Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ERYTECH Pharma S.A. |
Entity Central Index Key | 0001624422 |
Current Fiscal Year End Date | --12-31 |
Trading Symbol | ERYP |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Title of 12(b) Security | American Depositary Shares |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 17,940,035 |
Entity Address, City or Town | Lyon |
Entity Address, Postal Zip Code | 69008 |
Entity Incorporation, State or Country Code | I0 |
Entity Address, Address Line One | 60 Avenue Rockefeller |
Entity Address, Country | FR |
Document Registration Statement | false |
Document Shell Company Report | false |
Document Accounting Standard | International Financial Reporting Standards |
Contact Personnel Name | Gil Beyen |
Business Contact | |
Document Information [Line Items] | |
Entity Address, City or Town | Lyon |
Entity Address, Postal Zip Code | 69008 |
Entity Address, Address Line One | 60 Avenue Rockefeller |
Entity Address, Country | FR |
City Area Code | 33 |
Local Phone Number | 4 78 74 44 38 |
Contact Personnel Fax Number | 4 78 75 56 29 |
Consolidated Statement of Incom
Consolidated Statement of Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement [Abstract] | ||||
Other income | € 5,283 | € 4,447 | € 3,364 | |
Operating income | 5,283 | 4,447 | 3,364 | |
Research and development | (52,193) | (33,468) | (25,463) | |
General and administrative | (17,164) | (14,600) | (8,791) | |
Operating expenses | (69,357) | (48,068) | (34,254) | |
Operating loss | (64,074) | (43,621) | (30,889) | |
Financial income | 2,947 | 5,427 | 539 | |
Financial expenses | (1,533) | (29) | (3,183) | |
Financial income (loss) | 1,414 | 5,399 | (2,644) | |
Income tax | 1 | (2) | 3 | |
Net loss | € (62,659) | € (38,224) | [1] | € (33,530) |
Basic / Diluted loss per share (€/share) | € (3.49) | € (2.13) | € (2.95) | |
[1] | See note 2.8. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Of Comprehensive Income [Abstract] | ||||
Net loss | € (62,659) | € (38,224) | [1] | € (33,530) |
Elements that may be reclassified subsequently to income (loss) | ||||
Foreign subsidiary – Currency translation adjustment | 1,237 | 15 | (38) | |
Elements that may not be reclassified subsequently to income (loss) | ||||
Actuarial gains or losses on defined benefits liability | (38) | (60) | 8 | |
Tax effect | 3 | (3) | ||
Other comprehensive income (loss) | 1,199 | (42) | (33) | |
Total comprehensive loss | € (61,460) | € (38,266) | € (33,563) | |
[1] | See note 2.8. |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current assets | |||
Intangible assets | € 603 | € 1,613 | € 53 |
Property, plant and equipment | 25,632 | 15,274 | 3,406 |
Right of use | 10,009 | ||
Other non-current financial assets | 718 | 1,046 | 234 |
Total non-current assets | 36,963 | 17,933 | 3,693 |
Current assets | |||
Other current financial assets | 41 | ||
Inventories | 358 | 1,396 | 176 |
Trade and other receivables | 36 | 30 | 76 |
Other current assets | 7,975 | 14,111 | 5,791 |
Cash and cash equivalents | 73,173 | 134,371 | 185,525 |
Total current assets | 81,583 | 149,907 | 191,568 |
TOTAL ASSETS | 118,546 | 167,840 | 195,261 |
Shareholders’ equity | |||
Share capital | 1,794 | 1,794 | 1,794 |
Premiums related to share capital | 281,688 | 281,745 | 281,745 |
Reserves | (136,608) | (99,524) | (68,386) |
Translation reserve | 1,344 | (188) | (203) |
Net loss for the period | (62,659) | (38,224) | (33,530) |
Total shareholders’ equity | 85,560 | 145,602 | 181,419 |
Non-current liabilities | |||
Provisions - non-current portion | 506 | 347 | 214 |
Financial liabilities – non-current portion | 1,321 | 1,243 | 2,019 |
Lease liabilities - non-current portion | 11,278 | ||
Deferred tax | 3 | ||
Total Non-current liabilities | 13,105 | 1,590 | 2,236 |
Current liabilities | |||
Provisions - current portion | 71 | ||
Financial liabilities – current portion | 99 | 776 | 824 |
Lease liabilities - current portion | 1,425 | ||
Trade and other payables | 13,775 | 16,655 | 8,076 |
Other current liabilities | 4,510 | 3,217 | 2,706 |
Total current liabilities | 19,881 | 20,648 | 11,606 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | € 118,546 | € 167,840 | € 195,261 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | |||
Cash flows from operating activities | ||||||
Net loss | € (62,659) | € (38,224) | € (33,530) | |||
Reconciliation of net loss and the cash used for operating activities | ||||||
Gain or loss on exchange (calculated) | (1,816) | (3,981) | 3,159 | |||
Amortization and depreciation | 4,216 | 797 | 532 | |||
Provision | 192 | 73 | 57 | |||
Net booked value of scrapped fixed assets | 42 | |||||
Expenses related to share-based payments | 1,359 | 2,449 | 1,769 | |||
Interest expense | 484 | 4 | 23 | |||
Income tax expense (income) | (1) | 2 | (3) | |||
Change in assets and liabilities in foreign currency | 1,144 | 15 | (38) | |||
Operating cash flow before change in working capital | (57,040) | (38,864) | (28,031) | |||
(Increase) decrease in inventories | 1,038 | (1,219) | (31) | |||
(Increase) decrease in trade and other receivables | (7) | 47 | 142 | |||
(Increase) decrease in other current assets | 6,150 | (8,321) | (1,266) | |||
Increase (decrease) in trade and other payables | 5,993 | (8) | 3,243 | |||
Increase (decrease) in other current liabilities | 556 | 508 | 1,241 | |||
Change in working capital | 13,730 | (8,994) | 3,329 | |||
Net cash flow used in operating activities | (43,310) | (47,857) | (24,702) | |||
Cash flows from investing activities | ||||||
Acquisition of property, plant and equipment | (20,117) | (5,635) | (1,664) | |||
Acquisition of intangible assets | (16) | (3) | (25) | |||
Increase in non-current & current financial assets | (119) | (812) | (102) | |||
Decrease in non-current & current financial assets | 414 | |||||
Net cash flow used in investing activities | (19,838) | (6,450) | (1,791) | |||
Cash flows from financing activities | ||||||
Capital increases, net of transaction costs | 177,576 | |||||
Subscription of warrants | 47 | |||||
Proceeds from borrowings | 421 | |||||
Repayment of borrowings | (738) | (818) | (452) | |||
Allowance received from a lessor | 1,866 | |||||
Repayment of lease debt (IFRS 16) | (978) | |||||
Interests received (paid) | (195) | |||||
Other change in financial liabilities | 38 | |||||
Net cash flow from (used in) financing activities | 40 | (818) | 177,545 | |||
Exchange rate effect on cash in foreign currency | 1,910 | 3,981 | (3,183) | |||
Increase (Decrease) in cash and cash equivalents | (61,198) | (51,144) | 147,869 | |||
Net cash and cash equivalents at the beginning of the period | 134,371 | [1] | 185,514 | 37,646 | ||
Net cash and cash equivalents at the closing of the period | 73,173 | 134,371 | 185,514 | [1] | ||
Cash paid for interest | € 195 | € 14 | € 115 | |||
[1] | See note 2.8. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - EUR (€) € in Thousands | Total | Issued capital | Premiums related to the share capital | Reserves | Translation reserve | Net (income) loss | ||
Beginning balance at Dec. 31, 2016 | € 35,638 | € 873 | € 105,090 | € (48,247) | € (165) | € (21,913) | ||
Net loss for the period | (33,530) | (33,530) | ||||||
Other comprehensive income | (33) | 5 | (38) | |||||
Total comprehensive loss | (33,563) | 5 | (38) | (33,530) | ||||
Allocation of prior period loss | (21,913) | 21,913 | ||||||
Issue of ordinary/ warrants shares | [1] | 921 | 921 | |||||
Additional paid in capital | [1] | 176,655 | 176,655 | |||||
Share-based payment | 1,769 | 1,769 | ||||||
Ending balance at Dec. 31, 2017 | 181,419 | 1,794 | 281,745 | (68,386) | (203) | (33,530) | ||
Net loss for the period | (38,224) | [2] | (38,224) | |||||
Other comprehensive income | (42) | (58) | 15 | |||||
Total comprehensive loss | (38,266) | (58) | 15 | (38,224) | ||||
Allocation of prior period loss | (33,530) | 33,530 | ||||||
Issue of ordinary/ warrants shares | 0 | 0 | 0 | |||||
Share-based payment | 2,449 | 2,449 | ||||||
Ending balance at Dec. 31, 2018 | 145,602 | 1,794 | 281,745 | (99,524) | (188) | (38,224) | ||
Net loss for the period | (62,659) | (62,659) | ||||||
Other comprehensive income | 1,199 | (38) | 1,237 | |||||
Total comprehensive loss | (61,460) | (38) | 1,237 | (62,659) | ||||
Allocation of prior period loss | (38,224) | 38,224 | ||||||
Issue of ordinary/ warrants shares | 59 | 59 | ||||||
Share-based payment | 1,359 | 1,359 | ||||||
Reclassification | 0 | (115) | (180) | 295 | ||||
Ending balance at Dec. 31, 2019 | € 85,560 | € 1,794 | € 281,688 | € (136,608) | € 1,344 | € (62,659) | ||
[1] | Fundraising in April 2017 for a total amount (net of transaction costs) of €65 million and global underwritten offering as part of the Company’s U.S. initial public offering in November 2017 for a total amount (net of transaction costs) of €112 million. | |||||||
[2] | See note 2.8. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017EUR (€) | Apr. 30, 2017EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | |
Statement Of Changes In Equity [Abstract] | ||||
Proceeds from fund raising, net of transaction cost | € 112 | € 65 | € 112 | $ 130 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Description Of Business [Abstract] | |
Description of the Business | 1. Description of the business ERYTECH Pharma S.A. (“ ERYTECH Company innovative red blood cell-based therapeutics for cancer and orphan diseases The Company completed its initial public offering on Euronext Paris in May 2013, raising €17.7 million and a follow-on offering of €30.0 million (on a gross basis before deducting offering expenses), in October 2014. The initial public offering triggered the conversion of the totality of the convertible bonds previously issued. Two private placements of respectively 940,000 ordinary and 793,877 ordinary shares for €25.4 million and €9.9 million (on a gross basis before deducting offering expenses) were completed in December 2015 and 2016 with institutional investors in the United States and in Europe. In April 2017, the Company completed a follow-on offering of €70.5 million (on a gross basis before deducting offering expenses). The Company completed an initial public offering on the Nasdaq Global Select Market raising €124 million ($144 million on a gross basis before deducting offering expenses). The Company has incurred losses and negative cash flows from operating activities since its inception and had shareholders’ equity of €85,560 thousand as of December 31, 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, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new debt or equity instruments. The accompanying consolidated financial statements and related notes (the “ Consolidated Financial Statements Registered office of ERYTECH Pharma S.A.: 60 avenue Rockefeller, 69008, Lyon, France. Major events 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 encapsulated inside donor derived red blood cells. The acceptance of the IND will enable ERYTECH to initiate enrollment at U.S. clinical trial sites for its ongoing pivotal Phase 3 TRYbeCA-1 trial evaluating eryaspase in second-line pancreatic cancer. June 2019: • Opening of a new 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 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 therapeutics for immune modulation. The Company is eligible to receive up to $57 million in combined upfront and potential development, regulatory and commercial milestone payments for the first product successfully developed by SQZ under this agreement. The Company will also be eligible to receive sales royalties. • Enrollment of first patient in the Phase 2 clinical trial, named TRYbeCA-2, evaluating the Company’s lead product candidate, eryaspase, for the treatment of first line triple negative breast cancer (TNBC). November 2019: • The Company achieved two important milestones for the TRYbeCA-1 Phase 3 clinical trial of eryaspase in second line metastatic pancreatic cancer. TRYbeCA-1 was opened for patient enrollment in the United States and the first site was activated. The Company expects to expand the trial to approximately 100 sites across several European countries and the United States. The manufacturing of eryaspase for the patients to be treated in the United States will take place at the Company’s newly established manufacturing facility in Princeton, New Jersey. • Publication of the full results from the Phase 2b trial evaluating eryaspase in metastatic pancreatic in the European Journal of Cancer Management January 2019: • Grant of 36,150 free shares and 38,025 stock-options to employees. • Eric Soyer was 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 officer in international biotechnology and pharmaceutical groups. He was Chairman and Chief Executive Officer of Syntimmune (Cambridge, MA, US) until the end of 2018, when the company was acquired by Alexion Pharmaceuticals. July 2019: • Grant of 59,123 stock-options to executives. October 2019: • Grant of 300,941 free shares (of which 149,999 to executives and 150,942 to employees), 347,250 stock-options (of which 217,500 to executives and 129,750 to employees) and 75,000 warrants to members of the board of directors. Major events of 2018 June 2018: • The Company announced that it will focus its development efforts for the product candidate eryaspase on the potential treatment of selected solid tumor indications. The Company also announced its plans to cease the development program for eryaspase in ALL, including the withdrawal of its previously submitted European MAA for eryaspase for the treatment of relapsed and refractory ALL. • The Company signed a lease agreement in order to establish a manufacturing facility in the United States (Princeton, New Jersey). Major events of 2017 April 2017: • The Company completed a private placement of 3,000,000 ordinary shares with investors in the United States and Europe, for total gross proceeds of approximately €70.5 million. November 2017: • The Company completed an underwritten global offering of an aggregate of 6,180,137 ordinary shares, including the full exercise of the underwriters’ options to purchase additional shares, for gross proceeds of $144 million. The global offering consisted of a U.S. initial public offering of 5,389,021 American Depositary Shares, each representing one ordinary share and a concurrent private placement in Europe and other countries outside of the United States and Canada of 791,116 ordinary shares. The net proceeds from the global offering were approximately €112 million ($130 million). |
Accounting Rules and Methods
Accounting Rules and Methods | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Accounting Policies [Abstract] | |
Accounting Rules and Methods | 2. ACCOUNTING RULES AND METHODS The presentation of the notes to the Consolidated Financial Statements has been modified compared to those used for the years ended until December 31, 2018. The changes concerned the organization and the ranking of the notes. They are designed to increase the readability of the financial statements prepared in IFRS. Most of the accounting rules and methods, previously in note 4, are now included in each reference note in order to ensure that the reader can more easily understand the financial information presented. The basis of preparation of the financial statements, the use of estimates and judgments and the changes in accounting policies are still detailed in note 2. 2.1 Basis of preparation The Consolidated Financial Statements have been prepared in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase. The Company has historically financed its growth by strengthening its equity in the form of capital increases and issuance of convertible bonds. At the approval date of the financial statements, the Board of Directors believes that the Company will be able to fund its operations until February 2021, considering: • Cash and cash equivalents held by the Company amounted to 73.2 million euros as of December 31, 2019. They are composed of cash and term deposits readily available without penalty; • The collection of a subsidy and a reimbursable advance from BPI France in February 2021 (€3.3 million); • The expected receipt of the Research Tax Credit for the 2019 financial year (€3.9 million); • The cash consumption forecasted for 2020 and early 2021. Considering the above factors and assumptions, the Company believes that it is able to fund its operations during the 12 months after the closing date. From February 2021, the Company will have to find additional funding. Various financing sources are considered among the issuance of new debt or equity instruments and partnership agreements. 2.2 Statement of compliance The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“ IFRS IASB Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Consolidated Financial Statements of the Company are also prepared in accordance with IFRS, as adopted by the European Union (EU). As of December 31, 2019, all IFRS that the IASB had published and that are mandatory are the same as those endorsed by the EU and mandatory in the EU. As a result, the Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU. IFRS include International Financial Reporting Standards (“ IFRS IAS SIC IFRS IC The Company adopted the following standards, amendments and interpretations that are applicable as at 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 (see note 2.6). The standards and interpretations that are optionally applicable to the Company as of December 31, 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. 2.3 Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements ( IFRS 10 Details of the Company’s subsidiary as of December 31, 2019 are as follows: Date of Percent of Interest Accounting ERYTECH Pharma, Inc. April 2014 100% Fully consolidated 2.4 Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “ Parent Company Exchange rate (USD per EUR) December 31, 2017 December 31, 2018 December 31, 2019 Weighted average rate 1.1293 1.1815 1.1196 Closing rate 1.1993 1.1450 1.1234 Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency (euros) at the exchange rate applicable on the transaction date. At the closing date, foreign currency monetary assets and liabilities are converted at the exchange rate prevailing on that date. The resulting exchange gains or losses are recorded in the consolidated statement of income (loss) in “Financial income (loss)”. The loan in U.S. dollars from the Parent Company to ERYTECH Pharma, Inc. was considered as part of the net investment in a foreign operation until the end of the third quarter of 2019, when the loan was partly converted into capital and partly restructured as a medium term loan. As a result of this financial restructuring, the loan is no longer qualified as an investment in a foreign operation. Exchange rate differences are recognized in the consolidated statement of income (loss) since October 1, 2019 (see note 3.5). 2.5 Use of estimates and judgments Preparation of the consolidated financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 3.3.3) 2.6 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) and of a liability (corresponding to the future lease payments). The standard also impacts the presentation of the income statement (allocation of expense between operating loss and financial expenses) and the cash flow statement (allocation of cash outflows between cash flow used in operating activities and cash flow used in 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 2017 and 2018 were not restated. They are disclosed as previously in accordance with IAS 17 standard and its interpretations. The consequences 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. 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 liability that were calculated in accordance with IAS 17. The Company has applied exemptions 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 €227 thousand in 2019. • Contracts for low value assets. These contracts have resulted in an expense of approximately €33 thousand in 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 (see note 4.10) and in assets a right of use of €7,443 thousand (see note 4.2) 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 in accordance with the maturity method and computed on the remaining term of the contracts at the transition date, 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 sheet commitments disclosed in note 8 of the consolidated financial statements as of December 31, 2018 and the lease liability recognized as of January 1, 2019 in accordance with IFRS 16 (see note 4.10) can be explained as follows: (Amounts in thousands of euros) 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 exercised 5,798 Leases signed in 2018 for an asset available after January 1, 2019 (2,593) Other (including the improvement allowance (Princeton lease) – see note 4.10) (2,045) Non-discounted lease liability under IFRS 16 as of January 1, 2019 9,285 Discount effect (1,551) Discounted lease liability under IFRS 16 as of January 1, 2019 7,734 Impact on financial statements of the period In accordance with IFRS 16, the Company recognized as of December 31, 2019: • A right of use (net value) of €10,009 thousand; • A lease liability of €12,703 thousand; • A depreciation expense of €1,366 thousand; • A financial expense of €343 thousand. 2.7 Presentation of the statement of income (loss) The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is the research and development. 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 3.2. 2.8 Presentation of the statement of cash flows The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities. The statement of cash flow for the financial year ended December 31, 2018 has been amended as compared to the information published in the consolidated financial statements as of December 31, 2018 in order to take into account a classification error considered to be non-significant: the line "acquisition of property, plant and equipment" (investment activities) 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 but in " Increase (decrease) in trade and other payables (Amounts in thousands of euros) 2018 published as of 12/31/2018 2018 amended as of 12/31/2019 Increase (decrease) in trade and other payables 8,579 (8) Change in working capital (407) (8,994) Net cash flow used in operating activities (39,270) (47,857) Acquisition of property, plant and equipment (14,222) (5,635) Net cash flow used in investing activities (15,037) (6,450) 2.9 Segment reporting In accordance with IFRS 8 Operating Segments Information per business segment The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future. Information per geographical segment Revenues from external customers (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 France 178 72 105 United States — — 969 Total 178 72 1,074 Non-current assets (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 France 3,332 4,912 9,616 United States 127 11,975 26,629 Total 3,459 16,887 36,245 2.10 Events after the close of the reporting period The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. February 2020 : • The Company received from BPI France a reimbursable advance of €2,979 thousand and a subsidy of €294 thousand under the milestone n°6 of the TEDAC project. • Grant of 50,037 free shares and 41,950 stock-options. |
Notes Related to the Consolidat
Notes Related to the Consolidated Statement of Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |
