Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document and entity information [abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | ERYTECH PHARMA S.A. |
Entity Central Index Key | 0001624422 |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Profit or loss [abstract] | ||
Revenues | € 0 | € 0 |
Other income | 2,965 | 2,265 |
Operating income | 2,965 | 2,265 |
Research and development | (22,718) | (16,752) |
General and administrative | (10,493) | (7,393) |
Operating expenses | (33,210) | (24,145) |
Operating loss | (30,245) | (21,880) |
Financial income | 1,265 | 2,966 |
Financial expenses | (305) | (42) |
Financial income (loss) | 960 | 2,924 |
Income tax | (1) | (14) |
Net loss | € (29,286) | € (18,970) |
Basic / Diluted loss per share (€/share) | € (1.63) | € (1.06) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of comprehensive income [abstract] | ||
Net loss | € (29,286) | € (18,970) |
Elements that may be reclassified subsequently to income (loss) | ||
Currency translation adjustment | (30) | 14 |
Elements that may not be reclassified subsequently to income (loss) | ||
Remeasurement of defined benefits liabilities | (66) | (46) |
Tax effect | 16 | |
Other comprehensive income (loss) | (96) | (17) |
Total comprehensive income (loss) | € (29,382) | € (18,987) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Intangible assets | € 1,634 | € 1,613 |
Property, plant and equipment | 26,090 | 15,274 |
Right of use | 6,634 | |
Other non-current financial assets | 892 | 1,046 |
Total non-current assets | 35,250 | 17,933 |
Current assets | ||
Other current financial assets | 78 | |
Inventories | 207 | 1,396 |
Trade and other receivables | 917 | 30 |
Other current assets | 14,651 | 14,111 |
Cash and cash equivalents | 94,452 | 134,371 |
Total current assets | 110,305 | 149,907 |
TOTAL ASSETS | 145,555 | 167,840 |
Shareholders' equity | ||
Share capital | 1,794 | 1,794 |
Premiums related to share capital | 281,685 | 281,745 |
Reserves | (137,245) | (99,524) |
Translation reserve | 77 | (188) |
Net loss for the period | (29,286) | (38,224) |
Total shareholders' equity | 117,025 | 145,602 |
Non-current liabilities | ||
Provisions - non-current portion | 473 | 347 |
Financial liabilities - non-current portion | 1,302 | 1,243 |
Lease liabilities - non-current portion | 8,095 | |
Total Non-current liabilities | 9,870 | 1,590 |
Current liabilities | ||
Provisions - current portion | 50 | |
Financial liabilities - current portion | 431 | 776 |
Lease liabilities - current portion | 773 | |
Trade and other payables | 11,492 | 16,655 |
Other current liabilities | 5,914 | 3,217 |
Total current liabilities | 18,660 | 20,648 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | € 145,555 | € 167,840 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net loss | € (29,286) | € (18,970) |
Reconciliation of net loss and the cash used for operating activities | ||
Gain or loss en exchange (calculated) | (596) | (2,413) |
Amortization and depreciation | 1,095 | 458 |
Provision | 110 | 62 |
Expenses related to share-based payments | 749 | 1,380 |
Interest expense | 279 | 5 |
Income tax expense | 1 | 14 |
Change in trade and payables in foreign currency | 20 | 14 |
Operating cash flow before change in working capital | (27,628) | (19,449) |
(Increase) decrease in inventories | 1,189 | (82) |
(Increase) decrease in trade and other receivables | (887) | 76 |
(Increase) decrease in other current assets | (484) | (5,447) |
Increase (decrease) in trade and other payables | 3,720 | 4,290 |
Increase (decrease) in other current liabilities | 272 | 524 |
Change in working capital | 3,810 | (639) |
Net cash flow used in operating activities | (23,818) | (20,088) |
Cash flows from investing activities | ||
Acquisition of property, plant and equipment | (17,648) | |
Acquisitions of intangible assets | (2) | (1,402) |
Acquisitions of non-current & current financial assets | (618) | |
Disposal of non-current & current financial assets | 80 | |
Net cash flow used in investing activities | (17,570) | (2,020) |
Cash flows from financing activities | ||
Repayment of borrowings | (368) | (418) |
Allowance received from a lessor | 1,848 | |
Repayment of lease debt (IFRS 16) | (519) | |
Interests paid | (119) | |
Net cash flow from (used in) financing activities | 842 | (418) |
Exchange rate effect on cash in foreign currency | 627 | 2,431 |
Increase / Decrease in cash and cash equivalents | (39,919) | (20,095) |
Net cash and cash equivalents at the beginning of the period | 134,371 | 185,514 |
Net cash and cash equivalents at the closing of the period | 94,452 | 165,421 |
Supplemental disclosure of cash flows information | ||
Cash paid for interest | 119 | 38 |
Cash paid for income tax | € 0 | € 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - EUR (€) € in Thousands | Total | Share capital | Premiums related to the share capital | Rreserves | Translation reserve | Net (income) loss |
Beginning balance at Dec. 31, 2017 | € 181,419 | € 1,794 | € 281,745 | € (68,386) | € (203) | € (33,530) |
Net loss for the period | (18,970) | (18,970) | ||||
Other comprehensive income | (16) | (30) | 14 | |||
Total comprehensive income (loss) | (18,987) | (30) | 14 | (18,970) | ||
Allocation of prior period loss | (33,530) | 33,530 | ||||
Share-based payment | 1,380 | 1,380 | ||||
Ending balance at Jun. 30, 2018 | 163,812 | 1,794 | 281,745 | (100,567) | (190) | (18,970) |
Beginning balance at Dec. 31, 2018 | 145,602 | 1,794 | 281,745 | (99,524) | (188) | (38,224) |
Net loss for the period | (29,286) | (29,286) | ||||
Other comprehensive income | (96) | (66) | (30) | |||
Total comprehensive income (loss) | (29,382) | (66) | (30) | (29,286) | ||
Allocation of prior period loss | (38,224) | 38,224 | ||||
Issue of warrants | 56 | 56 | ||||
Share-based payment | 749 | 749 | ||||
Reclassification | 0 | 0 | (115) | (180) | 295 | |
Ending balance at Jun. 30, 2019 | € 117,025 | € 1,794 | € 281,685 | € (137,245) | € 77 | € (29,286) |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Description of the Business | 1. DESCRIPTION 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 €117,025 thousand as of June 30, 2019 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 condensed consolidated financial statements and related notes (the “ Condensed Consolidated Financial Statements Major events of the first half of 2019 Business May 2019: • Acceptance by the U.S. Food and Drug Administration (FDA) of the Company’s Investigational New Drug (IND) application for eryaspase, consisting of the enzyme L-asparaginase June 2019: • Opening of the a U.S.-based GMP manufacturing facility in Princeton, New Jersey, United States. The facility will support production capacity needs for eryaspase, the Company’s lead product candidate, for patients in the United States. The Princeton facility is targeted to begin manufacturing eryaspase in the fourth quarter of 2019 to ensure supply for U.S. participants in the TRYbeCA1 trial. • The Company signed an agreement with SQZ Biotechnologies (SQZ), a cell therapy company developing novel treatments in multiple therapeutic areas, to collaborate on the advancement of novel red blood cell-based • Enrollment of first patient in the Phase 2 clinical trial, named TRYbeCA2, evaluating the Company’s lead product candidate, eryaspase, for the treatment of first line triple negative breast cancer (TNBC). Management January 2019: • Grant of 36,150 free shares and 38,025 stock-options to employees. • Eric Soyer is appointed as Deputy General Manager of the Company. April 2019: • Grant of 94,200 free shares (of which 36,000 to executives and 58,200 to employees), 76,905 stock-options (of which 44,200 to executives and 32,705 to employees) and 25,998 warrants to members of the board of directors. June 2019: • Dr. Jean-Paul Kress was appointed as Chairman of the Board of Directors by the Board of Directors following his appointment as board member at the Company’s Annual General Meeting of Shareholders held on June 21, 2019. Dr. Kress has over 25 years’ experience as a senior executive in international biotechnology and pharmaceutical groups. |
Statement of Compliance
Statement of Compliance | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Statement of Compliance | 2. STATEMENT OF COMPLIANCE The Condensed 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 Condensed Consolidated Financial Statements of the Company are also prepared in accordance with IFRS, as adopted by the European Union (EU). As of June 30, 2019, all IFRS that the IASB had published and that are mandatory are the same as those adopted by the EU and mandatory in the EU. As a result, the Condensed Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU. The Condensed Consolidated Financial Statements as of June 30, 2019 have been prepared in accordance with the standard IAS 34, “ Interim financial reporting Except for the standards applicable as of January 1, 2019 described below, the standards applied in the preparation of the Condensed Consolidated Financial Statements are the same as those applied to prepare the financial statements as of December 31, 2018. The Company adopted the following standards, amendments and interpretations that are mandatory as of January 1, 2019: • IFRS 16 – Leases • IFRIC 23 – Uncertainty over income tax treatments • Amendments to IFRS 9 – Prepayment features with negative compensation • Amendments to IAS 28 – Long term Interests in Associates and Joint Ventures • Amendments to IAS 19 – Plan Amendment, Curtailment or Settlement • Annual Improvements to IFRS Standards 2015-2017 Cycle. These new texts did not have any significant impact on the Company’s results or financial position with the exception of IFRS 16 (refer to note 3.4).The standards and interpretations that are optionally applicable to the Company as of June 30, 2019 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: • Amendments to References to the Conceptual Framework in IFRS Standards • Amendments to IFRS 3 – Business Combinations • Amendments to IAS 1 and IAS 8: Definition of Material |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Significant Accounting Policies | 3. SIGNIFICANT ACCOUNTING POLICIES 3.1 Scope of consolidation Details of the Company’s subsidiary as of June 30, 2019 are as follows: Date of incorporation Percent of Accounting method ERYTECH Pharma, Inc. Registered office: Cambridge, Massachusetts – United-States April 2014 100 % Fully consolidated 3.2 Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Condensed Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. The exchange rates used for the preparation for the translation of the financial statements of ERYTECH PHARMA, Inc. are as follows: Exchange rate (USD per EUR) June 30, 2018 December 31, 2018 June 30, 2019 Weighted average rate 1.2108 1.1815 1.1298 Closing rate 1.1658 1.1450 1.1380 3.3 Use of estimates and judgments Preparation of the Condensed Consolidated Financial Statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The main estimates are described in the annual consolidated financial statements, except new significant judgments linked to the accounting treatment of the leases in accordance with IFRS 16, as described in note 3.4. 3.4 Change in accounting policies The Company applied IFRS 16 – Leases IFRS 16 eliminates the distinction between operating leases and finance leases and requires all leases to be recognized on the lessee’s balance sheet, in the form of an asset (representing the right to use the rented asset during the duration of the contract – see note 5.3) and of a liability (corresponding to the future lease payments – see note 5.12). The standard also impacts the presentation of the income statement (allocation of expense between operating loss and financial charges) and the cash flow statement (allocation of cash outflows between cash flow from operating activities and cash flow from financing activities). The Company has applied the modified retrospective approach. Under this approach, the cumulative effect of initially applying IFRS 16 is recognized as an adjustment to equity at the transition date, i.e. January 1, 2019. Consequently, the comparative information disclosed for 2018 were not restated. There are disclosed as previously in accordance with IAS 17 standard and its interpretations. The consequence of this change in accounting policies are disclosed in detail below. Definition of a lease Until the current period, the Company determined at the signing of the contract whether an agreement constituted or included a lease in accordance with the provisions of IFRIC 4, “ Determining Whether an Arrangement Contains a Lease The Company now assesses whether a contract is or contains a lease in accordance with IFRS 16, i.e. whether it grants the right to control the use of an identified asset for a certain period in exchange for consideration. At the transition date, the Company chose to apply the simplification measure of keeping past analyses for the identification of leases and applying IFRS 16 only to contracts previously classified as leases. Significant accounting policies In accordance with IFRS 16, the right of use and the lease liability are recognized on the lessee’s balance sheet when the asset linked to the lease agreement become available: • The right of use asset is measured at cost and comprises: • the amount of the initial measurement of the lease liability, • lease incentives, payments at or prior to commencement date, • incremental costs which would not have been incurred if the contract had not been concluded. • The lease liability is recognized for an amount equal to the present value of the lease payments over the lease term. The right of use is subsequently measured at cost less depreciation and any accumulated impairment loss. The amount can be adjusted based on certain revaluations of the lease liability. The lease liability is then increased by the interest expense and decreased by the rents paid. The lease liability may be remeasured in the following situations: • Modification related to the assessment of the exercise of an option to purchase or the extension or the non-exercise • Rent adjustments based on rates and indices provided in the contracts. The duration corresponds to the firm period of the commitment and takes into account the optional periods that are reasonably certain to be exercised. The Company has used its judgment in determining the term of the lease agreements providing for an extension option. The fact that the Company has determined that it is reasonably certain to exercise such options affects the lease term and has a significant impact on the amount of the right of use and the lease liability. Transition information At the transition date, the lease liability linked to contracts classified as operating leases in accordance with IAS 17 (mainly