Document and Entity Information
Document and Entity Information | 12 Months Ended | |
Dec. 31, 2023 shares | Dec. 31, 2022 | |
Document Entity Information | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-38974 | |
Entity Registrant Name | Biophytis SA | |
Entity Incorporation, State or Country Code | I0 | |
Entity Address, Address Line One | Sorbonne University—BC 9 | |
Entity Address, Address Line Two | Bâtiment A 4ème étage | |
Entity Address, Address Line Three | 4 pace Jussieu | |
Entity Address, Postal Zip Code | 75005 | |
Entity Address, City or Town | Paris | |
Entity Address, Country | FR | |
Entity Common Stock, Shares Outstanding | 1,040,482,402 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Central Index Key | 0001768946 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Auditor Name | KPMG SA | Ernst & Young et Autres |
Auditor Firm ID | 1253 | 1704 |
Auditor Location | Paris La Défense, France | Paris-La Défense, France |
Document Financial Statement Error Correction [Flag] | false | |
Business Contact | ||
Document Entity Information | ||
Entity Address, Address Line One | Sorbonne University-BC 9 | |
Entity Address, Postal Zip Code | 75005 | |
Entity Address, City or Town | Paris | |
Entity Address, Country | FR | |
Contact Personnel Name | Stanislas Veillet | |
City Area Code | 33 | |
Local Phone Number | 1 44 27 23 00 | |
ADS | ||
Document Entity Information | ||
Trading Symbol | BPTS | |
Title of 12(b) Security | American Depositary Shares, each representing 100 ordinary shares | |
Number of ordinary shares that each ADS represents | 100 | |
Security Exchange Name | NASDAQ | |
Ordinary shares | ||
Document Entity Information | ||
Title of 12(b) Security | Ordinary shares, €0.002 nominal value per share* | |
Security Exchange Name | NASDAQ | |
No Trading Symbol Flag | true |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Patents and software | € 2,637,000 | € 2,655,000 | € 2,757,000 |
Property, plant and equipment | 315,000 | 584,000 | 563,000 |
Other non-current financial assets | 158,000 | 173,000 | 186,000 |
Total non-current assets | 3,110,000 | 3,411,000 | 3,506,000 |
Other receivables and prepaid expenses | 2,916,000 | 6,934,000 | 6,536,000 |
Other current financial assets | 368,000 | 590,000 | 904,000 |
Cash and cash equivalents | 5,567,000 | 11,053,000 | 23,926,000 |
Total current assets | 8,850,000 | 18,576,000 | 31,366,000 |
TOTAL ASSETS | 11,960,000 | 21,987,000 | 34,872,000 |
Shareholder equity | |||
Share capital | 2,080,964.81 | 47,660,000 | 27,191,000 |
Premiums related to the share capital | 13,483,000 | (1,588,000) | 27,781,000 |
Treasury shares | (12,000) | (21,000) | (51,000) |
Foreign currency translation adjustment | (25,000) | (25,000) | (73,000) |
Reserves - attributable to the owners of the parent | (2,357,000) | (23,689,000) | (17,850,000) |
Net loss - attributable to the owners of the parent | (17,026,000) | (24,216,000) | (31,163,000) |
Shareholder equity - attributable to the owners of the parent | (3,857,000) | (1,879,000) | 5,835,000 |
Non-controlling interests | (32,000) | (32,000) | (32,000) |
Total shareholder equity (deficit) | (3,889,000) | (1,911,000) | 5,803,000 |
Liabilities | |||
Employee benefit obligations | 237,000 | 183,000 | 205,000 |
Non-current financial liabilities | 3,247,000 | 4,367,000 | 5,518,000 |
Non-current derivative financial instruments | 536,000 | ||
Total non-current liabilities | 3,484,000 | 4,551,000 | 6,259,000 |
Current financial liabilities | 5,023,000 | 10,213,000 | 12,037,000 |
Provisions | 223,000 | 75,000 | |
