COVER
COVER | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38281 |
Entity Registrant Name | ERYTECH Pharma S.A. |
Entity Incorporation, State or Country Code | I0 |
Entity Address, Address Line One | 60 Avenue Rockefeller |
Entity Address, Postal Zip Code | 69008 |
Entity Address, City or Town | Lyon |
Entity Address, Country | FR |
Title of 12(b) Security | Ordinary shares, nominal value €0.10 per share |
Trading Symbol | ERYP |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 31,018,553 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001624422 |
American Depositary Shares, each representing one ordinary share, nominal value €0.10 per share | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing oneordinary share, nominal value €0.10 per share |
Trading Symbol | ERYP |
Security Exchange Name | NASDAQ |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 60 Avenue Rockefeller |
Entity Address, Postal Zip Code | 69008 |
Entity Address, City or Town | Lyon |
Entity Address, Country | FR |
Contact Personnel Name | Gil Beyen |
City Area Code | 33 |
Local Phone Number | 4 78 74 44 38 |
Contact Personnel Fax Number | 4 78 75 56 29 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG S.A. |
Auditor Location | Lyon, France |
Auditor Firm ID | 1253 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (LOSS) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenues | € 0 | € 0 | € 0 |
Other income | 30,998 | 4,180 | 3,718 |
Operating income | 30,998 | 4,180 | 3,718 |
Research and development | (19,907) | (45,100) | (57,580) |
General and administrative | (13,887) | (15,595) | (14,970) |
Operating expenses | (33,794) | (60,695) | (72,550) |
Operating loss | (2,796) | (56,515) | (68,832) |
Financial income | 4,453 | 5,422 | 889 |
Financial expenses | (1,364) | (2,702) | (5,354) |
Financial income (loss) | 3,089 | 2,720 | (4,465) |
Income tax | (521) | (2) | (3) |
Net loss | € (228) | € (53,797) | € (73,300) |
Basic loss per share (€/share) | € (0.01) | € (2.27) | € (3.99) |
Diluted loss per share (€/share) | € (0.01) | € (2.27) | € (3.99) |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net loss | € (228) | € (53,797) | € (73,300) |
Elements that may be reclassified subsequently to income (loss) | |||
Currency translation adjustment | 187 | (528) | 400 |
Elements that may not be reclassified subsequently to income (loss) | |||
Remeasurement of defined benefit liabilities | 235 | 68 | (19) |
Tax effect | 0 | 0 | 0 |
Other comprehensive income (loss) | 422 | (460) | 381 |
Total comprehensive income (loss) | € 194 | € (54,257) | € (72,919) |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | |||
Intangible assets | € 5 | € 15 | € 589 |
Property, plant and equipment | 393 | 18,960 | 20,862 |
Right of use | 2,584 | 6,869 | 8,228 |
Other non-current assets | 195 | 876 | 1,091 |
Total non-current assets | 3,177 | 26,720 | 30,770 |
Current assets | |||
Inventories | 0 | 0 | 0 |
Trade and other receivables | 76 | 12 | 4 |
Other current assets | 3,769 | 6,337 | 5,182 |
Cash and cash equivalents | 38,789 | 33,699 | 44,446 |
Total current assets | 42,634 | 40,048 | 49,632 |
TOTAL ASSETS | 45,811 | 66,768 | 80,402 |
Shareholders’ equity | |||
Share capital | 3,102 | 3,102 | 2,006 |
Premiums related to share capital | 48,975 | 97,618 | 120,705 |
Reserves | (29,765) | (25,293) | (24,616) |
Translation reserve | 1,402 | 1,215 | 1,744 |
Net loss for the period | (228) | (53,797) | (73,300) |
Total shareholders’ equity | 23,487 | 22,845 | 26,539 |
Non-current liabilities | |||
Provisions - non-current portion | 419 | 524 | 652 |
Financial liabilities – non-current portion | 7,547 | 15,232 | 14,379 |
Derivative liabilities - non current portion | 0 | 0 | 288 |
Lease liabilities - non-current portion | 2,680 | 8,162 | 9,197 |
Deferred tax | 0 | 0 | 0 |
Total Non-current liabilities | 10,646 | 23,918 | 24,516 |
Current liabilities | |||
Provisions - current portion | 314 | 0 | 0 |
Financial liabilities – current portion | 2,565 | 164 | 2,265 |
Derivative liabilities - current portion | 0 | 0 | 129 |
Lease liabilities - current portion | 775 | 1,817 | 1,607 |
Trade and other payables | 5,115 | 14,154 | 20,910 |
Other current liabilities | 2,909 | 3,870 | 4,436 |
Total current liabilities | 11,678 | 20,005 | 29,347 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | € 45,811 | € 66,768 | € 80,402 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities | ||||
Net loss | € (228) | € (53,797) | € (73,300) | |
Reconciliation of net loss and the cash used for operating activities | ||||
Gain or loss on exchange | (510) | (3,570) | 3,028 | |
Amortization and depreciation | 4,619 | 5,377 | 4,991 | |
Provision | 445 | 135 | 57 | |
Extinguishment of conditional advance | (4,895) | |||
Change in fair value of derivative liabilities | 0 | (1,175) | (652) | |
Expenses related to share-based payments | 447 | 1,323 | 1,179 | |
(Gain) or loss on disposal of property plant and equipment (1) | [1] | (23,893) | 17 | 22 |
Interest expense (income) | (169) | 2,073 | 2,150 | |
Income tax expense (income) | 521 | 2 | 3 | |
Operating cash flow before change in working capital | (23,663) | (49,615) | (62,522) | |
(Increase) decrease in inventories | 0 | 0 | 358 | |
(Increase) decrease in trade and other receivables | (63) | (8) | 33 | |
(Increase) decrease in other current assets | 2,734 | (94) | 2,829 | |
Increase (decrease) in trade and other payables | (9,220) | (6,477) | 6,913 | |
Increase (decrease) in other current liabilities | (1,548) | (574) | 669 | |
Change in working capital | (8,098) | (7,153) | 10,802 | |
Income tax paid | (3) | (2) | 0 | |
Net cash flow used in operating activities | (31,764) | (56,770) | (51,720) | |
Cash flows from investing activities | ||||
Acquisition of property, plant and equipment | (85) | (298) | (1,139) | |
Acquisition of intangible assets | 0 | 0 | (2) | |
Increase in non-current & current financial assets | (5) | (192) | (421) | |
Disposal of property, plant and equipment | 37,630 | 0 | 83 | |
Decrease in non-current & current financial assets | 586 | 145 | 4 | |
Net cash flow from/(used in) investing activities | 38,127 | (345) | (1,475) | |
Cash flows from financing activities | ||||
Capital increases, net of transaction costs | 0 | 34,631 | 118 | |
Subscription of warrants | 0 | 0 | 12 | |
Proceeds from borrowings, net of transaction costs | 3,081 | 12,157 | 27,134 | |
Repayment of borrowings | (3,081) | 0 | (62) | |
Allowance received from a lessor | 0 | 0 | 188 | |
Repayment of lease liability (IFRS 16) | (1,545) | (1,702) | (1,615) | |
Interests received (paid) | (223) | (374) | (326) | |
Net cash flow from (used in) financing activities | (1,768) | 44,712 | 25,449 | |
Exchange rate effect on cash in foreign currency | 495 | 1,656 | (981) | |
Increase (Decrease) in cash and cash equivalents | 5,090 | (10,747) | (28,727) | |
Net cash and cash equivalents at the beginning of the period | 33,699 | 44,446 | 73,173 | |
Net cash and cash equivalents at the closing of the period | 38,789 | 33,699 | 44,446 | |
Cash paid for interest | € 223 | € 374 | € 326 | |
[1]including €24,350 thousand related to Catalent sale of Princeton manufacturing facility (see note 3.1) and disposal of other equipment for €457 thousand (see note 4.1.2). |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - EUR (€) € in Thousands | Total | Share capital | Premiums related to the share capital | Reserves | Translation reserve | Net income (loss) | |
Beginning balance at Dec. 31, 2019 | € 85,560 | € 1,794 | € 281,688 | € (136,607) | € 1,344 | € (62,659) | |
Net loss for the period | (73,300) | (73,300) | |||||
Other comprehensive income | 381 | (19) | 400 | ||||
Total comprehensive income (loss) | (72,919) | 0 | 0 | (19) | 400 | (73,300) | |
Allocation of prior period loss | 0 | (54,208) | (8,451) | 62,659 | |||
Allocation of reserves on premiums | 0 | (119,282) | 119,282 | ||||
Issue of ordinary shares | 12,719 | 212 | 12,507 | ||||
Share-based payment | 1,179 | 1,179 | |||||
Ending balance at Dec. 31, 2020 | 26,539 | 2,006 | 120,705 | (24,616) | 1,744 | (73,300) | |
Net loss for the period | (53,797) | (53,797) | |||||
Other comprehensive income | (460) | 68 | (528) | ||||
Total comprehensive income (loss) | (54,257) | 0 | 0 | 68 | (528) | (53,797) | |
Allocation of prior period loss | [1] | 0 | (71,037) | (2,263) | 73,300 | ||
Issue of ordinary shares | [2] | 52,842 | 1,096 | 51,746 | |||
Issue of warrants | 15 | 15 | |||||
Share-based payment | 1,323 | 1,323 | |||||
Other | 195 | 195 | |||||
Transaction costs | [3] | (3,811) | (3,811) | ||||
Ending balance at Dec. 31, 2021 | 22,845 | 3,102 | 97,618 | (25,293) | 1,215 | (53,797) | |
Net loss for the period | (228) | (228) | |||||
Other comprehensive income | 422 | 235 | 187 | ||||
Total comprehensive income (loss) | 194 | 0 | 0 | 235 | 187 | (228) | |
Allocation of prior period loss | [1] | 0 | (48,643) | (5,154) | 53,797 | ||
Share-based payment | 447 | 447 | |||||
Ending balance at Dec. 31, 2022 | € 23,487 | € 3,102 | € 48,975 | € (29,765) | € 1,402 | € (228) | |
[1]For each of the year presented the standalone net loss of Erytech Pharma SA has been allocated to the Premiums pursuant to a shareholders meeting decision.[2] of which €31,826 thousand as result of the Registered Direct Offerings in April (€24,867 thousand) and in Decembe r 2021 (€6,957 thousand) ; €6,616 thousand related to the ATM and €14,400 thousand related to the conversion of five tranches of OCABSA. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 EUR (€) | Apr. 30, 2021 EUR (€) | Dec. 31, 2021 EUR (€) tranch | ||
Issue of ordinary shares | [1] | € 52,842 | ||
Repayment | € 14,400 | |||
Number of tranches of borrowings issued | tranch | 5 | |||
Registered Offering | ||||
Issue of ordinary shares | € 6,957 | € 24,867 | € 31,826 | |
At-The-Market Offering | ||||
Issue of ordinary shares | € 6,616 | |||
[1] of which €31,826 thousand as result of the Registered Direct Offerings in April (€24,867 thousand) and in Decembe r 2021 (€6,957 thousand) ; €6,616 thousand related to the ATM and €14,400 thousand related to the conversion of five tranches of OCABSA. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) € in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Cell Therapy Manufacturing Facility | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Gains on disposals of property, plant and equipment | € 24,300 |
Other Disposals | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Losses on disposals of property, plant and equipment | € 457 |
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Description Of Business [Abstract] | |
DESCRIPTION OF THE BUSINESS | DESCRIPTION OF THE BUSINESS ERYTECH Pharma S.A. (“ ERYTECH ,” and together with its subsidiary the “ Company ”) is incorporated in Lyon, France, and was founded in 2004 to develop and market 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 on the Nasdaq Global Select Market in November 2017, raising €124.0 million ($144.0 million on a gross basis before deducting offering expenses). The Company has incurred losses and negative cash flows from operating activities since its inception and had shareholders’ equity of €23,487 thousand as of December 31, 2022 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. The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its proposed merger with Pherecydes (strategic partnership, refer to note 2.9) ; (ii) the success of the research and development of this newly formed "Combined Company"; (iii) regulatory approval and market acceptance of the "Combined Company" proposed future products; (iv) the timely and successful completion of additional financing; and (v) 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 the issuance of new debt or equity instruments. The situation on the financial markets and uncertainty in the research and development result may impair the ability of the Company to raise capital when needed or on attractive terms. The accompanying consolidated financial statements and related notes (the “ Consolidated Financial Statements ”) present the operations of ERYTECH Pharma S.A. and its subsidiary, ERYTECH Pharma, Inc. Registered office of ERYTECH Pharma S.A.: 60 avenue Rockefeller, 69008, Lyon, France. Major events of 2022 Business February 2022: Impact of the Conflict in Ukraine on Our Business Beginning on February 24, 2022, Russia significantly intensified its military operations in Ukraine. We are closely monitoring developments in the current context and will take appropriate measures as necessary. The war in Ukraine did not impact our financial results for the period ended on December 31, 2022. Our business does not conduct any trial in Ukraine, Russia or Belarus and does not have any asset or vendors located in these regions. April 2022: • Sale of ERYTECH’s U.S. cell therapy manufacturing facility to Catalent Under the terms of an asset purchase agreement between the Group ERYTECH and Catalent (the “APA”), Catalent agreed to acquire ERYTECH’s state-of-the-art commercial-scale cell therapy manufacturing facility in Princeton, New Jersey, for a total gross consideration of $44.5 million (€40.7 million) paid at closing. Catalent has extended offers of employment to approximately 40 people employed by Erytech at the Princeton facility. The net profit on the sale of the property, plant and equipments, lease contract, after transaction cost ( $3.3 million, €3.0 million) and before tax amounts to 26.6 million dollars (€24.3 million euros) and was recorded as other income in the consolidated statement of income (loss) . • New vesiculation technology The company presented its red blood cell vesiculation technology at the 24th Meeting of the European Red Cell Society (ERCS) in April 2022. May 2022: • The NOPHO trial evaluated the safety and pharmacological profile of eryaspase in acute lymphoblastic leukemia (ALL) patients who had previously experienced hypersensitivity reactions to pegylated asparaginase therapy. In December 2020, positive trial results were presented at the 2020 American Society of Hematology annual meeting. See section 2.2. – activities of the Group and 2.5 - events after the reporting period for further information. • Following the Catalent transaction, the company continues to evaluate other strategic options for leveraging its ERYCAPS® platform with complementary assets and/or a broader corporate transaction. • On May 25, 2022, the management of Erytech Pharma (France) informed the employees of the start of a collective redundancy procedure, a job protection plan, involving the cuts of 52 positions out of 109. The consultation phase of the CSE has ended on July 31, 2022. All terminations took place during the fourth quarter 2022. July /August 2022: ERYTECH Pharma announced that it no longer seek approval for Graspa® in hypersensitive acute lymphoblastic leukemia (ALL) following feedback from the U.S. Food and Drug Administration (FDA). Following the sale of its production facility in Princeton, New Jersey, for $44.5 million in April 2022, the Company appointed a specialized advisor to evaluate strategic options to leverage its ERYCAPS® platform with complementary assets and/or a broader corporate transaction. October 2022 ERYTECH announced Receipt of Nasdaq Notice dated October 7, 2022, indicating that, based upon a closing bid price of less than $1.00 per share for the Company’s American Depositary Shares (“ADSs”) for the prior 30 consecutive business day period, the Company no longer satisfies Nasdaq Listing Rule 5450(a)(1). The Notification Letter has no immediate effect on the listing of the ADSs and ERYTECH. ERYTECH intends to regain compliance within the applicable compliance period and is currently evaluating its options to do so. During this time, the Company’s ADSs will continue to be listed and trade on The Nasdaq Global Select Market and the Company’s business and operations are not affected by the receipt of the Notification Letter. November 2022 • Graspa program halted after FDA feedback on envisaged BLA submission in hypersensitive ALL Considering also the earlier setback of a failed Phase 3 trial in pancreatic cancer, and a non-conclusive early readout of first patients in a Phase 2 trial in TNBC, both with the same product candidate, ERYTECH concluded to halt further development with Graspa®, L-asparaginase encapsulated in donor red blood cells, until then the lead candidate for ERYTECH, and focus on its most promising preclinical programs. • Promising preclinical development with ERYCEVTM, novel red blood cell vesiculation technology RBC-derived extracellular vesicles are formed naturally during senescence and storage of mature RBCs and are a potentially attractive drug delivery system. Vesiculation of RBCs that have already been loaded with active therapeutic compounds utilizing the ERYCAPS® process, entails the potential of producing cargo-loaded RBC-derived extracellular vesicles for the development of novel therapeutic approaches. ERYCEV results to date illustrate the versatility of ERYTECH’s encapsulation science in RBCs and its potential for leverage in further partnered developments. • In connection with the halt of the Company’s lead program Graspa, a restructuring program was initiated earlier this year. Those deep restructuring operations are fully implemented at the end of 2022. The staff reduction in France was approved by labor authorities in September 2022 and is fully implemented. Combined with the approximately 40 people who transferred to Catalent after the sale of the Company’s manufacturing facility in Princeton, the global team size was reduced by 75% compared to the start of this year. The Company has retained its R&D team and its expertise in key functional areas to keep the ability to restart a pipeline of partnered development programs and maintain a fully operational dual listed company. Major events of 2021 Business March 2021 • On March 2,2021, ERYTECH has called a 6th OCABSA tranche for net proceeds of €2.9 million and has made a placement of 744,186 newly issued shares in the United States through its at-the-market ((ATM) equity financing program for the net proceeds of €6.4 million. April 2021 • The company announced a $30.0 million Registered Direct Offering, after entering into definitive agreements with specified categories of investors for the purchase and sale of 1,034,483 units (“Units”), each Unit consisting of four ordinary shares in the form of American Depositary Shares (each an “ADS”) and three warrants, each to purchase one ordinary share (each a “Warrant”).The issuance of the 4,137,932 new ordinary shares underlying the ADSs resulted in an immediate capital increase of €24,868,971.30 (divided into a nominal amount of €413,793.20 and a total issuance premium of €24,455,178.10 and corresponding to a nominal value of ten cents (€0.10) plus an issuance premium of €5.91 per share issued), representing approximately 19.12% of the Company’s share capital and voting rights outstanding before the offering. May 2021 • On May 19,2021, ERYTECH has called a 7th OCABSA tranche for net proceeds of €2.9 million • July and August 2021 • The U.S. Food and Drug Administration (FDA) granted eryaspase Fast Track designation for the treatment of acute lymphocytic leukemia (ALL) patients who have developed hypersensitivity reactions to E. coli-derived pegylated asparaginase (PEG-ASNase).On July 22, 2021 and August 24, 2021, ERYTECH has called a 8th and 9th OCABSA tranches for net proceeds of €5.7 million. October 2021 • The Company announced Maximum Tolerated Dose Declared in a Phase 1 Investigator Sponsored Trial of Eryaspase in First-Line Pancreatic Cancer • The Company announced Results from TRYbeCA-1 Phase 3 Trial of Eryaspase in Patients with Second-line Advanced Pancreatic Cancer. The trial did not meet its primary endpoint of overall survival. December 2021 • The Company announced $7.85 million Registered Direct Offering, after entering into definitive agreements with specified categories of investors for the purchase and sale of 769,608 units (“Units”), each Unit consisting of four ordinary shares in the form of American Depositary Shares (each an “ADS”) and three warrants, each to purchase one ordinary share (each a “Warrant”). The issuance of the 3,078,432 new ordinary shares underlying the ADSs will result in an immediate capital increase of €6,957,256.32 (divided into a nominal amount of €307,843.20 and a total issuance premium of €6,649,413.12 and corresponding to a nominal value of ten cents (€0.10) plus an issuance premium of €2.16 per Share issued), representing approximately 11.02% of the Company’s share capital and voting rights outstanding before the offering. Major events of 2020 Business February 2020: • The Company received from Bpifrance a reimbursable advance of €2,979 thousand and a subsidy of €294 thousand (recorded in 2019) under the milestone n°6 of the TEDAC project. • The Company entered into a strategic partnership with the German Red Cross Blood Donor Service Baden-Württemberg-Hessen (GRCBDS) for the supply of donor red blood cells to manufacture its product candidates, including eryaspase, in Europe and to complement the existing alliance with the French Blood Bank (EFS). March 2020: • The TRYbeCA-1 trial has continued to progress despite the challenges caused by the impact of the COVID-19 global pandemic, and patient enrollment has continued notwithstanding the increasing difficulties experienced by hospitals to organize the proper treatment and follow-up. • The independent data monitoring committee (IDMC) of the TRYbeCA-1 trial reviewed the safety data of the first 320 patients enrolled and treated. In line with the two earlier safety reviews of the trial, no safety issues were identified, and the IDMC recommended the Company to continue the trial as planned. April 2020: • The U.S. Food and Drug Administration (FDA) has granted the Company Fast Track Designation for the development of eryaspase as a second-line treatment of patients with metastatic pancreatic cancer. May 2020: • The Company announced it will be part of EVIDENCE, a public-private consortium supported by the European Union in the framework of the EU Horizon 2020 program. The EVIDENCE consortium, consisting of leading experts in the field of red blood cell research, will explore how red blood cells are influenced by their extra-cellular environment. June 2020: • The Company announced that the ongoing Phase 2 clinical trial, sponsored by the Nordic Society of Paediatric Haematology and Oncology (NOPHO) of eryaspase in second-line acute lymphoblastic leukemia (ALL) patients has reached its target enrollment of 50 patients. Preliminary findings of the trial suggest that eryaspase achieved the target level and duration of asparaginase activity in these patients. Moreover, the addition of eryaspase to the combination chemotherapy was associated with an acceptable tolerability profile, enabling the majority of these patients to receive their fully intended courses of asparaginase. Recent data have confirmed that discontinuation of asparaginase therapy in ALL patients has been associated with inferior disease free survival. • The Company signed a financing agreement with Luxembourg-based European High Growth Opportunities Securitization Fund, represented by its asset manager European High Growth Opportunities Manco SA (entities related to Alpha Blue Ocean), in the form of convertible notes with share subscription warrants attached (“OCABSA”), allowing a potential financing arrangement of up to a maximum of €60 million, subject to the regulatory limit of 20% dilution. July/August 2020: • As part of the convertible notes’ agreement signed in June 2020, the Company issued two tranches of €3 million each (60 OCABSA) on July 6, 2020 and on August 24, 2020, respectively. September 2020: • The Company established a financing facility with the implementation of an at-the-market program on Nasdaq with Cowen allowing the Company to issue and sell ordinary shares in the form of American Depositary Shares ("ADSs"), to eligible investors at market prices, with aggregate gross sales proceeds of up to $30 million (subject to a regulatory limit of 20% dilution), from time to time, pursuant to the terms of a sales agreement. November 2020: • The Company received two loans of €5.0 million each, in the form of State-Guaranteed Loan (Prêt Garanti par l’Etat, or PGE, in France) with Bpifrance and Société Générale in the context of the COVID-19 pandemic. November/December 2020 : • As part of the convertible notes’ agreement signed in June 2020, the Company issued three tranches of €3.0 million each (60 OCABSA) on November 17, 2020, December 7, 2020 and December 22 , respectively. December 2020: • The Company announced positive results from eryaspase Phase 2 Trial in Acute Lymphoblastic Leukemia ("ALL"). The study confirms the potential of eryaspase as an attractive treatment option for ALL patients with hypersensitivity to PEG-asparaginase. The Phase 2 NOR-GRASPALL-2016 trial evaluated the safety and pharmacological profile of eryaspase in ALL patients who had previously experienced hypersensitivity reactions to pegylated asparaginase therapy. The trial was conducted by the Nordic Society of Pediatric Hematology and Oncology (NOPHO). Primary objectives of the trial were asparaginase enzyme activity and safety. Both endpoints were met. • The Company announced the completion of enrollment in the TRYbeCA-1 Phase 3 trial in second-line pancreatic cancer. Management March 2020: • Appointment of Melanie Rolli, M.D., as member of the Company’s Board of Directors. October 2020: • Appointment of Stewart Craig as Chief Technical Officer |
ACCOUNTING RULES AND METHODS
ACCOUNTING RULES AND METHODS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies [Abstract] | |
