COVER
COVER | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | PHAXIAM Therapeutics S.A. |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001624422 |
Current Fiscal Year End Date | --12-31 |
UNAUDITED INTERIM CONDENSED CON
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) € in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 EUR (€) € / shares | Jun. 30, 2022 EUR (€) € / shares | ||
Profit or loss [abstract] | |||
Revenues | € 0 | € 0 | |
Other income | 278 | 25,304 | |
Operating income | 278 | 25,304 | |
Research and development | (3,431) | (17,300) | |
General and administrative | (9,245) | (7,911) | |
Operating expenses | (12,676) | (25,211) | |
Operating loss | (12,398) | 93 | |
Financial income | 331 | 3,370 | |
Financial expenses | (342) | (750) | |
Financial income (loss) | (11) | 2,620 | |
Income tax | 208 | (3,737) | |
Net loss | € (12,201) | € (1,024) | |
Basic loss per share (€/share) | € / shares | [1] | € (3.71) | € (0.33) |
Diluted loss per share (€/share) | € / shares | [1] | € (3.71) | € (0.33) |
[1]Following PHAXIAM reverse share split by exchange of ten existing share for one new share on September 18th 2023, the Basic /Diluted loss per share has been restated retrospectively for all periods presented. |
UNAUDITED INTERIM CONDENSED C_2
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT COMPREHENSIVE OF INCOME (LOSS) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||
Net loss | € (12,201) | € (1,024) |
Elements that may be reclassified subsequently to income (loss) | ||
Currency translation adjustment | (153) | 66 |
Elements that may not be reclassified subsequently to income (loss) | ||
Remeasurement of defined benefit liabilities | 32 | 224 |
Tax effect | 0 | 0 |
Other comprehensive income (loss) | (121) | 290 |
Comprehensive income (loss) | € (12,322) | € (734) |
UNAUDITED INTERIM CONDENSED C_3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Intangible assets other than goodwill | € 17,101 | € 5 |
Goodwill | 13,503 | 0 |
Property, plant and equipment | 857 | 393 |
Right of use | 2,943 | 2,584 |
Other non-current assets | 205 | 195 |
Total non-current assets | 34,609 | 3,177 |
Current assets | ||
Trade and other receivables | 245 | 76 |
Other current assets | 5,488 | 3,769 |
Cash and cash equivalents | 25,189 | 38,789 |
Total current assets | 30,922 | 42,634 |
TOTAL ASSETS | 65,531 | 45,811 |
Shareholders’ equity | ||
Share capital | 6,075 | 3,102 |
Premiums related to share capital | 49,671 | 48,975 |
Reserves | (8,162) | (29,765) |
Translation reserve | 1,249 | 1,402 |
Net loss for the period | (12,201) | (228) |
Total shareholders’ equity | 36,632 | 23,487 |
Non-current liabilities | ||
Provisions - non-current portion | 397 | 419 |
Financial liabilities – non-current portion | 8,552 | 7,547 |
Non-current derivative financial liabilities | 0 | 0 |
Lease liabilities - non-current portion | 2,559 | 2,680 |
Deferred tax | 0 | 0 |
Total Non-current liabilities | 11,508 | 10,646 |
Current liabilities | ||
Provisions - current portion | 208 | 314 |
Financial liabilities – current portion | 3,201 | 2,565 |
Derivative liabilities - current portion | 0 | 0 |
Lease liabilities - current portion | 828 | 775 |
Trade and other payables | 9,120 | 5,115 |
Other current liabilities | 4,033 | 2,909 |
Total current liabilities | 17,390 | 11,678 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | € 65,531 | € 45,811 |
UNAUDITED INTERIM CONDENSED C_4
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Cash flows used in operating activities | |||
Net loss | € (12,201) | € (1,024) | |
Reconciliation of net loss and the cash used for operating activities | |||
Gain or loss on exchange | 102 | (2,743) | |
Amortization and depreciation | 211 | 4,289 | |
Provision | (144) | 1,807 | |
Extinguishment of conditional advance | 0 | 0 | |
Change in fair value of derivative liabilities | 0 | 0 | |
Expenses related to share-based payments | 390 | 326 | |
(Gain) or loss on disposal of property plant and equipment | [1] | 0 | (24,351) |
Interest expense (income) | (68) | 242 | |
Income tax expense (income) | (208) | 3,737 | |
Operating cash flow before change in working capital | (11,918) | (17,717) | |
(Increase) decrease in inventories | 0 | 0 | |
(Increase) decrease in trade and other receivables | 76 | (278) | |
(Increase) decrease in other current assets | (359) | 720 | |
Increase (decrease) in trade and other payables | 694 | (2,351) | |
Increase (decrease) in other current liabilities | (90) | (1,065) | |
Change in working capital | 320 | (2,974) | |
Income tax paid | (297) | (3) | |
Net cash flow used in operating activities | (11,895) | (20,694) | |
Cash flows from investing activities | |||
Cash acquired from business combination | [2] | 10 | 0 |
Acquisition of property, plant and equipment | (53) | (7) | |
Acquisition of intangible assets | 0 | 0 | |
Increase in non-current & current financial assets | 0 | (5) | |
Disposal of property, plant and equipment | 0 | 37,630 | |
Decrease in non-current & current financial assets | 233 | 329 | |
Net cash flow from investing activities | 190 | 37,947 | |
Cash flows from (used in) financing activities | |||
Capital increases, net of transaction costs | 0 | 0 | |
Proceeds from borrowings, net of transaction costs | 0 | 3,088 | |
Repayment of borrowings | (1,282) | 0 | |
Repayment of lease liability (IFRS 16) | (414) | (907) | |
Interests received (paid) | (193) | ||
Interests received (paid) | 77 | ||
Net cash flow from (used in) financing activities | (1,619) | 1,988 | |
Exchange rate effect on cash in foreign currency | (276) | 399 | |
Increase (Decrease) in cash and cash equivalents | (13,600) | 19,640 | |
Net cash and cash equivalents at the beginning of the period | 38,789 | 33,699 | |
Net cash and cash equivalents at the closing of the period | 25,189 | 53,339 | |
Cash paid for interest | € (77) | € 193 | |
[1]including €24,350 thousand related to Catalent sale of Princeton manufacturing facility (see Note 3.1)[2]includes the cash acquired from PHERECYDES Pharma for €10 thousand. |
UNAUDITED INTERIM CONDENSED C_5
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - EUR (€) € in Thousands | Total | Share capital | Premiums related to the share capital | Reserves | Translation reserve | Net income (loss) | |
Beginning balance at Dec. 31, 2021 | € 22,845 | € 3,102 | € 97,618 | € (25,293) | € 1,215 | € (53,797) | |
Net loss | (1,024) | (1,024) | |||||
Other comprehensive income | 290 | 224 | 66 | ||||
Comprehensive income (loss) | (734) | 224 | 66 | (1,024) | |||
Allocation of prior period loss | (48,643) | (5,154) | 53,797 | ||||
Share-based payment | 326 | 326 | |||||
Ending balance at Jun. 30, 2022 | 22,436 | 3,102 | 48,975 | (29,897) | 1,281 | (1,024) | |
Beginning balance at Dec. 31, 2022 | 23,487 | 3,102 | 48,975 | (29,765) | 1,402 | (228) | |
Net loss | (12,201) | (12,201) | |||||
Other comprehensive income | (121) | 32 | (153) | ||||
Comprehensive income (loss) | (12,322) | 32 | (153) | (12,201) | |||
Allocation of prior period loss | [1] | (21,408) | 21,180 | 228 | |||
Issue of ordinary shares | [2] | 25,077 | 2,973 | 22,104 | |||
Share-based payment | 391 | 391 | |||||
Ending balance at Jun. 30, 2023 | € 36,632 | € 6,075 | € 49,671 | € (8,162) | € 1,249 | € (12,201) | |
[1]For each of the years presented the standalone net loss of Erytech Pharma SA has been allocated to the Premiums pursuant to a shareholder meeting decision[2]Refer to footnote 4.1.2 |
UNAUDITED INTERIM CONDENSED C_6
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) € in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 EUR (€) | Apr. 30, 2022 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2022 EUR (€) | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Cash acquired from business combination | [1] | € 10 | € 0 | ||
Cell Therapy Manufacturing Facility | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Gains on disposals of property, plant and equipment | € 24,300 | $ 26.6 | |||
[1]includes the cash acquired from PHERECYDES Pharma for €10 thousand. |
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Description Of Business [Abstract] | |
DESCRIPTION OF THE BUSINESS | DESCRIPTION OF THE BUSINESS PHAXIAM Therapeutics (“ PHAXIAM ,” and together with its subsidiary the “ Company ”, previously ERYTECH Pharma S.A.) is incorporated in Lyon, France, and was founded in 2004 to develop and market innovative red blood cell-based therapeutics for cancer and orphan diseases. Since the merger with Pherecydes on June 23, 2023, PHAXIAM Therapeutics focuses on becoming a global leader in the treatment of bacterial infections using bacteriophages (or phages), natural viruses capable of fighting antibiotic-resistant bacteria. The Company completed its initial public offering on Euronext Paris in May 2013, raising €17.7 million, and on the Nasdaq Global Select Market in November 2017, raising €124.0 million ($144.0 million on a gross basis before deducting offering expenses). The Company has incurred losses and negative cash flows from operating activities since its inception and had shareholders’ equity of €36,632 thousand as of June 30, 2023 as a result of several financing rounds, including an initial public offering, as well as the capital increase in connection with the Pherecydes transaction. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates in development. The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of the research and development of the newly formed "Combined Company" following the recent merger with Pherecydes; (ii) regulatory approval and market acceptance of the PHAXIAM 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 the issuance of new debt or equity instruments. The situation on the financial markets and uncertainty in the research and development results may impair the ability of the Company to raise capital when needed or on attractive terms. The accompanying unaudited interim condensed consolidated financial statements and related notes (the “ Unaudited Interim Condensed Consolidated Financial Statements ”) present the operations of PHAXIAM Therapeutics and its subsidiary, ERYTECH Pharma, Inc. Registered office of PHAXIAM Therapeutics: 60 avenue Rockefeller, 69008, Lyon, France. Major events of the first half of 2023 Business February 2023: On February 15, 2023, ERYTECH announced the strategic combination with Pherecydes, a biotechnology company specializing in precision phage therapy to treat resistance and/or complicated bacterial infections, with the intent of building a global leader in phage therapy. March 2023: On March 20, 2023, ERYTECH's Work Council ( Comité Social et Economique ) issued a positive opinion on the proposed merger with PHERECYDES, in accordance with applicable laws and regulations. April 2023: ERYTECH Pharma received approval from The Nasdaq Stock Market LLC on April 12, 2023, to transfer the listing of its American Depositary Shares representing ordinary shares of the Company ("ADSs") from The Nasdaq Global Select Market to The Nasdaq Capital Market. The transfer became effective at the opening of business on April 14, 2023. The ERYTECH shares continued to trade under the symbol "ERYP" and the trading of its ADSs was unaffected by the transfer. On April 17, 2023, Akkadian Partners, an entity domiciled in Luxembourg and acting on behalf of the Akkadian Partners Fund, declared that on April 13, 2023, they crossed the threshold of 5% of the share capital of ERYTECH Pharma and held 5.06% of the share capital and 4.83% of the voting rights of the company. May 2023: On May 1, 2023, Akkadian Partners informed the Board of ERYTECH that they intended to oppose the project of merging with PHERECYDES and take de facto control of ERYTECH with a view to pursue alternative acquisition projects with ERYTECH's cash. Following a review and assessment of the acquisition project ideas mentioned by Akkadian, ERYTECH Management and Board, with the assistance of external financial and legal advisors, determined that the ideas proposed were not in the best interest of ERYTECH and its stakeholders. On May 15, 2023, ERYTECH and PHERECYDES entered into a merger agreement, pursuant to which PHERECYDES would be merged into ERYTECH and PHERECYDES shareholders would receive 15 new ERYTECH shares for every 4 PHERECYDES shares that they owned. A contribution by Elaia Pertners, GoCapital, and a pool of PHERECYDES shareholders represented by Mr. Guy Rigaud, of 827,132 PHERECYDES shares was made to ERYTECH in consideration of 3,101,745 newly issued ERYTECH shares. June 2023: On June 5, 2023, ERYTECH Pharma announced that Akkadian Partners had initiated legal proceedings to obtain the postponement of the vote on the merger with Pherecydes at the Annual General Meeting on June 23, 2023. On June 14, 2023, the Lyon Commercial Court rejected Akkadian's request to postpone the vote on the merger with PHERECYDES Pharma. On June 20, 2023, ERYTECH announces that Akkadian is continuing its attempt at destabilization with the filing of a new lawsuit. Despite the rejection by the President of the Lyon Commercial Court of Akkadian Partners' request to postpone the General Meeting's vote on the proposed merger Akkadian Partners is requesting the cancellation of the capital increase of May 15, 2023. This capital increase was carried out in accordance with the delegation of authority granted by the 2022 extraordinary general meeting of ERYTECH shareholders under resolution 29 and on the basis of reports issued by Finexsi, acting as a contribution appraiser in accordance with Articles L. 225-174, R. 22 10-7 and R. 225-136 pf the French Commercial Code as well as AMF recommendation no. 2020-06. On June 23, 2023, the merger with PHERECYDES was approved by the ERYTECH Pharma shareholders at the Combined General Meeting. Also approved was the change to ERYTECH's corporate name to PHAXIAM Therapeutics. On June 28, 2023 PHAXIAM Therapeutics announced the new mnemonic code for its shares on Euronext and Nasdaq to have changed from ERYP to PHXM, effective June 29, 2023. Major events of the first half of 2022 Business February 2022: Impact of the Conflict in Ukraine on Our Business Beginning on February 24, 2022, Russia significantly intensified its military operations in Ukraine. We are closely monitoring developments in the current context and will take appropriate measures as necessary. The war in Ukraine did not impact our financial results for the period ended on December 31, 2022. Our business does not conduct any trial in Ukraine, Russia or Belarus and does not have any asset or vendors located in these regions. April 2022: • Sale of ERYTECH’s U.S. cell therapy manufacturing facility to Catalent Under the terms of an asset purchase agreement between the Group ERYTECH and Catalent (the “APA”), Catalent agreed to acquire ERYTECH’s state-of-the-art commercial-scale cell therapy manufacturing facility in Princeton, New Jersey, for a total gross consideration of $44.5 million (€40.7 million) paid at closing. Catalent has extended offers of employment to approximately 40 people employed by Erytech at the Princeton facility. The net profit on the sale of the property, plant and equipments, lease contract, after transaction cost ( $3.3 million, €3.0 million) and before tax amounts to 26.6 million dollars (€24.3 million euros) and was recorded as other income in the consolidated statement of income (loss) . • New vesiculation technology The company presented its red blood cell vesiculation technology at the 24th Meeting of the European Red Cell Society (ERCS) in April 2022. May 2022: • The NOPHO trial evaluated the safety and pharmacological profile of eryaspase in acute lymphoblastic leukemia (ALL) patients who had previously experienced hypersensitivity reactions to pegylated asparaginase therapy. In December 2020, positive trial results were presented at the 2020 American Society of Hematology annual meeting. See section 2.2. – activities of the Group and 2.5 - events after the reporting period for further information. • Following the Catalent transaction, the company continues to evaluate other strategic options for leveraging its ERYCAPS® platform with complementary assets and/or a broader corporate transaction. • On May 25, 2022, the management of Erytech Pharma (France) informed the employees of the start of a collective redundancy procedure, a job protection plan, involving the cuts of 52 positions out of 109. The consultation phase of the CSE has ended on July 31, 2022. All terminations took place during the fourth quarter 2022. |