Notes Related to the Consolidated Statement of Income (Loss) | 3. Notes related to the consolidated statement of income (loss) 3.1 Operating income Accounting policies Research tax credit The research tax credit (Crédit d’Impôt Recherche or “CIR”) (the “Research Tax Credit”) is granted to companies by the French tax authorities in order to encourage them to conduct technical and scientific research. Companies that prove that they have expenditures that meet the required criteria (research expenditures located in France or, since January 1, 2005, within the European Union or in another State that is a party to the Agreement on the European Economic Area that has concluded a tax treaty with France that contains an administrative assistance clause) receive a tax credit that (a) can be used for the payment of the corporate tax due for the fiscal year in which the expenditures were made and the next three fiscal years, or, (b) as applicable, can be reimbursed in cash. The expenses taken into account for the calculation of the Research Tax Credit involve only research expenses. The Company benefits from the Research Tax Credit since its inception. The CIR is presented under operating income as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 20 Subsidies Subsidies received that are not repayable by the Company are recognized as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received. Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates. A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized as operating income when there exists reasonable assurance that the subsidies will be received. Revenues from licenses or other contracts The standard IFRS 15 Revenue from contracts with customers IFRS 15 IAS 18 For each of its partnership agreements, the Company determines if it acts as a principal or as an agent. Partnership with Orphan Europe AML clinical trial As a result of its prior partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“ AML The Company considered that, within the context of this partnership, it acted as agent regarding these reinvoiced external costs, as: • The Company did not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“ CRO ”), directly invoiced Orphan Europe. The Company was directly invoiced only for the secondary services. • The Company bore no inventory risk, • The Company had no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it was not affected by any price changes applied by the suppliers. Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial. Consequently, for all the years presented: • The re-invoicing of external costs to Orphan Europe is presented as a decrease in corresponding research and development expenses incurred by the Company; • The invoicing of internal costs to Orphan Europe is presented in other income. Partnership with Orphan Europe NOPHO clinical trial Within the context of this agreement, Orphan Europe agreed to finance the NOPHO study for a total amount of €600 thousand. This revenue is recognized in “other income” in the statement of income (loss). License agreement with SQZ Biotechnologies (“SQZ”) Under the terms of the agreement, the Company has granted to SQZ Biotechnologies an exclusive worldwide license to develop antigen specific immune modulating therapies employing red blood cell-based approaches. The Company does not generate any revenue from the sale of its products considering its stage of development. (in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Research Tax Credit 3,187 4,375 3,915 Subsidies — — 294 Other income 178 72 1,074 Total 3,364 4,447 5,283 Revenues from licenses or other contracts Revenues from licenses or other contracts are linked to partnership with Orphan Europe in 2017 and 2018 and to the license agreement with SQZ Biotechnologies in 2019 (see note 7). 3.2 Operating expenses by nature 3.2.1 Research and development expenses For the year ended December 31, 2017 (amounts in thousands of euros) R&D Clinical studies Total Consumables 1,859 532 2,391 Rental and maintenance 140 496 636 Services, subcontracting and fees 1,768 12,407 14,175 Personnel expenses 2,088 5,828 7,916 Depreciation and amortization 94 169 263 Other 37 44 81 Total 5,986 19,476 25,463 For the year ended December 31, 2018 (amounts in thousands of euros) R&D Clinical studies Total Consumables 1,061 728 1,789 Rental and maintenance 279 526 805 Services, subcontracting and fees 5,043 14,589 19,632 Personnel expenses 3,013 7,901 10,914 Depreciation and amortization 68 192 260 Other 38 30 67 Total 9,502 23,965 33,468 For the year ended December 31, 2019 (amounts in thousands of euros) R&D Clinical studies Total Consumables 668 6,340 7,007 Rental and maintenance 171 1,125 1,296 Services, subcontracting and fees 3,543 21,753 25,296 Personnel expenses 3,056 11,911 14,967 Depreciation, amortization & provision 307 3,229 3,536 Other 50 40 90 Total 7,795 44,398 52,193 The increase in research and development expenses for periods presented is mainly due to: • The increase in external services mainly linked to the ongoing clinical trials of eryaspase for the treatment of solid tumors, particularly with 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 (see note 3.3). 3.2.2 General and administrative expenses General and administrative expenses (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Consumables 148 33 527 Rental and maintenance 894 1,584 1,117 Services, subcontracting and fees 2,867 5,409 7,964 Personnel expenses 3,688 5,925 6,331 Depreciation and amortization 266 529 751 Other 927 1,122 474 Total 8,791 14,600 17,164 The increase in general and administrative expenses between 2017 and 2018 is mainly due to an increase in services and subcontracting of €2,542 thousand and an increase in personnel expenses of €2,237 thousand (see note 3.3). The increase in general and administrative expenses between 2018 and 2019 is mainly due to an increase in services and subcontracting of €2,555 thousand, primarily related to costs incurred as part of the establishment of the Princeton manufacturing facility. 3.3 Personnel expenses 3.3.1 Research and development expenses Research and development expenses For the year ended December 31, 2017 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 1,200 4,028 5,229 Share-based payments (employees and executive management) 292 541 833 Social security expenses 596 1,259 1,854 Total personnel expenses 2,088 5,828 7,916 Research and development expenses For the year ended December 31, 2018 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 1,887 5,393 7,279 Share-based payments (employees and executive management) 334 824 1,158 Social security expenses 792 1,684 2,476 Total personnel expenses 3,013 7,901 10,914 Research and development expenses For the year ended December 31, 2019 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 2,029 8,893 10,923 Share-based payments (employees and executive management) 223 465 688 Social security expenses 804 2,553 3,357 Total personnel expenses 3,056 11,911 14,967 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 71 in 2017, 99 in 2018 and 156 in 2019. 3.3.2 General and administrative expenses General and administrative expenses (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Wages and salaries 1,990 3,721 4,375 Share-based payments (employees and executive management) 642 849 522 Social security expenses 1,057 1,355 1,433 Total personnel expenses 3,688 5,925 6,331 The increase in personnel expenses is mainly due to an increase in general and administrative employee headcount. The weighted average full-time employees (FTE) was 25 in 2017, 39 in 2018 and 41 in 2019. 3.3.3 Share-based payments (IFRS 2) Accounting policies The Company has applied IFRS 2 Share-based payment (“ IFRS 2 Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGA valuation) and Cox-Ross-Rubinstein valuation model (for 2017 BSA valuation). These models allow the Company to take into account the characteristics of the plan (exercise price, vesting period), the market data at the grant date (volatility, expected dividends, repo margin), possible performance conditions attached to warrants and recipient behavior assumptions. The Company has no legal or constructive obligation to repurchase or settle any of these equity instruments in cash. Founder subscription warrants (“BSPCE”) plan Types of securities BSPCE 2012 BSPCE 2014 Maturity May 20, 2020 January 22, 2024 Maximum number of new shares that can be issued 169,760 169,100 In the event of a beneficiary departure from the Company for any reason whatsoever, this beneficiary shall retain the BSPCE 2014 2014 2014 2014 Share subscription warrants (“BSA”) plan Types of securities BSA 2012 BSA 2014 BSA 2016 BSA 2017 BSA 2019 Vesting period NA NA Tranche 1: 1 year Tranche 2: 2 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years 2 years Maturity May-2020 January-2024 Depending of the grant date October-2021 January-2022 Depending of the grant date June-2022 January-2023 October-2022 Maximum number of new shares that can be issued 40,180 29,000 55,000 88,500 75,000 The main assumptions used to determine the fair value of the plans granted in 2017, 2018 and 2019 are: Grant in January 2017 Grant in June 2017 Grant in January 2018 Number of warrants 15,000 BSA2016 55,000 BSA2017 40,500 BSA2017 Exercise price € 13.46 € 26.47 € 18.00 Price of the underlying share € 15.51 € 28.25 € 18.00 Expected dividends 0.00% 0.00% 0.00% Volatility (1) 48.00% 48.00% 43.94% Repo margin 5.00% 5.00% n/a Expected term 3 years 3 years T1 : 5.5 years T2 : 6 years T3 : 6.5 years Fair value of the plan (in thousands of euros) 58 394 300 Grant in April 2019 Grant in October 2019 Number of warrants 25,998 BSA 2018 75,000 BSA 2019 Exercise price € 6.82 € 3.71 Price of the underlying share € 7.20 € 3.78 Expected dividends 0.00% 0.00% Volatility (1) 38.91% 33.41% Expected term T1 : 3 years T2 : 3.5 years T3 : 4 years 2.5 years Fair value of the plan (in thousands of euros) (2) 56 59 (1) based on the historical volatility observed on the ERYP index on Euronext (2) BSA were granted at fair value (€2.15 in April 2019 and €0.79 in October 2019). Therefore, no expense was recognized under IFRS 2. Stock options (“SO”) plan Types of securities SO 2016 SO 2017 SO 2018 SO 2019 Vesting period Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Maturity Depending of the grant date October-2026 January-2027 June-2027 October-2027 Depending of the grant date June-2027 January-2028 Depending of the grant date September-2028 January-2029 April-2029 Depending of the grant date July-2029 October-2029 Maximum number of new shares that can be issued 66,999 93,564 111,810 406,373 The main assumptions used to determine the fair value of the plans granted in 2017, 2018 and 2019 are: Grant in January 2017 Grant in June 2017 Grant in October 2017 Number of options 3,000 SO 2016 18,000 SO 2016 22,200 SO 2017 30,000 SO 2016 Exercise price € 15.65 € 26.47 € 23.59 Price of the underlying share € 15.51 € 28.25 € 24.70 Expected dividends 0.00% 0.00% 0.00% Volatility (1) 48.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Expected term 3 years 3 years 3 years Fair value of the plan (in thousands of euros) 13 308 208 Grant in January 2018 Grant in September 2018 Number of options 97,203 SO 2017 24,000 SO 2018 Exercise price € 18.00 € 9.26 Price of the underlying share € 18.00 € 8.75 Expected dividends 0.00% 0.00% Volatility (1) 43.94% 41.59% Expected term T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years Fair value of the plan (in thousands of euros) 731 80 Grant in January 2019 Grant in April 2019 Grant in July 2019 Grant in October 2019 Number of options 38,025 SO 2018 76,905 SO 2018 59,123 SO 2019 347,250 SO 2019 Exercise price € 6.38 € 7.20 € 5.78 € 4.25 Price of the underlying share € 6.38 € 7.20 € 5.81 € 3.78 Expected dividends 0.00% 0.00% 0.00% 0.00% Volatility (1) 41.88% 41.65% 41.00% 40.69% Expected term T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years Fair value of the plan (in thousands of euros) 97 217 131 447 (1) based on the historical volatility observed on the ERYP index on Euronext Free shares (“AGA”) plan Types of securities AGA 2016 AGA 2017 AGA 2018 AGA 2019 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 4 : 4 years Tranche 5 : 5 years Maximum number of new shares that can be issued 71,324 152,280 123,800 300,941 The main assumptions used to determine the fair value of the plans granted in 2017, 2018 and 2019 are: Grant in January 2017 Grant in June 2017 Grant in October 2017 Number of shares 15,000 AGA 2016 8,652 AGA 2016 74,475 AGA 2017 16,650 AGA 2016 Price of the underlying share € 15.51 € 28.25 € 24.70 Expected dividends 0.00% 0.00% 0.00% Volatility 48.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Maturity 3 years 3 years 3 years Performance criteria (2) (2) (2) Fair value of the plan (in thousands of euros) 115 1,081 180 Grant in January 2018 Grant in January 2019 Grant in April 2019 Grant in October 2019 Number of shares 40,500 AGA 2016 113,940 AGA 2017 36,150 AGA 2018 94,200 AGA 2018 300,941 AGA 2019 Price of the underlying share € 18.00 € 6.38 € 7.20 € 3.78 Expected dividends 0.00% 0.00% 0.00% 0.00% Volatility 42.17% 38.22% 36.32% 38.76% Repo margin 5.00% 5.00% 5.00% 5.00% Maturity 3 years 3 years 3 years 5 years Performance criteria (2) (2) (2) (2) Fair value of the plan (in thousands of euros) 1,145 102 269 434 (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 • For grants between 2017 and April 2019: o ERYP: average price of the 40-quoted market share price days before the grant date (€13.46 in January 2017, €26.47 in June 2017, €24.48 in October 2017, €20.12 in January 2018, €6.54 in January 2019 and €7.52 in April 2019). o ERYPi: average price of the 40-quoted market share price days before the acquisition date, o Tri: (ERYPi /ERYP) -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 • For grant in 2019 o ERYP: maximum between the share price before the grant date and the average price of the 20-quoted market share price days before the grant date discounted by 5%, ie €4.25, o ERYPi: maximum between the share price at the acquisition date and the average price of the 20-quoted market share price days before the grant date discounted by 5%, o Tri: (ERYi - ERY2019) / (ERY2019 x (PM – 1)) with PM = 3 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 financial year Plan name Amount in P&L in euros thousands as of December 31, 2017 of which employees of which executive officers and executive committee of which board members Grant in October 2016 533 250 283 — Grant in January 2017 92 92 — Grant in June 2017 348 156 192 — Grant in October 2017 27 27 — TOTAL AGA 1,000 433 567 — Grant in June 2015 50 — 50 — Grant in October 2016 126 — — 126 Grant in January 2017 10 — — 10 Grant in June 2017 165 — — 165 TOTAL BSA 350 — 50 301 Grant in January 2014 7 — 7 — Grant in September 2015 51 — 51 — Grant in May 2016 138 94 44 — TOTAL BSPCE 196 94 102 — Grant in October 2016 90 45 44 — Grant in January 2017 46 46 — — Grant in June 2017 65 44 21 — Grant in October 2017 23 23 — — TOTAL SO 223 158 65 — Total IFRS 2 expenses 1,769 685 784 301 Plan name Amount in P&L in euros thousands as of December 31, 2018 of which employees of which executive officers and executive committee of which board members Grant in October 2016 219 103 116 — Grant in January 2017 31 — 31 — Grant in June 2017 483 222 262 — Grant in October 2017 99 99 — — Grant in January 2018 538 303 235 — TOTAL AGA 1,371 727 644 — Grant in October 2016 71 — — 71 Grant in January 2017 16 — — 16 Grant in June 2017 178 — — 178 Grant in January 2018 177 — — 177 TOTAL BSA 442 — — 442 Grant in October 2016 73 37 36 — Grant in January 2017 6 6 — — Grant in June 2017 137 96 41 — Grant in October 2017 92 92 — — Grant in January 2018 317 185 132 — Grant in September 2018 11 — 11 — TOTAL SO 636 416 220 — Total IFRS 2 expenses 2,449 1,142 865 442 Plan name Amount in P&L in euros thousands as of December 31, 2019 of which employees of which executive officers and executive committee of which board members Grant in October 2016 53 16 37 — Grant in January 2017 11 — 11 — Grant in June 2017 155 52 103 — Grant in October 2017 12 12 (0 ) — Grant in January 2018 287 109 178 — Grant in January 2019 43 43 0 — Grant in April 2019 91 55 36 — Grant in October 2019 37 18 18 — TOTAL AGA 688 305 383 — Grant in October 2016 24 — — 24 Grant in January 2017 (12 ) — — (12 ) Grant in June 2017 54 — — 54 Grant in January 2018 59 — — 59 Grant in April 2019 — — — — Grant in October 2019 — — — — TOTAL BSA 125 — — 125 Grant in October 2016 12 3 8 — Grant in January 2017 — — — — Grant in June 2017 70 45 25 — Grant in October 2017 45 45 (0 ) — Grant in January 2018 260 125 135 — Grant in September 2018 (11 ) — (11 ) — Grant in January 2019 34 34 (0 ) — Grant in April 2019 68 28 40 — Grant in July 2019 24 — 24 — Grant in October 2019 44 16 28 — TOTAL SO 546 296 249 — Total IFRS 2 expenses 1,359 601 633 125 Summary of outstanding instruments Number of outstanding warrants (BSA) and founder's warrants (BSPCE) with a ratio of 1 option = 10 shares Number of BSA and BSPCE Weighted-average exercise price Outstanding at December 31, 2016 42,524 € 98.01 Exercisable at December 31, 2016 42,524 € 98.01 Granted — € - Forfeited — € - Exercised (1,720 ) € 113.55 Outstanding at December 31, 2017 40,804 € 97.34 Exercisable at December 31, 2017 40,804 € 97.34 Granted — € - Forfeited — € - Exercised — € - Outstanding at December 31, 2018 40,804 € 97.34 Exercisable at December 31, 2018 40,804 € 97.34 Granted — € - Forfeited — € - Exercised — € - Outstanding at December 31, 2019 40,804 € 97.34 Exercisable at December 31, 2019 40,804 € 97.34 Number of outstanding stock-options and warrants (BSA) with a ratio of 1 option = 1 share Number of stock-options and BSA Weighted-average exercise price Outstanding at December 31, 2016 89,499 € 18.52 Exercisable at December 31, 2016 — € - Granted 143,200 € 24.29 Forfeited — € - Exercised — € - Outstanding at December 31, 2017 232,699 € 22.07 Exercisable at December 31, 2017 — € - Granted 161,703 € 16.70 Forfeited (54,339 ) € 20.26 Exercised — € - Outstanding at December 31, 2018 340,063 € 19.87 Exercisable at December 31, 2018 88,999 € 19.88 Granted 622,301 € 4.98 Forfeited (65,118 ) € 9.77 Exercised — € - Outstanding at December 31, 2019 897,246 € 10.26 Exercisable at December 31, 2019 173,899 € 21.46 Number of oustanding free shares Outstanding at December 31, 2016 111,261 Granted 114,777 Forfeited (1,017 ) Acquired (7,574 ) Outstanding at December 31, 2017 217,447 Granted 154,440 Forfeited (27,391 ) Acquired (2,476 ) Outstanding at December 31, 2018 342,020 Granted 431,291 Forfeited (124,966 ) Acquired — Outstanding at December 31, 2019 648,345 3.4 Depreciation, amortization and provisions (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Amortization and depreciation of intangible assets 29 40 1,053 Depreciation of property, plant and equipment 501 749 1,797 Depreciation of the right of use — — 1,366 Total amortization and depreciation 530 788 4,216 Provision — — 71 Total amortization, depreciation & provisions 530 789 4,287 3.5 Financial income (loss) Accounting policies Financial income (loss) includes mainly: • Income received from cash and cash equivalents; • Interest expenses incurred on financial liabilities and lease liabilities; • Gains and losses on exchange rate variations on financial and investing operations. (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Income from short term deposits 405 163 7 Other financial income 134 5,264 2,940 Financial income 539 5,427 2,947 Financial expenses on lease liability (8 ) (4 ) (343 ) Interest expense related to borrowings (7 ) (5 ) (148 ) Other financial expenses (3,168 ) (19 ) (1,042 ) Financial expenses (3,183 ) (29 ) (1,533 ) Financial income (loss) (2,644 ) 5,399 1,414 Other income and expenses are mainly comprised of: • Foreign currency gains and losses generated by the ERYTECH Pharma SA’s U.S. dollar bank account of €1,816 thousand in 2019 (€3,993 thousand in 2018 and - €3,026 thousand in 2017); • A gain on investment currency transactions on swaps of €1,124 thousand in 2019 (€1,254 thousand in 2018 and 0 in 2017); • A foreign currency loss on the loan in U.S. dollars from the Parent Company to ERYTECH Pharma, Inc. in the amount of €1,035 thousand (no corresponding expense during the comparative periods). 3.6 Income tax Accounting policies Current taxes Considering the level of tax loss of the Company, no current tax expense is recognized. The Parent Company, as an entity incorporated in France, is subject to the corporate value-added contribution (cotisation sur la valeur ajoutée des entreprises—CVAE). To enter within the scope of IAS 12 Income Taxes IAS 12 Deferred taxes Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end. Deferred tax assets and liabilities are not discounted. Tax rate and tax loss carryforwards As of December 31, 2019, the amount of accumulated tax loss carryforwards were: • €217.1 million in France, with no expiration date. • €20.4 million ($ 23 million) in the United States, of which €0.3 million expires in 2035, €3.1 million expires in 2036, €4.1 million expires in 2037 and €12.9 million has no expiration date. The standard corporate tax rates in France are: • 34.43% for the financial year 2017. • 28% for the financial years 2018 and 2019. Based on the provisions of the 2019/2020 finance act (Loi de finances), this rate will decrease gradually to reach 25% in 2022. Reconciliation of the effective tax rate (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Loss before tax (33,530 ) (38,224 ) (62,659 ) Tax rate 34.43 % 28 % 28 % Theoretical tax expense or income 11,545 10,703 17,544 Current year loss not capitalized (12,071 ) (11,222 ) (18,143 ) CICE (employment and competitiveness tax credit) not included in taxable income 34 35 — Research tax credits 1,097 1,225 1,096 Share based compensation expense (592 ) (686 ) (380 ) Permanent differences (10 ) (54 ) (117 ) Other differences — (2 ) 1 Effective tax (loss) / income 3 (2 ) 1 Nature of deferred taxes The deferred tax related to loss carryforwards of Erytech Pharma S.A are computed using a rate of 25%. (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Loss carryforward 34,709 43,315 59,594 Temporary differences 74 106 643 Unrecognized deferred tax assets (34,786 ) (43,421 ) (60,236 ) Net amount (3 ) — — 3.7 Basic earnings (loss) per share and diluted earnings (loss) per share Accounting policies The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period. The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 3.3.3. Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued have been considered anti-dilutive. 12/31/2017 12/31/2018 12/31/2019 Net loss (in thousands of euros) (33,530 ) (38,224 ) (62,659 ) Weighted number of shares for the period 11,370,557 17,937,481 17,937,535 Basic loss per share (€/share) (2.95 ) (2.13 ) (3.49 ) Diluted loss per share (€/share) (2.95 ) (2.13 ) (3.49 ) 12/31/2017 12/31/2018 12/31/2019 Number of shares as of January 1 (1) 8,730,148 17,935,059 17,937,535 Number of shares issued during the year (prorata temporis) Share capital increase 2,640,409 — — Exercise of share warrants 10,358 — — Free shares acquired — 2,422 — Weighted number of shares for the period 11,370,557 17,937,481 17,937,535 (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). As of December 31, 2017, 2018 and 2019, the potential shares that could be issued (see Note 3.3.3) were not taken into consideration in the calculation of the diluted earnings, as their effect would be anti-dilutive. |
Notes Related to the Consolid_2
Notes Related to the Consolidated Statements of Financial Position | 12 Months Ended |
Dec. 31, 2019 | |
Statement Of Financial Position [Abstract] | |
Notes Related to the Consolidated Statements of Financial Position | 4. Notes related to the consolidated statements of financial position 4.1 Fixed assets 4.1.1 Intangible assets Accounting policies Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets IAS 38 An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met: (a) it is technically feasible to complete the development project; (b) intention on the part of the Company to complete the project and to utilize it; (c) capacity to utilize the intangible asset; (d) proof of the probability of future economic benefits associated with the asset; (e) availability of the technical, financial, and other resources for completing the project; and (f) reliable evaluation of the development expenses. The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria. Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented. Other intangible assets Other intangible assets are recorded at their acquisition cost plus costs directly attributable to the preparation of the asset for its intended use. Other intangible assets mainly comprised costs of modeling studies of a new production process and costs of acquisition of software licenses. As the new production process relates to equipment that is not yet constructed, the amortization will begin on the date the equipment will be available for use (i.e. when it is in the location and condition necessary for it to be capable of operating). In the meantime, an impairment test will be performed (see Note 4.1.3). Intangible assets with a finite life are amortized on the basis of the straight-line method over their estimated useful life. Intangible assets Item Amortization period Software 1 to 5 years (amounts in thousands of euros) Other intangible assets TOTAL GROSS VALUE As of December 31, 2016 209 209 Increase 25 25 Decrease - - As of December 31, 2017 234 234 Increase 3 3 Decrease — — Reclassification 1,596 1,596 As of December 31, 2018 1,833 1,833 Increase 16 16 Decrease — — FX rate impact (0 ) (0 ) Reclassification 28 28 As of December 31, 2019 1,876 1,876 ACCUMULATED AMORTIZATION AND DEPRECIATION As of December 31, 2016 (152 ) (152 ) Increase (29 ) (29 ) Decrease - - As of December 31, 2017 (181 ) (181 ) Increase (39 ) (39 ) Decrease — — As of December 31, 2018 (220 ) (220 ) Increase (1,053 ) (1,053 ) Decrease — — FX rate impact 0 0 As of Decemner 31, 2019 (1,273 ) (1,273 ) NET VALUE As of December 31, 2016 57 57 As of December 31, 2017 53 53 As of December 31, 2018 1,613 1,613 As of December 31, 2019 603 603 The reclassification of €1,596 thousand in 2018 corresponds to expenses incurred as part of a new production process that were recognized in assets under construction as of December 31, 2017. Considering that the new production process (€1,596 thousand) relates to equipment that is not yet constructed, an impairment test is performed annually and whenever there is an indication that the intangible asset may be impaired (see note 4.1.3). Following clarification at the end of 2019, the Company determined that €1,036 thousand of the intangible asset will no longer be used in the intended production process. This amount has been impaired. 4.1.2 Property, plant and equipment Accounting policies Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management. Property, plant, and equipment are depreciated on the basis of the straight-line method over their estimated useful life. The non-reusable fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. The depreciation periods used are the following: Property, plant and equipment items Depreciation period Industrial equipment 1 to 5 years Fixtures and improvements in structures 3 to Office equipment 3 to 5 years Furniture 3 to 5 years The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern. (amounts in thousands of euros) Assets under construction Plant, equipment and tooling General equipment, fixtures and fittings Office equipment and computers TOTAL GROSS VALUE As of December 31, 2016 862 1,824 1,466 532 4,684 Increase 868 270 389 137 1,664 Decrease — — — — — As of December 31, 2017 1,730 2,094 1,855 669 6,348 Increase 13,425 490 152 155 14,222 Decrease — — — — — Reclassification (1,596 ) — — — (1,596 ) As of December 31, 2018 13,559 2,584 2,007 824 18,974 Increase 630 1,557 9,489 387 12,063 Decrease (21 ) (106 ) (437 ) (112 ) (676 ) FX rate impact 268 (8 ) (62 ) 2 200 Reclassification (13,357 ) 779 11,389 70 (1,120 ) As of December 31, 2019 1,078 4,806 22,385 1,171 29,440 ACCUMULATED DEPRECIATION As of December 31, 2016 — (1,406 ) (908 ) (125 ) (2,439 ) Increase — (165 ) (208 ) (130 ) (503 ) Decrease — — — — — As of December 31, 2017 — (1,571 ) (1,116 ) (255 ) (2,942 ) Increase — (248 ) (355 ) (155 ) (758 ) Decrease — — — — — Reclassification — (5 ) — 5 — As of December 31, 2018 — (1,824 ) (1,471 ) (405 ) (3,700 ) Increase — (469 ) (1,148 ) (180 ) (1,797 ) Decrease — 85 437 112 634 FX rate impact — 0 0 (2 ) (2 ) Reclassification — 988 61 7 1,056 As of December 31, 2019 — (1,219 ) (2,121 ) (469 ) (3,808 ) NET VALUE As of December 31, 2016 862 418 558 407 2,245 As of December 31, 2017 1,730 523 739 414 3,406 As of December 31, 2018 13,559 760 536 419 15,274 As of December 31, 2019 1,078 3,587 20,264 702 25,632 As of December 31, 2017 and 2018, property, plant and equipment included assets held under finance leases. Their net book value amounted to €113 thousand as of December 31, 2017 (of which equipment amounted to €37 thousand and office and computers amounted to €76 thousand) and €37 thousand as of December 31, 2018. Property, plant and equipment held under finance leases were reclassified in right of use with the application of IFRS 16 as of January 1, 2019. Assets under construction in 2018 and commissioned in 2019 in the amount of €13.4 million mainly relate to fixtures and fittings and industrial equipment of the Princeton manufacturing facility (€11.9 million) and the expansion of the manufacturing facility in Lyon (€1.2 million). In 2019, the Company pursued the acquisition of and the expansion of the manufacturing facility in Lyon (€0.7 million). These two facilities began the production of GMP-compliant clinical batches in 2019 4.1.3 Impairment on fixed assets Accounting policies According to IAS 36 Impairment of Assets (“ IAS 36 The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. The intangible assets that are not amortized are tested for impairment at the end of the period in which they are acquired, subsequently annually and whenever there is an indication that the intangible asset may be impaired. An impairment is recognized up to the amount of the excess of the value over the recoverable value of the asset. 