ACCOUNTING RULES AND METHODS | ACCOUNTING RULES AND METHODSBasis of preparation The Consolidated Financial Statements have been prepared in accordance with the underlying assumptions of going concern. 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 Company has historically financed its growth by strengthening its equity in the form of capital increases and issuance of convertible notes. The Board of Directors authorized the consolidated financial statements on a going concern basis as the Company will be able to fund its operations beyond the next 12 months after the closing date, considering: • Cash and cash equivalents held by the Company amounted to €38.8 million as of December 31, 2022. They are composed of cash and term deposits readily available without penalty; • The cash consumption forecast for the next 12 months after the closing date. In the longer term, the Company will have to find additional funding. Various financing sources are considered among which the issuance of new debt or equity instruments and partnership agreements. The Consolidated Financial Statements have been prepared in accordance with the historical cost principle with the exception of certain categories of assets and liabilities measured at fair value in accordance with IFRS. All amounts are expressed in thousands of euros, unless stated otherwise. The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“ IFRS ”) as issued by the International Accounting Standard Board (“ IASB ”) and were authorized for issuance by the Board of Directors of the Company on March 22, 2023. They will be subject to the approval of the General Meeting on June 23, 2023. 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, 2022, 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 ”), as well as the interpretations issued by the Standing Interpretations Committee (“ SIC ”), and the International Financial Reporting Interpretations Committee (“ IFRS IC ”). The main accounting methods used to prepare the Consolidated Financial Statements are described in the corresponding notes. These methods were used for all periods presented. The new applicable standards, amendments and interpretations since January 1, 2022 have had no significant impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements that may be relevant to the Company’s operations are as follows: • Amendments to IAS 1 - Classification of liabilities as current or non-current ; Disclosure of Accounting Policies, effective on January 1, 2024; • Amendments to IAS 8 - Definition of Accounting Estima tes, effective on January 1, 2023 . The Company does not expect any significant impact resulting from the future adoption of these standards In accordance with IFRS 10 Consolidated Financial Statements (“ IFRS 10 ”), an entity is consolidated when it is controlled by the Company. The Company controls an entity when it is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions and dividends are eliminated in full. The Company has one subsidiary for which no non-controlling interest is recognized. Date of Incorporation Percent of Ownership Interest Accounting Method ERYTECH Pharma, Inc. April 2014 100% Consolidated There was no change in the consolidation scope over the years presented. 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 ”). The statement of financial position of the consolidated entity having a functional currency different from the euro are translated into euros at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statement of income (loss), statement of comprehensive income (loss) and statement of cash flow of such consolidated entity are translated at the average exchange rate for the period, except if exchange rates or the volume and size of transactions fluctuate significantly. The resulting translation adjustment is included in other comprehensive income (loss) as a cumulative translation adjustment. Exchange rate (USD per EUR) 12/31/2020 12/31/2021 12/31/2022 Weighted average rate 1.1413 1.1835 1.0539 Closing rate 1.2271 1.1326 1.0666 Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency at the exchange rate applicable on the transaction date. At the closing date, foreign currency monetary assets and liabilities are converted at the exchange rate prevailing on that date. The resulting exchange gains or losses are recorded in the consolidated statement of income (loss) in “Financial income (loss)”. Preparation of the consolidated 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 Company has not identified any environmental risks that would require significant new estimates or judgments. The use of estimates and judgment relate primarily to the measurement of: • the hospital costs accrual (see note 4.10). • recoverable value of right-of-use and tangible fixed assets (see note 4.1 and 4.2). • the share-based payments in accordance with IFRS 2 (see note 3.3.3); • the fair value of the convertible notes' agreement and its classification in accordance with IFRS 9 and IAS 32 (see note 4.8.1); In accordance with IFRS 8 Operating Segments ( "IFRS 8" ) , reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer) to allocate resources and to assess performance. Information per business segment 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. Information per geographical segment Income from external customers (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 France 61 0 60 United States 185 128 134 Total 246 128 194 Non current assets (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 France 8,414 6,325 3,140 United States 21,265 19,520 37 Total 29,679 25,845 3,177 On January 20, 2023 , Erytech Pharma received from the French tax authorities a notice of tax audit. This tax audit concerns the fiscal years ending on 12/31/2020 and 12/31/2021. The Company awaits the comments of the tax authorities following the first meeting held on February 8, 2023. On February 15, 2023 ERYTECH and PHERECYDES announced a Proposed Combination intending to create a Global Leader in extended phage therapies. This strategic combination would build on complementary expertise and capabilities of both companies to accelerate development of extended phage therapies for antimicrobial resistance (AMR), in particular via the phase II PhagoDAIR study conducted by PHERECYDES, as well as other anti-infective fields and therapeutic areas with high unmet medical needs. Under the terms of the Memorandum of Understanding, PHERECYDES shareholders would receive 15 new ERYTECH shares for every 4 PHERECYDES shares they currently own. Upon completion of the transaction, PHERECYDES shareholders are expected to hold approximately 49.5% of the share capital and voting rights of ERYTECH. Transaction is expected to close at the end of the second quarter of 2023. |
NOTES RELATED TO THE CONSOLIDAT
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) | 100% all the shares granted are acquired • If 0% |
NOTES RELATED TO THE CONSOLID_2
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | 12 Months Ended |
Dec. 31, 2022 | |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONFixed assets 4.1.1 Intangible assets Accounting policies Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets ( “IAS 38” ), research expenditures are expensed in the period during which they are incurred. 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. 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 (amounts in thousands of euros) Other intangible assets Intangible assets in progress TOTAL GROSS VALUE As of As of December 31, 2019 1,876 — 1,876 Increase — 2 2 Decrease — — — FX rate impact (1) — (1) Reclassification — — — As of As of December 31, 2020 1,875 2 1,877 Increase — — — Decrease (201) — (201) FX rate impact 1 — 1 Reclassification (2) — (2) As of As of December 31, 2021 1,673 2 1,675 Increase — — — Decrease (7) — (7) FX rate impact — — — Reclassification 2 (2) — As of As of December 31, 2022 1,668 — 1,668 ACCUMULATED AMORTIZATION AND IMPAIRMENT As of As of December 31, 2019 (1,273) — (1,273) Increase (16) — (16) Decrease — — — FX rate impact 1 — 1 As of As of December 31, 2020 (1,288) — (1,288) Increase (571) — (571) Decrease 199 — 199 FX rate impact — — — As of As of December 31, 2021 (1,660) — (1,660) Increase (7) — (7) Decrease 4 — 4 FX rate impact — — — As of As of December 31, 2022 (1,663) — (1,663) NET VALUE As of December 31, 2019 603 — 603 As of December 31, 2020 587 2 589 As of December 31, 2021 13 2 15 As of December 31, 2022 5 — 5 After performing an impairment test at the end of 2019, the Company determined that €1,036 thousand of the intangible asset will no longer be used in the intended production process. The remaining amount has been impaired totally in 2021 for €560 thousand. Accounting policies In accordance with IFRS 16 Leases ( “IFRS 16” ) , applicable since January 1, 2019, the right of use is recognized on the lessee’s balance sheet when the asset linked to the lease agreement become available. The right of use asset is measured at cost and comprises: • the amount of the initial measurement of the lease liability (see note 4.10), • lease incentives, payments at or prior to commencement date, • incremental costs which would not have been incurred if the contract had not been concluded. The right of use is subsequently measured at cost less depreciation and any accumulated impairment loss. The amount can be adjusted based on certain revaluations of the lease liability. The right of use are tested for impairment whenever there is an indicator that such asset may be impaired. (amounts in thousands of euros) Buildings Plant, equipment and tooling Transport equipment Office equipment and computers TOTAL GROSS VALUE As of December 31, 2019 11,237 954 80 118 12,389 Increase 92 — 7 — 99 Decrease — — (14) — (14) FX rate impact (483) — — — (483) Reclassification — — — — As of December 31, 2020 10,846 954 73 118 11,991 First application of IFRS 16 — Increase 383 33 416 Decrease (1,763) (1,763) FX rate impact 13 375 Reclassification 0 — 0 0 As of December 31, 2021 9,445 1,350 106 118 11,019 Increase 75 — 13 88 Decrease (4,045) (396) (4,441) FX rate impact 198 — 198 Reclassification — As of December 31, 2022 5,673 954 119 118 6,864 ACCUMULATED DEPRECIATION AND IMPAIRMENT As of December 31, 2019 (1,285) (954) (23) (118) (2,380) Increase (1,489) — (29) — (1,518) Decrease 0 0 10 — 10 FX rate impact 125 — — — 125 Reclassification — — — — — As of December 31, 2020 (2,649) (954) (42) (118) (3,763) Increase (1,252) (76) (23) — (1,351) Decrease 1,070 0 — — 1,070 FX rate impact (103) (3) — — (106) Reclassification — — — — — As of December 31, 2021 (2,934) (1,033) (65) (118) (4,150) Increase (706) (27) (733) Impairment (728) — — — (728) Decrease 1,339 79 — — 1,418 FX rate impact (89) — — — (89) Reclassification — — — — As of December 31, 2022 (3,116) (954) (92) (118) (4,280) NET VALUE As of December 31, 2020 8,197 — 31 — 8,228 As of December 31, 2021 6,511 317 41 — 6,869 As of December 31, 2022 2,557 — 27 — 2,584 The remaining right of use net book value of €2,584 thousand is mainly related to Bioserra building lease in Lyon (France) for €2,557 thousand. – The decrease in 2022 of the building and equipments rights of use, with a gross amount of $4,441 thousand, accumulated depreciation of €1,418 thousand and a net book value of €3,022 thousand ($3,307 thousand) is related to the Princeton Plant sale to Catalent; – The increase of building right of use impairment loss of €728 thousand in 2022 (see note 3.4) is mainly the result of the impairment test conducted on the Adenine (Lyon, France) building right of use after the site has been idled, following 2022 adverse events (mostly clinical study result and restructuring plan). The Adenine right of use was written down to zero given the specialized nature of the site, its current rent compared to market rents and the low prospects of sub-letting the site before its lease term (end of June 2024). – The Company also performed an impairment test on the remaining material right-of-use asset which relates to the Bioserra (Lyon, France) building as of December 31, 2022. The Company estimated the recoverable amount of this asset based on its fair value less costs of disposal using a discounted cash flow model with assumptions such as the term of the lease (June 2029), market rents and average rate of return for similar buildings. The fair value measurement was categorized as a Level 3 fair value based on the inputs in the valuation technique used. An immaterial impairment charge was recognized on this asset after conducting the test. Accounting policies Other financial assets are composed of receivables initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR ”) method. Financial assets with a maturity of more than one year are classified in “other non-current financial assets” in accordance with IAS 1. (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Deposits related to leased premises 454 476 193 Advance payments to suppliers 620 342 0 Other 17 58 2 Total other non-current assets 1,091 876 195 Advance payments comprised payments made to service providers, especially Contract Research Organizations (“CROs”), involved with the conduct of the clinical trials in the solid tumors indication (TRYbeCA-1 and TRYbeCA-2 study). Accounting policies Other current assets are initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR ”) method. Trade receivables Trade receivables are initially recognized in accordance with IFRS 15 and then at the amortized cost calculated with the effective interest rate (“ EIR ”) method. The Company recognizes loss allowances for expected credit losses (“ ECL ”), which, for trade receivables and contract assets, are measured at an amount equal to lifetime ECLs that result from all possible default events over their expected life. Loss allowances are deducted from the gross amounts of the assets. (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Trade and other receivables 4 12 76 Total current trade receivables 4 12 76 Research Tax Credit 3,432 3,549 1,484 Other receivables (including tax and social receivables) 898 669 973 Net investment in a sublease 0 479 43 Deposits related to leased premises 8 7 121 Advance payments and deposits to suppliers 51 377 342 Prepaid expenses 793 1,256 805 Total other current assets 5,182 6,337 3,769 Research Tax Credit The Company benefits from the provisions in Articles 244 quater B and 49 septies F of the French Tax Code related to the Research Tax Credit. As of December 31, 2020, December 31, 2021 and December 31, 2022, the CIR receivables included Research Tax Credit of the year. Tax and social receivables and other receivables Tax and social receivables and other receivables mainly related to VAT receivables (€635 thousand as of December 31, 2020, €610 thousand as of December 31, 2021 and €899 thousand as of December 31, 2022). Prepaid expenses As of December 31, 2022 and December 31, 2021, prepaid expenses are mainly related to insurance expense.. Accounting policies The item “cash and cash equivalents” 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: ◦ exercisable at any time at least every three months; ◦ initially included in the contract and this exit option is always provided in the initial contract; and ◦ 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 in financial income (loss). (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Current account 34,348 24,593 26,676 Term deposits 10,098 9,106 12,113 Total cash and cash equivalents as reported in statement of financial position 44,446 33,699 38,789 Bank overdrafts — — — Total cash and cash equivalents as reported in statement of cash flow 44,446 33,699 38,789 As of December 31, 2020, term deposits included a term deposit of €10.0 million with a maturity of one month and deposits of €0.1 million convertible into cash immediately. As of December 31, 2021, term deposits included a term deposit of €9.0 million with a maturity of one month and deposits of €0.1 million convertible into cash immediately. As of December 31, 2022, term deposits included a term deposit of €12.0 million with a maturity of one month and deposits of €0.1 million convertible into cash immediately. Accounting policies 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. As of December 31, 2022, the capital of the Parent Company consisted of 31,018,553 shares, fully paid up, with a nominal value of 0.10 euro. Number of shares As of December 31, 2019 17,940,035 Conversion of convertible notes ("OCA") 2,094,704 Exercise of warrants 16,080 Free shares acquired 6,743 As of December 31, 2020 20,057,562 Shares issued as part of the April Registered Direct Offering 4,137,932 Shares sold under the at-the-market (“ATM”) program 744,186 Shares issued as part of the December Registered Direct Offering 3,078,432 Conversion of convertible notes ("OCA") 2,977,887 Free shares acquired 22,554 As of December 31, 2021 31,018,553 Shares issued as part of the April Registered Direct Offering — Shares sold under the at-the-market (“ATM”) program — Shares issued as part of the December Registered Direct Offering Conversion of convertible notes ("OCA") — Free shares acquired As of December 31, 2022 31,018,553 Capital management The 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 Company is not subject to any externally imposed capital requirements. For additional information on capital and premium increase see: 2.9 Events after the close of the reporting period The number of shares presented does not include the warrants issued in connection with the registered offerings in 2021. • For the registered offering of April 2021: 3,103,449 Warrants, giving the right to subscribe to one share of the company. The Warrants have an exercise price of 7.5 euros per share, will be immediately exercisable upon issuance and will expire two years from the issuance date. • For the registered offering of December 2021: 2,308,824 Warrants, giving the right to subscribe to one share of the company. The Warrants have an exercise price of 2.83 euros per share, will be immediately exercisable upon issuance and will expire two years from the issuance date. Accounting policies A provision is recognized when 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. Disclosure is made on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Provision for retirement indemnities 652 524 318 Other provision 101 Provisions - non-current portion 652 524 419 Restructuring provision — — 166 Other provision 148 Provisions - current portion — — 314 Provision for retirement indemnities - defined benefit plans Accounting policies The French 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). The French Company pension commitments are not covered by plan assets.The American employees do not receive defined-benefit plan. For the defined-benefit plans, the costs of the retirement benefits are estimated using the projected credit unit method. The consolidated financial statements have been prepared applying the IFRS Interpretations Committee (IFRIC) agenda decision dated May 24, 2021 “Attributing Benefit to Periods of Service (IAS 19 Employee Benefits. The Company applies the Pharmaceutical Industry” collective agreement (“Convention collective nationale de l’industrie pharmaceutique”), which caps the pension rights after 30 years of employment. Through its agenda decision, IFRIC considers that, as long as, on the one hand, no rights are acquired in the event of departure before retirement age and, on the other hand, rights are caped after a certain number of years of service, the retirement benefits should be spread over the last 30 years before the retirement date that give rights to those benefits. 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. As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 12/31/2020 12/31/2021 12/31/2022 Discount rate 0.34 % 0.79 % 3.16 % Wage increase 2 % 2 % 2 % Social welfare contribution rate 39 % 39 % 39 % - executive employees 51 % 51 % 51 % - executive management 49 % 49 % 49 % Expected staff turnover High High High - executive management Low Low Low Age of retirement 65 - 67 years 65 - 67 years 65 - 67 years Mortality table INSEE 2019 TGH05 TGF05 TGH05 TGF05 The change in the provision for retirement indemnities is as follows: (amounts in thousands of euros) As of December 31, 2019 506 Service costs 123 Financial costs 4 Actuarial gains and losses 19 As of December 31, 2020 652 Service costs (63) Financial costs 3 Actuarial gains and losses (68) As of December 31, 2021 524 Curtailment Gain - restructuring plan 2022 (PSE) (63) Service costs 82 Financial costs 9 Actuarial gains and losses (235) As of December 31, 2022 318 The final IFRS IC agenda decision of May 24, 2021 regarding the attribution of benefits to periods of service did not have a significant impact in 2021. As of December 31, 2022, the impact regarding the restructuring plan (PSE) is €(63) thousand. Accounting policies Unless otherwise stated, financial liabilities are initially recognized at fair value less transaction costs and subsequently measured at amortized cost using the effective interest rate method. Financial liabilities with a maturity of more than one year are classified in “Financial liabilities – non-current portion” in accordance with IAS 1. The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed), if any, is recognised in profit or loss. (amounts in thousands of euros) Convertible notes Conditional advances Bank loans Other Total As of December 31, 2019 — 1,321 61 38 1,420 Collection 14,155 2,979 10,000 — 27,134 Fair value of embedded derivatives (1,070) — — — (1,070) Amortized cost 1,684 121 20 — 1,825 Conversion (12,600) — — — (12,600) Repayment — — (62) — (62) Reclassification — — — — — FX rate impact — — — (3) (3) As of December 31, 2020 2,169 4,421 10,019 35 16,644 Collection 11,423 734 12,157 Fair value of embedded derivatives (758) (758) Amortized cost 1,566 126 58 1,750 Conversion (14,400) (14,400) Repayment — FX rate impact 3 3 As of December 31, 2021 — 5,281 10,077 38 15,396 Increase 3,081 3,081 Fair value of embedded derivatives — Amortized cost (6) (6) Conversion — Extinguishment of conditional advance (5,281) (5,281) Repayment (3,081) (3,081) FX rate impact 3 3 As of December 31, 2022 — — 10,071 41 10,112 During the first half of 2022, the Company entered into a new financing agreement with Société Générale secured by the Company’s 2021 CIR receivable of which €3,081k was received at June 30, 2022. and fully reimbursed in October 2022. Financial liabilities by maturity December 31, 2020 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes 2,169 — — — 2,169 Conditional advances — — — 4,421 4,421 Bank loans 96 3,768 4,069 2,086 10,019 Other — 35 — — 35 Total financial liabilities 2,265 3,803 4,069 6,507 16,644 December 31, 2021 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes — Conditional advances 5,281 5,281 Bank loans 164 5,014 4,424 475 10,077 Other 38 38 Total financial liabilities 164 5,052 4,424 5,756 15,396 December 31, 2022 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes — Conditional advances — Bank loans 2,565 4,972 2,535 10,072 Other 40 40 Total financial liabilities 2,565 5,012 2,535 — 10,112 Accounting policies In accordance with IFRS 9, a financial instrument with all three of the following characteristics is a derivative: • its value changes in response to changes in the so-called “underlying” • it requires no initial net investment, • it is settled at a future date. Derivatives are initially recognized at their fair value and subsequent changes are recognized in financial income (loss). In accordance with IAS 32, a derivative is qualified as an equity instrument only if it will be necessarily settled by exchanging a fixed amount of cash for a fixed amount of equity instruments of the issuer. Equity instruments are initially recognized at their fair value and are not subsequently remeasured. Generally, convertible notes are qualified as compound instruments as they have both a financial liability and an equity component. Because the conversion option is a derivative, if the conversion option does not meet the “fixed-for-fixed” condition, the conversion option is classified as a financial derivative liability. In that case, convertible notes are qualified as hybrid instrument in accordance with IFRS 9 comprising a financial liability for the host contract plus an embedded derivative instrument for the conversion option. The initial bifurcation of a separable embedded derivative does not result in any gain or loss being recognized. Because the embedded derivative component is measured at fair value on initial recognition, the carrying amount of the host contract on initial recognition is the difference between the carrying amount of the hybrid instrument and the fair value of the embedded derivative. On June 24, 2020, the Company signed a financing agreement with Luxembourg-based European High Growth Opportunities Securitization Fund in the form of convertible notes with share subscription warrants attached (“OCABSA”). The Company issued 1,200 note warrants for free that may be exercised in tranches for the same number of convertible notes at the Company request until June 25, 2022. European High Growth Opportunities Securitization Fund could have requested the issuance of two tranches. Each tranche gave rise to the issuance of 60 convertible notes with 33,670 warrants attached (or of 30 convertible notes with 16,835 warrants if the Company's market capitalization is lower to €50 million during 20 consecutive trading days). The convertible notes (“OCA”) have the following characteristics: • Nominal value: €50 thousand • Subscription price: 98% of the nominal value • Maturity: 12 months • The notes will not bear interests • Conversion ratio: N = Vn / P where ◦ N is the number of Shares that can be subscribed ◦ Vn is the nominal value of a convertible note ◦ P is the higher of (i) 95% of the volume weighted average trading price of the Company's shares on Euronext Paris during the 3 consecutive trading days preceding the conversion date, (ii) the nominal value of the share and (iii) the minimum issuance price of a share as provided in the 25th resolution of the Shareholder's Meeting held on June 21, 2019 (or any resolution that may succeed it), i.e., to date 80% of the volume-weighted average (in the central order book and excluding off-market block trades) of the Company's share price on Euronext Paris during the 3 trading sessions prior to the pricing of the issue price, it being specified that the theoretical value of the warrants will be taken into account and that the Shareholder's Meeting has set at 10 million the maximum number of shares that may be issued. The share subscription warrants (“BSA”) have the following characteristics: • Maturity: 5 years • Each warrant give the right to subscribe one share • Exercise price: 120% of the lowest volume-weighted average price of the Company's share observed over the fifteen At the end of 2022, the Company has issued nine tranches of €3.0 million each on July 6, 2020, August 24, 2020, November 17, 2020, December 7, 2020, December 22, 2020, March 2, 2021, May 19, 2021, ,July 22, 2021 and August 24,2021 respectively (of which two tranches were issued on European High Growth Opportunities Securitization Fund request) , representing a total amount of €27.0 million. Consequently, 540 O CA were issued with 303,030 BSA attached, all the OCA were converted into the Company common shares at the end of 2021 (see note 4.6). As of December 31, 2022, 0 OCA and 303,030 BSA are outstanding. Derivative liabilities fall under category 3 defined by IFRS 13. If the convertible notes are converted before the estimated maturity date, any difference between the fair value of the shares issued and the cumulative amount of the financial liability and the derivative liability at the date of conversion is recognized in financial income (loss). Fair value of the conversion option is estimated with a Monte-Carlo valuation model using the following main assumptions: 12/31/2020 12/31/2021 12/31/2022 Number of convertible notes 48 0 0 Estimated conversion price € 6.75 € — € — Expected term 30 days 0 0 Fair value (in thousands of euros) 129 — — Fair value of the warrants is estimated with a Black & Scholes valuation model using the following main assumptions: 12/31/2020 12/31/2021 12/31/2022 Number of warrants 168,350 303,030 303,030 Price of the underlying share € 7.11 € 2.12 € 0.37 Expected dividends — % — % — % Volatility 58.11 % 47.33 % 73.04 % Expected term 2 years 1 year 3 years to 4 years Fair value (in thousands of euros) 288 0 0 Accounting policies Funds received from Bpifrance in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse Bpifrance for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. 