As of December 31, (in thousands of euros) 2016 2017 2018 Social liabilities, taxation and social security 1,465 2,706 3,148 Deferred revenue — — 16 Other payables — — 53 Total other current liabilities 1,465 2,706 3,217 The increase of social liabilities, taxation and social security is mainly due to the increase of wages and headcounts over the periods presented. 6.13 Related parties Related parties include the Chief Executive Officer (CEO) of the Company (Gil Beyen), the Vice President (Jérôme Bailly), members of the Board of Directors (6 Board members in addition to the CEO) and members of the executive committee (5 members in addition to the CEO and the Vice President). The remuneration of directors and other members of the executive committee was as set forth in the table below. 2016 2017 2018 In thousand of euros Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Executive officers / VP and Qualified person 498 15 226 654 19 306 692 26 337 Executive committee 818 10 495 1,519 25 478 1,285 30 528 Board of directors 184 37 229 336 241 — 442 Total 1,500 25 758 2,402 44 1,120 2,218 56 1,307 The Company has no other related parties. 6. 14 Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) As of December 31, 2016 (in thousands of euros) Carrying amount on the statement of financial position (1) Fair value through profit and loss Loans and receivables Debt at amortized cost Fair value Non-current financial assets 132 — 132 — 132 Trade and other receivables 218 — 218 — 218 Other current assets 4,524 — 4,524 — 4,524 Cash and cash equivalents (2) 37,646 37,646 — — 37,646 Total financial assets 42,520 37,646 4,874 — 42,520 Financial liabilities – Non-current portion (3) 2,816 — — 2,816 2,816 Financial liabilities – Current portion (3) 50 — — 50 50 Trade payables and related accounts 4,832 — — 4,832 4,832 Total financial liabilities 7,697 — — 7,697 7,697 As of December 31, 2017 (in thousands of euros) Carrying amount on the statement of financial position (1) Fair value through profit and loss Loans and receivables Debt at amortized cost Fair value Non-current financial assets 234 — 234 — 234 Trade and other receivables 76 — 76 — 76 Other current assets 5,790 — 5,790 — 5,790 Cash and cash equivalents (2) 185,525 185,525 — — 185,525 Total financial assets 191,626 185,525 6,100 — 191,626 Financial liabilities – Non-current portion 2,019 — — 2,019 2,019 Financial liabilities – Current portion (3) 824 — — 824 824 Trade payables and related accounts (3) 8,076 — — 8,076 8,076 Total financial liabilities 10,919 — — 10,919 10,919 As of December 31, 2018 (in thousands of euros) Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Loans and receivables Debt at amortized cost Fair value Non-current financial assets 1,046 1,046 1,046 Trade and other receivables 30 30 30 Other current assets 14,111 14,111 14,111 Cash and cash equivalents (2) 134,371 134,371 134,371 Total financial assets 149,557 134,371 — 15,187 — 149,557 Financial liabilities – Non-current portion 1,243 1,243 1,243 Financial liabilities – Current portion (3) 776 776 776 Trade payables and related accounts (3) 16,655 16,655 16,655 Total financial liabilities 18,674 — — — 18,674 18,674 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 and level 2 measurements, respectively. (3) The fair value of financial liabilities is determined using level 2 measurements. |
Management of Financial Risks
Management of Financial Risks | 12 Months Ended |
Dec. 31, 2018 | |
Disclosures Of Financial Risk Management [Abstract] | |
Management of Financial Risks | 7 Management of financial risks The principal financial instruments held by the Company are securities that are classified as cash and cash equivalents. The purpose of holding these instruments is to finance the ongoing business activities of the Company. It is not the Company’s policy to invest in financial instruments for speculative purposes. The principal risks to which the Company is exposed are liquidity risk, foreign currency exchange risk, interest rate risk and credit risk. Liquidity risk The Company has been structurally loss-generating since its creation. The net cash flows used by the Company’s operating activities were respectively €17.6 million, €24.7 million and €39.3 million for the years ended December 31, 2016, 2017 and 2018, respectively. The Company does not believe that it is exposed to short-term liquidity risk, considering the cash and cash equivalents that it had available as of December 31, 2018, amounting to €134.4 million which was primarily cash at hand and term deposits that are convertible into cash immediately without penalty. Management believes that the amount of cash and cash equivalents available is sufficient to fund the Company’s planned operations at least through the next twelve months. Historically, the Company has financed its growth by strengthening its shareholders’ equity in the form of capital increases and the issue of convertible bonds. The Company believes that the capital increase associated with its initial public offering completed in May 2013, as well as the capital increases completed in 2014, 2015, 2016 and a private placement and an initial public offering in 2017, enable the Company to continue as a going concern for at least the twelve-month period starting in January 1, 2019. The contractual cash flows of the financial liabilities as at December 31, 2016, 2017 and 2018 are as follows: (in thousands of euros) Contractual cash flows As of December 31, 2016 Book value Total Less than one year One to five years More than five years Financial liabilities Bank loans 1,480 (1,480 ) — (1,480 ) — Conditional advances 1,182 (1,182 ) — — (1,182 ) Liabilities related to finance leases 204 (149 ) (59 ) (91 ) — Trade payables and related accounts 4,832 (4,832 ) (4,832 ) — — Total financial liabilities 7,697 (7,644 ) (4,891 ) (1,571 ) (1,182 ) (in thousands of euros) Contractual cash flows As of December 31, 2017 Book value Total Less than one year One to five years More than five years Financial liabilities Bank loans 1,534 (1,534 ) (735 ) (799 ) — Conditional advances 1,182 (1,182 ) — — (1,182 ) Liabilities related to finance leases 117 (117 ) (79 ) (39 ) — Bank overdrafts 11 (11 ) (11 ) — Trade payables and related accounts 8,076 (8,076 ) (8,076 ) — — Total financial liabilities 10,919 (10,919 ) (8,900 ) (838 ) (1,182 ) (in thousands of euros) Contractual cash flows As of December 31, 2018 Book value Total Less than one year One to five years More than five years Financial liabilities Bank loans 799 (799 ) (738 ) (62 ) — Conditional advances 1,181 (1,181 ) — — (1,181 ) Liabilities related to finance leases 39 (39 ) (39 ) — — Trade payables and related accounts 16,655 (16,655 ) (16,655 ) — — Total financial liabilities 18,674 (18,674 ) (17,431 ) (62 ) (1,181 ) Foreign currency exchange risk The Company’s functional currency is the euro. However, a significant portion of about 30% of its operating expenses is denominated in U.S. dollars (agency office in Cambridge, Massachusetts, cooperation relating to the production of clinical batches with the American Red Cross, business development consultants, consultants for the development of clinical trials in the United States, and various collaborations relating to tests and clinical projects in the United States). As a result, the Company is exposed to foreign exchange risk inherent in operating expenses incurred. The Company does not currently have revenues in euros, dollars nor in any other currency. As of December 31, 2018, management believes that the Company’s bank account position held in U.S. dollars is sufficient to cover operating expenses in dollars. As a consequence, the Company does not have a significant foreign currency exchange risk as of December 31, 2018. If this exposure to foreign exchange risk increase in the future, the Company will opt to use exchange rate hedging techniques. The bank account position held in U.S. dollars amounted to $94,291 thousand as of December 31, 2018. Change in exchange rate (decrease) from 1% would have an impact as of December 31, 2018 of €815 thousand. Change in exchange rate (decrease) from 5% would have an impact as of December 31, 2018 of €3,921 thousand. Change in exchange rate (decrease) from 10% would have an impact as of December 31, 2018 of €7,486 thousand. Interest rate risk The Company has very low exposure to interest rate risk. Such exposure primarily involves money market funds and time deposit accounts. Changes in interest rates have a direct impact on the rate of return on these investments and the cash flows generated. The Company’s currently outstanding bank loan bears interest at a fixed rate, and therefore the company is not subject to interest rate risk with respect to this loan. The repayment flows of the conditional advances from BPI France are not subject to interest rate risk. Credit risk The credit risk related to the Company’s cash and cash equivalents is not significant in light of the quality of the co-contracting financial institutions. Inflation Risk The Company does not believe that inflation has had a material effect on its business, financial condition or results of operations. If the Company’s costs were to become subject to significant inflationary pressures, the Company may not be able to fully offset such higher costs through price increases. Its inability or failure to do so could harm its business, financial condition and results of operations. |
Off-Balance Sheet Commitments
Off-Balance Sheet Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
Off-Balance Sheet Commitments | 8 O ff-balance sheet commitments Operating leases The off-balance sheet commitments correspond to the lease of buildings in France and in the United States. They can be broken down as follows: (in thousands of euros) Lease commitments As of December 31, 2018 Total Less than one year One to five years More than five years Leases in France 3,443 671 1,876 896 Leases in US 4,825 806 4,018 — Total lease commitments 8,268 1,478 5,894 896 The lease commitments noted above of €8.3 million differ significantly from what the financial liability (corresponding to the future lease payments) would be in accordance with IFRS 16 as of December 31, 2018 (see Note 3) due to: • The discounting of the lease payments required by IFRS 16; and • The duration of the lease defined by IFRS 16. Collaborative arrangements Agreement with Orphan Europe In November 2012, the Company entered into a marketing agreement with Orphan Europe, a subsidiary of Recordati Group, to market and distribute GRASPA ® ® ® Agreement with the Teva Group In March 2011, the Company entered into a partnership agreement with the Teva Group (through Abic Marketing Limited), or Teva, to distribute GRASPA ® ® ® |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Basis of consolidation | 4.1 Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements ( IFRS 10 Details of the Company’s subsidiary as of December 31, 2018 are as follows: Date of Percent of Accounting ERYTECH Pharma, Inc. April 2014 100% Fully consolidated |
Intercompany transactions | 4.2 Intercompany transactions Transactions involving reciprocal assets and liabilities, as well as income and expense, between ERYTECH and ERYTECH Pharma, Inc. are eliminated in the Consolidated Financial Statements. |
Foreign currencies | 4.3 Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “ Parent Company Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency (euros) at the rate of exchange applicable on the transaction date. At period-end, foreign currency monetary assets and liabilities are converted at the rate of exchange prevailing on that date. The resulting exchange gains or losses are recorded in the Consolidated Statements of Income in “Financial income (loss)”. The loan in U.S. dollars from the Parent Company to ERYTECH Pharma, Inc. is considered as part of the net investment in a foreign operation. Exchange differences on this loan are recognized in other comprehensive income. |
Consolidated statements of cash flows | 4.4 Consolidated statements of cash flows The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities. Operating activities correspond to the Company primary income-generating activities and all the other activities that do not meet the investment or financing criteria. The Company has decided to classify grants received such as the Research Tax Credit ( Credit d’Impôt Recherche Cash flows associated with investment activities correspond to cash flows associated with the purchase of property, plant and equipment, net of asset supplier payables, and with the disposal of assets and other investments. Financing activities are operations that result in changes in the amount and composition of the share capital and borrowings of the entity. Capital increases and the obtaining or repayment of loans are classified under this category. The Company has chosen to classify the conditional advances under this category. The increases in assets and liabilities with non-cash effects are eliminated. As such, the assets financed through a finance lease are not included in the investments for the period presented. The decrease in financial liability associated with leases is therefore included under the caption ‘repayment of borrowings’ for the period. |
Use of estimates and judgments | 4.5 Use of estimates and judgments Preparation of the financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 4.15 and Note 5.3). |
Intangible assets | 4.6 Intangible assets Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets IAS 38 An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met: (a) it is technically feasible to complete the development project; (b) intention on the part of the Company to complete the project and to utilize it; (c) capacity to utilize the intangible asset; (d) proof of the probability of future economic benefits associated with the asset; (e) availability of the technical, financial, and other resources for completing the project; and (f) reliable evaluation of the development expenses. The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria. Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented. Other intangible assets Other intangible assets are recorded at their acquisition cost plus costs directly attributable to the preparation of the asset for its intended use. Other intangible assets mainly comprised costs of modeling studies of a new production process and costs of acquisition of software licenses. As the new production process relates to equipment that is not yet constructed, the amortization will begin on the date the equipment will be available for use (i.e. when it is in the location and condition necessary for it to be capable of operating). In the meantime, an impairment test will be performed (see Note 4.8). Intangible assets with a finite life are amortized on the basis of the straight-line method over their estimated useful life. Intangible assets Item Amortization period Software 1 to 5 years |
Property, plant and equipment | 4.7 Property, plant and equipment Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management. Property, plant, and equipment are depreciated on the basis of the straight-line method over the estimated useful life of the property. The fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. The depreciation periods used are the following: PROPERTY, PLANT, AND EQUIPMENT ITEM DEPRECIATION PERIOD Industrial equipment Fixtures and improvements in structures 1 to 5 years 3 to 10 years Office equipment 3 years Furniture 3 to 5 years The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern. |
