Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F/A |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | ERYP |
Entity Registrant Name | ERYTECH PHARMA S.A. |
Entity Central Index Key | 1,624,422 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 17,937,559 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating income | |||
Revenues | € 0 | € 0 | € 0 |
Other income | 3,364 | 4,138 | 2,929 |
Total operating income | 3,364 | 4,138 | 2,929 |
Operating expenses | |||
Research and development expenses | (25,463) | (19,720) | (10,776) |
General and administrative expenses | (8,791) | (6,808) | (7,736) |
Total operating expenses | (34,254) | (26,528) | (18,512) |
Operating loss | (30,889) | (22,390) | (15,583) |
Financial income | 539 | 558 | 631 |
Financial expenses | (3,183) | (70) | (64) |
Financial income | (2,644) | 488 | 567 |
Income tax | 3 | (10) | 3 |
Net loss | € (33,530) | € (21,913) | € (15,013) |
Basic / Diluted loss per share (€/share) | € (2.95) | € (2.74) | € (2.16) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss | € (33,530) | € (21,913) | € (15,013) |
Elements that may be reclassified subsequently to income (loss) | |||
Foreign subsidiary - Currency translation adjustment | (38) | 21 | (9) |
Elements that may not be reclassified subsequently to income (loss) | |||
Actuarial gains on defined benefits liability | 8 | (30) | 8 |
Tax effect | (3) | 10 | (3) |
Other comprehensive income (loss) | (33) | 1 | (3) |
Total comprehensive loss | € (33,563) | € (21,912) | € (15,017) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-current assets | |||
Intangible assets | € 53 | € 57 | € 61 |
Property, plant and equipment, net | 3,406 | 2,245 | 918 |
Other non-current financial assets | 234 | 132 | 97 |
Total non-current assets | 3,693 | 2,434 | 1,076 |
Current assets | |||
Inventories | 176 | 145 | 166 |
Trade and other receivables | 76 | 218 | 424 |
Other current assets | 5,791 | 4,524 | 5,705 |
Cash and cash equivalents | 185,525 | 37,646 | 45,634 |
Total current assets | 191,568 | 42,533 | 51,929 |
TOTAL ASSETS | 195,261 | 44,967 | 53,004 |
Shareholders' equity | |||
Share capital | 1,794 | 873 | 792 |
Premiums related to share capital | 281,745 | 105,090 | 95,931 |
Reserves | (68,386) | (48,247) | (34,578) |
Translation reserve | (203) | (165) | |
Net loss for the period | (33,530) | (21,913) | (15,013) |
Total shareholders' equity | 181,419 | 35,638 | 47,132 |
Non-current liabilities | |||
Long-term provisions | 214 | 163 | 100 |
Financial liabilities - Non-current portion | 2,019 | 2,816 | 151 |
Deferred tax | 3 | 3 | |
Total Non-current liabilities | 2,236 | 2,982 | 251 |
Current liabilities | |||
Provisions - current portion | 81 | ||
Financial liabilities - current portion | 824 | 50 | 557 |
Trade and other payables | 8,076 | 4,832 | 3,672 |
Other current liabilities | 2,706 | 1,465 | 1,311 |
Total current liabilities | 11,606 | 6,347 | 5,621 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | € 195,261 | € 44,967 | € 53,004 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net loss | € (33,530) | € (21,913) | € (15,013) |
Reconciliation of net loss and the cash used for operating activities | |||
Loss on exchange | 3,159 | ||
Amortization and depreciation | 532 | 425 | 288 |
Provision - non-current portion | 57 | 31 | 20 |
Expense related to share-based payments | 1,769 | 1,178 | 2,716 |
Interest expense | 23 | 13 | 30 |
Income tax expense | (3) | 10 | (3) |
Change in trade and payables in foreign currency | (38) | ||
Operating cash flow before change in working capital | (28,031) | (20,255) | (11,962) |
Increase in inventories | (31) | 21 | 32 |
Increase in trade and other receivables | 142 | 206 | (319) |
Increase in other current assets | (1,266) | 1,181 | (3,470) |
Increase in trade and other payables | 3,243 | 1,160 | 1,588 |
Increase in other current liabilities | 1,241 | 154 | (528) |
Increase in provision - current portion | (81) | 81 | |
Change in working capital | 3,329 | 2,641 | (2,616) |
Net cash flow used in operating activities | (24,702) | (17,614) | (14,578) |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment | (1,664) | (1,726) | (220) |
Acquisitions of intangible assets | (25) | (25) | (49) |
Acquisition of other non-current financial assets | (102) | (40) | (15) |
Disposal of property, plant and equipment | 0 | 0 | 0 |
Disposal of non-current financial assets | 5 | ||
Net cash flow used in investing activities | (1,791) | (1,786) | (284) |
Cash flows from financing activities | |||
Capital increases, net of transaction costs | 177,576 | 9,239 | 23,544 |
Proceeds from borrowings | 421 | 2,717 | |
Repayment of borrowings | (452) | (563) | (85) |
Treasury shares | 64 | ||
Net cash flow from financing activities | 177,545 | 11,393 | 23,524 |
Change rate effect on cash in foreign currency | (3,183) | 19 | (16) |
Increase / Decrease in cash and cash equivalents | 147,869 | (7,988) | 8,646 |
Net Cash and cash equivalents at the beginning of the period | 37,646 | 45,634 | 36,988 |
Bank overdraft | 11 | ||
Net Cash and cash equivalents at the closing of the period | 185,525 | 37,646 | 45,634 |
Supplemental disclosure of cash flows information | |||
Cash paid for interest | 115 | 72 | 34 |
Cash paid for income tax | € 0 | € 0 | € 0 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2017 | |
Description of the Business | 1. D ESCRIPTION OF THE BUSINESS ERYTECH Pharma S.A. (“ ERYTECH Company The Company completed its initial public offering on Euronext Paris in May 2013, raising €17.7 million and a follow-on follow-on The Company has incurred losses and negative cash flows from operations since its inception and had shareholders’ equity of €181,419 thousand as at December 31, 2017 as a result of several financing rounds, including an initial public offering. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates in development. Substantial additional financing will be needed by the Company to fund its operations and to commercially develop its product candidates. The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its research and development; (ii) regulatory approval and market acceptance of the Company’s proposed future products; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, The accompanying consolidated financial statements and related notes (the “ Consolidated Financial Statements Major events of 2017 Eryaspase The Company announced positive topline results from its Phase 2b clinical study evaluating its product candidate, eryaspase (GRASPA ® The multicenter, randomized Phase 2b study met its prespecified co-primary The Phase 2b study evaluated eryaspase, L-asparaginase 2-to-1 The Company has resubmitted to the European Medicine Agency (EMA) its Marketing Authorization Application (MAA) for eryaspase (GRASPA ® 2009-06 An investigator-initiated clinical trial has been launched to evaluate eryaspase, also known by the trade name GRASPA ® co-financed The open-label, randomized, multi-center clinical study, evaluated eryaspase in newly diagnosed AML patients over the age of 65 and unfit for intensive chemotherapy. The study enrolled a total of 123 patients at 30 European sites. The median age of the patients was 78 years. Patients were randomized two-to-one low-dose proof-of ® The recommended pivotal Phase 3 dosing from its U.S. Phase 1 dose escalation study with eryaspase (GRASPA ® Erymethionase The Company pursues the development of its second product-candidate erymethionase also based on the ERYCAPS technology and with methioninase as the active drug substance. The Company presented preclinical data on its erymethionase product candidate at the American Society of Clinical Oncology’s Gastrointestinal Cancers Symposium in January 2017 and at the American Association for Cancer Research’s Annual Meeting in April 2017. Based on these preclinical studies, we believe that erymethionase represents a promising new treatment approach against a broad range of cancers that rely on methionine metabolism. We expect to commence a Phase 1 clinical trial in Europe by the end of 2018. The development of this product-candidate is part of the TEDAC research program and reached the milestone n°4 in 2016 which allowed the payment of subsidies and conditional advances. The Company has initiated a project of change in manufacturing process. The project has reached the milestone n°3 of the development and capitalized €766 thousand which amounted to a cumulated total asset of €1,596 thousand as of December 31, 2017. Funds raised and Global Offering In April 2017, the Company issued an aggregate of 3,000,000 ordinary shares in an offering to institutional investors in the United States and in Europe, at an issue price of €23.50 per share, including share premium, for a total amount subscribed of €70.5 million (gross amount before deducting offering expenses), representing approximately 25.55% of the share capital of the Company. The issue price of the new shares represented a discount of 5.62% from the closing price on April 12, 2017 and 6.37% from the weighted average share price of the Company’s shares on the regulated market of Euronext Paris during the 20 trading days preceding the determination of the issue price on April 12, 2017. The Company completed an offering in November 2017 on the Nasdaq Global Select Market and Euronext Paris for an aggregate gross proceeds of 144 million (€124 million), in the context of an initial public and a follow-on 30-day The offering price per ADS in the U.S. offering corresponds to the offering price of €20 per ordinary share (based on the November 9, 2017 exchange rate of €1.00 = $1.163). The offering price represented a discount of 9.79% from the volume-weighted average price of the Company’s ordinary shares on the regulated market of Euronext Paris during the three trading days preceding the date of determination of the offering price on November 9, 2017 (i.e. November 7, 8 and 9, 2017). Following the additional closing, aggregate net proceeds to ERYTECH, after deducting underwriting commissions and estimated offering expenses payable by ERYTECH, were $130 million (€112 million). Management The Board of Directors held on January 8, 2017 and the Chief Executive Officer granted share-based payments as follows: • 15,000 AGA 2016 • 15,000 BSA 2016 • 3,000 SO 2016 The Board of Directors held on June 27, 2017 and the Chief Executive Officer granted share-based payments as follows: • 8,652 AGA 2016 • 18,000 SO 2016 By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Board at a meeting held on June 27, 2017 approved the following share-based payments: • 55,000 BSA 2017 • 74,475 AGA 2017 • 22,200 SO 2017 By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Chief Executive Officer on October 3, 2017 approved the following share-based payments: • 16,650 AGA 2016 • 30,000 SO 2016 |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2017 | |
Basis of Preparation | 2. B ASIS OF PREPARATION The Consolidated Financial Statements as of December 31, 2015, 2016 and 2017 have been prepared under the responsibility of the management of the Company in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase. The general accounting conventions were applied in compliance with the principle of prudence, in accordance with the underlying assumptions namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with IFRS, as defined below. All amounts are expressed in thousands of euros, unless stated otherwise. |
Statement of Compliance
Statement of Compliance | 12 Months Ended |
Dec. 31, 2017 | |
Statement of Compliance | 3. S TATEMENT OF COMPLIANCE The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“ IFRS IASB Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Consolidated Financial Statements of the Company are also prepared in accordance with IFRS, as adopted by the European Union (EU). As of December 31, 2017, 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, with the exception of IAS 39 Financial Instruments: Recognition and Measurement IFRS include International Financial Reporting Standards (IFRS), International Accounting Standards (“ IAS SIC IFRIC The Group adopted the following standards, amendments and interpretations that are applicable as at January 1, 2017: • Amendments to IAS 7 – Disclosure initiative; • Amendments to IAS 12 – Income taxes; and • Amendments to IFRSs 2014-2016 Cycle, for amendments effective for annual periods beginning on or after January 1, 2017. These new texts did not have any significant impact on the Group’s results or financial position. The standards and interpretations that are optionally applicable as at December 31, 2017 were not applied in advance. Recently issued accounting pronouncements that may be relevant to the Company’s operations but have not yet been adopted are as follows: • IFRS 2 Classification and measurement of share-based payment transactions et Amendments to IFRSs 2014-2016 Cycle, effective for annual periods beginning on or after January 1, 2018 (IAS 28). • IFRS 9 Financial Instruments will be effective for the Group on January 1, 2018, with early adoption permitted. The Group does not expect its adoption to have a material impact on its consolidated financial statements. • IFRS 15—Revenue from Contracts with Customers will be effective for the Group on January 1, 2018 with early adoption permitted. The Group does not expect its adoption to have a material impact on its consolidated financial statements. Revenue is generated mainly by the Research Tax Credit. • IFRS 16—Leases will be effective for the Group on January 1, 2019, with early adoption permitted if applied at the same time as IFRS 15. The Group does not plan to early adopt this standard and does not expect its adoption to have a material impact on its consolidated financial statements. • IAS 40 – Transfers of investment property. • IFRIC 22 – Foreign currency transactions and advance consideration. • IFRIC 23 – Uncertainty over income tax treatments. • Amendments to IFRSs 2014-2016 Cycle, for amendments effective for annual periods beginning on or after January 1, 2018. These new texts are not expected to have any significant impact on the Group’s results or financial position. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | 4. S IGNIFICANT ACCOUNTING POLICIES 4.1 Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements non-controlling Details of the Company’s subsidiary as of December 31, 2017 are as follows: Date of Percent of Accounting Method ERYTECH Pharma, Inc. April 2014 100 % Fully consolidated 4.2 Intercompany transactions Transactions involving reciprocal assets and liabilities, as well as income and expense, between ERYTECH and ERYTECH Pharma, Inc. are eliminated in the Consolidated Financial Statements. 4.3 Foreign currencies Functional Currency and Translation of Financial Statements in Presentation Currency The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “ Parent Company Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency (euros) at the rate of exchange applicable on the transaction date. At period-end, The loan in U.S. dollars from ERYTECH Pharma S.A. to ERYTECH Pharma, Inc. is considered as part of the net investment in a foreign operation. Exchange differences on this loan are recognized in other comprehensive income. 4.4 Consolidated statements of cash flows The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities. Operating activities correspond to the Company primary income-generating activities and all the other activities that do not meet the investment or financing criteria. The Company has decided to classify grants received such as the Research Tax Credit ( Credit d’Impôt Recherche Cash flows associated with investment activities correspond to cash flows associated with the purchase of property, plant and equipment, net of asset supplier payables, and with the disposal of assets and other investments. Financing activities are operations that result in changes in the amount and composition of the share capital and borrowings of the entity. Capital increases and the obtaining or repayment of loans are classified under this category. The Company has chosen to classify the conditional advances under this category. The increases in assets and liabilities with non-cash 4.5 Use of estimates and judgments Preparation of the financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 4.15 and Note 5.3) and accruals of hospital costs. Hospital costs are estimated using revised budgets of clinical studies currently being completed, and also using information collected from hospital centers included in the clinical study. 4.6 Intangible assets Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets IAS 38 An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met: (a) it is technically feasible to complete the development project; (b) intention on the part of the Company to complete the project and to utilize it; (c) capacity to utilize the intangible asset; (d) proof of the probability of future economic benefits associated with the asset; (e) availability of the technical, financial, and other resources for completing the project; and (f) reliable evaluation of the development expenses. The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria. Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented. Other intangible assets The costs related to the acquisition of software licenses are recognized as assets on the basis of the costs incurred to acquire and to implement the software. They are amortized using the straight-line method over a period of one to five years depending on the anticipated period of use. An impairment is recorded when the asset’s carrying amount is greater than its recoverable value (see Note 4.8). 4.7 Property, plant and equipment Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management. Property, plant, and equipment are depreciated on the basis of the straight-line method over the estimated useful life of the property. The fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. The depreciation periods used are the following: P ROPERTY LANT AND QUIPMENT TEM D EPRECIATION PERIOD Industrial equipment Fixtures and improvements in structures 1 to 5 years 3 to 10 years Office equipment 3 years Furniture 3 to 5 years The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern. 4.8 Impairment tests According to IAS 36 Impairment of Assets IAS 36 The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. An impairment is recognized in the Consolidated Financial Statements up to the amount of the excess of the value over the recoverable value of the asset. The recoverable value of an asset corresponds to its fair value less costs to sell or its value in use, whichever is higher. 4.9 Financial assets and liabilities – Measurement and Presentation The valuation and the accounting treatment of the financial assets and liabilities are defined by IAS 39 Financial Instruments: Recognition and Measurement IAS 39 Loans and receivables These instruments are initially recognized in the Consolidated Financial Statements at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR The loans and receivables are monitored for any objective indication of impairment. A financial asset is impaired if its carrying value is greater than its recoverable amount. The impairment is recognized in the statement of income (loss). Financial liabilities at the amortized cost Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Presentation of financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement • level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities; • level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market; • level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities. 4.10 Inventories In compliance with the IAS 2 Inventories First-In First-Out 4.11 Cash and cash equivalents The item “cash and cash equivalents” in the consolidated statement of financial position includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value. They are recorded as assets in Cash equivalents, measured at their fair value, and the changes in value are recognized through financial income or loss. 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 • 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. 4.12 Provisions A provision is recognized where the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current Provisions recognized in the consolidated statement of financial position mainly include obligations pertaining to retirement indemnities and provisions for risks. Disclosure is made in the detailed notes on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. Provisions for retirement indemnities—defined benefit plans The employees of the Company receive the retirement benefits stipulated by law in France: • a compensation paid by the Company to employees upon their retirement (defined-benefit plan) and; • a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France). For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits. The Company appoints external actuaries to conduct an annual review of the valuation of these plans. The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses. The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable. Provisions for risks The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain. The amount recognized in the Consolidated Financial Statements as a provision is the best estimate of the expenses necessary to extinguish the obligation. 4.13 Lease agreements The leases involving property, plant, and equipment are classified as finance lease agreements when the Company bears substantially all the benefits and risks inherent in the ownership of the property. The assets that are covered under finance lease agreements are capitalized as of the beginning date of the rental agreement on the basis of the fair value of the rented asset or the discounted values of the future minimum payments, whichever is lower. Each rental payment is distributed between the debt and the financial cost in such a manner to determine a constant interest rate on the principal that remains due. The corresponding rental obligations, net of the financial expenses, are classified as financial liabilities. The property, plant, or equipment acquired within the framework of a finance lease agreement is amortized over the useful life or the term of the lease agreement, whichever is shorter. The rental agreements for which a significant portion of the risks and advantages is preserved by the lessor are classified as operating leases. The payments made for these operating leases, net of any incentive measures, are recognized as expenses on the consolidated statement of income (loss) on a straight-line basis over the term of the agreement. 4.14 Share capital Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax. 4.15 Share-based payment The Company has applied IFRS 2 Share-based payment IFRS 2 Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGAP valuation) and Cox-Ross-Rubinstein 4.16 Other income Research tax credit The research tax credit ( Crédit d’Impôt Recherche CIR Research Tax Credit The Company has received the Research Tax Credit since its inception. The receivable in the consolidated statement of financial position as at December 31, 2017 includes the CIR for 2017 (see Note 6.6). The CIR is presented under other income in the consolidated statement of income (loss) as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance Subsidies and conditional advances Due to the innovative nature of its product candidate development programs, the Company has benefited from certain sources of financial assistance from Banque Publique d’Investissement BPI France The funds received by the Company are intended to finance its research and development efforts and the recruitment of specific personnel. The Company has received such funding in the form of non-refundable Subsidies Subsidies received are grants that are not repayable by the Company and are recognized in the financial statements as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received. Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates. A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized in the Consolidated Financial Statements as other income when there exists reasonable assurance that the subsidies will be received. Conditional advances Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Each award of an advance is made to help fund a specific development milestone. The details concerning the conditional advances are provided in Note 6.10. Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows. The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity. The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success as described in Note 6.10 is used to determine the amount recognized annually as a finance cost. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized. The conditional advances that can be subject to this type of modification are the advances received from BPI France, presented in Note 6.10. Partnership with Orphan Europe AML clinical trial As a result of its partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“ AML re-invoices, In application of IAS 18 Revenue • The Company does not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“ CRO • The Company bears no inventory risk, • The Company has no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it is not affected by any price changes applied by the suppliers. • The Company bears a credit risk considered to be not significant. Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial together with internal costs related to the AML clinical trial. Consequently, the re-invoicing re-invoicing Partnership with Orphan Europe NOPHO clinical trial These invoiced external costs are classified by the Company as “other income” in the consolidated statement of income (loss) and within the context of this agreement, amounted to €177.5 thousand for the year ended December 31, 2017. 4.17 Financial income and expense Financial results relate to loans, gains and losses on exchange rate variations and other financial debts (notably overdrafts and finance leases) and includes interest expenses incurred on financial liabilities and the related amortization of debt issuance costs, and income received from cash and cash equivalents. For the year ended December 31, 2017 financial expenses are mainly composed of currency exchange losses. 4.18 Income taxes Current taxes Considering the level of tax loss carryforwards not recognized, no current tax expense is recognized. Deferred taxes Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end. Deferred tax assets and liabilities are not discounted and are classified in the consolidated statement of financial position under non-current In addition, the Parent Company, as an entity incorporated in France, is subject to the territorial economic contribution ( Contribution Economique Territoriale—CET cotisation foncière des entreprises—CFE cotisation sur la valeur ajoutée des entreprises—CVAE • the corporate real estate contribution, the amount of which depends on property rental values and which can, where applicable, have a ceiling at a percentage of the value added, presents significant similarities to the former business tax and is recognized under operating expenses; • the corporate value-added contribution meets, based on the Company’s analysis, the definition of an income tax as established under IAS 12 Income Taxes IAS 12 In conformity with the provisions of IAS 12, qualification of the corporate value-added contribution as an income tax leads to the recognition of deferred taxes relative to temporary differences existing at year end, with a contra-entry of a net expense in that year’s statement of net income (loss). Where applicable, this deferred tax expense is presented on the line income tax. For the moment, the Company does not pay the CVAE. 4.19 Earnings per share The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period. The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 5.3 and 6.8. Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued, representing 865,760 potential additional ordinary shares, have been considered anti-dilutive. 4.20 Segment reporting In accordance with IFRS 8 Operating Segments The Company operates in a single operating segment: the conducting of research and development in the area of treatment of acute leukemia and other orphan diseases in order to market them in the future. The assets, liabilities, and operating loss realized are primarily located in France. 4.21 Off-balance The Company has defined and implemented monitoring for its off-balance Off-balance • future costs relate to clinical trials for which recruitment has begun, • operating leases, purchase and investment commitments. 4.22 Events After the Close of the Reporting Period The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. Modifications can be made until the date the Consolidated Financial Statements are approved and authorized for issuance by the Board of Directors. By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Board at a meeting held on January 7, 2018 approved the following share-based payments: • 40,500 AGA 2016 • 40,500 BSA 2017 • 27,000 AGA 2017 • 40,500 SO 2017 By virtue of the delegation of authority granted by Board of Directors held on June 27, 2017, the Chief Executive Officer at a meeting held on January 7, 2018 approved the following share-based payments: • 86,940 AGA 2017 • 56,703 SO 2017 This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements. ERYTECH conducted a comprehensive evaluation to determine other potential solid-tumor indications for developing eryaspase. Metastatic Triple-Negative Breast Cancer (TNBC) has now been selected as the next indication to expand the potential use of eryaspase in solid tumors. TNBC is an aggressive and metabolically active form of breast cancer with high rates of symptomatic metastases. This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements. The Company evaluated subsequent events that occurred after December 31, 2017 through the date of approval and authorization of issuance of the Consolidated Financial Statements and determined that there are no significant events that require adjustments in such Consolidated Financial Statements. |
Notes Related to the Consolidat
Notes Related to the Consolidated Statement of Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Related to the Consolidated Statement of Income (Loss) | 5 N OTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME LOSS 5.1 Operating income Operating income consists of the following: For the year ended 2015 2016 2017 (in thousands of euros) Research Tax Credit 2,219 3,347 3,187 Subsidies 368 463 — Other income 341 327 178 Total 2,929 4,138 3,364 The operating income was primarily generated by the CIR (research tax credit), and the subsidies associated with the pre-clinical Other income totaled €341 thousand, €327 thousand and €178 thousand in 2015, 2016 and 2017, respectively, representing the re-invoicing The Research Tax Credit and the subsidies decreased in 2017 as compared to 2016. Clinical study expenses increased in 2017, but this increase is mainly related to vendors that are not eligible for the research tax credit, and therefore the increase in clinical study expenses does not result in an increase in the research tax credit in 2017. The increase in the research tax credit between 2015 and 2016 is related to the increase in clinical study expenses. The Company receives subsidies through the TEDAC project financed by BPI France; the decrease in subsidies is related to the technical milestone of the TEDAC program which is not reached as at December 31, 2017 and therefore the Company is not eligible to receive the subsidy for the 5 th 5.2 Operating expenses by nature For the year ended December 31, 2015 (amounts in thousands of euros) Research and of which other of which of which General and Total Consumables 1,040 244 796 — 36 1,076 Rental and maintenance 462 204 259 — 304 767 Services, subcontracting and fees 4,475 1,539 2,570 366 3,022 7,497 Personnel expenses 3,977 1,506 2,384 87 1,627 5,603 Other 572 56 513 3 2,627 3,200 Depreciation and amortization 250 26 224 — 120 369 Total général 10,776 3,575 6,745 456 7,736 18,512 For the year ended December 31, 2016 (amounts in thousands of euros) Research of which of which of which General and Total Consumables 2,071 917 1,153 — 66 2,136 Rental and maintenance 645 161 484 — 511 1,156 Services, subcontracting and fees 11,409 2,547 8,410 453 2,793 14,203 Personnel expenses 5,282 1,173 4,070 39 2,713 7,995 Other 35 8 27 — 577 613 Depreciation and amortization 277 25 252 — 148 425 Total 19,720 4,831 14,397 491 6,808 26,528 For the year ended December 31, 2017 (amounts in thousands of euros) Research of which of which of which General and Total Consumables 2,391 1,859 532 — 148 2,539 Rental and maintenance 636 140 496 — 894 1,531 Services, subcontracting and fees 14,175 1,423 12,407 345 2,867 17,042 Personnel expenses 7,916 2,023 5,828 66 3,688 11,604 Other 81 20 44 17 927 1,008 Depreciation and amortization 263 94 169 — 266 530 Total 25,463 5,559 19,476 428 8,791 34,254 The increase in research and development expenses in 2017 for €5,743 thousand is primarily related to: • the increase of external services by €2,766 thousand related to the MAA re-submission, • the increase of personnel expenses for €2,634 thousand (see below note 5.3) The increase in general and administrative expenses by €1,983 thousand is due to: • The increase in personnel expenses for an amount of €975 thousand, +36% following the staff hiring plan (see below note 5.3) • The increase of rental and maintenance costs for €383 thousand, +75%, the Company has a new building lease related to its development; the Company’s development required new office space in Lyon and IT service costs as well. • The increase of “Other” costs including an increase of €325 thousand related to warrants allocated to Directors and Board fees. The increase in research and development expenses from 2015 to 2016 of €8,944 thousand is primarily related to • The increase in external services amounting to €6,934 thousand for the development of the TEDAC program and costs incurred in relation with the MAA submission; and • The increase of personnel expenses by €1,305 thousand. The decrease in General and Administrative expenses for an amount of €928 thousand between 2015 and 2016 is mainly due to a decrease in “Other” of €2,050 thousand, which is mainly related to warrants (BSA 2014 5.3 Personnel expenses The personnel expenses are detailed as follows: For the year ended December 31, 2015 (amounts in thousands of euros) Research of which of which of which General and Total Wages and salaries 2,235 953 1,238 43 896 3,131 Share-based payments 822 126 678 19 302 1,124 Social security expenses 920 427 468 25 429 1,348 Total personnel expenses 3,977 1,506 2,384 87 1,627 5,604 For the year ended December 31, 2016 (amounts in thousands of euros) Research and of which of which of which General and ve expenses Total Wages and salaries 3,371 688 2,670 13 1,486 4,857 Share-based payments 688 136 532 6 490 1,178 Social security expenses 1,224 350 868 19 736 1,960 Total personnel expenses 5,282 1,173 4,070 39 2,713 7,995 For the year ended December 31, 2017 (amounts in thousands of euros) Research and of which of which of which General and Total Wages and salaries 5,229 1,166 4,028 34 1,990 7,218 Share-based payments 833 279 541 13 642 1,475 Social security expenses 1,854 578 1,259 18 1,057 2,911 Total personnel expenses 7,916 2,023 5,828 66 3,688 11,604 The increase in personnel expenses of €3,609 thousand between 2016 and 2017 is mainly due to: • the increase in share-based compensation expenses for an amount of €297 thousand • the increase in personnel expenses (wages and salaries) of research and development for €2,488 thousand following the staffing for the launching of the new phase 2 and 3 clinical trials • the increase in wages and salaries of general and administrative for an amount of €824 thousand to support the increase in operating research and development activities The increase in personnel expenses of €2,392 thousand between 2015 and 2016 is mainly due to the increase in wages and salaries of the subsidiary ERYTECH Pharma Inc. in the amount of €1,194 thousand and the Parent Company in the amount of €1,198 thousand following the increase in headcount (73 employees in 2016 and 49 employees in 2015). The employee staff increased from 44 (weighted average full-time employees for the year) in 2015 to 66 into 2016 and to 98 into 2017. Share-based payments (IFRS 2) Share-based awards have been granted to the directors, to certain employees, as well as to members of the Board of Directors in the form of share subscription warrants (“ BSA SO AGAP BSPCE “2012 Plan” Within the scope of the BSA 2012 2012 Allocation of 2,150 BSA on April 29, 2015 The main assumptions used to determine the fair value are: • Price of the underlying share: €31.19 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSA) • Risk-free rate: between (0.07) % (in line with the zero-coupon • Expected dividends: 0%; • Volatility: 20.5% based on the historical volatility observed on the NextBiotech index; • Expected maturity: 2.5 years. The fair value of warrants allocated in April 2015 in relation to the 2012 plan was valued at €512 thousand and was fully recognized in the consolidated statement of income (loss) for 2015 (G&A expenses) in the absence of vesting conditions. Allocation of 3,585 BSA on August 31, 2015. The main assumptions used to determine the fair value are: • Price of the underlying share: €37.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSA) • Risk-free rate: between (0.08) % (in line with the zero-coupon • Expected dividends: 0%; • Volatility: 22.5% based on the historical volatility observed on the NextBiotech index; • Expected maturity: 2.36 years. The fair value of warrants allocated in April 2015 in relation to the 2012 plan was valued at €1,081 thousand and was fully recognized in the consolidated statement of income (loss) for 2015 (G&A expenses) in the absence of vesting conditions. At the end of 2015, the subscription warrants for the 2012 plan are as follows: Types of securities BSPCE 2012 BSA 2012 Number of warrants that the company is authorized to issue, for all types of warrants 45,500 Number of warrants granted 33,788 10,760 Number of warrants exercised 16,352 5,525 Date of General Meeting May 21, 2012 Exercise price per new share subscribed (in €) €7,362 Final date for exercising warrants May 20, 2020 Parity 1 warrant for 10 shares 1 warrant for 10 shares General conditions of exercise The warrants are exercisable as of their acquisition date Maximum number of new shares that can be issued 231,730 “2014 Plan” On January 22, 2014, the Board of Directors used the delegation granted by the mixed general shareholders meeting of April 2, 2013, to grant a free allocation of 22,500 founder share subscription warrants (hereinafter entitled BSPCE 2014 2014 2014 Within the scope of the BSPCE 2014 2014 2014 At the end of 2017, the subscription warrants for the 2014 plan are as follows: Types of securities BSPCE 2014 BSA 2014 Number of warrants that the company is authorized to issue, for all types of warrants 22,500 Number of warrants granted 19,500 3,000 Number of warrants exercised 1,500 100 Number of obsolete warrants 1,090 0 Date of General Meeting January 22, 2014 Exercise price per new share subscribed (in €) €12,250 Final date for exercising warrants January 22, 2024 Parity 1 warrant for 10 shares 1 warrant for 10 shares General conditions of exercise The warrants are exercisable as of their acquisition date Maximum number of new shares that can be issued 198,100 In the event of a beneficiary departure from the Company for any reason whatsoever, this beneficiary shall retain the BSPCE 2014 2014 2014 2014 re-allocated Following the resignation of Yann Godfrin in January 2016, 1,000 BSPCE of the 3,000 BSPCE initially allocated have been forfeited and will not be granted. The main assumptions used to determine the fair value of the 5,000 BSPCE 2014 • Price of the underlying share: €24.75 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSPCE) • Risk-free rate: between -0.18% -0.11% zero-coupon • Expected dividends: 0%; • Volatility: 21.25% to 22.27% based on the historical volatility observed on the NextBiotech index; • Expected maturity: between 5 and 5.51 years in function of the tranches allocated. The residual fair value of the plan was estimated at €636 thousand. This expense will be recorded gradually over the duration of the 2-year “2016 Plan” On October 3, 2016, the Board of Directors used the delegation granted by the mixed general shareholders meeting of June 24, 2016, to grant a free allocation including on a service condition of 111,261 free shares (hereinafter entitled AGAP 2016 2016 2016 At the end of 2017, the subscription warrants for the 2016 plan are as follows: Types of securities AGAP 2016 SO 2016 BSA 2016 Number of shares that the company is authorized to issue 350 000 Number of free shares / stock options / warrants granted 151,563 95,499 60,000 Date of General Meeting 03-oct-16 8-jan-17 27-jun-17 03-oct-17 03-oct-16 8-jan-17 27-jun-17 03-oct-17 03-oct-16 8-jan-17 27-jun-17 03-oct-17 Number of tranches 3 2 2 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 1 year Tranche 2: 2 years General conditions of exercise Tranche 1 : 1 year Tranche 2 and 3 : NA NA NA Maximum number of new shares that can be issued 142,972 95,499 60,000 Allocation of 111,261 free shares (AGAP 2016 The assumptions used to determine the fair value of these instruments are: • Price of the underlying share: €18.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 45% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years • Performance criteria: progression of the quoted market share price between the allocation date and the tranche acquisition date • ERYP2017: average price of the 40-quoted • ERYPi : average price of the 40-quoted • Tri: ERYPi / (ERYP2017-1) • If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage The fair value of the plan was estimated at €974 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year 3-year Allocation of 44,499 stock options (SO 2016 The assumptions used to determine the fair value of these instruments are: • Exercise price: €18.52 • Price of the underlying share: €18.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the SO) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 45% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €202 thousand. This expense will be recorded gradually over the duration of the 2-year 3-year Allocation of 45,000 share subscription warrants (BSA 2016 ) on October 3, 2016 The assumptions used to determine the fair value of these instruments are: • Exercise price: €18.52 • Price of the underlying share: €18.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSA) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 45% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €198 thousand. This expense will be recorded gradually over the duration of the 2-year Allocation of 16,650 free shares (AGAP 2016 The assumptions used to determine the fair value of these instruments are: • Price of the underlying share: €24.48 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 48% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €180 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year 3-year Allocation of 30,000 stock options (SO 2016 The assumptions used to determine the fair value of these instruments are: • Exercise price: €23.59 • Price of the underlying share: €24.70 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the SO) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 48% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €208 thousand. This expense will be recorded gradually over the duration of the 2-year 3-year Allocation of 16,650 free shares (AGA 2016 The assumptions used to determine the fair value of these instruments are: • Price of the underlying share: €24.48 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGA) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 48% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €180 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year 3-year Allocation of 30,000 stock options (SO 2016 The assumptions used to determine the fair value of these instruments are: • Exercise price: €23.59 • Price of the underlying share: €23.59 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 48% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €208 thousand. This expense will be recorded gradually over the duration of the 2-year 3-year “2017 Plan” On June 27, 2017 and on October 3, 2017, the Board of Directors used the delegation granted by the mixed general shareholders meeting of June 27, 2017, to grant a free allocation including a service condition of 83,127 free shares (hereinafter entitled AGAP 2017 2017 2017 At the end of 2017, the subscription warrants for the 2017 plan are as follows: Types of securities AGAP 2017 SO 2017 BSA 2017 Number of shares that the company is authorized to issue 420,000 Number of free shares / stock options / warrants granted 74,475 22,200 55,000 Date of General Meeting 27-June-17 27-June-17 27-June-17 Number of tranches 3 2 3 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years General conditions of exercise NA NA NA Maximum number of new shares that can be issued 74,475 22,200 55,000 Allocation of 74,475 free shares (AGA 2017 The assumptions used to determine the fair value of these instruments are: • Price of the underlying share: €26.47 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 48% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years • Performance criteria: progression of the quoted market share price between the allocation date and the tranche acquisition date • ERYP2017: average price of the 40-quoted • ERYPi: average price of the 40-quoted • Tri: ERYPi / (ERYP2017-1) • If TRi <=0 % no shares granted are acquired • If Tri>100% all the shares granted are acquired • If 0%<TRi<100% shares granted are acquired following the TRi percentage The fair value of the plan was estimated at €1,081 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year 3-year Allocation of 22,200 stock options (SO 2017 The assumptions used to determine the fair value of these instruments are: • Exercise price: €26.47 • Price of the underlying share: €26.47 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the SO) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 48% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €308 thousand. This expense will be recorded gradually over the duration of the 3-year Allocation of 55,000 share subscription warrants (BSA 2017 ) on June 27, 2017 The assumptions used to determine the fair value of these instruments are: • Exercise price: €26.47 • Price of the underlying share: €26.47 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGA) • Attrition rate: 0%; • Expected dividends: 0%; • Volatility: 48% based on