4.2 Right of use Accounting policies In accordance with IFRS 16 Leases (“ IFRS 16 ”), The right of use asset is measured at cost and comprises: • the amount of the initial measurement of the lease liability (see note 4.10), • lease incentives, payments at or prior to commencement date, • incremental costs which would not have been incurred if the contract had not been concluded. The right of use is subsequently measured at cost less depreciation and any accumulated impairment loss. The amount can be adjusted based on certain revaluations of the lease liability. Until December 31, 2018, only finance lease agreements for which the Company bears substantially all the benefits and risks inherent in the ownership of the property were recorded as assets in accordance with IAS 17 Leases (“ IAS 17 ”). (amounts in thousands of euros) Buildings Plant, equipment and tooling Transport equipment Office equipment and computers TOTAL GROSS VALUE As of December 31, 2018 — — — — — First application of IFRS 16 7,397 — 47 — 7,443 Increase 4,088 — 34 — 4,121 Decrease (355 ) (20 ) — — (375 ) FX rate impact 108 — — — 108 Reclassification — 974 — 118 1,092 As of December 31, 2019 11,237 954 80 118 12,389 ACCUMULATED DEPRECIATION As of December 31, 2018 — — — — — Increase (1,304 ) — (23 ) (39 ) (1,366 ) Decrease 16 20 — — 36 FX rate impact 3 — — — 3 Reclassification — (974 ) — (79 ) (1,053 ) As of December 31, 2019 (1,286 ) (954 ) (23 ) (118 ) (2,380 ) NET VALUE As of December 31, 2018 — — — — — As of December 31, 2019 9,952 — 58 — 10,009 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 increase of €4,121 thousand is mainly linked to the partial relocation of the French team in new facilities in July 2019 (impact of €4,026 thousand). 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). 4.3 Other financial assets Accounting policies Other financial assets are composed of receivables initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR Financial assets with a maturity of more than one year are classified in “other non-current financial assets” in accordance with IAS 1. (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Deposits related to leased premises 168 446 475 Advance payments to suppliers — 510 226 Other 67 91 17 Total other non-current financial assets 234 1,046 718 Advance payments to suppliers — — 28 Other — — 13 Total other current financial assets — — 41 Advance payments comprise payments made to service providers, especially Contract Research Organizations (“ CROs 4.4 Inventories Accounting policies In compliance with IAS 2 Inventories IAS 2 First-In First-Out (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Raw materials 176 1,396 358 Total inventory 176 1,396 358 4.5 Trade receivables and other current assets Accounting policies Other current assets are initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR Trade receivables Trade receivables are initially recognized in accordance with IFRS 15 and then at the amortized cost calculated with the effective interest rate (“ EIR The Company recognizes loss allowances for expected credit losses (“ ECL (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Trade and other receivables 76 30 36 Total trade and other receivables 76 30 36 Research Tax Credit 3,326 7,701 3,917 Tax and social receivables (e.g VAT) and other receivables 1,114 1,949 1,871 Cash to be received from bank related to exercise of warrants 23 — — Prepaid expenses 1,327 4,461 2,188 Total other current assets 5,791 14,111 7,975 Research Tax Credit The Company benefits from the provisions in Articles 244 quater septies As of December 31, 2017, the CIR receivable included Research Tax Credit of the year. As of December 31, 2018, the CIR receivable included Research Tax Credit for the 2017 and 2018 financial years. As of December 31, 2019, the CIR receivable included Research Tax Credit of the year. Tax and social receivables and other receivables Tax and social receivables and other receivables mainly related to VAT receivables (€1,016 thousand as of December 31, 2017, €949 thousand as of December 31, 2018 and €942 thousand as of December 31, 2019) and credit notes to be received (€101 thousand as of December 31, 2017, €863 thousand as of December 31, 2018 and €570 thousand as of December 31, 2019). Prepaid expenses Prepaid expenses mainly related to advances payments made to suppliers of asparaginase (€570 thousand as of December 31, 2017, €3,180 thousand as of December 31, 2018 and €1,295 thousand as of December 31, 2019). 4.6 Cash and cash equivalents Accounting policies The item “cash and cash equivalents” includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value. The cash equivalents classification is made if the following criteria are fulfilled: • held for the purpose of meeting short term cash commitments rather than for investment or other purposes. • exit options exist: o exercisable at any time at least every three months; o initially included in the contract and this exit option is always provided in the initial contract; and o exercisable without exit penalty and without significant risk of change in the amount received as cash reimbursement. • there is no value risk related to the level of minimum compensation acquired (i.e. that obtained in the event of early exit) because over the entire duration and at each moment this remuneration will be identical to that obtained from an investment of no more than three months that meets the definition of a cash equivalent. This can be the case when the rate is variable or revisable. They are recorded as assets in cash equivalents, measured at their fair value, and the changes in value are recognized in financial income (loss). (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Current account 174,525 118,371 68,066 Term deposits 11,000 16,000 5,107 Total cash and cash equivalents as reported in statement of financial position 185,525 134,371 73,173 Bank overdrafts (11 ) — — Total cash and cash equivalents as reported in statement of cash flow 185,514 134,371 73,173 As of December 31, 2017, term deposits included a term deposit of €11 million with a maturity as of January 1, 2019, but readily available without penalty subject to a 32-day notice. As of December 31, 2018, term deposits included two term deposits of €11 million and €5 million, both with a maturity in January 2019. As of December 31, 2019, term deposits included a term deposit of €5 million with a maturity of one month and deposits of €0.1 million convertible into cash immediately. 4.7 Shareholders’ equity Accounting policies Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax. As of December 31, 2019, the capital of the Parent Company consisted of 17,940,035 shares, fully paid up, with a nominal value of 0.10 euro. Number of shares Balance as of December 31, 2016 8,732,648 Exercise of share warrants 17,200 Free shares / stock options / share warrants 7,574 Private placement with institutional investors in April 3,000,000 Initial public offering (including 5,389,021 ordinary shares in the form of ADSs) 6,180,137 Balance as of December 31, 2017 17,937,559 Free shares 2,476 Balance as of December 31, 2018 17,940,035 Balance as of December 31, 2019 17,940,035 Capital management The capital is managed to ensure that the Company will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. The Company is not subject to any externally imposed capital requirements. Transaction costs The costs of issuing ordinary shares amounted to €16,722 thousand in 2017 and were deducted from the share premium increase. These costs were related to bank fees, legal counsels, advisors and auditors’ fees. 4.8 Provisions Accounting policies A provision is recognized when the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current liabilities. The provisions are discounted when the impact is material. Disclosure is made on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. (in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Provision for retirement indemnities 214 347 506 Provisions - non-current portion 214 347 506 Other provisions — — 71 Provisions - current portion — — 71 Provision for retirement indemnities - defined benefit plans Accounting policies The French employees of the Company receive the retirement benefits stipulated by law in France: • a compensation paid by the Company to employees upon their retirement (defined-benefit plan); and • a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France). The American employees do not receive defined-benefit plan. For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits. The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses. The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable. The regime for retirement indemnities applicable at the Parent Company, is defined by the collective agreement for the pharmaceutical industry in France. The pension commitments are not covered by plan assets. As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 12/31/2017 12/31/2018 12/31/2019 Discount rate 1.30 % 1.57 % 0.77 % Wage increase 2 % 2 % 2 % Social welfare contribution rate - non executive employees 44 % 44 % 36 % - executive employees 54 % 54 % 50 % - executive management 54 % 55 % 52 % Expected staff turnover - non executive and executive employees Medium - High Medium - High High - executive management High Low Low Age of retirement 65 - 67 years 65 - 67 years 65 - 67 years Mortality table INSEE 2014 INSEE 2014 INSEE 2018 The change in the provision for retirement indemnities is as follows: (amounts in thousands of euros) As of December 31, 2016 163 Service costs 57 Financial costs 2 Actuarial gains and losses (8 ) As of December 31, 2017 214 Service costs 75 Financial costs 3 Actuarial gains and losses 55 As of December 31, 2018 347 Service costs 115 Financial costs 5 Actuarial gains and losses 38 As of December 31, 2019 506 Provision for risks Accounting policies The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain. The amount recognized as a provision is the best estimate of the expenses necessary to extinguish the obligation. 4.9 Financial liabilities Accounting policies Financial liabilities are initially recognized at fair value less transaction costs and subsequently measured at amortized cost using the effective interest rate method. Financial liabilities with a maturity of more than one year are classified in “Financial liabilities – non-current portion” in accordance with IAS 1. Financial liabilities by type (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Conditional advances 1,182 1,181 1,321 Bank loans 1,534 799 62 Financial liabilities related to finance leases 116 39 — Bank overdrafts 11 — — Other — — 38 Total financial liabilities 2,843 2,019 1,421 Financial liabilities by maturity December 31, 2017 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Conditional advances — — — 1,182 1,182 Bank loans 735 799 — — 1,534 Financial liabilities related to finance leases 79 37 — — 116 Bank overdrafts 11 — — — 11 Total financial liabilities 825 836 — 1,182 2,843 December 31, 2018 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Conditional advances — — — 1,181 1,181 Bank loans 737 62 — — 799 Financial liabilities related to finance leases 39 — — — 39 Total financial liabilities 776 62 — 1,181 2,019 December 31, 2019 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Conditional advances — — — 1,321 1,321 Bank loans 62 — — — 62 Other — — 38 — 38 Total financial liabilities 62 — 38 1,321 1,421 4.9.1 Bank loans In 2017, the Company received a bank loan amounting to €1,900 thousand with Société Générale with a 0.4% interest rate and 36 monthly repayment terms to finance its investments. 4.9.2 Conditional advances Accounting policies Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows. The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity. The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success is used to determine the amount recognized annually as a finance expense. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized. (amounts in thousands of euros) Reimbursable advances Financial liabilities as of December 31, 2016 1,181 Interests — Financial liabilities as of December 31, 2017 1,181 Interests — Financial liabilities as of December 31, 2018 1,181 Interests 140 Financial liabilities as of December 31, 2019 1,321 Within the scope of the TEDAC project, BPI France granted to the Company a conditional advance for a total amount of €4,895 thousand. This conditional advance is paid upon completion of the following key milestones: • €63 thousand upon signature of the agreement (received in 2012) • €1,119 thousand upon the milestones n°4 (received in 2016) • the remainder upon calls for funds when key milestones are reached (not yet received) The Company undertakes to repay BPI France: a) an amount of €5,281 thousand upon achieving cumulative sales (excluding VAT) equal to or greater than €10 million, according to the following payment schedule: • €500 thousand at the latest on June 30 of the first year in which the cumulative sales condition is achieved, • €750 thousand at the latest on June 30 of the second year, • €1,500 thousand at the latest on June 30 of the third year, • €2,531 thousand at the latest on June 30 of the fourth year, b) and, where applicable, an annuity equal to 50% of the income generated through the sale of intellectual property rights resulting from the project, within the limit of a total repayment of €5,281 thousand. As soon as the cumulative amount of the Company's sales exceeds €60 million, the Company undertakes to pay BPI France 2.5% of the sales generated by the products developed within the project during a period of 5 years, limited to a total amount of €15 million. 4.10 Lease liabilities Accounting policies In accordance with IFRS 16 Leases (“ IFRS 16 ”), The lease liability is recognized for an amount equal to the present value of the lease payments over the lease term. The lease liability is then increased by the interest expense and decreased by the rents paid. The lease liability may be remeasured in the following situations: • Modification related to the assessment of the exercise of an option to purchase or the extension or the non-exercise of a termination option (which become reasonably certain); • Rent adjustments based on rates and indices provided in the contracts. The duration corresponds to the firm period of the commitment and takes into account the optional periods that are reasonably certain to be exercised. The Company has 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. Until December 31, 2018, only rental obligations related to finance lease agreements for which the Company bears substantially all the benefits and risks inherent in the ownership of the property were recorded in financial liabilities in accordance with IAS 17 Leases (“ IAS 17 ”). (in thousands of euros) Lease liabilities As of December 31, 2018 — First application of IFRS 16 7,734 Allowance received from a lessor (1) 1,866 Increase without cash impact (2) 4,121 Repayment (978 ) Decrease without cash impact (2) (339 ) FX rate impact 108 Capitalized interests 149 Reclassification 42 As of December 31, 2019 12,703 (1) Allowance received for fixture and fittings for Princeton manufacturing facility. (2) Linked to the partial relocation of the French team in new facilities in July and a decrease in the rental space of a building lease of the previous property lease. Lease liabilities by maturity (in thousands of euros) Less than one year One to three years Three to five years More than five years Total As of December 31, 2018 — — — — — As of December 31, 2019 1,425 3,411 2,525 5,342 12,703 4.11 Trade payables and other current liabilities Accounting policies Trade payables and other current liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Given the due date, the amortized cost is equal to the initial fair value. (in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Vendors 4,966 13,402 5,074 Vendors - accruals 3,211 3,253 8,701 Other (101 ) — — Total trade and other payables 8,076 16,655 13,775 Social liabilities, taxation and social security 2,706 3,148 3,628 Fixed assets payables — — 726 Deferred revenue — 16 61 Other payables — 53 96 Total other current liabilities 2,706 3,217 4,510 4.12 Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) Accounting policies The valuation and the accounting treatment of the financial assets and liabilities are defined by IFRS 9 Financial Instruments IFRS 9 Receivables These instruments are initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR Financial liabilities at the amortized cost Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement IFRS 13 • Level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities; • Level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market; • Level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities. As of December 31, 2017 (amounts in thousands of euros) Carrying amount on the statement of financial position Fair value through profit and loss Loans and receivables Debt at amortized cost Fair value Other non-current financial assets 234 234 234 Trade and other receivables 76 76 76 Other current assets 5,790 5,790 5,790 Cash and cash equivalents 185,525 185,525 185,525 Total financial assets 191,626 185,525 6,100 — 191,626 Financial liabilities - non current portion 2,019 2,019 2,019 Financial liabilities - current portion 824 824 824 Trade and other payables 8,076 8,076 8,076 Total financial liabilities 10,919 — — 10,919 10,919 As of December 31, 2018 (amounts in thousands of euros) Carrying amount on the statement of financial position Fair value through profit and loss Fair value through other comprehensive income Loans and receivables Debt at amortized cost Fair value Other non-current financial assets 1,046 1,046 1,046 Trade and other receivables 30 30 30 Other current assets 14,111 14,111 14,111 Cash and cash equivalents 134,371 134,371 134,371 Total financial assets 149,557 134,371 — 15,187 — 149,557 Financial liabilities - non current portion 1,243 1,243 1,243 Financial liabilities - current portion 776 776 776 Trade and other payables 16,655 16,655 16,655 Total financial liabilities 18,674 — — — 18,674 18,674 As of December 31, 2019 (amounts in thousands of euros) Carrying amount on the statement of financial position Fair value through profit and loss Fair value through other comprehensive income Loans and receivables Debt at amortized cost Fair value Other non-current financial assets 718 718 718 Other current financial assets 41 41 41 Trade and other receivables 36 36 36 Other current assets 5,788 5,788 5,788 Cash and cash equivalents 73,173 73,173 73,173 Total financial assets 79,756 73,173 — 6,583 — 79,756 Financial liabilities - non current portion 1,321 1,321 1,321 Lease liabilities - non current portion 11,278 11,278 11,278 Financial liabilities - current portion 99 99 99 Lease liabilities - current portion 1,425 1,425 1,425 Trade and other payables 13,775 13,775 13,775 Other current liabilities 4,449 4,449 4,449 Total financial liabilities 32,348 — — — 32,348 32,348 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 measurements. (3) The fair value of financial liabilities is determined using level 1 measurements. (4) The fair value of lease liabilities is determined using level 2 measurements. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related Party | 5. 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 members of the executive committee was as set forth in the table below. 12/31/2017 12/31/2018 12/31/2019 (amounts in thousands of euros) Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Executive officers / VP and qualified person 654 19 306 692 26 337 1,077 16 334 Executive committee 1,519 25 478 1,285 30 528 1,277 10 299 Board of directors 229 — 336 241 — 442 321 — 125 Total 2,402 44 1,120 2,218 56 1,307 2,675 26 757 The Company has no other related parties. |
Disclosure - Management of Fina
Disclosure - Management of Financial Risks | 12 Months Ended |
Dec. 31, 2019 | |
Disclosures Of Financial Risk Management [Abstract] | |
Management of Financial Risks | 6. Management of financial risks The principal financial instruments held by the Company are securities that are classified as cash and cash equivalents. The purpose of holding these instruments is to finance the ongoing business activities of the Company. It is not the Company’s policy to invest in financial instruments for speculative purposes. The principal risks to which the Company is exposed are liquidity risk, foreign currency exchange risk, interest rate risk and credit risk. Liquidity risk The Company has been structurally loss-generating since its creation. The net cash flows used by the Company’s operating activities were respectively €24.7 million, €47.9 million and €43.3 million for the years ended December 31, 2017, 2018 and 2019, respectively. At the approval date of the financial statements, the Board of Directors management believes that the Company will be able to fund its operations until February 2021 (see note 2.1). As of December 31, 2017 (amounts in thousands of euros) Less than one year One to five years More than five years Total Conditional advances — — 1,182 1,182 Bank loans 735 799 — 1,534 Liabilities related to finance leases 79 37 — 116 Bank overdrafts 11 — — 11 Trade and fixed assets payables 4,865 — — 4,865 Total 5,690 836 1,182 7,708 As of December 31, 2018 (amounts in thousands of euros) Less than one year One to five years More than five years Total Conditional advances — — 1,181 1,181 Bank loans 737 62 — 799 Liabilities related to finance leases 39 — — 39 Trade and fixed assets payables 13,402 — — 13,402 Total 14,178 62 1,181 15,421 As of December 31, 2019 (amounts in thousands of euros) Less than one year One to five years More than five years Total Lease liabilities 1,425 5,935 5,342 12,703 Conditional advances — — 1,321 1,321 Bank loans 62 — — 62 Other — 38 — 38 Trade and fixed assets payables 5,800 — — 5,800 Total 7,286 5,973 6,663 19,923 Foreign currency exchange risk The Company’s functional currency is the euro. However, a significant portion of about 25% of its operating expenses is denominated in U.S. dollars (manufacturing facility in Princeton (New Jersey) office in Cambridge (Massachusetts), business development consultants, consultants for the development of clinical trials in the United States, and various collaborations relating to tests and clinical projects in the United States). As a result, the Company is exposed to foreign exchange risk inherent in operating expenses incurred. Furthermore, the Company signed a license agreement with SQZ Biotechnologies in June 2019 whose potential payments are in U.S. dollars. As of December 31, 2019, management believes that the Company’s bank account position held in U.S. dollars is sufficient to cover operating expenses in dollars. As a consequence, the Company does not have a significant foreign currency exchange risk as of December 31, 2019. If this exposure to foreign exchange risk increase in the future, the Company will opt to use exchange rate hedging techniques. The bank account position held in U.S. dollars amounted to $35,224 thousand as of December 31, 2019. Change in exchange rate from 1% would have an impact of €310 thousand as of December 31, 2019. Change in exchange rate from 5% would have an impact of €1,493 thousand as of December 31, 2019. Change in exchange rate from 10% would have an impact of €2,850 thousand as of December 31, 2019. Interest rate risk The Company has very low exposure to interest rate risk. Such exposure primarily involves money market funds and time deposit accounts. Changes in interest rates have a direct impact on the rate of return on these investments and the cash flows generated. The currently outstanding bank loans bear interest at a fixed rate, and therefore the company is not subject to interest rate risk with respect to these loans. Credit risk The credit risk related to the Company’s cash and cash equivalents is not significant in light of the quality of the co-contracting financial institutions. Inflation Risk The Company does not believe that inflation has had a material effect on its business, financial condition or results of operations. If the Company’s costs were to become subject to significant inflationary pressures, the Company may not be able to fully offset such higher costs through price increases. Its inability or failure to do so could harm its business, financial condition and operating result. |
Off-Balance Sheet Commitments
Off-Balance Sheet Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
Off-Balance Sheet Commitments | 7. Off-balance sheet commitments Collaborative arrangements Agreement with Orphan Europe In November 2012, the Company entered into a marketing agreement with Orphan Europe, a subsidiary of Recordati Group, to market and distribute GRASPA® for the treatment of ALL and AML in 38 countries in Europe, including all of the countries in the European Union. 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 the Teva Group In March 2011, the Company entered into a partnership agreement with the Teva Group (through Abic Marketing Limited), or Teva, to distribute GRASPA ® ® ® Agreement with SQZ Biotechnologies On June 24, 2019, the Company entered into a collaboration agreement with SQZ Biotechnologies, a cell therapy company developing novel treatments in multiple therapeutic areas, to advance novel red blood cell-based therapeutics for immune modulation. Under the terms of the agreement, the Company has granted to SQZ Biotechnologies an exclusive worldwide license to develop antigen specific immune modulating therapies employing red blood cell-based approaches. Combining SQZ Biotechnologies’ proprietary and versatile cell engineering platform with the intellectual property of the Company related to red blood cell-based therapeutics is intended to allow for the rapid development of a broad pipeline of novel immunomodulatory products addressing multiple indications. The agreement provides for: • An upfront payment of $1 million (recognized in 2019); • Potential development, regulatory and commercial milestone payments up to $56 million for the first product successfully developed by SQZ Biotechnologies under this agreement; • The Company could also receive progressive royalties based on future sales. Sublease in the United-States In July 2019, the Company signed a sublease agreement for a portion of its premises located in Cambridge. (amounts in thousands of euros) Sublease to be received As of December 31, 2019 Total Less than one year One to five years More than five years Sublease in US 519 166 353 — Total sublease to be received 519 166 353 — This sublease contract is classified as an operating lease: the right of use linked to the main contract is recognized in assets and the income from the sublease are recognized in the statement of income (loss) over the term of the sublease contract. |