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 is used to determine the amount recognized annually as a finance expense. 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. Since our inception, we have received non-refundable subsidies from Bpifrance in the amount of €2.7 million in connection with our preclinical research programs. We have also received €4,895 thousand in three conditional advances from Bpifrance related to TEDAC research program. Within the scope of the TEDAC project, Bpifrance granted to the Company a conditional advances for a total amount of €4,895 thousand. The accrued interest of this conditional advances amounted to €386 thousand as of December 31, 2022 This conditional advance was paid upon completion of the following key milestones: • €63 thousand upon signature of the agreement (received in 2012) • €1,119 thousand upon the milestone n°4 (received in 2016) • €2,979 thousand upon the milestone n°6 (received in 2020) • €734 thousand upon the milestone n°7 (received in 2021) The TEDAC research program, which is funded by non-refundable subsidies and conditional advances from Bpifrance, was funded according to a specified schedule set forth in the contract, subject to completion of milestones. The final research report was provided to BPI in 2021. Subsidies and conditional advance were received with the last milestone in 2021, for a total amount of €7.0 million. The conditional advance reimbursement in cash is initiated upon achieving cumulative sales of €10 millions on Graspa solid tumor product. Following the negative results of the Trybeca 1 clinical trial and the unsuccessful completion of the Trybeca 2 clinical trial in 2022, the Company has no possibility left any more to market and sell Graspa in the treatment of solid tumors. As a consequence in 2022 the extinguishment of the conditional advance has been recorded as subsidy income for €4,895 thousand (see note 3.1) and as financial income for €386 thousand (see note 3.5). In 2017, the Company received a bank loan amounting to €1.9 million with Société Générale with a 0.4% interest rate and 36 monthly repayment terms to finance its investments. This bank loan is fully repaid as of December 31, 2020. In November 2020, the Company received two loans of €5.0 million each, in the form of State-Guaranteed Loan (Prêt Garanti par l’Etat, or PGE in France), with Bpifrance and Société Générale. The loans bear interest at fixed rates of 1.67% and 0.25% per annum respectively, with an initial term of one year and an option to spread over five-year including one year of deferred payment and four years of reimbursement. The Company used the deferral options, reimbursement will start in 2023. The Proposed Merger could trigger Accounting policies In accordance with IFRS 16 Leases (“ IFRS 16 ”), applicable since January 1, 2019, the lease liability is recognized on the lessee’s balance sheet when the asset linked to the lease agreement become available. The lease liability is recognized for an amount equal to the present value of the lease payments over the lease term. The lease liability is then increased by the interest expense and decreased by the rents paid. The lease liability may be remeasured in the following situations: • Modification related to the assessment of the exercise of an option to purchase or the extension or the non-exercise of a termination option (which become reasonably certain); • Rent adjustments based on rates and indices provided in the contracts. The duration corresponds to the firm period of the commitment and takes into account the optional periods that are reasonably certain to be exercised. The Company has applied exemptions set out in IFRS 16 regarding: • Contracts with a lease term of 12 months. These contracts have resulted in an expense of approximately €— thousand in 2020, €824 thousand in 2021 and €654 thousand in 2022. • Contracts for low value assets. These contracts have resulted in an expense of approximately €31 thousand in 2020, €30 thousand in 2021 and €20 thousand in 2022. (in thousands of euros) Lease liabilities As of December 31, 2019 12,703 First application of IFRS 16 — Allowance received from a lessor 188 Increase without cash impact 98 Repayment (1,615) Decrease without cash impact — FX rate impact (570) Capitalized interests — Reclassification — As of December 31, 2020 10,804 Increase without cash impact 399 Repayment (1,702) Decrease without cash impact — FX rate impact 478 Capitalized interests 0 Reclassification 0 As of December 31, 2021 9,979 Increase without cash impact 88 Repayment (1,545) Decrease without cash impact (1) (5,296) FX rate impact 229 Capitalized interests — Reclassification 0 As of December 31, 2022 3,455 (1) Decrease of Princeton lease liability in connection with the sale of the |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTIES | RELATED PARTIESThe Company’s related parties include the Chairman of the Board of Directors (Jean-Paul Kress), the Chief Executive Officer (Gil Beyen), the two Deputy General Managers (Jérôme Bailly and Eric Soyer), members of the Board of Directors and members of the executive committee. As a result of a termination or change of duties,the Chief Executive Officer and the two Deputy General Managers, could receive a compensation equal to their remuneration during the last 12 months, as well as non-competition indemnities of up to 18 months' salary. The remuneration of directors and members of the executive committee was as set forth in the table below. 12/31/2020 12/31/2021 12/31/2022 (amounts in thousands 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 1,242 22 448 1,148 22 522 1,170 22 430 Executive committee 1,374 25 201 1,457 24 302 1,139 15 199 Board of directors 300 — 43 306 — 1 306 — — Total 2,915 47 692 2,911 46 825 2,615 38 629 The Company has no other related parties. |
MANAGEMENT OF FINANCIAL RISKS
MANAGEMENT OF FINANCIAL RISKS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosures Of Financial Risk Management [Abstract] | |
MANAGEMENT OF FINANCIAL RISKS | MANAGEMENT OF FINANCIAL RISKS The purpose of the financial instruments held by the Company is to finance its activities. 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, equity 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 €51.7 million, €56.8 million and €31.8 million for the years ended December 31, 2020, December 31, 2021 and December 31, 2022, respectively. At the date the consolidated financial statements were authorized, the Board of Directors and management believes that the Company will be able to fund its operations beyond the next twelve month following the closing of the accounts (see note 2.1). As of December 31, 2020 Less than one year One to five years More than five years Total Convertible notes 2,400 — — 2,400 Conditional advances — — 4,421 4,421 Bank loans 98 7,929 2,071 10,098 Other financial liabilities — 35 — 35 Lease liabilities 1,607 5,151 4,046 10,804 Trade and fixed assets payables 4,792 — — 4,792 Total 8,897 13,115 10,538 32,550 As of December 31, 2021 Less than one year One to five years More than five years Total Convertible notes — Conditional advances 5,281 5,281 Bank loans 164 9,438 475 10,077 Other financial liabilities 38 38 Lease liabilities 1,817 4,803 3,359 9,979 Trade and fixed assets payables 2,487 2,487 Total 4,468 14,279 9,115 27,862 As of December 31, 2022 Less than one year One to five years More than five years Total Convertible notes — Conditional advances — — Bank loans 2,565 7,508 — 10,073 Other financial liabilities 40 40 Lease liabilities 775 1,968 712 3,455 Trade and fixed assets payables 1,562 1,562 Total 4,902 9,516 712 15,130 Foreign currency exchange risk The Company’s functional currency is the euro. However, a significant portion of its expenses, financial assets and liabilities are denominated is U.S. dollars. A deterioration of the U.S dollars versus the 1.0666 closing rate at December 31, 2022 could impact the financial assets and liabilities as follows: As of December 31, 2022 Sensitivity (in thousands) USD EUR + 1 % + 5 % + 10 % Financial assets 16,971 15,912 (158) (758) (1,447) of which cash and cash equivalents 16,399 15,375 (152) (732) (1,398) Financial liabilities 1,848 1,732 (17) (82) (157) 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 outstanding bank loans bear interest at a fixed rate, and therefore the company is not subject to interest rate risk with respect to these loans. Credit risk |
OFF-BALANCE SHEET COMMITMENTS
OFF-BALANCE SHEET COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
OFF-BALANCE SHEET COMMITMENTS | OFF-BALANCE SHEET COMMITMENTS Collaborative arrangements Agreement with the Teva Group In March 2011, the Company entered into an exclusive distribution agreement with the Teva Group (through Abic Marketing Limited), or Teva, to distribute GRASPA ® in Israel. Under the terms of the agreement, Teva will submit the request for approval of GRASPA ® for ALL in Israel and is responsible for the marketing and distribution of GRASPA ® in Israel. The agreement provides that Teva will pay milestone payments to the Company and will share net earnings on product sales in Israel with the Company. In connection with the decision to halt further development with GRASPA® in November 2022 (see note 1), the Company no longer expects to receive any income under this agreement." Agreement with SQZ Biotechnologies On June 24, 2019, the Company entered into a collaboration agreement with SQZ Biotechnologies, a cell therapy company developing novel treatments in multiple therapeutic areas, to advance novel red blood cell-based therapeutics for immune modulation. Under the terms of the agreement, the Company has granted to SQZ Biotechnologies an exclusive worldwide license to develop antigen specific immune modulating therapies employing red blood cell-based approaches. Combining SQZ Biotechnologies’ proprietary and versatile cell engineering platform with the intellectual property of the Company related to red blood cell-based therapeutics is intended to allow for the rapid development of a broad pipeline of novel immunomodulatory products addressing multiple indications. The agreement provides for: • An upfront payment of $1 million, equivalent to €0.9 million when recognized in 2019; • Potential development, regulatory and commercial milestone payments up to $56 million for the first product successfully developed by SQZ Biotechnologies under this agreement; • The Company could also receive progressive royalties based on future sales. Financing agreements Financing agreement with Alpha Blue Ocean and European High Growth Opportunities Securitization Fund in the form of convertible notes with share subscription warrants attached (“OCABSA”) On June 24, 2020, the Company signed a financing agreement with Luxembourg-based European High Growth Opportunities Securitization Fund in the form of convertible notes with share subscription warrants attached (“OCABSA”), allowing a potential fundraising up to a maximum of €60 million, subject to the regulatory limit of 20% dilution. The Company issued 1,200 note warrants for free that may be exercised in tranches at the Company request until June 25, 2022. Only 540 note warrant were exercised in 9 tranches for a total fundraising of €27 million. The possibility for the Company to issue additional tranches has expired as the OCABSA Agreement provides that the BEOCABSA may be exercised in tranches over a period of 24 months from June 25, 2020, i.e. until June 25, 2022. Financing facility with the implementation of an at-the-market (“ATM”) program on Nasdaq with Cowen On September 21, 2020, the Company entered into a sales agreement with Cowen with respect to an ATM offering program pursuant to which the Company may issue and sell, from time to time at its sole discretion, ordinary shares in the form of American Depositary Shares (“ADSs”) to eligible investors at market prices, with aggregate gross sales proceeds of up to $30 million, subject to the regulatory limit of 20% dilution. The ATM program will be effective until September 21, 2023, unless terminated prior to such date in accordance with the sales agreement or the maximum number of ADSs to be sold thereunder has been reached. At the date the consolidated financial statements were authorized, $22.0 million remained available for issuance until September 2023, subject to the regulatory limit of 20% dilution. Lease agreements Sublease in the United-States In July 2019 and June 2021, the Company signed two sublease agreements for its premises located in Cambridge. (amounts in thousands of euros) Income from sublease in 2022 Sublease to be received As of December 31, 2022 Total Less than one year One to five years More than five years Sublease in US 526 44 44 — — Total 526 44 44 — — The sublease in US will end at the end of January 2023. The sublease contracts are classified as finance leases: the right of use was derecognized and the Company recorded a net investment in a sublease in other current assets (see note 4.4). The income from the sublease are recognized in the statement of income (loss) over the term of the sublease contract. |
ACCOUNTING RULES AND METHODS (P
ACCOUNTING RULES AND METHODS (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The Consolidated Financial Statements have been prepared in accordance with the underlying assumptions of going concern. 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 Company has historically financed its growth by strengthening its equity in the form of capital increases and issuance of convertible notes. The Board of Directors authorized the consolidated financial statements on a going concern basis as the Company will be able to fund its operations beyond the next 12 months after the closing date, considering: • Cash and cash equivalents held by the Company amounted to €38.8 million as of December 31, 2022. They are composed of cash and term deposits readily available without penalty; • The cash consumption forecast for the next 12 months after the closing date. In the longer term, the Company will have to find additional funding. Various financing sources are considered among which the issuance of new debt or equity instruments and partnership agreements. |
Statement of compliance | Statement of compliance The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“ IFRS ”) as issued by the International Accounting Standard Board (“ IASB ”) and were authorized for issuance by the Board of Directors of the Company on March 22, 2023. They will be subject to the approval of the General Meeting on June 23, 2023. 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, 2022, 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 ”), as well as the interpretations issued by the Standing Interpretations Committee (“ SIC ”), and the International Financial Reporting Interpretations Committee (“ IFRS IC ”). The main accounting methods used to prepare the Consolidated Financial Statements are described in the corresponding notes. These methods were used for all periods presented. The new applicable standards, amendments and interpretations since January 1, 2022 have had no significant impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements that may be relevant to the Company’s operations are as follows: • Amendments to IAS 1 - Classification of liabilities as current or non-current ; Disclosure of Accounting Policies, effective on January 1, 2024; • Amendments to IAS 8 - Definition of Accounting Estima tes, effective on January 1, 2023 . The Company does not expect any significant impact resulting from the future adoption of these standards |
Basis of consolidation | Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements (“ IFRS 10 ”), an entity is consolidated when it is controlled by the Company. The Company controls an entity when it is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions and dividends are eliminated in full. The Company has one subsidiary for which no non-controlling interest is recognized. Date of Incorporation Percent of Ownership Interest Accounting Method ERYTECH Pharma, Inc. April 2014 100% Consolidated There was no change in the consolidation scope over the years presented. |
Foreign currencies | 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 ”). The statement of financial position of the consolidated entity having a functional currency different from the euro are translated into euros at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statement of income (loss), statement of comprehensive income (loss) and statement of cash flow of such consolidated entity are translated at the average exchange rate for the period, except if exchange rates or the volume and size of transactions fluctuate significantly. The resulting translation adjustment is included in other comprehensive income (loss) as a cumulative translation adjustment. Exchange rate (USD per EUR) 12/31/2020 12/31/2021 12/31/2022 Weighted average rate 1.1413 1.1835 1.0539 Closing rate 1.2271 1.1326 1.0666 Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency at the exchange rate applicable on the transaction date. At the closing date, foreign currency monetary assets and liabilities are converted at the exchange rate prevailing on that date. The resulting exchange gains or losses are recorded in the consolidated statement of income (loss) in “Financial income (loss)”. |
Use of estimates and judgments | Use of estimates and judgments Preparation of the consolidated 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 Company has not identified any environmental risks that would require significant new estimates or judgments. The use of estimates and judgment relate primarily to the measurement of: • the hospital costs accrual (see note 4.10). • recoverable value of right-of-use and tangible fixed assets (see note 4.1 and 4.2). • the share-based payments in accordance with IFRS 2 (see note 3.3.3); |
Presentation of the statement of income (loss) & statement of financial position | Presentation of the statement of income (loss) & statement of financial positionThe Company presents its statement of income (loss) by function. As of today, the main activity of the Company is the research and development. Consequently, only “research and development expenses” and “general administrative expenses” functions are considered to be representative of the Company's activities. The detail of the expenses by nature is disclosed in note 3.2. |
Presentation of the statement of cash flows | Presentation of the statement of cash flowsThe consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investing, and financing activities. |
Segment reporting | Segment reporting In accordance with IFRS 8 Operating Segments ( "IFRS 8" ) , reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer) to allocate resources and to assess performance. Information per business segment 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. Information per geographical segment Income from external customers (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 France 61 0 60 United States 185 128 134 Total 246 128 194 Non current assets (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 France 8,414 6,325 3,140 United States 21,265 19,520 37 Total 29,679 25,845 3,177 |
Events after the close of the reporting period | Events after the close of the reporting period On January 20, 2023 , Erytech Pharma received from the French tax authorities a notice of tax audit. This tax audit concerns the fiscal years ending on 12/31/2020 and 12/31/2021. The Company awaits the comments of the tax authorities following the first meeting held on February 8, 2023. On February 15, 2023 ERYTECH and PHERECYDES announced a Proposed Combination intending to create a Global Leader in extended phage therapies. This strategic combination would build on complementary expertise and capabilities of both companies to accelerate development of extended phage therapies for antimicrobial resistance (AMR), in particular via the phase II PhagoDAIR study conducted by PHERECYDES, as well as other anti-infective fields and therapeutic areas with high unmet medical needs. Under the terms of the Memorandum of Understanding, PHERECYDES shareholders would receive 15 new ERYTECH shares for every 4 PHERECYDES shares they currently own. Upon completion of the transaction, PHERECYDES shareholders are expected to hold approximately 49.5% of the share capital and voting rights of ERYTECH. Transaction is expected to close at the end of the second quarter of 2023. |
Operating income | Operating income Accounting policies Research tax credit The research tax credit (Crédit d’Impôt Recherche or “CIR”) (the “Research Tax Credit”) is granted to companies by the French tax authorities in order to encourage them to conduct technical and scientific research. Companies that prove that they have expenditures that meet the required criteria (research expenditures located in France or, since January 1, 2005, within the European Union or in another State that is a party to the Agreement on the European Economic Area that has concluded a tax treaty with France that contains an administrative assistance clause) receive a tax credit that (a) can be used for the payment of the corporate tax due for the fiscal year in which the expenditures were made and the next three fiscal years, or, (b) as applicable, can be reimbursed in cash. The expenses taken into account for the calculation of the Research Tax Credit involve only research expenses. The Company has benefited from the Research Tax Credit since its inception. The CIR is presented under operating income 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 Subsidies received that are not repayable by the Company are recognized 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 as operating income when there exists reasonable assurance that the subsidies will be received. Revenues from licenses or other contracts For each of its partnership agreements, the Company determines if it acts as a principal or as an agent in accordance with IFRS 15 Revenue from contracts with customers (“IFRS 15"). 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 Income is recognized in “other income” in the statement of income (loss). License agreement with SQZ Biotechnologies ("SQZ") Under the term of the agreement, the Company has granted SQZ Biotechnologies an exclusive worldwide license to develop antigen specific immune modulating therapies employing red blood cell-based approaches. In accordance with IFRS15, this agreement grants to SQZ Biotechnologies a right to use the underlying intellectual property ("static license"). Consequently, the income linked to the upfront payment (€1 million) was recognized in June 2019 when SQZ Biotechnologies could begin to use the licensed intellectual property. |
Share-based payments (IFRS 2) | Share-based payments (IFRS 2) Accounting policies The Company has applied IFRS 2 Share-based payment (“ IFRS 2 ”) to all equity instruments e.g. free shares (“ AGA ”), stock options (“ SO ”), share subscription warrants (“ BSA ”) and founder subscription warrants (“ BSPCE ”) granted since inception to its employees, members of the Board of Directors or other individuals. Pursuant to IFRS 2, the cost of the remuneration granted with equity instruments is recognized as an expense in exchange for an increase in the shareholders’ equity for the vesting period during which the rights to be enjoyed from the equity instruments are acquired. As such, changes in value subsequent to the grant date have no effect on this initial measurement. Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation) and Monte-Carlo valuation model (for AGA 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. The Company has no legal or constructive obligation to repurchase or settle any of these equity instruments in cash. |
Financial income (loss) | Financial income (loss) Accounting policies Financial income (loss) includes mainly: • Amortized costs of convertibles notes and change in fair value of embedded derivatives; • Interest expenses incurred on financial liabilities and lease liabilities; • Income received from cash and cash equivalents; • Gains and losses on exchange rate variations on financial and investing transactions. |
Income tax | Income tax Accounting policies Current taxes The Parent Company, as an entity incorporated in France, is subject to the corporate value-added contribution "cotisation sur la valeur ajoutée des entreprises—CVAE" . To enter within the scope of IAS 12 Income Taxes (“IAS 12”) , a tax must be calculated based on a net amount of income and expenses, and this net amount can be different from the net book results. The Company has judged that the corporate value-added contribution satisfies the characteristics outlined in this conclusion, insofar as the value added constitutes the intermediate level of income that systematically serves as the basis, according to French tax law, for determining the amount owing in relation to the corporate value-added contribution. 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. |