the historical volatility observed on the ERYP index; • Repo margin: 5% • Maturity: 3 years The fair value of the plan was estimated at €394 thousand. This expense will be recorded gradually over the duration of the 2-year Breakdown of allocations plan Plan name Amount in of which of which of which Allocation of AGAP on 3 October 2016 533 250 283 — Allocation of SO on 3 October 2016 90 45 44 — Allocation of BSA on 3 October 2016 126 — — 126 Allocation of AGAP on 7 January 2017 92 — 92 — Allocation of SO on 7 January 2017 46 46 — — Allocation of BSA on 7 January 2017 10 — — 10 Total allocation October, 2016 896 341 419 135 Allocation of BSPCE on 6 May 2016 138 94 44 — Allocation of BSPCE on 22 January 2014 7 — 7 — Allocation of BSPCE on 1 September 2015 51 — 51 — Allocation of BSA on 23 June 2015 50 — 50 — Total allocation 2014 245 94 152 — Allocation of AGAP on 26 June 2017 348 156 192 — Allocation of SO on 26 June 2017 65 44 21 — Allocation of BSA on 26 June 2017 165 — — 165 Total allocation June, 2017 578 200 213 165 Allocation of AGAP on 3 October 2017 27 27 — — Allocation of SO on 3 October 2017 23 23 — — Total allocation October, 2017 49 49 — — TOTAL IFRS 2 EXPENSES 1,769 685 784 300 Plan name Amount in of which of which of which Allocation of AGAP on 3 October 2016 151 71 80 — Allocation of SO on 3 October 2016 22 11 11 — Allocation of BSA on 3 October 2016 37 — — 37 Allocation of AGAP on 7 January 2017 — — — — Allocation of SO on 7 January 2017 — — — — Allocation of BSA on 7 January 2017 — — — — Total allocation 10.2016 210 82 91 37 Allocation of BSPCE on 6 May 2016 498 339 159 Allocation of BSPCE on 22 January 2014 21 — 21 — Allocation of BSPCE on 1 September 2015 261 — 261 — Allocation of BSA on 23 June 2015 187 — 187 — Total allocation 2014 968 339 629 — Allocation of AGAP on 26 June 2017 — — — — Allocation of SO on 26 June 2017 — — — — Allocation of BSA on 26 June 2017 — — — — Total allocation 06.2017 — — — — Allocation of AGAP on 3 October 2017 — — — — Allocation of SO on 3 October 2017 — — — — Total allocation 10.2017 — — — — TOTAL IFRS 2 EXPENSES 1,178 421 720 37 Plan name Amount in of which of which of which Allocation of BSPCE on 22 January 2014 12 — 12 — Allocation of BSPCE on 23 June 2015 517 517 — — Allocation of BSPCE on 1 September 2015 209 — 209 — Allocation of BSA on 23 June 2015 385 — 385 — Total plan 2014 1,124 517 607 — Allocation of BSA on 29 April 2015 512 — — 512 Allocation of BSA on 31 August 2015 1,081 — — 1,081 Total plan 2012 1,593 — — 1,593 TOTAL IFRS 2 EXPENSES 2,716 517 607 1,593 5.4 Depreciation and amortization expense For the year ended December 31, 2015 2016 2017 (in thousands of euros) Clinical studies 224 252 169 Other research and development expenses 26 26 94 Research and development expenses 250 277 263 General and administrative expenses 39 148 266 Total 288 425 530 5.5 Financial income and expense For the year ended 2015 2016 2017 (in thousands of euros) Interest expense on finance leases (5 ) (4 ) (8 ) Interest expense related to borrowings — — (7 ) Interest expense on repayable loan (25 ) — — Other finance expenses (34 ) (66 ) (3,168 ) Total finance expense (64 ) (70 ) (3,183 ) Income from short term deposits 523 545 405 Other finance income 108 13 134 Total finance income 631 558 539 567 488 (2,644 ) Other finance expenses are related to foreign currency exchange losses related to the bank account in U.S. dollars and purchases of services in U.S. dollars. Finance income consists of interest accrued on short term deposits as well as foreign exchange gains related to purchases of services in U.S. dollars. Financial expenses increased significantly by €3,113 thousand as at December 31, 2017. These financial expenses are related mainly to the conversion into euros of the USD bank account as at December 31, 2017. The impact in the financial result is the difference of the exchange rate between the date of the global offering in the United States and a listing on Nasdaq (1€=1.1630$ on November 9, 2017) and the closing of the period (1€=1.1993$ on December 31, 2017). 5.6 Deferred tax balances Reconciliation of effective tax rate For the year ended December 31, 2015 2016 2017 (in thousands of euros) Loss before tax (15,016 ) (21,902 ) (33,533 ) Theoretical tax expense or income 5,170 7,541 11,545 Current year loss not capitalized (5,001 ) (8,303 ) (12,071 ) CICE (employment and competitiveness tax credit) not included in taxable income 18 24 34 Research tax credits 764 1,144 1,097 Tax rate differences (7 ) (51 ) 0 Share-based compensation expense (935 ) (398 ) (592 ) Permanent differences (10 ) Other differences (6 ) 33 0 Effective tax (loss)/income 3 (10 ) 3 As of December 31, 2015, 2016 and 2017, the amount of accumulated tax loss carryforwards since inception was €59,682 thousand, €80,281 thousand and €128,802 thousand respectively with no expiration date. The tax proof has been calculated based on the French tax rate which is 34.43%. |
Notes Related to the Consolid11
Notes Related to the Consolidated Statements of Financial Position | 12 Months Ended |
Dec. 31, 2017 | |
Notes Related to the Consolidated Statements of Financial Position | 6 N OTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 6.1 Intangible assets As of December 31, (in thousands of euros) 2015 2016 2017 Other intangible assets 184 209 234 Total historical cost 184 209 234 Accumulated amortization of other intangible assets (122 ) (152 ) (180 ) Total accumulated amortization and depreciation (122 ) (152 ) (180 ) Total, net 61 57 53 6.2 Property, plant and equipment At December 31, 2017, property, plant and equipment are composed as follows: (in thousands of euros) As of January 1, Increase Decrease As of December 31, Laboratory equipment 974 974 Assets under construction 862 868 1,730 Plant, equipment, and tooling 850 270 — 1,121 General equipment, fixtures and fittings 1,466 389 — 1,855 Office equipment and computers 531 137 — 668 Total gross value 4,684 1,664 — 6,349 Accumulated depreciation of laboratory equipment (882 ) (48 ) — (930 ) Accumulated depreciation of plant, equipment and tooling (523 ) (118 ) — (641 ) Accumulated depreciation of general equipment, fixtures and fittings (909 ) (207 ) — (1,116 ) Accumulated depreciation of office equipment and computers (125 ) (129 ) — (255 ) Total accumulated depreciation (2,439 ) (503 ) — (2,439 ) Total net value 2,245 1,161 — 3,407 Property, plant and equipment held under finance leases amounts to €203 thousand and €116 thousand as of December 31, 2016 and 2017, respectively. At December 31, 2016, property, plant and equipment are composed as follows: (in thousands of euros) As of Increase Decrease As of December 31, Laboratory equipment 974 974 Assets under construction 44 862 (44 ) 862 Plant, equipment, and tooling 727 123 — 850 General equipment, fixtures and fittings 1,079 387 — 1,466 Office equipment and computers 134 397 — 531 Total gross value 2,958 1,770 (44 ) 4,684 Accumulated depreciation of laboratory equipment (831 ) (51 ) — (882 ) Accumulated depreciation of plant, equipment and tooling (426 ) (98 ) — (523 ) Accumulated depreciation of general equipment, fixtures and fittings (733 ) (175 ) — (909 ) Accumulated depreciation of office equipment and computers (51 ) (74 ) — (125 ) Total accumulated depreciation (2,041 ) (398 ) (2,439 ) Total net value 918 1,372 (44 ) 2,245 Property, plant and equipment held under finance leases amounts to €143 thousand and €203 thousand as of December 31, 2015 and 2016, respectively. At December 31, 2015, property, plant and equipment are composed as follows: (in thousands of euros) As of January 1, Increase Decrease As of December 31, Laboratory equipment 974 — — 974 Assets under construction 112 29 (98 ) 44 Plant, equipment, and tooling 617 110 — 727 General equipment, fixtures and fittings 959 120 — 1,079 Office equipment and computers 76 59 — 134 Total gross value 2,738 318 (98 ) 2,958 Accumulated depreciation of laboratory equipment (753 ) (78 ) — (831 ) Accumulated depreciation of plant, equipment and tooling (346 ) (79 ) — (426 ) Accumulated depreciation of general equipment, fixtures and fittings (636 ) (98 ) — (733 ) Accumulated depreciation of office equipment and computers (36 ) (15 ) — (51 ) Total accumulated depreciation (1,771 ) (270 ) — (2,041 ) Total net value 967 48 (98 ) 918 6.3 Other non-current The other non-current 6.4 Inventories As of December 31, 2015 2016 2017 (in thousands of euros) Production inventory 79 71 104 Laboratory inventory 87 74 72 Total inventory 166 145 176 6.5 Trade and other receivables The receivables relate mainly to the receivables on Orphan Europe as regards the re-invoicing 2012-10 6.6 Other current assets As of December 31, 2015 2016 2017 (in thousands of euros) Research Tax Credit 3,743 3,321 3,326 Tax receivables (e.g. VAT) and other receivables 1,190 863 1,114 Cash to be received from bank related to exercise of warrants 553 — 23 Prepayments 220 339 1,327 Total 5,705 4,524 5,791 Research Tax Credit The Company benefits from the provisions in Articles 244 quater septies The amount as of December 31, 2017 is mainly the CIR receivable for the 2017 period. Prepayments as at December 31, 2017 relate to the building leases for 2018 first quarter, the D&O insurance for one-year 6.7 Cash and cash equivalents As of December 31, (in thousands of euros) 2015 2016 2017 Cash and cash equivalents 45,634 37,646 185,525 Total cash and cash equivalents as reported in statement of financial position 45,634 37,646 185,525 Bank overdrafts — — 10 Total cash and cash equivalents as reported in statement of cash flow 45,634 37,646 185,515 At December 31, 2015, the cash position is composed of the following items: (i) €20.2 million in current accounts and (ii) €25.4 million in term deposits, with maturities of 1 month to 3 years, but readily available without penalty subject to a 32-day At December 31, 2016, the cash position is composed of the following items: (i) €10.6 million in current accounts and (ii) €27.0 million in term deposits, with maturities of 1 month to 3 years, but readily available without penalty subject to a 32-day At December 31, 2017, the cash position is composed of the following items: (i) €174.5 million in current accounts and (ii) €11.0 million in term deposits, with a maturity as of January 1, 2019, but readily available without penalty subject to a 32-day 6.8 Shareholders’ equity We manage our capital 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. Our capital structure consists of financial liabilities as detailed in Notes 6.10 offset by cash and bank balances and equity (comprising issued capital, reserves and retained earnings). We are not subject to any externally imposed capital requirements. As of December 31, 2016, the capital of the Parent Company consisted of 8,732,648 shares, fully paid up, with a nominal value of 0.10 euro. Following the private placement completed in April 2017 and the IPO in November 2017, as well as the exercise of subscription warrants, the capital was increased to 17,937,559 shares with a nominal value of 0.10 euro as at December 31, 2017. Nature of transactions Number of Balance as of January 1, 2015 6,882,761 Exercise of share warrants 101,850 Private placement with institutional investors 940,000 Balance as of January 1, 2016 7,924,611 Follow-on 793,877 Exercise of share warrants 14,160 Balance as of January 1, 2017 8,732,648 Exercise of share warrants 17,200 Free shares / Stock options / Share warrants 7,574 Private placement with institutional investors in April 3,000,000 Initial Public Offering (including 5,389,021 ordinary shares in the form of ADSs) 6,180,137 Total as of December 31, 2017 17,937,559 The costs of issuing ordinary shares amounted to €16,722 thousand and were deducted from the share premium increase. These costs were related to bank fees, legal counsels, advisors and auditors’ fees. Basic earnings per share and diluted earnings (loss) per share For the year ended December 31, (in thousands of euros) 2015 2016 2017 Net loss (in thousands of euros) (15,013 ) (21,913 ) (33,530 ) Weighted number of shares for the period 6,957,654 7,983,642 11,370,557 Basic loss per share (€/share) (2,16 ) (2.74 ) (2.95 ) Diluted loss per share (€/share) (2.16 ) (2.74 ) (2.95 ) At December 31, 2015, 2016 and 2017, the potential shares that could be issued within the context of exercising warrants issued (455,330, 626,000 and 858,186 as at December 31, 2015, 2016 and 2017, respectively) were not taken into consideration in the calculation of the diluted earnings, as their effect would be anti-dilutive. 2,500 shares are held by the Company as treasury shares (and recognized as a deduction of shareholders’ equity) and will be cancelled. 6.9 Provisions The provisions can be detailed as follows: As of December 31, (in thousands of euros) 2015 2016 2017 Provision for retirement indemnities 100 163 214 Provisions for disputes 81 — — Total 181 163 214 The regime for retirement indemnities applicable at the Parent Company, is defined by the collective agreement for the pharmaceutical industry in France. The Company recognizes actuarial differences in other comprehensive income. The pension commitments are not covered by plan assets. The portion of the provision for which the maturity is less than one year is not significant. As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 2015 2016 2017 Discount rate 2.03 % 1.36 % 1.30 % Wage increase 2 % 2 % 2 % Social welfare contribution rate Non-executive 44 % Non-executive 44 % Non-executive 44 % Executive 54 % Executive 54 % Executive 54 % Expected staff turnover 0-10 % 0-10 % 0-10 % Age of retirement: 65-67 65-67 65-67 Mortality table INSEE 2014 INSEE 2014 INSEE 2014 The Company has settled the dispute with BPI France related to the GR-SIL The breakdown of provisions is as follows: In thousands of euros Opening Other (1) Provisions Reversals Closing Period from January 1 to December 31, 2015 Retirement indemnity provision 89 (8 ) 20 — 100 Provision for disputes — — 81 — 81 Net closing balance 89 (8 ) 101 — 181 Period from January 1 to December 31, 2016 Retirement indemnity provision 100 30 33 — 163 Provision for disputes 81 — — 81 — Net closing balance 181 30 33 81 163 Period from January 1 to December 31, 2017 Retirement indemnity provision 163 (8 ) 59 — 214 Provision for disputes — — — — — Net closing balance 163 (8 ) 59 — 214 (1) The “Other” differences relate to actuarial gains and losses 6.10 Financial liabilities Financial liabilities by type As of December 31, (in thousands of euros) 2015 2016 2017 Financial liabilities related to finance leases 144 204 117 Bank overdrafts — — 11 Conditional advances 563 1,182 1,182 Bank loans — 1,480 1,534 Total financial liabilities 707 2,865 2,843 Financial liabilities by maturity Maturity dates of financial liabilities as of December 31, 2015 are as follows: (in thousands of euros) Less than One to Three to More than Total Financial liabilities Bank loans — — — — — Conditional advances 501 — — 63 563 Liabilities related to leases 56 88 — — 144 Total financial liabilities 556 88 — 63 707 Maturity dates of financial liabilities as of December 31, 2016 are as follows: (in thousands of euros) Less than One to Three to More than Total Financial liabilities Bank loans — 1,480 — — 1,480 Conditional advances — — — 1,182 1,182 Liabilities related to leases 50 154 — — 204 Total financial liabilities 50 1,634 — 1,182 2,865 Maturity dates of financial liabilities as of December 31, 2017 are as follows: (in thousands of euros) Less than One to Three to More than Total Financial liabilities Bank loans 735 799 — — 1,534 Conditional advances — — — 1,182 1,182 Liabilities related to leases 79 39 — — 117 Bank overdrafts 11 — — — 11 Total financial liabilities 824 838 — 1,182 2,843 The company has received a bank loan amounting to €1.900 thousand with Société Générale with a 0.4% interest rate and 36 monthly repayment terms to finance its investments. The conditional advances from public authorities relate to contracts with BPI France. The Company has three contracts related to conditional advances with BPI France. These advances are not interest-bearing and are 100% repayable (nominal value) in the event of technical and/or commercial success. Under IFRS, the fact that a conditional advance does not require an annual interest payment is akin to obtaining a zero-interest The portion of the conditional advances due in more than one year is recorded under financial debts—non-current Since its creation, the Company has received 3 conditional advances from BPI France, repayable under certain conditions. The main terms of the agreements as well as the balances as of December 31, 2016 and 2017 respectively are presented below: Conditional advances (amounts received/paid) € ‘000 Conditional advance granted by BPI France / Pancreas project 735 Conditional advance granted by BPI France / GR-SIL 81 Conditional advance granted by BPI France / Tedac project 63 Total conditional advances granted by BPI France as of 31 December 2012 (nominal value) 879 Effect of the discount (122 ) Total conditional advances granted by BPI France as of 31 December 2012 (present value) 757 Repayment in 2013 (115 ) Of which BPI France / Pancreas project (100 ) Of which GR-SIL (15 ) Interest capitalized in 2013 52 Financial liabilities as of December 31, 2013 694 Repayment in 2014 (184 ) Of which BPI France / Pancreas project (150 ) Of which GR-SIL (34 ) Interest capitalized in 2014 39 Financial liabilities as of December 31, 2014 549 Repayment in 2015 (9 ) Interest capitalized in 2015 23 Financial liabilities as of December 31, 2015 563 Repayment in 2016 (508 ) Of which BPI France / Pancreas project (485 ) Of which GR-SIL (23 ) Conditional advance granted by BPI France / Tedac project 1,118 Interest capitalized in 2016 7 Financial liabilities as of December 31, 2016 1,181 Repayment in 2017 — Interest capitalized in 2017 — Financial liabilities as of December 31, 2017 1,181 • BPI FRANCE / PANCREAS The first conditional advance, granted by BPI France for a total amount of €735,000, related to the development of a new treatment against pancreatic cancer through the administration of allogenic red blood cells incorporating L-asparaginase The repayment of this conditional advance was according to a fixed payment schedule that ended on June 30, 2016 following the last payment of €260,000. As at December 31, 2017, all the payment due had been reimbursed (see below). • BPI FRANCE / GR-SIL The second conditional advance, granted by BPI France, which provided for a total amount of €135,000, concerns a program for the preclinical validation of the encapsulation of interfering RNA for therapeutic use in red blood cells, notably to limit inflammation of the cirrhotic liver and/or prevent the development of hepatocellular carcinomas. The Company has reimbursed the entire amount of the conditional advance in January 2016 for €23 thousand (representing the balance) and also reimbursed the related subsidy of €81 thousand to settle the dispute with BPI France. • BPI FRANCE / TEDAC: The third conditional advance, granted by BPI France within the scope of the TEDAC project, is for a total amount of €4,895,052. This conditional advance is paid upon completion of the following key milestones: • €62,607 upon signature of the agreement (paid in 2012) • €1,118,735 upon the milestones n°4 • the remainder upon calls for funds when key milestones are reached (not yet received) • as at December 31, 2017, the Company has reached milestone n°4; the Company has received €1,181 thousand of reimbursable advances and €1,455 thousand of cumulated subsidies. The Company undertakes to repay BPI France initially: a) an amount of €5,281,000 upon achieving cumulative sales (excluding VAT) equal to or greater than €10 million, according to the following payment schedule: • €500,000 at the latest on June 30 of the first year in which the cumulative sales condition is achieved, • €750,000 at the latest on June 30 of the second year, • €1,500,000 at the latest on June 30 of the third year, • €2,531,000 at the latest on June 30 of the fourth year, b) and, where applicable, an annuity equal to 50% of the income generated through the sale of intellectual property rights resulting from the project, within the limit of a total repayment of €5.3 million. In a second phase, when the cumulative sales reach €60,000,000, the Company undertakes to pay BPI France 2.5% of sales generated by the products developed within the project, limited to a total amount of €15 million over 15 years once sales begin. 6.11 Trade and other payables As of December 31, (in thousands of euros) 2015 2016 2017 Domestic vendors 1,904 2,802 2,335 Foreign vendors 1,371 745 2,631 Vendors—Accruals 498 1,292 3,211 Other (101 ) (7 ) (101 ) Total trade and other payables 3,672 4,832 8,076 Trades and other payables have increased by €3,244 thousand as of December 31, 2017 of which €1,919 thousand relate to accruals. This trade and other payables increase is related to the increase in research and development activities in 2017. The increase between 2015 and 2016 of €1,160 thousand is due to the same reason. 6.12 Other current liabilities As of December 31, (in thousands of euros) 2015 2016 2017 Social liabilities, taxation and social security 1,241 1,465 2,706 Deferred revenue — — Other payables 71 — — Total other current liabilities 1,311 1,465 2,706 The increase in other current liabilities between 2016 and 2017 is mainly due to the increase of accruals for bonuses and social tax on bonuses. The increase is related to the increase of wages and headcounts over the two periods. 6.13 Related parties Related parties include the Chief Executive Officer of the Company Gil Beyen, members of the Board of Directors (6 Board members) and members of the executive committee (5 members). The remuneration of directors and other members of the executive committee during the year amounted to €2,402 thousand for wages and €1,120 thousand for share based-payments (see Note 5.3). 2017 2016 2015 In thousand of euros Salary Retirement Share Salary Retirement Share Salary Retirement Share Executive officers / VP and Qualified person 654 19 306 498 15 226 825 6 241 Executive committee 1,519 25 478 818 10 495 279 1 554 Board of directors 229 — 336 184 — 37 172 — 1,593 Total 2,402 44 1,120 1,500 25 758 1,276 7 2,387 The Company has no other related parties. 6. 14 Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) As of December 31, 2015 (in thousands of euros) Carrying (1) Fair value Loans and Debt at Fair Non-current 97 — 97 — 97 Trade and other receivables 424 — 424 — 424 Other current assets 5,705 — 5,705 — 5,705 Cash and cash equivalents (2) 45,634 45,634 — — 45,634 Total financial assets 51,860 45,634 6,226 — 51,860 Financial liabilities – Non-current (3) 151 — — 151 151 Financial liabilities – Current portion (3) 557 — — 557 557 Trade payables and related accounts 3,672 — — 3,672 3,672 Total financial liabilities 4,380 — — 4,380 4,380 As of December 31, 2016 (in thousands of euros) Carrying (1) Fair value Loans and Debt at Fair Non-current 132 — 132 — 132 Trade and other receivables 218 — 218 — 218 Other current assets 4,524 — 4,524 — 4,524 Cash and cash equivalents (2) 37,646 37,646 — — 37,646 Total financial assets 42,520 37,646 4,874 — 42,520 Financial liabilities – Non-current (3) 2,816 — — 2,816 2,816 Financial liabilities – Current portion (3) 50 — — 50 50 Trade payables and related accounts 4,832 — — 4,832 4,832 Total financial liabilities 7,697 — — 7,697 7,697 As of December 31, 2017 (in thousands of euros) Carrying (1) Fair value Loans and Debt at Fair value Non-current 234 — 234 — 234 Trade and other receivables 76 — 76 — 76 Other current assets 5,790 — 5,790 — 5,790 Cash and cash equivalents (2) 185,525 185,525 — — 185,525 Total financial assets 191,626 185,525 6,100 — 191,626 Financial liabilities – Non-current 2,019 — — 2,019 2,019 Financial liabilities – Current portion (3) 824 — — 824 824 Trade payables and related accounts (3) 8,076 — — 8,076 8,076 Total financial liabilities 10,919 — — 10,919 10,919 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 and level 2 measurements, respectively. (3) The fair value of financial liabilities is determined using level 2 measurements. |