Accounting Rules and Methods (P
Accounting Rules and Methods (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Accounting Policies [Abstract] | |
Basis of preparation | 2.1 Basis of preparation The Consolidated Financial Statements have been prepared in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase. The Company has historically financed its growth by strengthening its equity in the form of capital increases and issuance of convertible bonds. At the approval date of the financial statements, the Board of Directors believes that the Company will be able to fund its operations until February 2021, considering: • Cash and cash equivalents held by the Company amounted to 73.2 million euros as of December 31, 2019. They are composed of cash and term deposits readily available without penalty; • The collection of a subsidy and a reimbursable advance from BPI France in February 2021 (€3.3 million); • The expected receipt of the Research Tax Credit for the 2019 financial year (€3.9 million); • The cash consumption forecasted for 2020 and early 2021. Considering the above factors and assumptions, the Company believes that it is able to fund its operations during the 12 months after the closing date. From February 2021, the Company will have to find additional funding. Various financing sources are considered among the issuance of new debt or equity instruments and partnership agreements. |
Statement of compliance | 2.2 Statement of compliance The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“ IFRS IASB Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Consolidated Financial Statements of the Company are also prepared in accordance with IFRS, as adopted by the European Union (EU). As of December 31, 2019, all IFRS that the IASB had published and that are mandatory are the same as those endorsed by the EU and mandatory in the EU. As a result, the Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU. IFRS include International Financial Reporting Standards (“ IFRS IAS SIC IFRS IC The Company adopted the following standards, amendments and interpretations that are applicable as at 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 (see note 2.6). The standards and interpretations that are optionally applicable to the Company as of December 31, 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. |
Basis of consolidation | 2.3 Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements ( IFRS 10 Details of the Company’s subsidiary as of December 31, 2019 are as follows: Date of Percent of Interest Accounting ERYTECH Pharma, Inc. April 2014 100% Fully consolidated |
Foreign currencies | 2.4 Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “ Parent Company Exchange rate (USD per EUR) December 31, 2017 December 31, 2018 December 31, 2019 Weighted average rate 1.1293 1.1815 1.1196 Closing rate 1.1993 1.1450 1.1234 |
Use of estimates and judgments | 2.5 Use of estimates and judgments Preparation of the consolidated financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 3.3.3) |
Change in accounting policies | 2.6 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) and of a liability (corresponding to the future lease payments). The standard also impacts the presentation of the income statement (allocation of expense between operating loss and financial expenses) and the cash flow statement (allocation of cash outflows between cash flow used in operating activities and cash flow used in 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 2017 and 2018 were not restated. They are disclosed as previously in accordance with IAS 17 standard and its interpretations. The consequences 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. 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 liability that were calculated in accordance with IAS 17. The Company has applied exemptions 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 €227 thousand in 2019. • Contracts for low value assets. These contracts have resulted in an expense of approximately €33 thousand in 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 (see note 4.10) and in assets a right of use of €7,443 thousand (see note 4.2) 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 in accordance with the maturity method and computed on the remaining term of the contracts at the transition date, 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 sheet commitments disclosed in note 8 of the consolidated financial statements as of December 31, 2018 and the lease liability recognized as of January 1, 2019 in accordance with IFRS 16 (see note 4.10) can be explained as follows: (Amounts in thousands of euros) 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 exercised 5,798 Leases signed in 2018 for an asset available after January 1, 2019 (2,593) Other (including the improvement allowance (Princeton lease) – see note 4.10) (2,045) Non-discounted lease liability under IFRS 16 as of January 1, 2019 9,285 Discount effect (1,551) Discounted lease liability under IFRS 16 as of January 1, 2019 7,734 Impact on financial statements of the period In accordance with IFRS 16, the Company recognized as of December 31, 2019: • A right of use (net value) of €10,009 thousand; • A lease liability of €12,703 thousand; • A depreciation expense of €1,366 thousand; • A financial expense of €343 thousand. |
Presentation of the statement of income (loss) | 2.7 Presentation of the statement of income (loss) The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is the research and development. 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 3.2. |
Presentation of the statement of cash flow | 2.8 Presentation of the statement of cash flows The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities. The statement of cash flow for the financial year ended December 31, 2018 has been amended as compared to the information published in the consolidated financial statements as of December 31, 2018 in order to take into account a classification error considered to be non-significant: the line "acquisition of property, plant and equipment" (investment activities) 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 but in " Increase (decrease) in trade and other payables (Amounts in thousands of euros) 2018 published as of 12/31/2018 2018 amended as of 12/31/2019 Increase (decrease) in trade and other payables 8,579 (8) Change in working capital (407) (8,994) Net cash flow used in operating activities (39,270) (47,857) Acquisition of property, plant and equipment (14,222) (5,635) Net cash flow used in investing activities (15,037) (6,450) |
Segment reporting | 2.9 Segment reporting In accordance with IFRS 8 Operating Segments Information per business segment The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future. Information per geographical segment Revenues from external customers (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 France 178 72 105 United States — — 969 Total 178 72 1,074 Non-current assets (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 France 3,332 4,912 9,616 United States 127 11,975 26,629 Total 3,459 16,887 36,245 |
Events After the Close of the Reporting Period | 2.10 Events after the close of the reporting period The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. February 2020 : • The Company received from BPI France a reimbursable advance of €2,979 thousand and a subsidy of €294 thousand under the milestone n°6 of the TEDAC project. • Grant of 50,037 free shares and 41,950 stock-options. |
Operating income | 3.1 Operating income Accounting policies Research tax credit The research tax credit (Crédit d’Impôt Recherche or “CIR”) (the “Research Tax Credit”) is granted to companies by the French tax authorities in order to encourage them to conduct technical and scientific research. Companies that prove that they have expenditures that meet the required criteria (research expenditures located in France or, since January 1, 2005, within the European Union or in another State that is a party to the Agreement on the European Economic Area that has concluded a tax treaty with France that contains an administrative assistance clause) receive a tax credit that (a) can be used for the payment of the corporate tax due for the fiscal year in which the expenditures were made and the next three fiscal years, or, (b) as applicable, can be reimbursed in cash. The expenses taken into account for the calculation of the Research Tax Credit involve only research expenses. The Company benefits from the Research Tax Credit since its inception. The CIR is presented under operating income as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 20 Subsidies Subsidies received that are not repayable by the Company are recognized as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received. Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates. A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized as operating income when there exists reasonable assurance that the subsidies will be received. Revenues from licenses or other contracts The standard IFRS 15 Revenue from contracts with customers IFRS 15 IAS 18 For each of its partnership agreements, the Company determines if it acts as a principal or as an agent. Partnership with Orphan Europe AML clinical trial As a result of its prior partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“ AML The Company considered that, within the context of this partnership, it acted as agent regarding these reinvoiced external costs, as: • The Company did not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“ CRO ”), directly invoiced Orphan Europe. The Company was directly invoiced only for the secondary services. • The Company bore no inventory risk, • The Company had no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it was not affected by any price changes applied by the suppliers. Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial. Consequently, for all the years presented: • The re-invoicing of external costs to Orphan Europe is presented as a decrease in corresponding research and development expenses incurred by the Company; • The invoicing of internal costs to Orphan Europe is presented in other income. Partnership with Orphan Europe NOPHO clinical trial Within the context of this agreement, Orphan Europe agreed to finance the NOPHO study for a total amount of €600 thousand. This revenue is recognized in “other income” in the statement of income (loss). License agreement with SQZ Biotechnologies (“SQZ”) Under the terms of the agreement, the Company has granted to SQZ Biotechnologies an exclusive worldwide license to develop antigen specific immune modulating therapies employing red blood cell-based approaches. |
Share-based payments | 3.3.3 Share-based payments (IFRS 2) Accounting policies The Company has applied IFRS 2 Share-based payment (“ IFRS 2 Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGA valuation) and Cox-Ross-Rubinstein valuation model (for 2017 BSA valuation). These models allow the Company to take into account the characteristics of the plan (exercise price, vesting period), the market data at the grant date (volatility, expected dividends, repo margin), possible performance conditions attached to warrants and recipient behavior assumptions. The Company has no legal or constructive obligation to repurchase or settle any of these equity instruments in cash. |
Financial income (loss) | 3.5 Financial income (loss) Accounting policies Financial income (loss) includes mainly: • Income received from cash and cash equivalents; • Interest expenses incurred on financial liabilities and lease liabilities; • Gains and losses on exchange rate variations on financial and investing operations. |
Income tax | 3.6 Income tax Accounting policies Current taxes Considering the level of tax loss of the Company, no current tax expense is recognized. The Parent Company, as an entity incorporated in France, is subject to the corporate value-added contribution (cotisation sur la valeur ajoutée des entreprises—CVAE). To enter within the scope of IAS 12 Income Taxes IAS 12 Deferred taxes Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end. Deferred tax assets and liabilities are not discounted. |
Basic earnings (loss) per share and diluted earnings (loss) per share | 3.7 Basic earnings (loss) per share and diluted earnings (loss) per share Accounting policies The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period. The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 3.3.3. Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued have been considered anti-dilutive. |
Intangible assets | 4.1.1 Intangible assets Accounting policies Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets IAS 38 An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met: (a) it is technically feasible to complete the development project; (b) intention on the part of the Company to complete the project and to utilize it; (c) capacity to utilize the intangible asset; (d) proof of the probability of future economic benefits associated with the asset; (e) availability of the technical, financial, and other resources for completing the project; and (f) reliable evaluation of the development expenses. The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria. Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented. Other intangible assets Other intangible assets are recorded at their acquisition cost plus costs directly attributable to the preparation of the asset for its intended use. Other intangible assets mainly comprised costs of modeling studies of a new production process and costs of acquisition of software licenses. As the new production process relates to equipment that is not yet constructed, the amortization will begin on the date the equipment will be available for use (i.e. when it is in the location and condition necessary for it to be capable of operating). In the meantime, an impairment test will be performed (see Note 4.1.3). Intangible assets with a finite life are amortized on the basis of the straight-line method over their estimated useful life. Intangible assets Item Amortization period Software 1 to 5 years |
Property, plant and equipment | 4.1.2 Property, plant and equipment Accounting policies Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management. Property, plant, and equipment are depreciated on the basis of the straight-line method over their estimated useful life. The non-reusable fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. The depreciation periods used are the following: Property, plant and equipment items Depreciation period Industrial equipment 1 to 5 years Fixtures and improvements in structures 3 to Office equipment 3 to 5 years Furniture 3 to 5 years The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern. |
Impairment on fixed assets | 4.1.3 Impairment on fixed assets Accounting policies According to IAS 36 Impairment of Assets (“ IAS 36 The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. The intangible assets that are not amortized are tested for impairment at the end of the period in which they are acquired, subsequently annually and whenever there is an indication that the intangible asset may be impaired. An impairment is recognized up to the amount of the excess of the value over the recoverable value of the asset. |
Right of use | Accounting policies In accordance with IFRS 16 Leases (“ IFRS 16 ”), The right of use asset is measured at cost and comprises: • the amount of the initial measurement of the lease liability (see note 4.10), • lease incentives, payments at or prior to commencement date, • incremental costs which would not have been incurred if the contract had not been concluded. The right of use is subsequently measured at cost less depreciation and any accumulated impairment loss. The amount can be adjusted based on certain revaluations of the lease liability. Until December 31, 2018, only finance lease agreements for which the Company bears substantially all the benefits and risks inherent in the ownership of the property were recorded as assets in accordance with IAS 17 Leases (“ IAS 17 ”). |
Other financial assets | 4.3 Other financial assets Accounting policies Other financial assets are composed of receivables initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR Financial assets with a maturity of more than one year are classified in “other non-current financial assets” in accordance with IAS 1. |
Inventories | 4.4 Inventories Accounting policies In compliance with IAS 2 Inventories IAS 2 First-In First-Out |
Trade receivables and other current assets | 4.5 Trade receivables and other current assets Accounting policies Other current assets are initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR Trade receivables Trade receivables are initially recognized in accordance with IFRS 15 and then at the amortized cost calculated with the effective interest rate (“ EIR The Company recognizes loss allowances for expected credit losses (“ ECL |
Cash and cash equivalents | 4.6 Cash and cash equivalents Accounting policies The item “cash and cash equivalents” includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value. The cash equivalents classification is made if the following criteria are fulfilled: • held for the purpose of meeting short term cash commitments rather than for investment or other purposes. • exit options exist: o exercisable at any time at least every three months; o initially included in the contract and this exit option is always provided in the initial contract; and o exercisable without exit penalty and without significant risk of change in the amount received as cash reimbursement. • there is no value risk related to the level of minimum compensation acquired (i.e. that obtained in the event of early exit) because over the entire duration and at each moment this remuneration will be identical to that obtained from an investment of no more than three months that meets the definition of a cash equivalent. This can be the case when the rate is variable or revisable. They are recorded as assets in cash equivalents, measured at their fair value, and the changes in value are recognized in financial income (loss). |
Shareholders' equity | 4.7 Shareholders’ equity Accounting policies Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax. |
Provisions | 4.8 Provisions Accounting policies A provision is recognized when the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current liabilities. The provisions are discounted when the impact is material. Disclosure is made on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. Provision for risks Accounting policies The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain. The amount recognized as a provision is the best estimate of the expenses necessary to extinguish the obligation. |
Provision for retirement indemnities - defined benefit plans | Provision for retirement indemnities - defined benefit plans Accounting policies The French employees of the Company receive the retirement benefits stipulated by law in France: • a compensation paid by the Company to employees upon their retirement (defined-benefit plan); and • a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France). The American employees do not receive defined-benefit plan. For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits. The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses. The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable. |
Financial liabilities | 4.9 Financial liabilities Accounting policies Financial liabilities are initially recognized at fair value less transaction costs and subsequently measured at amortized cost using the effective interest rate method. Financial liabilities with a maturity of more than one year are classified in “Financial liabilities – non-current portion” in accordance with IAS 1. |
Conditional advances | 4.9.2 Conditional advances Accounting policies Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows. The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity. The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success is used to determine the amount recognized annually as a finance expense. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized. |
Lease liabilities | 4.10 Lease liabilities Accounting policies In accordance with IFRS 16 Leases (“ IFRS 16 ”), The lease liability is recognized for an amount equal to the present value of the lease payments over the lease term. The lease liability is then increased by the interest expense and decreased by the rents paid. The lease liability may be remeasured in the following situations: • Modification related to the assessment of the exercise of an option to purchase or the extension or the non-exercise of a termination option (which become reasonably certain); • Rent adjustments based on rates and indices provided in the contracts. The duration corresponds to the firm period of the commitment and takes into account the optional periods that are reasonably certain to be exercised. The Company has 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. Until December 31, 2018, only rental obligations related to finance lease agreements for which the Company bears substantially all the benefits and risks inherent in the ownership of the property were recorded in financial liabilities in accordance with IAS 17 Leases (“ IAS 17 ”). |
Trade payables and other current liabilities | 4.11 Trade payables and other current liabilities Accounting policies Trade payables and other current liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Given the due date, the amortized cost is equal to the initial fair value. |
Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) | 4.12 Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss) Accounting policies The valuation and the accounting treatment of the financial assets and liabilities are defined by IFRS 9 Financial Instruments IFRS 9 Receivables These instruments are initially recognized at their fair value and then at the amortized cost calculated with the effective interest rate (“ EIR Financial liabilities at the amortized cost Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement IFRS 13 • Level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities; • Level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market; • Level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities. |
Accounting Rules and Methods (T
Accounting Rules and Methods (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Accounting Policies [Abstract] | |
Summary of Details of the Company's Subsidiary | Details of the Company’s subsidiary as of December 31, 2019 are as follows: Date of Percent of Interest Accounting ERYTECH Pharma, Inc. April 2014 100% Fully consolidated |
Summary of Accounting Policy for Exchange Rates | Exchange rate (USD per EUR) December 31, 2017 December 31, 2018 December 31, 2019 Weighted average rate 1.1293 1.1815 1.1196 Closing rate 1.1993 1.1450 1.1234 |
Disclosure Of Significant Accounting Policies [Line Items] | |
Disclosure of Statement of Cash Flow | The statement of cash flow for the financial year ended December 31, 2018 has been amended as compared to the information published in the consolidated financial statements as of December 31, 2018 in order to take into account a classification error considered to be non-significant: the line "acquisition of property, plant and equipment" (investment activities) 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 but in " Increase (decrease) in trade and other payables (Amounts in thousands of euros) 2018 published as of 12/31/2018 2018 amended as of 12/31/2019 Increase (decrease) in trade and other payables 8,579 (8) Change in working capital (407) (8,994) Net cash flow used in operating activities (39,270) (47,857) Acquisition of property, plant and equipment (14,222) (5,635) Net cash flow used in investing activities (15,037) (6,450) |
Summary of Geographical Segment Information | Information per geographical segment Revenues from external customers (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 France 178 72 105 United States — — 969 Total 178 72 1,074 Non-current assets (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 France 3,332 4,912 9,616 United States 127 11,975 26,629 Total 3,459 16,887 36,245 |
IFRS 16 [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Schedule of Lease Liability After Adoption of IFRS16 | The gap between the off-balance sheet commitments disclosed in note 8 of the consolidated financial statements as of December 31, 2018 and the lease liability recognized as of January 1, 2019 in accordance with IFRS 16 (see note 4.10) can be explained as follows: (Amounts in thousands of euros) 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 exercised 5,798 Leases signed in 2018 for an asset available after January 1, 2019 (2,593) Other (including the improvement allowance (Princeton lease) – see note 4.10) (2,045) Non-discounted lease liability under IFRS 16 as of January 1, 2019 9,285 Discount effect (1,551) 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) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Detailed Information of Operating Income | The Company does not generate any revenue from the sale of its products considering its stage of development. (in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Research Tax Credit 3,187 4,375 3,915 Subsidies — — 294 Other income 178 72 1,074 Total 3,364 4,447 5,283 |