Impairment tests | 4.8 Impairment tests According to IAS 36 Impairment of Assets IAS 36 The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. The intangible assets that are not amortized are tested for impairment at the end of the period in which they are acquired, subsequently annually and whenever there is an indication that the intangible asset may be impaired. An impairment is recognized in the Consolidated Financial Statements up to the amount of the excess of the value over the recoverable value of the asset. |
Financial assets and liabilities - Measurement and Presentation | 4.9 Financial assets and liabilities – Measurement and Presentation The valuation and the accounting treatment of the financial assets and liabilities are defined by IFRS 9 Financial Instruments IFRS 9 Receivables These instruments are initially recognized in the Consolidated Financial Statements at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR The Company recognizes loss allowances for expected credit losses (“ ECL Financial liabilities at the amortized cost Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Presentation of financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement IFRS 13 • Level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities; • Level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market; • Level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities. |
Inventories | 4.10 Inventories In compliance with the IAS 2 Inventories IAS 2 First-In First-Out |
Cash and cash equivalents | 4.11 Cash and cash equivalents The item “cash and cash equivalents” in the consolidated statement of financial position includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value. The cash equivalents classification is made if the following criteria are fulfilled: • held for the purpose of meeting short term cash commitments rather than for investment or other purposes. • exit options exist: o exercisable at any time at least every three months o initially included in the contract and this exit option is always provided in the initial contract o exercisable without exit penalty and without significant risk of change in the amount received as cash reimbursement • there is no value risk related to the level of minimum compensation acquired (i.e. that obtained in the event of early exit) because over the entire duration and at each moment this remuneration will be identical to that obtained from an investment of no more than three months that meets the definition of a cash equivalent. This can be the case when the rate is variable or revisable. They are recorded as assets in cash equivalents, measured at their fair value, and the changes in value are recognized through financial income or loss. |
Provisions | 4.12 Provisions A provision is recognized where the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current liabilities. The provisions are discounted when the impact is material. Provisions recognized in the consolidated statement of financial position mainly include obligations pertaining to retirement indemnities and provisions for risks. Disclosure is made in the detailed notes on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. Provisions for retirement indemnities—defined benefit plans The employees of the Company receive the retirement benefits stipulated by law in France: • a compensation paid by the Company to employees upon their retirement (defined-benefit plan) and; • a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France). For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits. The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses. The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable. Provisions for risks The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain. The amount recognized in the Consolidated Financial Statements as a provision is the best estimate of the expenses necessary to extinguish the obligation. |
Lease agreements | 4.13 Lease agreements The leases involving property, plant, and equipment are classified as finance lease agreements when the Company bears substantially all the benefits and risks inherent in the ownership of the property. The assets that are covered under finance lease agreements are capitalized as of the beginning date of the rental agreement on the basis of the fair value of the rented asset or the discounted values of the future minimum payments, whichever is lower. Each rental payment is distributed between the debt and the financial cost in such a manner to determine a constant interest rate on the principal that remains due. The corresponding rental obligations, net of the financial expenses, are classified as financial liabilities. The property, plant, or equipment acquired within the framework of a finance lease agreement is amortized over the useful life or the term of the lease agreement, whichever is shorter. The rental agreements for which a significant portion of the risks and advantages is preserved by the lessor are classified as operating leases. The payments made for these operating leases, net of any incentive measures, are recognized as expenses on the consolidated statement of income (loss) on a straight-line basis over the term of the agreement. |
Share capital | 4.14 Share capital Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax. |
Share-based payment | 4.15 Share-based payment The Company has applied IFRS 2 Share-based payment IFRS 2 AGA SO BSA BSPCE Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGA valuation) and Cox-Ross-Rubinstein valuation model (for 2016 and 2017 BSA valuation). These models allow the Company to take into account the characteristics of the plan (exercise price, vesting period), the market data at the grant date (volatility, expected dividends, repo margin), possible performance conditions attached to warrants and recipient behavior assumptions. |
Presentation of the statement of income (loss) | 4.16 Presentation of the statement of income (loss) The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is the research and development. As a consequence, only “research and development expenses” and “general administrative expenses” functions are considered to be representative. This distinction reflects the analytical assignment of the personnel, external expenses and depreciation and amortization. The detail of the expenses by nature is disclosed in Note 5.2. |
Operating income | 4.17 Operating income Research tax credit The research tax credit ( Crédit d’Impôt Recherche CIR Research Tax Credit The Company benefits from the Research Tax Credit since its inception. The CIR is presented under other income in the consolidated statement of income (loss) as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 20 Subsidies and conditional advances Due to the innovative nature of its product candidate development programs, the Company has benefited from certain sources of financial assistance from Banque Publique d’Investissement BPI France The funds received by the Company are intended to finance its research and development efforts and the recruitment of specific personnel. The Company has received such funding in the form of non-refundable subsidies and conditional advances. Subsidies Subsidies received are grants that are not repayable by the Company and are recognized in the financial statements as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received. Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates. A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized in the Consolidated Financial Statements as other income when there exists reasonable assurance that the subsidies will be received. Conditional advances Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Each award of an advance is made to help fund a specific development milestone. The details concerning the conditional advances are provided in Note 6.10. Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows. The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity. The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success as described in Note 6.10 is used to determine the amount recognized annually as a finance cost. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized. The conditional advances that can be subject to this type of modification are the advances received from BPI France, presented in Note 6.10. Other income The standard IFRS 15 Revenue from contracts with customers (“IFRS 15”) Revenue IAS 18 For each of its partnership agreements, the Company determines if it acts as a principal or as an agent. Partnership with Orphan Europe AML clinical trial As a result of its prior partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“ AML The Company considered that, within the context of this partnership, it acted as agent regarding these reinvoiced external costs, as: • The Company did not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“ CRO • The Company bore no inventory risk, • The Company had no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it was not affected by any price changes applied by the suppliers. Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial. Consequently, for all the years presented: • The re-invoicing of external costs to Orphan Europe is presented as a decrease in corresponding research and development expenses incurred by the Company; • The invoicing of internal costs to Orphan Europe is presented in other income. Partnership with Orphan Europe NOPHO clinical trial Within the context of this agreement, Orphan Europe agreed to finance the NOPHO study for a total amount of €600 thousand. This amount is recognized in “other income” in the statement of income (loss) for all the years presented. |
Financial income and expense | 4.18 Financial income and expense Financial results relate to loans, gains and losses on exchange rate variations and other financial debts (notably overdrafts and finance leases) and includes interest expenses incurred on financial liabilities and the related amortization of debt issuance costs, and income received from cash and cash equivalents. |
Income taxes | 4.19 Income taxes Current taxes Considering the level of tax loss of the Company, no current tax expense is recognized. Deferred taxes Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end. Deferred tax assets and liabilities are not discounted and are classified in the consolidated statement of financial position under non-current assets and liabilities. In addition, the Parent Company, as an entity incorporated in France, is subject to the territorial economic contribution ( Contribution Economique Territoriale—CET cotisation foncière des entreprises—CFE cotisation sur la valeur ajoutée des entreprises—CVAE • the corporate real estate contribution, the amount of which depends on property rental values and which can, where applicable, have a ceiling at a percentage of the value added, presents significant similarities to the former business tax and is recognized under operating expenses; • the corporate value-added contribution meets, based on the Company’s analysis, the definition of an income tax as established under IAS 12 Income Taxes IAS 12 • in conformity with the provisions of IAS 12, qualification of the corporate value-added contribution as an income tax leads to the recognition of deferred taxes relative to temporary differences existing at year end, with a contra-entry of a net expense in that year’s statement of net income (loss). Where applicable, this deferred tax expense is presented on the line income tax. For the moment, the Company does not pay the CVAE. |
Earnings per share | 4.20 Earnings per share The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period. The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 5.3 and 6.8. Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued have been considered anti-dilutive. |
Segment reporting | 4.21 Segment reporting In accordance with IFRS 8 Operating Segments The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future. The assets, liabilities, and operating loss realized are primarily located in France. |
Off-balance sheet commitments | 4.22 Off-balance sheet commitments The Company has defined and implemented monitoring for its off-balance sheet commitments so as to know their nature and object. Off-balance sheet items identified mainly relate to: • future costs relate to clinical trials for which recruitment has begun, • operating leases, purchase and investment commitments. |
Events After the Close of the Reporting Period | 4.23 Events After the Close of the Reporting Period The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. Modifications can be made until the date the Consolidated Financial Statements are approved and authorized for issuance by the Board of Directors. January 2019: • Grant of 36,150 free shares and 38,025 stock options to employees. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of Details of the Company's Subsidiary | Details of the Company’s subsidiary as of December 31, 2018 are as follows: Date of Percent of Accounting ERYTECH Pharma, Inc. April 2014 100% Fully consolidated |
Summary of Intangible Assets with Definite Useful Life | Intangible assets Item Amortization period Software 1 to 5 years |
Summary of Depreciation Periods of Property, Plant, and Equipment Item | The depreciation periods used are the following: PROPERTY, PLANT, AND EQUIPMENT ITEM DEPRECIATION PERIOD Industrial equipment Fixtures and improvements in structures 1 to 5 years 3 to 10 years Office equipment 3 years Furniture 3 to 5 years |
Notes Related to the Consolid_3
Notes Related to the Consolidated Statement of Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Detailed Information of Operating Income | Operating income consists of the following: For the year ended December 31, (in thousands of euros) 2016 2017 2018 Research Tax Credit 3,347 3,187 4,375 Subsidies 463 — — Other income 327 178 72 Total 4,138 3,364 4,447 |
Summary of Operating Expense by Nature | 5.2 Operating expenses by nature For the year ended December 31, 2016 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Consumables 2,071 917 1,153 66 2,136 Rental and maintenance 645 161 484 511 1,156 Services, subcontracting and fees 11,409 3,000 8,410 2,793 14,203 Personnel expenses 5,282 1,212 4,070 2,713 7,995 Other 35 8 27 577 613 Depreciation and amortization 277 25 252 148 425 Total 19,720 5,323 14,397 6,808 26,528 For the year ended December 31, 2017 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Consumables 2,391 1,859 532 148 2,539 Rental and maintenance 636 140 496 894 1,531 Services, subcontracting and fees 14,175 1,768 12,407 2,867 17,042 Personnel expenses 7,916 2,089 5,828 3,688 11,604 Other 81 37 44 927 1,008 Depreciation and amortization 263 94 169 266 530 Total 25,463 5,987 19,476 8,791 34,254 For the year ended December 31, 2018 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Consumables 1,789 1,061 728 33 1,822 Rental and maintenance 805 279 526 1,584 2,389 Services, subcontracting and fees 19,632 5,043 14,589 5,409 25,041 Personnel expenses 10,914 3,013 7,901 5,925 16,838 Other 67 38 30 1,122 1,189 Depreciation and amortization 260 68 192 529 789 Total 33,468 9,502 23,965 14,600 48,068 |