ACCOUNTING RULES AND METHODS
ACCOUNTING RULES AND METHODS | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Rules And Methods [Abstract] | |
ACCOUNTING RULES AND METHODS | ACCOUNTING RULES AND METHODSBasis of preparation The Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with the underlying assumption of going concern assuming the Company will continue to operate for the foreseeable future. As such, they do not include any adjustments related to the amount or classification of assets and liabilities that may be required if the Company were not able to continue as a going concern. The Company has incurred operating losses and negative cash flows from operations since inception due to the innovative nature of the products developed, therefore involving a multi-year research and development phase. The Company has historically financed its growth by strengthening its equity in the form of capital increases and issuance of convertible notes. At the date the Board of Directors authorized the unaudited interim condensed consolidated financial statements the Company has the necessary resources to fund its operations into the second quarter 2024 considering: • Cash and cash equivalents held by the Company amounted to €25.2 million as of June 30, 2023. They are composed of cash and term deposits readily available without penalty; • The cash consumption forecast for the next 12 months after the closing date. Accordingly, the Company's current cash and cash equivalents are not expected to be sufficient to cover its operating needs for at least the next 12 months. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. The Company plans to seek additional financing to extend its cash flow horizon and is currently evaluating various financing sources among which are the issuance of equity instruments and/or new debt or partnership agreements to continue to fund the operations of the Company beyond the second quarter of 2024. The Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with the historical cost principle with the exception of certain categories of assets and liabilities measured at fair value in accordance with IFRS. All amounts are expressed in thousands of euros, unless stated otherwise. The Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34, the standard of the International Financial Reporting Standards (“ IFRS ”) as issued by the International Accounting Standard Board (“ IASB ”) applicable to interim financial statements and were authorized for issuance by the Board of Directors of the Company on September 21, 2023. Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Unaudited Interim Condensed Consolidated Financial Statements of the Company are also prepared in accordance with IAS 34, as adopted by the European Union (EU). As condensed consolidated financial statements, they do not include all information that would be required by the full IFRS standards. They must be read in conjunction with the consolidated financial statements for the year ended December 31, 2022. The standards applied in the preparation of the Unaudited Interim Condensed Consolidated Financial Statements are the same as those applied to prepare the financial statements as of December 31, 2022, except as described below. As of June 30, 2023, 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 Unaudited Interim Condensed Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU. IFRS include International Financial Reporting Standards (“ IFRS ”), International Accounting Standards (“ IAS ”), as well as the interpretations issued by the Standing Interpretations Committee (“ SIC ”), and the International Financial Reporting Interpretations Committee (“ IFRS IC ”). The new applicable standards, amendments and interpretations since January 1, 2023 have had no significant impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements that may be relevant to the Company’s operations are as follows: • Amendments to IAS 1 - Classification of liabilities as current or non-current ; Disclosure of Accounting Policies, effective on January 1, 2024; • Amendments to IAS 8 - Definition of Accounting Estima tes, effective on January 1, 2023; • Amendment to IAS12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction, , effective on January 1, 2023; The Company does not expect any significant impact resulting from the adoption of these standards. In accordance with IFRS 10 Consolidated Financial Statements (“ IFRS 10 ”), an entity is consolidated when it is controlled by the Company. The Company controls an entity when it is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions and dividends are eliminated in full. The Company has one subsidiary for which no non-controlling interest is recognized. Date of Incorporation Percent of Ownership Interest Accounting Method ERYTECH Pharma, Inc. April 2014 100% Consolidated Functional Currency and Translation of Financial Statements into Presentation Currency The Unaudited Interim Condensed Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, PHAXIAM Therapeutics (the “ Parent Company ”). The statement of financial position of the consolidated entity having a functional currency different from the euro are translated into euros at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statement of income (loss), statement of comprehensive income (loss) and statement of cash flow of such consolidated entity are translated at the average exchange rate for the period, except if exchange rates or the volume and size of transactions fluctuate significantly. The resulting translation adjustment is included in other comprehensive income (loss) as a cumulative translation adjustment. Exchange rate (USD per EUR) 06/30/2022 12/31/2022 06/30/2023 Weighted average rate 1.0940 1.0539 1.0811 Closing rate 1.0387 1.0666 1.0866 Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency at the exchange rate applicable on the transaction date. At the closing date, foreign currency monetary assets and liabilities are converted at the exchange rate prevailing on that date. The resulting exchange gains or losses are recorded in the consolidated statement of income (loss) in “Financial income (loss)”. Preparation of the consolidated financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The Company has not identified any environmental risks that would require significant new estimates or judgments. The use of estimates and judgment relate primarily to the measurement of: • fair value of in progress research and developments assets identified in business combination (see Note 4.1.1 and 4.1.2) • the share-based payments in accordance with IFRS 2 (see note 3.3.3) In accordance with IFRS 8 Operating Segments ( "IFRS 8" ) , reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer) to allocate resources and to assess performance. Information per business segment The Company operates in a single operating segment: the conducting of research and development of extended phage therapies to target antimicrobial resistant pathogenic bacteria in order to market the phage therapies in the future. Information per geographical segment Income from external customers (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) France 0 0 United States 54 7 Total 54 7 On June 27, 2023 and July 28, 2023 , Akkadian Partners initiated two other legal proceedings to contest the votes of certain Shareholder's of ERYTECH and request the cancellation of the merger as voted in the combined General Meeting. On July 27, 2023, PHAXIAM Therapeutics announced a reverse share split of its shares by the exchange of ten (10) existing shares with a par value of ten-euro cents (€0.10) for one (1) new share with a par value of one euro (€1). The reverse share split will have no impact on the Company's share capital and will result in the division of the number of shares outstanding by ten (10). The reverse share split ended on September 18, 2023 with sixty million seven hundred and fifty-one thousand and fifty-four (60,751,054) existing shares exchanged for six million seventy five thousand one hundred and five (6,075,105) new shares issued as a result of the reverse share split. On September 19, 2023, PHAXIAM Therapeutics announced that it extended its phage portfolio to Klebsiella pneumoniae , a new resistant and aggressive bacterial target. PHAXIAM's anti- Klensiella pneumoniae phages will enter preclinical development to assess their efficacy in lung, blood and urinary tract infections, in addition to the three major targets already developed ( S. aureus, P. aeruginosa, and E. coli ). |
NOTES RELATED_TO THE UNAUDITED
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) | NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)Operating income (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Research Tax Credit 860 243 Subsidies 40 28 Income from licenses or other contracts 54 7 Net gain on disposal of tangible assets 24,351 — Total 25,304 278 The reduction in the research tax credit is related to the end of previous clinical trials. The net gain from the disposal of fixed assets is related to the sale of the Princeton plant to Catalent and breaks down as follows : – Proceeds from the sale of €40,676 thousand ($44,500 thousand); – The net book value of tangible fixed assets of €15,673 thousand ($17,146 thousand); – The net book value of intangible fixed assets of €4 thousand ($4 thousand) – The net book value of the rights of use for €3,022 thousand ($3,307 thousand); – The cancellation of the lease obligation for €5,419 thousand ($5,928 thousand); – Transaction costs of €3,046 thousand ($3,333 thousand) Amounts in the prior period have been reclassified to conform to the current period presentation. Specifically, the regulatory activities are disclosed separately in this table but were included among clinical studies in the previously filed unaudited interim condensed financial statements of the 6 months ended June 30, 2022). For the six months ended June 30, 2022 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Consumables 0 450 450 IT costs and maintenance 66 765 831 Services, subcontracting and fees 237 723 3,128 4,088 Personnel expenses 785 467 7,110 8,362 Depreciation, amortization & impairment 178 3,443 3,621 Other 7 (59) (52) Total 1,273 1,190 14,837 17,300 For the six months ended June 30, 2023 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Consumables 128 0 101 229 IT costs and maintenance (14) 2 113 101 Services, subcontracting and fees 210 (144) 228 294 Personnel expenses 911 348 1,381 2,640 Depreciation, amortization & impairment 209 0 (58) 151 Other 0 0 16 16 Total 1,444 206 1,781 3,431 The €13.9 million significant decrease in research and development expenses between 2023 and 2022 can mainly be explained by: – a decrease of €3.8 million, of services and subcontracting expenses – a decrease of €5.7 million of personnel expenses, with the transfer to Catalent of Princeton manufacturing facility employees in April 2022 and the restructuring plan in Lyon completed in the fourth quarter 2022. The average number of full-time employees allocated to our research and development workforce decreased from 117 in the first half of 2022 to 27 in the first half of 2023. The personnel expense in 2022 includes a Lyon (France) restructuring charge of €1.7 million. – a net decrease in depreciation and amortization expenses of €3.5 million in 2023, mainly related to: – the disposal of our Princeton Manufacturing facility sold to Catalent in April 2022 – an impairment charge of €2.1 million in 2022 for the facilities, fixtures, equipment and rights of use of the Adenine production unit in France. (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Consumables 57 47 IT Costs and maintenance 175 442 Services, subcontracting and fees 3,446 5,664 Personnel expenses 3,288 2,957 Depreciation and amortization 669 (110) Other 277 246 Total 7,911 9,245 The €1.33 million increase of general and administrative expenses between 2022 and 2023 is explained mostly by the €3.41 million in merger costs, partially offset by personnel expenses reductions and a reduction to service and subcontracting fees. G&A personnel expenses decreased by €0.3 million in 2023, with the combined effects of employees resignations and a restructuring plan in Lyon completed in the last quarter of 2022. The average number of full-time employees allocated to our G&A workforce decreased from 32 in the 6 months ended June 30, 2022 to 18 in the 6 months ended June 30, 2023. The personnel expense in 2022 includes a Lyon (France) restructuring charge of €0.2 million. Services, subcontracting and fees increased by €2.2 million from 2022 to 2023 due to €3.41 million in merger costs, partially offset by a reduction of D&O insurance costs, recruiting, and legal and audit fees. For the six months ended June 30, 2022 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Wages and salaries 533 381 4,237 5,151 Share-based payments (employees and executive