real estate) was measured at the value of the remaining lease payments discounted at the marginal borrowing rate as of January 1, 2019. The right of use is measured at an amount equal to the lease liability, corrected with lease payments prior to the commencement date or remaining due in the statement of financial position. For contracts previously classified as finance leases, the value of the right of use and the lease liability as of January 1, 2019 were determined as those of the underlying asset and the lease debt that were calculated in accordance with IAS 17. The Company has applied simplification measures set out in IFRS 16 regarding: • Contracts with a lease term of 12 months or less at the transition date. These contracts have resulted in an expense of approximately €160 thousand during the first half of 2019. • Contracts for low value assets. These contracts have resulted in an expense of approximately €20 thousand during the first half of 2019. As part of the transition to IFRS 16 as of January 1, 2019, the Company recognized in liabilities a lease liability of €7,734 thousand (refer to note 5.12) and in assets a right of use of €7,443 thousand (refer to note 5.3) taking into account a liability of €291 thousand recognized in the statement of financial position as of December 31, 2018. The discount rates applied for contracts previously classified as operating leases are based on the Company’s marginal borrowing rate, to which is added a spread which takes into account the total duration of the contract. The average marginal borrowing rate selected as of January 1, 2019 is 1.4% in France and 3.8% in the United States. The gap between the off-balance (amounts in €‘000) Operating lease commitment as lessee (December 31, 2018) 8,268 Unrecognized contracts in accordance with IFRS 16 exemptions (142 ) Differences in the durations used linked to termination and extension options that are reasonably certain to be exercized 5,798 Leases signed in 2018 for an asset available after January 1, 2019 (2,593 ) Other (including the improvement allowance (Princeton lease)) (2,045 ) Estimated non-discounted 9,285 Discount effect (1,551 ) Estimated discounted lease liability under IFRS 16 as of January 1, 2019 7,734 Impact on the half-year financial statements In accordance with IFRS 16, the Company recognized as of June 30, 2019: • A right of use (net value) of €6,634 thousand; • A lease liability of €8,868 thousand; • A depreciation expense of €584 thousand; • A financial expense of €158 thousand. 3.5 Presentation of the statement of income (loss) The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is research and development. Consequently, only research and development expenses and general administrative expenses functions are considered to be representative. This distinction reflects the analytical assignment of the personnel, external expenses and depreciation and amortization. The detail of the expenses by nature is disclosed in note 4.2. 3.6 Presentation of the statement of cash flow For the financial year ended December 31, 2018, the line “acquisition of property, plant and equipment “ in the consolidated statement of cash flow included an amount of fixed assets payables not yet paid of €8,587 thousand, which should not have been included in this line. The net cash flows used in 2018 should have been as follows: • €6,450 thousand instead of €15,037 thousand presented for investing activities; • €47,857 thousand instead of €39,270 thousand presented for operating activities. From January 1, 2018 to June 30, 2019, the cumulative amount of cash flows used in the acquisition of property, plant and equipment amounted to €23.3 million and related mainly to the increase of the production capacity of the Company’s manufacturing facilities in Lyon and Princeton. 3.7 Segment reporting In accordance with IFRS 8, “ Operating Segments The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future. 3.8 Events after the close of the reporting period No significant event occurred after the close of the reporting period. |
Notes Related to the Consolidat
Notes Related to the Consolidated Statement of Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Notes Related to the Consolidated Statement of Income (Loss) | 4. NOTES RELATED TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS) 4.1 Operating income The Company does not generate any revenue from the sale of its products considering its stage of development. (amounts in €‘000) 06/30/2018 06/30/2019 Research Tax Credit 2,247 2,016 Other income 18 950 Total 2,265 2,965 Revenues from licenses or other contracts Revenues from licenses or other contracts comprised: • Revenues linked to the upfront payment of €880 thousand ($1 million) provided by the license agreement entered into with SQZ Biotechnologies in June 2019 (refer to notes 1 and 6). In accordance with IFRS 15, this agreement grants to SQZ Biotechnologies a right to use the underlying intellectual property (“static license”). Consequently, the income is recognized when SQZ Biotechnologies can begin to use the licensed intellectual property. • Revenues linked to the part of the NOPHO study financed by Orphan Europe of €70 thousand during the first half of 2019 (€18 thousand during the first half of 2018). 4.2 Operating expenses by nature 4.2.1 Research and development expenses For the six months ended June 30, 2018 (amounts in €‘000) R&D Clinical studies Total Consumables 446 256 702 Rental and maintenance 160 263 423 Services, subcontracting and fees 2,502 7,424 9,926 Personnel expenses 1,546 3,979 5,525 Depreciation, amortization & provision 30 88 118 Other 21 37 58 Total 4,705 12,047 16,752 For the six months ended June 30, 2019 (amounts in €‘000) R&D Clinical studies Total Consumables 786 3,368 4,154 Rental and maintenance 107 222 329 Services, subcontracting and fees 1,610 9,002 10,611 Personnel expenses 1,623 5,657 7,280 Depreciation, amortization & provision 62 228 290 Other 30 24 54 Total 4,218 18,500 22,718 The increase in research and development expenses is mainly due to: • The increase in consumables in the amount of €3,452 thousand and the increase in external services in the amount of €685 thousand, mainly linked to the ongoing clinical trials of eryaspase for the treatment of solid tumors, particularly related to the commencement of the Phase 3 clinical trial for the treatment of pancreatic cancer in September 2018; • The increase in research and development personnel expenses of €1,755 thousand (see note 4.3.1). 4.2.2 General and administrative expenses General and administrative expenses (amounts in €‘000) 06/30/2018 06/30/2019 Consumables 70 303 Rental and maintenance 437 743 Services, subcontracting and fees 2,753 4,947 Personnel expenses 3,083 3,333 Depreciation and amortization 340 855 Other 710 312 Total 7,393 10,493 The increase in general and administrative expenses is mainly due to a €2,194 thousand increase in services and subcontracting, primarily related to costs related to the establishment of the Princeton manufacturing facility. 4.3 Personnel expenses 4.3.1 Research and development expenses Research and development expenses For the six months ended June 30, 2018 (amounts in €‘000) R&D Clinical studies Total Wages and salaries 970 2,686 3,655 Share-based payments (employees and executives) 192 452 644 Social security expenses 384 842 1,226 Total personnel expenses 1,546 3,979 5,525 Research and development expenses For the six months ended June 30, 2019 (amounts in €‘000) R&D Clinical studies Total Wages and salaries 1,077 4,139 5,216 Share-based payments (employees and executives) 116 257 374 Social security expenses 430 1,260 1,690 Total personnel expenses 1,623 5,657 7,280 The increase in personnel expenses is mainly due to an increase in research and development employee headcount. The weighted average full-time employees (FTE) was 142 during the first half of 2019 and 87 during the first half of 2018. 4.3.2 General and administrative expenses General and administrative expenses (amounts in €‘000) 06/30/2018 06/30/2019 Wages and salaries 1,725 2,332 Share-based payments (employees and executives) 474 262 Social security expenses 883 739 Total personnel expenses 3,083 3,333 The increase in personnel expenses is due to an increase in general and administrative employee headcount. The weighted average full-time employees (FTE) was 43 during the first half of 2019 and 34 during the first half of 2018. 4.3.3 Share-based payments (IFRS 2) Share subscription warrants (“BSA”) plan The main assumptions used to determine the fair value of the plans granted during the first half of 2019 are: Grant in April 2019 Number of warrants 25 998 BSA 2018 Exercise price € 6.82 Price of the underlying share € 7.20 Expected dividends 0.00 % Volatility (1) 38.91 % T1 : 3 years Expected term T2 : 3,5 years T3 : 4 years Fair value of the plan (in thousand of euros) (2) 56 (1) based on the historical volatility observed on the ERYP index on Euronext. (2) BSA granted in April 2019 were granted at fair value (€2.15). Therefore, no expense was recognized under IFRS 2. Stock-options (“SO”) plan The main assumptions used to determine the fair value of the plans granted during the first half of 2019 are: Grant in January 2019 Grant in April 2019 Number of options 38,025 SO 2018 76,905 SO 2018 Exercise price € 6.38 € 7.20 Price of the underlying share € 6.38 € 7.20 Expected dividends 0.00 % 0.00 % Volatility (1) 41.88 % 41.65 % T1 : 6 years T1 : 6 years Expected term T2 : 6,5 years T2 : 6,5 years Fair value of the plan (in thousand of euros) 97 217 (1) based on the historical volatility observed on the ERYP index on Euronext. Free shares (“AGA”) plan The main assumptions used to determine the fair value of the plans granted during the first half of 2019 are: Grant in January 2019 Grant in April 2019 Number of shares 36,150 AGA 2018 94,200 AGA 2018 Price of the underlying share € 6.38 € 7.20 Expected dividends 0.00 % 0.00 % Volatility (1) 38.22 % 36.32 % Repo margin 5.00 % 5.00 % Maturity 3 years 3 years Performance criteria (2 ) (2 ) Fair value of the plan (in thousand of euros) 102 269 (1) based on the historical volatility observed on the ERYP index on Euronext. (2) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date • ERYP2018: average price of the 40-quoted • ERYPi : average price of the 40-quoted • Tri : (ERYPi / ERYP2018) – 1 o If TRi <=0 % no shares granted are acquired o If Tri>100% all the shares granted are acquired o If 0%<TRi<100% shares granted are acquired following the TRi percentage Breakdown of expenses per half-year Plan name Amount in P&L of which of which of which Grant in October 2016 129 60 68 — Grant in January 2017 16 — 16 — Grant in June 2017 340 156 184 — Grant in October 2017 57 57 — — Grant in January 2018 262 147 114 — TOTAL AGA 803 421 382 — Grant in October 2016 41 — — 41 Grant in January 2017 8 — — 8 Grant in June 2017 126 — — 126 Grant in January 2018 86 — — 86 TOTAL BSA 262 — — 262 Grant in October 2016 44 22 22 — Grant in January 2017 3 3 — — Grant in June 2017 68 48 20 — Grant in October 2017 46 46 — — Grant in January 2018 154 90 64 — TOTAL SO 315 209 106 — Total IFRS 2 expenses 1,380 629 489 262 Plan name Amount in P&L of which of which of which Grant in October 2016 33 9 24 — Grant in January 2017 6 — 6 — Grant in June 2017 117 42 75 — Grant in October 2017 23 23 — — Grant in January 2018 155 66 89 — Grant in January 2019 23 23 — — Grant in April 2019 28 17 11 — TOTAL AGA 385 180 205 — Grant in October 2016 16 — — 16 Grant in January 2017 3 — — 3 Grant in June 2017 51 — — 51 Grant in January 2018 44 — — 44 Grant in April 2019 — — — — TOTAL BSA 114 — — 114 Grant in October 2016 8 2 6 — Grant in January 2017 0 0 — — Grant in June 2017 56 36 20 — Grant in October 2017 27 27 — — Grant in January 2018 129 62 67 — Grant in September 2018 (11 ) — (11 ) — Grant in January 2019 21 21 — — Grant in April 2019 21 9 12 — TOTAL SO 250 157 93 — Total IFRS 2 expenses 749 337 298 114 Summary of outstanding instruments Number of outstanding warrants (BSA) and founder’s warrants (BSPCE) with a ratio of 1 Number of Weighted- Outstanding at December 31, 2018 40,804 € 97.34 Exercisable at December 31, 2018 40,804 € 97.34 Granted — € — Forfeited — € — Exercised — € — Outstanding at June 30, 2019 40,804 € 97.34 Exercisable at June 30, 2019 40,804 € 97.34 Number of outstanding stock-options and warrants (BSA) with a ratio of 1 option = 1 Number of stock-options Weighted- Outstanding at December 31, 2018 340,063 € 19.87 Exercisable at December 31, 2018 88,999 € 19.88 Granted 140,928 € 6.91 Forfeited (24,195 ) € 9.24 Exercised — € — Outstanding at June 30, 2019 456,796 € 16.25 Exercisable at June 30, 2019 129,066 € 22.02 Number of Outstanding at December 31, 2018 342,020 Granted 130,350 Forfeited (26,553 ) Acquired — Outstanding at June 30, 2019 445,817 4.4 Depreciation, amortization and provisions (amounts in €‘000) 06/30/2018 06/30/2019 Amortization of intangible assets 20 8 Depreciation of property, plant and equipment 438 503 Depreciation of the right of use — 584 Total amortization and depreciation 458 1,095 Provision — 50 Total amortization, depreciation & provisions 458 1,145 4.5 Financial income (loss) (amounts in €‘000) 06/30/2018 06/30/2019 Income from short term deposits 79 2 Other financial income 2,887 1,263 Financial income 2,966 1,265 Financial expenses on lease liability (3 ) (158 ) Interest expense related to borrowings (3 ) (123 ) Other financial expenses (36 ) (24 ) Financial expenses (42 ) (305 ) Financial income (loss) 2,924 960 Other income and expenses is mainly comprised of: • A foreign currency gain of €596 thousand generated by the conversion into euros of the Company’s U.S. dollar bank account during the first half of 2019 (€2,431 thousand during the first half of 2018). • A gain on investment currency transactions on swaps of €666 thousand during the first half of 2019 (€420 thousand during the first half of 2018). • Financial expenses related to lease liability as a result of IFRS16 in the amount of €158 thousand during the first half of 2019 (no corresponding charge during the first half of 2018). 4.6 Basic earnings per share and diluted earnings (loss) per share 06/30/2018 06/30/2019 Net loss (in thousand of euros) (18,970 ) (29,286 ) Weighted number of shares for the period 17,937,426 17,937,535 Basic loss per share (€/share) (1.06 ) (1.63 ) Diluted loss per share (€/share) (1.06 ) (1.63 ) (1) after deduction of treasury shares (2,500 shares are held by the Company as treasury shares and recognized as a deduction of shareholders’ equity). |
Notes Related to the Consolid_2