Management of Financial Risks
Management of Financial Risks | 12 Months Ended |
Dec. 31, 2017 | |
Management of Financial Risks | 7 MANAGEMENT OF FINANCIAL RISKS The principal financial instruments held by the Company are securities that are classified as cash and cash equivalents. The purpose of holding these instruments is to finance the ongoing business activities of the Company. It is not the Company’s policy to invest in financial instruments for speculative purposes. The Company does not utilize derivatives. The principal risks to which the Company is exposed are liquidity risk, foreign currency exchange risk, interest rate risk and credit risk. Liquidity risk The Company has been structurally loss-generating since its creation. The net cash flows used by the Company’s operating activities were respectively €14.6 million, €17.6 million and €24.7 million for the years ended December 31, 2015, 2016 and 2017, respectively. The Company does not believe that it is exposed to short-term liquidity risk, considering the cash and cash equivalents that it had available as of December 31, 2017, amounting to €185.5 million which was primarily cash at hand and term deposits that are convertible into cash immediately without penalty. Management believes that the amount of cash and cash equivalents available is sufficient to fund the Company’s planned operations through the next twenty-four months. Historically, the Company has financed its growth by strengthening its shareholders’ equity in the form of capital increases and the issue of convertible bonds. The Company believes that the capital increase associated with its initial public offering completed in May 2013, as well as the capital increases completed in 2014, 2015, 2016 and a private placement and an initial public offering in 2017, enable the Company to continue as a going concern for at least the twenty-four-month period starting in January 1, 2018. The contractual cash flows of the financial liabilities as at December 31, 2015, 2016 and 2017 are as follows: (in thousands of euros) Contractual cash flows As of December 31, 2015 Book value Total Less than One to Financial liabilities Bank loans — — — — Conditional advances 563 (570 ) (507 ) (63 ) Liabilities related to finance leases 144 (149 ) (59 ) (91 ) Trade payables and related accounts 3,672 (3,672 ) (3,672 ) — Total financial liabilities 4,380 (4,392 ) (4,238 ) (153 ) (in thousands of euros) Contractual cash flows As of December 31, 2016 Book value Total Less than One to Financial liabilities Bank loans 1,480 (1,480 ) (1,480 ) Conditional advances 1,182 (1,182 ) (1,182 ) Liabilities related to finance leases 204 (149 ) (59 ) (91 ) Trade payables and related accounts 4,832 (4,832 ) (4,832 ) — Total financial liabilities 7,697 (7,644 ) (4,891 ) (2,753 ) (in thousands of euros) Contractual cash flows As of December 31, 2017 Book value Total Less than One to Financial liabilities Bank loans 1,534 (1,534 ) (735 ) (799 ) Conditional advances 1,182 (1,182 ) (1,182 ) Liabilities related to finance leases 117 (117 ) (79 ) (39 ) Bank overdrafts 11 (11 ) (11 ) Trade payables and related accounts 8,076 (8,076 ) (8,076 ) — Total financial liabilities 10,919 (10,919 ) (8,900 ) (2,020 ) Foreign currency exchange risk The Company’s functional currency is the Euro. However, a significant portion of about 30% of its operating expenses is denominated in U.S. dollars (agency office in Cambridge, MA, cooperation relating to the production of clinical batches with the American Red Cross, business development consultants, consultants for the development of clinical trials in the United States, and various collaborations relating to tests and clinical projects in the United States). As a result, the Company is exposed to foreign exchange risk inherent in operating expenses incurred. The Company does not currently have revenues in euros, dollars nor in any other currency. Due to the relatively low level of these expenditures, the exposure to foreign exchange risk is unlikely to have a material adverse impact on the results of operations or financial position of the Company. However, this dependency is expected to increase, as the Company expects to perform clinical trials in the United States and, in the longer term, sell on this market. The Company will opt to use exchange rate hedging techniques. Expenses in U.S. Dollars totaled $11,620 thousand during 2017. However, the EUR/USD rate rose considerably at the period end, reaching $1.1993 per €1.00 at December 29, 2017, the last business day of 2017. As noted in Note 4.9, the Company does not use derivative financial instruments to hedge the foreign currency exchange risk. Change in exchange rate (decrease) from 1% would have an impact as of December 31, 2017 of €102 thousand. Change in exchange rate (decrease) from 5% would have an impact as of December 31, 2017 of €490 thousand. Change in exchange rate (decrease) from 10% would have an impact as of December 31, 2017 of €935 thousand. The bank account position held in USD amounted to $113,385 thousand. Change in exchange rate (decrease) from 1% would have an impact as of December 31, 2017 of €936 thousand. Change in exchange rate (decrease) from 5% would have an impact as of December 31, 2017 of €4,502 thousand. Change in exchange rate (decrease) from 10% would have an impact as of December 31, 2017 of €8,595 thousand. As the Company further increases its business, particularly in the United States, the Company expects to face greater exposure to exchange rate risk. Interest rate risk The Company has very low exposure to interest rate risk. Such exposure primarily involves money market funds and time deposit accounts. Changes in interest rates have a direct impact on the rate of return on these investments and the cash flows generated. The Company’s currently outstanding bank loan bears interest at a fixed rate, and therefore the company is not subject to interest rate risk with respect to this loan. The repayment flows of the conditional advances from BPI France are not subject to interest rate risk. Credit risk The credit risk related to the Company’s cash and cash equivalents is not significant in light of the quality of the co-contracting Inflation Risk We do not believe that inflation has had a material effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations. |
Off-Balance Sheet Commitments
Off-Balance Sheet Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Off-Balance Sheet Commitments | 8 O FF - BALANCE SHEET COMMITMENTS Operating leases The off-balance Less than 1 year: €484 thousand Between 1 year and 5 years: €242 thousand More than 5 years: €0 Collaborative arrangements Agreement with Orphan Europe In November 2012, the Company entered into a marketing agreement with Orphan Europe, a subsidiary of Recordati Group, to market and distribute GRASPA ® ® ® Agreement with the Teva Group In March 2011, the Company entered into a partnership agreement with the Teva Group (through Abic Marketing Limited), or Teva, to distribute GRASPA ® ® ® |
Significant Accounting Polici14
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Basis of consolidation | 4.1 Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements non-controlling Details of the Company’s subsidiary as of December 31, 2017 are as follows: Date of Percent of Accounting Method ERYTECH Pharma, Inc. April 2014 100 % Fully consolidated |
Intercompany transactions | 4.2 Intercompany transactions Transactions involving reciprocal assets and liabilities, as well as income and expense, between ERYTECH and ERYTECH Pharma, Inc. are eliminated in the Consolidated Financial Statements. |
Foreign currencies | 4.3 Foreign currencies Functional Currency and Translation of Financial Statements in Presentation Currency The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “ Parent Company Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency (euros) at the rate of exchange applicable on the transaction date. At period-end, The loan in U.S. dollars from ERYTECH Pharma S.A. to ERYTECH Pharma, Inc. is considered as part of the net investment in a foreign operation. Exchange differences on this loan are recognized in other comprehensive income. |
Consolidated statements of cash flows | 4.4 Consolidated statements of cash flows The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities. Operating activities correspond to the Company primary income-generating activities and all the other activities that do not meet the investment or financing criteria. The Company has decided to classify grants received such as the Research Tax Credit ( Credit d’Impôt Recherche Cash flows associated with investment activities correspond to cash flows associated with the purchase of property, plant and equipment, net of asset supplier payables, and with the disposal of assets and other investments. Financing activities are operations that result in changes in the amount and composition of the share capital and borrowings of the entity. Capital increases and the obtaining or repayment of loans are classified under this category. The Company has chosen to classify the conditional advances under this category. The increases in assets and liabilities with non-cash |
Use of estimates and judgments | 4.5 Use of estimates and judgments Preparation of the financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 4.15 and Note 5.3) and accruals of hospital costs. Hospital costs are estimated using revised budgets of clinical studies currently being completed, and also using information collected from hospital centers included in the clinical study. |
Intangible assets | 4.6 Intangible assets Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets IAS 38 An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met: (a) it is technically feasible to complete the development project; (b) intention on the part of the Company to complete the project and to utilize it; (c) capacity to utilize the intangible asset; (d) proof of the probability of future economic benefits associated with the asset; (e) availability of the technical, financial, and other resources for completing the project; and (f) reliable evaluation of the development expenses. The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria. Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented. Other intangible assets The costs related to the acquisition of software licenses are recognized as assets on the basis of the costs incurred to acquire and to implement the software. They are amortized using the straight-line method over a period of one to five years depending on the anticipated period of use. An impairment is recorded when the asset’s carrying amount is greater than its recoverable value (see Note 4.8). |
Property, plant and equipment | 4.7 Property, plant and equipment Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management. Property, plant, and equipment are depreciated on the basis of the straight-line method over the estimated useful life of the property. The fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. The depreciation periods used are the following: P ROPERTY LANT AND QUIPMENT TEM D EPRECIATION PERIOD Industrial equipment Fixtures and improvements in structures 1 to 5 years 3 to 10 years Office equipment 3 years Furniture 3 to 5 years The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern. |
Impairment tests | 4.8 Impairment tests According to IAS 36 Impairment of Assets IAS 36 The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. An impairment is recognized in the Consolidated Financial Statements up to the amount of the excess of the value over the recoverable value of the asset. The recoverable value of an asset corresponds to its fair value less costs to sell or its value in use, whichever is higher. |
Financial assets and liabilities - Measurement and Presentation | 4.9 Financial assets and liabilities – Measurement and Presentation The valuation and the accounting treatment of the financial assets and liabilities are defined by IAS 39 Financial Instruments: Recognition and Measurement IAS 39 Loans and receivables These instruments are initially recognized in the Consolidated Financial Statements at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR The loans and receivables are monitored for any objective indication of impairment. A financial asset is impaired if its carrying value is greater than its recoverable amount. The impairment is recognized in the statement of income (loss). Financial liabilities at the amortized cost Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Presentation of financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement • level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities; • level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market; • level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities. |
Inventories | 4.10 Inventories In compliance with the IAS 2 Inventories First-In First-Out |
Cash and cash equivalents | 4.11 Cash and cash equivalents The item “cash and cash equivalents” in the consolidated statement of financial position includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value. They are recorded as assets in Cash equivalents, measured at their fair value, and the changes in value are recognized through financial income or loss. 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 • 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. |
Provisions | 4.12 Provisions A provision is recognized where the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current Provisions recognized in the consolidated statement of financial position mainly include obligations pertaining to retirement indemnities and provisions for risks. Disclosure is made in the detailed notes on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. Provisions for retirement indemnities—defined benefit plans The employees of the Company receive the retirement benefits stipulated by law in France: • a compensation paid by the Company to employees upon their retirement (defined-benefit plan) and; • a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France). For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits. The Company appoints external actuaries to conduct an annual review of the valuation of these plans. The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses. The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable. Provisions for risks The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain. The amount recognized in the Consolidated Financial Statements as a provision is the best estimate of the expenses necessary to extinguish the obligation. |
Lease agreements | 4.13 Lease agreements The leases involving property, plant, and equipment are classified as finance lease agreements when the Company bears substantially all the benefits and risks inherent in the ownership of the property. The assets that are covered under finance lease agreements are capitalized as of the beginning date of the rental agreement on the basis of the fair value of the rented asset or the discounted values of the future minimum payments, whichever is lower. Each rental payment is distributed between the debt and the financial cost in such a manner to determine a constant interest rate on the principal that remains due. The corresponding rental obligations, net of the financial expenses, are classified as financial liabilities. The property, plant, or equipment acquired within the framework of a finance lease agreement is amortized over the useful life or the term of the lease agreement, whichever is shorter. The rental agreements for which a significant portion of the risks and advantages is preserved by the lessor are classified as operating leases. The payments made for these operating leases, net of any incentive measures, are recognized as expenses on the consolidated statement of income (loss) on a straight-line basis over the term of the agreement. |
Share capital | 4.14 Share capital Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax. |
Share-based payment | 4.15 Share-based payment The Company has applied IFRS 2 Share-based payment IFRS 2 Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGAP valuation) and Cox-Ross-Rubinstein |
Other income | 4.16 Other income Research tax credit The research tax credit ( Crédit d’Impôt Recherche CIR Research Tax Credit The Company has received the Research Tax Credit since its inception. The receivable in the consolidated statement of financial position as at December 31, 2017 includes the CIR for 2017 (see Note 6.6). The CIR is presented under other income in the consolidated statement of income (loss) as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance Subsidies and conditional advances Due to the innovative nature of its product candidate development programs, the Company has benefited from certain sources of financial assistance from Banque Publique d’Investissement BPI France The funds received by the Company are intended to finance its research and development efforts and the recruitment of specific personnel. The Company has received such funding in the form of non-refundable Subsidies Subsidies received are grants that are not repayable by the Company and are recognized in the financial statements as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received. Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates. A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized in the Consolidated Financial Statements as other income when there exists reasonable assurance that the subsidies will be received. Conditional advances Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Each award of an advance is made to help fund a specific development milestone. The details concerning the conditional advances are provided in Note 6.10. Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows. The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity. The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success as described in Note 6.10 is used to determine the amount recognized annually as a finance cost. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized. The conditional advances that can be subject to this type of modification are the advances received from BPI France, presented in Note 6.10. Partnership with Orphan Europe AML clinical trial As a result of its partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“ AML re-invoices, In application of IAS 18 Revenue • The Company does not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“ CRO • The Company bears no inventory risk, • The Company has no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it is not affected by any price changes applied by the suppliers. • The Company bears a credit risk considered to be not significant. Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial together with internal costs related to the AML clinical trial. Consequently, the re-invoicing re-invoicing Partnership with Orphan Europe NOPHO clinical trial These invoiced external costs are classified by the Company as “other income” in the consolidated statement of income (loss) and within the context of this agreement, amounted to €177.5 thousand for the year ended December 31, 2017. |
Financial income and expense | 4.17 Financial income and expense Financial results relate to loans, gains and losses on exchange rate variations and other financial debts (notably overdrafts and finance leases) and includes interest expenses incurred on financial liabilities and the related amortization of debt issuance costs, and income received from cash and cash equivalents. For the year ended December 31, 2017 financial expenses are mainly composed of currency exchange losses. |
Income taxes | 4.18 Income taxes Current taxes Considering the level of tax loss carryforwards not recognized, no current tax expense is recognized. Deferred taxes Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end. Deferred tax assets and liabilities are not discounted and are classified in the consolidated statement of financial position under non-current In addition, the Parent Company, as an entity incorporated in France, is subject to the territorial economic contribution ( Contribution Economique Territoriale—CET cotisation foncière des entreprises—CFE cotisation sur la valeur ajoutée des entreprises—CVAE • the corporate real estate contribution, the amount of which depends on property rental values and which can, where applicable, have a ceiling at a percentage of the value added, presents significant similarities to the former business tax and is recognized under operating expenses; • the corporate value-added contribution meets, based on the Company’s analysis, the definition of an income tax as established under IAS 12 Income Taxes IAS 12 In conformity with the provisions of IAS 12, qualification of the corporate value-added contribution as an income tax leads to the recognition of deferred taxes relative to temporary differences existing at year end, with a contra-entry of a net expense in that year’s statement of net income (loss). Where applicable, this deferred tax expense is presented on the line income tax. For the moment, the Company does not pay the CVAE. |
Earnings per share | 4.19 Earnings per share The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period. The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 5.3 and 6.8. Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued, representing 865,760 potential additional ordinary shares, have been considered anti-dilutive. |
Segment reporting | 4.20 Segment reporting In accordance with IFRS 8 Operating Segments The Company operates in a single operating segment: the conducting of research and development in the area of treatment of acute leukemia and other orphan diseases in order to market them in the future. The assets, liabilities, and operating loss realized are primarily located in France. |
Off-balance sheet commitments | 4.21 Off-balance The Company has defined and implemented monitoring for its off-balance Off-balance • future costs relate to clinical trials for which recruitment has begun, • operating leases, purchase and investment commitments. |