Trade payable | 5,392,000 | 6,940,000 | 7,606,000 |
Tax and social liabilities | 1,348,000 | 1,780,000 | 1,998,000 |
Current derivative financial liabilities | 1,000 | 13,000 | 788,000 |
Other creditors and miscellaneous liabilities | 378,000 | 328,000 | 381,000 |
Total current liabilities | 12,365,000 | 19,348,000 | 22,810,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | € 11,960,000 | € 21,987,000 | € 34,872,000 |
CONSOLIDATED STATEMENT OF PROFI
CONSOLIDATED STATEMENT OF PROFIT OR LOSS - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS | |||
Research and development expenses, net | € (8,845) | € (16,034) | € (19,665) |
General and administrative expenses | (5,488) | (7,237) | (7,150) |
Operating loss | (14,333) | (23,272) | (26,815) |
Financial expenses | (1,633) | (2,564) | (2,517) |
Financial income | 269 | 983 | 24 |
Change in fair value of derivative liabilities and convertible bonds | (1,330) | 637 | (1,856) |
Net financial expense | (2,694) | (944) | (4,349) |
Loss before taxes | (17,026) | (24,216) | (31,164) |
Net loss | (17,026) | (24,216) | (31,164) |
Attributable to the owners of the parent | € (17,026) | € (24,216) | (31,163) |
Non-controlling interests | € (1) | ||
Basic weighted average number of shares outstanding | 543,074,353 | 174,839,276 | 118,282,679 |
Diluted weighted average number of shares outstanding | 543,074,353 | 174,839,276 | 118,282,679 |
Basic loss per share (Euro/share) | € (0.03) | € (0.14) | € (0.26) |
Diluted loss per share (Euro/share) | € (0.03) | € (0.14) | € (0.26) |
CONSOLIDATED STATEMENT OF PRO_2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE PROFIT OR LOSS - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE PROFIT OR LOSS | |||
Net loss for the year | € (17,026) | € (24,216) | € (31,164) |
Items that will not be reclassified to profit or loss | |||
Actuarial gains and losses | 1 | 80 | 23 |
Items that will be reclassified to profit or loss | |||
Foreign currency translation adjustment | (1) | 48 | |
Other comprehensive income items | 1 | 128 | 23 |
Total other comprehensive profit or loss | (17,026) | (24,089) | (31,141) |
Attributable to the owners of the parent | € (17,026) | € (24,089) | (31,140) |
Non-controlling interests | € (1) |
Statement of changes in consoli
Statement of changes in consolidated shareholders' equity - EUR (€) € in Thousands | Capital | Additional paid-in capital | Reserves and income | Conversion reserve | Share-based payment | Impact of separate accounting for convertible notes and non-convertible bonds | Own shares | Shareholders' equity - Attributable to Biophytis shareholders | Non-controlling interests | Total |
Balance at Dec. 31, 2020 | € 20,151 | € 22,538 | € (46,740) | € (72) | € 5,521 | € 944 | € (42) | € 2,299 | € (31) | € 2,268 |
Net loss for the period | (31,163) | (31,163) | (1) | (31,164) | ||||||
Other comprehensive profit or loss | 23 | 23 | 23 | |||||||
Total other comprehensive profit or loss | (31,140) | (31,140) | (1) | (31,141) | ||||||
Bond conversions | 3,276 | 7,664 | 10,940 | 10,940 | ||||||
Share capital increase | 3,390 | 16,814 | 20,205 | € 20,205 | ||||||
Share capital increase (in shares) | 1,867,304 | |||||||||
Exercise of warrants | 373 | 369 | 742 | € 742 | ||||||
Biophytis shares delivered to Negma | 1,521 | 1,521 | 1,521 | |||||||
Cancellation of 2018 Kreos warrants (As restated) | (47) | (47) | (47) | |||||||
Allocation of premiums to retained earnings | (17,505) | 17,505 | ||||||||
Treasury shares net movements | (9) | (9) | (9) | |||||||