Notes Related to the Consolidated Statements of Financial Position | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Notes Related to the Consolidated Statements of Financial Position | 5. NOTES RELATED TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5.1 Intangible assets (amounts in €‘000) Other TOTAL GROSS VALUE As of December 31, 2018 1,833 1,833 Increase 2 2 Decrease — — FX rate impact (0 ) (0 ) Reclassification 28 28 As of June 30, 2019 1,863 1,863 ACCUMULATED AMORTIZATION As of December 31, 2018 (220 ) (220 ) Increase (9 ) (9 ) Decrease — — FX rate impact 0 0 As of June 30, 2019 (229 ) (229 ) NET VALUE As of December 31, 2018 1,613 1,613 As of June 30, 2019 1,634 1,634 5.2 Property, plant and equipment (amounts in €‘000) Assets Plant, General Office Advance TOTAL GROSS VALUE As of December 31, 2018 13,559 2,584 2,007 824 — 18,974 Increase 8,251 129 2,741 227 35 11,383 Decrease (0 ) — — — — (0 ) FX rate impact 96 (2 ) (93 ) (1 ) — 0 Reclassification (10,685 ) (712 ) 10,210 67 — (1,120 ) As of June 30, 2019 11,221 2,000 14,865 1,117 35 29,237 ACCUMULATED DEPRECIATION As of December 31, 2018 — (1,824 ) (1,471 ) (405 ) — (3,700 ) Increase — (156 ) (269 ) (77 ) — (502 ) Decrease — — — — — — FX rate impact — — (0 ) (1 ) — (1 ) Reclassification — 974 74 8 — 1,056 As of June 30, 2019 — (1,006 ) (1,666 ) (475 ) — (3,147 ) NET VALUE As of December 31, 2018 13,559 760 536 419 — 15,274 As of June 30, 2019 11,221 994 13,198 642 35 26,090 Assets capitalized during the first half of 2019 in the amount of €10.7 million mainly relate to general equipment, fixtures and fittings of the Princeton manufacturing facility. 5.3 Right of use (amounts in €‘000) Buildings Plant, Transport Office TOTAL GROSS VALUE As of December 31, 2018 — — — — — First application of IFRS 16 7,397 — 47 — 7,443 Increase 4 — 34 — 37 Decrease (355 ) — — — (355 ) FX rate impact 34 — — — 34 Reclassification — 974 — 118 1,092 As of June 30, 2019 7,080 974 80 118 8,252 ACCUMULATED DEPRECIATION As of December 31, 2018 — — — — — Increase (554 ) — (10 ) (20 ) (584 ) Decrease 16 — — — 16 FX rate impact 3 — — — 3 Reclassification — (974 ) — (79 ) (1,053 ) As of June 30, 2019 (535 ) (974 ) (10 ) (99 ) (1,618 ) NET VALUE As of December 31, 2018 — — — — — As of June 30, 2019 6,545 — 70 20 6,634 Reclassifications correspond to assets financed by finance leases which have been reclassified in right of use with the application of IFRS 16 as of January 1, 2019. These assets were classified in property, plant and equipment until December 31, 2018. The decrease in net value of €339 thousand corresponds to a decrease in the right of use following a decrease in the rental space of a building lease (linked to a partial relocation of the French team in new facilities during the first half of 2019). 5.4 Other financial assets (amounts in €‘000) 12/31/2018 06/30/2019 Deposits related to leased premises 446 357 Advance payments to suppliers 510 510 Other 91 26 Total other non-current 1,046 892 Deposits related to leased premises — 78 Total other current financial assets — 78 Advance payments to suppliers is comprised of payments made to service providers, especially contract research organizations, involved with the conduct of the Company’s clinical trials in the solid tumor indication (TRYbeCA1 and TRYbeCA2 trials). 5.5 Inventories (amounts in €‘000) 12/31/2018 06/30/2019 Production inventory 1,336 207 Laboratory inventory 59 — Total inventory 1,396 207 5.6 Trade and other receivables (amounts in €‘000) 12/31/2018 06/30/2019 Trade and other receivables 30 917 Total trade and other receivables 30 917 As of June 30, 2019, trade and other receivables are mainly comprised of receivables linked to the license agreement entered into with SQZ Biotechnologies (see note 4.1). 5.7 Other current assets (amounts in €‘000) 12/31/2018 06/30/2019 Research Tax Credit 7,701 9,716 Tax receivables (e.g VAT), social receivables and other receivables 1,949 1,178 Prepaid expenses 4,461 3,757 Total other current assets 14,111 14,651 Research Tax Credit (Crédit d’Impôt Recherche or “CIR”) The Company benefits from the provisions in Articles 244 quater septies As of June 30, 2019, the CIR receivable included the Research Tax Credit for the 2017 and 2018 financial years and the CIR estimate as of June 30, 2019. Prepaid expenses Prepaid expenses mainly related to advance payments made to suppliers of asparaginase (€3,180 thousand as of December 31, 2018 and €2,899 thousand as of June 30, 2019). 5.8 Cash and cash equivalents (amounts in €‘000) 12/31/2018 06/30/2019 Cash and cash equivalents 134,371 94,452 Total cash and cash equivalents as reported in statement of financial position 134,371 94,452 Bank overdrafts — — Total cash and cash equivalents as reported in statement of cash flow 134,371 94,452 At December 31, 2018, the cash position is composed of the following items: (i) €118.4 million in current accounts and (ii) €16.0 million in term deposits, with a maturity in January 2019. At June 30, 2019, the cash position is composed of the following items: (i) €89.3 million in current accounts, (ii) €5.0 million in term deposits, with a one-month 5.9 Shareholders’ equity As of June 30, 2019, the capital of the Company consisted of 17,940,035 shares, fully paid up, with a nominal value of 0.10 euro. 5.10 Provisions (amounts in €‘000) 12/31/2018 06/30/2019 Provision for retirement indemnities 347 473 Provisions - non-current 347 473 Provision for risks — 50 Provisions - current portion — 50 (amounts in €‘000) Provisions for Other TOTAL As of December 31, 2018 347 — 347 Provisions 60 50 110 Actuarial gains and losses 66 — 66 As of June 30, 2019 473 50 523 Provision for retirement indemnities The regime for retirement indemnities applicable at Erytech Pharma S.A., is defined by the collective agreement for the pharmaceutical industry in France. As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 12/31/2018 06/30/2019 Discount rate 1.57 % 0.77 % Wage increase 2 % 2 % Social welfare contribution rate - non executive employees 44 % 37 % - executive employees 54 % 50 % - executive management 55 % 52 % Expected staff turnover - non executive and executive employees Medium - High High - executive management Low Low Age of retirement 65 - 67 years 65 - 67 years Mortality table INSEE 2014 INSEE 2018 5.11 Financial liabilities Financial liabilities by type (amounts in €‘000) 12/31/2018 06/30/2019 Financial liabilities related to finance leases 39 — Conditional advances 1,181 1,302 Bank loans 799 431 Total financial liabilities 2,019 1,732 The Company did not subscribe new financial liabilities during the first half of 2019. Financial liabilities by maturity Maturity dates of financial liabilities as of December 31, 2018 are as follows: 2018 (amounts in €‘000) Less One to Three to More Total Conditional advances 1,181 1,181 Bank loans 738 62 799 Financial liabilities related to finance leases 39 39 Total financial liabilities 776 62 — 1,181 2,019 Maturity dates of financial liabilities as of June 30, 2019 are as follows: 6/30/2019 (amounts in €‘000) Less One to Three to More Total Conditional advances 1,302 1,302 Bank loans 431 431 Total financial liabilities 431 — — 1,302 1,732 Conditional advances (amounts in €‘000) BPI France - TEDAC TOTAL Financial liabilities as of December 31, 2018 1,181 1,181 Capitalized interest 120 120 Financial liabilities as of June 30, 2019 1,302 1,302 5.12 Lease labilities (amounts in €‘000) Lease debt As of December 31, 2018 — First application of IFRS 16 7,734 Increase 1,886 Decrease (858 ) FX rate impact 25 Capitalized interests 39 Reclassification 42 As of June 30, 2019 8,868 The increase of €1,886 thousand is mainly linked to an improvement allowance received for the Princeton manufacturing facility (€1,848 thousand). The decrease of €858 thousand reflects the impact of a decrease in the liability of €339 thousand following a decrease in the rental space of a building lease (linked to a partial relocation of the French team in new facilities during the first half of 2019). Lease liabilities by maturity Maturity dates of lease liabilities are as follows: Less One to Three More Total As of December 31, 2018 — — — — — As of June 30, 2019 773 2,494 1,987 3,614 8,868 5.13 Trade and other payables (amounts in €‘000) 12/31/2018 06/30/2019 Domestic vendors 3,013 1,564 Foreign vendors 10,389 3,692 Vendors - accruals 3,253 6,235 Total trade and other payables 16,655 11,492 5.14 Other current liabilities (amounts in €‘000) 12/31/2018 06/30/2019 Social liabilities, taxation and social security 3,148 3,303 Fixed assets payables — 2,421 Deferred revenue 16 96 Other payables 53 94 Total other current liabilities 3,217 5,914 5.15 Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) As of December 31, 2018 (amounts in €‘000) Carrying Fair Fair value Loans and Debt at Fair Other non-current 1,046 1,046 1,046 Trade and other receivables 30 30 30 Other current assets 14,111 14,111 14,111 Cash and cash equivalents 134,371 134,371 134,371 Total financial assets 149,558 134,371 — 15,187 — 149,558 Financial liabilities - non current portion 1,243 1,243 1,243 Financial liabilities - current portion 776 776 776 Trade and other payables 16,655 16,655 16,655 Total financial liabilities 18,674 — — — 18,674 18,674 As of June 30, 2019 (amounts in €‘000) Carrying Fair Fair value Loans and Debt at Fair Other non-current 892 892 892 Other current financial assets 78 78 78 Trade and other receivables 917 917 917 Other current assets 10,894 10,894 10,894 Cash and cash equivalents 94,452 94,452 94,452 Total financial assets 107,233 94,452 — 12,781 — 107,233 Financial liabilities - non current portion 1,302 1,302 1,302 Lease liabilities - non current portion 8,095 8,095 8,095 Financial liabilities - current portion 431 431 431 Lease liabilities - current portion 773 773 773 Trade and other payables 11,492 11,492 11,492 Other current liabilities 5,819 5,819 5,819 Total financial liabilities 27,912 — — — 27,912 27,912 (1) The carrying amount of these assets and liabilities is a reasonable estimate of their fair value. 5.16 Related parties The Company’s related parties include the Chairman of the Board of Directors (Jean-Paul Kress), the Chief Executive Officer (Gil Beyen), the two Deputy General Managers (Jérôme Bailly and Eric Soyer), members of the Board of Directors (five Board members in addition to the Chairman and the Chief Executive Officer) and members of the executive committee (four members in addition to the Chief Executive Officer and the Deputy General Managers). The remuneration of directors and other members of the executive committee was as set forth in the table below. 06/30/2018 06/30/2019 (amounts in €‘000) Salary / Retirement Share Salary / Retirement Share Executive officers / Deputy General Managers 366 30 199 527 8 152 Executive committee 706 51 290 755 5 146 Board of directors 145 262 161 — 114 Total 1,216 81 750 1,442 13 412 The Company has no other related parties. |
Off-Balance Sheet Commitments
Off-Balance Sheet Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Off-Balance Sheet Commitments | 6. OFF-BALANCE The off-balance-sheet • the lease commitments that are now recognized in the financial statements in accordance with IFRS 16; • the following commitments: 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 ® As a consequence of the Company’s withdrawal of the MAA for ALL and the Company’s strategic re-focus on solid tumors, this contract was terminated during the first half of 2019, without any financial consequence for the Company. Agreement with SQZ Biotechnologies On June 24, 2019, the Company entered into a collaboration agreement with SQZ Biotechnologies, a cell therapy company developing novel treatments in multiple therapeutic areas, to advance novel red blood cell-based cell-based cell-based The agreement provides: • An upfront payment of $1 million (recognized during the first half of 2019); • Potential development, regulatory and commercial milestone payments up to $56 million for the first product successfully developed by SQZ Biotechnologies under this agreement; • The Company could also receive progressive royalties based on future sales. Sublease in the United-States In July 2019, the Company signed an operating sublease agreement for a portion of its premises located in Cambridge. The commitments received is as follows: (amounts in €‘000) Lease commitments As of June 30, 2019 Total Less than one year One to five years More than five years Sublease in US 574 143 431 Total lease commitments 574 143 431 — |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Scope of consolidation | 3.1 Scope of consolidation Details of the Company’s subsidiary as of June 30, 2019 are as follows: Date of incorporation Percent of Accounting method ERYTECH Pharma, Inc. Registered office: Cambridge, Massachusetts – United-States April 2014 100 % Fully consolidated |
Foreign currencies | 3.2 Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Condensed Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. The exchange rates used for the preparation for the translation of the financial statements of ERYTECH PHARMA, Inc. are as follows: Exchange rate (USD per EUR) June 30, 2018 December 31, 2018 June 30, 2019 Weighted average rate 1.2108 1.1815 1.1298 Closing rate 1.1658 1.1450 1.1380 |
Use of estimates and judgments | 3.3 Use of estimates and judgments Preparation of the Condensed Consolidated Financial Statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The main estimates are described in the annual consolidated financial statements, except new significant judgments linked to the accounting treatment of the leases in accordance with IFRS 16, as described in note 3.4. |