Events After the Close of the Reporting Period | 4.22 Events After the Close of the Reporting Period The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. Modifications can be made until the date the Consolidated Financial Statements are approved and authorized for issuance by the Board of Directors. By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Board at a meeting held on January 7, 2018 approved the following share-based payments: • 40,500 AGA 2016 • 40,500 BSA 2017 • 27,000 AGA 2017 • 40,500 SO 2017 By virtue of the delegation of authority granted by Board of Directors held on June 27, 2017, the Chief Executive Officer at a meeting held on January 7, 2018 approved the following share-based payments: • 86,940 AGA 2017 • 56,703 SO 2017 This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements. ERYTECH conducted a comprehensive evaluation to determine other potential solid-tumor indications for developing eryaspase. Metastatic Triple-Negative Breast Cancer (TNBC) has now been selected as the next indication to expand the potential use of eryaspase in solid tumors. TNBC is an aggressive and metabolically active form of breast cancer with high rates of symptomatic metastases. This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements. The Company evaluated subsequent events that occurred after December 31, 2017 through the date of approval and authorization of issuance of the Consolidated Financial Statements and determined that there are no significant events that require adjustments in such Consolidated Financial Statements. |
Significant Accounting Polici15
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Details of the Company's Subsidiary | Details of the Company’s subsidiary as of December 31, 2017 are as follows: Date of Percent of Accounting Method ERYTECH Pharma, Inc. April 2014 100 % Fully consolidated |
Summary of Depreciation Periods of Property, Plant, and Equipment Item | The depreciation periods used are the following: P ROPERTY LANT AND QUIPMENT TEM D EPRECIATION PERIOD Industrial equipment Fixtures and improvements in structures 1 to 5 years 3 to 10 years Office equipment 3 years Furniture 3 to 5 years |
Notes Related to the Consolid16
Notes Related to the Consolidated Statement of Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Detailed Information of Operating Income | Operating income consists of the following: For the year ended 2015 2016 2017 (in thousands of euros) Research Tax Credit 2,219 3,347 3,187 Subsidies 368 463 — Other income 341 327 178 Total 2,929 4,138 3,364 |
Summary of Operating Expense by Nature | Operating expenses by nature For the year ended December 31, 2015 (amounts in thousands of euros) Research and of which other of which of which General and Total Consumables 1,040 244 796 — 36 1,076 Rental and maintenance 462 204 259 — 304 767 Services, subcontracting and fees 4,475 1,539 2,570 366 3,022 7,497 Personnel expenses 3,977 1,506 2,384 87 1,627 5,603 Other 572 56 513 3 2,627 3,200 Depreciation and amortization 250 26 224 — 120 369 Total général 10,776 3,575 6,745 456 7,736 18,512 For the year ended December 31, 2016 (amounts in thousands of euros) Research of which of which of which General and Total Consumables 2,071 917 1,153 — 66 2,136 Rental and maintenance 645 161 484 — 511 1,156 Services, subcontracting and fees 11,409 2,547 8,410 453 2,793 14,203 Personnel expenses 5,282 1,173 4,070 39 2,713 7,995 Other 35 8 27 — 577 613 Depreciation and amortization 277 25 252 — 148 425 Total 19,720 4,831 14,397 491 6,808 26,528 For the year ended December 31, 2017 (amounts in thousands of euros) Research of which of which of which General and Total Consumables 2,391 1,859 532 — 148 2,539 Rental and maintenance 636 140 496 — 894 1,531 Services, subcontracting and fees 14,175 1,423 12,407 345 2,867 17,042 Personnel expenses 7,916 2,023 5,828 66 3,688 11,604 Other 81 20 44 17 927 1,008 Depreciation and amortization 263 94 169 — 266 530 Total 25,463 5,559 19,476 428 8,791 34,254 |
Summary of Personal Expenses | The personnel expenses are detailed as follows: For the year ended December 31, 2015 (amounts in thousands of euros) Research of which of which of which General and Total Wages and salaries 2,235 953 1,238 43 896 3,131 Share-based payments 822 126 678 19 302 1,124 Social security expenses 920 427 468 25 429 1,348 Total personnel expenses 3,977 1,506 2,384 87 1,627 5,604 For the year ended December 31, 2016 (amounts in thousands of euros) Research and of which of which of which General and ve expenses Total Wages and salaries 3,371 688 2,670 13 1,486 4,857 Share-based payments 688 136 532 6 490 1,178 Social security expenses 1,224 350 868 19 736 1,960 Total personnel expenses 5,282 1,173 4,070 39 2,713 7,995 For the year ended December 31, 2017 (amounts in thousands of euros) Research and of which of which of which General and Total Wages and salaries 5,229 1,166 4,028 34 1,990 7,218 Share-based payments 833 279 541 13 642 1,475 Social security expenses 1,854 578 1,259 18 1,057 2,911 Total personnel expenses 7,916 2,023 5,828 66 3,688 11,604 |
Summary of Breakdown of Plan Allocations | Breakdown of allocations plan Plan name Amount in of which of which of which Allocation of AGAP on 3 October 2016 533 250 283 — Allocation of SO on 3 October 2016 90 45 44 — Allocation of BSA on 3 October 2016 126 — — 126 Allocation of AGAP on 7 January 2017 92 — 92 — Allocation of SO on 7 January 2017 46 46 — — Allocation of BSA on 7 January 2017 10 — — 10 Total allocation October, 2016 896 341 419 135 Allocation of BSPCE on 6 May 2016 138 94 44 — Allocation of BSPCE on 22 January 2014 7 — 7 — Allocation of BSPCE on 1 September 2015 51 — 51 — Allocation of BSA on 23 June 2015 50 — 50 — Total allocation 2014 245 94 152 — Allocation of AGAP on 26 June 2017 348 156 192 — Allocation of SO on 26 June 2017 65 44 21 — Allocation of BSA on 26 June 2017 165 — — 165 Total allocation June, 2017 578 200 213 165 Allocation of AGAP on 3 October 2017 27 27 — — Allocation of SO on 3 October 2017 23 23 — — Total allocation October, 2017 49 49 — — TOTAL IFRS 2 EXPENSES 1,769 685 784 300 Plan name Amount in of which of which of which Allocation of AGAP on 3 October 2016 151 71 80 — Allocation of SO on 3 October 2016 22 11 11 — Allocation of BSA on 3 October 2016 37 — — 37 Allocation of AGAP on 7 January 2017 — — — — Allocation of SO on 7 January 2017 — — — — Allocation of BSA on 7 January 2017 — — — — Total allocation 10.2016 210 82 91 37 Allocation of BSPCE on 6 May 2016 498 339 159 Allocation of BSPCE on 22 January 2014 21 — 21 — Allocation of BSPCE on 1 September 2015 261 — 261 — Allocation of BSA on 23 June 2015 187 — 187 — Total allocation 2014 968 339 629 — Allocation of AGAP on 26 June 2017 — — — — Allocation of SO on 26 June 2017 — — — — Allocation of BSA on 26 June 2017 — — — — Total allocation 06.2017 — — — — Allocation of AGAP on 3 October 2017 — — — — Allocation of SO on 3 October 2017 — — — — Total allocation 10.2017 — — — — TOTAL IFRS 2 EXPENSES 1,178 421 720 37 Plan name Amount in of which of which of which Allocation of BSPCE on 22 January 2014 12 — 12 — Allocation of BSPCE on 23 June 2015 517 517 — — Allocation of BSPCE on 1 September 2015 209 — 209 — Allocation of BSA on 23 June 2015 385 — 385 — Total plan 2014 1,124 517 607 — Allocation of BSA on 29 April 2015 512 — — 512 Allocation of BSA on 31 August 2015 1,081 — — 1,081 Total plan 2012 1,593 — — 1,593 TOTAL IFRS 2 EXPENSES 2,716 517 607 1,593 |
Summary of Depreciation and Amortization Expense | 5.4 Depreciation and amortization expense For the year ended December 31, 2015 2016 2017 (in thousands of euros) Clinical studies 224 252 169 Other research and development expenses 26 26 94 Research and development expenses 250 277 263 General and administrative expenses 39 148 266 Total 288 425 530 |
Summary of Financial Income and Expense | 5.5 Financial income and expense For the year ended 2015 2016 2017 (in thousands of euros) Interest expense on finance leases (5 ) (4 ) (8 ) Interest expense related to borrowings — — (7 ) Interest expense on repayable loan (25 ) — — Other finance expenses (34 ) (66 ) (3,168 ) Total finance expense (64 ) (70 ) (3,183 ) Income from short term deposits 523 545 405 Other finance income 108 13 134 Total finance income 631 558 539 567 488 (2,644 ) |
Summary of Financial Income and Expense | Reconciliation of effective tax rate For the year ended December 31, 2015 2016 2017 (in thousands of euros) Loss before tax (15,016 ) (21,902 ) (33,533 ) Theoretical tax expense or income 5,170 7,541 11,545 Current year loss not capitalized (5,001 ) (8,303 ) (12,071 ) CICE (employment and competitiveness tax credit) not included in taxable income 18 24 34 Research tax credits 764 1,144 1,097 Tax rate differences (7 ) (51 ) 0 Share-based compensation expense (935 ) (398 ) (592 ) Permanent differences (10 ) Other differences (6 ) 33 0 Effective tax (loss)/income 3 (10 ) 3 |
2014 plan [member] | |
Summary of Subscription Warrants | At the end of 2017, the subscription warrants for the 2014 plan are as follows: Types of securities BSPCE 2014 BSA 2014 Number of warrants that the company is authorized to issue, for all types of warrants 22,500 Number of warrants granted 19,500 3,000 Number of warrants exercised 1,500 100 Number of obsolete warrants 1,090 0 Date of General Meeting January 22, 2014 Exercise price per new share subscribed (in €) €12,250 Final date for exercising warrants January 22, 2024 Parity 1 warrant for 10 shares 1 warrant for 10 shares General conditions of exercise The warrants are exercisable as of their acquisition date Maximum number of new shares that can be issued 198,100 |
2016 plan [member] | |
Summary of Subscription Warrants | At the end of 2017, the subscription warrants for the 2016 plan are as follows: Types of securities AGAP 2016 SO 2016 BSA 2016 Number of shares that the company is authorized to issue 350 000 Number of free shares / stock options / warrants granted 151,563 95,499 60,000 Date of General Meeting 03-oct-16 8-jan-17 27-jun-17 03-oct-17 03-oct-16 8-jan-17 27-jun-17 03-oct-17 03-oct-16 8-jan-17 27-jun-17 03-oct-17 Number of tranches 3 2 2 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 1 year Tranche 2: 2 years General conditions of exercise Tranche 1 : 1 year Tranche 2 and 3 : NA NA NA Maximum number of new shares that can be issued 142,972 95,499 60,000 |
2017 plan [member] | |
Summary of Subscription Warrants | At the end of 2017, the subscription warrants for the 2017 plan are as follows: Types of securities AGAP 2017 SO 2017 BSA 2017 Number of shares that the company is authorized to issue 420,000 Number of free shares / stock options / warrants granted 74,475 22,200 55,000 Date of General Meeting 27-June-17 27-June-17 27-June-17 Number of tranches 3 2 3 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years General conditions of exercise NA NA NA Maximum number of new shares that can be issued 74,475 22,200 55,000 |
2012 Plan [member] | |
Summary of Subscription Warrants | At the end of 2015, the subscription warrants for the 2012 plan are as follows: Types of securities BSPCE 2012 BSA 2012 Number of warrants that the company is authorized to issue, for all types of warrants 45,500 Number of warrants granted 33,788 10,760 Number of warrants exercised 16,352 5,525 Date of General Meeting May 21, 2012 Exercise price per new share subscribed (in €) €7,362 Final date for exercising warrants May 20, 2020 Parity 1 warrant for 10 shares 1 warrant for 10 shares General conditions of exercise The warrants are exercisable as of their acquisition date Maximum number of new shares that can be issued 231,730 |
Notes Related to the Consolid17
Notes Related to the Consolidated Statements of Financial Position (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Intangible Assets | As of December 31, (in thousands of euros) 2015 2016 2017 Other intangible assets 184 209 234 Total historical cost 184 209 234 Accumulated amortization of other intangible assets (122 ) (152 ) (180 ) Total accumulated amortization and depreciation (122 ) (152 ) (180 ) Total, net 61 57 53 |
Schedule of Property, Plant and Equipment | At December 31, 2017, property, plant and equipment are composed as follows: (in thousands of euros) As of January 1, Increase Decrease As of December 31, Laboratory equipment 974 974 Assets under construction 862 868 1,730 Plant, equipment, and tooling 850 270 — 1,121 General equipment, fixtures and fittings 1,466 389 — 1,855 Office equipment and computers 531 137 — 668 Total gross value 4,684 1,664 — 6,349 Accumulated depreciation of laboratory equipment (882 ) (48 ) — (930 ) Accumulated depreciation of plant, equipment and tooling (523 ) (118 ) — (641 ) Accumulated depreciation of general equipment, fixtures and fittings (909 ) (207 ) — (1,116 ) Accumulated depreciation of office equipment and computers (125 ) (129 ) — (255 ) Total accumulated depreciation (2,439 ) (503 ) — (2,439 ) Total net value 2,245 1,161 — 3,407 Property, plant and equipment held under finance leases amounts to €203 thousand and €116 thousand as of December 31, 2016 and 2017, respectively. At December 31, 2016, property, plant and equipment are composed as follows: (in thousands of euros) As of Increase Decrease As of December 31, Laboratory equipment 974 974 Assets under construction 44 862 (44 ) 862 Plant, equipment, and tooling 727 123 — 850 General equipment, fixtures and fittings 1,079 387 — 1,466 Office equipment and computers 134 397 — 531 Total gross value 2,958 1,770 (44 ) 4,684 Accumulated depreciation of laboratory equipment (831 ) (51 ) — (882 ) Accumulated depreciation of plant, equipment and tooling (426 ) (98 ) — (523 ) Accumulated depreciation of general equipment, fixtures and fittings (733 ) (175 ) — (909 ) Accumulated depreciation of office equipment and computers (51 ) (74 ) — (125 ) Total accumulated depreciation (2,041 ) (398 ) (2,439 ) Total net value 918 1,372 (44 ) 2,245 Property, plant and equipment held under finance leases amounts to €143 thousand and €203 thousand as of December 31, 2015 and 2016, respectively. At December 31, 2015, property, plant and equipment are composed as follows: (in thousands of euros) As of January 1, Increase Decrease As of December 31, Laboratory equipment 974 — — 974 Assets under construction 112 29 (98 ) 44 Plant, equipment, and tooling 617 110 — 727 General equipment, fixtures and fittings 959 120 — 1,079 Office equipment and computers 76 59 — 134 Total gross value 2,738 318 (98 ) 2,958 Accumulated depreciation of laboratory equipment (753 ) (78 ) — (831 ) Accumulated depreciation of plant, equipment and tooling (346 ) (79 ) — (426 ) Accumulated depreciation of general equipment, fixtures and fittings (636 ) (98 ) — (733 ) Accumulated depreciation of office equipment and computers (36 ) (15 ) — (51 ) Total accumulated depreciation (1,771 ) (270 ) — (2,041 ) Total net value 967 48 (98 ) 918 |
Schedule of Inventories | 6.4 Inventories As of December 31, 2015 2016 2017 (in thousands of euros) Production inventory 79 71 104 Laboratory inventory 87 74 72 Total inventory 166 145 176 |
Schedule of Other Current Assets | 6.6 Other current assets As of December 31, 2015 2016 2017 (in thousands of euros) Research Tax Credit 3,743 3,321 3,326 Tax receivables (e.g. VAT) and other receivables 1,190 863 1,114 Cash to be received from bank related to exercise of warrants 553 — 23 Prepayments 220 339 1,327 Total 5,705 4,524 5,791 |
Summary of Cash and Cash Equivalents | Cash and cash equivalents As of December 31, (in thousands of euros) 2015 2016 2017 Cash and cash equivalents 45,634 37,646 185,525 Total cash and cash equivalents as reported in statement of financial position 45,634 37,646 185,525 Bank overdrafts — — 10 Total cash and cash equivalents as reported in statement of cash flow 45,634 37,646 185,515 |
Summary of Shareholders' Equity | Following the private placement completed in April 2017 and the IPO in November 2017, as well as the exercise of subscription warrants, the capital was increased to 17,937,559 shares with a nominal value of 0.10 euro as at December 31, 2017. Nature of transactions Number of Balance as of January 1, 2015 6,882,761 Exercise of share warrants 101,850 Private placement with institutional investors 940,000 Balance as of January 1, 2016 7,924,611 Follow-on 793,877 Exercise of share warrants 14,160 Balance as of January 1, 2017 8,732,648 Exercise of share warrants 17,200 Free shares / Stock options / Share warrants 7,574 Private placement with institutional investors in April 3,000,000 Initial Public Offering (including 5,389,021 ordinary shares in the form of ADSs) 6,180,137 Total as of December 31, 2017 17,937,559 |
Basic Earnings per Share and Diluted Earnings (Loss) per Share | Basic earnings per share and diluted earnings (loss) per share For the year ended December 31, (in thousands of euros) 2015 2016 2017 Net loss (in thousands of euros) (15,013 ) (21,913 ) (33,530 ) Weighted number of shares for the period 6,957,654 7,983,642 11,370,557 Basic loss per share (€/share) (2,16 ) (2.74 ) (2.95 ) Diluted loss per share (€/share) (2.16 ) (2.74 ) (2.95 ) |
Summary of Details of Provisions | The provisions can be detailed as follows: As of December 31, (in thousands of euros) 2015 2016 2017 Provision for retirement indemnities 100 163 214 Provisions for disputes 81 — — Total 181 163 214 |
Estimate of the Retirement Commitments | As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 2015 2016 2017 Discount rate 2.03 % 1.36 % 1.30 % Wage increase 2 % 2 % 2 % Social welfare contribution rate Non-executive 44 % Non-executive 44 % Non-executive 44 % Executive 54 % Executive 54 % Executive 54 % Expected staff turnover 0-10 % 0-10 % 0-10 % Age of retirement: 65-67 65-67 65-67 Mortality table INSEE 2014 INSEE 2014 INSEE 2014 |
Summary of breakdown of provisions | The breakdown of provisions is as follows: In thousands of euros Opening Other (1) Provisions Reversals Closing Period from January 1 to December 31, 2015 Retirement indemnity provision 89 (8 ) 20 — 100 Provision for disputes — — 81 — 81 Net closing balance 89 (8 ) 101 — 181 Period from January 1 to December 31, 2016 Retirement indemnity provision 100 30 33 — 163 Provision for disputes 81 — — 81 — Net closing balance 181 30 33 81 163 Period from January 1 to December 31, 2017 Retirement indemnity provision 163 (8 ) 59 — 214 Provision for disputes — — — — — Net closing balance 163 (8 ) 59 — 214 (1) The “Other” differences relate to actuarial gains and losses |
Summary of Financial Liabilities by Type | Financial liabilities by type As of December 31, (in thousands of euros) 2015 2016 2017 Financial liabilities related to finance leases 144 204 117 Bank overdrafts — — 11 Conditional advances 563 1,182 1,182 Bank loans — 1,480 1,534 Total financial liabilities 707 2,865 2,843 |
Summary of Financial Liabilities by Maturity | Maturity dates of financial liabilities as of December 31, 2015 are as follows: (in thousands of euros) Less than One to Three to More than Total Financial liabilities Bank loans — — — — — Conditional advances 501 — — 63 563 Liabilities related to leases 56 88 — — 144 Total financial liabilities 556 88 — 63 707 Maturity dates of financial liabilities as of December 31, 2016 are as follows: (in thousands of euros) Less than One to Three to More than Total Financial liabilities Bank loans — 1,480 — — 1,480 Conditional advances — — — 1,182 1,182 Liabilities related to leases 50 154 — — 204 Total financial liabilities 50 1,634 — 1,182 2,865 Maturity dates of financial liabilities as of December 31, 2017 are as follows: (in thousands of euros) Less than One to Three to More than Total Financial liabilities Bank loans 735 799 — — 1,534 Conditional advances — — — 1,182 1,182 Liabilities related to leases 79 39 — — 117 Bank overdrafts 11 — — — 11 Total financial liabilities 824 838 — 1,182 2,843 |
Summary of Main Terms of Agreements | The main terms of the agreements as well as the balances as of December 31, 2016 and 2017 respectively are presented below: Conditional advances (amounts received/paid) € ‘000 Conditional advance granted by BPI France / Pancreas project 735 Conditional advance granted by BPI France / GR-SIL 81 Conditional advance granted by BPI France / Tedac project 63 Total conditional advances granted by BPI France as of 31 December 2012 (nominal value) 879 Effect of the discount (122 ) Total conditional advances granted by BPI France as of 31 December 2012 (present value) 757 Repayment in 2013 (115 ) Of which BPI France / Pancreas project (100 ) Of which GR-SIL (15 ) Interest capitalized in 2013 52 Financial liabilities as of December 31, 2013 694 Repayment in 2014 (184 ) Of which BPI France / Pancreas project (150 ) Of which GR-SIL (34 ) Interest capitalized in 2014 39 Financial liabilities as of December 31, 2014 549 Repayment in 2015 (9 ) Interest capitalized in 2015 23 Financial liabilities as of December 31, 2015 563 Repayment in 2016 (508 ) Of which BPI France / Pancreas project (485 ) Of which GR-SIL (23 ) Conditional advance granted by BPI France / Tedac project 1,118 Interest capitalized in 2016 7 Financial liabilities as of December 31, 2016 1,181 Repayment in 2017 — Interest capitalized in 2017 — Financial liabilities as of December 31, 2017 1,181 |
Summary of Trade and Other Payables | As of December 31, (in thousands of euros) 2015 2016 2017 Domestic vendors 1,904 2,802 2,335 Foreign vendors 1,371 745 2,631 Vendors—Accruals 498 1,292 3,211 Other (101 ) (7 ) (101 ) Total trade and other payables 3,672 4,832 8,076 |
Disclosure of Other Current Liabilities | Other current liabilities As of December 31, (in thousands of euros) 2015 2016 2017 Social liabilities, taxation and social security 1,241 1,465 2,706 Deferred revenue — — Other payables 71 — — Total other current liabilities 1,311 1,465 2,706 |
Summary of Transactions Between Related Parties | 2017 2016 2015 In thousand of euros Salary Retirement Share Salary Retirement Share Salary Retirement Share Executive officers / VP and Qualified person 654 19 306 498 15 226 825 6 241 Executive committee 1,519 25 478 818 10 495 279 1 554 Board of directors 229 — 336 184 — 37 172 — 1,593 Total 2,402 44 1,120 1,500 25 758 1,276 7 2,387 |
Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) | As of December 31, 2015 (in thousands of euros) Carrying (1) Fair value Loans and Debt at Fair Non-current 97 — 97 — 97 Trade and other receivables 424 — 424 — 424 Other current assets 5,705 — 5,705 — 5,705 Cash and cash equivalents (2) 45,634 45,634 — — 45,634 Total financial assets 51,860 45,634 6,226 — 51,860 Financial liabilities – Non-current (3) 151 — — 151 151 Financial liabilities – Current portion (3) 557 — — 557 557 Trade payables and related accounts 3,672 — — 3,672 3,672 Total financial liabilities 4,380 — — 4,380 4,380 As of December 31, 2016 (in thousands of euros) Carrying (1) Fair value Loans and Debt at Fair Non-current 132 — 132 — 132 Trade and other receivables 218 — 218 — 218 Other current assets 4,524 — 4,524 — 4,524 Cash and cash equivalents (2) 37,646 37,646 — — 37,646 Total financial assets 42,520 37,646 4,874 — 42,520 Financial liabilities – Non-current (3) 2,816 — — 2,816 2,816 Financial liabilities – Current portion (3) 50 — — 50 50 Trade payables and related accounts 4,832 — — 4,832 4,832 Total financial liabilities 7,697 — — 7,697 7,697 As of December 31, 2017 (in thousands of euros) Carrying (1) Fair value Loans and Debt at Fair value Non-current 234 — 234 — 234 Trade and other receivables 76 — 76 — 76 Other current assets 5,790 — 5,790 — 5,790 Cash and cash equivalents (2) 185,525 185,525 — — 185,525 Total financial assets 191,626 185,525 6,100 — 191,626 Financial liabilities – Non-current 2,019 — — 2,019 2,019 Financial liabilities – Current portion (3) 824 — — 824 824 Trade payables and related accounts (3) 8,076 — — 8,076 8,076 Total financial liabilities 10,919 — — 10,919 10,919 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 and level 2 measurements, respectively. (3) The fair value of financial liabilities is determined using level 2 measurements. |
Management of Financial Risks (