management) 17 (27) (10) Social security expenses 235 86 1,209 1,530 Restructuring charge 1,691 1,691 Total personnel expenses 785 467 7,110 8,362 For the six months ended June 30, 2023 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Wages and salaries 603 287 1,047 1,937 Share-based payments (employees and executives) 33 0 114 147 Social security expenses 275 61 220 556 Total personnel expenses 911 348 1,381 2,640 The weighted average full-time employees (FTE) was 117 during the first half of 2022 and 27 during the first half of 2023. (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Wages and salaries 2,051 2,082 Share-based payments (employees and executive management) 304 230 Social security expenses 766 645 Restructuring charge 167 Total personnel expenses 3,288 2,957 The weighted average full-time employees (FTE) was 32 during the first half of 2022 an d 18 during the first half of 2023. Stock options (“SO”) plan No new plans were created during the first half of 2023, and no new grants were issued under plans from the prior year. Replacement awards: In connection with the acquisition of Pherecydes Pharma S.A., the Company exchanged equity-settled share-based payment awards held by employees of Pherecydes Pharma for the following equity-settled share-based payment awards of the Company (see note 4.1.2). - Founder Subscription Warrants (“BSPCE”) plan Figures are shown after the reverse stock split. Plan BSPCE 2019-1 BSPCE 2019-2 BSPCE 2019-4 BSPCE 2021-2 BSPCE 2021-3 BSPCE 2021-4 Number of options 3,691 7,500 263 7,500 6,328 62,325 Exercise price €1.09 €0.92 €1.09 €1.60 €2.19 €1.89 Underlying price €0.00 €0.47 €0.46 €0.40 €0.34 (Tranche 3) €0.35 (Tranche 4) €0.37 Expected dividends — % — % — % — % — % — % Volatility 87.14% - 92.92% 87.01% - 98.86% 84.03% - 89.19% 82.99% - 88.93% 79.89% - 88.22% 80.52% - 88.06% Risk-free rate 3.0108% - 3.2655% 2.9750% - 3.2290% 2.8787% -3.1274% 2.8033% - 3.1269% 2.8517% - 3.0093% 2.8625% - 2.9676% Fair value of the plan (in K€) 0.00 3.53 0.12 3.00 4.37 23.06 - Free shares (“AGA”) plan Figures are shown after the reverse stock split. Erytech Number of shares 16,460 Plan AGA 2022 Underlying price €0.82 Expected dividends — % Maturity 1 year - 3 years Fair value of plan (in K€) 135 Breakdown of expenses per financial year Plan name Amount in P&L in euros thousands as of June 30, 2022 of which employees of which executive officers and executive committee of which board members AGA 202 31 171 — BSA — — — — SO 124 53 71 — Total 326 84 242 — Plan name Amount in P&L in euros thousands as of June 30, 2023 of which employees of which executive officers and executive committee of which board members AGA 66 — 66 — BSPCE 435 222 104 109 SO (110) (123) 13 — Total 391 99 183 109 As of June 30, 2023, and after taking into account the effect of the reverse share split (see Note 2.9), the outstanding equity instruments could lead to the issuance of 396,318 potential shares. (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Income from short term deposits 6 171 Change in fair value of derivative liabilities — — Foreign exchange gains 3,348 137 Other financial income 16 23 Financial income 3,370 331 Amortized cost of convertible notes (22) — Financial expenses on lease liability (108) (25) Interest expense related to borrowings (140) (78) Foreign exchange loss (480) (239) Other financial expenses — — Financial expenses (750) (342) Financial income (loss) 2,620 (11) In June 2022 an estimate of the Income tax expense related to the Princeton facility sale was recorded for $4,086 thousand (€3,737 thousand). After completion of a tax analysis to determine the extent of prior year federal and state tax losses which could be carried forward to offset the current year gain, the income tax expense on this transaction was revised to €521 thousand as of December 31, 2022 (refer to the prior year consolidated financial statements). Figures are shown after the stock split. 06/30/2022 06/30/2023 (6 months) (6 months) Net loss (in thousands of euros) (1,024) (12,201) Weighted number of shares for the period (1) 3,101,605 3,284,500 Basic loss per share (€/share) (0.33) (3.71) Diluted loss per share (€/share) (0.33) (3.71) (1) after deduction of 250 treasury shares are held by the Company as treasury shares and recognized as a deduction of shareholders’ equity) and after taking into account the effect of the reverse share split (see Note 2.9). As of June 30, 2022 and 2023, 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 CONSOLIDAT
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | 6 Months Ended |
Jun. 30, 2023 | |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONFixed assetsIntangible assets other than goodwill (amounts in thousands of euros) Notes IP R&D and Other intangible assets GROSS VALUE As of December 31,2022 1,668 Business combination 4.1.2 17,098 Increase — Decrease — FX rate impact — Reclassification — As of June 30, 2023 18,766 ACCUMULATED AMORTIZATION AND IMPAIRMENT As of December 31,2022 (1,663) Increase (2) Decrease — FX rate impact — As of June 30, 2023 (1,665) NET VALUE As of December 31, 2022 5 As of June 30, 2023 17,101 Accounting Policy The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of acquired businesses are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Transaction costs are expensed as incurred. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree's employees (acquiree's awards), then all or a portion of the amount of the acquirer's replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree's awards and the extent to which the replacement awards relate to pre-combination service . On June 23, 2023, ERYTECH acquired 100% of the shares and voting interests in Pherecydes Pharma S.A. in exchange for the Company’s shares. The Company determined it obtained control of Pherecydes Pharma and it is the accounting acquirer as this date. On the same date, Pherecydes Pharma S.A. was merged into the Company. Taking control of Pherecydes Pharma S.A. will enable the Company to work towards becoming a global leader in phage therapy and other medical needs caused by antimicrobial resistance. Contribution of Pherecydes Pharma S.A. to the Company’s total expenses and net loss for the six months ended June 30, 2023 is immaterial. If the acquisition had occurred on January 1, 2023, management estimates that consolidated loss for the 6 months ended June 30, 2023 would have been approximately €17.9M. This increase in consolidated loss relates mainly to operating expenses net of research tax credit income. A. Consideration transferred (acquisition price) The following table summarizes the acquisition date fair value of each major class of consideration transferred. (In thousands of Euros) Note Equity instruments i 24,642 Replacement share-based payment awards ii 436 Total consideration transferred (acquisition price) 25,078 i. Equity instruments issued (numbers presented before the reverse stock split) The fair value of the ordinary shares issued was based on the listed share price of the Company; Number of shares Share price Value (€ thousands) Shares issued on May 15, 2023 3,101,745 0.95 2,956 Shares issued on June 23, 2023 26,575,894 0.82 21,686 Total 29,677,639 24,642 Consideration transferred to obtain control was made in 2 installments, the first on May 15, 2023 at an Erytech share price of €0.95, and the second on June 23, 2023 at an Erytech share price of €0.82. ii. Replacement share-based payment awards ln accordance with the terms of the acquisition agreement, the Group exchanged equity-settled share-based payment awards held by employees of Pherecydes Pharma S.A. (the acquiree's awards) for equity settled share-based payment awards of the Company (the replacement awards). Refer to note 3.3.3 for details of the replacement awards. The portion of the amount of the acquirer's replacement awards included in the measurement of the consideration transferred amounts to €436 thousand. The portion of the amount of the acquirer's replacement awards included as a share-based payment expense for the 6 months ended June 30, 2023 amounts to €436 thousand. B. Acquisition-related costs The total acquisition costs incurred amount to €3,413 thousand and are included in general and administrative expenses (see note 3.3.2). C. Fair value of identifiable assets acquired and liabilities assumed at acquisition date (in thousands of euros) Note 06/30/2023 IFRS Intangible assets 4.1.1 17,098 Property, plant and equipment 4.1.3 485 Rights of use 4.2 478 Other non-current assets 83 Other current assets 1,925 Cash and cash equivalents 30 Financial liabilities 4.6 (2,936) Lease obligations 4.7 (456) Other non-current liabilities (49) Other current liabilities (5,085) Net assets acquired 11,575 i. Measurement of fair values The valuation techniques used for measuring the fair value of the IP R&D was a discounted cash-flow model. The fair value is estimated as the present value of net cash flows expected to be generated by the intellectual property of two identified R&D projects. The provisional fair value amount of Pherecydes Pharma's assets includes the valuation of in progress research and development recorded under intangible assets in the amount of €17,070 thousand: • IP osteoarticular infections on prostheses (PJI) for €14,404 thousand ; • IP endocarditis (EnDoCom) for €2,666 thousand. Fair values measured on a provisional basis The fair value of Pherecydes Pharma's intangible assets (IP R&D) has been measured provisionally, pending completion of an independent valuation at of the acquisition date. If new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition identifies adjustments to the above amounts, or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. D. Provisional Goodwill Provisional Goodwill arising from the acquisition has been recognized as follows: (In thousands of Euros) Note Consideration transferred (acquisition price) A 25,078 Fair value of identifiable net assets C -11,575 Provisional Goodwill 13,503 (amounts in thousands of euros) General equipment, fixtures and fittings Plant, equipment and tooling Office equipment and computers Assets under construction TOTAL GROSS VALUE As of December 31,2022 2,914 3,111 750 — 6,775 Business combination 346 110 29 — 485 Increase 0 53 0 — 53 Decrease (155) 0 0 — (155) FX rate impact (2) (2) (1) — (5) Reclassification 0 0 0 — 0 As of June 30, 2023 3,103 3,272 778 — 7,155 ACCUMULATED DEPRECIATION AND IMPAIRMENT As of December 31, 2022 (2,701) (2,957) (725) — (6,383) Depreciation (16) (49) (9) — (74) Impairment — — — — — Decrease 155 — — — 155 FX rate impact 2 1 — — 3 Reclassification — — — — — As of As of June 30, 2023 (2,560) (3,005) (734) — (6,299) NET VALUE As of December 31, 2022 213 154 25 — 393 As of June 30, 2023 543 267 44 — 857 The main changes in the first half of 2023 relate to the business combination with Pherecydes Pharma, with a value of €485 thousand. (amounts in thousands of euros) Buildings Plant, equipment and tooling Transport equipment Office equipment and computers TOTAL GROSS VALUE As of December 31, 2022 5,673 954 119 118 6,864 Business combination 205 273 478 Increase 17 17 Decrease — FX rate impact — Reclassification — As of June 30, 2023 5,878 1,227 136 118 7,359 ACCUMULATED DEPRECIATION AND IMPAIRMENT As of December 31, 2022 (3,116) (954) (92) (118) (4,280) Increase (210) (13) (223) Decrease 87 — — — 87 FX rate impact — — — — — Reclassification 0 — — — — As of June 30, 2023 (3,239) (954) (105) (118) (4,416) NET VALUE As of December 31, 2022 2,557 — 27 — 2,584 As of June 30, 2023 2,639 273 31 — 2,943 The remaining right of use net book value of €2,943 thousand is mainly related to the Bioserra building lease in Lyon (France) for €2,433 thousand. Business combination additions relate to leases acquired in connection with the merger with Pherecydes (see Note 4.1.2) and include: • Nantes premises for €64K; • Roussel premises for €141K; • Research equipment for €205K. (amounts in thousands of euros) 12/31/2022 6/30/2023 Trade and other receivables 76 245 Total current trade receivables 76 245 Research Tax Credit 1,484 2,603 Other receivables (including tax and social receivables) 973 1,251 Net investment in a sublease 43 0 Deposits related to leased premises 121 (40) Advance payments and deposits to suppliers 342 342 Prepaid expenses 805 1,331 Total other current assets 3,769 5,488 Research Tax Credit The Company benefits from the provisions in Articles 244 quater B and 49 septies F of the French Tax Code related to the Research Tax Credit. As of June 30, 2023, the CIR receivables included Research Tax Credit of €1,484 thousand for the 2022 financial year, €243 thousand for the CIR estimate for the first half of 2023 and €876 thousand from Pherecydes merger (CIR estimate for the first half 2023). Prepaid expenses As of December 31, 2022 and June 30, 2023, prepaid expenses are mainly related to insurance expense. (amounts in thousands of euros) 12/31/2022 06/30/2023 Current account 26,676 13,105 Term deposits 12,113 12,084 Total cash and cash equivalents as reported in statement of financial position 38,789 25,189 Bank overdrafts — — Total cash and cash equivalents as reported in statement of cash flow 38,789 25,189 As of December 31, 2022 and June 30, 2023, term deposits included a term deposit of €12 million with a maturity of one month and deposits of €0.1 million convertible into cash immediately. As of June 30, 2023, the Parent company's share capital comprised 6,075,105 shares (60,751,053 shares before reverse share split, see Note 2.9), fully paid up, with a nominal value of 1.00 euro. During the first half of 2023, the Company carried out the following capital increases (adjusted for the effects of the reverse share split): • May 2023, issue of 3,101,745 ordinary shares before reverse share split • June 2023, issue of 26,630,756 ordinary shares before reverse share split (amounts in thousands of euros) Convertible notes Conditional advances Bank loans Other Total As of December 31, 2022 — — 10,071 41 10,112 Business combination — 603 2,313 2,916 Increase — — 12 — 12 Fair value of embedded derivatives — Amortized cost — Conversion — Extinguishment of conditional advance — Repayment — — (1,243) (39) (1,282) FX rate impact (3) (3) As of June 30, 2023 — 603 11,153 (1) 11,753 Financial liabilities by maturity June 30, 2023 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes — — — — — Conditional advances 121 481 — — 603 Bank loans 3,198 6,784 1,169 — 11,151 Other 1 — — — 1 Total financial liabilities 3,321 7,265 1,169 — 11,753 The €603 thousand business combination increase in conditional advances is due to the acquisition of Pherecydes, and concerns the Phagogram project (€118 thousand), the E.Coli project (€169 