Basic earnings (loss) per share and diluted earnings (loss) per share | Basic earnings (loss) per share and diluted earnings (loss) per share Accounting policies 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, equity instruments granted to employees, members of the Board of Directors or other individuals as detailed in note 3.3.3 and convertibles notes and warrants issued as part of the financing agreement with financing agreement with Luxembourg-based European High Growth Opportunities Securitization Fund as detailed in note 4.8.1. 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 diluted loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued have been considered anti-dilutive. |
Intangible assets | Intangible assets Accounting policies Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets ( “IAS 38” ), research expenditures are expensed in the period during which they are incurred. 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. 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 | Property, plant and equipment Accounting policies 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 their estimated useful life. The non-reusable 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 items Depreciation period Industrial equipment 1 to 5 years Fixtures and improvements in structures 3 to 10 years Office equipment and computers 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. According to IAS 36 Impairment of Assets (“ IAS 36 ”), a loss in value must be recognized where the carrying value of an asset, or the cash generating unit to which the asset belongs (if it is not possible to estimate the recoverable amount of the individual asset), is higher than its recoverable value. The recoverable value of an asset corresponds to its fair value less costs to sell or its value in use, whichever is higher. 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 up to the amount of the excess of the value over the recoverable value of the asset. |
Right of use | Right of use Accounting policies In accordance with IFRS 16 Leases ( “IFRS 16” ) , applicable since January 1, 2019, the right of use is recognized on the lessee’s balance sheet when the asset linked to the lease agreement become available. The right of use asset is measured at cost and comprises: • the amount of the initial measurement of the lease liability (see note 4.10), • lease incentives, payments at or prior to commencement date, • incremental costs which would not have been incurred if the contract had not been concluded. The right of use is subsequently measured at cost less depreciation and any accumulated impairment loss. The amount can be adjusted based on certain revaluations of the lease liability. The right of use are tested for impairment whenever there is an indicator that such asset may be impaired. |
Other non current assets | Other non current assets Accounting policies Other financial assets are composed of receivables initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR ”) method. Financial assets with a maturity of more than one year are classified in “other non-current financial assets” in accordance with IAS 1. |
Trade receivables and other current assets | Trade receivables and other current assets Accounting policies Other current assets are initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR ”) method. Trade receivables Trade receivables are initially recognized in accordance with IFRS 15 and then at the amortized cost calculated with the effective interest rate (“ EIR ”) method. The Company recognizes loss allowances for expected credit losses (“ ECL ”), which, for trade receivables and contract assets, are measured at an amount equal to lifetime ECLs that result from all possible default events over their expected life. Loss allowances are deducted from the gross amounts of the assets. |
Cash and cash equivalents | Cash and cash equivalents Accounting policies The item “cash and cash equivalents” 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: ◦ exercisable at any time at least every three months; ◦ initially included in the contract and this exit option is always provided in the initial contract; and ◦ 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 in financial income (loss). |
Shareholders' equity | Shareholders’ equity Accounting policies 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. |
Provisions | Provisions Accounting policies A provision is recognized when 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. Disclosure is made on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. |
Provision for retirement indemnities - defined benefit plans | Provision for retirement indemnities - defined benefit plans Accounting policies The French 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). The French Company pension commitments are not covered by plan assets.The American employees do not receive defined-benefit plan. For the defined-benefit plans, the costs of the retirement benefits are estimated using the projected credit unit method. The consolidated financial statements have been prepared applying the IFRS Interpretations Committee (IFRIC) agenda decision dated May 24, 2021 “Attributing Benefit to Periods of Service (IAS 19 Employee Benefits. The Company applies the Pharmaceutical Industry” collective agreement (“Convention collective nationale de l’industrie pharmaceutique”), which caps the pension rights after 30 years of employment. Through its agenda decision, IFRIC considers that, as long as, on the one hand, no rights are acquired in the event of departure before retirement age and, on the other hand, rights are caped after a certain number of years of service, the retirement benefits should be spread over the last 30 years before the retirement date that give rights to those benefits. 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. |
Financial liabilities | Financial liabilities Accounting policies Unless otherwise stated, financial liabilities are initially recognized at fair value less transaction costs and subsequently measured at amortized cost using the effective interest rate method. Financial liabilities with a maturity of more than one year are classified in “Financial liabilities – non-current portion” in accordance with IAS 1. The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed), if any, is recognised in profit or loss. |
Convertible notes | Convertible notes Accounting policies In accordance with IFRS 9, a financial instrument with all three of the following characteristics is a derivative: • its value changes in response to changes in the so-called “underlying” • it requires no initial net investment, • it is settled at a future date. Derivatives are initially recognized at their fair value and subsequent changes are recognized in financial income (loss). In accordance with IAS 32, a derivative is qualified as an equity instrument only if it will be necessarily settled by exchanging a fixed amount of cash for a fixed amount of equity instruments of the issuer. Equity instruments are initially recognized at their fair value and are not subsequently remeasured. Generally, convertible notes are qualified as compound instruments as they have both a financial liability and an equity component. Because the conversion option is a derivative, if the conversion option does not meet the “fixed-for-fixed” condition, the conversion option is classified as a financial derivative liability. In that case, convertible notes are qualified as hybrid instrument in accordance with IFRS 9 comprising a financial liability for the host contract plus an embedded derivative instrument for the conversion option. The initial bifurcation of a separable embedded derivative does not result in any gain or loss being recognized. Because the embedded derivative component is measured at fair value on initial recognition, the carrying amount of the host contract on initial recognition is the difference between the carrying amount of the hybrid instrument and the fair value of the embedded derivative. |
Conditional advances | Conditional advances Accounting policies Funds received from Bpifrance in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse Bpifrance for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. 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 is used to determine the amount recognized annually as a finance expense. 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. |
Lease liabilities | Lease liabilities Accounting policies In accordance with IFRS 16 Leases (“ IFRS 16 ”), applicable since January 1, 2019, the lease liability is recognized on the lessee’s balance sheet when the asset linked to the lease agreement become available. The lease liability is recognized for an amount equal to the present value of the lease payments over the lease term. The lease liability is then increased by the interest expense and decreased by the rents paid. The lease liability may be remeasured in the following situations: • Modification related to the assessment of the exercise of an option to purchase or the extension or the non-exercise of a termination option (which become reasonably certain); • Rent adjustments based on rates and indices provided in the contracts. The duration corresponds to the firm period of the commitment and takes into account the optional periods that are reasonably certain to be exercised. |
Trade payables and other current liabilities | Trade payables and other current liabilities Accounting policies Trade payables and other current liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Given the due date, the amortized cost is equal to the initial fair value. Costs are recognized when incurred. The excess of costs incurred over invoices received is recorded in "Vendors - accruals". Estimation of the hospital costs at December 31, 2020 and 2021 As of 2020 and 2021, the hospital costs related to clinical trials sponsored by the Company are measured based on two allocation keys: (i) site activation for fixed costs which are recognized in full when sites are activated and (ii) patient randomization for variable patient costs (including chemotherapy costs) which are spread over the estimated time of treatment of the patient as planned in the clinical protocol. These allocation keys are applied to the estimated expenses of the clinical trial. The excess of estimated costs incurred over invoices received is recorded in "Vendors - accruals". Estimation of the hospital costs as of December 31, 2022 Although our TRYbeCA-1 Phase 3 clinical trial in second-line advanced pancreatic cancer was completed in 2021 (see note 1), there is a significant lag between the period the clinical services are rendered by hospitals (i.e. patient treatments, including chemotherapy) and the period the Company receives invoices from such hospitals. The Company therefore continued to use estimates and judgement to measure the remaining hospital costs to be accrued for this trial as of 12/31/22. The hospital costs accrual related to this trial is still measured as the excess of estimated costs incurred over invoices received. The Company however reestimated the costs incurred using actual costs and the identification by the Company's clinical department of sites that have completed their invoicing process. The actual costs were derived from invoices received from hospitals or costs reported by them in the Medidata database which is used by the Company to track all costs incurred by hospitals. A revised average cost per patient in France and in Spain was derived from this analysis, and then applied to other sites for which there is no evidence of a completed invoicing process. |
Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) | Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) Accounting policies The valuation and the accounting treatment of the financial assets and liabilities are defined by IFRS 9 Financial Instruments (“ IFRS 9 ”). Financial assets at the amortized cost These instruments are initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR ”) method. 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. Financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement (“ IFRS 13 ”), financial instruments are presented in three categories based on a hierarchical method used to determine their fair value: • 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. |
ACCOUNTING RULES AND METHODS (T
ACCOUNTING RULES AND METHODS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies [Abstract] | |
Summary of Details of the Company's Subsidiary | Date of Incorporation Percent of Ownership Interest Accounting Method ERYTECH Pharma, Inc. April 2014 100% Consolidated |
Summary of Accounting Policy for Exchange Rates | Exchange rate (USD per EUR) 12/31/2020 12/31/2021 12/31/2022 Weighted average rate 1.1413 1.1835 1.0539 Closing rate 1.2271 1.1326 1.0666 |
Summary of Geographical Segment Information | Information per geographical segment Income from external customers (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 France 61 0 60 United States 185 128 134 Total 246 128 194 Non current assets (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 France 8,414 6,325 3,140 United States 21,265 19,520 37 Total 29,679 25,845 3,177 |
NOTES RELATED TO THE CONSOLID_3
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |
Summary of Detailed Information of Operating Income | The Company does not generate any revenue from the sale of its products considering its stage of development. (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Research Tax Credit 3,430 3,669 1,486 Subsidies and extinguishment of conditional advance (1) 42 383 4,968 Income from licenses or other contracts 246 128 194 Net gain on disposal of tangible assets 24,351 Total 3,718 4,180 30,998 (1) The extinguishment of BPI conditional advance on TEDAC research program for €4,895 thousand is discussed in note 4.8.2. The reduction in the research tax credit is related to the end of the TRYbeCA1 clinical trial. The net gain from the disposal of fixed assets is related to the sale of the Princeton plant to Catalent and breaks down as follows : – Proceeds from the sale of €40,676 thousand ($44,500 thousand); – The net book value of tangible fixed assets of €15,673 thousand ($17,146 thousand); – The net book value of intangible fixed assets of €4 thousand ($4 thousand) – The net book value of the rights of use for €3,022 thousand ($3,307 thousand); – The cancellation of the lease obligation for €5,419 thousand ($5,928 thousand); – Transaction costs of €3,046 thousand ($3,333 thousand) |
Summary of Operating Expense by Nature | Research and development expenses For the year ended December 31, 2020 (amounts in thousands of euros) R&D Clinical studies Total Consumables 54 6,732 6,786 IT costs and maintenance 117 1,162 1,279 Services, subcontracting and fees 1,099 28,487 29,586 Personnel expenses 2,268 13,361 15,629 Depreciation and amortization 283 3,951 4,234 Other 25 41 66 Total 3,846 53,734 57,580 For the year ended December 31, 2021 (amounts in thousands of euros) R&D Clinical studies Total Consumables 151 4,849 5,000 IT costs and maintenance 116 1,366 1,482 Services, subcontracting and fees 589 17,480 18,069 Personnel expenses 1,960 13,633 15,593 Depreciation and amortization 353 4,531 4,884 Other 17 55 72 Total 3,186 41,914 45,100 For the year ended December 31, 2022 (amounts in thousands of euros) R&D Clinical studies Total Consumables 165 1,019 1,184 IT costs and maintenance 45 949 994 Services, subcontracting and fees 395 1,287 1,682 Personnel expenses 1,883 9,576 11,459 Depreciation, amortization & impairment 444 3,548 3,992 Other 82 514 596 Total 3,014 16,893 19,907 (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Consumables 224 226 93 IT Costs and maintenance 1,070 1,129 1,048 Services, subcontracting and fees 5,962 6,684 6,477 Personnel expenses 6,573 6,174 5,013 Depreciation and amortization 686 494 627 Other 455 888 630 Total 14,970 15,595 13,887 |
Summary of Personal Expenses | Research and development expenses For the year ended December 31, 2020 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 1,579 9,886 11,465 Share-based payments (employees and executive management) 24 507 531 Social security expenses 665 2,968 3,633 Total personnel expenses 2,268 13,361 15,629 For the year ended December 31, 2021 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 1,318 10,106 11,424 Share-based payments (employees and executive management) 110 570 680 Social security expenses 532 2,957 3,489 Total personnel expenses 1,960 13,633 15,593 For the year ended December 31, 2022 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 1,348 7,748 9,096 Share-based payments (employees and executives) 0 (44) (44) Social security expenses 535 1,872 2,407 Total personnel expenses 1,883 9,576 11,459 (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Wages and salaries 4,393 4,032 3,399 Share-based payments (employees and executive management) 532 561 442 Social security expenses 1,648 1,581 1,172 Total personnel expenses 6,573 6,174 5,013 |
Summary of Subscriptions Plans | Founder subscription warrants (“BSPCE”) plan Types of securities BSPCE2012 BSPCE2014 Maturity May 20, 2020 January 22, 2024 Share subscription warrants (“BSA”) plan Types of securities BSA2014 BSA2016 BSA2017 BSA2019 BSA2021 Vesting period NA Tranche 1 : 1 year Tranche 2 : 2 years Tranche 1 : 1 year Tranche 2 : 2 years Tranche 3 : 3 years 2 years 1 year Maturity January-2024 Depending of the grant date Depending of the grant date October-2022 October 2024 Stock options (“SO”) plan Types of securities SO2016 SO2017 SO2018 SO2019 SO2020 SO2021 Vesting period (identical for all plans) Tranche 1: 2 years Tranche 2: 3 years Maturity Depending of the grant date Depending of the grant date Depending of the grant date Depending of the grant date Depending of the grant date Depending of the grant date Free shares (“AGA”) plan Types of securities AGA2017 AGA2018 AGA2019 AGA2020 AGA2021 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 Tranche 4 : 4 years Tranche 5 : 5 years |
Summary of Assumptions Used to Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2021. The Company did not grant new BSA in 2020 and 2022. Grant in July 2021 Number of warrants 75,250 Plan BSA 2021 Exercise price €3.82 Price of the underlying share €3.55 Expected dividends — % Volatility (1) 55.16 % Expected term 2.5 years Fair value of the plan (in thousands of euros) (2) 82 (1) based on the historical volatility observed on the ERYP index on Euronext (2) The acquisition price of the BSA granted in July 2021 was equal to the grant date fair value of the instrument. Therefore, no expense was recognized under IFRS 2. The main assumptions used to determine the fair value of the plans granted in 2020 and 2021 are presented in the tables below. The Company did not grant any SO in 2022. Grant in February 2020 Grant in Number of options 41,950 374,000 Plan SO2019 SO2020 Exercise price € 5.87 € 6.88 Price of the underlying share € 5.51 € 6.56 Expected dividends 0.00 % 0.00 % Volatility (1) 41.35 % 43.41 % Expected term T1: 6 years T2: 6.5 years Fair value of the plan (in thousands of euros) 84 951 Grant in November 2020 Grant in June 2021 Grant in July 2021 Grant in December 2021 Number of options 75,000 57,000 377,550 149,000 Plan SO2020 SO2020 SO2021 SO2021 Exercise price € 6.14 € 4.78 € 3.71 € 2.14 Price of the underlying share € 6.37 € 4.37 € 3.55 € 2.10 Expected dividends 0.00 % 0.00 % 0.00 % 0.00 % Volatility (1) 44.32 % 44.30 % 44.25 % 45.82 % Expected term T1: 6 years T2: 6.5 years Fair value of the plan (in thousands of euros) 199 96 533 131 (1) based on the historical volatility observed on the ERYP index on Euronext |
Summary of Assumptions Used Determine Fair Value of Free Shares Plans Granted | 100% all the shares granted are acquired " id="sjs-B9" xml:space="preserve">The main assumptions used to determine the fair value of the plans granted in 2020 and 2021 are presented in the table below. The Company did not grant new AGA in 2022. Grant in February 2020 Grant in July 2020 Number of shares 50,037 250,012 Plan AGA 2019 AGA 2020 Price of the underlying share € 5.51 €6.56 Expected dividends 0.00 % 0.00 % Volatility (1) 38.55 % 42.23 % Maturity 5 years 5 years Performance criteria (2) (2) ERYP € 5.87 € 6.88 Performance multiple ("PM") 2 2 Fair value of the plan (in thousands of euros) 133 877 Grant in June 2021 Grant in July 2021 Grant in December 2021 Number of shares 50,831 231,000 93,331 Plan AGA 2020 AGA 2021 AGA 2021 Price of the underlying share € 4.37 € 3.55 € 2.10 Expected dividends 0.00 % 0.00 % 0.00 % Volatility (1) 44.79 % 44.72 % 47.56 % Maturity 5 years 5 years 5 years Performance criteria (2) (2) (2) ERYP € 4.78 € 3.71 € 2.14 Performance multiple ("PM") 2 2 2 Fair value of the plan (in thousands of euros) 121 465 133 (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 • Tri: (ERYPi - ERYP) / (ERYP x (PM – 1)) with ERYPi: ◦ average price of the 40-quoted market share price days before the acquisition date for grants until April 2019 ; ◦ maximum between the share price at the acquisition date and the average price of the 20-quoted market share price days before the grant date discounted by 5% for grants from October 2019. • If TRi <=0% no shares granted are acquired • If Tri>100% all the shares granted are acquired |
Breakdown of Expenses of Plans per Financial Year | Breakdown of expenses per financial year Plan name Amount in P&L in euros thousands as of December 31, 2020 of which employees of which executive officers and executive committee of which board members AGA 537 298 239 — BSA 43 — — 43 SO 599 189 410 — Total 1,179 487 649 43 Plan name Amount in P&L in euros thousands as of December 31, 2021 of which employees of which executive officers and executive committee of which board members AGA 616 306 311 BSA 1 1 SO 706 193 432 82 Total 1,323 499 743 83 Plan name Amount in P&L in euros thousands as of December 31, 2022 of which employees of which executive officers and executive committee of which board members AGA 246 (51) 297 — BSA — — — — SO 201 (22) 174 49 Total 447 (73) 471 49 |
Summary of Outstanding Instruments | Summary of outstanding instruments Number of outstanding warrants (BSA) and founder's warrants Number of BSA and BSPCE Weighted-average exercise price Outstanding at December 31, 2019 40,804 € 97.34 Exercisable at December 31, 2019 40,804 € 97.34 Granted — € — Forfeited (19,386) € 73.60 Exercised (1,608) € 73.60 Outstanding at December 31, 2020 19,810 € 122.50 Exercisable at December 31, 2020 19,810 € 122.50 Granted Forfeited Exercised Outstanding at December 31, 2021 19,810 € 122.50 Exercisable at December 31, 2021 19,810 € 122.50 Granted Forfeited Exercised Outstanding at December 31, 2022 19,810 € 122.50 Exercisable at December 31, 2022 19,810 € 122.50 Number of outstanding stock-options and warrants (BSA) with a ratio of Number of stock-options and BSA Weighted-average exercise price Outstanding at December 31, 2019 897,246 € 10.26 Exercisable at December 31, 2019 173,899 € 21.46 Granted 505,950 € 6.69 Forfeited (111,860) € 9.53 Exercised — € — Outstanding at December 31, 2020 1,291,336 € 8.91 Exercisable at December 31, 2020 236,525 € 21.28 Granted 658,800 € 3.46 Forfeited (45,925) € 5.74 Exercised — € — Outstanding at December 31, 2021 1,904,211 € 7.09 Exercisable at December 31, 2021 636,376 € 11.47 Granted Forfeited (881,264) € 7.83 Exercised Outstanding at December 31, 2022 1,022,947 € 6.45 Exercisable at December 31, 2022 549,097 € 11.56 |
Summary of Number of Outstanding Free Shares | Number of outstanding free shares (AGA) with a ratio of Number of oustanding free shares Outstanding at December 31, 2019 648,345 Granted 300,049 Forfeited (181,146) Acquired (6,743) Outstanding at December 31, 2020 760,505 Granted 375,162 Forfeited (144,047) Acquired (22,539) Outstanding at December 31, 2021 969,081 Granted Forfeited (385,360) Acquired Outstanding at December 31, 2022 583,721 |
Summary of Depreciation, Amortization and Provisions | Depreciation, amortization and impairment (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Amortization and impairment of intangible assets 16 571 7 Depreciation of property, plant and equipment 3,457 3,455 2,168 Impairment of property, plant and equipment 983 Depreciation of the right of use 1,518 1,351 733 Impairment of the right of use 728 Total amortization and depreciation 4,991 5,377 4,619 |
Summary of Financial income (loss) | (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Income from short term deposits 12 13 58 Change in fair value of derivative liabilities 652 1,175 0 Other financial income 225 4,234 4,395 Financial income 889 5,422 4,453 Amortized cost of convertible notes (1,684) (1,566) Financial expenses on lease liability (336) (305) (138) Interest expense related to borrowings (142) (267) (181) Other financial expenses (3,192) (564) (1,045) Financial expenses (5,354) (2,702) (1,364) Financial income (loss) (4,465) 2,720 3,089 |
Summary of Reconciliation of the Effective Tax Rate | Reconciliation of the effective tax rate (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Net loss (73,300) (53,797) (228) Current Income tax (1) (3) (2) (521) Profit / Loss before tax (73,297) (53,795) 293 Tax rate 28 % 26.50 % 25.00 % Theoretical tax expense or income 20,522 14,256 (73) Current year loss not capitalized (20,803) (15,766) (585) Research tax credits 960 972 371 Tax rate differences — — (58) Share based compensation expense (330) (351) (112) Other differences (354) 887 (64) Effective tax (loss) / income (3) (2) (521) |
Summary of Nature of Deferred Taxes | (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Loss carryforward 76,978 91,775 94,466 Tax credit carryforward 79 178 158 Temporary differences 484 953 410 Unrecognized deferred tax assets (77,541) (92,906) (95,035) Net amount — — — |
Summary of Basic Earnings per Share and Diluted Earnings (Loss) per Share | 12/31/2020 12/31/2021 12/31/2022 Net loss (in thousands of euros) (73,300) (53,797) (228) Weighted number of shares for the period (1) 18,386,587 23,692,457 31,016,053 Basic loss per share (€/share) (3.99) (2.27) (0.01) Diluted loss per share (€/share) (3.99) (2.27) (0.01) 12/31/2020 12/31/2021 12/31/2022 Number of shares as of January 1 (1) 17,937,535 18,386,587 31,016,053 Number of shares issued during the year (prorata temporis) Share capital increase — 3,591,634 Conversion of convertible notes ("OCA") 437,128 1,705,162 Exercise of warrants 10,391 — Free shares acquired 1,533 9,074 Weighted number of shares for the period 18,386,587 23,692,457 31,016,053 (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). |
NOTES RELATED TO THE CONSOLID_4
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |
Schedule of Other Intangibles Assets | (amounts in thousands of euros) Other intangible assets Intangible assets in progress TOTAL GROSS VALUE As of As of December 31, 2019 1,876 — 1,876 Increase — 2 2 Decrease — — — FX rate impact (1) — (1) Reclassification — — — As of As of December 31, 2020 1,875 2 1,877 Increase — — — Decrease (201) — (201) FX rate impact 1 — 1 Reclassification (2) — (2) As of As of December 31, 2021 1,673 2 1,675 Increase — — — Decrease (7) — (7) FX rate impact — — — Reclassification 2 (2) — As of As of December 31, 2022 1,668 — 1,668 ACCUMULATED AMORTIZATION AND IMPAIRMENT As of As of December 31, 2019 (1,273) — (1,273) Increase (16) — (16) Decrease — — — FX rate impact 1 — 1 As of As of December 31, 2020 (1,288) — (1,288) Increase (571) — (571) Decrease 199 — 199 FX rate impact — — — As of As of December 31, 2021 (1,660) — (1,660) Increase (7) — (7) Decrease 4 — 4 FX rate impact — — — As of As of December 31, 2022 (1,663) — (1,663) NET VALUE As of December 31, 2019 603 — 603 As of December 31, 2020 587 2 589 As of December 31, 2021 13 2 15 As of December 31, 2022 5 — 5 |
Schedule of Property, Plant and Equipment | (amounts in thousands of euros) General equipment, fixtures and fittings Plant, equipment and tooling Office equipment and computers Assets under construction TOTAL GROSS VALUE As of December 31, 2019 22,385 4,806 1,171 1,079 29,441 Increase 30 301 37 78 446 Decrease (83) (69) — (26) (178) FX rate impact (1,644) (247) (36) (13) (1,940) Reclassification 13 996 32 (1,041) — As of December 31, 2020 20,701 5,787 1,204 77 27,769 Increase 59 27 21 108 215 Decrease (157) (144) (204) (505) FX rate impact 1,487 234 31 3 1,755 Reclassification 12 65 (76) 1 As of December 31, 2021 22,090 5,916 1,117 112 29,235 Increase 0 82 0 0 82 Decrease (19,862) (3,092) (383) (54) (23,390) FX rate impact 686 147 14 2 849 Reclassification 0 58 2 (60) 0 As of December 31, 2022 2,914 3,111 750 0 6,775 ACCUMULATED DEPRECIATION AND IMPAIRMENT As of December 31, 2019 (2,121) (1,220) (469) — (3,810) Increase (2,232) (993) (232) — (3,457) Decrease 8 69 — — 77 FX rate impact 218 52 13 — 283 Reclassification — — — — — As of December 31, 2020 (4,127) (2,092) (688) — (6,907) Increase (2,170) (1,072) (213) — (3,455) Decrease 151 142 196 — 489 FX rate impact (308) (80) (14) — (402) Reclassification — — As of December 31, 2021 (6,454) (3,102) (719) — (10,275) Depreciation (1,466) (604) (99) — (2,169) Impairment (65) (795) (123) — (983) Decrease 5,437 1,601 222 — 7,261 FX rate impact (154) (57) (6) — (218) Reclassification — — — — — As of December 31, 2022 (2,701) (2,957) (725) — (6,383) NET VALUE As of December 31, 2019 20,264 3,586 702 1,079 25,631 As of December 31, 2020 16,574 3,695 516 77 20,862 As of December 31, 2021 15,636 2,814 398 112 18,960 As of December 31, 2022 213 154 25 0 393 |
Schedule of Right of Use | (amounts in thousands of euros) Buildings Plant, equipment and tooling Transport equipment Office equipment and computers TOTAL GROSS VALUE As of December 31, 2019 11,237 954 80 118 12,389 Increase 92 — 7 — 99 Decrease — — (14) — (14) FX rate impact (483) — — — (483) Reclassification — — — — As of December 31, 2020 10,846 954 73 118 11,991 First application of IFRS 16 — Increase 383 33 416 Decrease (1,763) (1,763) FX rate impact 13 375 Reclassification 0 — 0 0 As of December 31, 2021 9,445 1,350 106 118 11,019 Increase 75 — 13 88 Decrease (4,045) (396) (4,441) FX rate impact 198 — 198 Reclassification — As of December 31, 2022 5,673 954 119 118 6,864 ACCUMULATED DEPRECIATION AND IMPAIRMENT As of December 31, 2019 (1,285) (954) (23) (118) (2,380) Increase (1,489) — (29) — (1,518) Decrease 0 0 10 — 10 FX rate impact 125 — — — 125 Reclassification — — — — — As of December 31, 2020 (2,649) (954) (42) (118) (3,763) Increase (1,252) (76) (23) — (1,351) Decrease 1,070 0 — — 1,070 FX rate impact (103) (3) — — (106) Reclassification — — — — — As of December 31, 2021 (2,934) (1,033) (65) (118) (4,150) Increase (706) (27) (733) Impairment (728) — — — (728) Decrease 1,339 79 — — 1,418 FX rate impact (89) — — — (89) Reclassification — — — — As of December 31, 2022 (3,116) (954) (92) (118) (4,280) NET VALUE As of December 31, 2020 8,197 — 31 — 8,228 As of December 31, 2021 6,511 317 41 — 6,869 As of December 31, 2022 2,557 — 27 — 2,584 |
Schedule of Other Financial Assets | (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Deposits related to leased premises 454 476 193 Advance payments to suppliers 620 342 0 Other 17 58 2 Total other non-current assets 1,091 876 195 |
Schedule of Trade Receivables and Other Current Assets | (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Trade and other receivables 4 12 76 Total current trade receivables 4 12 76 Research Tax Credit 3,432 3,549 1,484 Other receivables (including tax and social receivables) 898 669 973 Net investment in a sublease 0 479 43 Deposits related to leased premises 8 7 121 Advance payments and deposits to suppliers 51 377 342 Prepaid expenses 793 1,256 805 Total other current assets 5,182 6,337 3,769 |
Summary of Cash and Cash Equivalents | (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Current account 34,348 24,593 26,676 Term deposits 10,098 9,106 12,113 Total cash and cash equivalents as reported in statement of financial position 44,446 33,699 38,789 Bank overdrafts — — — Total cash and cash equivalents as reported in statement of cash flow 44,446 33,699 38,789 |
Summary of Common Shares | Number of shares As of December 31, 2019 17,940,035 Conversion of convertible notes ("OCA") 2,094,704 Exercise of warrants 16,080 Free shares acquired 6,743 As of December 31, 2020 20,057,562 Shares issued as part of the April Registered Direct Offering 4,137,932 Shares sold under the at-the-market (“ATM”) program 744,186 Shares issued as part of the December Registered Direct Offering 3,078,432 Conversion of convertible notes ("OCA") 2,977,887 Free shares acquired 22,554 As of December 31, 2021 31,018,553 Shares issued as part of the April Registered Direct Offering — Shares sold under the at-the-market (“ATM”) program — Shares issued as part of the December Registered Direct Offering Conversion of convertible notes ("OCA") — Free shares acquired As of December 31, 2022 31,018,553 |
Summary of Details of Provisions | (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Provision for retirement indemnities 652 524 318 Other provision 101 Provisions - non-current portion 652 524 419 Restructuring provision — — 166 Other provision 148 Provisions - current portion — — 314 The change in the provision for retirement indemnities is as follows: (amounts in thousands of euros) As of December 31, 2019 506 Service costs 123 Financial costs 4 Actuarial gains and losses 19 As of December 31, 2020 652 Service costs (63) Financial costs 3 Actuarial gains and losses (68) As of December 31, 2021 524 Curtailment Gain - restructuring plan 2022 (PSE) (63) Service costs 82 Financial costs 9 Actuarial gains and losses (235) As of December 31, 2022 318 |
Estimate of the Retirement Commitments | As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 12/31/2020 12/31/2021 12/31/2022 Discount rate 0.34 % 0.79 % 3.16 % Wage increase 2 % 2 % 2 % Social welfare contribution rate 39 % 39 % 39 % - executive employees 51 % 51 % 51 % - executive management 49 % 49 % 49 % Expected staff turnover High High High - executive management Low Low Low Age of retirement 65 - 67 years 65 - 67 years 65 - 67 years Mortality table INSEE 2019 TGH05 TGF05 TGH05 TGF05 |
Summary of Financial Liabilities by Type | (amounts in thousands of euros) Convertible notes Conditional advances Bank loans Other Total As of December 31, 2019 — 1,321 61 38 1,420 Collection 14,155 2,979 10,000 — 27,134 Fair value of embedded derivatives (1,070) — — — (1,070) Amortized cost 1,684 121 20 — 1,825 Conversion (12,600) — — — (12,600) Repayment — — (62) — (62) Reclassification — — — — — FX rate impact — — — (3) (3) As of December 31, 2020 2,169 4,421 10,019 35 16,644 Collection 11,423 734 12,157 Fair value of embedded derivatives (758) (758) Amortized cost 1,566 126 58 1,750 Conversion (14,400) (14,400) Repayment — FX rate impact 3 3 As of December 31, 2021 — 5,281 10,077 38 15,396 Increase 3,081 3,081 Fair value of embedded derivatives — Amortized cost (6) (6) Conversion — Extinguishment of conditional advance (5,281) (5,281) Repayment (3,081) (3,081) FX rate impact 3 3 As of December 31, 2022 — — 10,071 41 10,112 |
Summary of Financial Liabilities by Maturity | Financial liabilities by maturity December 31, 2020 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes 2,169 — — — 2,169 Conditional advances — — — 4,421 4,421 Bank loans 96 3,768 4,069 2,086 10,019 Other — 35 — — 35 Total financial liabilities 2,265 3,803 4,069 6,507 16,644 December 31, 2021 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes — Conditional advances 5,281 5,281 Bank loans 164 5,014 4,424 475 10,077 Other 38 38 Total financial liabilities 164 5,052 4,424 5,756 15,396 December 31, 2022 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes — Conditional advances — Bank loans 2,565 4,972 2,535 10,072 Other 40 40 Total financial liabilities 2,565 5,012 2,535 — 10,112 |
Summary of Derivative Financial Instruments | Fair value of the conversion option is estimated with a Monte-Carlo valuation model using the following main assumptions: 12/31/2020 12/31/2021 12/31/2022 Number of convertible notes 48 0 0 Estimated conversion price € 6.75 € — € — Expected term 30 days 0 0 Fair value (in thousands of euros) 129 — — Fair value of the warrants is estimated with a Black & Scholes valuation model using the following main assumptions: 12/31/2020 12/31/2021 12/31/2022 Number of warrants 168,350 303,030 303,030 Price of the underlying share € 7.11 € 2.12 € 0.37 Expected dividends — % — % — % Volatility 58.11 % 47.33 % 73.04 % Expected term 2 years 1 year 3 years to 4 years Fair value (in thousands of euros) 288 0 0 |
Summary of Lease liabilities | (in thousands of euros) Lease liabilities As of December 31, 2019 12,703 First application of IFRS 16 — Allowance received from a lessor 188 Increase without cash impact 98 Repayment (1,615) Decrease without cash impact — FX rate impact (570) Capitalized interests — Reclassification — As of December 31, 2020 10,804 Increase without cash impact 399 Repayment (1,702) Decrease without cash impact — FX rate impact 478 Capitalized interests 0 Reclassification 0 As of December 31, 2021 9,979 Increase without cash impact 88 Repayment (1,545) Decrease without cash impact (1) (5,296) FX rate impact 229 Capitalized interests — Reclassification 0 As of December 31, 2022 3,455 (1) Decrease of Princeton lease liability in connection with the sale of the Princeton manufacturing facility in April 2022 (see note 1 and 3.1). |
Summary of Lease Liabilities By Maturity | Lease liabilities by maturity (in thousands of euros) Less than one year One to three years Three to five years More than five years Total As of December 31, 2020 1,607 2,949 2,202 4,046 10,804 As of December 31, 2021 1,817 2,548 2,255 3,359 9,979 As of December 31, 2022 775 1,048 920 712 3,455 |
Summary of Trade Payables and Other Current Liabilities | (amounts in thousands of euros) 12/31/2020 12/31/2021 12/31/2022 Vendors 4,706 2,485 1,562 Vendors - accruals 16,204 11,669 3,553 Total trade and other payables 20,910 14,154 5,115 Social liabilities, taxation and social security 4,149 3,716 2,799 Fixed assets payables 86 2 0 Deferred revenue 148 93 51 Other payables 53 59 59 Total other current liabilities 4,436 3,870 2,909 |
Summary of financial instruments recognized in the Consolidated Statement of Financial Position | As of December 31, 2020 Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortized cost Financial liabilities at amortized cost Fair value Other non-current financial assets 1,091 1,091 1,091 Other current financial assets 59 59 59 Trade and other receivables 4 4 4 Other current assets 4,389 4,389 4,389 Cash and cash equivalents (2) 44,446 44,446 44,446 Total financial assets 48,898 44,446 — 4,452 — 48,898 Financial liabilities - non current portion (3) 14,379 14,379 14,379 Derivative liabilities - non current portion (5) 288 288 288 Lease liabilities - non current portion (4) 9,197 9,197 9,197 Financial liabilities - current portion (3) 2,265 2,265 2,265 Derivative liabilities - current portion (5) 129 129 129 Lease liabilities - current portion (4) 1,607 1,607 1,607 Trade and other payables 20,910 20,910 20,910 Other current liabilities (6) 4,288 4,288 4,288 Total financial liabilities 53,063 417 — — 52,646 53,063 As of December 31, 2021 Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortized cost Financial liabilities at amortized cost Fair value Other non-current financial assets 876 876 876 Other current financial assets 384 384 384 Trade and other receivables 12 12 12 Other current assets 4,218 4,218 4,218 Cash and cash equivalents (2) 33,699 33,699 33,699 Total financial assets 38,313 33,699 — 4,614 — 38,313 Financial liabilities - non current portion (3) 15,232 15,232 15,232 Lease liabilities - non current portion (4) 8,162 8,162 8,162 Financial liabilities - current portion (3) 164 164 164 Lease liabilities - current portion (4) 1,817 1,817 1,817 Trade and other payables 14,154 14,154 14,154 Other current liabilities (6) 3,777 3,777 3,777 Total financial liabilities 43,306 — — — 43,306 43,306 As of December 31, 2022 Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortized cost Financial liabilities at amortized cost Fair value Other non-current financial assets 195 195 195 Other current financial assets 464 464 464 Trade and other receivables 76 76 76 Other current assets 2,457 2,457 2,457 Cash and cash equivalents (2) 38,789 38,789 38,789 Total financial assets 41,322 38,789 — 2,533 — 41,322 Financial liabilities - non current portion (3) 7,547 7,547 7,547 Lease liabilities - non current portion (4) 2,680 2,680 2,680 Financial liabilities - current portion (3) 2,565 2,565 2,565 Lease liabilities - current portion (4) 775 775 775 Trade and other payables 5,115 5,115 5,115 Other current liabilities (6) 2,858 2,858 2,858 Total financial liabilities 21,540 — — — 21,540 21,540 (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 measurements. (3) The fair value of financial liabilities is determined using level 2 measurements. (4) The fair value of lease liabilities is determined using level 2 measurements. (5) The fair value of derivative liabilities is determined using level 3 measurements. (6) Excluding current liabilities accruals |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Remuneration of Directors and Members of the Executive Committee | The remuneration of directors and members of the executive committee was as set forth in the table below. 12/31/2020 12/31/2021 12/31/2022 (amounts in thousands 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 1,242 22 448 1,148 22 522 1,170 22 430 Executive committee 1,374 25 201 1,457 24 302 1,139 15 199 Board of directors 300 — 43 306 — 1 306 — — Total 2,915 47 692 2,911 46 825 2,615 38 629 |
MANAGEMENT OF FINANCIAL RISKS (
MANAGEMENT OF FINANCIAL RISKS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosures Of Financial Risk Management [Abstract] | |
Disclosure of liquidity risk | As of December 31, 2020 Less than one year One to five years More than five years Total Convertible notes 2,400 — — 2,400 Conditional advances — — 4,421 4,421 Bank loans 98 7,929 2,071 10,098 Other financial liabilities — 35 — 35 Lease liabilities 1,607 5,151 4,046 10,804 Trade and fixed assets payables 4,792 — — 4,792 Total 8,897 13,115 10,538 32,550 As of December 31, 2021 Less than one year One to five years More than five years Total Convertible notes — Conditional advances 5,281 5,281 Bank loans 164 9,438 475 10,077 Other financial liabilities 38 38 Lease liabilities 1,817 4,803 3,359 9,979 Trade and fixed assets payables 2,487 2,487 Total 4,468 14,279 9,115 27,862 As of December 31, 2022 Less than one year One to five years More than five years Total Convertible notes — Conditional advances — — Bank loans 2,565 7,508 — 10,073 Other financial liabilities 40 40 Lease liabilities 775 1,968 712 3,455 Trade and fixed assets payables 1,562 1,562 Total 4,902 9,516 712 15,130 |
Sensitivity analysis for types of market risk | A deterioration of the U.S dollars versus the 1.0666 closing rate at December 31, 2022 could impact the financial assets and liabilities as follows: As of December 31, 2022 Sensitivity (in thousands) USD EUR + 1 % + 5 % + 10 % Financial assets 16,971 15,912 (158) (758) (1,447) of which cash and cash equivalents 16,399 15,375 (152) (732) (1,398) Financial liabilities 1,848 1,732 (17) (82) (157) |
OFF-BALANCE SHEET COMMITMENTS (
OFF-BALANCE SHEET COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
Summary of sublease agreements | In July 2019 and June 2021, the Company signed two sublease agreements for its premises located in Cambridge. (amounts in thousands of euros) Income from sublease in 2022 Sublease to be received As of December 31, 2022 Total Less than one year One to five years More than five years Sublease in US 526 44 44 — — Total 526 44 44 — — |
DESCRIPTION OF THE BUSINESS (De
DESCRIPTION OF THE BUSINESS (Details) € / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Apr. 22, 2022 EUR (€) | Apr. 22, 2022 USD ($) | Dec. 31, 2021 USD ($) tranch | Sep. 21, 2020 EUR (€) | Sep. 21, 2020 USD ($) | Jun. 24, 2020 tranch | Apr. 30, 2022 EUR (€) employee | Apr. 30, 2022 USD ($) employee | Dec. 31, 2021 EUR (€) € / shares shares | Dec. 31, 2021 USD ($) shares | Apr. 30, 2021 EUR (€) € / shares shares | Apr. 30, 2021 USD ($) shares | Mar. 31, 2021 EUR (€) shares | Dec. 22, 2020 EUR (€) tranch | Nov. 30, 2020 EUR (€) loan | Jun. 30, 2020 EUR (€) patient | Mar. 31, 2020 patient | Feb. 29, 2020 EUR (€) | Nov. 30, 2017 EUR (€) | Nov. 30, 2017 USD ($) | May 31, 2013 EUR (€) | Aug. 24, 2020 EUR (€) tranch | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2021 EUR (€) € / shares shares | Dec. 31, 2020 EUR (€) | Dec. 31, 2016 EUR (€) | Dec. 31, 2012 EUR (€) | Sep. 30, 2022 | May 25, 2022 position | Aug. 24, 2021 EUR (€) | May 19, 2021 EUR (€) | Mar. 02, 2021 EUR (€) | Dec. 07, 2020 EUR (€) | Nov. 17, 2020 EUR (€) | Jul. 06, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | ||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Disposal of property, plant and equipment | € 37,630,000 | € 0 | € 83,000 | ||||||||||||||||||||||||||||||||||
Initial public offering amount | € 124,000,000 | $ 144,000 | € 17,700,000 | ||||||||||||||||||||||||||||||||||
Shareholders' equity | € 22,845,000 | 23,487,000 | 22,845,000 | 26,539,000 | € 85,560,000 | ||||||||||||||||||||||||||||||||
Number of employees who received employment offer | employee | 40 | 40 | |||||||||||||||||||||||||||||||||||
Workforce reduction percentage | 0.75 | ||||||||||||||||||||||||||||||||||||
Net gain on disposal of property, plant, and equipment | € 3,000,000 | $ 3,300 | |||||||||||||||||||||||||||||||||||
Proceeds from sales of property, plant and equipment, classified as investing activities, net of transactions costs | 40,700,000 | 44,500 | |||||||||||||||||||||||||||||||||||
Number of positions dismissed | position | 52 | ||||||||||||||||||||||||||||||||||||
Total number of positions at date of plan | position | 109 | ||||||||||||||||||||||||||||||||||||
Capital increases, net of transaction costs | € 0 | 34,631,000 | 118,000 | ||||||||||||||||||||||||||||||||||
Issue of ordinary shares | € 52,842,000 | [1] | 12,719,000 | ||||||||||||||||||||||||||||||||||
Nominal value (in euro per share) | € / shares | € 0.10 | € 0.10 | € 0.10 | ||||||||||||||||||||||||||||||||||
Issuance premium (in euro per share) | € / shares | € 2.16 | € 2.16 | |||||||||||||||||||||||||||||||||||
Percentage of Company's voting rights | 11.02% | 11.02% | |||||||||||||||||||||||||||||||||||
Convertible notes | € 0 | € 0 | € 0 | 2,169,000 | |||||||||||||||||||||||||||||||||
Percentage of Company's share capital | 11.02% | 19.12% | 11.02% | ||||||||||||||||||||||||||||||||||
Number of borrowings received (in loan) | loan | 2 | ||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, net of transaction costs | 3,081,000 | € 12,157,000 | 27,134,000 | ||||||||||||||||||||||||||||||||||
Cell Therapy Manufacturing Facility | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Disposal of property, plant and equipment | € 40,676,000 | $ 44,500 | |||||||||||||||||||||||||||||||||||
Gains on disposals of property, plant and equipment | € 24,350,000 | 26,600 | 24,300,000 | ||||||||||||||||||||||||||||||||||
Cell Therapy Manufacturing Facility | Other disposals of assets | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Disposal of property, plant and equipment | $ | $ 44,500 | ||||||||||||||||||||||||||||||||||||
BPI France | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, net of transaction costs | € 5,000,000 | ||||||||||||||||||||||||||||||||||||
Societe Generale | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, net of transaction costs | € 5,000,000 | ||||||||||||||||||||||||||||||||||||
TRYBECA Trial One | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of patients data reviewed | patient | 320 | ||||||||||||||||||||||||||||||||||||
Phase Two Trial Of Nordic Society Of Paediatric Haematology | Eryaspase | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of patient enrollments achieved | patient | 50 | ||||||||||||||||||||||||||||||||||||
Tedac project | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Conditional advance received | € 2,979,000 | 4,895,000 | 734,000 | 2,979,000 | € 1,119,000 | € 63,000 | |||||||||||||||||||||||||||||||
Subsidy received | € 294,000 | ||||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 27,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of permissible dilution | 20% | ||||||||||||||||||||||||||||||||||||
Number of tranches of convertible notes | tranch | 2 | ||||||||||||||||||||||||||||||||||||
Number of tranches of borrowings issued, investor call | tranch | 2 | ||||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche one | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 3,000,000 | ||||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche two | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 3,000,000 | ||||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche three | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 3,000,000 | ||||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | Derivatives | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 5,700,000 | € 2,900,000 | € 2,900,000 | ||||||||||||||||||||||||||||||||||
Potential amount to be raised from convertible notes with share subscription warrants | € 60,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of permissible dilution | 20% | ||||||||||||||||||||||||||||||||||||
Number of tranches of convertible notes | tranch | 2 | ||||||||||||||||||||||||||||||||||||
Number of tranches of borrowings issued, investor call | tranch | 3 | ||||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | Derivatives | Tranche one | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 3,000,000 | € 3,000,000 | |||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | Derivatives | Tranche two | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 3,000,000 | € 3,000,000 | |||||||||||||||||||||||||||||||||||
European High Growth Opportunities Fund | Derivatives | Tranche three | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Convertible notes | € 3,000,000 | ||||||||||||||||||||||||||||||||||||
Cowen | American Depository Shares | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Maximum potential proceeds from issuance of equity | $ 22,000 | € 30,000,000 | $ 30,000 | ||||||||||||||||||||||||||||||||||
Percentage of permissible dilution | 20% | 20% | 20% | ||||||||||||||||||||||||||||||||||
Share capital | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Shareholders' equity | € 3,102,000 | € 3,102,000 | 3,102,000 | 2,006,000 | 1,794,000 | ||||||||||||||||||||||||||||||||
Issue of ordinary shares | 1,096,000 | [1] | 212,000 | ||||||||||||||||||||||||||||||||||
Premiums related to the share capital | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Shareholders' equity | 97,618,000 | € 48,975,000 | 97,618,000 | 120,705,000 | € 281,688,000 | ||||||||||||||||||||||||||||||||
Issue of ordinary shares | € 51,746,000 | [1] | € 12,507,000 | ||||||||||||||||||||||||||||||||||
At-The-Market Offering | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares issued during the period (in shares) | shares | 744,186 | 0 | 744,186 | ||||||||||||||||||||||||||||||||||
Capital increases, net of transaction costs | € 6,400,000 | ||||||||||||||||||||||||||||||||||||
Issue of ordinary shares | € 6,616,000 | ||||||||||||||||||||||||||||||||||||
Registered Direct Offering | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Issue of ordinary shares | € 6,957,256.32 | $ 7,850 | € 24,868,971.3 | $ 30,000 | |||||||||||||||||||||||||||||||||
Number of units issued (in shares) | shares | 769,608 | 769,608 | 1,034,483 | 1,034,483 | |||||||||||||||||||||||||||||||||
Number of ordinary shares issued, per unit (in shares) | shares | 4 | 4 | 4 | 4 | |||||||||||||||||||||||||||||||||
Number of warrants issued, per unit (in shares) | shares | 3 | 3 | 3 | 3 | |||||||||||||||||||||||||||||||||
Number of shares purchased per warrant (in shares) | shares | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||
Number of ordinary shares issued (in shares) | shares | 3,078,432 | 3,078,432 | 4,137,932 | 4,137,932 | |||||||||||||||||||||||||||||||||
Nominal value (in euro per share) | € / shares | € 0.10 | ||||||||||||||||||||||||||||||||||||
Issuance premium (in euro per share) | € / shares | € 5.91 | ||||||||||||||||||||||||||||||||||||
Percentage of Company's voting rights | 19.12% | ||||||||||||||||||||||||||||||||||||
Registered Direct Offering | Share capital | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Issue of ordinary shares | € 307,843.2 | € 413,793.2 | |||||||||||||||||||||||||||||||||||
Registered Direct Offering | Premiums related to the share capital | |||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||||||||||||||||||||||
Issue of ordinary shares | € 6,649,413.12 | € 24,455,178.1 | |||||||||||||||||||||||||||||||||||
[1] of which €31,826 thousand as result of the Registered Direct Offerings in April (€24,867 thousand) and in Decembe r 2021 (€6,957 thousand) ; €6,616 thousand related to the ATM and €14,400 thousand related to the conversion of five tranches of OCABSA. |
ACCOUNTING RULES AND METHODS -
ACCOUNTING RULES AND METHODS - Additional Information (Details) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 EUR (€) subsidiary | Jun. 30, 2023 | Feb. 15, 2023 shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure of geographical areas [line items] | |||||