Management of Financial Risks (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Contractual Cash Flows of the Financial Liabilities | The contractual cash flows of the financial liabilities as at December 31, 2015, 2016 and 2017 are as follows: (in thousands of euros) Contractual cash flows As of December 31, 2015 Book value Total Less than One to Financial liabilities Bank loans — — — — Conditional advances 563 (570 ) (507 ) (63 ) Liabilities related to finance leases 144 (149 ) (59 ) (91 ) Trade payables and related accounts 3,672 (3,672 ) (3,672 ) — Total financial liabilities 4,380 (4,392 ) (4,238 ) (153 ) (in thousands of euros) Contractual cash flows As of December 31, 2016 Book value Total Less than One to Financial liabilities Bank loans 1,480 (1,480 ) (1,480 ) Conditional advances 1,182 (1,182 ) (1,182 ) Liabilities related to finance leases 204 (149 ) (59 ) (91 ) Trade payables and related accounts 4,832 (4,832 ) (4,832 ) — Total financial liabilities 7,697 (7,644 ) (4,891 ) (2,753 ) (in thousands of euros) Contractual cash flows As of December 31, 2017 Book value Total Less than One to Financial liabilities Bank loans 1,534 (1,534 ) (735 ) (799 ) Conditional advances 1,182 (1,182 ) (1,182 ) Liabilities related to finance leases 117 (117 ) (79 ) (39 ) Bank overdrafts 11 (11 ) (11 ) Trade payables and related accounts 8,076 (8,076 ) (8,076 ) — Total financial liabilities 10,919 (10,919 ) (8,900 ) (2,020 ) |
Description of the Business - A
Description of the Business - Additional Information (Detail) | Nov. 09, 2017 | Nov. 07, 2017€ / shares | Oct. 03, 2017shares | Jun. 27, 2017shares | Apr. 30, 2017EUR (€)shares | Apr. 30, 2017USD ($)shares | Apr. 12, 2017 | Jan. 08, 2017shares | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | Oct. 31, 2014EUR (€) | Nov. 30, 2017EUR (€)€ / sharesshares | Nov. 30, 2017USD ($)$ / sharesshares | Apr. 30, 2017EUR (€)€ / sharesshares | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Nov. 08, 2017 |
Disclosure of description of business [line items] | |||||||||||||||||
Initial public offering completion date | May 30, 2017 | ||||||||||||||||
Initial public offering amount | € | € 70,500,000 | € 17,700,000 | |||||||||||||||
Follow on offering amount before deducting offering expenses | € 124,000,000 | $ 144,000,000 | € 30,000,000 | € 124,000,000 | $ 144,000,000 | ||||||||||||
Ordinary shares issued | $ | $ 5,374,033 | ||||||||||||||||
Shareholders' equity | € | € 35,638,000 | € 47,132,000 | € 181,419,000 | ||||||||||||||
Assets | € | 44,967,000 | 53,004,000 | 195,261,000 | ||||||||||||||
Number of shares issued | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||
Share placement price per share | € / shares | € 23.50 | ||||||||||||||||
Share subscription | € | € 70,500,000 | ||||||||||||||||
Percentage of share capital | 25.55% | ||||||||||||||||
Percentage of discount on share price | 5.62% | ||||||||||||||||
Weighted average share price percentage | 9.79% | 6.37% | |||||||||||||||
Trading period | 20 | ||||||||||||||||
Offering price per ordinary share | (per share) | € 20 | € 20 | $ 23.26 | ||||||||||||||
Gross proceeds from offering | € 108 | $ 124 | |||||||||||||||
Option purchase period | 30 days | 30 days | |||||||||||||||
Exchange rate | 1.1630 | ||||||||||||||||
AGA 2016 [member] | Alexander Scheer [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 15,000 | ||||||||||||||||
AGA 2016 [member] | ERYTECH Pharma S.A employees [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 8,652 | ||||||||||||||||
BSA [member] | Allene Diaz [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 15,000 | ||||||||||||||||
BSA [member] | Board of directors [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 55,000 | ||||||||||||||||
SO2016 [member] | ERYTECH Pharma Inc employees [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 3,000 | ||||||||||||||||
SO2016 [member] | ERYTECH Pharma Inc employees [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 30,000 | 18,000 | |||||||||||||||
SO2016 [member] | ERYTECH Pharma S.A employees [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 16,650 | ||||||||||||||||
SO2017 [member] | ERYTECH Pharma Inc employees [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 22,200 | ||||||||||||||||
AGA 2017 [member] | ERYTECH Pharma S.A employees [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Key management shares granted in share based compensation | 74,475 | ||||||||||||||||
Erymethionase [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Capitalized development cost | € | 766,000 | ||||||||||||||||
Assets | € | 1,596,000 | ||||||||||||||||
Ordinary shares [member] | Written put options [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Offering expenses payable | € 112,000,000 | $ 130,000,000 | |||||||||||||||
American depository scheme [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Ordinary shares offered | 4,686,106 | 4,686,106 | |||||||||||||||
Offering price per ordinary share | (per share) | € 20 | $ 23.26 | |||||||||||||||
Percentage of ordinary shares issued | 15.00% | 15.00% | |||||||||||||||
Gross proceeds from additional offering | € 16,000,000 | $ 19,000,000 | |||||||||||||||
American depository scheme [member] | Ordinary shares [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Additional shares issued | 806,104 | 806,104 | |||||||||||||||
Private placements [member] | |||||||||||||||||
Disclosure of description of business [line items] | |||||||||||||||||
Ordinary shares issued | 793,877 | 940,000 | $ 687,927 | ||||||||||||||
Shares issued | € | € 9,900,000 | € 25,400,000 |
Significant Accounting Polici20
Significant Accounting Policies - Additional Information (Detail) | Jan. 07, 2018shares | Jun. 27, 2017shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016shares | Dec. 31, 2015shares |
Disclosure of subsidiaries [line items] | |||||
Number of subsidiary | 1 | ||||
Potential additional ordinary shares | 865,760 | 626,000 | 455,330 | ||
Orphan Europe [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Re-invoicing of external costs | € | € 0 | ||||
Other income [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Invoiced internal costs | € | € 177,500 | ||||
AGA 2016 [member] | ERYTECH Pharma S.A employees [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 8,652 | ||||
AGA 2016 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH pharma SA executive officers [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 40,500 | ||||
BSA [member] | Board of directors [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 55,000 | ||||
BSA [member] | Announcing or commencing implementation of major restructuring [member] | Board of directors [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 40,500 | ||||
AGA 2017 [member] | ERYTECH Pharma S.A employees [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 74,475 | ||||
AGA 2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH pharma SA executive officers [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 86,940 | ||||
AGA 2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH Pharma S.A employees [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 27,000 | ||||
SO2017 [member] | ERYTECH Pharma Inc employees [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 22,200 | ||||
SO2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH Pharma Inc employees [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 40,500 | ||||
SO2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH Pharma Inc employees [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Key management shares granted in share based compensation | 56,703 | ||||
Software licenses [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Useful lives or depreciation rates property plant and equipment | 5 | ||||
Bottom of range [member] | Software licenses [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Useful lives or depreciation rates property plant and equipment | 1 |
Significant Accounting Polici21
Significant Accounting Policies - Summary of Details of the Company's subsidiary (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |
Date of Incorporation | Apr. 30, 2014 |
Percent of Ownership Interest | 100.00% |
Accounting Method | Fully consolidated |
Significant Accounting Polici22
Significant Accounting Policies - Summary of Depreciation Periods of Property, Plant, and Equipment Item (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Bottom of range [member] | Industrial [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 1 year |
Bottom of range [member] | General equipment, fixtures and fittings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 3 years |
Bottom of range [member] | Laboratory equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 3 years |
Bottom of range [member] | Furniture [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 3 years |
Top of range [member] | Industrial [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 5 years |
Top of range [member] | General equipment, fixtures and fittings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 10 years |
Top of range [member] | Furniture [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful economic lives estimates | 5 years |
Note Related to the Consolidate
Note Related to the Consolidated Statement of Income(Loss) - Summary of Detailed Information of Operating Income (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information of operating income [line items] | |||
Total | € 3,364 | € 4,138 | € 2,929 |
Subsidiaries [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Total | 463 | 368 | |
Research tax credit [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Total | 3,187 | 3,347 | 2,219 |
Other income [member] | |||
Disclosure of detailed information of operating income [line items] | |||
Total | € 178 | € 327 | € 341 |
Notes Related to the Consolid24
Notes Related to the Consolidated Statement of Income (Loss) - Additional Information (Detail) | Nov. 09, 2017 | Oct. 03, 2017€ / sharesshares | Jun. 27, 2017EUR (€)€ / shares | Oct. 03, 2016EUR (€)€ / sharesshares | Apr. 29, 2015EUR (€)€ / sharesshares | Jan. 31, 2016EUR (€)€ / sharesshares | Aug. 31, 2015EUR (€)€ / shares | Apr. 29, 2015€ / sharesshares | Dec. 31, 2017EUR (€)Employeesshares | Oct. 03, 2017€ / shares | Jun. 27, 2017EUR (€)€ / shares | Dec. 31, 2016EUR (€)Employees | Dec. 31, 2015EUR (€)Employees | Nov. 08, 2017 | May 06, 2016shares | Aug. 03, 2015shares | Apr. 02, 2013shares |
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Other income | € 3,364,000 | € 4,138,000 | € 2,929,000 | ||||||||||||||
Increase in research and development expenses | 5,743,000 | ||||||||||||||||
Increase in general and administrative expenses | 1,983,000 | ||||||||||||||||
Expenses related to warrants allocated to Directors and Board fees | 325,000 | 2,050,000 | 1,593,000 | ||||||||||||||
Decrease in general and administrative expenses | 928,000 | ||||||||||||||||
Increase in personnel expenses | 3,609,000 | 2,392,000 | |||||||||||||||
Price of underlying share | € / shares | € 24.75 | ||||||||||||||||
Expected dividends | 0.00% | ||||||||||||||||
Personnal expense | 11,604,000 | 7,995,000 | 5,603,000 | ||||||||||||||
Increase in finance income | 3,113,000 | ||||||||||||||||
Closing exchange rate | 1.1630 | ||||||||||||||||
Accumulated tax loss carry forwards | 128,802,000 | 80,281,000 | € 59,682,000 | ||||||||||||||
ERYTECH Pharma Inc employees [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Increase of personnel expenses | 1,194,000 | ||||||||||||||||
BSPCE2014 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Shares granted for allocation | shares | 22,500 | ||||||||||||||||
BSA2014 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Shares granted for allocation | shares | 3,000 | ||||||||||||||||
BSA 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Estimated fair value of plan assets | € 198,000 | ||||||||||||||||
Senior management [member] | BSPCE2014 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Shares granted for allocation | shares | (12,000) | ||||||||||||||||
Employees [member] | BSPCE2014 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Shares granted for allocation | shares | 5,000 | (10,500) | |||||||||||||||
Parent [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Increase of personnel expenses | € 1,198,000 | ||||||||||||||||
Number of employees | Employees | 73 | 49 | |||||||||||||||
Weighted average full time employees | Employees | 98 | 66 | 44 | ||||||||||||||
Personnel expenses [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Increase in share-based compensation expenses | € 297,000 | ||||||||||||||||
2014 plan [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 245,000 | € 498,000 | € 1,133,000 | ||||||||||||||
Estimated residual fair value | € 636,000 | ||||||||||||||||
2014 plan [member] | BSPCE2014 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Shares granted for allocation | shares | 1,000 | ||||||||||||||||
Shares allocated will not be granted | shares | 3,000 | ||||||||||||||||
Assumptions used to detairmine fair value | shares | 5,000 | ||||||||||||||||
2014 plan [member] | Bottom of range [member] | BSPCE2014 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Risk-free interest rate | 0.18% | ||||||||||||||||
Volatility rate | 21.25% | ||||||||||||||||
Expected maturity period | 5 years | ||||||||||||||||
2014 plan [member] | Top of range [member] | BSPCE2014 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Risk-free interest rate | 0.11% | ||||||||||||||||
Volatility rate | 22.27% | ||||||||||||||||
Expected maturity period | 5 years 6 months 3 days | ||||||||||||||||
2017 plan [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Number of free shares granted | shares | 55,000 | ||||||||||||||||
2017 plan [member] | BSA 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Price of underlying share | € / shares | € 26.47 | € 26.47 | |||||||||||||||
Expected dividends | 0.00% | ||||||||||||||||
Volatility rate | 48.00% | ||||||||||||||||
Expected maturity period | 3 years | ||||||||||||||||
Number of free shares granted | shares | 55,000 | ||||||||||||||||
Attrition rate | 0.00% | ||||||||||||||||
Estimated fair value of plan assets | € 394,000 | ||||||||||||||||
Exercise price | € / shares | € 26.47 | ||||||||||||||||
Ripo margin | 5.00% | ||||||||||||||||
2017 plan [member] | AGAP 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 348,000 | ||||||||||||||||
Number of free shares granted | shares | 83,127 | 74,475 | |||||||||||||||
Performance criteria | ERYP2017 : average price of the 40 quoted market share price days before the allocation date, which was €24.48 ERYPi : average price of the 40 quoted market share price days before the acquisition date, Tri : ERYPi / (ERYP2017-1) If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0% | ||||||||||||||||
Share price | € 24.48 | ||||||||||||||||
Estimated fair value of plan assets | € 1,081,000 | € 1,081,000 | |||||||||||||||
2017 plan [member] | SO 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Price of underlying share | € / shares | € 26.47 | € 26.47 | |||||||||||||||
Expected dividends | 0.00% | ||||||||||||||||
Volatility rate | 48.00% | ||||||||||||||||
Expected maturity period | 3 years | ||||||||||||||||
Personnal expense | € 65,000 | ||||||||||||||||
Number of free shares granted | shares | 40,200 | 22,200 | |||||||||||||||
Attrition rate | 0.00% | ||||||||||||||||
Estimated fair value of plan assets | € 308,000 | € 308,000 | |||||||||||||||
Exercise price | € / shares | € 26.47 | ||||||||||||||||
Ripo margin | 5.00% | ||||||||||||||||
2017 plan [member] | AGA 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Price of underlying share | € / shares | € 26.47 | € 26.47 | |||||||||||||||
Expected dividends | 0.00% | ||||||||||||||||
Volatility rate | 48.00% | ||||||||||||||||
Expected maturity period | 3 years | ||||||||||||||||
Attrition rate | 0.00% | ||||||||||||||||
Ripo margin | 5.00% | ||||||||||||||||
2016 plan [member] | AGAP 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Price of underlying share | € / shares | € 24.48 | € 18.52 | € 24.48 | ||||||||||||||
Expected dividends | 0.00% | 0.00% | |||||||||||||||
Volatility rate | 48.00% | 45.00% | |||||||||||||||
Expected maturity period | 3 years | 3 years | |||||||||||||||
Personnal expense | € 533,000 | € 151,000 | |||||||||||||||
Number of free shares granted | shares | 16,650 | 111,261 | 151,563 | ||||||||||||||
Attrition rate | 0.00% | 0.00% | |||||||||||||||
Repo margin | 5.00% | ||||||||||||||||
Performance criteria | ERYP2017 : average price of the 40 quoted market share price days before the allocation date, which was €24.48 ERYPi : average price of the 40 quoted market share price days before the acquisition date, Tri : ERYPi / (ERYP2017-1) If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0% | ||||||||||||||||
Share price | € 24.48 | ||||||||||||||||
Estimated fair value of plan assets | € 974,000 | ||||||||||||||||
Ripo margin | 5.00% | ||||||||||||||||
2016 plan [member] | AGA 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Price of underlying share | € / shares | € 24.48 | € 24.48 | |||||||||||||||
Expected dividends | 0.00% | ||||||||||||||||
Volatility rate | 48.00% | ||||||||||||||||
Expected maturity period | 3 years | ||||||||||||||||
Attrition rate | 0.00% | ||||||||||||||||
Ripo margin | 5.00% | ||||||||||||||||
2016 plan [member] | SO 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Price of underlying share | € / shares | € 24.70 | € 18.52 | € 24.70 | ||||||||||||||
Expected dividends | 0.00% | 0.00% | |||||||||||||||
Volatility rate | 48.00% | 45.00% | |||||||||||||||
Expected maturity period | 3 years | 3 years | |||||||||||||||
Number of free shares granted | shares | 30,000 | 44,499 | 95,499 | ||||||||||||||
Attrition rate | 0.00% | 0.00% | |||||||||||||||
Repo margin | 5.00% | ||||||||||||||||
Estimated fair value of plan assets | € 202,000 | ||||||||||||||||
Exercise price | € / shares | € 23.59 | € 18.52 | |||||||||||||||
Ripo margin | 5.00% | ||||||||||||||||
2016 plan [member] | BSA 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Price of underlying share | € / shares | € 18.52 | ||||||||||||||||
Expected dividends | 0.00% | ||||||||||||||||
Volatility rate | 45.00% | ||||||||||||||||
Expected maturity period | 3 years | ||||||||||||||||
Number of free shares granted | shares | 45,000 | 60,000 | |||||||||||||||
Attrition rate | 0.00% | ||||||||||||||||
Repo margin | 5.00% | ||||||||||||||||
Exercise price | € / shares | € 18.52 | ||||||||||||||||
2012 Plan [member] | BSA 2012 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Shares granted for allocation | shares | 2,150 | 2,150 | 3,585 | ||||||||||||||
Price of underlying share | € / shares | € 31.19 | € 37.52 | € 31.19 | ||||||||||||||
Risk-free interest rate | 0.08% | 0.07% | |||||||||||||||
Expected dividends | 0.00% | 0.00% | |||||||||||||||
Volatility rate | 20.50% | 22.50% | |||||||||||||||
Expected maturity period | 2 years 6 months | 2 years 4 months 9 days | |||||||||||||||
U.S. dollars [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Foreign exchange rate | 1.1630 | ||||||||||||||||
Closing exchange rate | 1.1993 | ||||||||||||||||
FRANCE | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Tax rate | 34.43% | 34.43% | 34.43% | ||||||||||||||
Tranche Four [Member] | 2016 plan [member] | AGAP 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 27,000 | ||||||||||||||||
Estimated fair value of plan assets | 180,000 | ||||||||||||||||
Tranche Four [Member] | 2016 plan [member] | AGA 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 27,000 | ||||||||||||||||
Estimated fair value of plan assets | 180,000 | ||||||||||||||||
Tranche Four [Member] | 2016 plan [member] | SO 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 23,000 | ||||||||||||||||
Estimated fair value of plan assets | 208,000 | ||||||||||||||||
Orphan Europe [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Global amount financed for research | 600,000 | ||||||||||||||||
Other income [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Other income | 178,000 | € 327,000 | € 341,000 | ||||||||||||||
Research and development expenses [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Increase in research and development expenses | 8,944,000 | ||||||||||||||||
Increase of external services | 2,766,000 | 6,934,000 | |||||||||||||||
Increase of personnel expenses | 2,634,000 | 1,305,000 | |||||||||||||||
Personnal expense | 7,916,000 | 5,282,000 | 3,977,000 | ||||||||||||||
Research and development expenses [member] | Personnel expenses [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Increase of personnel expenses | 2,488,000 | ||||||||||||||||
Research and development expenses [member] | General and administrative expense [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Increase of personnel expenses | 824,000 | ||||||||||||||||
Research and development expenses [member] | 2014 plan [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 165,000 | ||||||||||||||||
Research and development expenses [member] | 2017 plan [member] | AGAP 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 180,000 | ||||||||||||||||
Research and development expenses [member] | 2017 plan [member] | SO 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 50,000 | ||||||||||||||||
Research and development expenses [member] | 2016 plan [member] | AGAP 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 217,000 | 61,000 | |||||||||||||||
Research and development expenses [member] | 2016 plan [member] | SO 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 90,000 | 22,000 | |||||||||||||||
Research and development expenses [member] | Tranche Four [Member] | 2016 plan [member] | AGAP 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 22,000 | ||||||||||||||||
Research and development expenses [member] | Tranche Four [Member] | 2016 plan [member] | AGA 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 22,000 | ||||||||||||||||
Research and development expenses [member] | Tranche Four [Member] | 2016 plan [member] | SO 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 9,000 | ||||||||||||||||
General and administrative expense [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Increase of personnel expenses | € 975,000 | ||||||||||||||||
Increase of personnel expenses, percentage | 36.00% | ||||||||||||||||
Increase in rental and maintenance costs | € 383,000 | ||||||||||||||||
Increase in rental and maintenance costs, percentage | 75.00% | ||||||||||||||||
Personnal expense | € 3,688,000 | 2,713,000 | € 1,627,000 | ||||||||||||||
General and administrative expense [member] | 2014 plan [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 81,000 | ||||||||||||||||
General and administrative expense [member] | 2017 plan [member] | BSA 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 165,000 | ||||||||||||||||
General and administrative expense [member] | 2017 plan [member] | AGAP 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 168,000 | ||||||||||||||||
General and administrative expense [member] | 2017 plan [member] | SO 2017 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 15,000 | ||||||||||||||||
General and administrative expense [member] | 2016 plan [member] | AGAP 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 316,000 | 90,000 | |||||||||||||||
General and administrative expense [member] | 2016 plan [member] | BSA 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 126,000 | € 37,000 | |||||||||||||||
General and administrative expense [member] | 2012 Plan [member] | BSA 2012 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 512,000 | € 1,081,000 | |||||||||||||||