Change in accounting policies | 3.4 Change in accounting policies The Company applied IFRS 16 – Leases IFRS 16 eliminates the distinction between operating leases and finance leases and requires all leases to be recognized on the lessee’s balance sheet, in the form of an asset (representing the right to use the rented asset during the duration of the contract – see note 5.3) and of a liability (corresponding to the future lease payments – see note 5.12). The standard also impacts the presentation of the income statement (allocation of expense between operating loss and financial charges) and the cash flow statement (allocation of cash outflows between cash flow from operating activities and cash flow from financing activities). The Company has applied the modified retrospective approach. Under this approach, the cumulative effect of initially applying IFRS 16 is recognized as an adjustment to equity at the transition date, i.e. January 1, 2019. Consequently, the comparative information disclosed for 2018 were not restated. There are disclosed as previously in accordance with IAS 17 standard and its interpretations. The consequence of this change in accounting policies are disclosed in detail below. Definition of a lease Until the current period, the Company determined at the signing of the contract whether an agreement constituted or included a lease in accordance with the provisions of IFRIC 4, “ Determining Whether an Arrangement Contains a Lease The Company now assesses whether a contract is or contains a lease in accordance with IFRS 16, i.e. whether it grants the right to control the use of an identified asset for a certain period in exchange for consideration. At the transition date, the Company chose to apply the simplification measure of keeping past analyses for the identification of leases and applying IFRS 16 only to contracts previously classified as leases. Significant accounting policies In accordance with IFRS 16, the right of use and the lease liability are recognized on the lessee’s balance sheet when the asset linked to the lease agreement become available: • The right of use asset is measured at cost and comprises: • the amount of the initial measurement of the lease liability, • lease incentives, payments at or prior to commencement date, • incremental costs which would not have been incurred if the contract had not been concluded. • The lease liability is recognized for an amount equal to the present value of the lease payments over the lease term. The right of use is subsequently measured at cost less depreciation and any accumulated impairment loss. The amount can be adjusted based on certain revaluations of the lease liability. The lease liability is then increased by the interest expense and decreased by the rents paid. The lease liability may be remeasured in the following situations: • Modification related to the assessment of the exercise of an option to purchase or the extension or the non-exercise • Rent adjustments based on rates and indices provided in the contracts. The duration corresponds to the firm period of the commitment and takes into account the optional periods that are reasonably certain to be exercised. The Company has used its judgment in determining the term of the lease agreements providing for an extension option. The fact that the Company has determined that it is reasonably certain to exercise such options affects the lease term and has a significant impact on the amount of the right of use and the lease liability. Transition information At the transition date, the lease liability linked to contracts classified as operating leases in accordance with IAS 17 (mainly real estate) was measured at the value of the remaining lease payments discounted at the marginal borrowing rate as of January 1, 2019. The right of use is measured at an amount equal to the lease liability, corrected with lease payments prior to the commencement date or remaining due in the statement of financial position. For contracts previously classified as finance leases, the value of the right of use and the lease liability as of January 1, 2019 were determined as those of the underlying asset and the lease debt that were calculated in accordance with IAS 17. The Company has applied simplification measures set out in IFRS 16 regarding: • Contracts with a lease term of 12 months or less at the transition date. These contracts have resulted in an expense of approximately €160 thousand during the first half of 2019. • Contracts for low value assets. These contracts have resulted in an expense of approximately €20 thousand during the first half of 2019. As part of the transition to IFRS 16 as of January 1, 2019, the Company recognized in liabilities a lease liability of €7,734 thousand (refer to note 5.12) and in assets a right of use of €7,443 thousand (refer to note 5.3) taking into account a liability of €291 thousand recognized in the statement of financial position as of December 31, 2018. The discount rates applied for contracts previously classified as operating leases are based on the Company’s marginal borrowing rate, to which is added a spread which takes into account the total duration of the contract. The average marginal borrowing rate selected as of January 1, 2019 is 1.4% in France and 3.8% in the United States. The gap between the off-balance (amounts in €‘000) Operating lease commitment as lessee (December 31, 2018) 8,268 Unrecognized contracts in accordance with IFRS 16 exemptions (142 ) Differences in the durations used linked to termination and extension options that are reasonably certain to be exercized 5,798 Leases signed in 2018 for an asset available after January 1, 2019 (2,593 ) Other (including the improvement allowance (Princeton lease)) (2,045 ) Estimated non-discounted 9,285 Discount effect (1,551 ) Estimated discounted lease liability under IFRS 16 as of January 1, 2019 7,734 Impact on the half-year financial statements In accordance with IFRS 16, the Company recognized as of June 30, 2019: • A right of use (net value) of €6,634 thousand; • A lease liability of €8,868 thousand; • A depreciation expense of €584 thousand; • A financial expense of €158 thousand. |
Presentation of the statement of income (loss) | 3.5 Presentation of the statement of income (loss) The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is research and development. Consequently, only research and development expenses and general administrative expenses functions are considered to be representative. This distinction reflects the analytical assignment of the personnel, external expenses and depreciation and amortization. The detail of the expenses by nature is disclosed in note 4.2. |
Presentation of the statement of cash flow | 3.6 Presentation of the statement of cash flow For the financial year ended December 31, 2018, the line “acquisition of property, plant and equipment “ in the consolidated statement of cash flow included an amount of fixed assets payables not yet paid of €8,587 thousand, which should not have been included in this line. The net cash flows used in 2018 should have been as follows: • €6,450 thousand instead of €15,037 thousand presented for investing activities; • €47,857 thousand instead of €39,270 thousand presented for operating activities. From January 1, 2018 to June 30, 2019, the cumulative amount of cash flows used in the acquisition of property, plant and equipment amounted to €23.3 million and related mainly to the increase of the production capacity of the Company’s manufacturing facilities in Lyon and Princeton. |
Segment reporting | 3.7 Segment reporting In accordance with IFRS 8, “ Operating Segments The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future. |
Events after the close of the reporting period | 3.8 Events after the close of the reporting period No significant event occurred after the close of the reporting period. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Statement [LineItems] | |
Summary of Details of the Company's Subsidiary | Details of the Company’s subsidiary as of June 30, 2019 are as follows: Date of incorporation Percent of Accounting method ERYTECH Pharma, Inc. Registered office: Cambridge, Massachusetts – United-States April 2014 100 % Fully consolidated |
Summary of Accounting Policy for Exchange Rates | The exchange rates used for the preparation for the translation of the financial statements of ERYTECH PHARMA, Inc. are as follows: Exchange rate (USD per EUR) June 30, 2018 December 31, 2018 June 30, 2019 Weighted average rate 1.2108 1.1815 1.1298 Closing rate 1.1658 1.1450 1.1380 |
IFRS 16 [member] | |
Statement [LineItems] | |
Schedule of Lease Liability After Adoption of IFRS16 | The gap between the off-balance (amounts in €‘000) Operating lease commitment as lessee (December 31, 2018) 8,268 Unrecognized contracts in accordance with IFRS 16 exemptions (142 ) Differences in the durations used linked to termination and extension options that are reasonably certain to be exercized 5,798 Leases signed in 2018 for an asset available after January 1, 2019 (2,593 ) Other (including the improvement allowance (Princeton lease)) (2,045 ) Estimated non-discounted 9,285 Discount effect (1,551 ) Estimated discounted lease liability under IFRS 16 as of January 1, 2019 7,734 |
Notes Related to the Consolid_3
Notes Related to the Consolidated Statement of Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Statement [LineItems] | |
Summary of Detailed Information of Operating Income | Operating income The Company does not generate any revenue from the sale of its products considering its stage of development. (amounts in €‘000) 06/30/2018 06/30/2019 Research Tax Credit 2,247 2,016 Other income 18 950 Total 2,265 2,965 |
Summary of Breakdown of Plan | Breakdown of expenses per half-year Plan name Amount in P&L of which of which of which Grant in October 2016 129 60 68 — Grant in January 2017 16 — 16 — Grant in June 2017 340 156 184 — Grant in October 2017 57 57 — — Grant in January 2018 262 147 114 — TOTAL AGA 803 421 382 — Grant in October 2016 41 — — 41 Grant in January 2017 8 — — 8 Grant in June 2017 126 — — 126 Grant in January 2018 86 — — 86 TOTAL BSA 262 — — 262 Grant in October 2016 44 22 22 — Grant in January 2017 3 3 — — Grant in June 2017 68 48 20 — Grant in October 2017 46 46 — — Grant in January 2018 154 90 64 — TOTAL SO 315 209 106 — Total IFRS 2 expenses 1,380 629 489 262 Plan name Amount in P&L of which of which of which Grant in October 2016 33 9 24 — Grant in January 2017 6 — 6 — Grant in June 2017 117 42 75 — Grant in October 2017 23 23 — — Grant in January 2018 155 66 89 — Grant in January 2019 23 23 — — Grant in April 2019 28 17 11 — TOTAL AGA 385 180 205 — Grant in October 2016 16 — — 16 Grant in January 2017 3 — — 3 Grant in June 2017 51 — — 51 Grant in January 2018 44 — — 44 Grant in April 2019 — — — — TOTAL BSA 114 — — 114 Grant in October 2016 8 2 6 — Grant in January 2017 0 0 — — Grant in June 2017 56 36 20 — Grant in October 2017 27 27 — — Grant in January 2018 129 62 67 — Grant in September 2018 (11 ) — (11 ) — Grant in January 2019 21 21 — — Grant in April 2019 21 9 12 — TOTAL SO 250 157 93 — Total IFRS 2 expenses 749 337 298 114 |
Summary of Outstanding Instruments | Summary of outstanding instruments Number of outstanding warrants (BSA) and founder’s warrants (BSPCE) with a ratio of 1 Number of Weighted- Outstanding at December 31, 2018 40,804 € 97.34 Exercisable at December 31, 2018 40,804 € 97.34 Granted — € — Forfeited — € — Exercised — € — Outstanding at June 30, 2019 40,804 € 97.34 Exercisable at June 30, 2019 40,804 € 97.34 Number of outstanding stock-options and warrants (BSA) with a ratio of 1 option = 1 Number of stock-options Weighted- Outstanding at December 31, 2018 340,063 € 19.87 Exercisable at December 31, 2018 88,999 € 19.88 Granted 140,928 € 6.91 Forfeited (24,195 ) € 9.24 Exercised — € — Outstanding at June 30, 2019 456,796 € 16.25 Exercisable at June 30, 2019 129,066 € 22.02 |
Summary of Number of Outstanding Free Shares | Number of Outstanding at December 31, 2018 342,020 Granted 130,350 Forfeited (26,553 ) Acquired — Outstanding at June 30, 2019 445,817 |
Summary of Depreciation, Amortization and Provisions | Depreciation, amortization and provisions (amounts in €‘000) 06/30/2018 06/30/2019 Amortization of intangible assets 20 8 Depreciation of property, plant and equipment 438 503 Depreciation of the right of use — 584 Total amortization and depreciation 458 1,095 Provision — 50 Total amortization, depreciation & provisions 458 1,145 |
Summary of Financial income (loss) | Financial income (loss) (amounts in €‘000) 06/30/2018 06/30/2019 Income from short term deposits 79 2 Other financial income 2,887 1,263 Financial income 2,966 1,265 Financial expenses on lease liability (3 ) (158 ) Interest expense related to borrowings (3 ) (123 ) Other financial expenses (36 ) (24 ) Financial expenses (42 ) (305 ) Financial income (loss) 2,924 960 |
Summary of Basic Earnings per Share and Diluted Earnings (Loss) per Share | Basic earnings per share and diluted earnings (loss) per share 06/30/2018 06/30/2019 Net loss (in thousand of euros) (18,970 ) (29,286 ) Weighted number of shares for the period 17,937,426 17,937,535 Basic loss per share (€/share) (1.06 ) (1.63 ) Diluted loss per share (€/share) (1.06 ) (1.63 ) (1) after deduction of treasury shares (2,500 shares are held by the Company as treasury shares and recognized as a deduction of shareholders’ equity). |
Research and development expenses [member] | |
Statement [LineItems] | |
Summary of Operating Expense by Nature | Research and development expenses For the six months ended June 30, 2018 (amounts in €‘000) R&D Clinical studies Total Consumables 446 256 702 Rental and maintenance 160 263 423 Services, subcontracting and fees 2,502 7,424 9,926 Personnel expenses 1,546 3,979 5,525 Depreciation, amortization & provision 30 88 118 Other 21 37 58 Total 4,705 12,047 16,752 For the six months ended June 30, 2019 (amounts in €‘000) R&D Clinical studies Total Consumables 786 3,368 4,154 Rental and maintenance 107 222 329 Services, subcontracting and fees 1,610 9,002 10,611 Personnel expenses 1,623 5,657 7,280 Depreciation, amortization & provision 62 228 290 Other 30 24 54 Total 4,218 18,500 22,718 |
Summary of Personal Expenses | Research and development expenses Research and development expenses For the six months ended June 30, 2018 (amounts in €‘000) R&D Clinical studies Total Wages and salaries 970 2,686 3,655 Share-based payments (employees and executives) 192 452 644 Social security expenses 384 842 1,226 Total personnel expenses 1,546 3,979 5,525 Research and development expenses For the six months ended June 30, 2019 (amounts in €‘000) R&D Clinical studies Total Wages and salaries 1,077 4,139 5,216 Share-based payments (employees and executives) 116 257 374 Social security expenses 430 1,260 1,690 Total personnel expenses 1,623 5,657 7,280 |
General and administrative expenses [member] | |
Statement [LineItems] | |
Summary of Operating Expense by Nature | General and administrative expenses General and administrative expenses (amounts in €‘000) 06/30/2018 06/30/2019 Consumables 70 303 Rental and maintenance 437 743 Services, subcontracting and fees 2,753 4,947 Personnel expenses 3,083 3,333 Depreciation and amortization 340 855 Other 710 312 Total 7,393 10,493 |
Summary of Personal Expenses | General and administrative expenses General and administrative expenses (amounts in €‘000) 06/30/2018 06/30/2019 Wages and salaries 1,725 2,332 Share-based payments (employees and executives) 474 262 Social security expenses 883 739 Total personnel expenses 3,083 3,333 |
BSA plan [member] | |
Statement [LineItems] | |
Summary of Subscription Warrants | The main assumptions used to determine the fair value of the plans granted during the first half of 2019 are: Grant in April 2019 Number of warrants 25 998 BSA 2018 Exercise price € 6.82 Price of the underlying share € 7.20 Expected dividends 0.00 % Volatility (1) 38.91 % T1 : 3 years Expected term T2 : 3,5 years T3 : 4 years Fair value of the plan (in thousand of euros) (2) 56 (1) based on the historical volatility observed on the ERYP index on Euronext. (2) BSA granted in April 2019 were granted at fair value (€2.15). Therefore, no expense was recognized under IFRS 2. |