Cash and cash equivalents | € | € 38,789 | € 33,699 | € 44,446 | ||
Number of subsidiaries | subsidiary | 1 | ||||
Major business combination [member] | |||||
Disclosure of geographical areas [line items] | |||||
Shares issued (in shares) | 15 | ||||
Shares issued in relation to shares owned (in shares) | 4 | ||||
Major business combination [member] | Erytech Merger | Pherecydes | Forecast | |||||
Disclosure of geographical areas [line items] | |||||
Percentage of voting equity interests acquired | 49.50% |
ACCOUNTING RULES AND METHODS _2
ACCOUNTING RULES AND METHODS - Summary of Details of the Company's Subsidiary (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies [Abstract] | |
Percent of Ownership Interest | 100% |
ACCOUNTING RULES AND METHODS _3
ACCOUNTING RULES AND METHODS - Summary of Accounting Policy for Exchange Rates (Details) - uSD_per_EUR | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Accounting Policies [Abstract] | |||
Weighted average rate | 1.0539 | 1.1835 | 1.1413 |
Closing rate | 1.0666 | 1.1326 | 1.2271 |
ACCOUNTING RULES AND METHODS _4
ACCOUNTING RULES AND METHODS - Summary of Information about Geographical Segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Revenues from external customers | € 194 | € 128 | € 246 |
Non-current assets | 3,177 | 25,845 | 29,679 |
France | |||
Disclosure of geographical areas [line items] | |||
Revenues from external customers | 60 | 0 | 61 |
Non-current assets | 3,140 | 6,325 | 8,414 |
United States | |||
Disclosure of geographical areas [line items] | |||
Revenues from external customers | 134 | 128 | 185 |
Non-current assets | € 37 | € 19,520 | € 21,265 |
NOTES RELATED TO THE CONSOLID_5
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Apr. 22, 2022 EUR (€) | Apr. 22, 2022 USD ($) | Apr. 30, 2022 EUR (€) | Apr. 30, 2022 USD ($) | Dec. 31, 2022 EUR (€) employee shares | Dec. 31, 2021 EUR (€) employee shares | Dec. 31, 2020 EUR (€) employee shares | Dec. 31, 2022 USD ($) shares | Apr. 22, 2022 USD ($) | Dec. 31, 2019 EUR (€) | Jun. 30, 2019 USD ($) | |
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Upfront payment | $ | $ 1,000 | ||||||||||
Other income | € 30,998,000 | € 4,180,000 | € 3,718,000 | ||||||||
Discount on grants | 0.05 | 0.05 | |||||||||
Outstanding equity instruments (in shares) | shares | 1,804,768 | 1,804,768 | |||||||||
Net foreign exchange gain | € (2,891,000) | ||||||||||
Gain or loss on exchange | 510,000 | 3,570,000 | (3,028,000) | ||||||||
Net expense on recognition of OCABSA contract | 0 | (390,000) | 0 | ||||||||
Disposal of property, plant and equipment | 37,630,000 | 0 | 83,000 | ||||||||
Property, plant and equipment | 393,000 | 18,960,000 | 20,862,000 | € 25,631,000 | |||||||
Right of use | 2,584,000 | 6,869,000 | 8,228,000 | ||||||||
Research and development expense | 19,907,000 | 45,100,000 | 57,580,000 | ||||||||
Decrease in research and development expenses | (25,200,000) | (12,500,000) | |||||||||
Restructuring provision | 166,000 | 0 | 0 | ||||||||
Income tax | € (521,000) | € (2,000) | € (3,000) | ||||||||
Number of treasury shares held (in shares) | shares | 2,500 | 2,500 | 2,500 | 2,500 | |||||||
Other financial income | € 4,395,000 | € 4,234,000 | € 225,000 | ||||||||
Intangible assets in progress | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Impairment loss recognised | 600,000 | 560,000 | 1,036,000 | ||||||||
Cell Therapy Manufacturing Facility | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Gains on disposals of property, plant and equipment | € 24,350,000 | $ 26,600 | 24,300,000 | ||||||||
Disposal of property, plant and equipment | € 40,676,000 | $ 44,500 | |||||||||
Property, plant and equipment | 15,673,000 | $ 17,146 | |||||||||
Right of use | 3,022,000 | 3,307 | |||||||||
Cancellation of lease obligation | 5,419,000 | 5,928 | |||||||||
Transaction costs | 3,046,000 | 3,333 | |||||||||
Intangible assets and goodwill | € 4,000 | $ 4 | |||||||||
Increase (decrease) in property, plant and equipment | 1,896,000 | ||||||||||
Cell Therapy Manufacturing Facility | Other disposals of assets | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Disposal of property, plant and equipment | $ | $ 44,500 | ||||||||||
Income from licenses or other contracts | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Other income | € 194,000 | € 128,000 | € 246,000 | ||||||||
Research and development expenses | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Average number of employees | employee | 93 | 152 | 166 | ||||||||
Expense of restructuring activities | € 1,300,000 | ||||||||||
Decrease in personnel expenses | € (4,100,000) | ||||||||||
Decrease in depreciation | (900,000) | ||||||||||
Change in services and subcontracting expenses | (16,400,000) | € (11,500,000) | |||||||||
Change in consumables | (3,800,000) | (1,800,000) | |||||||||
Personnel expenses | 11,459,000 | 15,593,000 | € 15,629,000 | ||||||||
Impairment | 1,700,000 | ||||||||||
Research and development expenses | Princeton Manufacturing | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Decrease in depreciation | (2,000,000) | ||||||||||
General and administrative expenses | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Increase in insurance premium | 1,323,000 | ||||||||||
Decrease in personnel expenses | € (1,200,000) | € (399,000) | |||||||||
Average number of employees | employee | 26 | 42 | 41 | ||||||||
Expense of restructuring activities | € 400,000 | ||||||||||
Change in services and subcontracting expenses | (1,710,000) | € 600,000 | |||||||||
Personnel expenses | 5,013,000 | € 6,174,000 | € 6,573,000 | ||||||||
Extinguishment Of Borrowings | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Other income | 4,895,000 | ||||||||||
Other financial income | 386,000 | ||||||||||
France | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Accumulated tax loss carry forwards | 364,200,000 | ||||||||||
United States | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Accumulated tax loss carry forwards | 12,200,000 | $ 13,000 | |||||||||
Tedac project | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Other financial income | 386,000 | ||||||||||
TRYbeCA-1 | Research and development expenses | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Change in study costs | (14,500,000) | ||||||||||
Change in patient cost | (5,300,000) | ||||||||||
Change in CRO cost | (5,900,000) | ||||||||||
Change in graspa production | (1,500,000) | ||||||||||
Change in other clinical vendors | (1,800,000) | ||||||||||
TRYbeCA-2 | Research and development expenses | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Change in study costs | (900,000) | ||||||||||
Change in patient cost | (600,000) | ||||||||||
Change in NOPHO cost | (300,000) | ||||||||||
Orphan Europe | Income from licenses or other contracts | |||||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||||
Amount of the clinical trial financed by a third party | € 600,000 |
NOTES RELATED TO THE CONSOLID_6
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Detailed Information of Operating Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | € 30,998 | € 4,180 | € 3,718 |
Research Tax Credit | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | 1,486 | 3,669 | 3,430 |
Subsidies and extinguishment of conditional advance (1) | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | 4,968 | 383 | 42 |
Extinguishment Of Borrowings | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | 4,895 | ||
Income from licenses or other contracts | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | 194 | 128 | 246 |
Net gain on disposal of tangible assets | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | € 24,351 |
NOTES RELATED TO THE CONSOLID_7
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Operating Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Operating Expenses [Line Items] | |||
Depreciation and amortization | € 4,619 | € 5,377 | € 4,991 |
Total | 33,794 | 60,695 | 72,550 |
Intangible assets in progress | |||
Disclosure Of Operating Expenses [Line Items] | |||
Impairment loss recognised | 600 | 560 | 1,036 |
Research and development expenses | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 1,184 | 5,000 | 6,786 |
IT costs and maintenance | 994 | 1,482 | 1,279 |
Services, subcontracting and fees | 1,682 | 18,069 | 29,586 |
Personnel expenses | 11,459 | 15,593 | 15,629 |
Depreciation and amortization | 3,992 | 4,884 | 4,234 |
Other | 596 | 72 | 66 |
Total | 19,907 | 45,100 | 57,580 |
General and administrative expenses | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 93 | 226 | 224 |
IT costs and maintenance | 1,048 | 1,129 | 1,070 |
Services, subcontracting and fees | 6,477 | 6,684 | 5,962 |
Personnel expenses | 5,013 | 6,174 | 6,573 |
Depreciation and amortization | 627 | 494 | 686 |
Other | 630 | 888 | 455 |
Total | 13,887 | 15,595 | 14,970 |
R&D | Research and development expenses | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 165 | 151 | 54 |
IT costs and maintenance | 45 | 116 | 117 |
Services, subcontracting and fees | 395 | 589 | 1,099 |
Personnel expenses | 1,883 | 1,960 | 2,268 |
Depreciation and amortization | 444 | 353 | 283 |
Other | 82 | 17 | 25 |
Total | 3,014 | 3,186 | 3,846 |
Clinical studies | Research and development expenses | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 1,019 | 4,849 | 6,732 |
IT costs and maintenance | 949 | 1,366 | 1,162 |
Services, subcontracting and fees | 1,287 | 17,480 | 28,487 |
Personnel expenses | 9,576 | 13,633 | 13,361 |
Depreciation and amortization | 3,548 | 4,531 | 3,951 |
Other | 514 | 55 | 41 |
Total | € 16,893 | € 41,914 | € 53,734 |
NOTES RELATED TO THE CONSOLID_8
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Personal Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Research and development expenses | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | € 9,096 | € 11,424 | € 11,465 |
Share-based payments (employees and executive management) | (44) | 680 | 531 |
Social security expenses | 2,407 | 3,489 | 3,633 |
Total personnel expenses | 11,459 | 15,593 | 15,629 |
General and administrative expenses | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | 3,399 | 4,032 | 4,393 |
Share-based payments (employees and executive management) | 442 | 561 | 532 |
Social security expenses | 1,172 | 1,581 | 1,648 |
Total personnel expenses | 5,013 | 6,174 | 6,573 |
R&D | Research and development expenses | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | 1,348 | 1,318 | 1,579 |
Share-based payments (employees and executive management) | 0 | 110 | 24 |
Social security expenses | 535 | 532 | 665 |
Total personnel expenses | 1,883 | 1,960 | 2,268 |
Clinical studies | Research and development expenses | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | 7,748 | 10,106 | 9,886 |
Share-based payments (employees and executive management) | (44) | 570 | 507 |
Social security expenses | 1,872 | 2,957 | 2,968 |
Total personnel expenses | € 9,576 | € 13,633 | € 13,361 |
NOTES RELATED TO THE CONSOLID_9
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Subscription Warrants (Details) | 12 Months Ended |
Dec. 31, 2022 | |
BSPCE2012 | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | May 20, 2020 |
BSPCE2014 | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | January 22, 2024 |
BSA2014 | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | January-2024 |
BSA2016 | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | Depending of the grant dateOctober-2021January-2022 |
BSA2016 | Tranche one | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 1 year |
BSA2016 | Tranche two | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 2 years |
BSA2017 | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | Depending of the grant dateJune-2022January-2023 |
BSA2017 | Tranche one | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 1 year |
BSA2017 | Tranche two | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 2 years |
BSA2017 | Tranche three | |
Disclosure Of Subscription Warrants [Line Items] | |
Vesting period | 3 years |
BSA2019 | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | October-2022 |
Vesting period | 2 years |
BSA2021 | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | October 2024 |
Vesting period | 1 year |
NOTES RELATED TO THE CONSOLI_10
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Subscription Warrants - BSA Plan (Details) - BSA2021 € / shares in Units, € in Thousands | 1 Months Ended |
Jul. 31, 2021 EUR (€) shares year € / shares | |
Disclosure of detailed information of operating income loss [line items] | |
Number of warrants granted (in shares) | shares | 75,250 |
Exercise price (in euro per share) | € 3.82 |
Price of underlying share (euro per share) | € 3.55 |
Expected dividends | 0% |
Volatility | 55.16% |
Expected term | year | 2.5 |
Fair value (in thousands of euros) | € | € 82 |
NOTES RELATED TO THE CONSOLI_11
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Stock Options (Details) | 12 Months Ended |
Dec. 31, 2022 | |
SO2016 | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | Depending of the grant dateOctober-2026January-2027June-2027October-2027 |
SO2017 | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | Depending of the grant dateJune-2027January-2028 |
SO2018 | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | Depending of the grant dateSeptember-2028January-2029April-2029 |
SO2019 | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | Depending of the grant dateJuly-2029October-2029February-2030 |
SO2020 | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | Depending of the grant dateJuly-2030November-2030June-2031 |
SO2021 | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | Depending of the grant dateJuly-2031December-2031 |
Tranche one | SO2016 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
Tranche one | SO2017 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
Tranche one | SO2018 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
Tranche one | SO2019 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
Tranche one | SO2020 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
Tranche one | SO2021 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
Tranche two | SO2016 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
Tranche two | SO2017 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
Tranche two | SO2018 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
Tranche two | SO2019 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
Tranche two | SO2020 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
Tranche two | SO2021 | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
NOTES RELATED TO THE CONSOLI_12
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Subscription Warrants - SO Plan (Details) € / shares in Units, € in Thousands | 1 Months Ended | |||||
Dec. 31, 2021 EUR (€) shares year € / shares | Jul. 31, 2021 EUR (€) year shares € / shares | Jun. 30, 2021 EUR (€) year shares € / shares | Nov. 30, 2020 EUR (€) year shares € / shares | Jul. 31, 2020 EUR (€) shares year € / shares | Feb. 29, 2020 EUR (€) year shares € / shares | |
SO2019 | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Number of options granted (in shares) | shares | 41,950 | |||||
Exercise price (in euro per share) | € / shares | € 5.87 | |||||
Price of underlying share (euro per share) | € / shares | € 5.51 | |||||
Expected dividends | 0% | |||||
Volatility | 41.35% | |||||
Fair value (in thousands of euros) | € | € 84 | |||||
SO2019 | Tranche one | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Expected term | year | 6 | |||||
SO2019 | Tranche two | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Expected term | year | 6,500 | |||||
SO2020 | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Number of options granted (in shares) | shares | 57,000 | 75,000 | 374,000 | |||
Exercise price (in euro per share) | € / shares | € 4.78 | € 6.14 | € 6.88 | |||
Price of underlying share (euro per share) | € / shares | € 4.37 | € 6.37 | € 6.56 | |||
Expected dividends | 0% | 0% | 0% | |||
Volatility | 44.30% | 44.32% | 43.41% | |||
Fair value (in thousands of euros) | € | € 96 | € 199 | € 951 | |||
SO2020 | Tranche one | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Expected term | year | 6 | 6 | 6 | |||
SO2020 | Tranche two | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Expected term | year | 6,500 | 6,500 | 6,500 | |||
SO2021 | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Number of options granted (in shares) | shares | 149,000 | 377,550 | ||||
Exercise price (in euro per share) | € / shares | € 2.14 | € 3.71 | ||||
Price of underlying share (euro per share) | € / shares | € 2.10 | € 3.55 | ||||
Expected dividends | 0% | 0% | ||||
Volatility | 45.82% | 44.25% | ||||
Fair value (in thousands of euros) | € | € 131 | € 533 | ||||
SO2021 | Tranche one | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Expected term | year | 6 | 6 | ||||
SO2021 | Tranche two | ||||||
Disclosure Of Subscription Warrants [Line Items] | ||||||
Expected term | year | 6,500 | 6,500 |
NOTES RELATED TO THE CONSOLI_13
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Free Shares (Details) | 12 Months Ended |
Dec. 31, 2022 | |
AGA2017 | Tranche one | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 1 year |
AGA2017 | Tranche two | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
AGA2017 | Tranche three | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
AGA2018 | Tranche one | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 1 year |
AGA2018 | Tranche two | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
AGA2018 | Tranche three | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
AGA2019 | Tranche one | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 1 year |
AGA2019 | Tranche two | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
AGA2019 | Tranche three | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
AGA2019 | Tranche four | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 4 years |
AGA2019 | Tranche five | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 5 years |
AGA2020 | Tranche one | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 1 year |
AGA2020 | Tranche two | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
AGA2020 | Tranche three | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
AGA2020 | Tranche four | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 4 years |
AGA2020 | Tranche five | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 5 years |
AGA2021 | Tranche one | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 1 year |
AGA2021 | Tranche two | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 2 years |
AGA2021 | Tranche three | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 3 years |
AGA2021 | Tranche four | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 4 years |
AGA2021 | Tranche five | |
Disclosure of detailed information of operating income loss [line items] | |
Vesting period | 5 years |
NOTES RELATED TO THE CONSOLI_14
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Subscription Warrants - AGA Plan (Details) € / shares in Units, € in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 EUR (€) year shares € / shares | Jul. 31, 2021 EUR (€) year shares € / shares | Jun. 30, 2021 EUR (€) shares year € / shares | Jul. 31, 2020 EUR (€) shares year € / shares | Feb. 29, 2020 EUR (€) shares year € / shares | Dec. 31, 2022 | |
Disclosure of detailed information of operating income loss [line items] | ||||||
Performance criteria | Tri: (ERYPi - ERYP) / (ERYP x (PM – 1)) with ERYPi:◦average price of the 40-quoted market share price days before the acquisition date for grants until April 2019 ;◦maximum between the share price at the acquisition date and the average price of the 20-quoted market share price days before the grant date discounted by 5% for grants from October 2019.•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 | |||||
AGA2019 | ||||||
Disclosure of detailed information of operating income loss [line items] | ||||||
Number of options granted (in shares) | shares | 50,037 | |||||
Price of underlying share (euro per share) | € 5.51 | |||||
Expected dividends | 0% | |||||
Volatility | 38.55% | |||||
Maturity | year | 5 | |||||
Weighted average share price, share options granted (in euro per share) | € 5.87 | |||||
Performance multiple ("PM") | 200% | |||||
Fair value (in thousands of euros) | € | € 133 | |||||
AGA2020 | ||||||
Disclosure of detailed information of operating income loss [line items] | ||||||
Number of options granted (in shares) | shares | 50,831 | 250,012 | ||||
Price of underlying share (euro per share) | € 4.37 | € 6.56 | ||||
Expected dividends | 0% | 0% | ||||
Volatility | 44.79% | 42.23% | ||||
Maturity | year | 5 | 5 | ||||
Weighted average share price, share options granted (in euro per share) | € 4.78 | € 6.88 | ||||
Performance multiple ("PM") | 200% | 200% | ||||
Fair value (in thousands of euros) | € | € 121 | € 877 | ||||
AGA2021 | ||||||
Disclosure of detailed information of operating income loss [line items] | ||||||
Number of options granted (in shares) | shares | 93,331 | 231,000 | ||||
Price of underlying share (euro per share) | € 2.10 | € 3.55 | ||||
Expected dividends | 0% | 0% | ||||
Volatility | 47.56% | 44.72% | ||||
Maturity | year | 5 | 5 | ||||
Weighted average share price, share options granted (in euro per share) | € 2.14 | € 3.71 | ||||
Performance multiple ("PM") | 200% | 200% | ||||
Fair value (in thousands of euros) | € | € 133 | € 465 |
NOTES RELATED TO THE CONSOLI_15
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Breakdown of Plan (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | € 447 | € 1,323 | € 1,179 |
Employees | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | (73) | 499 | 487 |
Executive officers and executive committee | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 471 | 743 | 649 |
Board members | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 49 | 83 | 43 |
AGA | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 246 | 616 | 537 |
AGA | Employees | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | (51) | 306 | 298 |
AGA | Executive officers and executive committee | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 297 | 311 | 239 |
BSA | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | 1 | 43 |
BSA | Board members | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 1 | 43 | |
SO | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 201 | 706 | 599 |
SO | Employees | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | (22) | 193 | 189 |
SO | Executive officers and executive committee | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 174 | 432 | € 410 |
SO | Board members | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | € 49 | € 82 |
NOTES RELATED TO THE CONSOLI_16
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Outstanding Instruments (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares € / shares | Dec. 31, 2021 shares € / shares | Dec. 31, 2020 shares € / shares | |
Options with a ratio of 1 option = 10 share | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options, outstanding, beginning balance (in shares) | shares | 19,810 | 19,810 | 40,804 |
Number of options, exercisable, beginning balance (in shares) | shares | 19,810 | 19,810 | 40,804 |
Number of options granted (in shares) | shares | 0 | ||
Number of options, forfeited during the year (in shares) | shares | (19,386) | ||
Number of options, exercised during the year (in shares) | shares | (1,608) | ||
Number of options, outstanding, ending balance (in shares) | shares | 19,810 | 19,810 | 19,810 |
Number of options, exercisable, ending balance (in shares) | shares | 19,810 | 19,810 | 19,810 |
Weighted average exercise price, outstanding, beginning balance (in euro per share) | € / shares | € 122.50 | € 122.50 | € 97.34 |
Weighted average exercise price, exercisable, beginning balance (in euro per share) | € / shares | 122.50 | 122.50 | 97.34 |
Weighted average exercise price, granted during the year (in euro per share) | € / shares | 0 | ||
Weighted average exercise price, forfeited during the year (in euro per share) | € / shares | 73.60 | ||
Weighted average exercise price, exercised during the year (in euro per share) | € / shares | 73.60 | ||
Weighted average exercise price, outstanding, ending balance (in euro per share) | € / shares | 122.50 | 122.50 | 122.50 |
Weighted average exercise price, exercisable, ending balance (in euro per share) | € / shares | € 122.50 | € 122.50 | € 122.50 |
Options with a ratio of 1 option = 1 share | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options, outstanding, beginning balance (in shares) | shares | 1,904,211 | 1,291,336 | 897,246 |
Number of options, exercisable, beginning balance (in shares) | shares | 636,376 | 236,525 | 173,899 |
Number of options granted (in shares) | shares | 658,800 | 505,950 | |
Number of options, forfeited during the year (in shares) | shares | (881,264) | (45,925) | (111,860) |
Number of options, exercised during the year (in shares) | shares | 0 | 0 | |
Number of options, outstanding, ending balance (in shares) | shares | 1,022,947 | 1,904,211 | 1,291,336 |
Number of options, exercisable, ending balance (in shares) | shares | 549,097 | 636,376 | 236,525 |
Weighted average exercise price, outstanding, beginning balance (in euro per share) | € / shares | € 7.09 | € 8.91 | € 10.26 |
Weighted average exercise price, exercisable, beginning balance (in euro per share) | € / shares | 11.47 | 21.28 | 21.46 |
Weighted average exercise price, granted during the year (in euro per share) | € / shares | 3.46 | 6.69 | |
Weighted average exercise price, forfeited during the year (in euro per share) | € / shares | 7.83 | 5.74 | 9.53 |
Weighted average exercise price, exercised during the year (in euro per share) | € / shares | 0 | 0 | |
Weighted average exercise price, outstanding, ending balance (in euro per share) | € / shares | 6.45 | 7.09 | 8.91 |
Weighted average exercise price, exercisable, ending balance (in euro per share) | € / shares | € 11.56 | € 11.47 | € 21.28 |
NOTES RELATED TO THE CONSOLI_17
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Number of Outstanding Free Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information of operating income loss [line items] | |||
Outstanding, ending balance | 1,804,768 | ||
Free Shares (“AGA”) Plan | |||
Disclosure of detailed information of operating income loss [line items] | |||
Outstanding, beginning balance | 969,081 | 760,505 | 648,345 |