General and administrative expense [member] | Tranche Four [Member] | 2016 plan [member] | AGAP 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 5,000 | ||||||||||||||||
General and administrative expense [member] | Tranche Four [Member] | 2016 plan [member] | AGA 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | 5,000 | ||||||||||||||||
General and administrative expense [member] | Tranche Four [Member] | 2016 plan [member] | SO 2016 [member] | |||||||||||||||||
Disclosure of detailed information of operating income [line items] | |||||||||||||||||
Personnal expense | € 14,000 |
Notes Related to the Consolid25
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Operating Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating expenses [line items] | |||
Consumables | € 2,539 | € 2,136 | € 1,076 |
Rental and maintenance | 1,531 | 1,156 | 767 |
Services, subcontracting and fees | 17,042 | 14,203 | 7,497 |
Personnel expenses | 11,604 | 7,995 | 5,603 |
Other | 1,008 | 613 | 3,200 |
Depreciation and amortization | 530 | 425 | 288 |
Total | 34,254 | 26,528 | 18,512 |
Research and development expenses [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 2,391 | 2,071 | 1,040 |
Rental and maintenance | 636 | 645 | 462 |
Services, subcontracting and fees | 14,175 | 11,409 | 4,475 |
Personnel expenses | 7,916 | 5,282 | 3,977 |
Other | 81 | 35 | 572 |
Depreciation and amortization | 263 | 277 | 250 |
Total | 25,463 | 19,720 | 10,776 |
Research and development expenses [member] | Other research and development expenses [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 1,859 | 917 | 244 |
Rental and maintenance | 140 | 161 | 204 |
Services, subcontracting and fees | 1,423 | 2,547 | 1,539 |
Personnel expenses | 2,023 | 1,173 | 1,506 |
Other | 20 | 8 | 56 |
Depreciation and amortization | 94 | 25 | 26 |
Total | 5,559 | 4,831 | 3,575 |
Research and development expenses [member] | Clinical studies [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 532 | 1,153 | 796 |
Rental and maintenance | 496 | 484 | 259 |
Services, subcontracting and fees | 12,407 | 8,410 | 2,570 |
Personnel expenses | 5,828 | 4,070 | 2,384 |
Other | 44 | 27 | 513 |
Depreciation and amortization | 169 | 252 | 224 |
Total | 19,476 | 14,397 | 6,745 |
Research and development expenses [member] | Intellectual property [member] | |||
Disclosure of operating expenses [line items] | |||
Services, subcontracting and fees | 345 | 453 | 366 |
Personnel expenses | 66 | 39 | 87 |
Other | 17 | 3 | |
Total | 428 | 491 | 456 |
General and administrative expense [member] | |||
Disclosure of operating expenses [line items] | |||
Consumables | 148 | 66 | 36 |
Rental and maintenance | 894 | 511 | 304 |
Services, subcontracting and fees | 2,867 | 2,793 | 3,022 |
Personnel expenses | 3,688 | 2,713 | 1,627 |
Other | 927 | 577 | 2,627 |
Depreciation and amortization | 266 | 148 | 39 |
Total | € 8,791 | € 6,808 | € 7,736 |
Notes Related to the Consolid26
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Personal Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | € 7,218 | € 4,857 | € 3,131 |
Share-based payments | 1,475 | 1,178 | 1,124 |
Social security expenses | 2,911 | 1,960 | 1,348 |
Total personnel expenses | 11,604 | 7,995 | 5,603 |
Research and development expenses [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 5,229 | 3,371 | 2,235 |
Share-based payments | 833 | 688 | 822 |
Social security expenses | 1,854 | 1,224 | 920 |
Total personnel expenses | 7,916 | 5,282 | 3,977 |
Other research and development expenses [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 1,166 | 688 | 953 |
Share-based payments | 279 | 136 | 126 |
Social security expenses | 578 | 350 | 427 |
Total personnel expenses | 2,023 | 1,173 | 1,506 |
Clinical studies [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 4,028 | 2,670 | 1,238 |
Share-based payments | 541 | 532 | 678 |
Social security expenses | 1,259 | 868 | 468 |
Total personnel expenses | 5,828 | 4,070 | 2,384 |
Intellectual property [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 34 | 13 | 43 |
Share-based payments | 13 | 6 | 19 |
Social security expenses | 18 | 19 | 25 |
Total personnel expenses | 66 | 39 | 87 |
General and administrative expense [member] | |||
Disclosure of employee benefits expense [line items] | |||
Wages and salaries | 1,990 | 1,486 | 896 |
Share-based payments | 642 | 490 | 302 |
Social security expenses | 1,057 | 736 | 429 |
Total personnel expenses | € 3,688 | € 2,713 | € 1,627 |
Notes Related to the Consolid27
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants (Detail) | Oct. 03, 2017shares | Oct. 03, 2016shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2015EUR (€)shares |
2012 Plan [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of shares that the company is authorized to issue | 45,500 | |||
Date of General Meeting | May 21, 2012 | |||
Exercise price per new share subscribed (in €) | € | € 7,362 | |||
Final date for exercising warrants | May 20, 2020 | |||
General conditions of exercise | The warrants are exercisable as of their acquisition date | |||
Maximum number of new shares that can be issued | 231,730 | |||
2012 Plan [member] | BSPCE2012 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of warrants granted | 33,788 | |||
Number of warrants exercised | 16,352 | |||
Parity | 1 warrant for 10 shares | |||
2012 Plan [member] | BSA 2012 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of warrants granted | 10,760 | |||
Number of warrants exercised | 5,525 | |||
Parity | 1 warrant for 10 shares | |||
2014 plan [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of shares that the company is authorized to issue | 22,500 | |||
Date of General Meeting | Jan. 22, 2014 | |||
Exercise price per new share subscribed (in €) | € | € 12,250 | |||
Final date for exercising warrants | Jan. 22, 2024 | |||
General conditions of exercise | The warrants are exercisable as of their acquisition date | |||
Maximum number of new shares that can be issued | 198,100 | |||
2014 plan [member] | BSPCE2014 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of warrants granted | 19,500 | |||
Number of warrants exercised | 1,500 | |||
Number of obsolete warrants | 1,090 | |||
Parity | 1 warrant for 10 shares | |||
2014 plan [member] | BSA2014 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of warrants granted | 3,000 | |||
Number of warrants exercised | 100 | |||
Number of obsolete warrants | 0 | |||
Parity | 1 warrant for 10 shares | |||
2017 plan [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of free shares / stock options / warrants granted | 55,000 | |||
2017 plan [member] | AGAP 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of free shares / stock options / warrants granted | 83,127 | 74,475 | ||
Date of General Meeting | Jun. 27, 2017 | |||
Number of tranches | 3 | |||
General conditions of exercise | NA | |||
Maximum number of new shares that can be issued | 74,475 | |||
2017 plan [member] | SO 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of shares that the company is authorized to issue | 420,000 | |||
Number of free shares / stock options / warrants granted | 40,200 | 22,200 | ||
Date of General Meeting | Jun. 27, 2017 | |||
Number of tranches | 2 | |||
General conditions of exercise | NA | |||
Maximum number of new shares that can be issued | 22,200 | |||
2017 plan [member] | BSA 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of free shares / stock options / warrants granted | 55,000 | |||
Date of General Meeting | Jun. 27, 2017 | |||
Number of tranches | 3 | |||
General conditions of exercise | NA | |||
Maximum number of new shares that can be issued | 55,000 | |||
2017 plan [member] | Tranche One [Member] | AGAP 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 1 : 1 year | |||
2017 plan [member] | Tranche One [Member] | SO 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 1 : 2 years | |||
2017 plan [member] | Tranche One [Member] | BSA 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 1 : 1 year | |||
2017 plan [member] | Tranche Two [Member] | AGAP 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 2 : 2 years | |||
2017 plan [member] | Tranche Two [Member] | SO 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 2 : 3 years | |||
2017 plan [member] | Tranche Two [Member] | BSA 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 2 : 2 years | |||
2017 plan [member] | Tranche Three [Member] | AGAP 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 3 : 3 years | |||
2017 plan [member] | Tranche Three [Member] | BSA 2017 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Vesting period | Tranche 3 : 3 years | |||
2016 plan [member] | AGAP 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of free shares / stock options / warrants granted | 16,650 | 111,261 | 151,563 | |
Number of tranches | 3 | |||
Maximum number of new shares that can be issued | 142,972 | |||
2016 plan [member] | SO 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of shares that the company is authorized to issue | 350,000 | |||
Number of free shares / stock options / warrants granted | 30,000 | 44,499 | 95,499 | |
Number of tranches | 2 | |||
Maximum number of new shares that can be issued | 95,499 | |||
2016 plan [member] | BSA 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Number of free shares / stock options / warrants granted | 45,000 | 60,000 | ||
Number of tranches | 2 | |||
Maximum number of new shares that can be issued | 60,000 | |||
2016 plan [member] | Tranche One [Member] | AGAP 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Oct. 3, 2016 | |||
Vesting period | Tranche 1 : 1 year | |||
General conditions of exercise | Tranche 1 : 1 year | |||
2016 plan [member] | Tranche One [Member] | SO 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Oct. 3, 2016 | |||
Vesting period | Tranche 1 : 2 years | |||
2016 plan [member] | Tranche One [Member] | BSA 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Oct. 3, 2016 | |||
Vesting period | Tranche 1 : 1 year | |||
2016 plan [member] | Tranche Two [Member] | AGAP 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Jan. 8, 2017 | |||
Vesting period | Tranche 2 : 2 years | |||
General conditions of exercise | Tranche 2 and 3 : NA | |||
2016 plan [member] | Tranche Two [Member] | SO 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Jan. 8, 2017 | |||
Vesting period | Tranche 2 : 3 years | |||
General conditions of exercise | NA | |||
2016 plan [member] | Tranche Two [Member] | BSA 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Jan. 8, 2017 | |||
Vesting period | Tranche 2 : 2 years | |||
General conditions of exercise | NA | |||
2016 plan [member] | Tranche Three [Member] | AGAP 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Jun. 27, 2017 | |||
Vesting period | Tranche 3 : 3 years | |||
2016 plan [member] | Tranche Three [Member] | SO 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Jun. 27, 2017 | |||
2016 plan [member] | Tranche Three [Member] | BSA 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Jun. 27, 2017 | |||
2016 plan [member] | Tranche Four [Member] | AGAP 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Oct. 3, 2017 | |||
2016 plan [member] | Tranche Four [Member] | SO 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Oct. 3, 2017 | |||
2016 plan [member] | Tranche Four [Member] | BSA 2016 [member] | ||||
Disclosure of subscription warrants [line items] | ||||
Date of General Meeting | Oct. 3, 2017 |
Notes Analysis of Income and Ex
Notes Analysis of Income and Expense - Summary of Breakdown of Plan Allocations (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of fair value of plan assets [line items] | |||
Profit loss | € (33,530) | € (21,913) | € (15,013) |
Plan ten 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 896 | 210 | |
Plan ten 2016 [member] | Allocation ofAGAP on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 533 | 151 | |
Plan ten 2016 [member] | Allocation of SO on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 90 | 22 | |
Plan ten 2016 [member] | Allocation of BSA on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 126 | 37 | |
Plan ten 2016 [member] | Allocation ofAGAP on 7 january 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 92 | ||
Plan ten 2016 [member] | Allocation of SO on 7 january 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 46 | ||
Plan ten 2016 [member] | Allocation of BSA on 7 january 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 10 | ||
Plan 2014 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 245 | 968 | 1,124 |
Plan 2014 [member] | Allocation of BSPCE on 6 may 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 138 | 498 | |
Plan 2014 [member] | Allocation of BSPCE on 22 january 2014 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 7 | 21 | 12 |
Plan 2014 [member] | Allocation of BSPCE on 1 september 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 51 | 261 | 209 |
Plan 2014 [member] | Allocation of BSA on 23 june 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 50 | 187 | 385 |
Plan 2014 [member] | Allocation of BSPCE on 23 June 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 517 | ||
Plan six 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 578 | ||
Plan six 2017 [member] | Allocation of AGAP on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 348 | ||
Plan six 2017 [member] | Allocation of SO on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 65 | ||
Plan six 2017 [member] | Allocation of BSA on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 165 | ||
Plan ten 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 49 | ||
Plan ten 2017 [member] | Allocation of AGAP on 3 october 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 27 | ||
Plan ten 2017 [member] | Allocation of SO on 3 october 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 23 | ||
TOTAL IFRS 2 EXPENSES [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 1,769 | 1,178 | 2,716 |
Plan 2012 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 1,593 | ||
Plan 2012 [member] | Allocation of BSA on 29 April 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 512 | ||
Plan 2012 [member] | Allocation of BSA on 31 August 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 1,081 | ||
Employees [member] | Plan ten 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 341 | 82 | |
Employees [member] | Plan ten 2016 [member] | Allocation ofAGAP on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 250 | 71 | |
Employees [member] | Plan ten 2016 [member] | Allocation of SO on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 45 | 11 | |
Employees [member] | Plan ten 2016 [member] | Allocation of SO on 7 january 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 46 | ||
Employees [member] | Plan 2014 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 94 | 339 | 517 |
Employees [member] | Plan 2014 [member] | Allocation of BSPCE on 6 may 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 94 | 339 | |
Employees [member] | Plan 2014 [member] | Allocation of BSPCE on 23 June 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 517 | ||
Employees [member] | Plan six 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 200 | ||
Employees [member] | Plan six 2017 [member] | Allocation of AGAP on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 156 | ||
Employees [member] | Plan six 2017 [member] | Allocation of SO on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 44 | ||
Employees [member] | Plan ten 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 49 | ||
Employees [member] | Plan ten 2017 [member] | Allocation of AGAP on 3 october 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 27 | ||
Employees [member] | Plan ten 2017 [member] | Allocation of SO on 3 october 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 23 | ||
Employees [member] | TOTAL IFRS 2 EXPENSES [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 685 | 421 | 517 |
Executives [Member] | Plan ten 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 419 | 91 | |
Executives [Member] | Plan ten 2016 [member] | Allocation ofAGAP on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 283 | 80 | |
Executives [Member] | Plan ten 2016 [member] | Allocation of SO on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 44 | 11 | |
Executives [Member] | Plan ten 2016 [member] | Allocation ofAGAP on 7 january 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 92 | ||
Executives [Member] | Plan 2014 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 152 | 629 | 607 |
Executives [Member] | Plan 2014 [member] | Allocation of BSPCE on 6 may 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 44 | 159 | |
Executives [Member] | Plan 2014 [member] | Allocation of BSPCE on 22 january 2014 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 7 | 21 | 12 |
Executives [Member] | Plan 2014 [member] | Allocation of BSPCE on 1 september 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 51 | 261 | 209 |
Executives [Member] | Plan 2014 [member] | Allocation of BSA on 23 june 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 50 | 187 | 385 |
Executives [Member] | Plan six 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 213 | ||
Executives [Member] | Plan six 2017 [member] | Allocation of AGAP on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 192 | ||
Executives [Member] | Plan six 2017 [member] | Allocation of SO on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 21 | ||
Executives [Member] | TOTAL IFRS 2 EXPENSES [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 784 | 720 | 607 |
Directors [member] | Plan ten 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 135 | 37 | |
Directors [member] | Plan ten 2016 [member] | Allocation of BSA on 3 october 2016 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 126 | 37 | |
Directors [member] | Plan ten 2016 [member] | Allocation of BSA on 7 january 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 10 | ||
Directors [member] | Plan six 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 165 | ||
Directors [member] | Plan six 2017 [member] | Allocation of BSA on 26 june 2017 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 165 | ||
Directors [member] | TOTAL IFRS 2 EXPENSES [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | € 300 | € 37 | 1,593 |
Directors [member] | Plan 2012 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 1,593 | ||
Directors [member] | Plan 2012 [member] | Allocation of BSA on 29 April 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | 512 | ||
Directors [member] | Plan 2012 [member] | Allocation of BSA on 31 August 2015 [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Profit loss | € 1,081 |
Notes Related to the Consolid29
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Depreciation and Amortization Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of depreciation and amortization [line items] | |||
Depreciation and amortization expense | € 530 | € 425 | € 288 |
Clinical studies [member] | |||
Disclosure of depreciation and amortization [line items] | |||
Depreciation and amortization expense | 169 | 252 | 224 |
Other research and development expenses [member] | |||
Disclosure of depreciation and amortization [line items] | |||
Depreciation and amortization expense | 94 | 25 | 26 |
Research and development expenses [member] | |||
Disclosure of depreciation and amortization [line items] | |||
Depreciation and amortization expense | 263 | 277 | 250 |
General and administrative expense [member] | |||
Disclosure of depreciation and amortization [line items] | |||
Depreciation and amortization expense | € 266 | € 148 | € 39 |
Notes Related to the Consolid30
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Financial Income and Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance income expense [line items] | |||
Interest expense on finance leases | € (8) | € (4) | € (5) |
Interest expense related to borrowings | (7) | ||
Interest expense on repayable loan | (25) | ||
Other finance expenses | (3,168) | (66) | (34) |
Total finance expense | (3,183) | (70) | (64) |
Income from short term deposits | 405 | 545 | 523 |
Other finance income | 134 | 13 | 108 |
Total finance income | 539 | 558 | 631 |
Total | € (2,644) | € 488 | € 567 |
Notes Related to the Consolid31
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Reconciliation of Effective Tax Rate (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reconciliation of effective tax rate [line items] | |||
Loss before tax | € (33,533) | € (21,902) | € (15,016) |
Theoretical tax expense or income | 11,545 | 7,541 | 5,170 |
Current year loss not capitalized | (12,071) | (8,303) | (5,001) |
CICE (employment and competitiveness tax credit) not included in taxable income | 34 | 24 | 18 |
Research tax credits | 1,097 | 1,144 | 764 |
Tax rate differences | 0 | (51) | (7) |
Share-based compensation expense | (592) | (398) | (935) |
Permanent differences | (10) | ||
Other differences | 0 | 33 | (6) |
Effective tax (loss)/income | € 3 | € (10) | € 3 |
Notes Related to the Consolid32
Notes Related to the Consolidated Statements of Financial Position - Schedule of Intangible Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about intangible assets [line items] | |||
Total, net | € 53 | € 57 | € 61 |
Total, net | 53 | 57 | 61 |
Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total, net | 234 | 209 | 184 |
Total, net | 234 | 209 | 184 |
Accumulated Amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total, net | (180) | (152) | (122) |
Total, net | € (180) | € (152) | € (122) |
Notes Related to the Consolid33
Notes Related to the Consolidated Statements of Financial Position - Schedule of Property, Plant and Equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | € 2,245 | € 918 | € 967 |
Acquisitions Through Business Combinations Property Plant And Equipment | 1,161 | 1,372 | 48 |
Disposals Property Plant And Equipment | (44) | (98) | |
Ending balance | 3,406 | 2,245 | 918 |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,684 | 2,958 | 2,738 |
Acquisitions Through Business Combinations Property Plant And Equipment | 1,664 | 1,770 | 318 |
Disposals Property Plant And Equipment | (44) | (98) | |
Ending balance | 6,349 | 4,684 | 2,958 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (2,439) | (2,041) | (1,771) |
Acquisitions Through Business Combinations Property Plant And Equipment | (503) | (398) | (270) |
Ending balance | (2,439) | (2,439) | (2,041) |
Laboratory equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 974 | 974 | 974 |
Ending balance | 974 | 974 | 974 |
Assets under construction [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 862 | 44 | 112 |
Acquisitions Through Business Combinations Property Plant And Equipment | 868 | 862 | 29 |
Disposals Property Plant And Equipment | (44) | (98) | |
Ending balance | 1,730 | 862 | 44 |
Plant, equipment, and tooling [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 850 | 727 | 617 |
Acquisitions Through Business Combinations Property Plant And Equipment | 270 | 123 | 110 |
Ending balance | 1,121 | 850 | 727 |
Plant, equipment, and tooling [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (523) | (426) | (346) |
Acquisitions Through Business Combinations Property Plant And Equipment | (118) | (98) | (79) |
Ending balance | (641) | (523) | (426) |
General equipment, fixtures and fittings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,466 | 1,079 | 959 |
Acquisitions Through Business Combinations Property Plant And Equipment | 389 | 387 | 120 |