SO plan [member] | |
Statement [LineItems] | |
Summary of Subscription Warrants | The main assumptions used to determine the fair value of the plans granted during the first half of 2019 are: Grant in January 2019 Grant in April 2019 Number of options 38,025 SO 2018 76,905 SO 2018 Exercise price € 6.38 € 7.20 Price of the underlying share € 6.38 € 7.20 Expected dividends 0.00 % 0.00 % Volatility (1) 41.88 % 41.65 % T1 : 6 years T1 : 6 years Expected term T2 : 6,5 years T2 : 6,5 years Fair value of the plan (in thousand of euros) 97 217 (1) based on the historical volatility observed on the ERYP index on Euronext. |
AGA plan [member] | |
Statement [LineItems] | |
Summary of Subscription Warrants | The main assumptions used to determine the fair value of the plans granted during the first half of 2019 are: Grant in January 2019 Grant in April 2019 Number of shares 36,150 AGA 2018 94,200 AGA 2018 Price of the underlying share € 6.38 € 7.20 Expected dividends 0.00 % 0.00 % Volatility (1) 38.22 % 36.32 % Repo margin 5.00 % 5.00 % Maturity 3 years 3 years Performance criteria (2 ) (2 ) Fair value of the plan (in thousand of euros) 102 269 (1) based on the historical volatility observed on the ERYP index on Euronext. (2) performance criteria: progression of the quoted market share price between the grant date and the tranche acquisition date |
Notes Related to the Consolid_4
Notes Related to the Consolidated Statements of Financial Position (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Schedule of Intangible Assets | Intangible assets (amounts in €‘000) Other TOTAL GROSS VALUE As of December 31, 2018 1,833 1,833 Increase 2 2 Decrease — — FX rate impact (0 ) (0 ) Reclassification 28 28 As of June 30, 2019 1,863 1,863 ACCUMULATED AMORTIZATION As of December 31, 2018 (220 ) (220 ) Increase (9 ) (9 ) Decrease — — FX rate impact 0 0 As of June 30, 2019 (229 ) (229 ) NET VALUE As of December 31, 2018 1,613 1,613 As of June 30, 2019 1,634 1,634 |
Schedule of Property, Plant and Equipment | Property, plant and equipment (amounts in €‘000) Assets Plant, General Office Advance TOTAL GROSS VALUE As of December 31, 2018 13,559 2,584 2,007 824 — 18,974 Increase 8,251 129 2,741 227 35 11,383 Decrease (0 ) — — — — (0 ) FX rate impact 96 (2 ) (93 ) (1 ) — 0 Reclassification (10,685 ) (712 ) 10,210 67 — (1,120 ) As of June 30, 2019 11,221 2,000 14,865 1,117 35 29,237 ACCUMULATED DEPRECIATION As of December 31, 2018 — (1,824 ) (1,471 ) (405 ) — (3,700 ) Increase — (156 ) (269 ) (77 ) — (502 ) Decrease — — — — — — FX rate impact — — (0 ) (1 ) — (1 ) Reclassification — 974 74 8 — 1,056 As of June 30, 2019 — (1,006 ) (1,666 ) (475 ) — (3,147 ) NET VALUE As of December 31, 2018 13,559 760 536 419 — 15,274 As of June 30, 2019 11,221 994 13,198 642 35 26,090 |
Schedule of Right of use | Right of use (amounts in €‘000) Buildings Plant, Transport Office TOTAL GROSS VALUE As of December 31, 2018 — — — — — First application of IFRS 16 7,397 — 47 — 7,443 Increase 4 — 34 — 37 Decrease (355 ) — — — (355 ) FX rate impact 34 — — — 34 Reclassification — 974 — 118 1,092 As of June 30, 2019 7,080 974 80 118 8,252 ACCUMULATED DEPRECIATION As of December 31, 2018 — — — — — Increase (554 ) — (10 ) (20 ) (584 ) Decrease 16 — — — 16 FX rate impact 3 — — — 3 Reclassification — (974 ) — (79 ) (1,053 ) As of June 30, 2019 (535 ) (974 ) (10 ) (99 ) (1,618 ) NET VALUE As of December 31, 2018 — — — — — As of June 30, 2019 6,545 — 70 20 6,634 |
Schedule of Other financial assets | 5.4 Other financial assets (amounts in €‘000) 12/31/2018 06/30/2019 Deposits related to leased premises 446 357 Advance payments to suppliers 510 510 Other 91 26 Total other non-current 1,046 892 Deposits related to leased premises — 78 Total other current financial assets — 78 |
Schedule of Inventories | Inventories (amounts in €‘000) 12/31/2018 06/30/2019 Production inventory 1,336 207 Laboratory inventory 59 — Total inventory 1,396 207 |
Schedule of Trade and Other Receivables | 5.6 Trade and other receivables (amounts in €‘000) 12/31/2018 06/30/2019 Trade and other receivables 30 917 Total trade and other receivables 30 917 |
Schedule of Other Current Assets | 5.7 Other current assets (amounts in €‘000) 12/31/2018 06/30/2019 Research Tax Credit 7,701 9,716 Tax receivables (e.g VAT), social receivables and other receivables 1,949 1,178 Prepaid expenses 4,461 3,757 Total other current assets 14,111 14,651 |
Summary of Cash and Cash Equivalents | 5.8 Cash and cash equivalents (amounts in €‘000) 12/31/2018 06/30/2019 Cash and cash equivalents 134,371 94,452 Total cash and cash equivalents as reported in statement of financial position 134,371 94,452 Bank overdrafts — — Total cash and cash equivalents as reported in statement of cash flow 134,371 94,452 |
Summary of Details of Provisions | Provisions (amounts in €‘000) 12/31/2018 06/30/2019 Provision for retirement indemnities 347 473 Provisions - non-current 347 473 Provision for risks — 50 Provisions - current portion — 50 (amounts in €‘000) Provisions for Other TOTAL As of December 31, 2018 347 — 347 Provisions 60 50 110 Actuarial gains and losses 66 — 66 As of June 30, 2019 473 50 523 |
Estimate of the Retirement Commitments | As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 12/31/2018 06/30/2019 Discount rate 1.57 % 0.77 % Wage increase 2 % 2 % Social welfare contribution rate - non executive employees 44 % 37 % - executive employees 54 % 50 % - executive management 55 % 52 % Expected staff turnover - non executive and executive employees Medium - High High - executive management Low Low Age of retirement 65 - 67 years 65 - 67 years Mortality table INSEE 2014 INSEE 2018 |
Summary of Financial Liabilities by Type | Financial liabilities by type (amounts in €‘000) 12/31/2018 06/30/2019 Financial liabilities related to finance leases 39 — Conditional advances 1,181 1,302 Bank loans 799 431 Total financial liabilities 2,019 1,732 |
Summary of Financial Liabilities by Maturity | Maturity dates of financial liabilities as of December 31, 2018 are as follows: 2018 (amounts in €‘000) Less One to Three to More Total Conditional advances 1,181 1,181 Bank loans 738 62 799 Financial liabilities related to finance leases 39 39 Total financial liabilities 776 62 — 1,181 2,019 Maturity dates of financial liabilities as of June 30, 2019 are as follows: 6/30/2019 (amounts in €‘000) Less One to Three to More Total Conditional advances 1,302 1,302 Bank loans 431 431 Total financial liabilities 431 — — 1,302 1,732 |
Schedule of Conditional Advances | Conditional advances (amounts in €‘000) BPI France - TEDAC TOTAL Financial liabilities as of December 31, 2018 1,181 1,181 Capitalized interest 120 120 Financial liabilities as of June 30, 2019 1,302 1,302 |
Summary of Lease liabilities | Lease labilities (amounts in €‘000) Lease debt As of December 31, 2018 — First application of IFRS 16 7,734 Increase 1,886 Decrease (858 ) FX rate impact 25 Capitalized interests 39 Reclassification 42 As of June 30, 2019 8,868 |
Summary of Maturity Dates of Lease Liabilities | Maturity dates of lease liabilities are as follows: Less One to Three More Total As of December 31, 2018 — — — — — As of June 30, 2019 773 2,494 1,987 3,614 8,868 |
Summary of Trade and Other Payables | 5.13 Trade and other payables (amounts in €‘000) 12/31/2018 06/30/2019 Domestic vendors 3,013 1,564 Foreign vendors 10,389 3,692 Vendors - accruals 3,253 6,235 Total trade and other payables 16,655 11,492 |
Disclosure of Other Current Liabilities | 5.14 Other current liabilities (amounts in €‘000) 12/31/2018 06/30/2019 Social liabilities, taxation and social security 3,148 3,303 Fixed assets payables — 2,421 Deferred revenue 16 96 Other payables 53 94 Total other current liabilities 3,217 5,914 |
Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) | As of December 31, 2018 (amounts in €‘000) Carrying Fair Fair value Loans and Debt at Fair Other non-current 1,046 1,046 1,046 Trade and other receivables 30 30 30 Other current assets 14,111 14,111 14,111 Cash and cash equivalents 134,371 134,371 134,371 Total financial assets 149,558 134,371 — 15,187 — 149,558 Financial liabilities - non current portion 1,243 1,243 1,243 Financial liabilities - current portion 776 776 776 Trade and other payables 16,655 16,655 16,655 Total financial liabilities 18,674 — — — 18,674 18,674 As of June 30, 2019 (amounts in €‘000) Carrying Fair Fair value Loans and Debt at Fair Other non-current 892 892 892 Other current financial assets 78 78 78 Trade and other receivables 917 917 917 Other current assets 10,894 10,894 10,894 Cash and cash equivalents 94,452 94,452 94,452 Total financial assets 107,233 94,452 — 12,781 — 107,233 Financial liabilities - non current portion 1,302 1,302 1,302 Lease liabilities - non current portion 8,095 8,095 8,095 Financial liabilities - current portion 431 431 431 Lease liabilities - current portion 773 773 773 Trade and other payables 11,492 11,492 11,492 Other current liabilities 5,819 5,819 5,819 Total financial liabilities 27,912 — — — 27,912 27,912 (1) The carrying amount of these assets and liabilities is a reasonable estimate of their fair value. |
Summary of Transactions Between Related Parties | The remuneration of directors and other members of the executive committee was as set forth in the table below. 06/30/2018 06/30/2019 (amounts in €‘000) Salary / Retirement Share Salary / Retirement Share Executive officers / Deputy General Managers 366 30 199 527 8 152 Executive committee 706 51 290 755 5 146 Board of directors 145 262 161 — 114 Total 1,216 81 750 1,442 13 412 |
Off-Balance Sheet Commitments (
Off-Balance Sheet Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Off-Balance Sheet Commitments | In July 2019, the Company signed an operating sublease agreement for a portion of its premises located in Cambridge. The commitments received is as follows: (amounts in €‘000) Lease commitments As of June 30, 2019 Total Less than one year One to five years More than five years Sublease in US 574 143 431 Total lease commitments 574 143 431 — |
Description of the Business - A
Description of the Business - Additional Information (Detail) € in Thousands, $ in Millions | Nov. 30, 2017EUR (€) | Nov. 30, 2017USD ($) | Apr. 30, 2017EUR (€) | Dec. 31, 2016EUR (€)shares | Dec. 31, 2015EUR (€)shares | Oct. 31, 2014EUR (€) | Jun. 30, 2019USD ($) | Apr. 30, 2019shares | Jan. 31, 2019shares | Jun. 30, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jun. 30, 2018EUR (€) | Dec. 31, 2017EUR (€) |
Disclosure of description of business [line items] | |||||||||||||
Initial public offering completion date | May 30, 2013 | ||||||||||||
Initial public offering amount | € 124,000 | $ 144 | € 17,700 | ||||||||||
Follow on offering amount before deducting offering expenses | € | € 70,500 | € 30,000 | |||||||||||
Warrants issued | € | € 56 | ||||||||||||
Shareholders' equity | € | € 117,025 | € 145,602 | € 163,812 | € 181,419 | |||||||||
Number of free shares granted | 94,200 | ||||||||||||
Grant of stock-options | 76,905 | ||||||||||||
Description of appointment of directors | Dr. Jean-Paul Kress is appointed as Chairman of the Board of Directors at the Company's Annual General Assembly Meeting on June 21, 2019. Dr. Kress has over 25 years' experience as a senior executive in international biotech and pharma groups. He was President and Chief Executive Officer of Syntimmune (Cambridge, MA, US) until the end of 2018, when the company was acquired by Alexion Pharmaceuticals. | ||||||||||||
Employee stock option [member] | |||||||||||||
Disclosure of description of business [line items] | |||||||||||||
Number of free shares granted | 36,150 | ||||||||||||
Grant of stock-options | 32,705 | 38,025 | |||||||||||
Executives [member] | |||||||||||||
Disclosure of description of business [line items] | |||||||||||||
Number of free shares granted | 36,000 | ||||||||||||
Employees [member] | |||||||||||||
Disclosure of description of business [line items] | |||||||||||||
Number of free shares granted | 58,200 | ||||||||||||
Executive share option plans [member] | |||||||||||||
Disclosure of description of business [line items] | |||||||||||||
Grant of stock-options | 44,200 | ||||||||||||
Issuance of stock warrant (Stock option) to directors [member] | |||||||||||||
Disclosure of description of business [line items] | |||||||||||||
Number of share warrants | 25,998 | ||||||||||||
SQZ Biotechnologies [member] | |||||||||||||
Disclosure of description of business [line items] | |||||||||||||
Upfront payments upon potential development, regulatory and commercial milestones | $ | $ 57 | ||||||||||||
Private placements [member] | |||||||||||||
Disclosure of description of business [line items] | |||||||||||||
Ordinary shares issued | 793,877 | 940,000 | |||||||||||
Warrants issued | € | € 9,900 | € 25,400 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Details of the Company's subsidiary (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of subsidiaries [abstract] | |
Date of Incorporation | Apr. 30, 2014 |
Percent of Ownership Interest | 100.00% |
Accounting Method | Fully consolidated |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Accounting Policy for Exchange Rates (Detail) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Disclosure Of Exchange Rates [abstract] | |||
Weighted average rate | 1.1298 | 1.1815 | 1.2108 |
Closing rate | 1.1380 | 1.1450 | 1.1658 |
Significant Accounting Polici_6
Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended | 18 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2019 | Jan. 01, 2019 | |
Statement of Compliance And Basis of Presentation [line items] | |||||
Right of use of asset | € 7,443 | ||||
Lease liabilities | € 8,868 | € 8,868 | € 7,734 | ||
Liability of recognized in statement of financial position | € 291 | ||||
Net value of right of use of asset | 6,634 | 6,634 | |||
Depreciation expense | 584 | ||||
Financial expense | 158 | € 3 | |||
Fixed assets amount not yet paid | 8,587 | ||||
Net cash flow used in investing activities | (17,570) | (2,020) | (6,450) | ||
Net cash flow used in operating activities | (23,818) | € (20,088) | (47,857) | ||
Cumulative amount of cash flows used in acquisition of property, plant and equipment | € 17,648 | € 23,300 | |||
Previously Stated [member] | |||||
Statement of Compliance And Basis of Presentation [line items] | |||||
Net cash flow used in investing activities | (15,037) | ||||
Net cash flow used in operating activities | € (39,270) | ||||
France [member] | |||||
Statement of Compliance And Basis of Presentation [line items] | |||||
Average marginal borrowing rate | 1.40% | ||||
United States [member] | |||||
Statement of Compliance And Basis of Presentation [line items] | |||||
Average marginal borrowing rate | 3.80% | ||||