Summary of Breakdown of Plan | Breakdown of expenses per financial year Plan name Amount in P&L in euros thousands as of December 31, 2017 of which employees of which executive officers and executive committee of which board members Grant in October 2016 533 250 283 — Grant in January 2017 92 92 — Grant in June 2017 348 156 192 — Grant in October 2017 27 27 — TOTAL AGA 1,000 433 567 — Grant in June 2015 50 — 50 — Grant in October 2016 126 — — 126 Grant in January 2017 10 — — 10 Grant in June 2017 165 — — 165 TOTAL BSA 350 — 50 301 Grant in January 2014 7 — 7 — Grant in September 2015 51 — 51 — Grant in May 2016 138 94 44 — TOTAL BSPCE 196 94 102 — Grant in October 2016 90 45 44 — Grant in January 2017 46 46 — — Grant in June 2017 65 44 21 — Grant in October 2017 23 23 — — TOTAL SO 223 158 65 — Total IFRS 2 expenses 1,769 685 784 301 Plan name Amount in P&L in euros thousands as of December 31, 2018 of which employees of which executive officers and executive committee of which board members Grant in October 2016 219 103 116 — Grant in January 2017 31 — 31 — Grant in June 2017 483 222 262 — Grant in October 2017 99 99 — — Grant in January 2018 538 303 235 — TOTAL AGA 1,371 727 644 — Grant in October 2016 71 — — 71 Grant in January 2017 16 — — 16 Grant in June 2017 178 — — 178 Grant in January 2018 177 — — 177 TOTAL BSA 442 — — 442 Grant in October 2016 73 37 36 — Grant in January 2017 6 6 — — Grant in June 2017 137 96 41 — Grant in October 2017 92 92 — — Grant in January 2018 317 185 132 — Grant in September 2018 11 — 11 — TOTAL SO 636 416 220 — Total IFRS 2 expenses 2,449 1,142 865 442 Plan name Amount in P&L in euros thousands as of December 31, 2019 of which employees of which executive officers and executive committee of which board members Grant in October 2016 53 16 37 — Grant in January 2017 11 — 11 — Grant in June 2017 155 52 103 — Grant in October 2017 12 12 (0 ) — Grant in January 2018 287 109 178 — Grant in January 2019 43 43 0 — Grant in April 2019 91 55 36 — Grant in October 2019 37 18 18 — TOTAL AGA 688 305 383 — Grant in October 2016 24 — — 24 Grant in January 2017 (12 ) — — (12 ) Grant in June 2017 54 — — 54 Grant in January 2018 59 — — 59 Grant in April 2019 — — — — Grant in October 2019 — — — — TOTAL BSA 125 — — 125 Grant in October 2016 12 3 8 — Grant in January 2017 — — — — Grant in June 2017 70 45 25 — Grant in October 2017 45 45 (0 ) — Grant in January 2018 260 125 135 — Grant in September 2018 (11 ) — (11 ) — Grant in January 2019 34 34 (0 ) — Grant in April 2019 68 28 40 — Grant in July 2019 24 — 24 — Grant in October 2019 44 16 28 — TOTAL SO 546 296 249 — Total IFRS 2 expenses 1,359 601 633 125 |
Summary of Outstanding Instruments | Summary of outstanding instruments Number of outstanding warrants (BSA) and founder's warrants (BSPCE) with a ratio of 1 option = 10 shares Number of BSA and BSPCE Weighted-average exercise price Outstanding at December 31, 2016 42,524 € 98.01 Exercisable at December 31, 2016 42,524 € 98.01 Granted — € - Forfeited — € - Exercised (1,720 ) € 113.55 Outstanding at December 31, 2017 40,804 € 97.34 Exercisable at December 31, 2017 40,804 € 97.34 Granted — € - Forfeited — € - Exercised — € - Outstanding at December 31, 2018 40,804 € 97.34 Exercisable at December 31, 2018 40,804 € 97.34 Granted — € - Forfeited — € - Exercised — € - Outstanding at December 31, 2019 40,804 € 97.34 Exercisable at December 31, 2019 40,804 € 97.34 Number of outstanding stock-options and warrants (BSA) with a ratio of 1 option = 1 share Number of stock-options and BSA Weighted-average exercise price Outstanding at December 31, 2016 89,499 € 18.52 Exercisable at December 31, 2016 — € - Granted 143,200 € 24.29 Forfeited — € - Exercised — € - Outstanding at December 31, 2017 232,699 € 22.07 Exercisable at December 31, 2017 — € - Granted 161,703 € 16.70 Forfeited (54,339 ) € 20.26 Exercised — € - Outstanding at December 31, 2018 340,063 € 19.87 Exercisable at December 31, 2018 88,999 € 19.88 Granted 622,301 € 4.98 Forfeited (65,118 ) € 9.77 Exercised — € - Outstanding at December 31, 2019 897,246 € 10.26 Exercisable at December 31, 2019 173,899 € 21.46 |
Summary of Number of Outstanding Free Shares | Number of oustanding free shares Outstanding at December 31, 2016 111,261 Granted 114,777 Forfeited (1,017 ) Acquired (7,574 ) Outstanding at December 31, 2017 217,447 Granted 154,440 Forfeited (27,391 ) Acquired (2,476 ) Outstanding at December 31, 2018 342,020 Granted 431,291 Forfeited (124,966 ) Acquired — Outstanding at December 31, 2019 648,345 |
Summary of Depreciation, Amortization and Provisions | 3.4 Depreciation, amortization and provisions (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Amortization and depreciation of intangible assets 29 40 1,053 Depreciation of property, plant and equipment 501 749 1,797 Depreciation of the right of use — — 1,366 Total amortization and depreciation 530 788 4,216 Provision — — 71 Total amortization, depreciation & provisions 530 789 4,287 |
Summary of Financial income (loss) | 3.5 Financial income (loss) (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Income from short term deposits 405 163 7 Other financial income 134 5,264 2,940 Financial income 539 5,427 2,947 Financial expenses on lease liability (8 ) (4 ) (343 ) Interest expense related to borrowings (7 ) (5 ) (148 ) Other financial expenses (3,168 ) (19 ) (1,042 ) Financial expenses (3,183 ) (29 ) (1,533 ) Financial income (loss) (2,644 ) 5,399 1,414 |
Summary of Reconciliation of the Effective Tax Rate | Reconciliation of the effective tax rate (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Loss before tax (33,530 ) (38,224 ) (62,659 ) Tax rate 34.43 % 28 % 28 % Theoretical tax expense or income 11,545 10,703 17,544 Current year loss not capitalized (12,071 ) (11,222 ) (18,143 ) CICE (employment and competitiveness tax credit) not included in taxable income 34 35 — Research tax credits 1,097 1,225 1,096 Share based compensation expense (592 ) (686 ) (380 ) Permanent differences (10 ) (54 ) (117 ) Other differences — (2 ) 1 Effective tax (loss) / income 3 (2 ) 1 |
Summary of Nature of Deferred Taxes | Nature of deferred taxes (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Loss carryforward 34,709 43,315 59,594 Temporary differences 74 106 643 Unrecognized deferred tax assets (34,786 ) (43,421 ) (60,236 ) Net amount (3 ) — — |
Basic Earnings (Loss) Per Share and Diluted Earnings (Loss) Per Share | 3.7 Basic earnings (loss) per share and diluted earnings (loss) per share 12/31/2017 12/31/2018 12/31/2019 Net loss (in thousands of euros) (33,530 ) (38,224 ) (62,659 ) Weighted number of shares for the period 11,370,557 17,937,481 17,937,535 Basic loss per share (€/share) (2.95 ) (2.13 ) (3.49 ) Diluted loss per share (€/share) (2.95 ) (2.13 ) (3.49 ) 12/31/2017 12/31/2018 12/31/2019 Number of shares as of January 1 (1) 8,730,148 17,935,059 17,937,535 Number of shares issued during the year (prorata temporis) Share capital increase 2,640,409 — — Exercise of share warrants 10,358 — — Free shares acquired — 2,422 — Weighted number of shares for the period 11,370,557 17,937,481 17,937,535 (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). |
BSPCE plan [member] | |
Summary of Subscription Warrants | Founder subscription warrants (“BSPCE”) plan Types of securities BSPCE 2012 BSPCE 2014 Maturity May 20, 2020 January 22, 2024 Maximum number of new shares that can be issued 169,760 169,100 |
BSA plan [member] | |
Summary of Subscription Warrants | Share subscription warrants (“BSA”) plan Types of securities BSA 2012 BSA 2014 BSA 2016 BSA 2017 BSA 2019 Vesting period NA NA Tranche 1: 1 year Tranche 2: 2 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years 2 years Maturity May-2020 January-2024 Depending of the grant date October-2021 January-2022 Depending of the grant date June-2022 January-2023 October-2022 Maximum number of new shares that can be issued 40,180 29,000 55,000 88,500 75,000 |
Summary of Assumptions Used Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2017, 2018 and 2019 are: Grant in January 2017 Grant in June 2017 Grant in January 2018 Number of warrants 15,000 BSA2016 55,000 BSA2017 40,500 BSA2017 Exercise price € 13.46 € 26.47 € 18.00 Price of the underlying share € 15.51 € 28.25 € 18.00 Expected dividends 0.00% 0.00% 0.00% Volatility (1) 48.00% 48.00% 43.94% Repo margin 5.00% 5.00% n/a Expected term 3 years 3 years T1 : 5.5 years T2 : 6 years T3 : 6.5 years Fair value of the plan (in thousands of euros) 58 394 300 Grant in April 2019 Grant in October 2019 Number of warrants 25,998 BSA 2018 75,000 BSA 2019 Exercise price € 6.82 € 3.71 Price of the underlying share € 7.20 € 3.78 Expected dividends 0.00% 0.00% Volatility (1) 38.91% 33.41% Expected term T1 : 3 years T2 : 3.5 years T3 : 4 years 2.5 years Fair value of the plan (in thousands of euros) (2) 56 59 (1) based on the historical volatility observed on the ERYP index on Euronext (2) BSA were granted at fair value (€2.15 in April 2019 and €0.79 in October 2019). Therefore, no expense was recognized under IFRS 2. |
SO plan [member] | |
Summary of Assumptions Used Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2017, 2018 and 2019 are: Grant in January 2017 Grant in June 2017 Grant in October 2017 Number of options 3,000 SO 2016 18,000 SO 2016 22,200 SO 2017 30,000 SO 2016 Exercise price € 15.65 € 26.47 € 23.59 Price of the underlying share € 15.51 € 28.25 € 24.70 Expected dividends 0.00% 0.00% 0.00% Volatility (1) 48.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Expected term 3 years 3 years 3 years Fair value of the plan (in thousands of euros) 13 308 208 Grant in January 2018 Grant in September 2018 Number of options 97,203 SO 2017 24,000 SO 2018 Exercise price € 18.00 € 9.26 Price of the underlying share € 18.00 € 8.75 Expected dividends 0.00% 0.00% Volatility (1) 43.94% 41.59% Expected term T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years Fair value of the plan (in thousands of euros) 731 80 Grant in January 2019 Grant in April 2019 Grant in July 2019 Grant in October 2019 Number of options 38,025 SO 2018 76,905 SO 2018 59,123 SO 2019 347,250 SO 2019 Exercise price € 6.38 € 7.20 € 5.78 € 4.25 Price of the underlying share € 6.38 € 7.20 € 5.81 € 3.78 Expected dividends 0.00% 0.00% 0.00% 0.00% Volatility (1) 41.88% 41.65% 41.00% 40.69% Expected term T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years T1 : 6 years T2 : 6.5 years Fair value of the plan (in thousands of euros) 97 217 131 447 (1) based on the historical volatility observed on the ERYP index on Euronext |
Summary of Stock Options | Stock options (“SO”) plan Types of securities SO 2016 SO 2017 SO 2018 SO 2019 Vesting period Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Tranche 1: 2 years Tranche 2: 3 years Maturity Depending of the grant date October-2026 January-2027 June-2027 October-2027 Depending of the grant date June-2027 January-2028 Depending of the grant date September-2028 January-2029 April-2029 Depending of the grant date July-2029 October-2029 Maximum number of new shares that can be issued 66,999 93,564 111,810 406,373 |
AGA Plan [member] | |
Summary of Assumptions Used Determine Fair Value of Plans Granted | The main assumptions used to determine the fair value of the plans granted in 2017, 2018 and 2019 are: Grant in January 2017 Grant in June 2017 Grant in October 2017 Number of shares 15,000 AGA 2016 8,652 AGA 2016 74,475 AGA 2017 16,650 AGA 2016 Price of the underlying share € 15.51 € 28.25 € 24.70 Expected dividends 0.00% 0.00% 0.00% Volatility 48.00% 48.00% 48.00% Repo margin 5.00% 5.00% 5.00% Maturity 3 years 3 years 3 years Performance criteria (2) (2) (2) Fair value of the plan (in thousands of euros) 115 1,081 180 Grant in January 2018 Grant in January 2019 Grant in April 2019 Grant in October 2019 Number of shares 40,500 AGA 2016 113,940 AGA 2017 36,150 AGA 2018 94,200 AGA 2018 300,941 AGA 2019 Price of the underlying share € 18.00 € 6.38 € 7.20 € 3.78 Expected dividends 0.00% 0.00% 0.00% 0.00% Volatility 42.17% 38.22% 36.32% 38.76% Repo margin 5.00% 5.00% 5.00% 5.00% Maturity 3 years 3 years 3 years 5 years Performance criteria (2) (2) (2) (2) Fair value of the plan (in thousands of euros) 1,145 102 269 434 (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 • For grants between 2017 and April 2019: o ERYP: average price of the 40-quoted market share price days before the grant date (€13.46 in January 2017, €26.47 in June 2017, €24.48 in October 2017, €20.12 in January 2018, €6.54 in January 2019 and €7.52 in April 2019). o ERYPi: average price of the 40-quoted market share price days before the acquisition date, o Tri: (ERYPi /ERYP) -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 • For grant in 2019 o ERYP: maximum between the share price before the grant date and the average price of the 20-quoted market share price days before the grant date discounted by 5%, ie €4.25, o ERYPi: maximum between the share price at the acquisition date and the average price of the 20-quoted market share price days before the grant date discounted by 5%, o Tri: (ERYi - ERY2019) / (ERY2019 x (PM – 1)) with PM = 3 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 |
Summary of Free Shares | Free shares (“AGA”) plan Types of securities AGA 2016 AGA 2017 AGA 2018 AGA 2019 Vesting period Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years Tranche 4 : 4 years Tranche 5 : 5 years Maximum number of new shares that can be issued 71,324 152,280 123,800 300,941 |
Research And Development Expenses | |
Summary of Operating Expense by Nature | 3.2.1 Research and development expenses For the year ended December 31, 2017 (amounts in thousands of euros) R&D Clinical studies Total Consumables 1,859 532 2,391 Rental and maintenance 140 496 636 Services, subcontracting and fees 1,768 12,407 14,175 Personnel expenses 2,088 5,828 7,916 Depreciation and amortization 94 169 263 Other 37 44 81 Total 5,986 19,476 25,463 For the year ended December 31, 2018 (amounts in thousands of euros) R&D Clinical studies Total Consumables 1,061 728 1,789 Rental and maintenance 279 526 805 Services, subcontracting and fees 5,043 14,589 19,632 Personnel expenses 3,013 7,901 10,914 Depreciation and amortization 68 192 260 Other 38 30 67 Total 9,502 23,965 33,468 For the year ended December 31, 2019 (amounts in thousands of euros) R&D Clinical studies Total Consumables 668 6,340 7,007 Rental and maintenance 171 1,125 1,296 Services, subcontracting and fees 3,543 21,753 25,296 Personnel expenses 3,056 11,911 14,967 Depreciation, amortization & provision 307 3,229 3,536 Other 50 40 90 Total 7,795 44,398 52,193 |
Summary of Personal Expenses | Research and development expenses Research and development expenses For the year ended December 31, 2017 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 1,200 4,028 5,229 Share-based payments (employees and executive management) 292 541 833 Social security expenses 596 1,259 1,854 Total personnel expenses 2,088 5,828 7,916 Research and development expenses For the year ended December 31, 2018 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 1,887 5,393 7,279 Share-based payments (employees and executive management) 334 824 1,158 Social security expenses 792 1,684 2,476 Total personnel expenses 3,013 7,901 10,914 Research and development expenses For the year ended December 31, 2019 (amounts in thousands of euros) R&D Clinical studies Total Wages and salaries 2,029 8,893 10,923 Share-based payments (employees and executive management) 223 465 688 Social security expenses 804 2,553 3,357 Total personnel expenses 3,056 11,911 14,967 |
General and Administrative Expenses [member] | |
Summary of Operating Expense by Nature | General and administrative expenses General and administrative expenses (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Consumables 148 33 527 Rental and maintenance 894 1,584 1,117 Services, subcontracting and fees 2,867 5,409 7,964 Personnel expenses 3,688 5,925 6,331 Depreciation and amortization 266 529 751 Other 927 1,122 474 Total 8,791 14,600 17,164 |
Summary of Personal Expenses | General and administrative expenses General and administrative expenses (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Wages and salaries 1,990 3,721 4,375 Share-based payments (employees and executive management) 642 849 522 Social security expenses 1,057 1,355 1,433 Total personnel expenses 3,688 5,925 6,331 |
Notes Related to the Consolid_4
Notes Related to the Consolidated Statements of Financial Position (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications Of Assets Liabilities And Equities [Abstract] | |
Schedule of Other Intangibles Assets | (amounts in thousands of euros) Other intangible assets TOTAL GROSS VALUE As of December 31, 2016 209 209 Increase 25 25 Decrease - - As of December 31, 2017 234 234 Increase 3 3 Decrease — — Reclassification 1,596 1,596 As of December 31, 2018 1,833 1,833 Increase 16 16 Decrease — — FX rate impact (0 ) (0 ) Reclassification 28 28 As of December 31, 2019 1,876 1,876 ACCUMULATED AMORTIZATION AND DEPRECIATION As of December 31, 2016 (152 ) (152 ) Increase (29 ) (29 ) Decrease - - As of December 31, 2017 (181 ) (181 ) Increase (39 ) (39 ) Decrease — — As of December 31, 2018 (220 ) (220 ) Increase (1,053 ) (1,053 ) Decrease — — FX rate impact 0 0 As of Decemner 31, 2019 (1,273 ) (1,273 ) NET VALUE As of December 31, 2016 57 57 As of December 31, 2017 53 53 As of December 31, 2018 1,613 1,613 As of December 31, 2019 603 603 |
Schedule of Property, Plant and Equipment | (amounts in thousands of euros) Assets under construction Plant, equipment and tooling General equipment, fixtures and fittings Office equipment and computers TOTAL GROSS VALUE As of December 31, 2016 862 1,824 1,466 532 4,684 Increase 868 270 389 137 1,664 Decrease — — — — — As of December 31, 2017 1,730 2,094 1,855 669 6,348 Increase 13,425 490 152 155 14,222 Decrease — — — — — Reclassification (1,596 ) — — — (1,596 ) As of December 31, 2018 13,559 2,584 2,007 824 18,974 Increase 630 1,557 9,489 387 12,063 Decrease (21 ) (106 ) (437 ) (112 ) (676 ) FX rate impact 268 (8 ) (62 ) 2 200 Reclassification (13,357 ) 779 11,389 70 (1,120 ) As of December 31, 2019 1,078 4,806 22,385 1,171 29,440 ACCUMULATED DEPRECIATION As of December 31, 2016 — (1,406 ) (908 ) (125 ) (2,439 ) Increase — (165 ) (208 ) (130 ) (503 ) Decrease — — — — — As of December 31, 2017 — (1,571 ) (1,116 ) (255 ) (2,942 ) Increase — (248 ) (355 ) (155 ) (758 ) Decrease — — — — — Reclassification — (5 ) — 5 — As of December 31, 2018 — (1,824 ) (1,471 ) (405 ) (3,700 ) Increase — (469 ) (1,148 ) (180 ) (1,797 ) Decrease — 85 437 112 634 FX rate impact — 0 0 (2 ) (2 ) Reclassification — 988 61 7 1,056 As of December 31, 2019 — (1,219 ) (2,121 ) (469 ) (3,808 ) NET VALUE As of December 31, 2016 862 418 558 407 2,245 As of December 31, 2017 1,730 523 739 414 3,406 As of December 31, 2018 13,559 760 536 419 15,274 As of December 31, 2019 1,078 3,587 20,264 702 25,632 |
Schedule of Right of use | (amounts in thousands of euros) Buildings Plant, equipment and tooling Transport equipment Office equipment and computers TOTAL GROSS VALUE As of December 31, 2018 — — — — — First application of IFRS 16 7,397 — 47 — 7,443 Increase 4,088 — 34 — 4,121 Decrease (355 ) (20 ) — — (375 ) FX rate impact 108 — — — 108 Reclassification — 974 — 118 1,092 As of December 31, 2019 11,237 954 80 118 12,389 ACCUMULATED DEPRECIATION As of December 31, 2018 — — — — — Increase (1,304 ) — (23 ) (39 ) (1,366 ) Decrease 16 20 — — 36 FX rate impact 3 — — — 3 Reclassification — (974 ) — (79 ) (1,053 ) As of December 31, 2019 (1,286 ) (954 ) (23 ) (118 ) (2,380 ) NET VALUE As of December 31, 2018 — — — — — As of December 31, 2019 9,952 — 58 — 10,009 |
Schedule of Other financial assets | (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Deposits related to leased premises 168 446 475 Advance payments to suppliers — 510 226 Other 67 91 17 Total other non-current financial assets 234 1,046 718 Advance payments to suppliers — — 28 Other — — 13 Total other current financial assets — — 41 |
Schedule of Inventories | (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Raw materials 176 1,396 358 Total inventory 176 1,396 358 |
Schedule of Trade and Other Receivables | 4.5 Trade receivables and other current assets (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Trade and other receivables 76 30 36 Total trade and other receivables 76 30 36 Research Tax Credit 3,326 7,701 3,917 Tax and social receivables (e.g VAT) and other receivables 1,114 1,949 1,871 Cash to be received from bank related to exercise of warrants 23 — — Prepaid expenses 1,327 4,461 2,188 Total other current assets 5,791 14,111 7,975 |
Summary of Cash and Cash Equivalents | (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Current account 174,525 118,371 68,066 Term deposits 11,000 16,000 5,107 Total cash and cash equivalents as reported in statement of financial position 185,525 134,371 73,173 Bank overdrafts (11 ) — — Total cash and cash equivalents as reported in statement of cash flow 185,514 134,371 73,173 |
Summary of Details of Provisions | (in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Provision for retirement indemnities 214 347 506 Provisions - non-current portion 214 347 506 Other provisions — — 71 Provisions - current portion — — 71 The change in the provision for retirement indemnities is as follows: (amounts in thousands of euros) As of December 31, 2016 163 Service costs 57 Financial costs 2 Actuarial gains and losses (8 ) As of December 31, 2017 214 Service costs 75 Financial costs 3 Actuarial gains and losses 55 As of December 31, 2018 347 Service costs 115 Financial costs 5 Actuarial gains and losses 38 As of December 31, 2019 506 |
Estimate of the Retirement Commitments | As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees: 12/31/2017 12/31/2018 12/31/2019 Discount rate 1.30 % 1.57 % 0.77 % Wage increase 2 % 2 % 2 % Social welfare contribution rate - non executive employees 44 % 44 % 36 % - executive employees 54 % 54 % 50 % - executive management 54 % 55 % 52 % Expected staff turnover - non executive and executive employees Medium - High Medium - High High - executive management High Low Low Age of retirement 65 - 67 years 65 - 67 years 65 - 67 years Mortality table INSEE 2014 INSEE 2014 INSEE 2018 |
Summary of Financial Liabilities by Type | Financial liabilities by type (amounts in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Conditional advances 1,182 1,181 1,321 Bank loans 1,534 799 62 Financial liabilities related to finance leases 116 39 — Bank overdrafts 11 — — Other — — 38 Total financial liabilities 2,843 2,019 1,421 |
Summary of Financial Liabilities by Maturity | Financial liabilities by maturity December 31, 2017 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Conditional advances — — — 1,182 1,182 Bank loans 735 799 — — 1,534 Financial liabilities related to finance leases 79 37 — — 116 Bank overdrafts 11 — — — 11 Total financial liabilities 825 836 — 1,182 2,843 December 31, 2018 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Conditional advances — — — 1,181 1,181 Bank loans 737 62 — — 799 Financial liabilities related to finance leases 39 — — — 39 Total financial liabilities 776 62 — 1,181 2,019 December 31, 2019 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Conditional advances — — — 1,321 1,321 Bank loans 62 — — — 62 Other — — 38 — 38 Total financial liabilities 62 — 38 1,321 1,421 |
Schedule of Conditional Advances | 4.9.2 Conditional advances (amounts in thousands of euros) Reimbursable advances Financial liabilities as of December 31, 2016 1,181 Interests — Financial liabilities as of December 31, 2017 1,181 Interests — Financial liabilities as of December 31, 2018 1,181 Interests 140 Financial liabilities as of December 31, 2019 1,321 |
Summary of Lease liabilities | (in thousands of euros) Lease liabilities As of December 31, 2018 — First application of IFRS 16 7,734 Allowance received from a lessor (1) 1,866 Increase without cash impact (2) 4,121 Repayment (978 ) Decrease without cash impact (2) (339 ) FX rate impact 108 Capitalized interests 149 Reclassification 42 As of December 31, 2019 12,703 (1) Allowance received for fixture and fittings for Princeton manufacturing facility. (2) Linked to the partial relocation of the French team in new facilities in July and a decrease in the rental space of a building lease of the previous property lease. |
Summary of Lease Liabilities By Maturity | Lease liabilities by maturity (in thousands of euros) Less than one year One to three years Three to five years More than five years Total As of December 31, 2018 — — — — — As of December 31, 2019 1,425 3,411 2,525 5,342 12,703 |
Summary of Trade Payables and Other Current Liabilities | (in thousands of euros) 12/31/2017 12/31/2018 12/31/2019 Vendors 4,966 13,402 5,074 Vendors - accruals 3,211 3,253 8,701 Other (101 ) — — Total trade and other payables 8,076 16,655 13,775 Social liabilities, taxation and social security 2,706 3,148 3,628 Fixed assets payables — — 726 Deferred revenue — 16 61 Other payables — 53 96 Total other current liabilities 2,706 3,217 4,510 |
Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) | As of December 31, 2017 (amounts in thousands of euros) Carrying amount on the statement of financial position Fair value through profit and loss Loans and receivables Debt at amortized cost Fair value Other non-current financial assets 234 234 234 Trade and other receivables 76 76 76 Other current assets 5,790 5,790 5,790 Cash and cash equivalents 185,525 185,525 185,525 Total financial assets 191,626 185,525 6,100 — 191,626 Financial liabilities - non current portion 2,019 2,019 2,019 Financial liabilities - current portion 824 824 824 Trade and other payables 8,076 8,076 8,076 Total financial liabilities 10,919 — — 10,919 10,919 As of December 31, 2018 (amounts in thousands of euros) Carrying amount on the statement of financial position Fair value through profit and loss Fair value through other comprehensive income Loans and receivables Debt at amortized cost Fair value Other non-current financial assets 1,046 1,046 1,046 Trade and other receivables 30 30 30 Other current assets 14,111 14,111 14,111 Cash and cash equivalents 134,371 134,371 134,371 Total financial assets 149,557 134,371 — 15,187 — 149,557 Financial liabilities - non current portion 1,243 1,243 1,243 Financial liabilities - current portion 776 776 776 Trade and other payables 16,655 16,655 16,655 Total financial liabilities 18,674 — — — 18,674 18,674 As of December 31, 2019 (amounts in thousands of euros) Carrying amount on the statement of financial position Fair value through profit and loss Fair value through other comprehensive income Loans and receivables Debt at amortized cost Fair value Other non-current financial assets 718 718 718 Other current financial assets 41 41 41 Trade and other receivables 36 36 36 Other current assets 5,788 5,788 5,788 Cash and cash equivalents 73,173 73,173 73,173 Total financial assets 79,756 73,173 — 6,583 — 79,756 Financial liabilities - non current portion 1,321 1,321 1,321 Lease liabilities - non current portion 11,278 11,278 11,278 Financial liabilities - current portion 99 99 99 Lease liabilities - current portion 1,425 1,425 1,425 Trade and other payables 13,775 13,775 13,775 Other current liabilities 4,449 4,449 4,449 Total financial liabilities 32,348 — — — 32,348 32,348 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 measurements. (3) The fair value of financial liabilities is determined using level 1 measurements. (4) The fair value of lease liabilities is determined using level 2 measurements. |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Summary of Transactions Between Related Parties | The remuneration of directors and members of the executive committee was as set forth in the table below. 12/31/2017 12/31/2018 12/31/2019 (amounts in thousands of euros) Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Salary / Fees Retirement benefits Share based payments Executive officers / VP and qualified person 654 19 306 692 26 337 1,077 16 334 Executive committee 1,519 25 478 1,285 30 528 1,277 10 299 Board of directors 229 — 336 241 — 442 321 — 125 Total 2,402 44 1,120 2,218 56 1,307 2,675 26 757 |