thousand) and the Phagosclin project (€345 thousand). Amounts resulting from the advantage of the conditional advance not bearing interest at a market rate are considered as grants. The impact on Pherecydes contracts is €29 thousand. (in thousands of euros) Lease Liabilities As of December 31, 2022 3,455 Business combination 456 Increase without cash impact 17 Repayment (414) Decrease without cash impact (127) FX rate impact (1) Capitalized interests — Reclassification — As of June 30, 2023 3,387 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 June 30, 2023 828 1,255 1,303 0 3,387 (amounts in thousands of euros) 12/31/2022 06/30/2023 Vendors 1,562 4,336 Vendors - accruals 3,553 4,785 Total trade and other payables 5,115 9,121 Social liabilities, taxation and social security 2,799 3,554 Fixed assets payables — — Deferred revenue 51 420 Other payables 59 59 Total other current liabilities 2,909 4,033 The increase in trade and other payables is mostly due to a €3,300 thousand increase resulting from the merger with Pherecydes. The increase in other current liabilities include a €1,339 thousand increase in accrued social and tax liabilities and a €416 thousand increase in deferred revenue resulting from the merger with Pherecydes. As of December 31, 2022 Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortized cost Financial liabilities at amortized cost Fair value Other non-current financial assets 195 195 195 Other current financial assets 464 464 464 Trade and other receivables 76 76 76 Other current assets 1,798 1,798 1,798 Cash and cash equivalents (2) 38,789 38,789 38,789 Total financial assets 41,322 38,789 — 2,533 — 41,322 Financial liabilities - non current portion (3) 7,547 7,547 7,547 Lease liabilities - non current portion (4) 2,680 2,680 2,680 Financial liabilities - current portion (3) 2,565 2,565 2,565 Lease liabilities - current portion (4) 775 775 775 Trade and other payables 5,115 5,115 5,115 Other current liabilities (6) 2,858 2,858 2,858 Total financial liabilities 21,540 — — — 21,540 21,540 As of June 30, 2023 Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortized cost Financial liabilities at amortized cost Fair value Other non-current financial assets 205 205 205 Other current financial assets 302 302 302 Trade and other receivables 245 245 245 Other current assets 3,854 3,854 3,854 Cash and cash equivalents (2) 25,189 25,189 25,189 Total financial assets 29,795 25,189 — 4,606 — 29,795 Financial liabilities - non current portion (3) 8,552 8,552 8,552 Lease liabilities - non current portion (4) 2,559 2,559 2,559 Financial liabilities - current portion (3) 3,201 3,201 3,201 Lease liabilities - current portion (4) 828 828 828 Trade and other payables 9,120 9,120 9,120 Other current liabilities (5) 3,613 3,613 3,613 Total financial liabilities 27,873 — — — 27,873 27,873 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 measurements. (3) The fair value of financial liabilities is determined using level 2 measurements. (4) The fair value of lease liabilities is determined using level 2 measurements. (5) Excluding current liabilities accruals |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Contingencies [Abstract] | |
CONTINGENCIES | CONTINGENCIES On June 5, 2023, ERYTECH Pharma announced that Akkadian Partners had initiated legal proceedings to obtain the postponement of the vote on the merger with Pherecydes at the Annual General Meeting on June 23, 2023. On June 14, 2023, the Lyon Commercial Court rejected Akkadian's request to postpone the vote on the merger with PHERECYDES Pharma and ordered the appointment of a second judicial expert to assess the merger share ratio. On June 20, 2023, Akkadian Partners initiated new legal proceedings requesting the cancellation of the capital increase that occurred on May 15, 2023. On June 23, 2023, the merger with PHERECYDES was approved by the ERYTECH Pharma shareholders at the Combined General Meeting. On June 27,2023 and July 28, 2023, Akkadian Partners initiated two other legal proceedings to contest the votes of certain Shareholder's of ERYTECH and request the cancellation of the merger as voted in the combined General Meeting. The Group considers at this stage, based on its legal assessment of these procedures, that it is possible, but not probable, that these procedures will succeed. Accordingly, no provision for any liability has been made in these financial statements. |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTIES | RELATED PARTIESThe Company’s related parties for the first semester (until the merger approved on June 23, 2023) include the Chairman of the Board of Directors (Jean-Paul Kress), the Chief Executive Officer (Gil Beyen), the two Deputy General Managers (Jérôme Bailly and Eric Soyer), members of the Board of Directors and members of the executive committee. The remuneration of directors and members of the executive committee was as set forth in the table below. 06/30/2022 06/30/2023 (amounts in thousands of euros) Salary / fees Retirement benefits Share based payments Salary / fees Retirement benefits Share based payments Executive officers / VP and qualified person 630 110 222 875 11 136 Executive committee 993 61 20 368 8 (169) Board of directors 193 156 — — Total 1,816 171 242 1,399 19 (33) On June 23, 2023 following the merger, a new governance structure was implemented, with Didier Hoch as Chairman of the Board of Directors, Gil Beyen as Vice Chairman, Thibaut du Fayet as Chief Executive Officer and two Deputy General Managers (Jérôme Bailly and Eric Soyer) and members of the Board of Directors and members of the executive committee. On June 23, 2023, the Board of Directors authorized the agreements and commitments listed below and covered by Articles L. 225-38 et seq. of the French Commercial Code in favor of Mr. Thibaut du Fayet, the Company's Chief Executive Officer: • Severance pay equal to twelve times the average monthly remuneration received during the twelve months preceding the revocation decision or the expiry of the term of office, subject to performance conditions; • Additional retirement agreement: the contributions financing the additional retirement agreement with defined contributions would be entirely assumed by the Company; • Health insurance: the Company will pay 60% of the total monthly contribution to the health insurance scheme, in accordance with the established agreement; • Death, disability and incapacity coverage: • General scheme: the Company will pay 60% of contributions to the general employee benefits scheme. • Supplementary retirement plan: 50% of the contributions to the supplementary retirement plan will be paid by the Company. • Additional provident fund: contributions to finance the supplementary benefit plan will be fully paid by the Company. As a result of a termination or change of duties,the Chief Executive Officer and the two Deputy General Managers, could receive a compensation equal to their remuneration during the last 12 months, as well as non-competition indemnities of up to 18 months salary. The Company has no other related parties. |
OFF-BALANCE SHEET COMMITMENTS
OFF-BALANCE SHEET COMMITMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Off Balance Sheet Commitments [Abstract] | |
OFF-BALANCE SHEET COMMITMENTS | OFF-BALANCE SHEET COMMITMENTS Collaborative arrangements Agreement with SQZ Biotechnologies On June 24, 2019, the Company entered into a collaboration agreement with SQZ Biotechnologies, a cell therapy company developing novel treatments in multiple therapeutic areas, to advance novel red blood cell-based therapeutics for immune modulation. Under the terms of the agreement, the Company has granted to SQZ Biotechnologies an exclusive worldwide license to develop antigen specific immune modulating therapies employing red blood cell-based approaches. Combining SQZ Biotechnologies’ proprietary and versatile cell engineering platform with the intellectual property of the Company related to red blood cell-based therapeutics is intended to allow for the rapid development of a broad pipeline of novel immunomodulatory products addressing multiple indications. The agreement provides for: • An upfront payment of $1 million, equivalent to €0.9 million when recognized in 2019; • Potential development, regulatory and commercial milestone payments up to $56 million for the first product successfully developed by SQZ Biotechnologies under this agreement; • The Company could also receive progressive royalties based on future sales. Lease agreements Sublease in the United-States In July 2019 and June 2021, the Company signed two sublease agreements for its premises located in Cambridge. The sublease in the US ended in January 2023. |
ACCOUNTING RULES AND METHODS (P
ACCOUNTING RULES AND METHODS (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Rules And Methods [Abstract] | |
Basis of preparation | Basis of preparation The Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with the underlying assumption of going concern assuming the Company will continue to operate for the foreseeable future. As such, they do not include any adjustments related to the amount or classification of assets and liabilities that may be required if the Company were not able to continue as a going concern. The Company has incurred operating losses and negative cash flows from operations since inception due to the innovative nature of the products developed, therefore involving a multi-year research and development phase. The Company has historically financed its growth by strengthening its equity in the form of capital increases and issuance of convertible notes. At the date the Board of Directors authorized the unaudited interim condensed consolidated financial statements the Company has the necessary resources to fund its operations into the second quarter 2024 considering: • Cash and cash equivalents held by the Company amounted to €25.2 million as of June 30, 2023. They are composed of cash and term deposits readily available without penalty; • The cash consumption forecast for the next 12 months after the closing date. Accordingly, the Company's current cash and cash equivalents are not expected to be sufficient to cover its operating needs for at least the next 12 months. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. The Company plans to seek additional financing to extend its cash flow horizon and is currently evaluating various financing sources among which are the issuance of equity instruments and/or new debt or partnership agreements to continue to fund the operations of the Company beyond the second quarter of 2024. |
Statement of compliance | Statement of compliance The Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34, the standard of the International Financial Reporting Standards (“ IFRS ”) as issued by the International Accounting Standard Board (“ IASB ”) applicable to interim financial statements and were authorized for issuance by the Board of Directors of the Company on September 21, 2023. Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Unaudited Interim Condensed Consolidated Financial Statements of the Company are also prepared in accordance with IAS 34, as adopted by the European Union (EU). As condensed consolidated financial statements, they do not include all information that would be required by the full IFRS standards. They must be read in conjunction with the consolidated financial statements for the year ended December 31, 2022. The standards applied in the preparation of the Unaudited Interim Condensed Consolidated Financial Statements are the same as those applied to prepare the financial statements as of December 31, 2022, except as described below. As of June 30, 2023, 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 Unaudited Interim Condensed Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU. IFRS include International Financial Reporting Standards (“ IFRS ”), International Accounting Standards (“ IAS ”), as well as the interpretations issued by the Standing Interpretations Committee (“ SIC ”), and the International Financial Reporting Interpretations Committee (“ IFRS IC ”). The new applicable standards, amendments and interpretations since January 1, 2023 have had no significant impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements that may be relevant to the Company’s operations are as follows: • Amendments to IAS 1 - Classification of liabilities as current or non-current ; Disclosure of Accounting Policies, effective on January 1, 2024; • Amendments to IAS 8 - Definition of Accounting Estima tes, effective on January 1, 2023; • Amendment to IAS12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction, , effective on January 1, 2023; The Company does not expect any significant impact resulting from the adoption of these standards. |
Basis of consolidation | Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements (“ IFRS 10 ”), an entity is consolidated when it is controlled by the Company. The Company controls an entity when it is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions and dividends are eliminated in full. The Company has one subsidiary for which no non-controlling interest is recognized. Date of Incorporation Percent of Ownership Interest Accounting Method ERYTECH Pharma, Inc. April 2014 100% Consolidated |
Foreign currencies | Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Unaudited Interim Condensed Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, PHAXIAM Therapeutics (the “ Parent Company ”). The statement of financial position of the consolidated entity having a functional currency different from the euro are translated into euros at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statement of income (loss), statement of comprehensive income (loss) and statement of cash flow of such consolidated entity are translated at the average exchange rate for the period, except if exchange rates or the volume and size of transactions fluctuate significantly. The resulting translation adjustment is included in other comprehensive income (loss) as a cumulative translation adjustment. Exchange rate (USD per EUR) 06/30/2022 12/31/2022 06/30/2023 Weighted average rate 1.0940 1.0539 1.0811 Closing rate 1.0387 1.0666 1.0866 Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency at the exchange rate applicable on the transaction date. At the closing date, foreign currency monetary assets and liabilities are converted at the exchange rate prevailing on that date. The resulting exchange gains or losses are recorded in the consolidated statement of income (loss) in “Financial income (loss)”. |