Summary of Personal Expenses | 5.3 Personnel expenses For the year ended December 31, 2016 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Wages and salaries 3,371 701 2,670 1,486 4,857 Share-based payments (employees and executives) 674 142 532 490 1,164 Social security expenses 1,237 369 868 736 1,973 Total personnel expenses 5,282 1,211 4,070 2,713 7,995 For the year ended December 31, 2017 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Wages and salaries 5,229 1,200 4,028 1,990 7,218 Share-based payments (employees and executives) 833 292 541 642 1,475 Social security expenses 1,854 596 1,259 1,057 2,911 Total personnel expenses 7,916 2,088 5,828 3,688 11,604 For the year ended December 31, 2018 (amounts in thousands of euros) Research and development expenses of which other R&D expenses of which clinical studies General and administrative expenses Total Wages and salaries 7,279 1,887 5,393 3,721 11,000 Share-based payments (employees and executives) 1,158 334 824 849 2,007 Social security expenses 2,476 792 1,684 1,355 3,831 Total personnel expenses 10,914 3,013 7,901 5,925 16,838 |
Summary of Depreciation and Amortization Expense | 5.4 Depreciation and amortization expense For the year ended December 31, 2016 2017 2018 (in thousands of euros) Clinical studies 252 169 192 Other research and development expenses 26 94 68 Research and development expenses 277 263 260 General and administrative expenses 148 266 529 Total 425 530 789 |
Summary of Financial Income and Expense | 5.5 Financial income and expense For the year ended December 31, 2016 2017 2018 (in thousands of euros) Interest expense on finance leases (4 ) (8 ) (4 ) Interest expense related to borrowings — (7 ) (5 ) Interest expense on repayable loan — — — Other finance expenses (66 ) (3,168 ) (19 ) Total financial expenses (70 ) (3,183 ) (29 ) Income from short term deposits 545 405 163 Other finance income 13 134 5,264 Total financial income 558 539 5,427 Financial income (expenses), net 488 (2,644 ) 5,399 |
Summary of Reconciliation of Effective Tax Rate | Reconciliation of effective tax rate For the year ended December 31, 2016 2017 2018 (in thousands of euros) Loss before tax (21,902 ) (33,533 ) (38,224 ) Theoretical tax expense or income 7,541 11,545 10,703 Current year loss not capitalized (8,303 ) (12,071 ) (11,222 ) CICE (employment and competitiveness tax credit) not included in taxable income 24 34 35 Research tax credits 1,144 1,097 1,225 Tax rate differences (51 ) — Share-based compensation expense (398 ) (592 ) (686 ) Permanent differences (10 ) (54 ) Other differences 33 — (2 ) Effective tax (loss)/income (10 ) 3 (2 ) |
Summary of Outstanding Instruments | Summary of outstanding instruments Number of outstanding options with a ratio of 1 option = 10 shares December 31, 2016 December 31, 2017 December 31, 2018 Number of options Weighted-average exercise price Number of options 2017 Weighted-average exercise price Number of options 2018 Weighted-average exercise price Outstanding at January 1 45,533 € 97.62 42,524 € 98.01 40,804 € 97.34 Granted during the year — € 0.00 — € 0.00 — € 0.00 Forfeited during the year (1,593 ) € 122.50 — € 0.00 — € 0.00 Exercised during the year (1,416 ) € 75.52 (1,720 ) € 113.55 — € 0.00 Outstanding at December 31 42,524 € 98.01 40,804 € 97.34 40,804 € 97.34 Exercisable at December 31 42,524 € 98.01 40,804 € 97.34 40,804 € 97.34 Number of outstanding options with a ratio of 1 option = 1 share December 31, 2016 December 31, 2017 December 31, 2018 Number of options Weighted-average exercise price Number of options 2017 Weighted-average exercise price Number of options 2018 Weighted-average exercise price Outstanding at January 1 — € 0.00 89,499 € 18.52 232,699 € 22.07 Granted during the year 89,499 € 18.52 143,200 € 24.29 161,703 € 16.70 Forfeited during the year — € 0.00 — € 0.00 (54,339 ) € 20.26 Exercised during the year — € 0.00 — € 0.00 — € 0.00 Outstanding at December 31 89,499 € 18.52 232,699 € 22.07 340,063 € 19.87 Exercisable at December 31 — € 0.00 — € 0.00 88,999 € 19.88 |
Summary of Number of Outstanding Free Shares | Number of outstanding free shares December 31, 2016 December 31, 2017 December 31, 2018 Outstanding at January 1 — 111,261 217,447 Granted during the year 111,261 114,777 154,440 Forfeited during the year — (1,017 ) (27,391 ) Acquired during the year — (7,574 ) (2,476 ) Outstanding at December 31 111,261 217,447 342,020 |
Summary of Breakdown of Plan | Breakdown of expenses per financial year Plan name Amount in P&L in euros thousands as of December 31, 2016 of which employees of which executives of which directors Grant in October 2016 151 71 80 TOTAL AGA 151 71 80 0 Grant in June 2015 187 187 Grant in October 2016 37 37 TOTAL BSA 224 0 187 37 Grant in January 2014 21 21 Grant in September 2015 261 261 Grant in May 2016 498 339 159 TOTAL BSPCE 780 339 441 0 Grant in October 2016 22 11 11 TOTAL SO 22 11 11 0 Total IFRS 2 expenses 1,178 421 719 37 Plan name Amount in P&L in euros thousands as of December 31, 2017 of which employees of which executives of which directors Grant in October 2016 533 250 283 Grant in January 2017 92 92 Grant in June 2017 348 156 192 Grant in October 2017 27 27 TOTAL AGA 1,000 433 567 0 Grant in June 2015 50 50 Grant in October 2016 126 126 Grant in January 2017 10 10 Grant in June 2017 165 165 TOTAL BSA 350 0 50 301 Grant in January 2014 7 7 Grant in September 2015 51 51 Grant in May 2016 138 94 44 TOTAL BSPCE 196 94 102 0 Grant in October 2016 90 45 44 Grant in January 2017 46 46 Grant in June 2017 65 44 21 Grant in October 2017 23 23 TOTAL SO 223 158 65 0 Total IFRS 2 expenses 1,769 685 784 301 Plan name Amount in P&L in euros thousands as of December 31, 2018 of which employees of which executives of which directors Grant in October 2016 219 103 116 — Grant in January 2017 31 — 31 — Grant in June 2017 483 222 262 — Grant in October 2017 99 99 — — Grant in January 2018 538 303 235 — TOTAL AGA 1,371 727 644 — Grant in October 2016 71 — — 71 Grant in January 2017 16 — — 16 Grant in June 2017 178 — — 178 Grant in January 2018 177 — — 177 TOTAL BSA 442 — — 442 Grant in October 2016 73 37 36 — Grant in January 2017 6 6 — — Grant in June 2017 137 96 41 — Grant in October 2017 92 92 — — Grant in January 2018 317 185 132 — Grant in September 2018 11 — 11 — TOTAL SO 636 416 220 — Total IFRS 2 expenses 2,449 1,142 865 442 |
BSPCE plan [Member] | |
Summary of Subscription Warrants | Founder subscription warrants (“BSPCE”) plan The type of founder subscriptions warrants issued by the Company are the following: Types of securities BSPCE 2012 BSPCE 2014 Number of warrants granted 33,787 19,500 Number of warrants exercised 16,811 1,500 Number of warrants forfeited 0 1,090 Exercise price per new share subscribed (in €) Depends on the grant date Final date for exercising warrants May 20, 2020 January 22, 2024 Parity 1 warrant for 10 shares 1 warrant for 10 shares Maximum number of new shares that can be issued as of December 31, 2018 169,760 169,100 |
Summary Assumptions Used Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in May 2016 Number of warrants 5,000 BSPCE 2014 Exercise price €24.75 Price of the underlying share €24.75 Risk free interest rate -0.18% to -0.11% Expected dividends 0% Volatility (1) 21.25% to 22.27% Expected term 5 to 5.51 years Fair value of the plan (in thousands of euros) 636 (1) based on the historical volatility observed on the NextBiotech index |
BSA plan [Member] | |
Summary of Subscription Warrants | Share subscription warrants (“BSA”) plan Types of securities BSA 2012 BSA 2014 BSA 2016 BSA 2017 Number of warrants granted 10,760 3,000 60,000 95,500 Number of warrants exercised 6,742 100 0 0 Exercise price per new share subscribed (in €) 7,362 12,250 Depends on the grant date Parity 1 warrant for 10 shares 1 warrant for 10 shares 1 warrant for 1 share 1 warrant for 1 share Vesting period NA NA Tranche 1: 1 year Tranche 2: 2 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Maximum number of new shares that can be issued as of December 31, 2018 40,180 29,000 60,000 95,500 |
Summary Assumptions Used Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in October 2016 Grant in January 2017 Grant in June 2017 Grant in January 2018 Number of warrants 45,000 BSA 2016 15,000 BSA 2016 55,000 BSA 2017 40,500 BSA 2017 Exercise price 18.52€ 13.46€ 26.47€ 18.00€ Price of the underlying share 18.52€ 15.51€ 28.25€ 18.00€ Attrition rate 0.00% 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% 0.00% Volatility (1) 45.00% 48.00% 48.00% 43.94% Repo margin 5.00% 5.00% 5.00% n/a Expected term 3 years 3 years 3 years T1 : 5,5 years T2 : 6 years T3 : 6,5 years Fair value of the plan (in thousands of euros) 198 58 394 300 |
SO plan [Member] | |
Summary Assumptions Used Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in October 2016 Grant in January 2017 Grant in June 2017 Number of options 44,499 SO 2016 3,000 SO 2016 18,000 SO 2016 22,200 SO 2017 Exercise price 18.52€ 15.65€ 26.47€ Price of the underlying share 18.52€ 15.51€ 28.25€ Attrition rate 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% Volatility (1) 45.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Expected term 3 years 3 years 3 years Fair value of the plan (in thousands of euros) 202 13 308 Grant in October 2017 Grant in January 2018 Grant in September 2018 Number of options 30,000 SO 2016 97,203 SO 2017 24,000 SO 2018 Exercise price 23.59€ 18.00€ 9.26€ Price of the underlying share 24.70€ 18.00€ 8.75€ Attrition rate 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% Volatility (1) 48.00% 43.94% 41.59% Repo margin 5.00% n/a n/a Expected term 3 years T1 : 6 years T2 : 6,5 years T1 : 6 years T2 : 6,5 years Fair value of the plan (in thousands of euros) 208 731 80 (1) based on the historical volatility observed on the ERYP index on Euronext |
Summary of Stock Options | Stock options (“SO”) plan Types of securities SO 2016 SO 2017 SO 2018 Number stock options granted 95,499 119,403 24,000 Number of stock options forfeited 28,500 25,839 0 Number of tranches 2 2 2 Vesting period Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Maximum number of new shares that can be issued as of December 31, 2018 66,999 93,564 24,000 |
AGA Plan [Member] | |
Summary Assumptions Used Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are: Grant in October 2016 Grant in January 2017 Grant in June 2017 Number of shares 111,261 AGA 2016 15,000 AGA 2016 8,652 AGA 2016 74,475 AGA 2017 Price of the underlying share 18.52€ 15.51€ 28.25€ Attrition rate 0.00% 0.00% 0.00% Expected dividends 0.00% 0.00% 0.00% Volatility (1) 45.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Expected term 3 years 3 years 3 years Performance criteria (2) (3) (3) Fair value of the plan (in thousands of euros) 974 115 1,081 Grant in October 2017 Grant in January 2018 Number of shares 16,650 AGA 2016 40,500 AGA 2016 113,940 AGA 2017 Price of the underlying share 24.70€ 18.00€ Attrition rate 0.00% 0.00% Expected dividends 0.00% 0.00% Volatility (1) 48.00% 42.17% Repo margin 5.00% 5.00% Expected term 3 years 3 years Performance criteria (3) (4) Fair value of the plan (in thousands of euros) 180 1,145 (1) based on the historical volatility observed on the ERYP index on Euronext; (2) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date • ERYP2016: average price of the 40-quoted market share price days before the grant date, which was €20.22 at the grant date • ERYPi : average price of the 40-quoted market share price days before the acquisition date, • Tri: ERYPi / (ERYP2016-1) • If TRi <=0 % no shares granted are acquired • If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage (3) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date • ERYP2017: average price of the 40-quoted market share price days before the grant date (€13.46 for the plan granted in January 2017, €26.47 for the plan granted in June 2017, €24.48 for the plan granted in October 2017) • ERYPi : average price of the 40-quoted market share price days before the acquisition date, • Tri: ERYPi / (ERYP2017-1) • If TRi <=0 % no shares granted are acquired • If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage (4) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date • ERYP2018: average price of the 40-quoted market share price days before the grant date, which was €20.12 at the grant date • ERYPi : average price of the 40-quoted market share price days before the acquisition date, • Tri: ERYPi / (ERYP2018-1) • If TRi <=0 % no shares granted are acquired • If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage |
Summary of Free Shares | Free shares (“AGA”) plan Types of securities AGA 2016 AGA 2017 Number of free shares granted 192,063 188,415 Number of free shares forfeited 12,733 15,675 Number of free shares acquired 10,050 0 Number of tranches 3 3 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Maximum number of new shares that can be issued as of December 31, 2018 169,280 172,740 |
Notes Related to the Consolid_4
Notes Related to the Consolidated Statements of Financial Position (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications Of Assets Liabilities And Equities [Abstract] | |
Schedule of Intangible Assets | (in thousands of euros) As of January 1, 2018 Increase Decrease Reclassification As of December 31, 2018 Other intangible assets 234 3 1,596 1,833 Total gross value 234 3 — 1,596 1,833 Accumulated amortization and depreciation of intangible assets (181 ) (39 ) (220 ) Total accumulated amortization and depreciation (181 ) (39 ) — — (220 ) Total net value 53 (36 ) — 1,596 1,613 (in thousands of euros) As of January 1, 2017 Increase Decrease Reclassification As of December 31, 2017 Other intangible assets 209 25 234 Total gross value 209 25 — — 234 Accumulated amortization and depreciation of intangible assets (152 ) (29 ) (181 ) Total accumulated amortization and depreciation (152 ) (29 ) — — (181 ) Total net value 57 (4 ) — — 53 (in thousands of euros) As of January 1, 2016 Increase Decrease Reclassification As of December 31, 2016 Other intangible assets 184 25 209 Total gross value 184 25 — — 209 Accumulated amortization and depreciation of intangible assets (122 ) (29 ) (152 ) Total accumulated amortization and depreciation (122 ) (29 ) (152 ) Total net value 61 (4 ) — — 57 |
Schedule of Property, Plant and Equipment | (in thousands of euros) As of January 1, 2018 Increase Decrease Reclassification As of December 31, 2018 Assets under construction 1,730 13,425 (1,596 ) 13,559 Plant, equipment, and tooling 2,094 490 — 2,584 General equipment, fixtures and fittings 1,855 152 — 2,007 Office equipment and computers 669 155 — 824 Total gross value 6,348 14,222 — (1,596 ) 18,974 Accumulated depreciation of plant, equipment and tooling (1,571 ) (248 ) (5 ) (1,824 ) Accumulated depreciation of general equipment, fixtures and fittings (1,116 ) (355 ) (1,471 ) Accumulated depreciation of office equipment and computers (255 ) (155 ) 5 (405 ) Total accumulated depreciation (2,942 ) (758 ) — — (3,700 ) Total net value 3,406 13,464 — (1,596 ) 15,274 (in thousands of euros) As of January 1, 2017 Increase Decrease Reclassification As of December 31, 2017 Assets under construction 862 868 1,730 Plant, equipment, and tooling 1,824 270 2,094 General equipment, fixtures and fittings 1,466 389 1,855 Office equipment and computers 532 137 669 Total gross value 4,684 1,664 — — 6,348 Accumulated depreciation of plant, equipment and tooling (1,406 ) (165 ) (1,571 ) Accumulated depreciation of general equipment, fixtures and fittings (908 ) (208 ) (1,116 ) Accumulated depreciation of office equipment and computers (125 ) (130 ) (255 ) Total accumulated depreciation (2,439 ) (503 ) — — (2,942 ) Total net value 2,245 1,161 — — 3,406 (in thousands of euros) As of January 1, 2016 Increase Decrease Reclassification As of December 31, 2016 Assets under construction 44 862 (44 ) 862 Plant, equipment, and tooling 1,701 123 1,824 General equipment, fixtures and fittings 1,079 387 1,466 Office equipment and computers 134 398 532 Total gross value 2,958 1,770 (44 ) 4,684 Accumulated depreciation of plant, equipment and tooling (1,257 ) (149 ) (1,406 ) Accumulated depreciation of general equipment, fixtures and fittings (733 ) (175 ) (908 ) Accumulated depreciation of office equipment and computers (51 ) (74 ) (125 ) Total accumulated depreciation (2,041 ) (398 ) (2,439 ) Total net value 917 1,372 (44 ) 2,245 |