Management of Financial Risks (
Management of Financial Risks (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosures Of Financial Risk Management [Abstract] | |
Summary of Financial Liabilities | As of December 31, 2017 (amounts in thousands of euros) Less than one year One to five years More than five years Total Conditional advances — — 1,182 1,182 Bank loans 735 799 — 1,534 Liabilities related to finance leases 79 37 — 116 Bank overdrafts 11 — — 11 Trade and fixed assets payables 4,865 — — 4,865 Total 5,690 836 1,182 7,708 As of December 31, 2018 (amounts in thousands of euros) Less than one year One to five years More than five years Total Conditional advances — — 1,181 1,181 Bank loans 737 62 — 799 Liabilities related to finance leases 39 — — 39 Trade and fixed assets payables 13,402 — — 13,402 Total 14,178 62 1,181 15,421 As of December 31, 2019 (amounts in thousands of euros) Less than one year One to five years More than five years Total Lease liabilities 1,425 5,935 5,342 12,703 Conditional advances — — 1,321 1,321 Bank loans 62 — — 62 Other — 38 — 38 Trade and fixed assets payables 5,800 — — 5,800 Total 7,286 5,973 6,663 19,923 |
Off-Balance Sheet Commitments (
Off-Balance Sheet Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
Summary of Off-Balance Sheet Commitments | Sublease in the United-States In July 2019, the Company signed a sublease agreement for a portion of its premises located in Cambridge. (amounts in thousands of euros) Sublease to be received As of December 31, 2019 Total Less than one year One to five years More than five years Sublease in US 519 166 353 — Total sublease to be received 519 166 353 — |
Description of the Business - A
Description of the Business - Additional Information (Detail) € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
Oct. 31, 2019shares | Jul. 31, 2019shares | Jun. 30, 2019USD ($) | Apr. 30, 2019shares | Jan. 31, 2019shares | Nov. 30, 2017EUR (€) | Nov. 30, 2017USD ($) | Apr. 30, 2017EUR (€) | Dec. 31, 2016EUR (€)shares | Dec. 31, 2015EUR (€)shares | Oct. 31, 2014EUR (€) | May 31, 2013EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€)shares | Dec. 31, 2017USD ($)shares | ||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Initial public offering completion date | May 31, 2013 | ||||||||||||||||
Initial public offering amount | € 124,000 | $ 144 | € 17,700 | $ 144 | |||||||||||||
Follow on offering amount before deducting offering expenses | € | € 70,500 | € 30,000 | |||||||||||||||
Warrants issued | € | € 59 | € 0 | € 921 | [1] | |||||||||||||
Shareholders' equity | € | € 35,638 | € 85,560 | € 145,602 | € 181,419 | |||||||||||||
Number of free shares granted | 300,941 | 94,200 | |||||||||||||||
Grant of stock-options | 347,250 | 76,905 | |||||||||||||||
Description of appointment of directors | 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 officer in international biotechnology and pharmaceutical groups. He was Chairman and Chief Executive Officer of Syntimmune (Cambridge, MA, US) until the end of 2018, when the company was acquired by Alexion Pharmaceuticals. | ||||||||||||||||
Private placement with institutional investors in April | 3,000,000 | 3,000,000 | |||||||||||||||
Private placement amount | € | € 70,500 | ||||||||||||||||
Initial public offering shares issued | 6,180,137 | 6,180,137 | |||||||||||||||
Proceeds from issue of ordinary shares | € 112,000 | € 65,000 | € 112,000 | $ 130 | |||||||||||||
United States [member] | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Initial public offering shares issued | 6,180,137 | 6,180,137 | |||||||||||||||
Employee stock option [member] | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Number of free shares granted | 36,150 | ||||||||||||||||
Grant of stock-options | 38,025 | ||||||||||||||||
Executives [member] | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Number of free shares granted | 149,999 | 36,000 | |||||||||||||||
Grant of stock-options | 217,500 | 59,123 | 44,200 | ||||||||||||||
Employees [member] | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Number of free shares granted | 150,942 | 58,200 | |||||||||||||||
Grant of stock-options | 129,750 | 32,705 | |||||||||||||||
Board of Directors [member] | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Number of Warrants Granted | 75,000 | 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 | |||||||||||||||
American depository scheme [member] | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Initial public offering shares issued | 5,389,021 | 5,389,021 | |||||||||||||||
American depository scheme [member] | United States [member] | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Initial public offering shares issued | 5,389,021 | 5,389,021 | |||||||||||||||
Europe and Countries Outside of U.S. and Canada | |||||||||||||||||
Disclosure Of Description Of Business [Line Items] | |||||||||||||||||
Number of shares issued under private placement | 791,116 | 791,116 | |||||||||||||||
[1] | Fundraising in April 2017 for a total amount (net of transaction costs) of €65 million and global underwritten offering as part of the Company’s U.S. initial public offering in November 2017 for a total amount (net of transaction costs) of €112 million. |
Accounting Rules and Methods -
Accounting Rules and Methods - Additional Information (Detail) € in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 29, 2020EUR (€)shares | Oct. 31, 2019shares | Apr. 30, 2019shares | Feb. 28, 2019EUR (€) | Dec. 31, 2019EUR (€)USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Feb. 28, 2021EUR (€) | Jan. 01, 2019EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2012EUR (€) | |
Disclosure Of Significant Accounting Policies [Line Items] | |||||||||||
Cash and cash equivalents | € 73,173 | € 134,371 | € 185,525 | ||||||||
Research tax credit | € 3,917 | 7,701 | 3,326 | ||||||||
Number of subsidiary | $ | 1 | ||||||||||
Lease liabilities | € 12,703 | € 7,734 | |||||||||
Right of use of asset | € 7,443 | ||||||||||
Liability of recognized in statement of financial position | 291 | ||||||||||
Net value of right of use of asset | 10,009 | ||||||||||
Depreciation expense | 1,366 | ||||||||||
Financial expense | € 343 | 4 | € 8 | ||||||||
Fixed assets payables not yet paid | € 8,587 | ||||||||||
subsidy amount | € 294 | ||||||||||
Number of free shares granted | shares | 300,941 | 94,200 | |||||||||
Grant of stock-options | shares | 347,250 | 76,905 | |||||||||
Tedac project [member] | |||||||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||||||
Conditional advance received | € 2,979 | € 1,119 | € 63 | ||||||||
France [member] | |||||||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||||||
Average marginal borrowing rate | 1.40% | ||||||||||
United States [member] | |||||||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||||||
Average marginal borrowing rate | 3.80% | ||||||||||
IFRS 16 [member] | |||||||||||
Disclosure Of Significant Accounting Policies [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 | € 227 | ||||||||||
Expense relating to leases of low-value assets | € 33 | ||||||||||
Events after reporting period [member] | |||||||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||||||
Conditional advance and subsidy received | € 3,300 | ||||||||||
Major Ordinary Share Transactions [member] | |||||||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||||||
Number of free shares granted | shares | 50,037 | ||||||||||
Grant of stock-options | shares | 41,950 |
Accounting Rules and Methods _2
Accounting Rules and Methods - Summary of Details of the Company's subsidiary (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Date of Incorporation | Apr. 30, 2014 |
Percent of Ownership Interest | 100.00% |
Accounting Method | Fully consolidated |
Accounting Rules and Methods _3
Accounting Rules and Methods - Summary of Accounting Policy for Exchange Rates (Detail) - USD_per_EUR | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Exchange Rates [Abstract] | |||
Weighted average rate | 1.1196 | 1.1815 | 1.1293 |
Closing rate | 1.1234 | 1.1450 | 1.1993 |
Accounting Rules and Methods _4
Accounting Rules and Methods - 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 exercised | 5,798 | |
Leases signed in 2018 for an asset available after January 1, 2019 | (2,593) | |
Other (including the improvement allowance (Princeton lease) – see note 4.10) | (2,045) | |
Non-discounted lease liability under IFRS 16 as of January 1, 2019 | 9,285 | |
Discount effect | (1,551) | |
Discounted lease liability under IFRS 16 as of January 1, 2019 | € 7,734 |
Accounting Rules and Methods _5
Accounting Rules and Methods - Disclosure of Statement of Cash Flows (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Increase (decrease) in trade and other payables | € 5,993 | € (8) | [1] | € 3,243 |
Change in working capital | 13,730 | (8,994) | [1] | 3,329 |
Net cash flow used in operating activities | (43,310) | (47,857) | [1] | (24,702) |
Acquisition of property, plant and equipment | (20,117) | (5,635) | [1] | (1,664) |
Net cash flow used in investing activities | (19,838) | (6,450) | [1] | € (1,791) |
Published [member] | ||||
Increase (decrease) in trade and other payables | 8,579 | |||
Change in working capital | (407) | |||
Net cash flow used in operating activities | (39,270) | |||
Acquisition of property, plant and equipment | (14,222) | |||
Net cash flow used in investing activities | € (15,037) | |||
Amended [member] | ||||
Increase (decrease) in trade and other payables | (8) | |||
Change in working capital | (8,994) | |||
Net cash flow used in operating activities | (47,857) | |||
Acquisition of property, plant and equipment | (5,635) | |||
Net cash flow used in investing activities | € (6,450) | |||
[1] | See note 2.8. |
Accounting Rules and Methods _6
Accounting Rules and Methods - Summary of Information about Geographical Segment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Geographical Areas [Line Items] | |||
Revenues from external customers | € 1,074 | € 72 | € 178 |
Non-current assets | 36,245 | 16,887 | 3,459 |
France [member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenues from external customers | 105 | 72 | 178 |
Non-current assets | 9,616 | 4,912 | 3,332 |
United States [member] | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenues from external customers | 969 | ||
Non-current assets | € 26,629 | € 11,975 | € 127 |
Notes Related to the Consolid_5
Notes Related to the Consolidated Statement of Income (Loss) - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019EUR (€)Employee | Dec. 31, 2018EUR (€)Employee | Dec. 31, 2017EUR (€)Employee | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | |
Disclosure of detailed information of operating income loss [line items] | |||||
Upfront payment | $ | $ 1 | ||||
Increase in G&A Services, subcontracting and fees | € 2,555,000 | € 2,542,000 | |||
Increase in G&A personnel expenses | 2,237,000 | ||||
Foreign exchange gain (loss) | 1,816,000 | 3,993,000 | € (3,026,000) | ||
Gain on investments currency transactions | € 1,124,000 | € 1,254,000 | € 0 | ||
Tax rate | 28.00% | 28.00% | 34.43% | ||
Estimated applicable Tax | 25.00% | ||||
France [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Accumulated tax loss carry forwards | € 217,100,000 | ||||
United States [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Accumulated tax loss carry forwards | 20,400,000 | $ 23 | |||
Expiring in 2035 [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Accumulated tax loss carry forwards | 300,000 | ||||
Expiring in 2036 [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Accumulated tax loss carry forwards | 3,100,000 | ||||
Expiring in 2037 [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Accumulated tax loss carry forwards | 4,100,000 | ||||
No Expiration Date [Member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Accumulated tax loss carry forwards | 12,900,000 | ||||
Loan [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Foreign exchange gain (loss) | € 1,035,000 | € 0 | |||
Research And Development Expenses | Parent [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Weighted average full time employees | Employee | 156 | 99 | 71 | ||
General and Administrative Expenses [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Weighted average full time employees | Employee | 41 | 39 | 25 | ||
Orphan Europe [member] | Other Income [member] | |||||
Disclosure of detailed information of operating income loss [line items] | |||||
Amount of the clinical trial financed by a third party | € 600,000 |
Notes Related to the Consolid_6
Notes Related to the Consolidated Statement of Income(Loss) - Summary of Detailed Information of Operating Income (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | € 5,283 | € 4,447 | € 3,364 |
Research tax credit [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | 3,915 | 4,375 | 3,187 |
Subsidies [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | 294 | ||
Other Income [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Revenues from licenses or other income | € 1,074 | € 72 | € 178 |
Notes Related to the Consolid_7
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Operating Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Operating Expenses [Line Items] | |||
Depreciation and amortization | € 4,216 | € 788 | € 530 |
Total | 69,357 | 48,068 | 34,254 |
Research And Development Expenses | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 7,007 | 1,789 | 2,391 |
Rental and maintenance | 1,296 | 805 | 636 |
Services, subcontracting and fees | 25,296 | 19,632 | 14,175 |
Personnel expenses | 14,967 | 10,914 | 7,916 |
Depreciation and amortization | 3,536 | 260 | 263 |
Other | 90 | 67 | 81 |
Total | 52,193 | 33,468 | 25,463 |
Research And Development Expenses | R&D [member] | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 668 | 1,061 | 1,859 |
Rental and maintenance | 171 | 279 | 140 |
Services, subcontracting and fees | 3,543 | 5,043 | 1,768 |
Personnel expenses | 3,056 | 3,013 | 2,088 |
Depreciation and amortization | 307 | 68 | 94 |
Other | 50 | 38 | 37 |
Total | 7,795 | 9,502 | 5,986 |
Research And Development Expenses | Clinical studies [member] | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 6,340 | 728 | 532 |
Rental and maintenance | 1,125 | 526 | 496 |
Services, subcontracting and fees | 21,753 | 14,589 | 12,407 |
Personnel expenses | 11,911 | 7,901 | 5,828 |
Depreciation and amortization | 3,229 | 192 | 169 |
Other | 40 | 30 | 44 |
Total | 44,398 | 23,965 | 19,476 |
General and Administrative Expenses [member] | |||
Disclosure Of Operating Expenses [Line Items] | |||
Consumables | 527 | 33 | 148 |
Rental and maintenance | 1,117 | 1,584 | 894 |
Services, subcontracting and fees | 7,964 | 5,409 | 2,867 |
Personnel expenses | 6,331 | 5,925 | 3,688 |
Depreciation and amortization | 751 | 529 | 266 |
Other | 474 | 1,122 | 927 |
Total | € 17,164 | € 14,600 | € 8,791 |
Notes Related to the Consolid_8
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Personal Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Research And Development Expenses | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | € 10,923 | € 7,279 | € 5,229 |
Share-based payments (employees and executive management) | 688 | 1,158 | 833 |
Social security expenses | 3,357 | 2,476 | 1,854 |
Total personnel expenses | 14,967 | 10,914 | 7,916 |
Research And Development Expenses | R&D [member] | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | 2,029 | 1,887 | 1,200 |
Share-based payments (employees and executive management) | 223 | 334 | 292 |
Social security expenses | 804 | 792 | 596 |
Total personnel expenses | 3,056 | 3,013 | 2,088 |
Research And Development Expenses | Clinical studies [member] | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | 8,893 | 5,393 | 4,028 |
Share-based payments (employees and executive management) | 465 | 824 | 541 |
Social security expenses | 2,553 | 1,684 | 1,259 |
Total personnel expenses | 11,911 | 7,901 | 5,828 |
General and Administrative Expenses [member] | |||
Disclosure Of Employee Benefits Expense [Line Items] | |||
Wages and salaries | 4,375 | 3,721 | 1,990 |
Share-based payments (employees and executive management) | 522 | 849 | 642 |
Social security expenses | 1,433 | 1,355 | 1,057 |
Total personnel expenses | € 6,331 | € 5,925 | € 3,688 |
Notes Related to the Consolid_9
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants (Detail) | 12 Months Ended |
Dec. 31, 2019shares | |
2012 Plan [member] | BSPCE2012 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | May 20, 2020 |
Maximum number of new shares that can be issued | 169,760 |
2012 Plan [member] | BSA 2012 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Maximum number of new shares that can be issued | 40,180 |
Maturity | May-2020 |
2014 Plan [member] | BSPCE2014 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Maturity | Jan. 22, 2024 |
Maximum number of new shares that can be issued | 169,100 |
2014 Plan [member] | BSA 2014 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Maximum number of new shares that can be issued | 29,000 |
Maturity | January-2024 |
2016 Plan [member] | BSA 2016 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Maximum number of new shares that can be issued | 55,000 |
Maturity | Depending of the grant date October-2021 January-2022 |
2016 Plan [member] | BSA 2016 [member] | Tranche one [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Warrants Vesting Period | 1 year |
2016 Plan [member] | BSA 2016 [member] | Tranche two [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Warrants Vesting Period | 2 years |
2017 Plan [member] | BSA 2017 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Maximum number of new shares that can be issued | 88,500 |
Maturity | Depending of the grant date June-2022 January-2023 |
2017 Plan [member] | BSA 2017 [member] | Tranche one [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Warrants Vesting Period | 1 year |
2017 Plan [member] | BSA 2017 [member] | Tranche two [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Warrants Vesting Period | 2 years |
2017 Plan [member] | BSA 2017 [member] | Tranche three [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Warrants Vesting Period | 3 years |
2019 Plan [member] | BSA 2019 [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Maximum number of new shares that can be issued | 75,000 |
Maturity | October-2022 |
2019 Plan [member] | BSA 2019 [member] | Tranche one [member] | |
Disclosure Of Subscription Warrants [Line Items] | |
Warrants Vesting Period | 2 years |
Notes Related to the Consoli_10
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - BSA Plan (Detail) - BSA plan [member] € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2018EUR (€)€ / sharesshares | Dec. 31, 2017EUR (€)€ / sharesshares | |
Grant In January 2017 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Number of warrants | shares | 15,000 | ||
Exercise price | 13.46 | ||
Price of the underlying share | € / shares | € 15.51 | ||
Expected dividends | 0.00% | ||
Volatility | 48.00% | ||
Repo margin | 5.00% | ||
Maturity | 3 years | ||
Fair value of the plan | € | € 58 | ||
Grant In June 2017 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Number of warrants | shares | 55,000 | ||
Exercise price | 26.47 | ||
Price of the underlying share | € / shares | € 28.25 | ||
Expected dividends | 0.00% | ||
Volatility | 48.00% | ||
Repo margin | 5.00% | ||
Maturity | 3 years | ||
Fair value of the plan | € | € 394 | ||
Grant In January 2018 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Number of warrants | shares | 40,500 | ||
Exercise price | 18 | ||
Price of the underlying share | € / shares | € 18 | ||
Expected dividends | 0.00% | ||
Volatility | 43.94% | ||
Fair value of the plan | € | € 300 | ||
Grant In April 2019 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Number of warrants | shares | 25,998 | ||
Exercise price | 6.82 | ||
Price of the underlying share | € / shares | € 7.20 | ||
Expected dividends | 0.00% | ||
Volatility | 38.91% | ||
Fair value of the plan | € | € 56 | ||
Grant In October 2019 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Number of warrants | shares | 75,000 | ||
Exercise price | 3.71 | ||
Price of the underlying share | € / shares | € 3.78 | ||
Expected dividends | 0.00% | ||
Volatility | 33.41% | ||
Maturity | 2 years 6 months | ||
Fair value of the plan | € | € 59 | ||
Tranche one [member] | Grant In January 2018 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Maturity | 5 years 6 months | ||
Tranche one [member] | Grant In April 2019 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Maturity | 3 years | ||
Tranche two [member] | Grant In January 2018 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Maturity | 6 years | ||
Tranche two [member] | Grant In April 2019 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Maturity | 3 years 6 months | ||
Tranche three [member] | Grant In January 2018 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Maturity | 6 years 6 months | ||
Tranche three [member] | Grant In April 2019 [member] | |||
Disclosure of detailed information of operating income loss [line items] | |||
Maturity | 4 years |
Notes Related to the Consoli_11
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - BSA Plan (Parenthetical) (Detail) - € / shares | 1 Months Ended | |
Oct. 31, 2019 | Apr. 30, 2019 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | ||
Fair value of price per share subscription warrant | € 0.79 | € 2.15 |
Notes Related to the Consoli_12
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Stock Options (Detail) - SO plan [member] - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information of operating income loss [line items] | ||||
Maximum number of new shares that can be issued | 406,373 | 111,810 | 93,564 | 66,999 |
Tranche one [member] | ||||
Disclosure of detailed information of operating income loss [line items] | ||||
Vesting period | 2 years | 2 years | 2 years | 2 years |
Tranche two [member] | ||||
Disclosure of detailed information of operating income loss [line items] | ||||
Vesting period | 3 years | 3 years | 3 years | 3 years |
Notes Related to the Consoli_13
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - SO Plan (Detail) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2018EUR (€)€ / sharesshares | Dec. 31, 2017EUR (€)€ / sharesshares | |
Stock Options Grant In January2017 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 15.65 | ||
Price of the underlying share | € / shares | € 15.51 | ||
Expected dividends | 0.00% | ||
Volatility | 48.00% | ||
Repo margin | 5.00% | ||
Maturity | 3 years | ||
Fair value of the plan | € | € 13 | ||
Stock Options Grant In January2017 | S O2016 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 3,000 | ||
Stock Options Grant In June2017 | SO 2016 and SO 2017 [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 26.47 | ||
Price of the underlying share | € / shares | € 28.25 | ||
Expected dividends | 0.00% | ||
Volatility | 48.00% | ||
Repo margin | 5.00% | ||
Maturity | 3 years | ||
Fair value of the plan | € | € 308 | ||
Stock Options Grant In June2017 | S O2016 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 18,000 | ||
Stock Options Grant In June2017 | S O2017 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 22,200 | ||
Stock Options Grant in October 2017 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 23.59 | ||
Price of the underlying share | € / shares | € 24.70 | ||
Expected dividends | 0.00% | ||
Volatility | 48.00% | ||
Repo margin | 5.00% | ||
Maturity | 3 years | ||
Fair value of the plan | € | € 208 | ||
Stock Options Grant in October 2017 | S O2016 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 30,000 | ||
Stock Options Grant In January2018 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 18 | ||
Price of the underlying share | € / shares | € 18 | ||
Expected dividends | 0.00% | ||
Volatility | 43.94% | ||
Fair value of the plan | € | € 731 | ||
Stock Options Grant In January2018 | S O2017 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 97,203 | ||
Stock Options Grant In January2018 | Tranche one [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years | ||
Stock Options Grant In January2018 | Tranche two [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years 6 months | ||
Stock Options Grant In September2018 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 9.26 | ||
Price of the underlying share | € / shares | € 8.75 | ||
Expected dividends | 0.00% | ||
Volatility | 41.59% | ||
Fair value of the plan | € | € 80 | ||
Stock Options Grant In September2018 | SO 2018 [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 24,000 | ||
Stock Options Grant In September2018 | Tranche one [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years | ||
Stock Options Grant In September2018 | Tranche two [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years 6 months | ||
Stock Options Grant In January2019 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 6.38 | ||
Price of the underlying share | € / shares | € 6.38 | ||
Expected dividends | 0.00% | ||
Volatility | 41.88% | ||
Fair value of the plan | € | € 97 | ||
Stock Options Grant In January2019 | SO 2018 [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 38,025 | ||
Stock Options Grant In January2019 | Tranche one [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years | ||
Stock Options Grant In January2019 | Tranche two [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years 6 months | ||
Stock Options Grant In April2019 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 7.20 | ||