Gains and losses, net related to treasury shares | 2 | 2 | 2 | |||||||
Equity settled share-based payments | 3,421 | 3,421 | 3,421 | |||||||
Costs incurred in relation to equity transactions | (2,099) | (2,099) | (2,099) | |||||||
Balance at Dec. 31, 2021 | 27,191 | 27,781 | (58,852) | (72) | 8,942 | 897 | (51) | 5,835 | (32) | 5,803 |
Net loss for the period | (24,216) | (24,216) | (24,216) | |||||||
Other comprehensive profit or loss | 80 | 48 | 128 | 128 | ||||||
Total other comprehensive profit or loss | (24,136) | 48 | (24,089) | (24,089) | ||||||
Bond conversions | 18,638 | (7,798) | 10,840 | € 10,840 | ||||||
Share capital increase | 20,469 | |||||||||
Share capital increase (in shares) | 102,343,985 | |||||||||
Exercise of 'BSA' warrants and 'BSPCE' warrants | € 1,831 | (1,823) | 8 | € 8 | ||||||
Exercise of 'BSA' warrants and 'BSPCE' warrants (in shares) | 9,154,939 | |||||||||
Allocation of premiums to retained earnings | (19,748) | 19,748 | ||||||||
Treasury shares net movements | 30 | 30 | 30 | |||||||
Gains and losses, net related to treasury shares | (71) | (71) | (71) | |||||||
Equity settled share-based payments | 5,567 | 5,567 | 5,567 | |||||||
Balance at Dec. 31, 2022 | € 47,660 | (1,588) | (63,312) | (25) | 14,510 | 896 | (21) | (1,880) | (32) | € (1,911) |
Balance (shares) at Dec. 31, 2022 | 238,297,642 | |||||||||
Net loss for the period | (17,026) | (17,026) | € (17,026) | |||||||
Other comprehensive profit or loss | 1 | (1) | 1 | 1 | ||||||
Total other comprehensive profit or loss | (17,025) | (1) | (17,026) | (17,026) | ||||||
Bond conversions | 16,772 | (8,929) | 7,843 | € 7,843 | ||||||
Bond conversions (in shares) | 350,334,130 | |||||||||
Share capital increase | 1,963 | 3,577 | 5,541 | € 5,541 | ||||||
Share capital increase (in shares) | 210,733,955 | |||||||||
Exercise of 'BSA' warrants and 'BSPCE' warrants | 849 | 1,297 | 2,146 | € 2,146 | ||||||
Capital reduction | (65,163) | 65,163 | (65,163) | |||||||
Cancellation of 2018 Kreos warrants (As restated) | (32) | |||||||||
Allocation of premiums to retained earnings | 20,428 | (20,428) | ||||||||
Treasury shares net movements | 10 | 10 | 10 | |||||||
Gains and losses, net related to treasury shares | (17) | (17) | (17) | |||||||
Equity settled share-based payments | 812 | 812 | 812 | |||||||
Other changes affecting shareholder equity | 25 | 25 | 17 | |||||||
Costs incurred in relation to equity transactions | (1,303) | (1,303) | (1,303) | |||||||
Balance at Dec. 31, 2023 | € 2,081 | € 13,483 | € (35,602) | € (25) | € 15,322 | € 896 | € (12) | € (3,857) | € (32) | € (3,889) |
Balance (shares) at Dec. 31, 2023 | 1,040,482,402 |
STATEMENT OF CONSOLIDATED CASH
STATEMENT OF CONSOLIDATED CASH FLOWS € in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Cash flow used in operating activities | |||
Net loss | € (17,026) | € (24,216) | € (31,164) |
Adjustments to reconcile net loss to cash flows from operating activities | |||
Amortization and depreciation of intangible and tangible assets | 803 | 484 | 311 |
Additions of provisions, net of reversals | (72) | (89) | 39 |
Expenses associated with share-based payments | 812 | 5,567 | 3,422 |
Financial interest | 1,022 | 1,853 | 562 |
Amortization of the day one Loss | 54 | ||
Change in fair value of financial instruments | 1,330 | (637) | 1,856 |
Interests on investment accounts | (4) | (4) | |
Net financial indemnities Negma | (1,000) | 1,675 | |
Unwinding of conditional advances and other financial expenses | 12 | 22 | 397 |
Amortized cost of non-convertible bonds and debt component of the convertible notes | 272 | 364 | 68 |