Granted | 375,162 | 300,049 | |
Forfeited | (385,360) | (144,047) | (181,146) |
Acquired | (22,539) | (6,743) | |
Outstanding, ending balance | 583,721 | 969,081 | 760,505 |
NOTES RELATED TO THE CONSOLI_18
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Depreciation and Amortization Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | € 4,619 | € 5,377 | € 4,991 |
Amortization and impairment of intangible assets | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | 7 | 571 | 16 |
Depreciation of property, plant and equipment | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | 2,168 | 3,455 | 3,457 |
Impairment of property, plant and equipment | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Impairment | 983 | ||
Depreciation of the right of use | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | 733 | 1,351 | 1,518 |
Impairment of the right of use | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Impairment | € 728 |
NOTES RELATED TO THE CONSOLI_19
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Financial Income and Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |||
Income from short term deposits | € 58 | € 13 | € 12 |
Change in fair value of derivative liabilities | 0 | 1,175 | 652 |
Other financial income | 4,395 | 4,234 | 225 |
Financial income | 4,453 | 5,422 | 889 |
Amortized cost of convertible notes | (1,566) | (1,684) | |
Financial expenses on lease liability | (138) | (305) | (336) |
Interest expense related to borrowings | (181) | (267) | (142) |
Other financial expenses | (1,045) | (564) | (3,192) |
Financial expenses | (1,364) | (2,702) | (5,354) |
Financial income (loss) | 3,089 | 2,720 | (4,465) |
Other income | € 30,998 | € 4,180 | € 3,718 |
NOTES RELATED TO THE CONSOLI_20
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Reconciliation of the Effective Tax Rate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |||
Net loss for the period | € (228) | € (53,797) | € (73,300) |
Effective tax (loss) / income | (521) | (2) | (3) |
Profit / Loss before tax | 293 | (53,795) | (73,297) |
Theoretical tax expense or income | (73) | 14,256 | 20,522 |
Current year loss not capitalized | (585) | (15,766) | (20,803) |
Research tax credits | 371 | 972 | 960 |
Tax rate differences | (58) | 0 | 0 |
Share based compensation expense | (112) | (351) | (330) |
Other differences | € (64) | € 887 | € (354) |
NOTES RELATED TO THE CONSOLI_21
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Nature of Deferred Taxes (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | |||
Unrecognized deferred tax assets | € (95,035) | € (92,906) | € (77,541) |
Net amount | 0 | 0 | 0 |
Loss carryforward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | |||
Deferred tax assets | 94,466 | 91,775 | 76,978 |
Tax credit carryforward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | |||
Deferred tax assets | 158 | 178 | 79 |
Temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | |||
Deferred tax assets | € 410 | € 953 | € 484 |
NOTES RELATED TO THE CONSOLI_22
NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Basic Earnings per Share and Diluted Earnings (Loss) per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |||
Net loss | € (228) | € (53,797) | € (73,300) |
Weighted number of shares for the period (in shares) | 31,016,053 | 23,692,457 | 18,386,587 |
Basic loss per share (€/share) | € (0.01) | € (2.27) | € (3.99) |
Diluted loss per share (€/share) | € (0.01) | € (2.27) | € (3.99) |
Number of shares outstanding (in shares) | 31,016,053 | 18,386,587 | 17,937,535 |
Share capital increase (in shares) | 3,591,634 | 0 | |
Conversion of convertible notes ("OCA") (in shares) | 1,705,162 | 437,128 | |
Exercise of warrants (in shares) | 0 | 10,391 | |
Free shares acquired (in shares) | 9,074 | 1,533 |
NOTES RELATED TO THE CONSOLI_23
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Amortisation Period, Intangible Assets (Details) - Software | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets, amortisation period | 1 year |
Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets, amortisation period | 5 years |
NOTES RELATED TO THE CONSOLI_24
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Other Intangible Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | € 15 | € 589 | € 603 |
Ending balance | 5 | 15 | 589 |
GROSS VALUE | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,675 | 1,877 | 1,876 |
Increase | 0 | 0 | 2 |
Decrease | (7) | (201) | 0 |
FX rate impact | 0 | 1 | (1) |
Reclassification | 0 | (2) | 0 |
Ending balance | 1,668 | 1,675 | 1,877 |
ACCUMULATED AMORTIZATION AND IMPAIRMENT | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (1,660) | (1,288) | (1,273) |
Decrease | 4 | 199 | 0 |
FX rate impact | 0 | 0 | 1 |
Increase | (7) | (571) | (16) |
Ending balance | (1,663) | (1,660) | (1,288) |
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 13 | 587 | 603 |
Ending balance | 5 | 13 | 587 |
Other intangible assets | GROSS VALUE | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,673 | 1,875 | 1,876 |
Increase | 0 | 0 | 0 |
Decrease | (7) | (201) | 0 |
FX rate impact | 0 | 1 | (1) |
Reclassification | 2 | (2) | 0 |
Ending balance | 1,668 | 1,673 | 1,875 |
Other intangible assets | ACCUMULATED AMORTIZATION AND IMPAIRMENT | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (1,660) | (1,288) | (1,273) |
Decrease | 4 | 199 | 0 |
FX rate impact | 0 | 0 | 1 |
Increase | (7) | (571) | (16) |
Ending balance | (1,663) | (1,660) | (1,288) |
Intangible assets in progress | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 2 | 2 | 0 |
Ending balance | 0 | 2 | 2 |
Intangible assets in progress | GROSS VALUE | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 2 | 2 | 0 |
Increase | 0 | 0 | 2 |
Decrease | 0 | 0 | 0 |
FX rate impact | 0 | 0 | 0 |
Reclassification | (2) | 0 | 0 |
Ending balance | 0 | 2 | 2 |
Intangible assets in progress | ACCUMULATED AMORTIZATION AND IMPAIRMENT | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 0 | 0 | 0 |
Decrease | 0 | 0 | 0 |
FX rate impact | 0 | 0 | 0 |
Increase | 0 | 0 | 0 |
Ending balance | € 0 | € 0 | € 0 |
NOTES RELATED TO THE CONSOLI_25
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Additional Details (Details) € / shares in Units, € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Apr. 22, 2022 EUR (€) | Apr. 22, 2022 USD ($) | Dec. 31, 2021 EUR (€) tranch € / shares shares | Jun. 24, 2020 tranch shares | Dec. 31, 2021 EUR (€) € / shares shares | Apr. 30, 2021 € / shares shares | Nov. 30, 2020 EUR (€) loan | Feb. 29, 2020 EUR (€) | Dec. 31, 2022 EUR (€) tranch € / shares shares | Dec. 31, 2021 EUR (€) tranch € / shares shares | Dec. 31, 2020 EUR (€) shares | Dec. 31, 2017 EUR (€) | Dec. 31, 2016 EUR (€) | Dec. 31, 2012 EUR (€) | Apr. 22, 2022 USD ($) | Aug. 24, 2021 EUR (€) | Jul. 22, 2021 EUR (€) | May 19, 2021 EUR (€) | Mar. 02, 2021 EUR (€) | Dec. 22, 2020 EUR (€) | Dec. 07, 2020 EUR (€) | Nov. 17, 2020 EUR (€) | Aug. 24, 2020 EUR (€) | Jul. 06, 2020 EUR (€) | Dec. 31, 2019 EUR (€) shares | |
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Property, plant and equipment | € 18,960 | € 18,960 | € 393 | € 18,960 | € 20,862 | € 25,631 | |||||||||||||||||||
Right of use | 6,869 | 6,869 | 2,584 | 6,869 | 8,228 | ||||||||||||||||||||
Value added tax receivables | 610 | 610 | 899 | 610 | 635 | ||||||||||||||||||||
Term deposits | € 9,106 | € 9,106 | € 12,113 | € 9,106 | € 10,098 | ||||||||||||||||||||
Number of shares fully paid up (in shares) | shares | 31,018,553 | 31,018,553 | 31,018,553 | 31,018,553 | 20,057,562 | 17,940,035 | |||||||||||||||||||
Nominal value (in euro per share) | € / shares | € 0.10 | € 0.10 | € 0.10 | € 0.10 | |||||||||||||||||||||
Number of tranches of borrowings issued | tranch | 5 | ||||||||||||||||||||||||
Convertible notes | € 0 | € 0 | € 0 | € 0 | € 2,169 | ||||||||||||||||||||
Conditional advance, accrued interest | 386 | ||||||||||||||||||||||||
Number of borrowings received (in loan) | loan | 2 | ||||||||||||||||||||||||
Financial liabilities – current portion | 164 | 164 | 2,565 | 164 | 2,265 | ||||||||||||||||||||
Financial liabilities – non-current portion | 15,232 | 15,232 | 7,547 | 15,232 | 14,379 | ||||||||||||||||||||
Expense relating to short-term leases | 654 | 824 | 0 | ||||||||||||||||||||||
Expense relating to leases of low-value assets | 20 | 30 | 31 | ||||||||||||||||||||||
Hospital costs accruals | € 9,289 | € 9,289 | 2,355 | 9,289 | 10,770 | ||||||||||||||||||||
Utilization of hospital cost accrual | 3,882 | ||||||||||||||||||||||||
Decrease in R&D | (3,053) | ||||||||||||||||||||||||
Other financial income | 4,395 | 4,234 | 225 | ||||||||||||||||||||||
Societe Generale | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Borrowings maturity | 36 months | ||||||||||||||||||||||||
Unsecured bank loans received | € 1,900 | ||||||||||||||||||||||||
Interest rate | 0.25% | 0.40% | |||||||||||||||||||||||
Secured bank loans received | € 5,000 | ||||||||||||||||||||||||
Societe Generale | Top of range | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Borrowings maturity | 5 years | ||||||||||||||||||||||||
BPI France | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Interest rate | 1.67% | ||||||||||||||||||||||||
Secured bank loans received | € 5,000 | ||||||||||||||||||||||||
BPI France | Bottom of range | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Borrowings maturity | 1 year | ||||||||||||||||||||||||
Tedac project | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Non-refundable subsidies | 2,700 | ||||||||||||||||||||||||
Conditional advance granted by BPI France | 4,895 | ||||||||||||||||||||||||
Conditional advance received | € 2,979 | 4,895 | 734 | 2,979 | € 1,119 | € 63 | |||||||||||||||||||
Subsidies and conditional advances received | 7,000 | ||||||||||||||||||||||||
Condition of repayment: amount of cumulative sales | € 10,000 | ||||||||||||||||||||||||
Other financial income | € 386 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Number of warrant notes issued for no consideration (in shares) | shares | 1,200 | ||||||||||||||||||||||||
Number of tranches of convertible notes | tranch | 2 | ||||||||||||||||||||||||
Number Of Warrants | shares | 303,030 | ||||||||||||||||||||||||
Number of tranches of borrowings issued | tranch | 9 | ||||||||||||||||||||||||
Convertible notes | € 27,000 | ||||||||||||||||||||||||
Number of tranches of borrowings issued, investor call | tranch | 2 | ||||||||||||||||||||||||
Number of convertible notes (in shares) | shares | 540 | ||||||||||||||||||||||||
Number of convertible notes outstanding (in shares) | shares | 0 | ||||||||||||||||||||||||
Number of warrants attached to convertible notes outstanding (in shares) | shares | 303,030 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche four | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche one | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche Eight | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche Nine | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche two | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche three | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche five | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche Six | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Tranche Seven | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Convertible notes | € 3,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Market capitalisation above the specified threshold | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Number of convertible notes (in shares) | shares | 60 | ||||||||||||||||||||||||
Number Of Warrants | shares | 33,670 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Market capitalisation below the specified threshold | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Number of convertible notes (in shares) | shares | 30 | ||||||||||||||||||||||||
Number Of Warrants | shares | 16,835 | ||||||||||||||||||||||||
Market capitalisation to be maintained | € 50,000 | ||||||||||||||||||||||||
Number of consecutive trading days for the market capitalisation to be maintained | 20 days | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Convertible notes | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Percentage of volume weighted average price of shares | 98% | ||||||||||||||||||||||||
Notional amount | € 50 | ||||||||||||||||||||||||
Borrowings maturity | 12 months | ||||||||||||||||||||||||
Number of consecutive trading days taken into account in the determination of the conversion price | 3 days | ||||||||||||||||||||||||
Maximum number of shares issuable on conversion of warrants | shares | 10,000,000 | ||||||||||||||||||||||||
European High Growth Opportunities Fund | Warrants | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Number of shares subscribed per warrant (in shares) | shares | 1 | ||||||||||||||||||||||||
Share subscription warrants term | 5 years | ||||||||||||||||||||||||
Exercise price as a percentage of volume weighted average share price | 120% | ||||||||||||||||||||||||
Number of consecutive trading days taken into account in the determination of the exercise price | 15 days | ||||||||||||||||||||||||
Exercise price of share subscription of warrants (in euro per share) | € / shares | € 8.91 | ||||||||||||||||||||||||
Volume weighted average price, three trading sessions prior to the conversion date | European High Growth Opportunities Fund | Convertible notes | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Percentage of volume weighted average price of shares | 80% | ||||||||||||||||||||||||
Volume weighted average price, three days prior to the conversion date | European High Growth Opportunities Fund | Convertible notes | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Percentage of volume weighted average price of shares | 95% | ||||||||||||||||||||||||
Present value of defined benefit obligation | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Curtailment Gain - restructuring plan 2022 (PSE) | € (63) | ||||||||||||||||||||||||
Registered Direct Offering | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Nominal value (in euro per share) | € / shares | € 0.10 | ||||||||||||||||||||||||
Number of warrants issued (in shares) | shares | 2,308,824 | 3,103,449 | |||||||||||||||||||||||
Number of shares subscribed per warrant (in shares) | shares | 1 | 1 | 1 | 1 | |||||||||||||||||||||
Warrants, exercise price (in euro per share) | € / shares | € 2.83 | € 7.5 | |||||||||||||||||||||||
Warrants, term | 2 years | 2 years | |||||||||||||||||||||||
Buildings | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Right of use | € 6,511 | € 6,511 | 2,557 | € 6,511 | 8,197 | ||||||||||||||||||||
Term deposits | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Term deposits | 9,000 | 9,000 | 12,000 | 9,000 | 10,000 | ||||||||||||||||||||
Convertible to cash | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Term deposits | 100 | 100 | 100 | 100 | 100 | ||||||||||||||||||||
ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | 7,261 | 489 | 77 | ||||||||||||||||||||||
Property, plant and equipment | (10,275) | (10,275) | (6,383) | (10,275) | (6,907) | € (3,810) | |||||||||||||||||||
Impairment | (983) | ||||||||||||||||||||||||
Right of use | (4,150) | (4,150) | (4,280) | (4,150) | (3,763) | (2,380) | |||||||||||||||||||
Decrease | 1,418 | 1,070 | 10 | ||||||||||||||||||||||
Impairment | 728 | ||||||||||||||||||||||||
ACCUMULATED DEPRECIATION AND IMPAIRMENT | Buildings | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Right of use | (2,934) | (2,934) | (3,116) | (2,934) | (2,649) | (1,285) | |||||||||||||||||||
Decrease | 1,339 | 1,070 | 0 | ||||||||||||||||||||||
Impairment | 728 | ||||||||||||||||||||||||
GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (23,390) | (505) | (178) | ||||||||||||||||||||||
Property, plant and equipment | 29,235 | 29,235 | 6,775 | 29,235 | 27,769 | 29,441 | |||||||||||||||||||
Right of use | 11,019 | 11,019 | 6,864 | 11,019 | 11,991 | 12,389 | |||||||||||||||||||
Decrease | (4,441) | (1,763) | (14) | ||||||||||||||||||||||
GROSS VALUE | Buildings | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Right of use | 9,445 | 9,445 | 5,673 | 9,445 | 10,846 | 11,237 | |||||||||||||||||||
Decrease | (4,045) | (1,763) | 0 | ||||||||||||||||||||||
Plant, equipment and tooling | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Property, plant and equipment | 2,814 | 2,814 | 154 | 2,814 | 3,695 | 3,586 | |||||||||||||||||||
Plant, equipment and tooling | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | 1,601 | 142 | 69 | ||||||||||||||||||||||
Property, plant and equipment | (3,102) | (3,102) | (2,957) | (3,102) | (2,092) | (1,220) | |||||||||||||||||||
Impairment | (795) | ||||||||||||||||||||||||
Plant, equipment and tooling | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (3,092) | (144) | (69) | ||||||||||||||||||||||
Property, plant and equipment | 5,916 | 5,916 | 3,111 | 5,916 | 5,787 | 4,806 | |||||||||||||||||||
Assets under construction | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Property, plant and equipment | 112 | 112 | 0 | 112 | 77 | 1,079 | |||||||||||||||||||
Assets under construction | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (54) | (26) | |||||||||||||||||||||||
Property, plant and equipment | 112 | 112 | 0 | 112 | 77 | 1,079 | |||||||||||||||||||
General equipment, fixtures and fittings | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Property, plant and equipment | 15,636 | 15,636 | 213 | 15,636 | 16,574 | 20,264 | |||||||||||||||||||
General equipment, fixtures and fittings | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | 5,437 | 151 | 8 | ||||||||||||||||||||||
Property, plant and equipment | (6,454) | (6,454) | (2,701) | (6,454) | (4,127) | (2,121) | |||||||||||||||||||
Impairment | (65) | ||||||||||||||||||||||||
General equipment, fixtures and fittings | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (19,862) | (157) | (83) | ||||||||||||||||||||||
Property, plant and equipment | 22,090 | 22,090 | 2,914 | 22,090 | 20,701 | 22,385 | |||||||||||||||||||
Office equipment and computers | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Property, plant and equipment | 398 | 398 | 25 | 398 | 516 | 702 | |||||||||||||||||||
Office equipment and computers | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | 222 | 196 | 0 | ||||||||||||||||||||||
Property, plant and equipment | (719) | (719) | (725) | (719) | (688) | (469) | |||||||||||||||||||
Impairment | (123) | ||||||||||||||||||||||||
Office equipment and computers | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (383) | (204) | 0 | ||||||||||||||||||||||
Property, plant and equipment | € 1,117 | € 1,117 | 750 | 1,117 | 1,204 | € 1,171 | |||||||||||||||||||
Cell Therapy Manufacturing Facility | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Property, plant and equipment | € 15,673 | $ 17,146 | |||||||||||||||||||||||
Right of use | 3,022 | $ 3,307 | |||||||||||||||||||||||
Cell Therapy Manufacturing Facility | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | 6,673 | $ 7,301 | |||||||||||||||||||||||
Cell Therapy Manufacturing Facility | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (22,346) | $ (24,447) | |||||||||||||||||||||||
Cell Therapy Manufacturing Facility | Plant, equipment and tooling | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (2,070) | ||||||||||||||||||||||||
Cell Therapy Manufacturing Facility | Assets under construction | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (54) | ||||||||||||||||||||||||
Cell Therapy Manufacturing Facility | General equipment, fixtures and fittings | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (19,862) | ||||||||||||||||||||||||
Cell Therapy Manufacturing Facility | Office equipment and computers | GROSS VALUE | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (361) | ||||||||||||||||||||||||
Other Disposals | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | (1,022) | ||||||||||||||||||||||||
Other Disposals | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Disposals, property, plant and equipment | € 565 | ||||||||||||||||||||||||
Intangible assets in progress | |||||||||||||||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||||||||||||||
Impairment loss recognised | € 600 | € 560 | € 1,036 |
NOTES RELATED TO THE CONSOLI_26
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Depreciation Period, Propert, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Plant, equipment and tooling | Bottom of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Property, plant and equipment, depreciation period | 1 year |
Plant, equipment and tooling | Top of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Property, plant and equipment, depreciation period | 5 years |
General equipment, fixtures and fittings | Bottom of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Property, plant and equipment, depreciation period | 3 years |
General equipment, fixtures and fittings | Top of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Property, plant and equipment, depreciation period | 10 years |
Office equipment and computers | Bottom of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Property, plant and equipment, depreciation period | 3 years |
Office equipment and computers | Top of range | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Property, plant and equipment, depreciation period | 5 years |
NOTES RELATED TO THE CONSOLI_27
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Property, Plant and Equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | € 18,960 | € 20,862 | € 25,631 |
Ending balance | 393 | 18,960 | 20,862 |
General equipment, fixtures and fittings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 15,636 | 16,574 | 20,264 |
Ending balance | 213 | 15,636 | 16,574 |
Plant, equipment and tooling | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,814 | 3,695 | 3,586 |
Ending balance | 154 | 2,814 | 3,695 |
Office equipment and computers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 398 | 516 | 702 |
Ending balance | 25 | 398 | 516 |
Assets under construction | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 112 | 77 | 1,079 |
Ending balance | 0 | 112 | 77 |
GROSS VALUE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 29,235 | 27,769 | 29,441 |
Increase | 82 | 215 | 446 |
Decrease | (23,390) | (505) | (178) |
FX rate impact | 849 | 1,755 | (1,940) |
Reclassification | 0 | 1 | 0 |
Ending balance | 6,775 | 29,235 | 27,769 |
GROSS VALUE | General equipment, fixtures and fittings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 22,090 | 20,701 | 22,385 |
Increase | 0 | 59 | 30 |
Decrease | (19,862) | (157) | (83) |
FX rate impact | 686 | 1,487 | (1,644) |
Reclassification | 0 | 13 | |
Ending balance | 2,914 | 22,090 | 20,701 |
GROSS VALUE | Plant, equipment and tooling | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 5,916 | 5,787 | 4,806 |
Increase | 82 | 27 | 301 |
Decrease | (3,092) | (144) | (69) |
FX rate impact | 147 | 234 | (247) |
Reclassification | 58 | 12 | 996 |
Ending balance | 3,111 | 5,916 | 5,787 |
GROSS VALUE | Office equipment and computers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,117 | 1,204 | 1,171 |
Increase | 0 | 21 | 37 |
Decrease | (383) | (204) | 0 |
FX rate impact | 14 | 31 | (36) |
Reclassification | 2 | 65 | 32 |
Ending balance | 750 | 1,117 | 1,204 |
GROSS VALUE | Assets under construction | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 112 | 77 | 1,079 |
Increase | 0 | 108 | 78 |
Decrease | (54) | (26) | |
FX rate impact | 2 | 3 | (13) |
Reclassification | (60) | (76) | (1,041) |
Ending balance | 0 | 112 | 77 |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (10,275) | (6,907) | (3,810) |
Decrease | 7,261 | 489 | 77 |
FX rate impact | (218) | (402) | 283 |
Reclassification | 0 | 0 | 0 |
Increase | (2,169) | (3,455) | (3,457) |
Impairment | (983) | ||
Ending balance | (6,383) | (10,275) | (6,907) |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | General equipment, fixtures and fittings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (6,454) | (4,127) | (2,121) |
Decrease | 5,437 | 151 | 8 |
FX rate impact | (154) | (308) | 218 |
Reclassification | 0 | 0 | |
Increase | (1,466) | (2,170) | (2,232) |
Impairment | (65) | ||
Ending balance | (2,701) | (6,454) | (4,127) |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | Plant, equipment and tooling | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (3,102) | (2,092) | (1,220) |
Decrease | 1,601 | 142 | 69 |
FX rate impact | (57) | (80) | 52 |
Reclassification | 0 | 0 | |
Increase | (604) | (1,072) | (993) |
Impairment | (795) | ||
Ending balance | (2,957) | (3,102) | (2,092) |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | Office equipment and computers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (719) | (688) | (469) |
Decrease | 222 | 196 | 0 |
FX rate impact | (6) | (14) | 13 |
Reclassification | 0 | 0 | |
Increase | (99) | (213) | (232) |
Impairment | (123) | ||
Ending balance | € (725) | € (719) | € (688) |
NOTES RELATED TO THE CONSOLI_28
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Right of Use (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | € 6,869 | € 8,228 | |
Right-of-use assets, at end of period | 2,584 | 6,869 | € 8,228 |
GROSS VALUE | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 11,019 | 11,991 | 12,389 |
Increase | 88 | 416 | 99 |
Decrease | (4,441) | (1,763) | (14) |
FX rate impact | 198 | 375 | (483) |
Reclassification | 0 | 0 | 0 |
Right-of-use assets, at end of period | 6,864 | 11,019 | 11,991 |
GROSS VALUE | First application of IFRS 16 | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 0 | ||
Right-of-use assets, at end of period | 0 | ||
ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | (4,150) | (3,763) | (2,380) |
Decrease | 1,418 | 1,070 | 10 |
FX rate impact | (89) | (106) | 125 |
Reclassification | 0 | 0 | 0 |
Increase | (733) | (1,351) | (1,518) |
Impairment | (728) | ||
Right-of-use assets, at end of period | (4,280) | (4,150) | (3,763) |
Buildings | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 6,511 | 8,197 | |
Right-of-use assets, at end of period | 2,557 | 6,511 | 8,197 |
Buildings | GROSS VALUE | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 9,445 | 10,846 | 11,237 |
Increase | 75 | 92 | |
Decrease | (4,045) | (1,763) | 0 |
FX rate impact | 198 | (483) | |
Reclassification | |||
Right-of-use assets, at end of period | 5,673 | 9,445 | 10,846 |
Buildings | GROSS VALUE | First application of IFRS 16 | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | |||
Right-of-use assets, at end of period | |||