Summary of Other Non-current Financial Assets | As of December 31, 2016 2017 2018 (in thousands of euros) Deposits related to leased premises 132 168 446 Advance payments to suppliers — — 510 Other — 67 91 Total other non-current financial assets 132 234 1,046 |
Schedule of Inventories | As of December 31, 2016 2017 2018 (in thousands of euros) Production inventory 71 104 1,336 Laboratory inventory 74 72 59 Total inventory 145 176 1,396 |
Schedule of Trade and Other Receivables | 6.5 Trade and other receivables As of December 31, 2016 2017 2018 (in thousands of euros) Trade and other receivables 218 76 30 Total trade and other receivables 218 76 30 |
Schedule of Other Current Assets | As of December 31, 2016 2017 2018 (in thousands of euros) Research Tax Credit 3,321 3,326 7,701 Tax receivables (e.g. VAT) and other receivables 863 1,114 1,949 Cash to be received from bank related to exercise of warrants — 23 — Prepaid expenses 339 1,327 4,461 Total other current assets 4,524 5,791 14,111 |
Summary of Cash and Cash Equivalents | As of December 31, (in thousands of euros) 2016 2017 2018 Cash and cash equivalents 37,646 185,525 134,371 Total cash and cash equivalents as reported in statement of financial position 37,646 185,525 134,371 Bank overdrafts — 11 — Total cash and cash equivalents as reported in statement of cash flow 37,646 185,514 134,371 |
Summary of Shareholders' Equity | Nature of transactions Number of shares Balance as of January 1, 2016 7,924,611 Follow-on offering 793,877 Exercise of share warrants 14,160 Balance as of December 31, 2016 8,732,648 Exercise of share warrants 17,200 Free shares / stock options / share warrants 7,574 Private placement with institutional investors in April 3,000,000 Initial public offering (including 5,389,021 ordinary shares in the form of ADSs) 6,180,137 Total as of December 31, 2017 17,937,559 Free shares 2,476 Total as of December 31, 2018 17,940,035 |
Basic Earnings per Share and Diluted Earnings (Loss) per Share | For the year ended December 31, (in thousands of euros) 2016 2017 2018 Net loss (in thousands of euros) (21,913 ) (33,530 ) (38,224 ) Weighted number of shares for the period (1) 7,983,642 11,370,557 17,937,481 Basic loss per share (€/share) (2.74 ) (2.95 ) (2.13 ) Diluted loss per share (€/share) (2.74 ) (2.95 ) (2.13 ) (1 ) after deduction of treasury shares (2,500 shares are held by the Company as treasury shares and recognized as a deduction of shareholders’ equity). |
Summary of Details of Provisions | The provisions can be detailed as follows: (amounts in thousands of euros) As of December 31, (in thousands of euros) 2016 2017 2018 Provision for retirement indemnities 163 214 347 Other provisions — — — Total provisions 163 214 347 |
Summary of Breakdown of Provisions | The breakdown of provisions is as follows: In thousands of euros Opening Other (1) Provisions Reversals Closing Period from January 1 to December 31, 2016 Retirement indemnity provision 100 30 33 — 163 Provision for disputes 81 — — (81 ) — Net closing balance 181 30 33 (81 ) 163 Period from January 1 to December 31, 2017 Retirement indemnity provision 163 (8 ) 59 — 214 Net closing balance 163 (8 ) 59 — 214 Period from January 1 to December 31, 2018 Retirement indemnity provision 214 60 73 — 347 Net closing balance 214 60 73 — 347 (1) The “Other” differences relate to actuarial gains and losses |
Estimate of the Retirement Commitments | As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 2016 2017 2018 Discount rate 1.36% 1.3% 1.57% Wage increase 2% 2% 2% Social welfare contribution rate Non-executive 44% Non-executive 44% Non executive 44% Executive 54% Executive 54% Executive 54% Expected staff turnover 0-10% 0-10% 0 - 10% Age of retirement: 65-67 years 65-67 years 65 - 67 years Mortality table INSEE 2014 INSEE 2014 INSEE 2014 |
Summary of Financial Liabilities by Type | Financial liabilities by type As of December 31, (in thousands of euros) 2016 2017 2018 Financial liabilities related to finance leases 204 117 39 Bank overdrafts — 11 — Conditional advances 1,182 1,182 1,181 Bank loans 1,480 1,534 799 Total financial liabilities 2,865 2,843 2,019 |
Summary of Financial Liabilities by Maturity | Maturity dates of financial liabilities as of December 31, 2016 are as follows: (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Financial liabilities Bank loans — 1,480 — — 1,480 Conditional advances — — — 1,182 1,182 Liabilities related to leases 50 154 — — 204 Total financial liabilities 50 1,634 — 1,182 2,865 Maturity dates of financial liabilities as of December 31, 2017 are as follows: (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Financial liabilities Bank loans 735 799 — — 1,534 Conditional advances — — — 1,182 1,182 Liabilities related to leases 79 39 — — 117 Bank overdrafts 11 — — — 11 Total financial liabilities 824 838 — 1,182 2,843 Maturity dates of financial liabilities as of December 31, 2018 are as follows: (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Financial liabilities Bank loans 738 62 — — 799 Conditional advances — — — 1,181 1,181 Liabilities related to leases 39 — — — 39 Total financial liabilities 776 62 — 1,181 2,019 |
Summary of Main Terms of Agreements | The main terms of the agreements as well as the balances as of December 31, 2016, 2017 and 2018 respectively are presented below: Conditional advances (in thousand of euros) BPI France - Pancreas BPI France - GR-SIL BPI France - TEDAC TOTAL Financial liabilities as of January 1, 2016 478 23 63 564 Repayment (485 ) (23 ) (508 ) Advances received 1,118 1,118 Interests 7 7 Financial liabilities as of December 31, 2016 — — 1,181 1,181 Interests — — — — Financial liabilities as of December 31, 2017 — — 1,181 1,181 Interests — — — — Financial liabilities as of December 31, 2018 — — 1,181 1,181 |
Summary of Trade and Other Payables | As of December 31, (in thousands of euros) 2016 2017 2018 Domestic vendors 2,802 2,335 3,013 Foreign vendors 745 2,631 10,389 Vendors—Accruals 1,292 3,211 3,253 Other (7 ) (101 ) — Total trade and other payables 4,832 8,076 16,655 |
Disclosure of Other Current Liabilities | As of December 31, (in thousands of euros) 2016 2017 2018 Social liabilities, taxation and social security 1,465 2,706 3,148 Deferred revenue — — 16 Other payables — — 53 Total other current liabilities 1,465 2,706 3,217 |
Summary of Transactions Between Related Parties | 2016 2017 2018 In thousand of euros Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Executive officers / VP and Qualified person 498 15 226 654 19 306 692 26 337 Executive committee 818 10 495 1,519 25 478 1,285 30 528 Board of directors 184 37 229 336 241 — 442 Total 1,500 25 758 2,402 44 1,120 2,218 56 1,307 |
Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) | As of December 31, 2016 (in thousands of euros) Carrying amount on the statement of financial position (1) Fair value through profit and loss Loans and receivables Debt at amortized cost Fair value Non-current financial assets 132 — 132 — 132 Trade and other receivables 218 — 218 — 218 Other current assets 4,524 — 4,524 — 4,524 Cash and cash equivalents (2) 37,646 37,646 — — 37,646 Total financial assets 42,520 37,646 4,874 — 42,520 Financial liabilities – Non-current portion (3) 2,816 — — 2,816 2,816 Financial liabilities – Current portion (3) 50 — — 50 50 Trade payables and related accounts 4,832 — — 4,832 4,832 Total financial liabilities 7,697 — — 7,697 7,697 As of December 31, 2017 (in thousands of euros) Carrying amount on the statement of financial position (1) Fair value through profit and loss Loans and receivables Debt at amortized cost Fair value Non-current financial assets 234 — 234 — 234 Trade and other receivables 76 — 76 — 76 Other current assets 5,790 — 5,790 — 5,790 Cash and cash equivalents (2) 185,525 185,525 — — 185,525 Total financial assets 191,626 185,525 6,100 — 191,626 Financial liabilities – Non-current portion 2,019 — — 2,019 2,019 Financial liabilities – Current portion (3) 824 — — 824 824 Trade payables and related accounts (3) 8,076 — — 8,076 8,076 Total financial liabilities 10,919 — — 10,919 10,919 As of December 31, 2018 (in thousands of euros) Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Loans and receivables Debt at amortized cost Fair value Non-current financial assets 1,046 1,046 1,046 Trade and other receivables 30 30 30 Other current assets 14,111 14,111 14,111 Cash and cash equivalents (2) 134,371 134,371 134,371 Total financial assets 149,557 134,371 — 15,187 — 149,557 Financial liabilities – Non-current portion 1,243 1,243 1,243 Financial liabilities – Current portion (3) 776 776 776 Trade payables and related accounts (3) 16,655 16,655 16,655 Total financial liabilities 18,674 — — — 18,674 18,674 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 and level 2 measurements, respectively. (3) The fair value of financial liabilities is determined using level 2 measurements. |
Management of Financial Risks (
Management of Financial Risks (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosures Of Financial Risk Management [Abstract] | |
Summary of Contractual Cash Flows of the Financial Liabilities | The contractual cash flows of the financial liabilities as at December 31, 2016, 2017 and 2018 are as follows: (in thousands of euros) Contractual cash flows As of December 31, 2016 Book value Total Less than one year One to five years More than five years Financial liabilities Bank loans 1,480 (1,480 ) — (1,480 ) — Conditional advances 1,182 (1,182 ) — — (1,182 ) Liabilities related to finance leases 204 (149 ) (59 ) (91 ) — Trade payables and related accounts 4,832 (4,832 ) (4,832 ) — — Total financial liabilities 7,697 (7,644 ) (4,891 ) (1,571 ) (1,182 ) (in thousands of euros) Contractual cash flows As of December 31, 2017 Book value Total Less than one year One to five years More than five years Financial liabilities Bank loans 1,534 (1,534 ) (735 ) (799 ) — Conditional advances 1,182 (1,182 ) — — (1,182 ) Liabilities related to finance leases 117 (117 ) (79 ) (39 ) — Bank overdrafts 11 (11 ) (11 ) — Trade payables and related accounts 8,076 (8,076 ) (8,076 ) — — Total financial liabilities 10,919 (10,919 ) (8,900 ) (838 ) (1,182 ) (in thousands of euros) Contractual cash flows As of December 31, 2018 Book value Total Less than one year One to five years More than five years Financial liabilities Bank loans 799 (799 ) (738 ) (62 ) — Conditional advances 1,181 (1,181 ) — — (1,181 ) Liabilities related to finance leases 39 (39 ) (39 ) — — Trade payables and related accounts 16,655 (16,655 ) (16,655 ) — — Total financial liabilities 18,674 (18,674 ) (17,431 ) (62 ) (1,181 ) |
Off-Balance Sheet Commitments (
Off-Balance Sheet Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
Summary of Off-Balance Sheet Commitments | The off-balance sheet commitments correspond to the lease of buildings in France and in the United States. They can be broken down as follows: (in thousands of euros) Lease commitments As of December 31, 2018 Total Less than one year One to five years More than five years Leases in France 3,443 671 1,876 896 Leases in US 4,825 806 4,018 — Total lease commitments 8,268 1,478 5,894 896 |
Description of the Business - A
Description of the Business - Additional Information (Detail) € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018shares | Jan. 31, 2018shares | Nov. 30, 2017EUR (€) | Nov. 30, 2017USD ($) | Apr. 30, 2017EUR (€) | Oct. 31, 2014EUR (€) | May 31, 2013EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016EUR (€)shares | Dec. 31, 2015EUR (€)shares | |
Disclosure Of Description Of Business [Line Items] | |||||||||||
Initial public offering completion date | May 31, 2013 | ||||||||||
Initial public offering amount | € 124,000 | $ 144 | € 17,700 | ||||||||
Follow on offering amount before deducting offering expenses | € | € 70,500 | € 30,000 | |||||||||
Issue of ordinary shares | € | € 0 | € 921 | € 81 | ||||||||
Shareholders' equity | € | € 145,602 | € 181,419 | € 35,638 | € 47,133 | |||||||
Grant of free shares | 154,440 | ||||||||||
Grant of stock-options | 97,203 | ||||||||||
Private placement with institutional investors in April | 3,000,000 | 793,877 | |||||||||
Private placement amount | € | € 70,500 | € 10,000 | |||||||||
Initial public offering shares issued | 6,180,137 | ||||||||||
Proceeds from fund rasing, net of trasaction cost | € 112,000 | $ 130 | € 65,000 | € 9,000 | |||||||
United States [member] | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Initial public offering shares issued | 6,180,137 | ||||||||||
Executives [Member] | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Grant of free shares | 67,500 | ||||||||||
Grant of stock-options | 24,000 | 40,500 | |||||||||
Employees [Member] | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Grant of free shares | 86,940 | ||||||||||
Grant of stock-options | 56,703 | ||||||||||
Warrants [Member] | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Grant of shares | 40,500 | ||||||||||
Private placements [member] | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Ordinary shares issued | 793,877 | 940,000 | |||||||||
Issue of ordinary shares | € | € 9,900 | € 25,400 | |||||||||
American depository scheme [member] | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Initial public offering shares issued | 5,389,021 | ||||||||||
American depository scheme [member] | United States [member] | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Initial public offering shares issued | 5,389,021 | ||||||||||
Europe and Countries Outside of U.S. and Canada | |||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||
Number of shares issued under private placement | 791,116 |
Statement of Compliance - Addit
Statement of Compliance - Additional Information (Details) € in Millions | Jan. 01, 2019EUR (€) |
IFRS 16 [member] | Events After Reporting Period [member] | |
Increase In financial liabilities | € 7 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) € in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019shares | Jan. 31, 2018shares | Dec. 31, 2018EUR (€)USD ($) | |
Disclosure Of Significant Accounting Policies [Line Items] | |||
Number of subsidiary | $ | 1 | ||
Grant of free shares | 154,440 | ||
Grant of stock-options | 97,203 | ||
Employees [Member] | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Grant of free shares | 86,940 | ||
Grant of stock-options | 56,703 | ||
Employees [Member] | Major ordinary share transactions [member] | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Grant of free shares | 36,150 | ||
Grant of stock-options | 38,025 | ||
Other income [member] | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Amount of the clinical trial financed by a third party | € | € 600 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Details of the Company's subsidiary (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Date of Incorporation | Apr. 30, 2014 |
Percent of Ownership Interest | 100.00% |
Accounting Method | Fully consolidated |
Significant Accounting Polici_6
Significant Accounting Policies - Intagible Assets Amortized on the Basis of the Straight-line Method (Detail) - Software | 12 Months Ended |