Price of the underlying share | € / shares | € 7.20 | ||
Expected dividends | 0.00% | ||
Volatility | 41.65% | ||
Fair value of the plan | € | € 217 | ||
Stock Options Grant In April2019 | SO 2018 [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 76,905 | ||
Stock Options Grant In April2019 | Tranche one [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years | ||
Stock Options Grant In April2019 | Tranche two [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years 6 months | ||
Stock Options Grant In July2019 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 5.78 | ||
Price of the underlying share | € / shares | € 5.81 | ||
Expected dividends | 0.00% | ||
Volatility | 41.00% | ||
Fair value of the plan | € | € 131 | ||
Stock Options Grant In July2019 | Tranche one [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years | ||
Stock Options Grant In July2019 | Tranche two [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years 6 months | ||
Stock Options Grant In July2019 | SO 2019 [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 59,123 | ||
Stock Options Grant In October2019 | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Exercise price | 4.25 | ||
Price of the underlying share | € / shares | € 3.78 | ||
Expected dividends | 0.00% | ||
Volatility | 40.69% | ||
Fair value of the plan | € | € 447 | ||
Stock Options Grant In October2019 | Tranche one [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years | ||
Stock Options Grant In October2019 | Tranche two [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Maturity | 6 years 6 months | ||
Stock Options Grant In October2019 | SO 2019 [member] | |||
Disclosure Of Subscription Warrants [Line Items] | |||
Number of options | 347,250 |
Notes Related to the Consoli_14
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Free Shares (Detail) - Free Shares (“AGA”) Plan [member] - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information of operating income loss [line items] | ||||
Maximum number of new shares that can be issued | 300,941 | 123,800 | 152,280 | 71,324 |
Tranche one [member] | ||||
Disclosure of detailed information of operating income loss [line items] | ||||
Free shares vesting period | 1 year | 1 year | 1 year | 1 year |
Tranche two [member] | ||||
Disclosure of detailed information of operating income loss [line items] | ||||
Free shares vesting period | 2 years | 2 years | 2 years | 2 years |
Tranche three [member] | ||||
Disclosure of detailed information of operating income loss [line items] | ||||
Free shares vesting period | 3 years | 3 years | 3 years | 3 years |
Tranche four [member] | ||||
Disclosure of detailed information of operating income loss [line items] | ||||
Free shares vesting period | 4 years | |||
Tranche five [member] | ||||
Disclosure of detailed information of operating income loss [line items] | ||||
Free shares vesting period | 5 years |
Notes Related to the Consoli_15
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - AGA Plan (Detail) € / shares in Units, € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€)€ / sharesshares | |
Free Shares Grant In January 2018 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Price of the underlying share | € / shares | € 18 |
Expected dividends | 0.00% |
Volatility | 42.17% |
Repo margin | 5.00% |
Maturity | 3 years |
Fair value of the plan | € | € 1,145 |
Free Shares Grant In January 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Price of the underlying share | € / shares | € 6.38 |
Expected dividends | 0.00% |
Volatility | 38.22% |
Repo margin | 5.00% |
Maturity | 3 years |
Fair value of the plan | € | € 102 |
Free Shares Grant In April 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Price of the underlying share | € / shares | € 7.20 |
Expected dividends | 0.00% |
Volatility | 36.32% |
Repo margin | 5.00% |
Maturity | 3 years |
Fair value of the plan | € | € 269 |
Free Shares Grant In October 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Price of the underlying share | € / shares | € 3.78 |
Expected dividends | 0.00% |
Volatility | 38.76% |
Repo margin | 5.00% |
Maturity | 5 years |
Fair value of the plan | € | € 434 |
Free Shares Grant In January 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Price of the underlying share | € / shares | € 15.51 |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Maturity | 3 years |
Fair value of the plan | € | € 115 |
Free Shares Grant In June 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Price of the underlying share | € / shares | € 28.25 |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Maturity | 3 years |
Fair value of the plan | € | € 1,081 |
Free Shares Grant In October 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Price of the underlying share | € / shares | € 24.70 |
Expected dividends | 0.00% |
Volatility | 48.00% |
Repo margin | 5.00% |
Maturity | 3 years |
Fair value of the plan | € | € 180 |
A G A2016 | Free Shares Grant In January 2018 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 40,500 |
A G A2016 | Free Shares Grant In January 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 15,000 |
A G A2016 | Free Shares Grant In June 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 8,652 |
A G A2016 | Free Shares Grant In October 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 16,650 |
A G A2017 | Free Shares Grant In January 2018 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 113,940 |
A G A2017 | Free Shares Grant In June 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 74,475 |
A G A2018 | Free Shares Grant In January 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 36,150 |
A G A2018 | Free Shares Grant In April 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 94,200 |
A G A2019 | Free Shares Grant In October 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Number of shares | 300,941 |
Notes Related to the Consoli_16
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants - AGA Plan (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of detailed information of operating income loss [line items] | |
Performance criteria | For grant in 2019 ERYP: maximum between the share price before the grant date and the average price of the 20-quoted market share price days before the grant date discounted by 5%, ie €4.25, ERYPi: maximum between the share price at the acquisition date and the average price of the 20-quoted market share price days before the grant date discounted by 5%, Tri: (ERYi - ERY2019) / (ERY2019 x (PM – 1)) with PM = 3 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 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Share Price1 | € 13.46 |
Grant In June 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Share Price1 | 26.47 |
Grant In October 2017 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Share Price1 | € 24.48 |
Grant In January 2018 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Performance criteria | ERYP: average price of the 40-quoted market share price days before the grant date (€13.46 in January 2017, €26.47 in June 2017, €24.48 in October 2017, €20.12 in January 2018, €6.54 in January 2019 and €7.52 in April 2019). ERYPi: average price of the 40-quoted market share price days before the acquisition date, Tri: (ERYPi /ERYP) -1 If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%<TRi<100% shares granted are acquired following the TRi percentage |
Share Price1 | € 20.12 |
Grant In January 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Share Price1 | 6.54 |
Grant In April 2019 [member] | |
Disclosure of detailed information of operating income loss [line items] | |
Share Price1 | € 7.52 |
Notes Related to the Consoli_17
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Breakdown of Plan (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | € 1,359 | € 2,449 | € 1,769 |
Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 601 | 1,142 | 685 |
Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 633 | 865 | 784 |
Board members [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 125 | 442 | 301 |
AGA Plan [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 688 | 1,371 | 1,000 |
AGA Plan [member] | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 305 | 727 | 433 |
AGA Plan [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 383 | 644 | 567 |
AGA Plan [member] | Free Shares Grant In October 2016 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 53 | 219 | 533 |
AGA Plan [member] | Free Shares Grant In October 2016 | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 16 | 103 | 250 |
AGA Plan [member] | Free Shares Grant In October 2016 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 37 | 116 | 283 |
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) | 11 | 31 | 92 |
AGA Plan [member] | Free Shares Grant In January 2017 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 11 | 31 | 92 |
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) | 155 | 483 | 348 |
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) | 52 | 222 | 156 |
AGA Plan [member] | Free Shares Grant In June 2017 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 103 | 262 | 192 |
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) | 12 | 99 | 27 |
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) | 12 | 99 | 27 |
AGA Plan [member] | Free Shares Grant In October 2017 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | ||
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) | 287 | 538 | |
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) | 109 | 303 | |
AGA Plan [member] | Free Shares Grant In January 2018 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 178 | 235 | |
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) | 43 | ||
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) | 43 | ||
AGA Plan [member] | Free Shares Grant In January 2019 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | ||
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) | 91 | ||
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) | 55 | ||
AGA Plan [member] | Free Shares Grant In April 2019 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 36 | ||
AGA Plan [member] | Free Shares Grant In October 2019 [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 37 | ||
AGA Plan [member] | Free Shares Grant In October 2019 [member] | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 18 | ||
AGA Plan [member] | Free Shares Grant In October 2019 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 18 | ||
BSA plan [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 125 | 442 | 350 |
BSA plan [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 50 | ||
BSA plan [member] | Board members [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 125 | 442 | 301 |
BSA plan [member] | Free Shares Grant In October 2016 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 24 | 71 | 126 |
BSA plan [member] | Free Shares Grant In October 2016 | Board members [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 24 | 71 | 126 |
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) | (12) | 16 | 10 |
BSA plan [member] | Free Shares Grant In January 2017 [member] | Board members [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | (12) | 16 | 10 |
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) | 54 | 178 | 165 |
BSA plan [member] | Free Shares Grant In June 2017 [member] | Board members [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 54 | 178 | 165 |
BSA plan [member] | Free Shares Grant In June 2015 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 50 | ||
BSA plan [member] | Free Shares Grant In June 2015 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 50 | ||
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) | 59 | 177 | |
BSA plan [member] | Free Shares Grant In January 2018 [member] | Board members [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 59 | 177 | |
BSPCE plan [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 196 | ||
BSPCE plan [member] | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 94 | ||
BSPCE plan [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 102 | ||
BSPCE plan [member] | Free Shares Grant In January 2014 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 7 | ||
BSPCE plan [member] | Free Shares Grant In January 2014 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 7 | ||
BSPCE plan [member] | Free Shares Grant In September 2015 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 51 | ||
BSPCE plan [member] | Free Shares Grant In September 2015 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 51 | ||
BSPCE plan [member] | Free Shares Grant In May 2016 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 138 | ||
BSPCE plan [member] | Free Shares Grant In May 2016 | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 94 | ||
BSPCE plan [member] | Free Shares Grant In May 2016 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 44 | ||
SO [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 546 | 636 | 223 |
SO [member] | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 296 | 416 | 158 |
SO [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 249 | 220 | 65 |
SO [member] | Free Shares Grant In October 2016 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 12 | 73 | 90 |
SO [member] | Free Shares Grant In October 2016 | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 3 | 37 | 45 |
SO [member] | Free Shares Grant In October 2016 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 8 | 36 | 44 |
SO [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 | 46 | |
SO [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) | 6 | 46 | |
SO [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) | 70 | 137 | 65 |
SO [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) | 45 | 96 | 44 |
SO [member] | Free Shares Grant In June 2017 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 25 | 41 | 21 |
SO [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) | 45 | 92 | 23 |
SO [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) | 45 | 92 | € 23 |
SO [member] | Free Shares Grant In October 2017 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | ||
SO [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) | 260 | 317 | |
SO [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) | 125 | 185 | |
SO [member] | Free Shares Grant In January 2018 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 135 | 132 | |
SO [member] | Free Shares Grant In September 2018 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | (11) | 11 | |
SO [member] | Free Shares Grant In September 2018 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | (11) | € 11 | |
SO [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) | 34 | ||
SO [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) | 34 | ||
SO [member] | Free Shares Grant In January 2019 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 0 | ||
SO [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) | 68 | ||
SO [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) | 28 | ||
SO [member] | Free Shares Grant In April 2019 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 40 | ||
SO [member] | Free Shares Grant In October 2019 [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 44 | ||
SO [member] | Free Shares Grant In October 2019 [member] | Employees [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 16 | ||
SO [member] | Free Shares Grant In October 2019 [member] | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 28 | ||
SO [member] | Free Shares Grant In July 2019 | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | 24 | ||
SO [member] | Free Shares Grant In July 2019 | Executive officers and executive committee [member] | |||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | |||
Sharebased compensation expense recognized in profit (loss) | € 24 |
Notes Related to the Consoli_18
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Outstanding Instruments (Detail) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2019shares | Apr. 30, 2019shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Grant of stock-options | 347,250 | 76,905 | |||
Options with a ratio of 1 option = 10 share [member] | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options, beginning balance | 40,804 | 40,804 | 42,524 | ||
Number of options, exercisable, beginning balance | 40,804 | 40,804 | 42,524 | ||
Number of options, exercised during the year | (1,720) | ||||
Number of options, ending balance | 40,804 | 40,804 | 40,804 | ||
Number of options, exercisable, ending balance | 40,804 | 40,804 | 40,804 | ||
Weighted-average exercise price, outstanding, beginning balance | € | € 97.34 | € 97.34 | € 98.01 | ||
Weighted-average exercise price, exercisable, beginning balance | € | 97.34 | 97.34 | 98.01 | ||
Weighted-average exercise price, exercised during the year | € | 113.55 | ||||
Weighted-average exercise price, outstanding, ending balance | € | 97.34 | 97.34 | 97.34 | ||
Weighted-average exercise price, exercisable, ending balance | € | € 97.34 | € 97.34 | € 97.34 | ||
Options with a ratio of 1 option = 1 share [member] | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of options, beginning balance | 340,063 | 232,699 | 89,499 | ||
Number of options, exercisable, beginning balance | 88,999 | ||||
Grant of stock-options | 622,301 | 161,703 | 143,200 | ||
Number of options, forfeited during the year | 65,118 | 54,339 | |||
Number of options, ending balance | 897,246 | 340,063 | 232,699 | ||
Number of options, exercisable, ending balance | 173,899 | 88,999 | |||
Weighted-average exercise price, outstanding, beginning balance | € | € 19.87 | € 22.07 | € 18.52 | ||
Weighted-average exercise price, exercisable, beginning balance | € | 19.88 | ||||
Weighted-average exercise price, granted during the year | € | 4.98 | 16.70 | 24.29 | ||
Weighted-average exercise price, forfeited during the year | € | 9.77 | 20.26 | |||
Weighted-average exercise price, outstanding, ending balance | € | 10.26 | 19.87 | € 22.07 | ||
Weighted-average exercise price, exercisable, ending balance | € | € 21.46 | € 19.88 | |||
Number of options, forfeited during the year | (65,118) | (54,339) |
Notes Related to the Consoli_19
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Number of Outstanding Free Share (Detail) - Free Shares (“AGA”) Plan [member] - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information of operating income loss [line items] | |||
Outstanding, beginning balance | 342,020 | 217,447 | 111,261 |
Granted during the year | 431,291 | 154,440 | 114,777 |
Forfeited during the year | (124,966) | (27,391) | (1,017) |
Acquired during the year | (2,476) | (7,574) | |
Outstanding, ending balance | 648,345 | 342,020 | 217,447 |
Notes Related to the Consoli_20
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Depreciation and Amortization Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | € 4,216 | € 788 | € 530 |
Provision | 71 | ||
Total amortization, depreciation & provisions | 4,287 | 789 | 530 |
Amortization and depreciation of intangible assets [Member] | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | 1,053 | 40 | 29 |
Depreciation of property, plant and equipment [member] | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | 1,797 | € 749 | € 501 |
Depreciation of the right of use [member] | |||
Outsatnding, beginning balanceDisclosure Of Depreciation And Amortization [Line Items] | |||
Depreciation and amortization | € 1,366 |
Notes Related to the Consoli_21
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Financial Income and Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Abstract] | |||
Income from short term deposits | € 7 | € 163 | € 405 |
Other financial income | 2,940 | 5,264 | 134 |
Financial income | 2,947 | 5,427 | 539 |
Financial expenses on lease liability | (343) | (4) | (8) |
Interest expense related to borrowings | (148) | (5) | (7) |
Other financial expenses | (1,042) | (19) | (3,168) |
Financial expenses | (1,533) | (29) | (3,183) |
Financial income (loss) | € 1,414 | € 5,399 | € (2,644) |
Notes Related to the Consoli_22
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Reconciliation of the Effective Tax Rate (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | ||||
Net loss for the period | € (62,659) | € (38,224) | [1] | € (33,530) |
Tax rate | 28.00% | 28.00% | 34.43% | |
Theoretical tax expense or income | € 17,544 | € 10,703 | € 11,545 | |
Current year loss not capitalized | (18,143) | (11,222) | (12,071) | |
CICE (employment and competitiveness tax credit) not included in taxable income | 35 | 34 | ||
Research tax credits | 1,096 | 1,225 | 1,097 | |
Share based compensation expense | (380) | (686) | (592) | |
Permanent differences | (117) | (54) | (10) | |
Other differences | 1 | (2) | ||
Effective tax (loss) / income | € 1 | € (2) | € 3 | |
[1] | See note 2.8. |
Notes Related to the Consoli_23
Notes Related to the Consolidated Statement of Income (Loss) - Summary of Nature of Deferred Taxes (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Deferred Tax Assets And Liabilities [Abstract] | |||
Loss carryforward | € 59,594 | € 43,315 | € 34,709 |
Temporary differences | 643 | 106 | 74 |
Unrecognized deferred tax assets | € (60,236) | € (43,421) | (34,786) |
Net amount | € (3) |
Notes Related to the Consoli_24
Notes Related to the Consolidated Statement of Income (Loss) - Basic Earnings (Loss) per Share and Diluted Earnings (Loss) per Share (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Earnings Per Share [Abstract] | ||||
Net loss | € (62,659) | € (38,224) | [1] | € (33,530) |
Weighted number of shares for the period | 17,937,535 | 17,937,481 | 11,370,557 | |
Basic loss per share (€/share) | € (3.49) | € (2.13) | € (2.95) | |
Diluted loss per share (€/share) | € (3.49) | € (2.13) | € (2.95) | |
[1] | See note 2.8. |
Notes Related to the Consoli_25
Notes Related to the Consolidated Statement of Income (Loss) - Weighted Number of Shares (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Shares And Adjusted Weighted Average Shares [Abstract] | |||
Number of shares as of January 1 (1) | 17,937,535 | 17,935,059 | 8,730,148 |
Share capital increase | 2,640,409 | ||
Exercise of share warrants | € 10,358 | ||
Free shares acquired | 2,422 | ||
Weighted number of shares for the period | 17,937,535 | 17,937,481 | 11,370,557 |
Notes Related to the Consoli_26
Notes Related to the Consolidated Statement of Income (Loss) - Basic Earnings (Loss) per Share and Diluted Earnings (Loss) per Share (Parenthetical) (Detail) | Dec. 31, 2019shares |
Earnings Per Share [Abstract] | |
Number of treasury shares held | 2,500 |
Notes Related to the Consoli_27
Notes Related to the Consolidated Statements of Financial Position - Schedule of Intangible Assets with a Finite Life are Amortized on Basis of Straight-line Method Over their Estimated Useful Life (Detail) - Software [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Disclosure Of Intangible Assets [Line Items] | |
Intangible assets, Useful life (Years) | 1 year |
Maximum [Member] | |
Disclosure Of Intangible Assets [Line Items] | |
Intangible assets, Useful life (Years) | 5 years |
Notes Related to the Consoli_28
Notes Related to the Consolidated Statements of Financial Position - Schedule of Other Intangible Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | € 1,613 | € 53 | € 57 |
Ending balance | 603 | 1,613 | 53 |
Gross carrying amount [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 1,833 | 234 | 209 |
Increase | 16 | 3 | 25 |
Reclassification | 28 | 1,596 | |
FX rate impact | 0 | ||
Ending balance | 1,876 | 1,833 | 234 |
Accumulated depreciation and amortisation [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (220) | (181) | (152) |
Increase | (1,053) | (39) | (29) |
FX rate impact | 0 | ||
Ending balance | (1,273) | (220) | (181) |
[Other than intangible assets [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 1,613 | 53 | 57 |
Ending balance | 603 | 1,613 | 53 |
[Other than intangible assets [member] | Gross carrying amount [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 1,833 | 234 | 209 |
Increase | 16 | 3 | 25 |
Reclassification | 28 | 1,596 | |
FX rate impact | 0 | ||
Ending balance | 1,876 | 1,833 | 234 |
[Other than intangible assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (220) | (181) | (152) |
Increase | (1,053) | (39) | (29) |
FX rate impact | 0 | ||
Ending balance | € (1,273) | € (220) | € (181) |
Notes Related to the Consoli_29
Notes Related to the Consolidated Statements of Financial Position - Additional Information (Detail) - EUR (€) | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 29, 2020 | Dec. 31, 2016 | Dec. 31, 2012 | |
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Assets under construction | € 1,596,000 | € 1,596,000 | |||||
Intangible assets not yet used and impaired | € 1,036,000 | ||||||
Depreciation period description | Property, plant, and equipment are depreciated on the basis of the straight-line method over their estimated useful life. The non-reusable fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. | ||||||
Property, plant and equipment held under finance leases | 37,000 | € 113,000 | |||||
Increase in net value right of use | € 4,121,000 | ||||||
Impact in net value right of use due to relocation | € 4,026,000 | ||||||
Decrease in net value right of use | € 339,000 | ||||||
Value added tax receivables | 942,000 | 949,000 | 1,016,000 | ||||
Credit notes receivable | 570,000 | 863,000 | 101,000 | ||||
Prepayments to suppliers | 1,295,000 | 3,180,000 | 570,000 | ||||
Term deposits | € 5,107,000 | € 16,000,000 | € 11,000,000 | ||||
Maturities of term deposit | one month | January 1, 2019 | |||||
Notice period for availability of term deposits | 32 days | ||||||
Number of shares fully paid up | 17,940,035 | 17,940,035 | 17,937,559 | 8,732,648 | |||
Nominal value | € 0.10 | ||||||
Costs of issuing ordinary shares | € 16,722,000 | ||||||
Defined benefit plan received | € 0 | ||||||
Tedac project [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Conditional advance granted by BPI France | 4,895,000 | ||||||
Conditional advance received | € 2,979,000 | € 1,119,000 | € 63,000 | ||||
Repayment upon achieving cumulative sales | € 5,281,000 | ||||||
Percentage of annuity equal to income generated through the sale of intellectual property rights | 50.00% | ||||||
Conditional advance repayment limit | € 5,281,000 | ||||||
Tedac project [member] | June thirty of first year in which cumulative sales condition is achieved [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Repayment of conditional advance | 500,000 | ||||||