Use of estimates and judgments | Use of estimates and judgments Preparation of the consolidated financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The Company has not identified any environmental risks that would require significant new estimates or judgments. The use of estimates and judgment relate primarily to the measurement of: • fair value of in progress research and developments assets identified in business combination (see Note 4.1.1 and 4.1.2) • the share-based payments in accordance with IFRS 2 (see note 3.3.3) |
Presentation of the statement of income (loss) & statement of financial position | Presentation of the statement of income (loss) & statement of financial positionThe Company presents its statement of income (loss) by function. As of today, the main activity of the Company is research and development. Consequently, only “research and development expenses” and “general administrative expenses” functions are considered to be representative of the Company's activities. The detail of the expenses by nature is disclosed in note 3.2. |
Presentation of the statement of cash flows | Presentation of the statement of cash flowsThe consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investing, and financing activities. |
Segment reporting | Segment reporting In accordance with IFRS 8 Operating Segments ( "IFRS 8" ) , reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer) to allocate resources and to assess performance. |
Business combination | Accounting Policy The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of acquired businesses are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Transaction costs are expensed as incurred. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree's employees (acquiree's awards), then all or a portion of the amount of the acquirer's replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree's awards and the extent to which the replacement awards relate to pre-combination service . |
ACCOUNTING RULES AND METHODS (T
ACCOUNTING RULES AND METHODS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Rules And Methods [Abstract] | |
Summary of Details of the Company's Subsidiary | Date of Incorporation Percent of Ownership Interest Accounting Method ERYTECH Pharma, Inc. April 2014 100% Consolidated |
Summary of Accounting Policy for Exchange Rates | Exchange rate (USD per EUR) 06/30/2022 12/31/2022 06/30/2023 Weighted average rate 1.0940 1.0539 1.0811 Closing rate 1.0387 1.0666 1.0866 |
Summary of Geographical Segment Information | Information per geographical segment Income from external customers (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) France 0 0 United States 54 7 Total 54 7 |
NOTES RELATED_TO THE UNAUDITE_2
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |
Summary of Detailed Information of Operating Income | (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Research Tax Credit 860 243 Subsidies 40 28 Income from licenses or other contracts 54 7 Net gain on disposal of tangible assets 24,351 — Total 25,304 278 |
Summary of Operating Expense by Nature | For the six months ended June 30, 2022 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Consumables 0 450 450 IT costs and maintenance 66 765 831 Services, subcontracting and fees 237 723 3,128 4,088 Personnel expenses 785 467 7,110 8,362 Depreciation, amortization & impairment 178 3,443 3,621 Other 7 (59) (52) Total 1,273 1,190 14,837 17,300 For the six months ended June 30, 2023 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Consumables 128 0 101 229 IT costs and maintenance (14) 2 113 101 Services, subcontracting and fees 210 (144) 228 294 Personnel expenses 911 348 1,381 2,640 Depreciation, amortization & impairment 209 0 (58) 151 Other 0 0 16 16 Total 1,444 206 1,781 3,431 (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Consumables 57 47 IT Costs and maintenance 175 442 Services, subcontracting and fees 3,446 5,664 Personnel expenses 3,288 2,957 Depreciation and amortization 669 (110) Other 277 246 Total 7,911 9,245 |
Summary of Personal Expenses | For the six months ended June 30, 2022 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Wages and salaries 533 381 4,237 5,151 Share-based payments (employees and executive management) 17 (27) (10) Social security expenses 235 86 1,209 1,530 Restructuring charge 1,691 1,691 Total personnel expenses 785 467 7,110 8,362 For the six months ended June 30, 2023 (amounts in thousands of euros) R&D Regulatory Clinical studies Total Wages and salaries 603 287 1,047 1,937 Share-based payments (employees and executives) 33 0 114 147 Social security expenses 275 61 220 556 Total personnel expenses 911 348 1,381 2,640 (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Wages and salaries 2,051 2,082 Share-based payments (employees and executive management) 304 230 Social security expenses 766 645 Restructuring charge 167 Total personnel expenses 3,288 2,957 |
Summary of Assumptions Used to Determine Fair Value of Plans Granted | Plan BSPCE 2019-1 BSPCE 2019-2 BSPCE 2019-4 BSPCE 2021-2 BSPCE 2021-3 BSPCE 2021-4 Number of options 3,691 7,500 263 7,500 6,328 62,325 Exercise price €1.09 €0.92 €1.09 €1.60 €2.19 €1.89 Underlying price €0.00 €0.47 €0.46 €0.40 €0.34 (Tranche 3) €0.35 (Tranche 4) €0.37 Expected dividends — % — % — % — % — % — % Volatility 87.14% - 92.92% 87.01% - 98.86% 84.03% - 89.19% 82.99% - 88.93% 79.89% - 88.22% 80.52% - 88.06% Risk-free rate 3.0108% - 3.2655% 2.9750% - 3.2290% 2.8787% -3.1274% 2.8033% - 3.1269% 2.8517% - 3.0093% 2.8625% - 2.9676% Fair value of the plan (in K€) 0.00 3.53 0.12 3.00 4.37 23.06 - Free shares (“AGA”) plan Figures are shown after the reverse stock split. Erytech Number of shares 16,460 Plan AGA 2022 Underlying price €0.82 Expected dividends — % Maturity 1 year - 3 years Fair value of plan (in K€) 135 |
Breakdown of Expenses of Plans per Financial Year | Breakdown of expenses per financial year Plan name Amount in P&L in euros thousands as of June 30, 2022 of which employees of which executive officers and executive committee of which board members AGA 202 31 171 — BSA — — — — SO 124 53 71 — Total 326 84 242 — Plan name Amount in P&L in euros thousands as of June 30, 2023 of which employees of which executive officers and executive committee of which board members AGA 66 — 66 — BSPCE 435 222 104 109 SO (110) (123) 13 — Total 391 99 183 109 |
Summary of Financial income (loss) | (amounts in thousands of euros) 06/30/2022 06/30/2023 (6 months) (6 months) Income from short term deposits 6 171 Change in fair value of derivative liabilities — — Foreign exchange gains 3,348 137 Other financial income 16 23 Financial income 3,370 331 Amortized cost of convertible notes (22) — Financial expenses on lease liability (108) (25) Interest expense related to borrowings (140) (78) Foreign exchange loss (480) (239) Other financial expenses — — Financial expenses (750) (342) Financial income (loss) 2,620 (11) |
Summary of Basic Earnings per Share and Diluted Earnings (Loss) per Share | 06/30/2022 06/30/2023 (6 months) (6 months) Net loss (in thousands of euros) (1,024) (12,201) Weighted number of shares for the period (1) 3,101,605 3,284,500 Basic loss per share (€/share) (0.33) (3.71) Diluted loss per share (€/share) (0.33) (3.71) (1) after deduction of 250 treasury shares are held by the Company as treasury shares and recognized as a deduction of shareholders’ equity) and after taking into account the effect of the reverse share split (see Note 2.9). |
NOTES RELATED TO THE CONSOLID_2
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | |
Schedule of Intangibles Assets | (amounts in thousands of euros) Notes IP R&D and Other intangible assets GROSS VALUE As of December 31,2022 1,668 Business combination 4.1.2 17,098 Increase — Decrease — FX rate impact — Reclassification — As of June 30, 2023 18,766 ACCUMULATED AMORTIZATION AND IMPAIRMENT As of December 31,2022 (1,663) Increase (2) Decrease — FX rate impact — As of June 30, 2023 (1,665) NET VALUE As of December 31, 2022 5 As of June 30, 2023 17,101 |
Summary of Business Combination | The following table summarizes the acquisition date fair value of each major class of consideration transferred. (In thousands of Euros) Note Equity instruments i 24,642 Replacement share-based payment awards ii 436 Total consideration transferred (acquisition price) 25,078 The fair value of the ordinary shares issued was based on the listed share price of the Company; Number of shares Share price Value (€ thousands) Shares issued on May 15, 2023 3,101,745 0.95 2,956 Shares issued on June 23, 2023 26,575,894 0.82 21,686 Total 29,677,639 24,642 (in thousands of euros) Note 06/30/2023 IFRS Intangible assets 4.1.1 17,098 Property, plant and equipment 4.1.3 485 Rights of use 4.2 478 Other non-current assets 83 Other current assets 1,925 Cash and cash equivalents 30 Financial liabilities 4.6 (2,936) Lease obligations 4.7 (456) Other non-current liabilities (49) Other current liabilities (5,085) Net assets acquired 11,575 Provisional Goodwill arising from the acquisition has been recognized as follows: (In thousands of Euros) Note Consideration transferred (acquisition price) A 25,078 Fair value of identifiable net assets C -11,575 Provisional Goodwill 13,503 |
Schedule of Property, Plant and Equipment | (amounts in thousands of euros) General equipment, fixtures and fittings Plant, equipment and tooling Office equipment and computers Assets under construction TOTAL GROSS VALUE As of December 31,2022 2,914 3,111 750 — 6,775 Business combination 346 110 29 — 485 Increase 0 53 0 — 53 Decrease (155) 0 0 — (155) FX rate impact (2) (2) (1) — (5) Reclassification 0 0 0 — 0 As of June 30, 2023 3,103 3,272 778 — 7,155 ACCUMULATED DEPRECIATION AND IMPAIRMENT As of December 31, 2022 (2,701) (2,957) (725) — (6,383) Depreciation (16) (49) (9) — (74) Impairment — — — — — Decrease 155 — — — 155 FX rate impact 2 1 — — 3 Reclassification — — — — — As of As of June 30, 2023 (2,560) (3,005) (734) — (6,299) NET VALUE As of December 31, 2022 213 154 25 — 393 As of June 30, 2023 543 267 44 — 857 |
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, 2022 5,673 954 119 118 6,864 Business combination 205 273 478 Increase 17 17 Decrease — FX rate impact — Reclassification — As of June 30, 2023 5,878 1,227 136 118 7,359 ACCUMULATED DEPRECIATION AND IMPAIRMENT As of December 31, 2022 (3,116) (954) (92) (118) (4,280) Increase (210) (13) (223) Decrease 87 — — — 87 FX rate impact — — — — — Reclassification 0 — — — — As of June 30, 2023 (3,239) (954) (105) (118) (4,416) NET VALUE As of December 31, 2022 2,557 — 27 — 2,584 As of June 30, 2023 2,639 273 31 — 2,943 |
Schedule of Trade Receivables and Other Current Assets | (amounts in thousands of euros) 12/31/2022 6/30/2023 Trade and other receivables 76 245 Total current trade receivables 76 245 Research Tax Credit 1,484 2,603 Other receivables (including tax and social receivables) 973 1,251 Net investment in a sublease 43 0 Deposits related to leased premises 121 (40) Advance payments and deposits to suppliers 342 342 Prepaid expenses 805 1,331 Total other current assets 3,769 5,488 |
Summary of Cash and Cash Equivalents | (amounts in thousands of euros) 12/31/2022 06/30/2023 Current account 26,676 13,105 Term deposits 12,113 12,084 Total cash and cash equivalents as reported in statement of financial position 38,789 25,189 Bank overdrafts — — Total cash and cash equivalents as reported in statement of cash flow 38,789 25,189 |
Summary of Financial Liabilities by Type | (amounts in thousands of euros) Convertible notes Conditional advances Bank loans Other Total As of December 31, 2022 — — 10,071 41 10,112 Business combination — 603 2,313 2,916 Increase — — 12 — 12 Fair value of embedded derivatives — Amortized cost — Conversion — Extinguishment of conditional advance — Repayment — — (1,243) (39) (1,282) FX rate impact (3) (3) As of June 30, 2023 — 603 11,153 (1) 11,753 |
Summary of Financial Liabilities by Maturity | Financial liabilities by maturity June 30, 2023 (in thousands of euros) Less than one year One to three years Three to five years More than five years Total Convertible notes — — — — — Conditional advances 121 481 — — 603 Bank loans 3,198 6,784 1,169 — 11,151 Other 1 — — — 1 Total financial liabilities 3,321 7,265 1,169 — 11,753 |
Summary of Lease liabilities | (in thousands of euros) Lease Liabilities As of December 31, 2022 3,455 Business combination 456 Increase without cash impact 17 Repayment (414) Decrease without cash impact (127) FX rate impact (1) Capitalized interests — Reclassification — As of June 30, 2023 3,387 |
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 June 30, 2023 828 1,255 1,303 0 3,387 |
Summary of Trade Payables and Other Current Liabilities | (amounts in thousands of euros) 12/31/2022 06/30/2023 Vendors 1,562 4,336 Vendors - accruals 3,553 4,785 Total trade and other payables 5,115 9,121 Social liabilities, taxation and social security 2,799 3,554 Fixed assets payables — — Deferred revenue 51 420 Other payables 59 59 Total other current liabilities 2,909 4,033 |
Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position | As of December 31, 2022 Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortized cost Financial liabilities at amortized cost Fair value Other non-current financial assets 195 195 195 Other current financial assets 464 464 464 Trade and other receivables 76 76 76 Other current assets 1,798 1,798 1,798 Cash and cash equivalents (2) 38,789 38,789 38,789 Total financial assets 41,322 38,789 — 2,533 — 41,322 Financial liabilities - non current portion (3) 7,547 7,547 7,547 Lease liabilities - non current portion (4) 2,680 2,680 2,680 Financial liabilities - current portion (3) 2,565 2,565 2,565 Lease liabilities - current portion (4) 775 775 775 Trade and other payables 5,115 5,115 5,115 Other current liabilities (6) 2,858 2,858 2,858 Total financial liabilities 21,540 — — — 21,540 21,540 As of June 30, 2023 Carrying amount on the statement of financial position (1) Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortized cost Financial liabilities at amortized cost Fair value Other non-current financial assets 205 205 205 Other current financial assets 302 302 302 Trade and other receivables 245 245 245 Other current assets 3,854 3,854 3,854 Cash and cash equivalents (2) 25,189 25,189 25,189 Total financial assets 29,795 25,189 — 4,606 — 29,795 Financial liabilities - non current portion (3) 8,552 8,552 8,552 Lease liabilities - non current portion (4) 2,559 2,559 2,559 Financial liabilities - current portion (3) 3,201 3,201 3,201 Lease liabilities - current portion (4) 828 828 828 Trade and other payables 9,120 9,120 9,120 Other current liabilities (5) 3,613 3,613 3,613 Total financial liabilities 27,873 — — — 27,873 27,873 (1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value. (2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 measurements. (3) The fair value of financial liabilities is determined using level 2 measurements. (4) The fair value of lease liabilities is determined using level 2 measurements. (5) Excluding current liabilities accruals |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Remuneration of Directors and Members of the Executive Committee | The remuneration of directors and members of the executive committee was as set forth in the table below. 06/30/2022 06/30/2023 (amounts in thousands of euros) Salary / fees Retirement benefits Share based payments Salary / fees Retirement benefits Share based payments Executive officers / VP and qualified person 630 110 222 875 11 136 Executive committee 993 61 20 368 8 (169) Board of directors 193 156 — — Total 1,816 171 242 1,399 19 (33) |