Dec. 31, 2018 | |
Bottom of range [member] | |
Disclosure Of Intangible Assets [Line Items] | |
Amortization period | P1Y |
Top of range [member] | |
Disclosure Of Intangible Assets [Line Items] | |
Amortization period | P5Y |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Depreciation Periods of Property, Plant, and Equipment Item (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Industrial [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful economic lives estimates | P1Y |
Industrial [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful economic lives estimates | P5Y |
Fixtures and fittings [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful economic lives estimates | P3Y |
Fixtures and fittings [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful economic lives estimates | P10Y |
Office equipment [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful economic lives estimates | P3Y |
Furniture [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful economic lives estimates | P3Y |
Furniture [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful economic lives estimates | P5Y |
Note Related to the Consolidate
Note Related to the Consolidated Statement of Income(Loss) - Summary of Detailed Information of Operating Income (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information of operating income [line items] | |||
Total | € 4,447 | € 3,364 | € 4,138 |
Research tax credit [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Total | 4,375 | 3,187 | 3,347 |
Subsidies [Member] | |||
Disclosure of detailed information of operating income [line items] | |||
Total | 463 | ||
Other income [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Total | € 72 | € 178 | € 327 |
Notes Related to the Consolid_5
Notes Related to the Consolidated Statement of Income (Loss) - Additional Information (Detail) shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2018EUR (€)Employee | Dec. 31, 2017EUR (€)Employee | Dec. 31, 2016EUR (€)Employee | Jan. 31, 2016shares | |
Disclosure of detailed information of operating income [line items] | |||||
Foreign exchange gain (loss) | € 3,993,000 | € (3,026,000) | € (43,000) | ||
Gain on investments currency transactions | 1,254,000 | ||||
Conversion into presentation currency bank account Income (expense) | 3,981,000 | (3,159,000) | |||
Accumulated tax loss carry forwards | € 175,955,000 | € 128,802,000 | € 80,281,000 | ||
Tax rate | 28.00% | 34.43% | 34.43% | ||
Events After Reporting Period [member] | |||||
Disclosure of detailed information of operating income [line items] | |||||
Decreased tax rate | 25.00% | ||||
2014 plan [member] | BSPCE2014 [member] | |||||
Disclosure of detailed information of operating income [line items] | |||||
Shares granted for allocation | shares | 1,000 | ||||
Shares allocated will not be granted | shares | 3,000 | ||||
Parent [member] | |||||
Disclosure of detailed information of operating income [line items] | |||||
Weighted average full time employees | Employee | 138 | 98 | 66 | ||
Orphan Europe | |||||
Disclosure of detailed information of operating income [line items] | |||||
Amount of the clinical trial financed by a third party | € 600,000 | € 600,000 | |||
TEDAC [member] | |||||
Disclosure of detailed information of operating income [line items] | |||||
Milestone revenue recognized | € 0 | € 0 |
Notes Related to the Consolid_6
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Operating Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating expenses [line items] | |||
Consumables | € 1,822 | € 2,539 | € 2,136 |
Rental and maintenance | 2,389 | 1,531 | 1,156 |
Services, subcontracting and fees | 25,041 | 17,042 | 14,203 |
Personnel expenses | 16,838 | 11,604 | 7,995 |
Other | 1,189 | 1,008 | 613 |
Depreciation and amortization | 789 | 530 | 425 |
Total | 48,068 | 34,254 | 26,528 |
Research and development expenses [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 1,789 | 2,391 | 2,071 |
Rental and maintenance | 805 | 636 | 645 |
Services, subcontracting and fees | 19,632 | 14,175 | 11,409 |
Personnel expenses | 10,914 | 7,916 | 5,282 |
Other | 67 | 81 | 35 |
Depreciation and amortization | 260 | 263 | 277 |
Total | 33,468 | 25,463 | 19,720 |
Research and development expenses [member] | Other research and development expenses [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 1,061 | 1,859 | 917 |
Rental and maintenance | 279 | 140 | 161 |
Services, subcontracting and fees | 5,043 | 1,768 | 3,000 |
Personnel expenses | 3,013 | 2,089 | 1,212 |
Other | 38 | 37 | 8 |
Depreciation and amortization | 68 | 94 | 25 |
Total | 9,502 | 5,987 | 5,323 |
Research and development expenses [member] | Clinical studies [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 728 | 532 | 1,153 |
Rental and maintenance | 526 | 496 | 484 |
Services, subcontracting and fees | 14,589 | 12,407 | 8,410 |
Personnel expenses | 7,901 | 5,828 | 4,070 |
Other | 30 | 44 | 27 |
Depreciation and amortization | 192 | 169 | 252 |
Total | 23,965 | 19,476 | 14,397 |
General and administrative expense [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 33 | 148 | 66 |
Rental and maintenance | 1,584 | 894 | 511 |
Services, subcontracting and fees | 5,409 | 2,867 | 2,793 |
Personnel expenses | 5,925 | 3,688 | 2,713 |
Other | 1,122 | 927 | 577 |
Depreciation and amortization | 529 | 266 | 148 |
Total | € 14,600 | € 8,791 | € 6,808 |
Notes Related to the Consolid_7
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Personal Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | € 11,000 | € 7,218 | € 4,857 |
Share-based payments (employees and executives) | 2,007 | 1,475 | 1,164 |
Social security expenses | 3,831 | 2,911 | 1,973 |
Total personnel expenses | 16,838 | 11,604 | 7,995 |
Research and development expenses [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 7,279 | 5,229 | 3,371 |
Share-based payments (employees and executives) | 1,158 | 833 | 674 |
Social security expenses | 2,476 | 1,854 | 1,237 |
Total personnel expenses | 10,914 | 7,916 | 5,282 |
Other research and development expenses [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 1,887 | 1,200 | 701 |
Share-based payments (employees and executives) | 334 | 292 | 142 |
Social security expenses | 792 | 596 | 369 |
Total personnel expenses | 3,013 | 2,088 | 1,211 |
Clinical studies [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 5,393 | 4,028 | 2,670 |
Share-based payments (employees and executives) | 824 | 541 | 532 |
Social security expenses | 1,684 | 1,259 | 868 |
Total personnel expenses | 7,901 | 5,828 | 4,070 |
General and administrative expense [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 3,721 | 1,990 | 1,486 |
Share-based payments (employees and executives) | 849 | 642 | 490 |
Social security expenses | 1,355 | 1,057 | 736 |
Total personnel expenses | € 5,925 | € 3,688 | € 2,713 |
Notes Related to the Consolid_8
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants (Detail) | 12 Months Ended |
Dec. 31, 2018EUR (€)shares | |
2012 Plan [member] | BSPCE2012 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Number of warrants granted | 33,787 |
Number of warrants exercised | 16,811 |
Number of warrants forfeited | 0 |
Final date for exercising warrants | May 20, 2020 |
Parity | 1 warrant for 10 shares |
Maximum number of new shares that can be issued as of December 31, 2018 | 169,760 |
2012 Plan [member] | BSPCE2014 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Number of warrants granted | 19,500 |
Number of warrants exercised | 1,500 |
Number of warrants forfeited | 1,090 |
Final date for exercising warrants | Jan. 22, 2024 |
Parity | 1 warrant for 10 shares |
Maximum number of new shares that can be issued as of December 31, 2018 | 169,100 |
2012 Plan [member] | BSA 2012 [Member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Number of warrants granted | 10,760 |
Number of warrants exercised | 6,742 |
Exercise price per new share subscribed (in €) | € | € 7,362 |
Parity | 1 warrant for 10 shares |
Maximum number of new shares that can be issued as of December 31, 2018 | 40,180 |
2014 plan [member] | BSA 2014 [Member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Number of warrants granted | 3,000 |
Number of warrants exercised | 100 |
Exercise price per new share subscribed (in €) | € | € 12,250 |
Parity | 1 warrant for 10 shares |
Maximum number of new shares that can be issued as of December 31, 2018 | 29,000 |
2016 Plan [member] | BSA 2016 [Member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Number of warrants granted | 60,000 |
Number of warrants exercised | 0 |
Parity | 1 warrant for 1 share |
Maximum number of new shares that can be issued as of December 31, 2018 | 60,000 |
2016 Plan [member] | BSA 2016 [Member] | Tranche Two [Member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 2 years |
2016 Plan [member] | BSA 2016 [Member] | Tranche One | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 1 year |
2017 Plan [member] | BSA 2017 [Member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Number of warrants granted | 95,500 |
Number of warrants exercised | 0 |
Parity | 1 warrant for 1 share |
Maximum number of new shares that can be issued as of December 31, 2018 | 95,500 |
2017 Plan [member] | BSA 2017 [Member] | Tranche Two [Member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 2 years |
2017 Plan [member] | BSA 2017 [Member] | Tranche Three [Member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 3 years |
2017 Plan [member] | BSA 2017 [Member] | Tranche One | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 1 year |
Notes Related to the Consolid_9
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Assumptions Used to Determine Fair Value of Plans Allocated (Detail) - EUR (€) | 1 Months Ended | 12 Months Ended |
May 31, 2016 | Dec. 31, 2018 | |
BSPCE plan [Member] | Grant in May 2016 [Member] | ||
Disclosure of detailed information of operating income [line items] | ||
Number of warrants | 5,000 | |
Exercise price | € 24.75 | |
Price of the underlying share | € 24.75 | |
Expected dividends | 0.00% | |
Fair value of the plan | € 636,000 | |
BSPCE plan [Member] | Grant in May 2016 [Member] | Bottom of range [member] | ||
Disclosure of detailed information of operating income [line items] | ||
Risk free interest rate | (0.18%) | |
Volatility | 21.25% | |
Expected term | 5 years | |
BSPCE plan [Member] | Grant in May 2016 [Member] | Top of range [member] | ||
Disclosure of detailed information of operating income [line items] | ||
Risk free interest rate | (0.11%) | |
Volatility | 22.27% | |
Expected term | 5 years 6 months 3 days | |
BSA plan [Member] | Grant In October 2016 [Member] | ||
Disclosure of detailed information of operating income [line items] | ||
Number of warrants | 45,000 | |
Exercise price | € 18.52 | |
Price of the underlying share | € 18.52 | |
Expected dividends | 0.00% | |
Volatility | 45.00% | |
Expected term | 3 years | |
Fair value of the plan | € 198,000 | |
Attrition rate | 0.00% | |
Repo margin | 5.00% | |
BSA plan [Member] | Grant In January 2017 [Member] | ||
Disclosure of detailed information of operating income [line items] | ||
Number of warrants | 15,000 | |
Exercise price | € 13.46 | |
Price of the underlying share | € 15.51 | |
Expected dividends | 0.00% | |
Volatility | 48.00% | |
Expected term | 3 years | |
Fair value of the plan | € 58,000 | |
Attrition rate | 0.00% | |
Repo margin | 5.00% | |
BSA plan [Member] | Grant In June 2017 [Member] | ||
Disclosure of detailed information of operating income [line items] | ||
Number of warrants | 55,000 | |
Exercise price | € 26.47 | |
Price of the underlying share | € 28.25 | |
Expected dividends | 0.00% | |
Volatility | 48.00% | |
Expected term | 3 years | |
Fair value of the plan | € 394,000 | |
Attrition rate | 0.00% | |
Repo margin | 5.00% | |
BSA plan [Member] | Grant In January 2018 [Member] | ||
Disclosure of detailed information of operating income [line items] | ||
Number of warrants | 40,500 | |
Exercise price | € 18 | |
Price of the underlying share | € 18 | |
Fair value of the plan | € 300,000 | |
Attrition rate | 0.00% | |
BSA plan [Member] | Grant In January 2018 [Member] | Tranche One | ||
Disclosure of detailed information of operating income [line items] | ||
Expected term | 5 years 6 months | |
BSA plan [Member] | Grant In January 2018 [Member] | Tranche Two [Member] | ||
Disclosure of detailed information of operating income [line items] | ||
Expected term | 6 years | |
BSA plan [Member] | Grant In January 2018 [Member] | Tranche Three [Member] | ||
Disclosure of detailed information of operating income [line items] | ||
Expected term | 6 years 6 months |
Notes Related to the Consoli_10
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Stock Options (Detail) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018shares | Dec. 31, 2018sharesTranche | Dec. 31, 2017sharesTranche | Dec. 31, 2016sharesTranche | |
Disclosure of detailed information of operating income [line items] | ||||
Grant of stock-options | 97,203 | |||
SO plan [Member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Grant of stock-options | 24,000 | 119,403 | 95,499 | |
Number of stock options forfeited | 0 | 25,839 | 28,500 | |
Number of tranches | Tranche | 2 | 2 | 2 | |
Maximum number of new shares that can be issued as of December 31, 2018 | 24,000 | 93,564 | 66,999 | |
Tranche One | SO plan [Member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Vesting period | 2 years | 2 years | 2 years | |
Tranche Two [Member] | SO plan [Member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Vesting period | 3 years | 3 years | 3 years |
Notes Related to the Consoli_11
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Main Assumptions Used to Determine Fair Value of Plans (Detail) € / shares in Units, € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€)shares€ / shares | |
Stock Options Grant In October2016 | |
Disclosure of detailed information of operating income [line items] | |
Exercise price | € 18.52 |
Price of the underlying share | € 18.52 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 45.00% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 202 |
Stock Options Grant In January2017 | |
Disclosure of detailed information of operating income [line items] | |
Exercise price | € 15.65 |
Price of the underlying share | € 15.51 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 13 |
Stock Options Grant In June2017 | |
Disclosure of detailed information of operating income [line items] | |
Exercise price | € 26.47 |
Price of the underlying share | € 28.25 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 308 |
Stock Options Grant In October2017 | |
Disclosure of detailed information of operating income [line items] | |
Exercise price | € 23.59 |
Price of the underlying share | € 24.70 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Fair value of the plan (in thousands of euros) | € | € 208 |
Stock Options Grant In January2018 | |
Disclosure of detailed information of operating income [line items] | |
Exercise price | € 18 |
Price of the underlying share | € 18 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 43.94% |
Fair value of the plan (in thousands of euros) | € | € 731 |
Stock Options Grant In September2018 | |
Disclosure of detailed information of operating income [line items] | |
Exercise price | € 9.26 |
Price of the underlying share | € 8.75 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 41.59% |
Fair value of the plan (in thousands of euros) | € | € 80 |