Tedac project [member] | June thirty of second year in which cumulative sales condition is achieved [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Repayment of conditional advance | 750,000 | ||||||
Tedac project [member] | June thirty of third year in which cumulative sales condition is achieved [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Repayment of conditional advance | 1,500,000 | ||||||
Tedac project [member] | June thirty of fourth year in which cumulative sales condition is achieved [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Repayment of conditional advance | 2,531,000 | ||||||
Tedac project [member] | Second phase [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Conditional advance repayment limit | 15,000,000 | ||||||
Amount upon achieving cumulative sales | € 60,000,000 | ||||||
Percentage of payment through sales generated by the products developed within the project | 2.50% | ||||||
Conditional advance repayment term | 5 years | ||||||
Tedac project [member] | Minimum [Member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Condition of repayment: amount of cumulative sales | € 10,000,000 | ||||||
Societe Generale [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Bank loan received | € 1,900,000 | ||||||
Interest rate | 0.40% | ||||||
Repayment terms | 36 month | ||||||
Term deposits one [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Term deposits | € 11,000,000 | ||||||
Maturities of term deposit | January 2019 | ||||||
Term deposits two [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Term deposits | € 5,000,000 | ||||||
Maturities of term deposit | January 2019 | ||||||
Convertible to cash [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Term deposits | 100,000 | ||||||
Equipments | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Property, plant and equipment held under finance leases | € 37,000 | ||||||
Office And Computers | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Property, plant and equipment held under finance leases | € 76,000 | ||||||
Fixtures and fittings [member] | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Assets capitalized | 10,600,000 | € 13,400,000 | |||||
Fixtures and Fittings Princeton | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Assets capitalized | 10,600,000 | 11,900,000 | |||||
Fixtures and Fittings Lyon | |||||||
Notes Related To Consolidated Statements Of Financial Position [Line Items] | |||||||
Assets capitalized | € 700,000 | € 1,200,000 |
Notes Related to the Consoli_30
Notes Related to the Consolidated Statements of Financial Position - Schedule of Depreciation Periods (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Industrial Equipment [Member] | Minimum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 1 year |
Industrial Equipment [Member] | Maximum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 5 years |
Fixtures and Improvements in Structures [Member] | Minimum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 3 years |
Fixtures and Improvements in Structures [Member] | Maximum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 10 years |
Office Equipment [Member] | Minimum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 5 years |
Furniture [Member] | Minimum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 3 years |
Furniture [Member] | Maximum [Member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Property, plant and equipment, Depreciation period | 5 years |
Notes Related to the Consoli_31
Notes Related to the Consolidated Statements of Financial Position - Schedule of Property, Plant and Equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | € 15,274 | € 3,406 | € 2,245 |
Ending balance | 25,632 | 15,274 | 3,406 |
Gross carrying amount [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 18,974 | 6,348 | 4,684 |
Increase | 12,063 | 14,222 | 1,664 |
Decrease | (676) | ||
FX rate impact | 200 | ||
Reclassification | (1,120) | (1,596) | |
Ending balance | 29,440 | 18,974 | 6,348 |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (3,700) | (2,942) | (2,439) |
Increase | (1,797) | (758) | (503) |
Decrease | 634 | ||
FX rate impact | (2) | ||
Reclassification | 1,056 | ||
Ending balance | (3,808) | (3,700) | (2,942) |
Assets Under Construction [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 13,559 | 1,730 | 862 |
Ending balance | 1,078 | 13,559 | 1,730 |
Assets Under Construction [member] | Gross carrying amount [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 13,559 | 1,730 | 862 |
Increase | 630 | 13,425 | 868 |
Decrease | (21) | ||
FX rate impact | 268 | ||
Reclassification | (13,357) | (1,596) | |
Ending balance | 1,078 | 13,559 | 1,730 |
Plant, Equipment, and Tooling [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 760 | 523 | 418 |
Ending balance | 3,587 | 760 | 523 |
Plant, Equipment, and Tooling [member] | Gross carrying amount [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 2,584 | 2,094 | 1,824 |
Increase | 1,557 | 490 | 270 |
Decrease | (106) | ||
FX rate impact | (8) | ||
Reclassification | 779 | ||
Ending balance | 4,806 | 2,584 | 2,094 |
Plant, Equipment, and Tooling [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (1,824) | (1,571) | (1,406) |
Increase | (469) | (248) | (165) |
Decrease | 85 | ||
FX rate impact | 0 | ||
Reclassification | 988 | (5) | |
Ending balance | (1,219) | (1,824) | (1,571) |
Fixtures and fittings [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 536 | 739 | 558 |
Ending balance | 20,264 | 536 | 739 |
Fixtures and fittings [member] | Gross carrying amount [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 2,007 | 1,855 | 1,466 |
Increase | 9,489 | 152 | 389 |
Decrease | (437) | ||
FX rate impact | (62) | ||
Reclassification | 11,389 | ||
Ending balance | 22,385 | 2,007 | 1,855 |
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (1,471) | (1,116) | (908) |
Increase | (1,148) | (355) | (208) |
Decrease | 437 | ||
FX rate impact | 0 | ||
Reclassification | 61 | ||
Ending balance | (2,121) | (1,471) | (1,116) |
Office Equipment and Computers [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 419 | 414 | 407 |
Ending balance | 702 | 419 | 414 |
Office Equipment and Computers [member] | Gross carrying amount [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 824 | 669 | 532 |
Increase | 387 | 155 | 137 |
Decrease | (112) | ||
FX rate impact | 2 | ||
Reclassification | 70 | ||
Ending balance | 1,171 | 824 | 669 |
Office Equipment and Computers [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (405) | (255) | (125) |
Increase | (180) | (155) | (130) |
Decrease | 112 | ||
FX rate impact | (2) | ||
Reclassification | 7 | 5 | |
Ending balance | € (469) | € (405) | € (255) |
Notes Related to the Consoli_32
Notes Related to the Consolidated Statements of Financial Position - Schedule of Right of Use (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
First application of IFRS 16 | € 7,443 | |
Ending balance | € 10,009 | |
Gross carrying amount [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
First application of IFRS 16 | 7,443 | |
Increase | 4,121 | |
Decrease | (375) | |
FX rate impact | 108 | |
Reclassification | 1,092 | |
Ending balance | 12,389 | |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
Increase | (1,366) | |
Decrease | 36 | |
FX rate impact | 3 | |
Reclassification | (1,053) | |
Ending balance | (2,380) | |
Building [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
Ending balance | 9,952 | |
Building [member] | Gross carrying amount [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
First application of IFRS 16 | 7,397 | |
Increase | 4,088 | |
Decrease | (355) | |
FX rate impact | 108 | |
Ending balance | 11,237 | |
Building [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
Increase | (1,304) | |
Decrease | 16 | |
FX rate impact | 3 | |
Ending balance | (1,286) | |
Plant, Equipment, and Tooling [member] | Gross carrying amount [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
Decrease | (20) | |
Reclassification | 974 | |
Ending balance | 954 | |
Plant, Equipment, and Tooling [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
Decrease | 20 | |
Reclassification | (974) | |
Ending balance | (954) | |
Transport equipment [member] | ||
Disclosure Of Detailed Information Of Right Of Use [Line Items] | ||
Ending balance | 58 | |
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 | (23) | |
Ending balance | (23) | |
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 | (39) | |
Reclassification | (79) | |
Ending balance | € (118) |
Notes Related to the Consoli_33
Notes Related to the Consolidated Statements of Financial Position - Summary of Other Financial Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Categories Of Noncurrent Financial Assets [Abstract] | |||
Deposits related to leased premises | € 475 | € 446 | € 168 |
Advance payments to suppliers | 226 | 510 | |
Other | 17 | 91 | 67 |
Total other non-current financial assets | 718 | € 1,046 | € 234 |
Advance payments to suppliers | 28 | ||
Other | 13 | ||
Total other current financial assets | € 41 |
Notes Related to the Consoli_34
Notes Related to the Consolidated Statements of Financial Position - Schedule of Inventories (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Classes Of Inventories [Abstract] | |||
Raw materials | € 358 | € 1,396 | € 176 |
Total inventory | € 358 | € 1,396 | € 176 |
Notes Related to the Consoli_35
Notes Related to the Consolidated Statement of Financial Position - Schedule of Trade Receivables and Other Current Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Trade Receivables And Other Current Assets [Abstract] | |||
Trade and other receivables | € 36 | € 30 | € 76 |
Total trade and other receivables | 36 | 30 | 76 |
Research Tax Credit | 3,917 | 7,701 | 3,326 |
Tax and social receivables (e.g VAT) and other receivables | 1,871 | 1,949 | 1,114 |
Cash to be received from bank related to exercise of warrants | 23 | ||
Prepaid expenses | 2,188 | 4,461 | 1,327 |
Total other current assets | € 7,975 | € 14,111 | € 5,791 |
Notes Related to the Consoli_36
Notes Related to the Consolidated Statements of Financial Position - Summary of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Cash And Cash Equivalents [Abstract] | ||||||
Current account | € 68,066 | € 118,371 | € 174,525 | |||
Term deposits | 5,107 | 16,000 | 11,000 | |||
Total cash and cash equivalents as reported in statement of financial position | 73,173 | 134,371 | 185,525 | |||
Bank overdrafts | (11) | |||||
Total cash and cash equivalents as reported in statement of cash flow | € 73,173 | € 134,371 | [1] | € 185,514 | [1] | € 37,646 |
[1] | See note 2.8. |
Notes Related to the Consoli_37
Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Classes Of Share Capital [Line Items] | ||
Beginning balance | 17,937,559 | 8,732,648 |
Exercise of share warrants | 17,200 | |
Free shares / stock options / share warrants | 7,574 | |
Private placement with institutional investors in April | 3,000,000 | |
Initial public offering (including 5,389,021 ordinary shares in the form of ADSs) | 6,180,137 | |
Free shares | 2,476 | |
Ending balance | 17,940,035 | 17,937,559 |
United States [member] | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Initial public offering (including 5,389,021 ordinary shares in the form of ADSs) | 6,180,137 |
Notes Related to the Consoli_38
Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Initial public offering shares issued | 6,180,137 |
American depository scheme [member] | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Initial public offering shares issued | 5,389,021 |
Notes Related to the Consoli_39
Notes Related to the Consolidated Statements of Financial Position - Summary of Details of Provisions (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Other Provisions [Line Items] | ||||
Provisions - non-current portion | € 506 | € 347 | € 214 | |
Provisions - current portion | 71 | |||
Provision for retirement indemnities [member] | ||||
Disclosure Of Other Provisions [Line Items] | ||||
Provisions - non-current portion | 506 | € 347 | € 214 | € 163 |
Other provisions [member] | ||||
Disclosure Of Other Provisions [Line Items] | ||||
Provisions - current portion | € 71 |
Notes Related to the Consoli_40
Notes Related to the Consolidated Statements of Financial Position - Estimate of the Retirement Commitments (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 0.77% | 1.57% | 1.30% |
Wage increase | 2.00% | 2.00% | 2.00% |
Mortality table | INSEE 2018 | INSEE 2014 | INSEE 2014 |
Minimum [Member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Age of retirement | 65 years | 65 years | 65 years |
Maximum [Member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Age of retirement | 67 years | 67 years | 67 years |
Non executive employees [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Social welfare contribution rate | 36.00% | 44.00% | 44.00% |
Executive employees [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Social welfare contribution rate | 50.00% | 54.00% | 54.00% |
Executive management [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Social welfare contribution rate | 52.00% | 55.00% | 54.00% |
Expected staff turnover | Low | Low | High |
Non executive and executive employees [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Expected staff turnover | High | Medium - High | Medium - High |
Notes Related to the Consoli_41
Notes Related to the Consolidated Statements of Financial Position - Schedule of Change in Provision for Retirement Indemnities (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
At the beginning of the period | € 347 | € 214 | |
At the end of the period | 506 | 347 | € 214 |
Provision for retirement indemnities [member] | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
At the beginning of the period | 347 | 214 | 163 |
Service costs | 115 | 75 | 57 |
Financial costs | 5 | 3 | 2 |
Actuarial gains and losses | 38 | 55 | (8) |
At the end of the period | € 506 | € 347 | € 214 |
Notes Related to the Consoli_42
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Type (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financial Liabilities [Abstract] | |||
Conditional advances | € 1,321 | € 1,181 | € 1,182 |
Bank loans | 62 | 799 | 1,534 |
Financial liabilities related to finance leases | 39 | 116 | |
Bank overdrafts | 11 | ||
Other | 38 | ||
Total financial liabilities | € 1,421 | € 2,019 | € 2,843 |
Notes Related to the Consoli_43
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Maturity (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Conditional advances | € 1,321 | € 1,181 | € 1,182 |
Bank loans | 62 | 799 | 1,534 |
Financial liabilities related to finance leases | 39 | 116 | |
Bank overdrafts | 11 | ||
Total financial liabilities | 1,421 | 2,019 | 2,843 |
Other | 38 | ||
Less than one year [member] | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Bank loans | 62 | 737 | 735 |
Financial liabilities related to finance leases | 39 | 79 | |
Bank overdrafts | 11 | ||
Total financial liabilities | 62 | 776 | 825 |
Later than one year and not later than three years [member] | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Bank loans | 62 | 799 | |
Financial liabilities related to finance leases | 37 | ||
Total financial liabilities | 62 | 836 | |
Later than three years and not later than five years [member] | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Total financial liabilities | 38 | ||
Other | 38 | ||
Later than five years [member] | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Conditional advances | 1,321 | 1,181 | 1,182 |
Total financial liabilities | € 1,321 | € 1,181 | € 1,182 |
Notes Related to the Consoli_44
Notes Related to the Consolidated Statements of Financial Position - Summary of Reimbursable Advances (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financial Liabilities [Line Items] | |||
At the beginning of the period | € 2,019 | € 2,843 | |
At the end of the period | 1,421 | 2,019 | € 2,843 |
Long term conditional advances [member] | |||
Disclosure Of Financial Liabilities [Line Items] | |||
At the beginning of the period | 1,181 | 1,181 | 1,181 |
Interests | 140 | 0 | 0 |
At the end of the period | € 1,321 | € 1,181 | € 1,181 |
Notes Related to the Consoli_45
Notes Related to the Consolidated Statements of Financial position - Summary of Lease Liabilities (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Lease Liabilities Line Item | |
Allowance received from a lessor | € 1,866 |
Increase without cash impact | 4,121 |
Repayment | (978) |
Decrease without cash impact | (339) |
FX rate impact | 108 |
Capitalized interests | 149 |
Reclassification | 42 |
Balance at end of the year | 12,703 |
Adoption Of IFRS 16 | |
Lease Liabilities Line Item | |
Balance at beginning of the year | € 7,734 |
Notes Related to the Consoli_46
Notes Related to the Consolidated Statements of Financial Position - Summary of Lease Liabilities By Maturity (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Lease Liabilities Line Item | ||
Lease liabilities | € 12,703 | € 7,734 |
Less than one year [member] | ||
Lease Liabilities Line Item | ||
Lease liabilities | 1,425 | |
Later than one year and not later than three years [member] | ||
Lease Liabilities Line Item | ||
Lease liabilities | 3,411 | |
Later than three years and not later than five years [member] | ||
Lease Liabilities Line Item | ||
Lease liabilities | 2,525 | |
Later than five years [member] | ||
Lease Liabilities Line Item | ||
Lease liabilities | € 5,342 |
Notes Related to the Consoli_47
Notes Related to the Consolidated Statements of Financial Position - Summary of Trade Payables and Other Current Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Trade Payables And Other Current Liabilities [Line Items] | |||
Total trade and other payables | € 13,775 | € 16,655 | € 8,076 |
Social liabilities, taxation and social security | 3,628 | 3,148 | 2,706 |
Fixed assets payables | 726 | ||
Deferred revenue | 61 | 16 | |
Other payables | 96 | 53 | |
Total other current liabilities | 4,510 | 3,217 | 2,706 |
Vendors | |||
Trade Payables And Other Current Liabilities [Line Items] | |||
Total trade and other payables | 5,074 | 13,402 | 4,966 |
Vendors - accruals | |||
Trade Payables And Other Current Liabilities [Line Items] | |||
Total trade and other payables | € 8,701 | € 3,253 | 3,211 |
Other | |||
Trade Payables And Other Current Liabilities [Line Items] | |||
Other | € (101) |
Notes Related to the Consoli_48
Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) (Detail) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financial Instruments [Line Items] | |||
Trade and other receivables | € 36 | € 30 | € 76 |
Other current assets | 7,975 | 14,111 | 5,791 |
Cash and cash equivalents | 73,173 | 134,371 | 185,525 |
Financial liabilities – non-current portion | 1,321 | 1,243 | 2,019 |
Financial liabilities – current portion | 99 | 776 | 824 |
Total trade and other payables | 13,775 | 16,655 | 8,076 |
Total financial liabilities | 1,421 | 2,019 | 2,843 |
Lease liabilities - non-current portion | 11,278 | ||
Lease liabilities - current portion | 1,425 | ||
Other current liabilities | 4,510 | 3,217 | 2,706 |
Financial liabilities at amortised cost, category [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities – non-current portion | 1,321 | 1,243 | 2,019 |
Financial liabilities – current portion | 99 | 776 | 824 |
Total trade and other payables | 13,775 | 16,655 | 8,076 |
Total financial liabilities | 32,348 | 18,674 | 10,919 |
Lease liabilities - non-current portion | 11,278 | ||
Lease liabilities - current portion | 1,425 | ||
Other current liabilities | 4,449 | ||
Financial liabilities at fair value, class [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities – non-current portion | 1,321 | 1,243 | 2,019 |
Financial liabilities – current portion | 99 | 776 | 824 |
Total trade and other payables | 13,775 | 16,655 | 8,076 |
Total financial liabilities | 32,348 | 18,674 | 10,919 |
Lease liabilities - non-current portion | 11,278 | ||
Lease liabilities - current portion | 1,425 | ||
Other current liabilities | 4,449 | ||
Financial liabilities at carrying value [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Financial liabilities – non-current portion | 1,321 | 1,243 | 2,019 |
Financial liabilities – current portion | 99 | 776 | 824 |
Total trade and other payables | 13,775 | 16,655 | 8,076 |
Total financial liabilities | 32,348 | 18,674 | 10,919 |
Lease liabilities - non-current portion | 11,278 | ||
Lease liabilities - current portion | 1,425 | ||
Other current liabilities | 4,449 | ||
Financial assets at carrying value [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Other non-current financial assets | 718 | 1,046 | 234 |
Trade and other receivables | 36 | 30 | 76 |
Other current assets | 5,788 | 14,111 | 5,790 |
Cash and cash equivalents | 73,173 | 134,371 | 185,525 |
Total financial assets | 79,756 | 149,557 | 191,626 |
Total financial assets | 79,756 | 149,557 | 191,626 |
Other current financial assets | 41 | ||
Financial assets at fair value through profit or loss, category [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Cash and cash equivalents | 73,173 | 134,371 | 185,525 |
Total financial assets | 73,173 | 134,371 | 185,525 |
Total financial assets | 73,173 | 134,371 | 185,525 |
Loans and receivables, category [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Other non-current financial assets | 718 | 1,046 | 234 |
Trade and other receivables | 36 | 30 | 76 |
Other current assets | 5,788 | 14,111 | 5,790 |
Total financial assets | 6,583 | 15,187 | 6,100 |
Total financial assets | 6,583 | 15,187 | 6,100 |
Other current financial assets | 41 | ||
Financial assets at fair value [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Other non-current financial assets | 718 | 1,046 | 234 |
Trade and other receivables | 36 | 30 | 76 |
Other current assets | 5,788 | 14,111 | 5,790 |
Cash and cash equivalents | 73,173 | 134,371 | 185,525 |
Total financial assets | 79,756 | 149,557 | 191,626 |
Total financial assets | 79,756 | € 149,557 | € 191,626 |
Other current financial assets | € 41 |
Related Parties - Summary of Tr
Related Parties - Summary of Transactions Between Related Parties (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | € 2,675 | € 2,218 | € 2,402 |
Retirement benefits | 26 | 56 | 44 |
Share based payments | 757 | 1,307 | 1,120 |
Executive officers / VP and Qualified Person | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | 1,077 | 692 | 654 |
Retirement benefits | 16 | 26 | 19 |
Share based payments | 334 | 337 | 306 |
Executive Committee | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | 1,277 | 1,285 | 1,519 |
Retirement benefits | 10 | 30 | 25 |
Share based payments | 299 | 528 | 478 |
Board of Directors [member] | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Salary / Fees | 321 | 241 | 229 |
Share based payments | € 125 | € 442 | € 336 |
Management of Financial Risks -
Management of Financial Risks - Additional Information (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019USD ($) | Jan. 01, 2019EUR (€) | ||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Cash flows used by operating activities | € (43,310) | € (47,857) | [1] | € (24,702) | ||
Conditional advances | 1,321 | 1,181 | 1,182 | |||
Lease liabilities | 12,703 | € 7,734 | ||||
Bank overdrafts | 11 | |||||
Other | 38 | |||||
Trade and fixed assets payables | 13,775 | 16,655 | 8,076 | |||
Total | 1,421 | 2,019 | 2,843 | |||
Bank account position held in USD | $ | $ 35,224 | |||||
Impact of 1% decrease in change in exchange rate | 310 | |||||
Impact of 5% decrease in change in exchange rate | 1,493 | |||||
Impact of 10% decrease in change in exchange rate | 2,850 | |||||
Less than one year [member] | ||||||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Lease liabilities | 1,425 | |||||
Total | 62 | 776 | 825 | |||
Later than five years [member] | ||||||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Conditional advances | 1,321 | 1,181 | 1,182 | |||
Lease liabilities | 5,342 | |||||
Total | 1,321 | 1,181 | 1,182 | |||
Liquidity risk [member] | ||||||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Cash flows used by operating activities | 43,300 | 47,900 | 24,700 | |||
Conditional advances | 1,321 | 1,181 | 1,182 | |||
Bank loans | 62 | 799 | 1,534 | |||
Lease liabilities | 12,703 | 39 | 116 | |||
Bank overdrafts | 11 | |||||
Other | 38 | |||||
Trade and fixed assets payables | 5,800 | 13,402 | 4,865 | |||
Total | 19,923 | 15,421 | 7,708 | |||
Liquidity risk [member] | Less than one year [member] | ||||||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Bank loans | 62 | 737 | 735 | |||
Lease liabilities | 1,425 | 39 | 79 | |||
Bank overdrafts | 11 | |||||
Trade and fixed assets payables | 5,800 | 13,402 | 4,865 | |||
Total | 7,286 | 14,178 | 5,690 | |||
Liquidity risk [member] | One to five years [member] | ||||||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Bank loans | 62 | 799 | ||||
Lease liabilities | 5,935 | 37 | ||||
Other | 38 | |||||
Total | 5,973 | 62 | 836 | |||
Liquidity risk [member] | Later than five years [member] | ||||||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Conditional advances | 1,321 | 1,181 | 1,182 | |||
Lease liabilities | 5,342 | |||||
Total | € 6,663 | € 1,181 | € 1,182 | |||
Currency risk [member] | United States of America, Dollars | ||||||
Disclosures Of Financial Risk Management [Line Items] | ||||||
Percentage of operating expenses denominated in U.S. dollars | 25.00% | |||||
[1] | See note 2.8. |
Off-Balance Sheet Commitments -
Off-Balance Sheet Commitments - Additional Information (Detail) - SQZ Biotechnologies [member] $ in Millions | 12 Months Ended |
Dec. 31, 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 mile stone payments | $ 56 |
Off-Balance Sheet Commitments_2
Off-Balance Sheet Commitments - Schedule of Sub Lease to be Received (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Total sublease to be received | € 519 |
United States [member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Total sublease to be received | 519 |
Less than one year [member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Total sublease to be received | 166 |
Less than one year [member] | United States [member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Total sublease to be received | 166 |
One to five years [member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Total sublease to be received | 353 |
One to five years [member] | United States [member] | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Total sublease to be received | € 353 |