DESCRIPTION OF THE BUSINESS (De
DESCRIPTION OF THE BUSINESS (Details) € in Thousands, $ in Millions | 1 Months Ended | |||||||||||
Apr. 30, 2022 EUR (€) employee | Apr. 30, 2022 USD ($) employee | Nov. 30, 2017 EUR (€) | Nov. 30, 2017 USD ($) | May 31, 2013 EUR (€) | Jun. 30, 2023 EUR (€) | May 15, 2023 shares | Apr. 13, 2023 | Dec. 31, 2022 EUR (€) | Jun. 30, 2022 EUR (€) | May 25, 2022 tranch | Dec. 31, 2021 EUR (€) | |
Disclosure Of Description Of Business [Line Items] | ||||||||||||
Initial public offering amount | € 124,000 | $ 144 | € 17,700 | |||||||||
Shareholders' equity | € | € 36,632 | € 23,487 | € 22,436 | € 22,845 | ||||||||
Percentage of Company's share capital, threshold | 5% | |||||||||||
Proceeds from sales of property, plant and equipment, classified as investing activities, net of transactions costs | € 40,700 | $ 44.5 | ||||||||||
Number of employees who received employment offer | employee | 40 | 40 | ||||||||||
Net gain on disposal of property, plant, and equipment | € 3,000 | $ 3.3 | ||||||||||
Number of positions dismissed | tranch | 52 | |||||||||||
Total number of positions at date of plan | tranch | 109 | |||||||||||
Cell Therapy Manufacturing Facility | ||||||||||||
Disclosure Of Description Of Business [Line Items] | ||||||||||||
Gains on disposals of property, plant and equipment | € 24,300 | $ 26.6 | ||||||||||
Erytech and Pherecydes Merger | ||||||||||||
Disclosure Of Description Of Business [Line Items] | ||||||||||||
Shares received for every four shares (in shares) | 15 | |||||||||||
Shares issued in relation to shares owned (in shares) | 4 | |||||||||||
Shares contributed (in shares) | 827,132 | |||||||||||
Shares issued (in shares) | 3,101,745 | |||||||||||
Akkadian Partners Fund | ||||||||||||
Disclosure Of Description Of Business [Line Items] | ||||||||||||
Percentage of Company's share capital | 5.06% | |||||||||||
Percentage of Company's voting rights | 4.83% |
ACCOUNTING RULES AND METHODS -
ACCOUNTING RULES AND METHODS - Additional Information (Details) € / shares in Units, € in Thousands | 6 Months Ended | ||||
Jul. 27, 2023 € / shares | Jun. 30, 2023 EUR (€) subsidiary € / shares | Sep. 18, 2023 shares | Jul. 26, 2023 € / shares | Dec. 31, 2022 EUR (€) | |
Disclosure of geographical areas [line items] | |||||
Cash and cash equivalents | € | € 25,189 | € 38,789 | |||
Number of subsidiaries | subsidiary | 1 | ||||
Par value per share (in euro per share) | € / shares | € 1 | ||||
Reverse Stock Split | |||||
Disclosure of geographical areas [line items] | |||||
Par value per share (in euro per share) | € / shares | € 1 | € 0.10 | |||
Stock split ratio, common stock | 0.1 | ||||
Number of shares outstanding (in shares) | shares | 60,751,054 | ||||
Number of shares issued (in shares) | shares | 6,075,105 |
ACCOUNTING RULES AND METHODS _2
ACCOUNTING RULES AND METHODS - Summary of Details of the Company's Subsidiary (Details) | 6 Months Ended |
Jun. 30, 2023 | |
ERYTECH Pharma, Inc. | |
Disclosure of subsidiaries [line items] | |
Percent of Ownership Interest | 100% |
ACCOUNTING RULES AND METHODS _3
ACCOUNTING RULES AND METHODS - Summary of Accounting Policy for Exchange Rates (Details) - uSD_per_EUR | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounting Rules And Methods [Abstract] | |||
Weighted average rate | 1.0811 | 1.0940 | 1.0539 |
Closing rate | 1.0866 | 1.0387 | 1.0666 |
ACCOUNTING RULES AND METHODS _4
ACCOUNTING RULES AND METHODS - Summary of Information about Geographical Segment (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of geographical areas [line items] | ||
Revenues from external customers | € 7 | € 54 |
France | ||
Disclosure of geographical areas [line items] | ||
Revenues from external customers | 0 | 0 |
United States | ||
Disclosure of geographical areas [line items] | ||
Revenues from external customers | € 7 | € 54 |
NOTES RELATED_TO THE UNAUDITE_3
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Additional Information (Details) € in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||
Jun. 23, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Apr. 22, 2022 EUR (€) | Apr. 22, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 EUR (€) employee shares | Jun. 30, 2022 EUR (€) employee | Apr. 22, 2022 USD ($) | |
Disclosure of detailed information of operating income loss [line items] | |||||||||
Disposal of property, plant and equipment | € 0 | € 37,630 | |||||||
Property, plant and equipment | € 393 | 857 | |||||||
Right of use | 2,584 | 2,943 | |||||||
Decrease in research and development expenses | 13,900 | ||||||||
Increase in general and administrative expenses | 1,330 | ||||||||
Merger costs | € 3,413 | € 3,410 | |||||||
Outstanding equity instruments (in shares) | shares | 396,318 | ||||||||
Tax expense (income) | € 521 | € 3,737 | $ 4,086 | € (208) | € 3,737 | ||||
Research and development expenses | |||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||
Decrease in services and subcontracting expenses | 3,800 | ||||||||
Decrease in personnel expenses | € 5,700 | ||||||||
Average number of employees | employee | 27 | 117 | |||||||
Restructuring charge | € 1,691 | ||||||||
Decrease in depreciation | € 3,500 | ||||||||
Impairment | € 2,100 | ||||||||
General and administrative expenses | |||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||
Decrease in services and subcontracting expenses | € (2,200) | ||||||||
Average number of employees | employee | 18 | 32 | |||||||
Restructuring charge | € 167 | ||||||||
Decrease in personnel expenses | € (300) | ||||||||
Cell Therapy Manufacturing Facility | |||||||||
Disclosure of detailed information of operating income loss [line items] | |||||||||
Disposal of property, plant and equipment | € 40,676 | $ 44,500 | |||||||
Property, plant and equipment | 15,673 | $ 17,146 | |||||||
Intangible assets and goodwill | 4 | 4 | |||||||
Right of use | 3,022 | 3,307 | |||||||
Cancellation of lease obligation | 5,419 | 5,928 | |||||||
Transaction costs | € 3,046 | $ 3,333 |
NOTES RELATED_TO THE UNAUDITE_4
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Detailed Information of Operating Income (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of detailed information of operating income loss [line items] | ||
Total | € 278 | € 25,304 |
Research tax credit | ||
Disclosure of detailed information of operating income loss [line items] | ||
Total | 243 | 860 |
Subsidies and extinguishment of conditional advance | ||
Disclosure of detailed information of operating income loss [line items] | ||
Total | 28 | 40 |
Income from licenses or other contracts | ||
Disclosure of detailed information of operating income loss [line items] | ||
Total | 7 | 54 |
Net gain on disposal of tangible assets | ||
Disclosure of detailed information of operating income loss [line items] | ||
Total | € 0 | € 24,351 |
NOTES RELATED_TO THE UNAUDITE_5
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Operating Expense (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Operating Expenses [Line Items] | ||
Total | € 12,676 | € 25,211 |
Research and development expenses | ||
Disclosure Of Operating Expenses [Line Items] | ||
Consumables | 229 | 450 |
IT costs and maintenance | 101 | 831 |
Services, subcontracting and fees | 294 | 4,088 |
Personnel expenses | 2,640 | 8,362 |
Depreciation, amortization & impairment | 151 | 3,621 |
Other | 16 | (52) |
Total | 3,431 | 17,300 |
General and administrative expenses | ||
Disclosure Of Operating Expenses [Line Items] | ||
Consumables | 47 | 57 |
IT costs and maintenance | 442 | 175 |
Services, subcontracting and fees | 5,664 | 3,446 |
Personnel expenses | 2,957 | 3,288 |
Depreciation and amortization | (110) | 669 |
Other | 246 | 277 |
Total | 9,245 | 7,911 |
R&D | Research and development expenses | ||
Disclosure Of Operating Expenses [Line Items] | ||
Consumables | 128 | 0 |
IT costs and maintenance | (14) | 66 |
Services, subcontracting and fees | 210 | 237 |
Personnel expenses | 911 | 785 |
Depreciation, amortization & impairment | 209 | 178 |
Other | 0 | 7 |
Total | 1,444 | 1,273 |
Regulatory | Research and development expenses | ||
Disclosure Of Operating Expenses [Line Items] | ||
Consumables | 0 | |
IT costs and maintenance | 2 | |
Services, subcontracting and fees | (144) | 723 |
Personnel expenses | 348 | 467 |
Depreciation, amortization & impairment | 0 | |
Other | 0 | |
Total | 206 | 1,190 |
Clinical studies | Research and development expenses | ||
Disclosure Of Operating Expenses [Line Items] | ||
Consumables | 101 | 450 |
IT costs and maintenance | 113 | 765 |
Services, subcontracting and fees | 228 | 3,128 |
Personnel expenses | 1,381 | 7,110 |
Depreciation, amortization & impairment | (58) | 3,443 |
Other | 16 | (59) |
Total | € 1,781 | € 14,837 |
NOTES RELATED_TO THE UNAUDITE_6
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Personal Expenses (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Research and development expenses | ||
Disclosure Of Employee Benefits Expense [Line Items] | ||
Wages and salaries | € 1,937 | € 5,151 |
Share-based payments (employees and executive management) | 147 | (10) |
Social security expenses | 556 | 1,530 |
Restructuring charge | 1,691 | |
Total personnel expenses | 2,640 | 8,362 |
General and administrative expenses | ||
Disclosure Of Employee Benefits Expense [Line Items] | ||
Wages and salaries | 2,082 | 2,051 |
Share-based payments (employees and executive management) | 230 | 304 |
Social security expenses | 645 | 766 |
Restructuring charge | 167 | |
Total personnel expenses | 2,957 | 3,288 |
R&D | Research and development expenses | ||
Disclosure Of Employee Benefits Expense [Line Items] | ||
Wages and salaries | 603 | 533 |
Share-based payments (employees and executive management) | 33 | 17 |
Social security expenses | 275 | 235 |
Restructuring charge | ||
Total personnel expenses | 911 | 785 |
Regulatory | Research and development expenses | ||
Disclosure Of Employee Benefits Expense [Line Items] | ||
Wages and salaries | 287 | 381 |
Share-based payments (employees and executive management) | 0 | |
Social security expenses | 61 | 86 |
Restructuring charge | ||
Total personnel expenses | 348 | 467 |
Clinical studies | Research and development expenses | ||
Disclosure Of Employee Benefits Expense [Line Items] | ||
Wages and salaries | 1,047 | 4,237 |
Share-based payments (employees and executive management) | 114 | (27) |
Social security expenses | 220 | 1,209 |
Restructuring charge | 1,691 | |
Total personnel expenses | € 1,381 | € 7,110 |
NOTES RELATED_TO THE UNAUDITE_7
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Assumptions Used to Determine Fair Value of Plans Granted (Details) | 6 Months Ended |
Jun. 30, 2023 EUR (€) shares yr € / shares | |
Minimum | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | yr | 1 |
Maximum | |
Disclosure of detailed information of operating income loss [line items] | |
Maturity | yr | 3 |
BSPCE 2019-1 | |
Disclosure of detailed information of operating income loss [line items] | |
Number of options granted (in shares) | shares | 3,691 |
Exercise price (in euro per share) | € 1.09 |
Price of underlying share (euro per share) | € 0 |
Expected dividends | 0% |
Fair value of the plan (in K€) | € | € 0 |
BSPCE 2019-1 | Minimum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 87.14% |
Risk-free rate | 3.0108% |
BSPCE 2019-1 | Maximum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 92.92% |
Risk-free rate | 3.2655% |
BSPCE 2019-2 | |
Disclosure of detailed information of operating income loss [line items] | |
Number of options granted (in shares) | shares | 7,500 |
Exercise price (in euro per share) | € 0.92 |
Price of underlying share (euro per share) | € 0.47 |
Expected dividends | 0% |
Fair value of the plan (in K€) | € | € 3,530 |
BSPCE 2019-2 | Minimum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 87.01% |
Risk-free rate | 2.975% |
BSPCE 2019-2 | Maximum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 98.86% |
Risk-free rate | 3.229% |
BSPCE 2019-4 | |
Disclosure of detailed information of operating income loss [line items] | |
Number of options granted (in shares) | shares | 263 |
Exercise price (in euro per share) | € 1.09 |
Price of underlying share (euro per share) | € 0.46 |
Expected dividends | 0% |
Fair value of the plan (in K€) | € | € 120 |
BSPCE 2019-4 | Minimum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 84.03% |
Risk-free rate | 2.8787% |
BSPCE 2019-4 | Maximum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 89.19% |
Risk-free rate | 3.1274% |
BSPCE 2021-2 | |
Disclosure of detailed information of operating income loss [line items] | |
Number of options granted (in shares) | shares | 7,500 |
Exercise price (in euro per share) | € 1.60 |
Price of underlying share (euro per share) | € 0.40 |
Expected dividends | 0% |
Fair value of the plan (in K€) | € | € 3,000 |
BSPCE 2021-2 | Minimum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 82.99% |
Risk-free rate | 2.8033% |
BSPCE 2021-2 | Maximum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 88.93% |
Risk-free rate | 3.1269% |
BSPCE 2021-3 | |
Disclosure of detailed information of operating income loss [line items] | |
Number of options granted (in shares) | shares | 6,328 |
Exercise price (in euro per share) | € 2.19 |
Expected dividends | 0% |
Fair value of the plan (in K€) | € | € 4,370 |
BSPCE 2021-3 | Tranche three | |
Disclosure of detailed information of operating income loss [line items] | |
Price of underlying share (euro per share) | € 0.34 |
BSPCE 2021-3 | Tranche four | |
Disclosure of detailed information of operating income loss [line items] | |
Price of underlying share (euro per share) | € 0.35 |
BSPCE 2021-3 | Minimum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 79.89% |
Risk-free rate | 2.8517% |
BSPCE 2021-3 | Maximum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 88.22% |
Risk-free rate | 3.0093% |
BSPCE 2021-4 | |