Free Shares Grant In October2016 | |
Disclosure of detailed information of operating income [line items] | |
Price of the underlying share | € 18.52 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 45.00% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 974 |
Performance criteria | € (2) |
Free Shares Grant In January2017 | |
Disclosure of detailed information of operating income [line items] | |
Price of the underlying share | € 15.51 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 115 |
Performance criteria | € (3) |
Free Shares Grant In June2017 | |
Disclosure of detailed information of operating income [line items] | |
Price of the underlying share | € 28.25 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 1,081 |
Performance criteria | € (3) |
Free Shares Grant In October2017 | |
Disclosure of detailed information of operating income [line items] | |
Price of the underlying share | € 24.70 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 180 |
Performance criteria | € (3) |
Free Shares Grant In January2018 | |
Disclosure of detailed information of operating income [line items] | |
Price of the underlying share | € 18 |
Attrition rate | 0.00% |
Expected dividends | 0.00% |
Volatility | 42.17% |
Repo margin | 5.00% |
Expected term | 3 years |
Fair value of the plan (in thousands of euros) | € | € 1,145 |
Performance criteria | € (4) |
SO 2016 [member] | Stock Options Grant In October2016 | |
Disclosure of detailed information of operating income [line items] | |
Number of options | shares | 44,499 |
SO 2016 [member] | Stock Options Grant In January2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of options | shares | 3,000 |
SO 2016 [member] | Stock Options Grant In June2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of options | shares | 18,000 |
SO 2016 [member] | Stock Options Grant In October2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of options | shares | 30,000 |
SO 2017 [member] | Stock Options Grant In June2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of options | shares | 22,200 |
SO 2017 [member] | Stock Options Grant In January2018 | |
Disclosure of detailed information of operating income [line items] | |
Number of options | shares | 97,203 |
SO 2018 [member] | Stock Options Grant In September2018 | |
Disclosure of detailed information of operating income [line items] | |
Number of options | shares | 24,000 |
Tranche One | Stock Options Grant In January2018 | |
Disclosure of detailed information of operating income [line items] | |
Expected term | 6 years |
Tranche One | Stock Options Grant In September2018 | |
Disclosure of detailed information of operating income [line items] | |
Expected term | 6 years |
Tranche Two [Member] | Stock Options Grant In January2018 | |
Disclosure of detailed information of operating income [line items] | |
Expected term | 6 years 6 months |
Tranche Two [Member] | Stock Options Grant In September2018 | |
Disclosure of detailed information of operating income [line items] | |
Expected term | 6 years 6 months |
AGA 2016 [member] | Free Shares Grant In October2016 | |
Disclosure of detailed information of operating income [line items] | |
Number of shares | shares | 111,261 |
AGA 2016 [member] | Free Shares Grant In January2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of shares | shares | 15,000 |
AGA 2016 [member] | Free Shares Grant In June2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of shares | shares | 8,652 |
AGA 2016 [member] | Free Shares Grant In October2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of shares | shares | 16,650 |
AGA 2016 [member] | Free Shares Grant In January2018 | |
Disclosure of detailed information of operating income [line items] | |
Number of shares | shares | 40,500 |
AGA 2017 [member] | Free Shares Grant In June2017 | |
Disclosure of detailed information of operating income [line items] | |
Number of shares | shares | 74,475 |
AGA 2017 [member] | Free Shares Grant In January2018 | |
Disclosure of detailed information of operating income [line items] | |
Number of shares | shares | 113,940 |
Notes Related to the Consoli_12
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Free Shares (Detail) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2018shares | Dec. 31, 2017sharesTranche | Dec. 31, 2016sharesTranche | |
Disclosure of detailed information of operating income [line items] | |||
Grant of free shares | 154,440 | ||
Free Shares (“AGA”) Plan [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Grant of free shares | 188,415 | 192,063 | |
Number of free shares forfeited | 15,675 | 12,733 | |
Number of free shares acquired | 0 | 10,050 | |
Number of tranches | Tranche | 3 | 3 | |
Maximum number of new shares that can be issued as of December 31, 2018 | 172,740 | 169,280 | |
Tranche One | Free Shares (“AGA”) Plan [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Free Shares Vesting Period | P1Y | P1Y | |
Tranche Two [Member] | Free Shares (“AGA”) Plan [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Free Shares Vesting Period | P2Y | P2Y | |
Tranche Three [Member] | Free Shares (“AGA”) Plan [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Free Shares Vesting Period | P3Y | P3Y |
Notes Related to the Consoli_13
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Main Assumptions Used to Determine Fair Value of Plans (Parenthetical) (Detail) - 2016 Plan [member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information of operating income [line items] | |||
Share price | € 20.12 | ||
AGA 2018 [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Performance criteria | ERYP2018: average price of the 40-quoted market share price days before the grant date, which was €20.12 at the grant date ERYPi : average price of the 40-quoted market share price days before the acquisition date, Tri: ERYPi / (ERYP2018-1) If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%<TRi<100% shares granted are acquired following the TRi percentage | ||
Grant In October 2016 [Member] | AGA 2016 [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Performance criteria | ERYP2016: average price of the 40-quoted market share price days before the grant date, which was €20.22 at the grant date ERYPi : average price of the 40-quoted market share price days before the acquisition date, Tri: ERYPi / (ERYP2016-1) If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%<TRi<100% shares granted are acquired following the TRi percentage | ||
Share price | € 20.22 | ||
Grant In January 2017 [Member] | AGA 2017 [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Share price | € 13.46 | ||
Grant In June 2017 [Member] | AGA 2017 [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Performance criteria | ERYP2017: average price of the 40-quoted market share price days before the grant date (€13.46 for the plan granted in January 2017, €26.47 for the plan granted in June 2017, €24.48 for the plan granted in October 2017) ERYPi : average price of the 40-quoted market share price days before the acquisition date, Tri: ERYPi / (ERYP2017-1) If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%<TRi<100% shares granted are acquired following the TRi percentage | ||
Share price | € 26.47 | ||
Grant In October2017 | AGA 2017 [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Share price | € 24.48 |
Notes Related to the Consoli_14
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Outstanding Instruments (Detail) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018EUR (€)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016EUR (€)shares | |
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | ||||
Grant of stock-options | shares | 97,203 | |||
Options with a ratio of 1 option = 10 share [member] | ||||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | ||||
Number of options, beginning balance | shares | 40,804 | 40,804 | 42,524 | 45,533 |
Number of options, forfeited during the year | shares | (1,593) | |||
Number of options, exercised during the year | shares | (1,720) | (1,416) | ||
Number of options, ending balance | shares | 40,804 | 40,804 | 42,524 | |
Number of options, exercisable | shares | 40,804 | 40,804 | 42,524 | |
Weighted-average exercise price, beginning balance | € 97.34 | € 97.34 | € 98.01 | € 97.62 |
Weighted-average exercise price, granted during the year | 0 | 0 | 0 | |
Weighted-average exercise price, forfeited during the year | 0 | 0 | 122.50 | |
Weighted-average exercise price, exercised during the year | 0 | 113.55 | 75.52 | |
Weighted-average exercise price, ending balance | 97.34 | 97.34 | 98.01 | |
Weighted-average exercise price, exercisable | € 97.34 | € 97.34 | € 98.01 | |
Options with a ratio of 1 option = 1 share [member] | ||||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | ||||
Number of options, beginning balance | shares | 232,699 | 232,699 | 89,499 | |
Grant of stock-options | shares | 161,703 | 143,200 | 89,499 | |
Number of options, forfeited during the year | shares | (54,339) | |||
Number of options, ending balance | shares | 340,063 | 232,699 | 89,499 | |
Number of options, exercisable | shares | 88,999 | |||
Weighted-average exercise price, beginning balance | € 22.07 | € 22.07 | € 18.52 | € 0 |
Weighted-average exercise price, granted during the year | 16.70 | 24.29 | 18.52 | |
Weighted-average exercise price, forfeited during the year | 20.26 | 0 | 0 | |
Weighted-average exercise price, exercised during the year | 0 | 0 | 0 | |
Weighted-average exercise price, ending balance | 19.87 | 22.07 | 18.52 | |
Weighted-average exercise price, exercisable | € 19.88 | € 0 | € 0 |
Notes Related to the Consoli_15
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Number of Outstanding Free Share (Detail) - Free Shares (“AGA”) Plan [member] - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Outsatnding, beginning balance | 217,447 | 111,261 | |
Granted during the year | 154,440 | 114,777 | 111,261 |
Forfeited during the year | (27,391) | (1,017) | |
Acquired during the year | (2,476) | (7,574) | |
Outstanding, ending balance | 342,020 | 217,447 | 111,261 |
Notes Analysis of Income and Ex
Notes Analysis of Income and Expense - Summary of Breakdown of Plan Allocations (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | € 2,449 | € 1,769 | € 1,178 |
Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 1,142 | 685 | 421 |
Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 865 | 784 | 719 |
Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 442 | 301 | 37 |
AGA Plan [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 1,371 | 1,000 | 151 |
AGA Plan [Member] | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 727 | 433 | 71 |
AGA Plan [Member] | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 644 | 567 | 80 |
AGA Plan [Member] | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | 0 | |
AGA Plan [Member] | Free Shares Grant In October2016 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 219 | 533 | 151 |
AGA Plan [Member] | Free Shares Grant In October2016 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 103 | 250 | 71 |
AGA Plan [Member] | Free Shares Grant In October2016 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 116 | 283 | 80 |
AGA Plan [Member] | Free Shares Grant In January2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 31 | 92 | |
AGA Plan [Member] | Free Shares Grant In January2017 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 31 | 92 | |
AGA Plan [Member] | Free Shares Grant In June2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 483 | 348 | |
AGA Plan [Member] | Free Shares Grant In June2017 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 222 | 156 | |
AGA Plan [Member] | Free Shares Grant In June2017 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 262 | 192 | |
AGA Plan [Member] | Free Shares Grant In October2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 99 | 27 | |
AGA Plan [Member] | Free Shares Grant In October2017 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 99 | 27 | |
AGA Plan [Member] | Free Shares Grant In January2018 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 538 | ||
AGA Plan [Member] | Free Shares Grant In January2018 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 303 | ||
AGA Plan [Member] | Free Shares Grant In January2018 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 235 | ||
BSA plan [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 442 | 350 | 224 |
BSA plan [Member] | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | 0 | |
BSA plan [Member] | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 50 | 187 | |
BSA plan [Member] | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 442 | 301 | 37 |
BSA plan [Member] | Free Shares Grant In October2016 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 71 | 126 | 37 |
BSA plan [Member] | Free Shares Grant In October2016 | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 71 | 126 | 37 |
BSA plan [Member] | Free Shares Grant In June2015 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 50 | 187 | |
BSA plan [Member] | Free Shares Grant In June2015 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 50 | 187 | |
BSA plan [Member] | Free Shares Grant In January2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 16 | 10 | |
BSA plan [Member] | Free Shares Grant In January2017 | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 16 | 10 | |
BSA plan [Member] | Free Shares Grant In June2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 178 | 165 | |
BSA plan [Member] | Free Shares Grant In June2017 | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 178 | 165 | |
BSA plan [Member] | Free Shares Grant In January2018 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 177 | ||
BSA plan [Member] | Free Shares Grant In January2018 | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 177 | ||
BSPCE plan [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 196 | 780 | |
BSPCE plan [Member] | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 94 | 339 | |
BSPCE plan [Member] | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 102 | 441 | |
BSPCE plan [Member] | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | 0 | |
BSPCE plan [Member] | Free Shares Grant In January2014 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 7 | 21 | |
BSPCE plan [Member] | Free Shares Grant In January2014 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 7 | 21 | |
BSPCE plan [Member] | Free Shares Grant In September2015 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 51 | 261 | |
BSPCE plan [Member] | Free Shares Grant In September2015 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 51 | 261 | |
BSPCE plan [Member] | Free Shares Grant In May2016 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 138 | 498 | |
BSPCE plan [Member] | Free Shares Grant In May2016 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 94 | 339 | |
BSPCE plan [Member] | Free Shares Grant In May2016 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 44 | 159 | |
SO [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 636 | 223 | 22 |
SO [Member] | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 416 | 158 | 11 |
SO [Member] | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 220 | 65 | 11 |
SO [Member] | Directors [member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | 0 | |
SO [Member] | Free Shares Grant In October2016 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 73 | 90 | 22 |
SO [Member] | Free Shares Grant In October2016 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 37 | 45 | 11 |