Buildings | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | (2,934) | (2,649) | (1,285) |
Decrease | 1,339 | 1,070 | 0 |
FX rate impact | (89) | (103) | 125 |
Reclassification | 0 | 0 | |
Increase | (706) | (1,252) | (1,489) |
Impairment | (728) | ||
Right-of-use assets, at end of period | (3,116) | (2,934) | (2,649) |
Plant, equipment and tooling | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 317 | 0 | |
Right-of-use assets, at end of period | 0 | 317 | 0 |
Plant, equipment and tooling | GROSS VALUE | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 1,350 | 954 | 954 |
Increase | 0 | 383 | 0 |
Decrease | (396) | 0 | |
FX rate impact | 0 | 13 | 0 |
Reclassification | 0 | 0 | |
Right-of-use assets, at end of period | 954 | 1,350 | 954 |
Plant, equipment and tooling | GROSS VALUE | First application of IFRS 16 | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | |||
Right-of-use assets, at end of period | |||
Plant, equipment and tooling | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | (1,033) | (954) | (954) |
Decrease | 79 | 0 | 0 |
FX rate impact | 0 | (3) | 0 |
Reclassification | 0 | 0 | 0 |
Increase | (76) | 0 | |
Impairment | 0 | ||
Right-of-use assets, at end of period | (954) | (1,033) | (954) |
Transport equipment | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 41 | 31 | |
Right-of-use assets, at end of period | 27 | 41 | 31 |
Transport equipment | GROSS VALUE | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 106 | 73 | 80 |
Increase | 13 | 33 | 7 |
Decrease | (14) | ||
FX rate impact | 0 | ||
Reclassification | 0 | 0 | |
Right-of-use assets, at end of period | 119 | 106 | 73 |
Transport equipment | GROSS VALUE | First application of IFRS 16 | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | |||
Right-of-use assets, at end of period | |||
Transport equipment | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | (65) | (42) | (23) |
Decrease | 0 | 0 | 10 |
FX rate impact | 0 | 0 | 0 |
Reclassification | 0 | 0 | 0 |
Increase | (27) | (23) | (29) |
Impairment | 0 | ||
Right-of-use assets, at end of period | (92) | (65) | (42) |
Office equipment and computers | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 0 | 0 | |
Right-of-use assets, at end of period | 0 | 0 | 0 |
Office equipment and computers | GROSS VALUE | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | 118 | 118 | 118 |
Increase | 0 | ||
Decrease | 0 | ||
FX rate impact | 0 | ||
Reclassification | 0 | 0 | |
Right-of-use assets, at end of period | 118 | 118 | 118 |
Office equipment and computers | GROSS VALUE | First application of IFRS 16 | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | |||
Right-of-use assets, at end of period | |||
Office equipment and computers | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |||
Right-of-use assets, at beginning of period | (118) | (118) | (118) |
Decrease | 0 | 0 | 0 |
FX rate impact | 0 | 0 | 0 |
Reclassification | 0 | 0 | 0 |
Increase | 0 | 0 | |
Impairment | 0 | ||
Right-of-use assets, at end of period | € (118) | € (118) | € (118) |
NOTES RELATED TO THE CONSOLI_29
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Other Financial Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |||
Deposits related to leased premises | € 193 | € 476 | € 454 |
Advance payments to suppliers | 0 | 342 | 620 |
Other | 2 | 58 | 17 |
Total other non-current assets | € 195 | € 876 | € 1,091 |
NOTES RELATED TO THE CONSOLI_30
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Trade Receivables and Other Current Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |||
Trade and other receivables | € 76 | € 12 | € 4 |
Research Tax Credit | 1,484 | 3,549 | 3,432 |
Other receivables (including tax and social receivables) | 973 | 669 | 898 |
Net investment in a sublease | 43 | 479 | 0 |
Deposits related to leased premises | 121 | 7 | 8 |
Advance payments and deposits to suppliers | 342 | 377 | 51 |
Prepaid expenses | 805 | 1,256 | 793 |
Total other current assets | € 3,769 | € 6,337 | € 5,182 |
NOTES RELATED TO THE CONSOLI_31
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | ||||
Current account | € 26,676 | € 24,593 | € 34,348 | |
Term deposits | 12,113 | 9,106 | 10,098 | |
Total cash and cash equivalents as reported in statement of financial position | 38,789 | 33,699 | 44,446 | |
Bank overdrafts | 0 | 0 | 0 | |
Total cash and cash equivalents as reported in statement of cash flow | € 38,789 | € 33,699 | € 44,446 | € 73,173 |
NOTES RELATED TO THE CONSOLI_32
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Shareholders' Equity (Details) - shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||||
Beginning balance (in shares) | 31,018,553 | 20,057,562 | 17,940,035 | |
Conversion of convertible notes ("OCA") (in shares) | 0 | 2,977,887 | 2,094,704 | |
Exercise of warrants (in shares) | 16,080 | |||
Free shares (in shares) | 22,554 | 6,743 | ||
Ending balance (in shares) | 31,018,553 | 31,018,553 | 20,057,562 | |
April Registered Offering | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the period (in shares) | 0 | 4,137,932 | ||
At-The-Market Offering | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the period (in shares) | 744,186 | 0 | 744,186 | |
December Registered Offering | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the period (in shares) | 3,078,432 |
NOTES RELATED TO THE CONSOLI_33
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Details of Provisions (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |||
Provision for retirement indemnities | € 318 | € 524 | € 652 |
Other provision | 101 | ||
Provisions - non-current portion | 419 | 524 | 652 |
Restructuring provision | 166 | 0 | 0 |
Other provision | 148 | ||
Provisions - current portion | € 314 | € 0 | € 0 |
NOTES RELATED TO THE CONSOLI_34
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Estimate of the Retirement Commitments (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.16% | 0.79% | 0.34% |
Wage increase | 2% | 2% | 2% |
Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Age of retirement | 65 years | 65 years | 65 years |
Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Age of retirement | 67 years | 67 years | 67 years |
Non executive employees | |||
Disclosure of defined benefit plans [line items] | |||
Social welfare contribution rate | 39% | 39% | 39% |
Executive employees | |||
Disclosure of defined benefit plans [line items] | |||
Social welfare contribution rate | 51% | 51% | 51% |
Executive management | |||
Disclosure of defined benefit plans [line items] | |||
Social welfare contribution rate | 49% | 49% | 49% |
NOTES RELATED TO THE CONSOLI_35
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Change in Provision for Retirement Indemnities (Details) - Present value of defined benefit obligation - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
At the beginning of the period | € 524 | € 652 | € 506 |
Curtailment Gain - restructuring plan 2022 (PSE) | (63) | ||
Service costs | 82 | (63) | 123 |
Financial costs | 9 | 3 | 4 |
Actuarial gains and losses | (235) | (68) | 19 |
At the end of the period | € 318 | € 524 | € 652 |
NOTES RELATED TO THE CONSOLI_36
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Financial Liabilities by Type (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | € 15,396 | € 16,644 | € 1,420 |
Collection | 3,081 | 12,157 | 27,134 |
Increase | 3,081 | ||
Fair value of embedded derivatives | 0 | (758) | (1,070) |
Amortized cost | (6) | 1,750 | 1,825 |
Conversion | 0 | (14,400) | (12,600) |
Extinguishment of conditional advance | (5,281) | ||
Repayment | (3,081) | 0 | (62) |
Reclassification | 0 | ||
FX rate impact | 3 | 3 | (3) |
Liabilities arising from financing activities at end of period | 10,112 | 15,396 | 16,644 |
Convertible notes | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | 2,169 | 0 |
Collection | 11,423 | 14,155 | |
Increase | |||
Fair value of embedded derivatives | (758) | (1,070) | |
Amortized cost | 1,566 | 1,684 | |
Conversion | (14,400) | (12,600) | |
Extinguishment of conditional advance | |||
Repayment | 0 | ||
Reclassification | 0 | ||
FX rate impact | 0 | ||
Liabilities arising from financing activities at end of period | 0 | 0 | 2,169 |
Conditional advances | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | 5,281 | 4,421 | 1,321 |
Collection | 734 | 2,979 | |
Increase | |||
Fair value of embedded derivatives | 0 | ||
Amortized cost | 126 | 121 | |
Conversion | 0 | ||
Extinguishment of conditional advance | (5,281) | ||
Repayment | 0 | ||
Reclassification | 0 | ||
FX rate impact | 0 | ||
Liabilities arising from financing activities at end of period | 0 | 5,281 | 4,421 |
Bank loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | 10,077 | 10,019 | 61 |
Collection | 10,000 | ||
Increase | |||
Fair value of embedded derivatives | 0 | ||
Amortized cost | (6) | 58 | 20 |
Conversion | 0 | ||
Extinguishment of conditional advance | |||
Repayment | (62) | ||
Reclassification | 0 | ||
FX rate impact | 0 | ||
Liabilities arising from financing activities at end of period | 10,071 | 10,077 | 10,019 |
Other | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | 38 | 35 | 38 |
Collection | 0 | ||
Increase | 3,081 | ||
Fair value of embedded derivatives | 0 | ||
Amortized cost | 0 | ||
Conversion | 0 | ||
Extinguishment of conditional advance | |||
Repayment | (3,081) | 0 | |
Reclassification | 0 | ||
FX rate impact | 3 | 3 | (3) |
Liabilities arising from financing activities at end of period | € 41 | € 38 | € 35 |
NOTES RELATED TO THE CONSOLI_37
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Financial Liabilities by Maturity (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Convertible notes | € 0 | € 0 | € 2,169 |
Conditional advances | 0 | 5,281 | 4,421 |
Bank loans | 10,072 | 10,077 | 10,019 |
Other | 40 | 38 | 35 |
Financial liabilities | 10,112 | 15,396 | 16,644 |
Less than one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Convertible notes | 2,169 | ||
Conditional advances | 0 | ||
Bank loans | 2,565 | 164 | 96 |
Other | 0 | ||
Financial liabilities | 2,565 | 164 | 2,265 |
One to three years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Convertible notes | 0 | ||
Conditional advances | 0 | ||
Bank loans | 4,972 | 5,014 | 3,768 |
Other | 40 | 38 | 35 |
Financial liabilities | 5,012 | 5,052 | 3,803 |
Three to five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Convertible notes | 0 | ||
Conditional advances | 0 | ||
Bank loans | 2,535 | 4,424 | 4,069 |
Other | 0 | ||
Financial liabilities | 2,535 | 4,424 | 4,069 |
More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Convertible notes | 0 | ||
Conditional advances | 5,281 | 4,421 | |
Bank loans | 475 | 2,086 | |
Other | 0 | ||
Financial liabilities | € 0 | € 5,756 | € 6,507 |
NOTES RELATED TO THE CONSOLI_38
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Derivative Financial Instruments (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of liabilities [line items] | |||||
Fair value (in thousands of euros) | € 0 | € 0 | € 0 | € 0 | € 129 |
Fair value (in thousands of euros) | € 0 | € 0 | € 0 | € 0 | € 288 |
Convertible notes | Derivatives | |||||
Disclosure of fair value measurement of liabilities [line items] | |||||
Number of convertible notes outstanding (in shares) | 0 | 0 | 0 | 0 | 48 |
Estimated conversion price (in euro per share) | € 0 | € 0 | € 0 | € 0 | € 6.75 |
Expected term | 0 years | 0 years | 30 days | ||
Fair value (in thousands of euros) | € 0 | € 0 | € 0 | € 0 | € 129 |
Warrants | Derivatives | |||||
Disclosure of fair value measurement of liabilities [line items] | |||||
Expected term | 3 years | 1 year | 2 years | ||
Number of warrants attached to convertible notes outstanding (in shares) | 303,030 | 303,030 | 303,030 | 303,030 | 168,350 |
Price of underlying share (euro per share) | € 0.37 | € 2.12 | € 0.37 | € 2.12 | € 7.11 |
Expected dividends | 0% | 0% | 0% | ||
Volatility | 73.04% | 47.33% | 58.11% | ||
Fair value (in thousands of euros) | € 0 | € 0 | € 0 | € 0 | € 288 |
NOTES RELATED TO THE CONSOLI_39
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Lease Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |||
Lease liabilities, at beginning period | € 9,979 | € 10,804 | € 12,703 |
First application of IFRS 16 | 0 | ||
Allowance received from a lessor | 0 | 0 | 188 |
Increase without cash impact | 88 | 399 | 98 |
Repayment | (1,545) | (1,702) | (1,615) |
Decrease without cash impact | (5,296) | 0 | 0 |
FX rate impact | 229 | 478 | (570) |
Capitalized interests | 0 | 0 | 0 |
Reclassification | 0 | 0 | 0 |
Lease liabilities, at end of period | € 3,455 | € 9,979 | € 10,804 |
NOTES RELATED TO THE CONSOLI_40
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Lease Liabilities By Maturity (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||||
Lease liabilities | € 3,455 | € 9,979 | € 10,804 | € 12,703 |
Less than one year | ||||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||||
Lease liabilities | 775 | 1,817 | 1,607 | |
One to three years | ||||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||||
Lease liabilities | 1,048 | 2,548 | 2,949 | |
Three to five years | ||||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||||
Lease liabilities | 920 | 2,255 | 2,202 | |
More than five years | ||||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||||
Lease liabilities | € 712 | € 3,359 | € 4,046 |
NOTES RELATED TO THE CONSOLI_41
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Trade Payables and Other Current Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |||
Vendors | € 1,562 | € 2,485 | € 4,706 |
Vendors - accruals | 3,553 | 11,669 | 16,204 |
Trade and other payables | 5,115 | 14,154 | 20,910 |
Social liabilities, taxation and social security | 2,799 | 3,716 | 4,149 |
Fixed assets payables | 0 | 2 | 86 |
Deferred revenue | 51 | 93 | 148 |
Other payables | 59 | 59 | 53 |
Total other current liabilities | € 2,909 | € 3,870 | € 4,436 |
NOTES RELATED TO THE CONSOLI_42
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) (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other receivables | € 76 | € 12 | € 4 |
Other current assets | 3,769 | 6,337 | 5,182 |
Cash and cash equivalents | 38,789 | 33,699 | 44,446 |
Financial liabilities – non-current portion | 7,547 | 15,232 | 14,379 |
Derivative liabilities - non current portion | 0 | 0 | 288 |
Lease liabilities - non-current portion | 2,680 | 8,162 | 9,197 |
Financial liabilities – current portion | 2,565 | 164 | 2,265 |
Derivative liabilities - current portion | 0 | 0 | 129 |
Lease liabilities - current portion | 775 | 1,817 | 1,607 |
Trade and other payables | 5,115 | 14,154 | 20,910 |
Other current liabilities | 2,909 | 3,870 | 4,436 |
Financial liabilities | 10,112 | 15,396 | 16,644 |
Financial assets at carrying value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total financial assets | 38,313 | ||
Financial liabilities – non-current portion | 7,547 | 15,232 | 14,379 |
Derivative liabilities - non current portion | 288 | ||
Lease liabilities - non-current portion | 2,680 | 8,162 | 9,197 |
Financial liabilities – current portion | 2,565 | 164 | 2,265 |
Derivative liabilities - current portion | 129 | ||
Lease liabilities - current portion | 775 | 1,817 | 1,607 |
Trade and other payables | 5,115 | 14,154 | 20,910 |
Other current liabilities | 2,858 | 3,777 | 4,288 |
Financial liabilities | 21,540 | 43,306 | 53,063 |
Financial liabilities at fair value through profit or loss, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative liabilities - non current portion | 288 | ||
Derivative liabilities - current portion | 129 | ||
Financial liabilities | 0 | 417 | |
Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities – non-current portion | 7,547 | 15,232 | 14,379 |
Lease liabilities - non-current portion | 2,680 | 8,162 | 9,197 |
Financial liabilities – current portion | 2,565 | 164 | 2,265 |
Lease liabilities - current portion | 775 | 1,817 | 1,607 |
Trade and other payables | 5,115 | 14,154 | 20,910 |
Other current liabilities | 2,858 | 3,777 | 4,288 |
Financial liabilities | 21,540 | 43,306 | 52,646 |
Financial liabilities at fair value, class | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities – non-current portion | 7,547 | 15,232 | 14,379 |
Derivative liabilities - non current portion | 288 | ||
Lease liabilities - non-current portion | 2,680 | 8,162 | 9,197 |
Financial liabilities – current portion | 2,565 | 164 | 2,265 |
Derivative liabilities - current portion | 129 | ||
Lease liabilities - current portion | 775 | 1,817 | 1,607 |
Trade and other payables | 5,115 | 14,154 | 20,910 |
Other current liabilities | 2,858 | 3,777 | 4,288 |
Financial liabilities | 21,540 | 43,306 | 53,063 |
Financial assets at carrying value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other non-current financial assets | 195 | 876 | 1,091 |
Other current financial assets | 464 | 384 | 59 |
Trade and other receivables | 76 | 12 | 4 |
Other current assets | 2,457 | 4,218 | 4,389 |
Cash and cash equivalents | 38,789 | 33,699 | 44,446 |
Total financial assets | 41,322 | 48,898 | |
Financial assets at fair value through profit or loss, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 38,789 | 33,699 | 44,446 |
Total financial assets | 38,789 | 33,699 | 44,446 |
Financial assets at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other non-current financial assets | 195 | 876 | 1,091 |
Other current financial assets | 464 | 384 | 59 |
Trade and other receivables | 76 | 12 | 4 |
Other current assets | 2,457 | 4,218 | 4,389 |
Total financial assets | 2,533 | 4,614 | 4,452 |
Financial assets at fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other non-current financial assets | 195 | 876 | 1,091 |
Other current financial assets | 464 | 384 | 59 |
Trade and other receivables | 76 | 12 | 4 |
Other current assets | 2,457 | 4,218 | 4,389 |
Cash and cash equivalents | 38,789 | 33,699 | 44,446 |
Total financial assets | € 41,322 | € 38,313 | € 48,898 |
RELATED PARTIES - Summary of Re
RELATED PARTIES - Summary of Remuneration of Directors and Members of the Executive Committee (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Salary / fees | € 2,615 | € 2,911 | € 2,915 |
Retirement benefits | 38 | 46 | 47 |
Share based payments | 629 | 825 | 692 |
Executive officers / VP and qualified person | |||
Disclosure of transactions between related parties [line items] | |||
Salary / fees | 1,170 | 1,148 | 1,242 |
Retirement benefits | 22 | 22 | 22 |
Share based payments | 430 | 522 | 448 |
Executive committee | |||
Disclosure of transactions between related parties [line items] | |||
Salary / fees | 1,139 | 1,457 | 1,374 |
Retirement benefits | 15 | 24 | 25 |
Share based payments | 199 | 302 | 201 |
Board of directors | |||
Disclosure of transactions between related parties [line items] | |||
Salary / fees | 306 | 306 | 300 |
Retirement benefits | 0 | 0 | 0 |
Share based payments | € 0 | € 1 | € 43 |
RELATED PARTIES - Additional In
RELATED PARTIES - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 director | |
Disclosure of transactions between related parties [line items] | |
Number of deputy general manager | 2 |
Chief Executive Officer and Deputy General Managers | |
Disclosure of transactions between related parties [line items] | |
Compensation, remuneration period | 12 months |
Chief Executive Officer and Deputy General Managers | Maximum | |
Disclosure of transactions between related parties [line items] | |
Non-competition indemnities, remuneration period | 18 months |
MANAGEMENT OF FINANCIAL RISKS -
MANAGEMENT OF FINANCIAL RISKS - Additional Information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) uSD_per_EUR | Dec. 31, 2021 EUR (€) uSD_per_EUR | Dec. 31, 2020 EUR (€) uSD_per_EUR | |
Disclosure Of Financial Risk Management [Line Items] | |||
Net cash flow used in operating activities | € (31,764) | € (56,770) | € (51,720) |
Closing rate | uSD_per_EUR | 1.0666 | 1.1326 | 1.2271 |
Liquidity risk | |||
Disclosure Of Financial Risk Management [Line Items] | |||
Net cash flow used in operating activities | € 31,800 | € 56,800 | € 51,700 |
MANAGEMENT OF FINANCIAL RISKS_2
MANAGEMENT OF FINANCIAL RISKS - Summary Of Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosures Of Financial Risk Management [Line Items] | ||||
Convertible notes | € 0 | € 0 | € 2,169 | |
Conditional advances | 0 | 5,281 | 4,421 | |
Other financial liabilities | 40 | 38 | 35 | |
Lease liabilities | 3,455 | 9,979 | 10,804 | € 12,703 |
Trade and fixed assets payables | 5,115 | 14,154 | 20,910 | |
Financial liabilities | 10,112 | 15,396 | 16,644 | |
Liquidity risk | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Convertible notes | 0 | 0 | 2,400 | |
Conditional advances | 0 | 5,281 | 4,421 | |
Bank loans | 10,073 | 10,077 | 10,098 | |
Other financial liabilities | 40 | 38 | 35 | |
Lease liabilities | 3,455 | 9,979 | 10,804 | |
Trade and fixed assets payables | 1,562 | 2,487 | 4,792 | |
Financial liabilities | 15,130 | 27,862 | 32,550 | |
Less than one year | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Convertible notes | 2,169 | |||
Conditional advances | 0 | |||
Other financial liabilities | 0 | |||
Lease liabilities | 775 | 1,817 | 1,607 | |
Financial liabilities | 2,565 | 164 | 2,265 | |
Less than one year | Liquidity risk | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Convertible notes | 2,400 | |||
Conditional advances | 0 | |||
Bank loans | 2,565 | 164 | 98 | |
Other financial liabilities | 0 | |||
Lease liabilities | 775 | 1,817 | 1,607 | |
Trade and fixed assets payables | 1,562 | 2,487 | 4,792 | |
Financial liabilities | 4,902 | 4,468 | 8,897 | |
One to five years | Liquidity risk | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Convertible notes | 0 | |||
Conditional advances | 0 | |||
Bank loans | 7,508 | 9,438 | 7,929 | |
Other financial liabilities | 40 | 38 | 35 | |
Lease liabilities | 1,968 | 4,803 | 5,151 | |
Trade and fixed assets payables | 0 | |||
Financial liabilities | 9,516 | 14,279 | 13,115 | |
More than five years | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Convertible notes | 0 | |||
Conditional advances | 5,281 | 4,421 | ||
Other financial liabilities | 0 | |||
Lease liabilities | 712 | 3,359 | 4,046 | |
Financial liabilities | 0 | 5,756 | 6,507 | |
More than five years | Liquidity risk | ||||
Disclosures Of Financial Risk Management [Line Items] | ||||
Convertible notes | 0 | |||
Conditional advances | 0 | 5,281 | 4,421 | |
Bank loans | 0 | 475 | 2,071 | |
Other financial liabilities | 0 | |||
Lease liabilities | 712 | 3,359 | 4,046 | |
Trade and fixed assets payables | 0 | |||
Financial liabilities | € 712 | € 9,115 | € 10,538 |
MANAGEMENT OF FINANCIAL RISKS_3
MANAGEMENT OF FINANCIAL RISKS - Summary Of Exchange Rates Fluctuations On Financial Assets And Liabilities (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure Of Exchange Rates Fluctuations On Financial Assets And Liabilities [Line Items] | ||||
Financial liabilities | € 10,112 | € 15,396 | € 16,644 | |
Currency risk | ||||
Disclosure Of Exchange Rates Fluctuations On Financial Assets And Liabilities [Line Items] | ||||
Financial assets | 15,912 | $ 16,971 | ||
Cash and cash equivalents | 15,375 | 16,399 | ||
Financial liabilities | 1,732 | $ 1,848 | ||
Depreciation o0f USD By 1% | Currency risk | ||||
Disclosure Of Exchange Rates Fluctuations On Financial Assets And Liabilities [Line Items] | ||||
Impact of changes in USD on financial assets | (158) | |||
Impact of changes in USD on cash and cash equivalents | (152) | |||
Impact of changes in USD on financial liabilities | (17) | |||
Depreciation Of USD By 5% | Currency risk | ||||
Disclosure Of Exchange Rates Fluctuations On Financial Assets And Liabilities [Line Items] | ||||
Impact of changes in USD on financial assets | (758) | |||
Impact of changes in USD on cash and cash equivalents | (732) | |||
Impact of changes in USD on financial liabilities | (82) | |||
Depreciation Of USD By 10% | Currency risk | ||||
Disclosure Of Exchange Rates Fluctuations On Financial Assets And Liabilities [Line Items] | ||||
Impact of changes in USD on financial assets | (1,447) | |||
Impact of changes in USD on cash and cash equivalents | (1,398) | |||
Impact of changes in USD on financial liabilities | € (157) |
OFF-BALANCE SHEET COMMITMENTS_2
OFF-BALANCE SHEET COMMITMENTS (Details) $ in Millions | 12 Months Ended | 24 Months Ended | |||||||
Dec. 31, 2021 USD ($) | Sep. 21, 2020 EUR (€) | Sep. 21, 2020 USD ($) | Jun. 24, 2020 EUR (€) tranch shares | Dec. 31, 2019 EUR (€) | Dec. 31, 2019 USD ($) | Jun. 30, 2021 lease | Dec. 31, 2022 | Jun. 24, 2019 USD ($) | |
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||||||
Number of sublease agreements | lease | 2 | ||||||||
European High Growth Opportunities Fund | |||||||||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||||||
Percentage of permissible dilution | 20% | ||||||||
Number of warrant notes issued for no consideration (in shares) | shares | 1,200 | ||||||||
Note warrants exercised (in shares) | shares | 540 | ||||||||
Number of tranches for exercised note warrants | tranch | 9 | ||||||||
Bank loans | € | € 27,000,000 | ||||||||
Maximum period, tranches | 24 months | ||||||||
American Depository Shares | Cowen | |||||||||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||||||
Percentage of permissible dilution | 20% | 20% | 20% | ||||||
Maximum potential proceeds from issuance of equity | $ 22 | € 30,000,000 | $ 30 | ||||||
Top of range | European High Growth Opportunities Fund | |||||||||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||||||
Undrawn borrowing facilities | € | € 60,000,000 | ||||||||
SQZ Biotechnologies | |||||||||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||||||
Upfront payment received | € 900,000 | $ 1 | |||||||
SQZ Biotechnologies | Top of range | |||||||||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||||||
Potential development, regulatory and commercial mile stone payments | $ | $ 56 |
OFF-BALANCE SHEET COMMITMENTS -
OFF-BALANCE SHEET COMMITMENTS - Sublease Agreements (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
Income from subleasing right-of-use assets | € 526 |
Disclosure of maturity analysis of operating lease payments [line items] | |
Income from subleasing right-of-use assets | 526 |
Undiscounted finance lease payments to be received | 44 |
Less than one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted finance lease payments to be received | 44 |
One to five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted finance lease payments to be received | 0 |
More than five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted finance lease payments to be received | € 0 |