IFRS 16 [member] | |||||
Statement of Compliance And Basis of Presentation [line items] | |||||
Description of lease term | Contracts with a lease term of 12 months or less at the transition date. | ||||
Expense relating to short-term leases | € 160 | ||||
Expense relating to leases of low-value assets | € 20 |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Lease Liability After Adoption of IFRS16 (Detail) - EUR (€) € in Thousands | Jan. 01, 2019 | Dec. 31, 2018 |
Statement of Compliance And Basis of Presentation [line items] | ||
Operating lease commitment as lessee | € 8,268 | |
IFRS 16 [member] | ||
Statement of Compliance And Basis of Presentation [line items] | ||
Unrecognized contracts in accordance with IFRS 16 exemptions | € (142) | |
Differences in the durations used linked to termination and extension options that are reasonably certain to be exercized | 5,798 | |
Leases signed in 2018 for an asset available after January 1, 2019 | (2,593) | |
Other (including the improvement allowance (Princeton lease)) | (2,045) | |
Estimated non-discountedlease liability under IFRS 16 | 9,285 | |
Discount effect | (1,551) | |
Estimated discounted lease liability under IFRS 16 | € 7,734 |
Notes Related to the Consolid_5
Notes Related to the Consolidated Statement of Income(Loss) - Summary of Detailed Information of Operating Income (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of detailed information of operating income [line items] | ||
Total | € 2,265 | € 2,965 |
Research tax credit [member] | ||
Disclosure of detailed information of operating income [line items] | ||
Total | 2,247 | 2,016 |
Other Income [member] | ||
Disclosure of detailed information of operating income [line items] | ||
Total | € 18 | € 950 |
Notes Related to the Consolid_6
Notes Related to the Consolidated Statement of Income (Loss) - Additional Information (Detail) € / shares in Units, € in Thousands, $ in Millions | Apr. 30, 2019€ / shares | Jun. 30, 2019EUR (€)Employee | Jun. 30, 2019USD ($)Employee | Jun. 30, 2018EUR (€)Employee |
Disclosure of detailed information of operating income [line items] | ||||
Increase in R&D consumables | € 3,452 | |||
Increase in R&D external services | 685 | |||
Increase in R&D personnel expenses | 1,755 | |||
Increase in G&A Services, subcontracting and fees | 2,194 | |||
Subscribed fair value of warrants granted | € / shares | € 2.15 | |||
Gain on investment currency transactions | 666 | € 420 | ||
Financial expenses on lease liability | € 158 | € 3 | ||
Parent [member] | Research and development expenses [member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Weighted average full time employees | Employee | 142 | 142 | 87 | |
Parent [member] | General and Administrative Expense [member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Weighted average full time employees | Employee | 43 | 43 | 34 | |
Revenues from licenses or other contracts [member] | SQZ Biotechnologies [member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Upfront payment received | € 880 | $ 1 | ||
USD Denominated [member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Financial income linked to effect of exchange rate | 596 | € 2,431 | ||
Orphan Europe [member] | ||||
Disclosure of detailed information of operating income [line items] | ||||
Amount of the clinical trial financed by a third party | € 70 | € 18 |
Notes Related to the Consolid_7
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Operating Expense - Research and Development Expenses (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of operating expenses [line items] | ||
Depreciation, amortization & provision | € 1,145 | € 458 |
Total | 33,210 | 24,145 |
Research and development expenses [member] | ||
Disclosure of operating expenses [line items] | ||
Consumables | 4,154 | 702 |
Rental and maintenance | 329 | 423 |
Services, subcontracting and fees | 10,611 | 9,926 |
Personnel expenses | 7,280 | 5,525 |
Depreciation, amortization & provision | 290 | 118 |
Other | 54 | 58 |
Total | 22,718 | 16,752 |
Research and development expenses [member] | R&D [member] | ||
Disclosure of operating expenses [line items] | ||
Consumables | 786 | 446 |
Rental and maintenance | 107 | 160 |
Services, subcontracting and fees | 1,610 | 2,502 |
Personnel expenses | 1,623 | 1,546 |
Depreciation, amortization & provision | 62 | 30 |
Other | 30 | 21 |
Total | 4,218 | 4,705 |
Research and development expenses [member] | Clinical studies [member] | ||
Disclosure of operating expenses [line items] | ||
Consumables | 3,368 | 256 |
Rental and maintenance | 222 | 263 |
Services, subcontracting and fees | 9,002 | 7,424 |
Personnel expenses | 5,657 | 3,979 |
Depreciation, amortization & provision | 228 | 88 |
Other | 24 | 37 |
Total | € 18,500 | € 12,047 |
Notes Related to the Consolid_8
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Operating Expense - General and Administrative Expenses (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of operating expenses [line items] | ||
Depreciation and amortization | € 1,095 | € 458 |
Total | 33,210 | 24,145 |
General and Administrative Expense [member] | ||
Disclosure of operating expenses [line items] | ||
Consumables | 303 | 70 |
Rental and maintenance | 743 | 437 |
Services, subcontracting and fees | 4,947 | 2,753 |
Personnel expenses | 3,333 | 3,083 |
Depreciation and amortization | 855 | 340 |
Other | 312 | 710 |
Total | € 10,493 | € 7,393 |
Notes Related to the Consolid_9
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Personal Expenses - Research and Development Expenses (Detail) - Research and development expenses [member] - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of employee benefits expense [line items] | ||
Wages and salaries | € 5,216 | € 3,655 |
Share-based payments (employees and executives) | 374 | 644 |
Social security expenses | 1,690 | 1,226 |
Total personnel expenses | 7,280 | 5,525 |
R&D [member] | ||
Disclosure of employee benefits expense [line items] | ||
Wages and salaries | 1,077 | 970 |
Share-based payments (employees and executives) | 116 | 192 |
Social security expenses | 430 | 384 |
Total personnel expenses | 1,623 | 1,546 |
Clinical studies [member] | ||
Disclosure of employee benefits expense [line items] | ||
Wages and salaries | 4,139 | 2,686 |
Share-based payments (employees and executives) | 257 | 452 |
Social security expenses | 1,260 | 842 |
Total personnel expenses | € 5,657 | € 3,979 |
Notes Related to the Consoli_10
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Personal Expenses - General and Administrative Expenses (Detail) - General and Administrative Expense [member] - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of employee benefits expense [line items] | ||
Wages and salaries | € 2,332 | € 1,725 |
Share-based payments (employees and executives) | 262 | 474 |
Social security expenses | 739 | 883 |
Total personnel expenses | € 3,333 | € 3,083 |
Notes Related to the Consoli_11
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - BSA Plan (Detail) - Grant In April 2019 [member] - 2018 plan [member] - BSA plan [member] € / shares in Units, € in Thousands | 1 Months Ended |
Apr. 30, 2019EUR (€)€ / sharesshares | |
Disclosure of subscription warrants [line items] | |
Number of warrants | shares | 25,998 |
Exercise price share options granted | 6.82 |
Price of the underlying share | € / shares | € 7.20 |
Fair value assumptions expected dividend rate 1 | 0.00% |
Fair value assumptions expected volatility rate 1 | 38.91% |
Fair value at measurement date share options granted | € | € 56 |
Tranche one [member] | |
Disclosure of subscription warrants [line items] | |
Fair value assumptions expected maturity period | 3 years |
Tranche two [member] | |
Disclosure of subscription warrants [line items] | |
Fair value assumptions expected maturity period | 3 years 6 months |
Tranche three [member] | |
Disclosure of subscription warrants [line items] | |
Fair value assumptions expected maturity period | 4 years |
Notes Related to the Consoli_12
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - SO Plan (Detail) - 2019 plan [member] - SO plan [member] € / shares in Units, € in Thousands | 6 Months Ended |
Jun. 30, 2019EUR (€)€ / sharesshares | |
Grant In January 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Number of options | shares | 38,025 |
Exercise price share options granted | 6.38 |
Price of the underlying share | € / shares | € 6.38 |
Fair value assumptions expected dividend rate 1 | 0.00% |
Fair value assumptions expected volatility rate 1 | 41.88% |
Fair value at measurement date share options granted | € | € 97 |
Grant In April 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Number of options | shares | 76,905 |
Exercise price share options granted | 7.20 |
Price of the underlying share | € / shares | € 7.20 |
Fair value assumptions expected dividend rate 1 | 0.00% |
Fair value assumptions expected volatility rate 1 | 41.65% |
Fair value at measurement date share options granted | € | € 217 |
Tranche one [member] | Grant In January 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Fair value assumptions expected maturity period | 6 years |
Tranche one [member] | Grant In April 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Fair value assumptions expected maturity period | 6 years |
Tranche two [member] | Grant In January 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Fair value assumptions expected maturity period | 6 years 6 months |
Tranche two [member] | Grant In April 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Fair value assumptions expected maturity period | 6 years 6 months |
Notes Related to the Consoli_13
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - AGA Plan (Detail) - 2019 plan [member] - AGA plan [member] | 6 Months Ended |
Jun. 30, 2019EUR (€)€ / sharesshares | |
Grant In January 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Number of shares | shares | 36,150 |
Price of the underlying share | € / shares | € 6.38 |
Fair value assumptions expected dividend rate 1 | 0.00% |
Fair value assumptions expected volatility rate 1 | 38.22% |
Repo margin | 5.00% |
Maturity | 3 years |
Fair value at measurement date share options granted | € | € 102 |
Grant In April 2019 [member] | |
Disclosure of subscription warrants [line items] | |
Number of shares | shares | 94,200 |
Price of the underlying share | € / shares | € 7.20 |
Fair value assumptions expected dividend rate 1 | 0.00% |
Fair value assumptions expected volatility rate 1 | 36.32% |
Repo margin | 5.00% |
Maturity | 3 years |
Performance criteria | ERYP2018: average price of the 40-quoted market share price days before the grant date (€6.54 for the plan granted in January 2019 and €7.52 for the plan granted in April 2019). ERYPi : average price of the 40-quoted market share price days before the acquisition date, Tri : (ERYPi / ERYP2018) - 1 If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%<TRi<100% shares granted are acquired following the TRi percentage |
Fair value at measurement date share options granted | € | € 269 |
Notes Related to the Consoli_14
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - AGA Plan (Parenthetical) (Detail) - AGA 2018 [member] - EUR (€) | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2019 | Jan. 31, 2019 | Jun. 30, 2019 | |
Disclosure of subscription warrants [line items] | |||
Performance criteria | ERYP2018: average price of the 40-quoted market share price days before the grant date (€6.54 for the plan granted in January 2019 and €7.52 for the plan granted in April 2019). ERYPi : average price of the 40-quoted market share price days before the acquisition date, Tri : (ERYPi / ERYP2018) – 1 If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%<TRi<100% shares granted are acquired following the TRi percentage | ||
Grant In January 2019 [member] | |||
Disclosure of subscription warrants [line items] | |||
Share price | € 6.54 | ||
Grant In April 2019 [member] | |||
Disclosure of subscription warrants [line items] | |||
Share price | € 7.52 |
Notes Related to the Consoli_15
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Breakdown of Plan (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | € 749 | € 1,380 |
Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 337 | 629 |
Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 298 | 489 |
Directors [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 114 | 262 |
AGA plan [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 385 | 803 |
AGA plan [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 180 | 421 |
AGA plan [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 205 | 382 |
AGA plan [member] | Free Shares Grant In October 2016 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 33 | 129 |
AGA plan [member] | Free Shares Grant In October 2016 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 9 | 60 |
AGA plan [member] | Free Shares Grant In October 2016 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 24 | 68 |
AGA plan [member] | Free Shares Grant In January 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 6 | 16 |
AGA plan [member] | Free Shares Grant In January 2017 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 6 | 16 |
AGA plan [member] | Free Shares Grant In June 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 117 | 340 |
AGA plan [member] | Free Shares Grant In June 2017 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 42 | 156 |
AGA plan [member] | Free Shares Grant In June 2017 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 75 | 184 |
AGA plan [member] | Free Shares Grant In October 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 23 | 57 |
AGA plan [member] | Free Shares Grant In October 2017 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 23 | 57 |
AGA plan [member] | Free Shares Grant In January 2018 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 155 | 262 |
AGA plan [member] | Free Shares Grant In January 2018 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 66 | 147 |
AGA plan [member] | Free Shares Grant In January 2018 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 89 | 114 |
AGA plan [member] | Free Shares Grant In January 2019 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 23 | |
AGA plan [member] | Free Shares Grant In January 2019 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 23 | |
AGA plan [member] | Free Shares Grant In April 2019 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 28 | |
AGA plan [member] | Free Shares Grant In April 2019 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 17 | |
AGA plan [member] | Free Shares Grant In April 2019 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 11 | |
BSA plan [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 114 | 262 |