SO [Member] | Free Shares Grant In October2016 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 36 | 44 | € 11 |
SO [Member] | Free Shares Grant In May2016 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 137 | ||
SO [Member] | Free Shares Grant In May2016 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 96 | ||
SO [Member] | Free Shares Grant In May2016 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 41 | ||
SO [Member] | Free Shares Grant In January2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 6 | 46 | |
SO [Member] | Free Shares Grant In January2017 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 6 | 46 | |
SO [Member] | Free Shares Grant In June2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 65 | ||
SO [Member] | Free Shares Grant In June2017 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 44 | ||
SO [Member] | Free Shares Grant In June2017 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 21 | ||
SO [Member] | Free Shares Grant In October2017 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 92 | 23 | |
SO [Member] | Free Shares Grant In October2017 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 92 | € 23 | |
SO [Member] | Free Shares Grant In January2018 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 317 | ||
SO [Member] | Free Shares Grant In January2018 | Employees [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 185 | ||
SO [Member] | Free Shares Grant In January2018 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 132 | ||
SO [Member] | Free Shares Grant In September2018 | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 11 | ||
SO [Member] | Free Shares Grant In September2018 | Executives [Member] | |||
Disclosure of Fair Value of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | € 11 |
Notes Related to the Consoli_16
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Depreciation and Amortization Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization expense | € 789 | € 530 | € 425 |
Clinical studies [member] | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization expense | 192 | 169 | 252 |
Other research and development expenses [member] | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization expense | 68 | 94 | 26 |
Research and development expenses [member] | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization expense | 260 | 263 | 277 |
General and administrative expense [member] | |||
Disclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization expense | € 529 | € 266 | € 148 |
Notes Related to the Consoli_17
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Financial Income and Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis Of Income And Expense [Abstract] | |||
Interest expense on finance leases | € (4) | € (8) | € (4) |
Interest expense related to borrowings | (5) | (7) | |
Other finance expenses | (19) | (3,168) | (66) |
Total financial expenses | (29) | (3,183) | (70) |
Income from short term deposits | 163 | 405 | 545 |
Other finance income | 5,264 | 134 | 13 |
Total financial income | 5,427 | 539 | 558 |
Financial income | € 5,399 | € (2,644) | € 488 |
Notes Related to the Consoli_18
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Reconciliation of Effective Tax Rate (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | |||
Loss before tax | € (38,224) | € (33,533) | € (21,902) |
Theoretical tax expense or income | 10,703 | 11,545 | 7,541 |
Current year loss not capitalized | (11,222) | (12,071) | (8,303) |
CICE (employment and competitiveness tax credit) not included in taxable income | 35 | 34 | 24 |
Research tax credits | 1,225 | 1,097 | 1,144 |
Tax rate differences | (51) | ||
Share-based compensation expense | (686) | (592) | (398) |
Permanent differences | (54) | (10) | |
Other differences | (2) | 33 | |
Effective tax (loss)/income | € (2) | € 3 | € (10) |
Notes Related to the Consoli_19
Notes Related to the Consolidated Statements of Financial Position - Schedule of Intangible Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | € 53 | € 57 | € 61 |
Increase | (36) | (4) | (4) |
Reclassification | 1,596 | ||
Ending balance | 1,613 | 53 | 57 |
Gross carrying amount [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 234 | 209 | 184 |
Increase | 3 | 25 | 25 |
Reclassification | 1,596 | ||
Ending balance | 1,833 | 234 | 209 |
Gross carrying amount [member] | Other intangible assets [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 234 | 209 | 184 |
Increase | 3 | 25 | 25 |
Reclassification | 1,596 | ||
Ending balance | 1,833 | 234 | 209 |
Accumulated Amortization and Depreciation [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (181) | (152) | (122) |
Increase | (39) | (29) | (29) |
Ending balance | (220) | (181) | (152) |
Accumulated Amortization and Depreciation [member] | Other intangible assets [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (181) | (152) | (122) |
Increase | (39) | (29) | (29) |
Ending balance | € (220) | € (181) | € (152) |
Notes Related to the Consoli_20
Notes Related to the Consolidated Statements of Financial position - Additional Information (Detail) - EUR (€) € / shares in Units, € in Thousands | Jun. 30, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 |
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Assets under construction | € 1,596 | |||||||
Property, plant and equipment held under finance leases | 37 | € 92 | ||||||
Office equipment and computers held under finance leases | € 37 | 76 | 111 | |||||
Advances payments to suppliers | 3,180 | 570 | ||||||
Current accounts | 118,400 | 174,500 | 10,600 | |||||
Term deposits | € 16,000 | € 11,000 | € 27,000 | |||||
Notice period for availability of term deposits | 32 days | 32 days | ||||||
Maturities of term deposit | January 2019 | January 1, 2019 | ||||||
Number of shares fully paid up | 17,940,035 | 17,937,559 | 8,732,648 | 7,924,611 | ||||
Nominal value | € 0.10 | |||||||
Costs of issuing ordinary shares | € 16,722 | |||||||
Number of shares that could be issued on the exercise of warrants and acquisition of free shares | 1,090,123 | 858,186 | 626,000 | |||||
Dispute settlement | € 81 | |||||||
Residual conditional advance | 23 | |||||||
Reimbursement | € 104 | |||||||
Pancreas project [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Advances received | € 735 | |||||||
Conditional advance payment | € 260 | |||||||
GR-SIL project [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Advances received | 135 | |||||||
Tedac project [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Advances received | 4,895 | |||||||
Repayment upon achieving cumulative sales | € 5,281 | |||||||
Percentage of annuity equal to income generated through the sale of intellectual property rights | 50.00% | |||||||
Conditional advance repayment limit | € 5,300 | |||||||
Tedac project [member] | Bottom of range [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Condition of repayment: amount of cumulative sales | 10,000 | |||||||
Tedac project [member] | Signature of agreement [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Conditional advance received | € 63 | |||||||
Tedac project [member] | Milestones four [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Conditional advance received | € 1,119 | |||||||
Tedac project [member] | June thirty of first year in which cumulative sales condition is achieved [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Repayment | 500 | |||||||
Tedac project [member] | June thirty of second year in which cumulative sales condition is achieved [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Repayment | 750 | |||||||
Tedac project [member] | June thirty of third year in which cumulative sales condition is achieved [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Repayment | 1,500 | |||||||
Tedac project [member] | June thirty of fourth year in which cumulative sales condition is achieved [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Repayment | 2,531 | |||||||
Tedac project [member] | Second phase [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Conditional advance repayment limit | 15,000 | |||||||
Amount upon achieving cumulative sales | € 60,000 | |||||||
Percentage of payment through the sale of intellectual property rights | 2.50% | |||||||
Conditional advance repayment term | 15 years | |||||||
Bpi France [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Conditional advances repayable percentage | 100.00% | |||||||
Advances received | 1,118 | |||||||
Repayment | (508) | |||||||
Bpi France [member] | Pancreas project [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Repayment | (485) | |||||||
Bpi France [member] | GR-SIL project [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Repayment | (23) | |||||||
Bpi France [member] | Tedac project [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Advances received | € 1,118 | |||||||
Societe Generale [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Bank loan received | € 1,900 | |||||||
Interest rate | 0.40% | |||||||
Repayment terms | 36 month | |||||||
United States [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Increase of assets under construction | € 11,873 | |||||||
France [member] | ||||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | ||||||||
Increase of assets under construction | € 1,194 |
Notes Related to the Consoli_21
Notes Related to the Consolidated Statements of Financial Position - Schedule of Property, Plant and Equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | € 3,406 | € 2,245 | € 917 |
Increase | 13,464 | 1,161 | 1,372 |
Decrease | (44) | ||
Reclassification | (1,596) | ||
Ending balance | 15,274 | 3,406 | 2,245 |
Gross carrying amount [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 6,348 | 4,684 | 2,958 |
Increase | 14,222 | 1,664 | 1,770 |
Decrease | (44) | ||
Reclassification | (1,596) | ||
Ending balance | 18,974 | 6,348 | 4,684 |
Gross carrying amount [member] | Assets under construction [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 1,730 | 862 | 44 |
Increase | 13,425 | 868 | 862 |
Decrease | (44) | ||
Reclassification | (1,596) | ||
Ending balance | 13,559 | 1,730 | 862 |
Gross carrying amount [member] | Plant, equipment, and tooling [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 2,094 | 1,824 | 1,701 |
Increase | 490 | 270 | 123 |
Ending balance | 2,584 | 2,094 | 1,824 |
Gross carrying amount [member] | Fixtures and fittings [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 1,855 | 1,466 | 1,079 |
Increase | 152 | 389 | 387 |
Ending balance | 2,007 | 1,855 | 1,466 |
Gross carrying amount [member] | Office equipment and computers [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 669 | 532 | 134 |
Increase | 155 | 137 | 398 |
Ending balance | 824 | 669 | 532 |
Accumulated Amortization and Depreciation [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (2,942) | (2,439) | (2,041) |
Increase | (758) | (503) | (398) |
Ending balance | (3,700) | (2,942) | (2,439) |
Accumulated Amortization and Depreciation [member] | Plant, equipment, and tooling [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (1,571) | (1,406) | (1,257) |
Increase | (248) | (165) | (149) |
Reclassification | (5) | ||
Ending balance | (1,824) | (1,571) | (1,406) |
Accumulated Amortization and Depreciation [member] | Fixtures and fittings [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (1,116) | (908) | (733) |
Increase | (355) | (208) | (175) |
Ending balance | (1,471) | (1,116) | (908) |
Accumulated Amortization and Depreciation [member] | Office equipment and computers [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (255) | (125) | (51) |
Increase | (155) | (130) | (74) |
Reclassification | 5 | ||
Ending balance | € (405) | € (255) | € (125) |
Notes Related to the Consoli_22
Notes Related to the Consolidated Statements of Financial Position - Summary of Other Non-current Financial Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Categories Of Noncurrent Financial Assets [Abstract] | |||
Deposits related to leased premises | € 446 | € 168 | € 132 |
Advance payments to suppliers | 510 | ||
Other | 91 | 67 | |
Total other non-current financial assets | € 1,046 | € 234 | € 132 |
Notes Related to the Consoli_23
Notes Related to the Consolidated Statements of Financial Position - Schedule of Inventories (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Classes Of Inventories [Abstract] | |||
Production inventory | € 1,336 | € 104 | € 71 |
Laboratory inventory | 59 | 72 | 74 |
Total inventory | € 1,396 | € 176 | € 145 |
Notes Related to the Consoli_24
Notes Related to the Consolidated Statements of Financial Position - Schedule of Trade and Other Receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Trade And Other Receivables [Abstract] | |||
Trade and other receivables | € 30 | € 76 | € 218 |
Trade and other receivables | € 30 | € 76 | € 218 |
Notes Related to the Consoli_25
Notes Related to the Consolidated Statements of Financial Position - Schedule of Other Current Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Current Assets [Abstract] | |||
Research Tax Credit | € 7,701 | € 3,326 | € 3,321 |
Tax receivables (e.g. VAT) and other receivables | 1,949 | 1,114 | 863 |
Cash to be received from bank related to exercise of warrants | 23 | ||
Prepaid expenses | 4,461 | 1,327 | 339 |
Other current assets | € 14,111 | € 5,791 | € 4,524 |
Notes Related to the Consoli_26
Notes Related to the Consolidated Statements of Financial Position - Summary of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Cash And Cash Equivalents [Abstract] | ||||
Total cash and cash equivalents as reported in statementof financial position | € 134,371 | € 185,525 | € 37,646 | |
Bank overdrafts | (11) | |||
Total cash and cash equivalents as reported in statement of cash flow | € 134,371 | € 185,514 | € 37,646 | € 45,634 |
Notes Related to the Consoli_27
Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | |||
Beginning balance | 17,937,559 | 8,732,648 | 7,924,611 |
Follow-on offering | 793,877 | ||
Exercise of share warrants | 17,200 | 14,160 | |
Free shares / Stock options / Share warrants | 7,574 | ||
Private placement with institutional investors in April | 3,000,000 | 793,877 | |
Initial public offering shares issued | 6,180,137 | ||
Free shares | 2,476 | ||
Ending balance | 17,940,035 | 17,937,559 | 8,732,648 |
United States [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial public offering shares issued | 6,180,137 |
Notes Related to the Consoli_28
Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017shares | |
Disclosure of classes of share capital [line items] | |
Initial Public Offering | 6,180,137 |
American depository scheme [member] | |
Disclosure of classes of share capital [line items] | |
Initial Public Offering | 5,389,021 |
Notes Related to the Consoli_29
Notes Related to the Consolidated Statements of Financial Position - Basic Earnings per Share and Diluted Earnings (Loss) per Share (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Net loss | € (38,224) | € (33,530) | € (21,913) |
Weighted number of shares for the period | 17,937,481 | 11,370,557 | 7,983,642 |
Basic loss per share (€/share) | € (2.13) | € (2.95) | € (2.74) |
Diluted loss per share (€/share) | € (2.13) | € (2.95) | € (2.74) |
Notes Related to the Consoli_30
Notes Related to the Consolidated Statements of Financial Position - Basic Earnings per Share and Diluted Earnings (Loss) per Share (Parenthetical) (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Earnings Per Share [Abstract] | |||