Disclosure of detailed information of operating income loss [line items] | |
Number of options granted (in shares) | shares | 62,325 |
Exercise price (in euro per share) | € 1.89 |
Price of underlying share (euro per share) | € 0.37 |
Expected dividends | 0% |
Fair value of the plan (in K€) | € | € 23,060 |
BSPCE 2021-4 | Minimum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 80.52% |
Risk-free rate | 2.8625% |
BSPCE 2021-4 | Maximum | |
Disclosure of detailed information of operating income loss [line items] | |
Volatility | 88.06% |
Risk-free rate | 2.9676% |
AGA 2022 | |
Disclosure of detailed information of operating income loss [line items] | |
Number of options granted (in shares) | shares | 16,460 |
Price of underlying share (euro per share) | € 0.82 |
Expected dividends | 0% |
Fair value of the plan (in K€) | € | € 135 |
NOTES RELATED_TO THE UNAUDITE_8
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Breakdown of Expenses of Plans per Financial Year (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | € 391 | € 326 |
Employees | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 99 | 84 |
Executive officers and executive committee | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 183 | 242 |
Board members | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 109 | |
AGA | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 66 | 202 |
AGA | Employees | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 31 | |
AGA | Executive officers and executive committee | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 66 | 171 |
BSA | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 435 | |
BSA | Employees | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 222 | |
BSA | Executive officers and executive committee | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 104 | |
BSA | Board members | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | 109 | |
SO | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | (110) | 124 |
SO | Employees | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | (123) | 53 |
SO | Executive officers and executive committee | ||
Disclosure Of Fair Value Of Equity Instruments Granted [Line Items] | ||
Sharebased compensation expense recognized in profit (loss) | € 13 | € 71 |
NOTES RELATED_TO THE UNAUDITE_9
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Financial Income and Expense (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | ||
Income from short term deposits | € 171 | € 6 |
Change in fair value of derivative liabilities | 0 | 0 |
Foreign exchange gains | 137 | 3,348 |
Other financial income | 23 | 16 |
Financial income | 331 | 3,370 |
Amortized cost of convertible notes | 0 | (22) |
Financial expenses on lease liability | (25) | (108) |
Interest expense related to borrowings | (78) | (140) |
Foreign exchange loss | (239) | (480) |
Other financial expenses | 0 | 0 |
Financial expenses | (342) | (750) |
Financial income (loss) | € (11) | € 2,620 |
NOTES RELATED_TO THE UNAUDIT_10
NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - Summary of Basic Earnings per Share and Diluted Earnings (Loss) per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Disclosure Of Detailed Information Of Operating Income Loss [Abstract] | |||
Net loss (in thousands of euros) | € (12,201) | € (1,024) | |
Weighted number of shares for the period (in shares) | 3,284,500 | 3,101,605 | |
Basic loss per share (€/share) | [1] | € (3.71) | € (0.33) |
Diluted loss per share (€/share) | [1] | € (3.71) | € (0.33) |
Number of treasury shares held (in shares) | 250 | ||
[1]Following PHAXIAM reverse share split by exchange of ten existing share for one new share on September 18th 2023, the Basic /Diluted loss per share has been restated retrospectively for all periods presented. |
NOTES RELATED TO THE CONSOLID_3
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Other Intangible Assets (Details) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | € 5 |
Ending balance | 17,101 |
IP R&D and Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 5 |
Ending balance | 17,101 |
IP R&D and Other intangible assets | GROSS VALUE | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,668 |
Business combination | 17,098 |
Increase | 0 |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | 18,766 |
IP R&D and Other intangible assets | ACCUMULATED AMORTIZATION AND IMPAIRMENT | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (1,663) |
Increase | (2) |
Decrease | 0 |
FX rate impact | 0 |
Ending balance | € (1,665) |
NOTES RELATED TO THE CONSOLID_4
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Additional Information (Details) € / shares in Units, € in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||||||
Jun. 23, 2023 EUR (€) installment € / shares | Jun. 24, 2020 | Jun. 30, 2023 EUR (€) € / shares shares | May 31, 2023 shares | Jun. 30, 2023 EUR (€) € / shares shares | Jun. 30, 2022 EUR (€) | Sep. 18, 2023 shares | Jul. 27, 2023 € / shares | Jul. 26, 2023 € / shares | May 15, 2023 EUR (€) € / shares | Dec. 31, 2022 EUR (€) | Apr. 22, 2022 EUR (€) | Apr. 22, 2022 USD ($) | |
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Merger costs | € 3,413 | € 3,410 | |||||||||||
Right of use | € 2,943 | 2,943 | € 2,584 | ||||||||||
Research tax credit | 2,603 | 2,603 | € 1,484 | ||||||||||
Term deposits | € 12,084 | € 12,084 | 12,113 | ||||||||||
Maturity | 1 month | 1 month | |||||||||||
Number of shares fully paid up (in shares) | shares | 6,075,105 | 6,075,105 | |||||||||||
Number of shares fully paid up before share split (in shares) | shares | 60,751,053 | 60,751,053 | |||||||||||
Nominal value (in euro per share) | € / shares | € 1 | € 1 | |||||||||||
Number of ordinary shares issued (in shares) | shares | 26,630,756 | 3,101,745 | |||||||||||
Maximum period, tranches | 24 months | ||||||||||||
Note warrants outstanding (in shares) | shares | 303,030 | 303,030 | |||||||||||
Conditional advances | € 603 | € 603 | |||||||||||
Grant | € 29 | € 29 | |||||||||||
Borrowings, maturity | 7 years | ||||||||||||
Interest rate | 2.25% | 2.25% | |||||||||||
Trade and other payables | € 9,121 | € 9,121 | 5,115 | ||||||||||
Social liabilities, taxation and social security | 3,554 | 3,554 | 2,799 | ||||||||||
Deferred revenue | 420 | 420 | 51 | ||||||||||
Property, plant and equipment | 857 | 857 | 393 | ||||||||||
Other financial income | 23 | 16 | |||||||||||
Unsecured bank loans received | 300 | 300 | |||||||||||
Financial liabilities – current portion | 3,201 | 3,201 | 2,565 | ||||||||||
Financial liabilities – non-current portion | 8,552 | 8,552 | 7,547 | ||||||||||
Research Tax Credit, Prior Year Carryforward | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Research tax credit | 1,484 | ||||||||||||
CIR Estimate | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Research tax credit | 243 | 243 | |||||||||||
Reverse Stock Split | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Nominal value (in euro per share) | € / shares | € 1 | € 0.10 | |||||||||||
Note warrants outstanding (in shares) | shares | 30,303 | ||||||||||||
Pherecydes | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Business combination | 17,070 | ||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||
Loss of combined entity as if combination occurred at beginning of period | 17,900 | ||||||||||||
Number of installments | installment | 2 | ||||||||||||
Share price (in euro per share) | € / shares | € 0.82 | € 0.95 | |||||||||||
Trade and other payables | 3,300 | 3,300 | |||||||||||
Social liabilities, taxation and social security | 1,339 | 1,339 | |||||||||||
Deferred revenue | 416 | 416 | |||||||||||
Equity interests of acquirer | € 21,686 | € 24,642 | 24,642 | € 2,956 | |||||||||
Pherecydes | IP Osteoarticular Infection on Prostheses | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Business combination | 14,404 | ||||||||||||
Pherecydes | IP Endocarditis | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Business combination | 2,666 | ||||||||||||
Pherecydes | CIR Estimate | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Research tax credit | € 876 | ||||||||||||
Pherecydes | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Change in scope of consolidation | € 2,000 | ||||||||||||
Borrowings, maturity | 5 years | ||||||||||||
Interest rate | 2.25% | 2.25% | |||||||||||
Phagosclin | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Conditional advances | € 345 | € 345 | |||||||||||
Phagogram | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Conditional advances | 118 | 118 | |||||||||||
E. Coli | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Conditional advances | 169 | 169 | |||||||||||
Bioserra Building | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Right of use | 2,433 | 2,433 | |||||||||||
Nantes Premises | Pherecydes | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Right of use | 64 | ||||||||||||
Roussel Premises | Pherecydes | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Right of use | 141 | ||||||||||||
Research Equipment | Pherecydes | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Right of use | € 205 | ||||||||||||
Term deposits | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Term deposits | 12,000 | 12,000 | 12,000 | ||||||||||
Convertible to cash | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Term deposits | 100 | 100 | |||||||||||
Cell Therapy Manufacturing Facility | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Property, plant and equipment | € 15,673 | $ 17,146 | |||||||||||
Accumulated depreciation, amortisation and impairment | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Right of use | (4,416) | (4,416) | (4,280) | ||||||||||
Property, plant and equipment | (6,299) | (6,299) | (6,383) | ||||||||||
Impairment | 0 | ||||||||||||
Gross carrying amount | |||||||||||||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | |||||||||||||
Right of use | 7,359 | 7,359 | 6,864 | ||||||||||
Property, plant and equipment | € 7,155 | € 7,155 | € 6,775 |
NOTES RELATED TO THE CONSOLID_5
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Business Acquisition Consideration Transferred and Equity Instruments Issued (Details) - Pherecydes € / shares in Units, € in Thousands | Jun. 30, 2023 EUR (€) shares | Jun. 23, 2023 EUR (€) shares € / shares | May 15, 2023 EUR (€) shares € / shares |
Disclosure of detailed information about business combination [line items] | |||
Equity interests of acquirer | € 24,642 | € 21,686 | € 2,956 |
Replacement Share-based Payment Awards | 436 | ||
Consideration transferred (acquisition price) | € 25,078 | € 25,078 | |
Number of shares | shares | 29,677,639 | 26,575,894 | 3,101,745 |
Share price (in euro per share) | € / shares | € 0.82 | € 0.95 |
NOTES RELATED TO THE CONSOLID_6
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Fair Value of Identifiable Assets and Liabilities at Transaction (Details) - Pherecydes - EUR (€) € in Thousands | Jun. 30, 2023 | Jun. 23, 2023 |
Disclosure of detailed information about business combination [line items] | ||
Intangible assets | € 17,098 | |
Property, plant and equipment | 485 | |
Rights of use | 478 | |
Other non-current assets | 83 | |
Other current assets | 1,925 | |
Cash and cash equivalents | 30 | |
Financial liabilities | (2,936) | |
Lease obligations | (456) | |
Other non-current liabilities | (49) | |
Other current liabilities | (5,085) | |
Net assets acquired | € 11,575 | € 11,575 |
NOTES RELATED TO THE CONSOLID_7
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Goodwill from Business Combination (Details) - Pherecydes - EUR (€) € in Thousands | Jun. 30, 2023 | Jun. 23, 2023 |
Disclosure of detailed information about business combination [line items] | ||
Consideration transferred (acquisition price) | € 25,078 | € 25,078 |
Net assets acquired | € (11,575) | (11,575) |
Goodwill | € 13,503 |
NOTES RELATED TO THE CONSOLID_8
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Property, Plant and Equipment (Details) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | € 393 |
Ending balance | 857 |
General equipment, fixtures and fittings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 213 |
Ending balance | 543 |
Plant, equipment and tooling | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 154 |
Ending balance | 267 |
Office equipment and computers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 25 |
Ending balance | 44 |
Assets under construction | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 0 |
Ending balance | 0 |
GROSS VALUE | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 6,775 |
Business combination | 485 |
Increase | 53 |
Decrease | (155) |
FX rate impact | (5) |
Reclassification | 0 |
Ending balance | 7,155 |
GROSS VALUE | General equipment, fixtures and fittings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 2,914 |
Business combination | 346 |
Increase | 0 |
Decrease | (155) |
FX rate impact | (2) |
Reclassification | 0 |
Ending balance | 3,103 |
GROSS VALUE | Plant, equipment and tooling | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 3,111 |
Business combination | 110 |
Increase | 53 |
Decrease | 0 |
FX rate impact | (2) |
Reclassification | 0 |
Ending balance | 3,272 |
GROSS VALUE | Office equipment and computers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 750 |
Business combination | 29 |
Increase | 0 |
Decrease | 0 |
FX rate impact | (1) |
Reclassification | 0 |
Ending balance | 778 |
GROSS VALUE | Assets under construction | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 0 |
Business combination | 0 |
Increase | 0 |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | 0 |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (6,383) |
Decrease | 155 |
Depreciation | (74) |
Impairment | 0 |
FX rate impact | 3 |
Reclassification | 0 |
Ending balance | (6,299) |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | General equipment, fixtures and fittings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (2,701) |
Decrease | 155 |
Depreciation | (16) |
Impairment | 0 |
FX rate impact | 2 |
Reclassification | 0 |
Ending balance | (2,560) |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | Plant, equipment and tooling | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (2,957) |
Decrease | 0 |
Depreciation | (49) |
Impairment | 0 |
FX rate impact | 1 |
Reclassification | 0 |
Ending balance | (3,005) |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | Office equipment and computers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (725) |
Decrease | 0 |
Depreciation | (9) |
Impairment | 0 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | € (734) |
NOTES RELATED TO THE CONSOLID_9
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Right of Use (Details) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | € 2,584 |