BSA plan [member] | Directors [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 114 | 262 |
BSA plan [member] | Free Shares Grant In October 2016 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 16 | 41 |
BSA plan [member] | Free Shares Grant In October 2016 [member] | Directors [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 16 | 41 |
BSA plan [member] | Free Shares Grant In January 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 3 | 8 |
BSA plan [member] | Free Shares Grant In January 2017 [member] | Directors [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 3 | 8 |
BSA plan [member] | Free Shares Grant In June 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 51 | 126 |
BSA plan [member] | Free Shares Grant In June 2017 [member] | Directors [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 51 | 126 |
BSA plan [member] | Free Shares Grant In January 2018 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 44 | 86 |
BSA plan [member] | Free Shares Grant In January 2018 [member] | Directors [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 44 | 86 |
SO plan [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 250 | 315 |
SO plan [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 157 | 209 |
SO plan [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 93 | 106 |
SO plan [member] | Free Shares Grant In October 2016 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 8 | 44 |
SO plan [member] | Free Shares Grant In October 2016 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 2 | 22 |
SO plan [member] | Free Shares Grant In October 2016 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 6 | 22 |
SO plan [member] | Free Shares Grant In January 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 0 | 3 |
SO plan [member] | Free Shares Grant In January 2017 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 0 | 3 |
SO plan [member] | Free Shares Grant In June 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 56 | 68 |
SO plan [member] | Free Shares Grant In June 2017 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 36 | 48 |
SO plan [member] | Free Shares Grant In June 2017 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 20 | 20 |
SO plan [member] | Free Shares Grant In October 2017 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 27 | 46 |
SO plan [member] | Free Shares Grant In October 2017 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 27 | 46 |
SO plan [member] | Free Shares Grant In January 2018 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 129 | 154 |
SO plan [member] | Free Shares Grant In January 2018 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 62 | 90 |
SO plan [member] | Free Shares Grant In January 2018 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 67 | € 64 |
SO plan [member] | Free Shares Grant In January 2019 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 21 | |
SO plan [member] | Free Shares Grant In January 2019 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 21 | |
SO plan [member] | Free Shares Grant In April 2019 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 21 | |
SO plan [member] | Free Shares Grant In April 2019 [member] | Employees [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 9 | |
SO plan [member] | Free Shares Grant In April 2019 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | 12 | |
SO plan [member] | Free Shares Grant In September 2018 [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | (11) | |
SO plan [member] | Free Shares Grant In September 2018 [member] | Executives [member] | ||
Disclosure of fair value of equity instruments granted [line items] | ||
Sharebased compensation expense recognized in profit (loss) | € (11) |
Notes Related to the Consoli_16
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Number of Outstanding Instruments (Detail) | 6 Months Ended |
Jun. 30, 2019EUR (€)€ / sharesshares | |
Warrants with a ratio of 1 option = 10 shares [member] | |
Disclosure of Fair Value of Equity Instruments Granted [line items] | |
Number of options, beginning balance | 40,804 |
Number of options, exercisable, beginning balance | 40,804 |
Number of options, granted during the year | 0 |
Number of options, forfeited during the year | 0 |
Number of options, exercised during the year | 0 |
Number of options, ending balance | 40,804 |
Number of options, exercisable, ending balance | 40,804 |
Weighted-average exercise price, beginning balance | € | € 97.34 |
Weighted-average exercise price, exercisable, beginning balance | € | 97.34 |
Weighted-average exercise price, granted during the year | € | 0 |
Weighted-average exercise price, forfeited during the year | € | 0 |
Weighted-average exercise price, exercised during the year | € | 0 |
Weighted-average exercise price, ending balance | € | 97.34 |
Weighted-average exercise price, exercisable, ending balance | € | € 97.34 |
Stock options and warrants with a ratio of 1 option = 1 share [member] | |
Disclosure of Fair Value of Equity Instruments Granted [line items] | |
Number of outstanding stock options and warrants, beginning balance | shares | 340,063 |
Number of outstanding stock options and warrants, exercisable, beginning balance | shares | 88,999 |
Number of outstanding stock options and warrants granted | shares | 140,928 |
Number of share options and warrants forfeited | shares | (24,195) |
Number of share options and warrants exercised | shares | 0 |
Number of oustanding share options and warrants ending balance | shares | 456,796 |
Number of outstanding stock options and warrants, exercisable, ending balance | shares | 129,066 |
Weighted-average exercise price, at December 31, 2018 | € / shares | € 19.87 |
Weighted-average exercise price, exercisable, beginning balance | € / shares | 19.88 |
Weighted-average exercise price, granted during the year | € / shares | 6.91 |
Weighted-average exercise price, forfeited during the year | € / shares | 9.24 |
Weighted-average exercise price, exercised during the year | € / shares | 0 |
Weighted-average exercise price, at June 30, 2019 | € / shares | 16.25 |
Weighted-average exercise price, exercisable, ending balance | € / shares | € 22.02 |
Notes Related to the Consoli_17
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Number of Outstanding Free Shares (Detail) - Free Shares AGA Plan [member] | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Fair Value of Equity Instruments Granted [line items] | |
Outstanding at December 31, 2018 | 342,020 |
Granted during the year | 130,350 |
Forfeited during the year | (26,553) |
Acquired during the year | 0 |
Outstanding at June 30, 2019 | 445,817 |
Notes Related to the Consoli_18
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Depreciation ,Amortization And Provisions (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation and amortisation expense [abstract] | ||
Amortization of intangible assets | € 8 | € 20 |
Depreciation of property, plant and equipment | 503 | 438 |
Depreciation of the right of use | 584 | |
Total amortization and depreciation | 1,095 | 458 |
Provision | 50 | |
Total amortization, depreciation & provisions | € 1,145 | € 458 |
Notes Related to the Consoli_19
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Financial Income (loss) (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Analysis of income and expense [abstract] | ||
Income from short term deposits | € 2 | € 79 |
Other financial income | 1,263 | 2,887 |
Financial income | 1,265 | 2,966 |
Financial expenses on lease liability | (158) | (3) |
Interest expense related to borrowings | (123) | (3) |
Other financial expenses | (24) | (36) |
Financial expenses | (305) | (42) |
Financial income (loss) | € 960 | € 2,924 |
Notes Related to the Consoli_20
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Basic Earnings per Share and Diluted Earnings (Loss) per Share (Detail) - EUR (€) € / shares in Units, € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings per share [abstract] | ||
Net loss | € (29,286) | € (18,970) |
Weighted number of shares for the period | 17,937,535 | 17,937,426 |
Basic loss per share | € (1.63) | € (1.06) |
Diluted loss per share | € (1.63) | € (1.06) |
Notes Related to the Consoli_21
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Basic Earnings per Share and Diluted Earnings (Loss) per Share (Parenthetical) (Detail) shares in Thousands | Jun. 30, 2019shares |
Earnings per share [abstract] | |
Treasury share | 2,500 |
Notes Related to the Consoli_22
Notes Related to the Consolidated Statements of Financial Position - Schedule of Intangible Assets (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2019EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | € 1,613 |
Ending balance | 1,634 |
Other intangible assets [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,613 |
Ending balance | 1,634 |
Gross carrying amount [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,833 |
Increase | 2 |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 28 |
Ending balance | 1,863 |
Gross carrying amount [member] | Other intangible assets [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,833 |
Increase | 2 |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 28 |
Ending balance | 1,863 |
Accumulated depreciation and amortisation [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (220) |
Increase | (9) |
Decrease | 0 |
FX rate impact | 0 |
Ending balance | (229) |
Accumulated depreciation and amortisation [member] | Other intangible assets [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (220) |
Increase | (9) |
Decrease | 0 |
FX rate impact | 0 |
Ending balance | € (229) |
Notes Related to the Consoli_23
Notes Related to the Consolidated Statements of Financial Position - Schedule of Property, Plant and Equipment (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2019EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | € 15,274 |
Ending balance | 26,090 |
Assets under construction [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 13,559 |
Ending balance | 11,221 |
Plant, equipment, and tooling [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 760 |
Ending balance | 994 |
General equipment, fixtures and fittings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 536 |
Ending balance | 13,198 |
Office equipment and computers [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 419 |
Ending balance | 642 |
Advance payment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Ending balance | 35 |
Gross carrying amount [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 18,974 |
Increase | 11,383 |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | (1,120) |
Ending balance | 29,237 |
Gross carrying amount [member] | Assets under construction [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 13,559 |
Increase | 8,251 |
Decrease | 0 |
FX rate impact | 96 |
Reclassification | (10,685) |
Ending balance | 11,221 |
Gross carrying amount [member] | Plant, equipment, and tooling [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 2,584 |
Increase | 129 |
FX rate impact | (2) |
Reclassification | (712) |
Ending balance | 2,000 |
Gross carrying amount [member] | General equipment, fixtures and fittings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 2,007 |
Increase | 2,741 |
FX rate impact | (93) |
Reclassification | 10,210 |
Ending balance | 14,865 |
Gross carrying amount [member] | Office equipment and computers [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 824 |
Increase | 227 |
FX rate impact | (1) |
Reclassification | 67 |
Ending balance | 1,117 |
Gross carrying amount [member] | Advance payment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Increase | 35 |
Ending balance | 35 |
Accumulated depreciation, amortisation and impairment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (3,700) |
Increase | (502) |
FX rate impact | (1) |
Reclassification | 1,056 |
Ending balance | (3,147) |
Accumulated depreciation, amortisation and impairment [member] | Plant, equipment, and tooling [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (1,824) |
Increase | (156) |
Reclassification | 974 |
Ending balance | (1,006) |
Accumulated depreciation, amortisation and impairment [member] | General equipment, fixtures and fittings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (1,471) |
Increase | (269) |
FX rate impact | 0 |
Reclassification | 74 |
Ending balance | (1,666) |
Accumulated depreciation, amortisation and impairment [member] | Office equipment and computers [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (405) |
Increase | (77) |
FX rate impact | (1) |
Reclassification | 8 |
Ending balance | € (475) |
Notes Related to the Consoli_24
Notes Related to the Consolidated Statements of Financial Position - Additional Information (Detail) - EUR (€) € / shares in Units, € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Assets capitalized | € 10,700 | |
Decrease in net value right of use | 339 | |
Advances payment to suppliers | 2,899 | € 3,180 |
Current accounts | 89,300 | 118,400 |
Term deposits | 5,000 | € 16,000 |
Maturities of term deposit | January 2019 | |
Other cash equivalents | € 100 | |
Number of shares fully paid up | 17,940,035 | |
Nominal value | € 0.10 | |
Improvement allowance received | € 1,848 | |
Increase | 1,886 | |
Decrease | 858 | |
Buildings [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Decrease | € 339 |
Notes Related to the Consoli_25
Notes Related to the Consolidated Statements of Financial Position - Schedule of Right of Use (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Disclosure Of Detailed information Of Right of Use [line items] | ||
First application of IFRS 16 | € 7,443 | |
Ending balance | € 6,634 | |
Gross carrying amount [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
First application of IFRS 16 | 7,443 | |
Increase | 37 | |
Decrease | (355) | |
FX rate impact | 34 | |
Reclassification | 1,092 | |
Ending balance | 8,252 | |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Increase | (584) | |
Decrease | 16 | |
FX rate impact | 3 | |
Reclassification | (1,053) | |
Ending balance | (1,618) | |
Building [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Ending balance | 6,545 | |
Building [member] | Gross carrying amount [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
First application of IFRS 16 | 7,397 | |
Increase | 4 | |
Decrease | (355) | |
FX rate impact | 34 | |
Ending balance | 7,080 | |
Building [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Increase | (554) | |
Decrease | 16 | |
FX rate impact | 3 | |
Ending balance | (535) | |
Plant, equipment, and tooling [member] | Gross carrying amount [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Reclassification | 974 | |
Ending balance | 974 | |
Plant, equipment, and tooling [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Reclassification | (974) | |