Number of treasury shares held | 2,500 | 2,500 | 2,500 |
Notes Related to the Consoli_31
Notes Related to the Consolidated Statements of Financial Position - Summary of Details of Provisions (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Other Provisions [Line Items] | |||
Long-term provisions | € 347 | € 214 | € 163 |
Provision for retirement indemnities [member] | |||
Disclosure Of Other Provisions [Line Items] | |||
Long-term provisions | € 347 | € 214 | € 163 |
Notes Related to the Consoli_32
Notes Related to the Consolidated Statements of Financial Position - Summary of Breakdown of Provisions (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Other Provisions [Line Items] | |||
Opening | € 214 | € 163 | € 181 |
Other | 60 | (8) | 30 |
Provisions | 73 | 59 | 33 |
Reversals | (81) | ||
Closing | 347 | 214 | 163 |
Provision for retirement indemnities [member] | |||
Disclosure Of Other Provisions [Line Items] | |||
Opening | 214 | 163 | 100 |
Other | 60 | (8) | 30 |
Provisions | 73 | 59 | 33 |
Closing | € 347 | € 214 | 163 |
Provisions for disputes [member] | |||
Disclosure Of Other Provisions [Line Items] | |||
Opening | 81 | ||
Reversals | € (81) |
Notes Related to the Consoli_33
Notes Related to the Consolidated Statements of Financial Position - Estimate of the Retirement Commitments (Detail) - yr | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 1.57% | 1.30% | 1.36% |
Wage increase | 2.00% | 2.00% | 2.00% |
Mortality table | INSEE 2014 | INSEE 2014 | INSEE 2014 |
Bottom of range [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Expected staff turnover | 0.00% | 0.00% | 0.00% |
Age of retirement: | 65 | 65 | 65 |
Top of range [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Expected staff turnover | 10.00% | 10.00% | 10.00% |
Age of retirement: | 67 | 67 | 67 |
Non-executive [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Social welfare contribution rate | 44.00% | 44.00% | 44.00% |
Executive [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Social welfare contribution rate | 54.00% | 54.00% | 54.00% |
Notes Related to the Consoli_34
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Type (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Financial Liabilities [Abstract] | |||
Financial liabilities related to finance leases | € 39 | € 117 | € 204 |
Bank overdrafts | 0 | 11 | 0 |
Conditional advances | 1,181 | 1,182 | 1,182 |
Bank loans | 799 | 1,534 | 1,480 |
Total financial liabilities | € 2,019 | € 2,843 | € 2,865 |
Notes Related to the Consoli_35
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Maturity (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial liabilities | |||
Bank loans | € 799 | € 1,534 | € 1,480 |
Conditional advances | 1,181 | 1,182 | 1,182 |
Financial liabilities related to finance leases | 39 | 117 | 204 |
Total financial liabilities | 2,019 | 2,843 | 2,865 |
Bank overdrafts | 11 | ||
Less than one year [member] | |||
Financial liabilities | |||
Bank loans | 738 | 735 | |
Financial liabilities related to finance leases | 39 | 79 | 50 |
Total financial liabilities | 776 | 824 | 50 |
Bank overdrafts | 11 | ||
Later than one year and not later than three years [member] | |||
Financial liabilities | |||
Bank loans | 62 | 799 | 1,480 |
Financial liabilities related to finance leases | 39 | 154 | |
Total financial liabilities | 62 | 838 | 1,634 |
Later than five years [member] | |||
Financial liabilities | |||
Conditional advances | 1,181 | 1,182 | 1,182 |
Total financial liabilities | € 1,181 | € 1,182 | € 1,182 |
Notes Related to the Consoli_36
Notes Related to the Consolidated Statements of Financial Position - Summary of Main Terms of Agreements (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financial Liabilities [Line Items] | |||
At the beginning of the period | € 2,843 | € 2,865 | |
At the end of the period | 2,019 | 2,843 | € 2,865 |
Bpi France [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
At the beginning of the period | 1,181 | 1,181 | 564 |
Repayment | (508) | ||
Advances received | 1,118 | ||
Interests | 0 | 0 | 7 |
At the end of the period | 1,181 | 1,181 | 1,181 |
Pancreas project [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
Advances received | 735 | ||
Pancreas project [member] | Bpi France [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
At the beginning of the period | 478 | ||
Repayment | (485) | ||
Interests | 0 | 0 | 7 |
GR-SIL project [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
Advances received | 135 | ||
GR-SIL project [member] | Bpi France [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
At the beginning of the period | 23 | ||
Repayment | (23) | ||
Interests | 0 | 0 | |
Tedac project [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
Advances received | 4,895 | ||
Tedac project [member] | Bpi France [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
At the beginning of the period | 1,181 | 1,181 | 63 |
Advances received | 1,118 | ||
Interests | 0 | 0 | |
At the end of the period | € 1,181 | € 1,181 | € 1,181 |
Notes Related to the Consoli_37
Notes Related to the Consolidated Statements of Financial Position - Summary of Trade and Other Payables (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Trade And Other Payables [Line Items] | |||
Vendors | € 16,655 | € 8,076 | € 4,832 |
Payables To Domestic Vendors | |||
Trade And Other Payables [Line Items] | |||
Vendors | 3,013 | 2,335 | 2,802 |
Payables To Foreign Vendors | |||
Trade And Other Payables [Line Items] | |||
Vendors | 10,389 | 2,631 | 745 |
Payables To Vendors Accruals | |||
Trade And Other Payables [Line Items] | |||
Vendors | € 3,253 | 3,211 | 1,292 |
Other Trade Payables | |||
Trade And Other Payables [Line Items] | |||
Vendors | € (101) | € (7) |
Notes Related to the Consoli_38
Notes Related to the Consolidated Statements of Financial Position - Summary of Other Current Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Miscellaneous Current Liabilities [Abstract] | |||
Social liabilities, taxation and social security | € 3,148 | € 2,706 | € 1,465 |
Deferred revenue | 16 | ||
Other payables | 53 | ||
Total other current liabilities | € 3,217 | € 2,706 | € 1,465 |
Notes Related to the Consoli_39
Notes Related to the Consolidated Statements of Financial Position - Summary of Transactions Between Related Parties (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | € 2,218 | € 2,402 | € 1,500 |
Retirement benefits | 56 | 44 | 25 |
Share based payments | 1,307 | 1,120 | 758 |
Executive officers / VP and Qualified person [member] | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | 692 | 654 | 498 |
Retirement benefits | 26 | 19 | 15 |
Share based payments | 337 | 306 | 226 |
Executive committee [member] | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | 1,285 | 1,519 | 818 |
Retirement benefits | 30 | 25 | 10 |
Share based payments | 528 | 478 | 495 |
Board of directors [member] | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | 241 | 229 | 184 |
Share based payments | € 442 | € 336 | € 37 |
Notes Related to the Consoli_40
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Financial Instruments [Line Items] | |||
Trade and other receivables | € 30 | € 76 | € 218 |
Other current assets | 14,111 | 5,791 | 4,524 |
Cash and cash equivalents | 134,371 | 185,525 | 37,646 |
Financial liabilities – non-current portion | 1,243 | 2,019 | 2,816 |
Financial liabilities – current portion | 776 | 824 | 50 |
Vendors | 16,655 | 8,076 | 4,832 |
Total financial liabilities | 2,019 | 2,843 | 2,865 |
Total financial liabilities | 2,019 | 2,843 | 2,865 |
Financial liabilities at amortised cost, category [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities – non-current portion | 1,243 | 2,019 | 2,816 |
Financial liabilities – current portion | 776 | 824 | 50 |
Vendors | 16,655 | 8,076 | 4,832 |
Total financial liabilities | 18,674 | 10,919 | 7,697 |
Total financial liabilities | 18,674 | 10,919 | 7,697 |
Financial liabilities at fair value, class [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities – non-current portion | 1,243 | 2,019 | 2,816 |
Financial liabilities – current portion | 776 | 824 | 50 |
Vendors | 16,655 | 8,076 | 4,832 |
Total financial liabilities | 18,674 | 10,919 | 7,697 |
Total financial liabilities | 18,674 | 10,919 | 7,697 |
Financial liabilities at carrying value [member ] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities – non-current portion | 1,243 | 2,019 | 2,816 |
Financial liabilities – current portion | 776 | 824 | 50 |
Vendors | 16,655 | 8,076 | 4,832 |
Total financial liabilities | 18,674 | 10,919 | 7,697 |
Total financial liabilities | 18,674 | 10,919 | 7,697 |
Financial assets at carrying value [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Non-current financial assets | 1,046 | 234 | 132 |
Trade and other receivables | 30 | 76 | 218 |
Other current assets | 14,111 | 5,790 | 4,524 |
Cash and cash equivalents | 134,371 | 185,525 | 37,646 |
Total financial assets | 149,557 | 191,626 | 42,520 |
Total financial assets | 149,557 | 191,626 | 42,520 |
Financial assets at fair value through profit or loss, category [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Cash and cash equivalents | 134,371 | 185,525 | 37,646 |
Total financial assets | 134,371 | 185,525 | 37,646 |
Total financial assets | 134,371 | 185,525 | 37,646 |
Loans and receivables, category [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Non-current financial assets | 1,046 | 234 | 132 |
Trade and other receivables | 30 | 76 | 218 |
Other current assets | 14,111 | 5,790 | 4,524 |
Total financial assets | 15,187 | 6,100 | 4,874 |
Total financial assets | 15,187 | 6,100 | 4,874 |
Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Non-current financial assets | 1,046 | 234 | 132 |
Trade and other receivables | 30 | 76 | 218 |
Other current assets | 14,111 | 5,790 | 4,524 |
Cash and cash equivalents | 134,371 | 185,525 | 37,646 |
Total financial assets | 149,557 | 191,626 | 42,520 |
Total financial assets | € 149,557 | € 191,626 | € 42,520 |
Management of Financial Risks -
Management of Financial Risks - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2018USD ($) | |
Disclosures Of Financial Risk Management [Line Items] | ||||
Cash flows used by operating activities | € (39,270,000) | € (24,702,000) | € (17,614,000) | |
Cash and cash equivalents | 134,371,000 | 185,525,000 | 37,646,000 | |
Conditional advances | 1,181,000 | 1,182,000 | 1,182,000 | |
Financial liabilities related to finance leases | 39,000 | 117,000 | 204,000 | |
Vendors | 16,655,000 | 8,076,000 | 4,832,000 | |
Total financial liabilities | 2,019,000 | 2,843,000 | 2,865,000 | |
Bank overdrafts | 11,000 | |||
Bank account position held in USD | $ | $ 94,291 | |||
Impact of 1% decrease in change in exchange rate | 815,000 | |||
Impact of 5% decrease in change in exchange rate | 3,921,000 | |||
Impact of 10% decrease in change in exchange rate | 7,486,000 | |||
Less than one year [member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Financial liabilities related to finance leases | 39,000 | 79,000 | 50,000 | |
Total financial liabilities | 776,000 | 824,000 | 50,000 | |
Later than five years [member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Conditional advances | 1,181,000 | 1,182,000 | 1,182,000 | |
Total financial liabilities | 1,181,000 | 1,182,000 | 1,182,000 | |
Liquidity risk [member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Cash flows used by operating activities | 39,300 | 24,700 | 17,600 | |
Cash and cash equivalents | 134,400 | |||
Liquidity risk [member] | Contractual Cash Flows [Member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Bank loans | (799,000) | (1,534,000) | (1,480,000) | |
Conditional advances | (1,181,000) | (1,182,000) | (1,182,000) | |
Financial liabilities related to finance leases | (39,000) | (117,000) | (149,000) | |
Vendors | (16,655,000) | (8,076,000) | (4,832,000) | |
Total financial liabilities | (18,674,000) | (10,919,000) | (7,644,000) | |
Bank overdrafts | (11,000) | |||
Liquidity risk [member] | Contractual Cash Flows [Member] | Less than one year [member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Bank loans | (738,000) | (735,000) | ||
Financial liabilities related to finance leases | (39,000) | (79,000) | (59,000) | |
Vendors | (16,655,000) | (8,076,000) | (4,832,000) | |
Total financial liabilities | (17,431,000) | (8,900,000) | (4,891,000) | |
Bank overdrafts | (11,000) | |||
Liquidity risk [member] | Contractual Cash Flows [Member] | Later than one year and not later than five years [member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Bank loans | (62,000) | (799,000) | (1,480,000) | |
Financial liabilities related to finance leases | (39,000) | (91,000) | ||
Total financial liabilities | (62,000) | (838,000) | (1,571,000) | |
Liquidity risk [member] | Contractual Cash Flows [Member] | Later than five years [member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Conditional advances | (1,181,000) | (1,182,000) | (1,182,000) | |
Total financial liabilities | (1,181,000) | (1,182,000) | (1,182,000) | |
Liquidity risk [member] | Gross carrying amount [member] | Contractual Cash Flows [Member] | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Bank loans | 799,000 | 1,534,000 | 1,480,000 | |
Conditional advances | 1,181,000 | 1,182,000 | 1,182,000 | |
Financial liabilities related to finance leases | 39,000 | 117,000 | 204,000 | |
Vendors | 16,655,000 | 8,076,000 | 4,832,000 | |
Total financial liabilities | € 18,674,000 | 10,919,000 | € 7,697,000 | |
Bank overdrafts | € 11,000 | |||
Currency risk [member] | United States of America, Dollars | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Percentage of operating expenses denominated in U.S. dollars | 30.00% |
Off-Balance Sheet Commitments -
Off-Balance Sheet Commitments - Summary of Off-Balance Sheet Commitments Correspond to the Lease of Buildings (Detail) € in Thousands | Dec. 31, 2018EUR (€) |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | € 8,268 |
France [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 3,443 |
United States [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 4,825 |
Less than one year [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 1,478 |
Less than one year [member] | France [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 671 |
Less than one year [member] | United States [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 806 |
Later than one year and not later than five years [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 5,894 |
Later than one year and not later than five years [member] | France [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 1,876 |
Later than one year and not later than five years [member] | United States [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 4,018 |
Later than five years [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | 896 |
Later than five years [member] | France [member] | |
Disclosure Of Operating Lease [Line Items] | |
Total lease commitments | € 896 |
Off-Balance Sheet Commitments_2
Off-Balance Sheet Commitments - Additional Information (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure Of Off Balance Sheet Commitments [Line Items] | |
Total lease commitments | € 8,268 |
Orphan Europe | |
Disclosure Of Off Balance Sheet Commitments [Line Items] | |
Payment received on signing agreement | 5,000 |
Future payments upon achievement of specified clinical, regulatory and commercial milestones | € 37,500 |
Percentage of payment received for product delivered and royalties on sales | 45.00% |