Ending balance | 2,943 |
GROSS VALUE | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 6,864 |
Business combination | 478 |
Increase | 17 |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | 7,359 |
ACCUMULATED DEPRECIATION AND IMPAIRMENT | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | (4,280) |
Increase | (223) |
Decrease | 87 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | (4,416) |
Buildings | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 2,557 |
Ending balance | 2,639 |
Buildings | GROSS VALUE | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 5,673 |
Business combination | 205 |
Increase | |
Decrease | |
FX rate impact | |
Reclassification | |
Ending balance | 5,878 |
Buildings | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | (3,116) |
Increase | (210) |
Decrease | 87 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | (3,239) |
Plant, equipment and tooling | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 0 |
Ending balance | 273 |
Plant, equipment and tooling | GROSS VALUE | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 954 |
Business combination | 273 |
Increase | |
Decrease | |
FX rate impact | |
Reclassification | |
Ending balance | 1,227 |
Plant, equipment and tooling | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | (954) |
Increase | |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | (954) |
Transport equipment | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 27 |
Ending balance | 31 |
Transport equipment | GROSS VALUE | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 119 |
Business combination | |
Increase | 17 |
Decrease | |
FX rate impact | |
Reclassification | |
Ending balance | 136 |
Transport equipment | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | (92) |
Increase | (13) |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | (105) |
Office equipment and computers | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 0 |
Ending balance | 0 |
Office equipment and computers | GROSS VALUE | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | 118 |
Business combination | |
Increase | |
Decrease | |
FX rate impact | |
Reclassification | |
Ending balance | 118 |
Office equipment and computers | ACCUMULATED DEPRECIATION AND IMPAIRMENT | |
Disclosure Of Detailed Information Of Right Of Use [Line Items] | |
Beginning balance | (118) |
Increase | |
Decrease | 0 |
FX rate impact | 0 |
Reclassification | 0 |
Ending balance | € (118) |
NOTES RELATED TO THE CONSOLI_10
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Schedule of Trade Receivables and Other Current Assets (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | ||||
Trade and other receivables | € 245 | € 76 | € 76 | |
Research Tax Credit | 2,603 | 1,484 | ||
Other receivables (including tax and social receivables) | 1,251 | 973 | ||
Net investment in a sublease | 0 | 43 | ||
Deposits related to leased premises | (40) | 121 | ||
Advance payments and deposits to suppliers | 342 | 342 | ||
Prepaid expenses | 1,331 | 805 | ||
Total other current assets | € 5,488 | € 3,769 | € 3,769 | € 5,488 |
NOTES RELATED TO THE CONSOLI_11
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | ||||
Current account | € 13,105 | € 26,676 | ||
Term deposits | 12,084 | 12,113 | ||
Total cash and cash equivalents as reported in statement of financial position | 25,189 | 38,789 | ||
Bank overdrafts | 0 | 0 | ||
Total cash and cash equivalents as reported in statement of cash flow | € 25,189 | € 38,789 | € 53,339 | € 33,699 |
NOTES RELATED TO THE CONSOLI_12
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Financial Liabilities by Type (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | € 10,112 | |
Business combination | 2,916 | |
Increase | 12 | |
Fair value of embedded derivatives | 0 | |
Amortized cost | 0 | |
Conversion | 0 | |
Extinguishment of conditional advance | 0 | |
Repayment | (1,282) | € 0 |
FX rate impact | (3) | |
Liabilities arising from financing activities at end of period | 11,753 | |
Convertible notes | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 0 | |
Business combination | 0 | |
Increase | 0 | |
Fair value of embedded derivatives | ||
Amortized cost | ||
Conversion | ||
Extinguishment of conditional advance | ||
Repayment | 0 | |
FX rate impact | ||
Liabilities arising from financing activities at end of period | 0 | |
Conditional advances | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 0 | |
Business combination | 603 | |
Increase | 0 | |
Fair value of embedded derivatives | ||
Amortized cost | ||
Conversion | ||
Extinguishment of conditional advance | ||
Repayment | 0 | |
FX rate impact | ||
Liabilities arising from financing activities at end of period | 603 | |
Bank loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 10,071 | |
Business combination | 2,313 | |
Increase | 12 | |
Fair value of embedded derivatives | ||
Amortized cost | ||
Conversion | ||
Extinguishment of conditional advance | ||
Repayment | (1,243) | |
FX rate impact | ||
Liabilities arising from financing activities at end of period | 11,153 | |
Other | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at beginning of period | 41 | |
Business combination | ||
Increase | 0 | |
Fair value of embedded derivatives | ||
Amortized cost | ||
Conversion | ||
Extinguishment of conditional advance | ||
Repayment | (39) | |
FX rate impact | (3) | |
Liabilities arising from financing activities at end of period | € (1) |
NOTES RELATED TO THE CONSOLI_13
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Financial Liabilities by Maturity (Details) € in Thousands | Jun. 30, 2023 EUR (€) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Convertible notes | € 0 |
Conditional advances | 603 |
Bank loans | 11,151 |
Other | 1 |
Total financial liabilities | 11,753 |
Less than one year | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Convertible notes | 0 |
Conditional advances | 121 |
Bank loans | 3,198 |
Other | 1 |
Total financial liabilities | 3,321 |
One to three years | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Convertible notes | 0 |
Conditional advances | 481 |
Bank loans | 6,784 |
Other | 0 |
Total financial liabilities | 7,265 |
Three to five years | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Convertible notes | 0 |
Conditional advances | 0 |
Bank loans | 1,169 |
Other | 0 |
Total financial liabilities | 1,169 |
More than five years | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Convertible notes | 0 |
Conditional advances | 0 |
Bank loans | 0 |
Other | 0 |
Total financial liabilities | € 0 |
NOTES RELATED TO THE CONSOLI_14
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Lease Liabilities (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | ||
Lease liabilities, beginning balance | € 3,455 | |
Increase without cash impact | 17 | |
Repayment | (414) | € (907) |
Decrease without cash impact | (127) | |
FX rate impact | (1) | |
Capitalized interests | 0 | |
Reclassification | 0 | |
Lease liabilities, ending balance | 3,387 | |
Pherecydes | ||
Notes Related To The Consolidated Statements Of Financial Position [Line Items] | ||
Lease obligations | € (456) |
NOTES RELATED TO THE CONSOLI_15
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Lease Liabilities By Maturity (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Lease liabilities | € 3,387 | € 3,455 |
Less than one year | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Lease liabilities | 828 | |
One to three years | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Lease liabilities | 1,255 | |
Three to five years | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Lease liabilities | 1,303 | |
More than five years | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Lease liabilities | € 0 |
NOTES RELATED TO THE CONSOLI_16
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Trade Payables and Other Current Liabilities (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Notes Related To The Consolidated Statements Of Financial Position [Abstract] | ||
Vendors | € 4,336 | € 1,562 |
Vendors - accruals | 4,785 | 3,553 |
Total trade and other payables | 9,121 | 5,115 |
Social liabilities, taxation and social security | 3,554 | 2,799 |
Fixed assets payables | 0 | 0 |
Deferred revenue | 420 | 51 |
Other payables | 59 | 59 |
Total other current liabilities | € 4,033 | € 2,909 |
NOTES RELATED TO THE CONSOLI_17
NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||||
Trade and other receivables | € 245 | € 76 | € 76 | |
Other current assets | 5,488 | 3,769 | € 3,769 | € 5,488 |
Cash and cash equivalents | 25,189 | 38,789 | ||
Financial liabilities – non-current portion | 8,552 | 7,547 | ||
Lease liabilities - non-current portion | 2,559 | 2,680 | ||
Financial liabilities – current portion | 3,201 | 2,565 | ||
Lease liabilities - current portion | 828 | 775 | ||
Trade and other payables | 9,121 | 5,115 | ||
Other current liabilities | 4,033 | 2,909 | ||
Total financial liabilities | 11,753 | |||
Pherecydes | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Trade and other payables | 3,300 | |||
Financial liabilities at carrying value | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities – non-current portion | 7,547 | |||
Lease liabilities - non-current portion | 2,680 | |||
Financial liabilities – current portion | 2,565 | |||
Lease liabilities - current portion | 775 | |||
Trade and other payables | 5,115 | |||
Other current liabilities | 2,858 | |||
Total financial liabilities | 21,540 | |||
Financial liabilities at fair value through profit or loss, category | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Total financial liabilities | 0 | |||
Financial liabilities at amortised cost, category | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities – non-current portion | 8,552 | 7,547 | ||
Lease liabilities - non-current portion | 2,559 | 2,680 | ||
Financial liabilities – current portion | 3,201 | 2,565 | ||
Lease liabilities - current portion | 828 | 775 | ||
Trade and other payables | 9,120 | 5,115 | ||
Other current liabilities | 3,613 | 2,858 | ||
Total financial liabilities | 27,873 | 21,540 | ||
Financial liabilities at fair value, class | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities – non-current portion | 8,552 | 7,547 | ||
Lease liabilities - non-current portion | 2,559 | 2,680 | ||
Financial liabilities – current portion | 3,201 | 2,565 | ||
Lease liabilities - current portion | 828 | 775 | ||
Trade and other payables | 9,120 | 5,115 | ||
Other current liabilities | 3,613 | 2,858 | ||
Total financial liabilities | 27,873 | 21,540 | ||
Financial assets at carrying value | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities – non-current portion | 8,552 | |||
Lease liabilities - non-current portion | 2,559 | |||
Financial liabilities – current portion | 3,201 | |||
Lease liabilities - current portion | 828 | |||
Trade and other payables | 9,120 | |||
Other current liabilities | 3,613 | |||
Total financial liabilities | 27,873 | |||
Financial assets at carrying value | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Other non-current financial assets | 205 | 195 | ||
Other current financial assets | 302 | 464 | ||
Trade and other receivables | 245 | 76 | ||
Other current assets | 3,854 | 1,798 | ||
Cash and cash equivalents | 25,189 | 38,789 | ||
Total financial assets | 29,795 | 41,322 | ||
Financial assets at fair value through profit or loss, category | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 25,189 | 38,789 | ||
Total financial assets | 25,189 | 38,789 | ||
Financial assets at amortised cost, category | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Other non-current financial assets | 205 | 195 | ||
Other current financial assets | 302 | 464 | ||
Trade and other receivables | 245 | 76 | ||
Other current assets | 3,854 | 1,798 | ||
Total financial assets | 4,606 | 2,533 | ||
Financial assets at fair value | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Other non-current financial assets | 205 | 195 | ||
Other current financial assets | 302 | 464 | ||
Trade and other receivables | 245 | 76 | ||
Other current assets | 3,854 | 1,798 | ||
Cash and cash equivalents | 25,189 | 38,789 | ||
Total financial assets | € 29,795 | € 41,322 |
RELATED PARTIES - Summary of Re
RELATED PARTIES - Summary of Remuneration of Directors and Members of the Executive Committee (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Salary / fees | € 1,399 | € 1,816 |
Retirement benefits | 19 | 171 |
Share based payments | (33) | 242 |
Executive officers / VP and qualified person | ||
Disclosure of transactions between related parties [line items] | ||
Salary / fees | 875 | 630 |
Retirement benefits | 11 | 110 |
Share based payments | 136 | 222 |
Executive committee | ||
Disclosure of transactions between related parties [line items] | ||
Salary / fees | 368 | 993 |
Retirement benefits | 8 | 61 |
Share based payments | (169) | 20 |
Board of directors | ||
Disclosure of transactions between related parties [line items] | ||
Salary / fees | 156 | 193 |
Retirement benefits | 0 | |
Share based payments | € 0 |
RELATED PARTIES - Additional In
RELATED PARTIES - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2023 manager | Jun. 23, 2023 | |
Disclosure of transactions between related parties [line items] | ||
Number of deputy general manager | 2 | |
Chief Executive Officer | ||
Disclosure of transactions between related parties [line items] | ||
Health insurance contribution maximum | 0.60 | |
Employee benefits contribution maximum | 0.60 | |
Supplemental retirement contribution maximum | 0.50 | |
Chief Executive Officer and Deputy General Managers | ||
Disclosure of transactions between related parties [line items] | ||
Compensation, remuneration period | 12 months | |
Chief Executive Officer and Deputy General Managers | Maximum | ||
Disclosure of transactions between related parties [line items] | ||
Compensation, remuneration period | 18 months |
OFF-BALANCE SHEET COMMITMENTS -
OFF-BALANCE SHEET COMMITMENTS - Additional Information (Details) € in Millions, $ in Millions | 12 Months Ended | 24 Months Ended | |||
Jun. 24, 2020 | Dec. 31, 2019 USD ($) | Dec. 31, 2019 EUR (€) | Jun. 30, 2021 lease | Jun. 24, 2019 USD ($) | |
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||
Maximum period, tranches | 24 months | ||||
Number of sublease agreements | lease | 2 | ||||
SQZ Biotechnologies | |||||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||
Upfront payment received | $ 1 | € 0.9 | |||
SQZ Biotechnologies | Top of range | |||||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||||
Potential development, regulatory and commercial mile stone payments | $ | $ 56 |