Ending balance | (974) | |
Transport equipment [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Ending balance | 70 | |
Transport equipment [member] | Gross carrying amount [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
First application of IFRS 16 | 47 | |
Increase | 34 | |
Ending balance | 80 | |
Transport equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Increase | (10) | |
Ending balance | (10) | |
Office equipment and computers [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Ending balance | 20 | |
Office equipment and computers [member] | Gross carrying amount [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Reclassification | 118 | |
Ending balance | 118 | |
Office equipment and computers [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed information Of Right of Use [line items] | ||
Increase | (20) | |
Reclassification | (79) | |
Ending balance | € (99) |
Notes Related to the Consoli_26
Notes Related to the Consolidated Statements of Financial Position - Summary of Other Financial Assets (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Categories of non-current financial assets [abstract] | ||
Deposits related to leased premises | € 357 | € 446 |
Advance payments to suppliers | 510 | 510 |
Other | 26 | 91 |
Total other non-current financial assets | 892 | € 1,046 |
Deposits related to leased premises | 78 | |
Total other current financial assets | € 78 |
Notes Related to the Consoli_27
Notes Related to the Consolidated Statements of Financial Position - Schedule of Inventories (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Classes of current inventories [abstract] | ||
Production inventory | € 207 | € 1,336 |
Laboratory inventory | 59 | |
Total inventory | € 207 | € 1,396 |
Notes Related To The Consoli_28
Notes Related To The Consolidated Statement Of Financial Position - Schedule of Trade and Other Receivables (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Trade and other receivables | € 917 | € 30 |
Trade and other receivables | € 917 | € 30 |
Notes Related to the Consoli_29
Notes Related to the Consolidated Statements of Financial Position - Schedule of Other Current Assets (Detail) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Other Current Assets [abstract] | ||
Research Tax Credit | € 9,716 | € 7,701 |
Tax receivables (e.g VAT), social receivables and other receivables | 1,178 | 1,949 |
Prepaid expenses | 3,757 | 4,461 |
Total other current assets | € 14,651 | € 14,111 |
Notes Related to the Consoli_30
Notes Related to the Consolidated Statements of Financial Position - Summary of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure Of Cash And Cash Equivalents [abstract] | ||||
Cash and cash equivalents | € 94,452 | € 134,371 | ||
Total cash and cash equivalents as reported in statement of financial position | 94,452 | 134,371 | ||
Bank overdrafts | 0 | 0 | ||
Total cash and cash equivalents as reported in statement of cash flow | € 94,452 | € 134,371 | € 165,421 | € 185,514 |
Notes Related to the Consoli_31
Notes Related to the Consolidated Statements of Financial Position - Summary of Details of Provisions (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Provisions - non-current portion | € 473 | € 347 |
Beginning balance | 347 | |
Provisions - current portion | 50 | |
Provisions | 110 | |
Actuarial gains and losses | 66 | |
Ending balance | 523 | |
Provision for retirement indemnities [member] | ||
Disclosure of other provisions [line items] | ||
Provisions - non-current portion | 473 | € 347 |
Beginning balance | 347 | |
Provisions | 60 | |
Actuarial gains and losses | 66 | |
Ending balance | 473 | |
Provision for risks [member] | ||
Disclosure of other provisions [line items] | ||
Provisions - current portion | 50 | |
Other provisions [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 50 | |
Ending balance | € 50 |
Notes Related to the Consoli_32
Notes Related to the Consolidated Statements of Financial Position - Estimate of the Retirement Commitments (Detail) - yr | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.77% | 1.57% |
Wage increase | 2.00% | 2.00% |
Mortality table | INSEE 2018 | INSEE 2014 |
Bottom of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Age of retirement | 65 | 65 |
Top of range [member] | ||
Disclosure of defined benefit plans [line items] | ||
Age of retirement | 67 | 67 |
Non executive employees [member] | ||
Disclosure of defined benefit plans [line items] | ||
Social welfare contribution rate | 37.00% | 44.00% |
Executive employees [member] | ||
Disclosure of defined benefit plans [line items] | ||
Social welfare contribution rate | 50.00% | 54.00% |
Executive management [member] | ||
Disclosure of defined benefit plans [line items] | ||
Social welfare contribution rate | 52.00% | 55.00% |
Expected staff turnover | Low | Low |
Non executive and executive employees [member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected staff turnover | High | Medium - High |
Notes Related to the Consoli_33
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Type (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [abstract] | ||
Financial liabilities related to finance leases | € 39 | |
Conditional advances | € 1,302 | 1,181 |
Bank loans | 431 | 799 |
Total financial liabilities | € 1,732 | € 2,019 |
Notes Related to the Consoli_34
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Maturity (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial liabilities | ||
Conditional advances | € 1,302 | € 1,181 |
Bank loans | 431 | 799 |
Financial liabilities related to finance leases | 39 | |
Total financial liabilities | 1,732 | 2,019 |
Less than one year [member] | ||
Financial liabilities | ||
Bank loans | 431 | 738 |
Financial liabilities related to finance leases | 39 | |
Total financial liabilities | 431 | 776 |
Later than one year and not later than three years [member] | ||
Financial liabilities | ||
Bank loans | 62 | |
Total financial liabilities | 62 | |
Later than five years [member] | ||
Financial liabilities | ||
Conditional advances | 1,302 | 1,181 |
Total financial liabilities | € 1,302 | € 1,181 |
Notes Related to the Consoli_35
Notes Related to the Consolidated Statements of Financial Position - Schedule of Conditional Advances (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2019EUR (€) | |
Disclosure of financial liabilities [line items] | |
At the beginning of the period | € 2,019 |
At the end of the period | 1,732 |
Long term conditional advances [member] | |
Disclosure of financial liabilities [line items] | |
At the beginning of the period | 1,181 |
Capitalized interest | 120 |
At the end of the period | 1,302 |
Bpi France [member] | Long term conditional advances [member] | |
Disclosure of financial liabilities [line items] | |
At the beginning of the period | 1,181 |
Capitalized interest | 120 |
At the end of the period | € 1,302 |
Notes Related To The Consoli_36
Notes Related To The Consolidated Statement Of Financial Position - Schedule of Lease Liabilities (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2019EUR (€) | |
Disclosure Of Leases [Line items] | |
Increase | € 1,886 |
Decrease | (858) |
FX rate impact | 25 |
Capitalized interests | 39 |
Reclassification | 42 |
Ending balance | 8,868 |
Adoption Of IFRS 16 [member] | |
Disclosure Of Leases [Line items] | |
Beginning balance | € 7,734 |
Notes Related To The Consoli_37
Notes Related To The Consolidated Statement Of Financial Position - Summary of Maturity Dates of Lease Liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Disclosure Of Leases [Line items] | ||
Lease liabilities | € 8,868 | € 7,734 |
Less than one year [member] | ||
Disclosure Of Leases [Line items] | ||
Lease liabilities | 773 | |
Later than one year and not later than three years [member] | ||
Disclosure Of Leases [Line items] | ||
Lease liabilities | 2,494 | |
Later than three years and not later than five years [member] | ||
Disclosure Of Leases [Line items] | ||
Lease liabilities | 1,987 | |
Later than five years [member] | ||
Disclosure Of Leases [Line items] | ||
Lease liabilities | € 3,614 |
Notes Related to the Consoli_38
Notes Related to the Consolidated Statements of Financial Position - Summary of Trade and Other Payables (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Trade and other payables [line items] | ||
Total trade and other payables | € 11,492 | € 16,655 |
Payables to domestic vendors [members] | ||
Trade and other payables [line items] | ||
Total trade and other payables | 1,564 | 3,013 |
Payables to foreign vendors [members] | ||
Trade and other payables [line items] | ||
Total trade and other payables | 3,692 | 10,389 |
Payables to vendors accruals [members] | ||
Trade and other payables [line items] | ||
Total trade and other payables | € 6,235 | € 3,253 |
Notes Related to the Consoli_39
Notes Related to the Consolidated Statements of Financial Position - Summary of Other Current Liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Miscellaneous current liabilities [abstract] | ||
Social liabilities, taxation and social security | € 3,303 | € 3,148 |
Fixed assets payables | 2,421 | |
Deferred revenue | 96 | 16 |
Other payables | 94 | 53 |
Total other current liabilities | € 5,914 | € 3,217 |
Notes Related to the Consoli_40
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) (Detail) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of financial instruments [line items] | ||
Other non-current financial assets | € 892 | € 1,046 |
Other current financial assets | 78 | |
Trade and other receivables | 917 | 30 |
Other current assets | 14,651 | 14,111 |
Cash and cash equivalents | 94,452 | 134,371 |
Financial liabilities - non current portion | 1,302 | 1,243 |
Lease liabilities - non current portion | 8,095 | |
Financial liabilities - current portion | 431 | 776 |
Lease liabilities - current portion | 773 | |
Trade and other payables | 11,492 | 16,655 |
Financial liabilities at amortised cost, category [member] | ||
Disclosure of financial instruments [line items] | ||
Financial liabilities - non current portion | 1,302 | 1,243 |
Lease liabilities - non current portion | 8,095 | |
Financial liabilities - current portion | 431 | 776 |
Lease liabilities - current portion | 773 | |
Trade and other payables | 11,492 | 16,655 |
Other current liabilities | 5,819 | |
Total financial liabilities | 27,912 | 18,674 |
Financial liabilities at fair value, class [member] | ||
Disclosure of financial instruments [line items] | ||
Financial liabilities - non current portion | 1,302 | 1,243 |
Lease liabilities - non current portion | 8,095 | |
Financial liabilities - current portion | 431 | 776 |
Lease liabilities - current portion | 773 | |
Trade and other payables | 11,492 | 16,655 |
Other current liabilities | 5,819 | |
Total financial liabilities | 27,912 | 18,674 |
Financial liabilities at carrying value [member] | ||
Disclosure of financial instruments [line items] | ||
Financial liabilities - non current portion | 1,302 | 1,243 |
Lease liabilities - non current portion | 8,095 | |
Financial liabilities - current portion | 431 | 776 |
Lease liabilities - current portion | 773 | |
Trade and other payables | 11,492 | 16,655 |
Other current liabilities | 5,819 | |
Total financial liabilities | 27,912 | 18,674 |
Financial assets at carrying value [member] | ||
Disclosure of financial instruments [line items] | ||
Other non-current financial assets | 892 | 1,046 |
Other current financial assets | 78 | |
Trade and other receivables | 917 | 30 |
Other current assets | 10,894 | 14,111 |
Cash and cash equivalents | 94,452 | 134,371 |
Total financial assets | 107,233 | 149,558 |
Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of financial instruments [line items] | ||
Cash and cash equivalents | 94,452 | 134,371 |
Total financial assets | 94,452 | 134,371 |
Loans and receivables, category [member] | ||
Disclosure of financial instruments [line items] | ||
Other non-current financial assets | 892 | 1,046 |
Other current financial assets | 78 | |
Trade and other receivables | 917 | 30 |
Other current assets | 10,894 | 14,111 |
Total financial assets | 12,781 | 15,187 |
Financial assets at fair value, class [member] | ||
Disclosure of financial instruments [line items] | ||
Other non-current financial assets | 892 | 1,046 |
Other current financial assets | 78 | |
Trade and other receivables | 917 | 30 |
Other current assets | 10,894 | 14,111 |
Cash and cash equivalents | 94,452 | 134,371 |
Total financial assets | € 107,233 | € 149,558 |
Notes Related to the Consoli_41
Notes Related to the Consolidated Statements of Financial Position - Summary of Transactions Between Related Parties (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Salary / Fees | € 1,442 | € 1,216 |
Retirement benefits | 13 | 81 |
Share based payments | 412 | 750 |
Executive officers / Deputy General Managers | ||
Disclosure of transactions between related parties [line items] | ||
Salary / Fees | 527 | 366 |
Retirement benefits | 8 | 30 |
Share based payments | 152 | 199 |
Executive committee [member] | ||
Disclosure of transactions between related parties [line items] | ||
Salary / Fees | 755 | 706 |
Retirement benefits | 5 | 51 |
Share based payments | 146 | 290 |
Board of directors [member] | ||
Disclosure of transactions between related parties [line items] | ||
Salary / Fees | 161 | 145 |
Share based payments | € 114 | € 262 |
Off-Balance Sheet Commitments -
Off-Balance Sheet Commitments - Additional Information (Detail) - SQZ Biotechnologies [member] $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Disclosure of off balance sheet commitments [line items] | |
Upfront payment received | $ 1 |
Maximum [Member] | |
Disclosure of off balance sheet commitments [line items] | |
Potential development, regulatory and commercial milestone payments | $ 56 |
Off Balance Sheet Commitments -
Off Balance Sheet Commitments - Summary of Operating Sublease Expense Recognized in Profit or Loss (Detail) € in Thousands | Jun. 30, 2019EUR (€) |
Disclosure Of Operating Lease And Other Commitments [line items] | |
Total lease commitments | € 574 |
United States [member] | |
Disclosure Of Operating Lease And Other Commitments [line items] | |
Total lease commitments | 574 |
Less than one year [member] | |
Disclosure Of Operating Lease And Other Commitments [line items] | |
Total lease commitments | 143 |
Less than one year [member] | United States [member] | |
Disclosure Of Operating Lease And Other Commitments [line items] | |
Total lease commitments | 143 |
One to five years [member] | |
Disclosure Of Operating Lease And Other Commitments [line items] | |
Total lease commitments | 431 |
One to five years [member] | United States [member] | |
Disclosure Of Operating Lease And Other Commitments [line items] | |
Total lease commitments | € 431 |