Ending balance | 1,855 | 1,466 | 1,079 |
General equipment, fixtures and fittings [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (909) | (733) | (636) |
Acquisitions Through Business Combinations Property Plant And Equipment | (207) | (175) | (98) |
Ending balance | (1,116) | (909) | (733) |
Office equipment and computers [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 531 | 134 | 76 |
Acquisitions Through Business Combinations Property Plant And Equipment | 137 | 397 | 59 |
Ending balance | 668 | 531 | 134 |
Office equipment and computers [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (125) | (51) | (36) |
Acquisitions Through Business Combinations Property Plant And Equipment | (129) | (74) | (15) |
Ending balance | (255) | (125) | (51) |
Laboratory equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (882) | (831) | (753) |
Acquisitions Through Business Combinations Property Plant And Equipment | (48) | (51) | (78) |
Ending balance | € (930) | € (882) | € (831) |
Notes Related to the Consolid34
Notes Related to the Consolidated Statements of Financial position - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2016EUR (€) | Dec. 31, 2017EUR (€)€ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016EUR (€)€ / sharesshares | Dec. 31, 2015EUR (€)€ / sharesshares | Dec. 31, 2014shares | Dec. 31, 2012EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment held under finance leases | € 116,000 | € 203,000 | € 143,000 | ||||
Rental for premises | 234,000 | 132,000 | 97,000 | ||||
Trade and other receivables | 76,000 | 218,000 | 424,000 | ||||
Prepayments relate to D&O insurance | 373,000 | ||||||
Prepayments relate to purchase order | 570,000 | ||||||
Current accounts | 174,525,000 | 10,600,000 | 20,200,000 | ||||
Term deposits | € 11,000,000 | € 27,000,000 | € 25,400,000 | ||||
Notice period for availability of term deposits | 32 days | 32 days | 32 days | 32 days | |||
Maturities of term deposit | January 1st, 2019 | January 1st, 2019 | |||||
Number of shares fully paid up | shares | 17,937,559 | 8,732,648 | 7,924,611 | 6,882,761 | |||
Nominal value | € / shares | € 0.10 | € 0.10 | € 0.10 | ||||
Costs of issuing ordinary shares | € 16,722,000 | ||||||
Potential shares issued | shares | 865,760 | 865,760 | 626,000 | 455,330 | |||
Number of treasury shares held | shares | 2,500 | ||||||
Dispute settlement | € 81,000 | ||||||
Residual conditional advance | 23,000 | ||||||
Reimbursement | € 104,000 | ||||||
Bank loan received | 1,534,000 | € 1,480,000 | |||||
Increase in trades and other payables | 3,243,000 | 1,160,000 | € 1,588,000 | ||||
Accruals | 1,919,000 | ||||||
Share-based payments | 1,120,000 | 758,000 | 2,387,000 | ||||
Directors and other key management personnel [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Wages | 2,402,000 | ||||||
Share-based payments | 1,120,000 | ||||||
Pancreas project [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Conditional advance granted by BPI France | 735,000 | ||||||
GR-SIL project [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Conditional advance granted by BPI France | 135,000 | ||||||
Reimbursement of conditional advance | 23,000 | ||||||
Reimbursement of conditional advance related subsidy to settle dispute | € 81,000 | ||||||
Tedac project [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Conditional advance granted by BPI France | 4,895,052 | ||||||
Reimbursement of conditional advance related subsidy to settle dispute | 1,455,000 | ||||||
Repayment of conditional advance | 1,181,000 | ||||||
Amount upon achieving cumulative sales | € 5,281,000 | ||||||
Percentage of annuity equal to income generated through the sale of intellectual property rights | 50.00% | 50.00% | |||||
Conditional advance repayment limit | € 5,300,000 | ||||||
Tedac project [member] | Bottom of range [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Repayment of conditional advance | 10,000,000 | ||||||
Tedac project [member] | Signature of agreement [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Conditional advance received | € 62,607 | ||||||
Tedac project [member] | Milestones four [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Conditional advance received | 1,118,735 | ||||||
Tedac project [member] | June thirty of first year in which cumulative sales condition is achieved [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Repayment of conditional advance | 500,000 | ||||||
Tedac project [member] | June thirty of second year in which cumulative sales condition is achieved [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Repayment of conditional advance | 750,000 | ||||||
Tedac project [member] | June thirty of third year in which cumulative sales condition is achieved [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Repayment of conditional advance | 1,500,000 | ||||||
Tedac project [member] | June thirty of fourth year in which cumulative sales condition is achieved [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Repayment of conditional advance | 2,531,000 | ||||||
Tedac project [member] | Second phase [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Amount upon achieving cumulative sales | 60,000,000 | ||||||
Conditional advance repayment limit | € 15,000,000 | ||||||
Percentage of payment through the sale of intellectual property rights | 2.50% | 2.50% | |||||
Conditional advance repayment term | 15 years | 15 years | |||||
Pancreas project [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Conditional advance payment | $ | $ 260,000 | ||||||
Rental expenses [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Rental for premises | € 168,000 | € 132,000 | € 97,000 | ||||
Societe Generale [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Bank loan received | € 1,900,000 | ||||||
Interest rate | 0.40% | ||||||
Repayment terms | 36 | 36 | |||||
Bank loan repayable percentage | 100.00% | 100.00% |
Notes Related to the Consolid35
Notes Related to the Consolidated Statements of Financial Position - Schedule of Inventories (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of inventories [line items] | |||
Production inventory | € 104 | € 71 | € 79 |
Laboratory inventory | 72 | 74 | 87 |
Total inventory | € 176 | € 145 | € 166 |
Notes Related to the Consolid36
Notes Related to the Consolidated Statements of Financial Position - Schedule of Other Current Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Other Current Assets [Line Items] | |||
Research Tax Credit | € 3,326 | € 3,321 | € 3,743 |
Tax receivables (e.g. VAT) and other receivables | 1,114 | 863 | 1,190 |
Cash to be received from bank related to exercise of warrants | 23 | 553 | |
Prepayments | 1,327 | 339 | 220 |
Total | € 5,791 | € 4,524 | € 5,705 |
Notes Related to the Consolid37
Notes Related to the Consolidated Statements of Financial Position - Summary of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of cash and cash equivalents [line items] | ||||
Cash and cash equivalents | € 185,525 | € 37,646 | € 45,634 | |
Total cash and cash equivalents as reported in statement of financial position | 185,525 | 37,646 | 45,634 | € 36,988 |
Bank overdrafts | (11) | |||
Total cash and cash equivalents as reported in statement of cash flow | € 185,515 | € 37,646 | € 45,634 |
Notes Related to the Consolid38
Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
Beginning balance | 8,732,648 | 7,924,611 | 6,882,761 |
Follow-on offering | 793,877 | ||
Exercise of share warrants | 17,200 | 14,160 | 101,850 |
Free shares / Stock options / Share warrants | 7,574 | ||
Private placement with institutional investors | 3,000,000 | 940,000 | |
Initial Public Offering (including 5,389,021 ordinary shares in the form of ADSs) | 6,180,137 | ||
Ending balance | 17,937,559 | 8,732,648 | 7,924,611 |
Notes Related to the Consolid39
Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017shares | |
Disclosure of classes of share capital [line items] | |
Initial Public Offering | 6,180,137 |
American depository scheme [member] | |
Disclosure of classes of share capital [line items] | |
Initial Public Offering | 5,389,021 |
Notes Related to the Consolid40
Notes Related to the Consolidated Statements of Financial Position - Basic Earnings per Share and Diluted Earnings (Loss) per Share (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [line items] | |||
Net loss (in thousands of euros) | € (33,530) | € (21,913) | € (15,013) |
Weighted number of shares for the period | 11,370,557 | 7,983,642 | 6,957,654 |
Basic loss per share (€/share) | € (2.95) | € (2.74) | € (2.16) |
Diluted loss per share (€/share) | € (2.95) | € (2.74) | € (2.16) |
Notes Related to the Consolid41
Notes Related to the Consolidated Statements of Financial Position - Summary of Details of Provisions (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of other provisions [line items] | |||
Provision for retirement indemnities | € 214 | € 163 | € 100 |
Provision for retirement indemnities [member] | |||
Disclosure of other provisions [line items] | |||
Provision for retirement indemnities | € 214 | € 163 | 100 |
Provisions for disputes [member] | |||
Disclosure of other provisions [line items] | |||
Provision for retirement indemnities | € 81 |
Notes Related to the Consolid42
Notes Related to the Consolidated Statements of Financial Position - Estimate of the Retirement Commitments (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.30% | 1.36% | 2.03% |
Wage increase | 2.00% | 2.00% | 2.00% |
Mortality table | INSEE 2,014 | INSEE 2,014 | INSEE 2,014 |
Non-executive [member] | |||
Disclosure of defined benefit plans [line items] | |||
Social welfare contribution rate | 44.00% | 44.00% | 44.00% |
Executive [member] | |||
Disclosure of defined benefit plans [line items] | |||
Social welfare contribution rate | 54.00% | 54.00% | 54.00% |
Bottom of range [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected staff turnover | 0.00% | 0.00% | 0.00% |
Age of retirement: | 65 | 65 | 65 |
Top of range [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected staff turnover | 10.00% | 10.00% | 10.00% |
Age of retirement: | 67 | 67 | 67 |
Notes Related to the Consolid43
Notes Related to the Consolidated Statements of Financial Position - Summary of breakdown of provisions (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other provisions [line items] | |||
Opening | € 163 | € 181 | € 89 |
Other | (8) | 30 | (8) |
Provisions | 59 | 33 | 101 |
Reversals | 81 | ||
Closing | 214 | 163 | 181 |
Provision for retirement indemnities [member] | |||
Disclosure of other provisions [line items] | |||
Opening | 163 | 100 | 89 |
Other | (8) | 30 | (8) |
Provisions | 59 | 33 | 20 |
Closing | € 214 | 163 | 100 |
Provisions for disputes [member] | |||
Disclosure of other provisions [line items] | |||
Opening | 81 | ||
Provisions | 81 | ||
Reversals | € 81 | ||
Closing | € 81 |
Notes Related to the Consolid44
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Type (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial liabilities [line items] | |||
Financial liabilities related to finance leases | € 117 | € 204 | € 144 |
Bank overdrafts | 11 | ||
Conditional advances | 1,182 | 1,182 | 563 |
Bank loans | 1,534 | 1,480 | |
Total financial liabilities | € 2,843 | € 2,865 | € 707 |
Notes Related to the Consolid45
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Maturity (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial liabilities | |||
Bank loans | € 1,534 | € 1,480 | |
Conditional advances | 1,182 | 1,182 | € 563 |
Liabilities related to leases | 117 | 204 | 144 |
Bank overdrafts | 11 | ||
Total financial liabilities | 2,843 | 2,865 | 707 |
Less than one year [member] | |||
Financial liabilities | |||
Bank loans | 735 | ||
Conditional advances | 501 | ||
Liabilities related to leases | 79 | 50 | 56 |
Bank overdrafts | 11 | ||
Total financial liabilities | 824 | 50 | 556 |
Later than one year and not later than three years [member] | |||
Financial liabilities | |||
Bank loans | 799 | 1,480 | |
Liabilities related to leases | 39 | 154 | 88 |
Total financial liabilities | 838 | 1,634 | 88 |
Later than five years [member] | |||
Financial liabilities | |||
Conditional advances | 1,182 | 1,182 | 63 |
Total financial liabilities | € 1,182 | € 1,182 | € 63 |
Notes Related to the Consolid46
Notes Related to the Consolidated Statements of Financial Position - Summary of Main Terms of Agreements (Detail) - EUR (€) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of financial liabilities [line items] | ||||||
Financial liabilities | € 2,843,000 | € 2,865,000 | € 707,000 | |||
Pancreas project [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Conditional advance granted | 735,000 | |||||
GR-SIL project [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Conditional advance granted | 135,000 | |||||
Tedac project [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Conditional advance granted | 4,895,052 | |||||
Repayment | 1,181,000 | |||||
Bpi France [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Total conditional advances granted | € 879,000 | |||||
Effect of the discount | (122,000) | |||||
Conditional advance granted | 757,000 | |||||
Repayment | (508,000) | (9,000) | € (184,000) | € (115,000) | ||
Interest capitalized | 7,000 | 23,000 | 39,000 | 52,000 | ||
Financial liabilities | € 1,181,000 | 1,181,000 | € 563,000 | 549,000 | 694,000 | |
Bpi France [member] | Pancreas project [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Total conditional advances granted | 735,000 | |||||
Repayment | (485,000) | (150,000) | (100,000) | |||
Bpi France [member] | GR-SIL project [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Total conditional advances granted | 81,000 | |||||
Repayment | (23,000) | € (34,000) | € (15,000) | |||
Bpi France [member] | Tedac project [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Total conditional advances granted | € 63,000 | |||||
Conditional advance granted | € 1,118,000 |
Notes Related to the Consolid47
Notes Related to the Consolidated Statements of Financial Position - Summary of Trade and Other Payables (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Trade and other payables [line items] | |||
Vendors | € 8,076 | € 4,832 | € 3,672 |
Payables to domestic vendors [Member] | |||
Trade and other payables [line items] | |||
Vendors | 2,335 | 2,802 | 1,904 |
Payables to foreign vendors [Member] | |||
Trade and other payables [line items] | |||
Vendors | 2,631 | 745 | 1,371 |
Payables to vendors accruals [Member] | |||
Trade and other payables [line items] | |||
Vendors | 3,211 | 1,292 | 498 |
Other Trade Payables [Member] | |||
Trade and other payables [line items] | |||
Vendors | € (101) | € (7) | € (101) |
Notes Related to the Consolid48
Notes Related to the Consolidated Statements of Financial Position - Summary of Other Current Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial liabilities [line items] | |||
Social liabilities, taxation and social security | € 2,706 | € 1,465 | € 1,241 |
Deferred revenue | 0 | 0 | 0 |
Other payables | 71 | ||
Total other current liabilities | € 2,706 | € 1,465 | € 1,311 |
Notes Related to the Consolid49
Notes Related to the Consolidated Statements of Financial Position - Summary of Transactions Between Related Parties (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Salary / Fees | € 2,402 | € 1,500 | € 1,276 |
Retirement benefits | 44 | 25 | 7 |
Share based payments | 1,120 | 758 | 2,387 |
Executive officers / VP and Qualified person [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary / Fees | 654 | 498 | 825 |
Retirement benefits | 19 | 15 | 6 |
Share based payments | 306 | 226 | 241 |
Executive committee [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary / Fees | 1,519 | 818 | 279 |
Retirement benefits | 25 | 10 | 1 |
Share based payments | 478 | 495 | 554 |
Board of directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary / Fees | 229 | 184 | 172 |
Share based payments | € 336 | € 37 | € 1,593 |
Notes Related to the Consolid50
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of detailed information about financial instruments [line items] | ||||
Other current assets | € 5,791 | € 4,524 | € 5,705 | |
Cash and cash equivalents | 185,525 | 37,646 | 45,634 | € 36,988 |
Financial liabilities - Non-current portion | 2,019 | 2,816 | 151 | |
Financial liabilities - current portion | 824 | 50 | 557 | |
Trade payables and related accounts | 8,076 | 4,832 | 3,672 | |
Total financial liabilities | 2,843 | 2,865 | 707 | |
Financial liabilities at amortised cost, category [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities - Non-current portion | 2,019 | 2,816 | 151 | |
Financial liabilities - current portion | 824 | 50 | 557 | |
Trade payables and related accounts | 8,076 | 4,832 | 3,672 | |
Total financial liabilities | 10,919 | 7,697 | 4,380 | |
Financial liabilities at fair value, class [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities - Non-current portion | 2,019 | 2,816 | 151 | |
Financial liabilities - current portion | 824 | 50 | 557 | |
Trade payables and related accounts | 8,076 | 4,832 | 3,672 | |
Total financial liabilities | 10,919 | 7,697 | 4,380 | |
Financial liabilities at carrying value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities - Non-current portion | 2,019 | 2,816 | 151 | |
Financial liabilities - current portion | 824 | 50 | 557 | |
Trade payables and related accounts | 8,076 | 4,832 | 3,672 | |
Total financial liabilities | 10,919 | 7,697 | 4,380 | |
Financial assets at carrying value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets | 234 | 132 | 97 | |
Trade and other receivables | 76 | 218 | 424 | |
Other current assets | 5,790 | 4,524 | 5,705 | |
Cash and cash equivalents | 185,525 | 37,646 | 45,634 | |
Total financial assets | 191,626 | 42,520 | 51,860 | |
Financial assets at fair value through profit or loss, category [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 185,525 | 37,646 | 45,634 | |
Total financial assets | 185,525 | 37,646 | 45,634 | |
Loans and receivables, category [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets | 234 | 132 | 97 | |
Trade and other receivables | 76 | 218 | 424 | |
Other current assets | 5,790 | 4,524 | 5,705 | |
Total financial assets | 6,100 | 4,874 | 6,226 | |
Financial assets at fair value through other comprehensive income, category [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets | 234 | 132 | 97 | |
Trade and other receivables | 76 | 218 | 424 | |
Other current assets | 5,790 | 4,524 | 5,705 | |
Cash and cash equivalents | 185,525 | 37,646 | 45,634 | |
Total financial assets | € 191,626 | € 42,520 | € 51,860 |
Management of Financial Risks -
Management of Financial Risks - Additional Information (Detail) € in Thousands, $ in Thousands | Dec. 29, 2017 | Nov. 09, 2017 | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) |
Disclosure of financial risk management [line items] | |||||||
Cash and cash equivalents | € 185,525 | € 37,646 | € 45,634 | € 36,988 | |||
Impact of 1% decrease in change in exchange rate | 102 | ||||||
Impact of 5% decrease in change in exchange rate | 490 | ||||||
Impact of 10% decrease in change in exchange rate | 935 | ||||||
Bank account position held in USD | 113,385 | ||||||
Impact of 1% decrease in change in exchange rate | 936 | ||||||
Impact of 5% decrease in change in exchange rate | 4,502 | ||||||
Impact of 10% decrease in change in exchange rate | 8,595 | ||||||
U.S. dollars [member] | |||||||
Disclosure of financial risk management [line items] | |||||||
Exchange rate | 1.1630 | ||||||
Liquidity risk [member] | |||||||
Disclosure of financial risk management [line items] | |||||||
Cash flows used by operating activities | 24,700 | € 17,600 | € 14,600 | ||||
Cash and cash equivalents | € 185,500 | ||||||
Foreign currency exchange risk [member] | U.S. dollars [member] | |||||||
Disclosure of financial risk management [line items] | |||||||
Percentage of operating expenses denominated in U.S. dollars | 30.00% | 30.00% | |||||
Expenses in U.S. Dollars | $ | $ 11,620 | ||||||
Exchange rate | 1.1993 |
Management of Financial Risks52
Management of Financial Risks - Summary of Contractual Cash Flows of the Financial Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial risk management [line items] | |||
Bank loans | € 1,534 | € 1,480 | |
Liabilities related to finance leases | 117 | 204 | € 144 |
Bank overdrafts | 11 | ||
Trade payables and related accounts | 8,076 | 4,832 | 3,672 |
Total financial liabilities | 2,843 | 2,865 | 707 |
Less than one year [member] | |||
Disclosure of financial risk management [line items] | |||
Bank loans | 735 | ||
Liabilities related to finance leases | 79 | 50 | 56 |
Total financial liabilities | 824 | 50 | 556 |
Liquidity risk [member] | Contractual cash flows [member] | |||
Disclosure of financial risk management [line items] | |||
Bank loans | (1,534) | (1,480) | |
Conditional advances | (1,182) | (1,182) | (570) |
Liabilities related to finance leases | (117) | (149) | (149) |
Bank overdrafts | (11) | ||
Trade payables and related accounts | (8,076) | (4,832) | (3,672) |
Total financial liabilities | (10,919) | (7,644) | (4,392) |
Liquidity risk [member] | Less than one year [member] | Contractual cash flows [member] | |||
Disclosure of financial risk management [line items] | |||
Bank loans | (735) | ||
Conditional advances | (507) | ||
Liabilities related to finance leases | (79) | (59) | (59) |
Bank overdrafts | (11) | ||
Trade payables and related accounts | (8,076) | (4,832) | (3,672) |
Total financial liabilities | (8,900) | (4,891) | (4,238) |
Liquidity risk [member] | One to five years [member] | Contractual cash flows [member] | |||
Disclosure of financial risk management [line items] | |||
Bank loans | (799) | (1,480) | |
Conditional advances | (1,182) | (1,182) | (63) |
Liabilities related to finance leases | (39) | (91) | (91) |
Total financial liabilities | (2,020) | (2,753) | (153) |
Gross carrying amount [member] | Liquidity risk [member] | Contractual cash flows [member] | |||
Disclosure of financial risk management [line items] | |||
Bank loans | 1,534 | 1,480 | |
Conditional advances | 1,182 | 1,182 | 563 |
Liabilities related to finance leases | 117 | 204 | 144 |
Bank overdrafts | 11 | ||
Trade payables and related accounts | 8,076 | 4,832 | 3,672 |
Total financial liabilities | € 10,919 | € 7,697 | € 4,380 |
Off-Balance Sheet Commitments -
Off-Balance Sheet Commitments - Additional Information (Detail) - EUR (€) | 1 Months Ended | 12 Months Ended |
Nov. 01, 2012 | Dec. 31, 2017 | |
Disclosure of off balance sheet commitments [Line Items] | ||
Off-balance sheet commitments relating to operating leases amount | € 726,000 | |
Orphan Europe [member] | ||
Disclosure of off balance sheet commitments [Line Items] | ||
Payment received on signing agreement | € 5,000,000 | |
Future payments upon achievement of specified clinical, regulatory and commercial milestones | € 37,500,000 | |
Percentage of payment received for product delivered and royalties on sales | 45.00% | |
Less than one year [member] | ||
Disclosure of off balance sheet commitments [Line Items] | ||
Off-balance sheet commitments relating to operating leases amount | 484,000 | |
One to five years [member] | ||
Disclosure of off balance sheet commitments [Line Items] | ||
Off-balance sheet commitments relating to operating leases amount | 242,000 | |
Later than five years [member] | ||
Disclosure of off balance sheet commitments [Line Items] | ||
Off-balance sheet commitments relating to operating leases amount | € 0 |