Cash flow used in operating activities before changes in working capital | (12,847) | (17,652) | (22,785) |
(-) Change in working capital (net of depreciation of trade receivables and inventories) | (26) | (1,335) | 1,010 |
(Increase) decrease in Other non-current financial assets | 14 | (2) | |
(Increase) decrease in other receivables | 1,670 | (398) | 1,297 |
Increase (decrease) in trade accounts payable | (1,328) | (665) | 380 |
Increase (decrease) in tax and social security liabilities | (432) | (219) | (552) |
Increase (decrease) in other creditors and accrued liabilities | 50 | (53) | (113) |
Cash flow used in operating activities | (12,873) | (18,988) | (23,795) |
Cash flow used in investment operations | |||
Acquisition of intangible and tangible assets | (220) | (141) | (344) |
Interest on investment account | 4 | ||
Purchase of term deposits classified as other current financial assets | 110 | ||
Decrease (increase) in short term deposits accounts | 590 | 14 | 12,500 |
Cash flow used in investment operations | 370 | (17) | 12,160 |
Cash flow from/used in to financing operations | |||
Proceeds from share capital increase | 5,541 | 16,584 | |
Costs paid in relation to equity transactions | (1,303) | (2,099) | |
Net financial indemnity received from/ (paid to) Negma | 1,000 | (1,675) | |
Exercise of 'BSA' warrants and 'BSPCE' warrants | 2,146 | 6 | 742 |
Proceeds from research tax credit prefinancing, net of guarantee deposit | 1,098 | 1,834 | 3,011 |
Reimbursement of the prefinanced CIR receivables, net of guarantee deposit | (3,450) | (2,252) | |
Proceeds from conditional advances | 4 | 400 | |
Repayment of conditional advances | (220) | (224) | (279) |
Proceeds from subsidies | 204 | ||
Financial interest paid | (460) | (662) | (562) |
Conversion settled with cash payment | (910) | ||
Proceeds from the issuance of convertible notes and non-convertible bonds | 1,890 | 9,510 | 20,484 |
Repayment non-convertible bonds | (1,262) | (1,844) | (3,550) |
Costs incurred in relation to the issuance of convertible notes and non-convertible bonds | (121) | (125) | |
Repayment of lease obligations | (283) | (244) | (54) |
Cash flow used in financing operations | 7,027 | 6,134 | 29,715 |
Net effect of exchange rate changes on cash and cash equivalents | (9) | (3) | (1) |
Increase (decrease) in cash and cash equivalents | (5,485) | (12,873) | 18,079 |
Cash and cash equivalents at the beginning of the period | 11,053 | 23,926 | 5,847 |
Cash and cash equivalents at the end of the period | € 5,567 | € 11,053 | € 23,926 |
General information about the C
General information about the Company | 12 Months Ended |
Dec. 31, 2023 | |
General information about the Company | |
General information about the Company | Note 1: General information about the Company Founded in September 2006, Biophytis SA is a clinical-stage biotechnology company specializing in the development of treatments aimed at slowing down the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases. Biophytis is a limited company (société anonyme) subject to French law, with its registered office at 14, avenue de l’Opéra, 75001 Paris, France (Company registration number: 492 002 225 RCS PARIS). The Company’s standard shares are listed on Euronext Growth Paris (Mnemo: ALBPS-ISIN: FR0012816825). The ADSs (American Depositary Shares) have been listed on the Nasdaq Capital Market since February 10, 2021 under the symbol “BPTS”. Biophytis and its subsidiaries are hereinafter referred to as “Biophytis” or the “Company”. The consolidated financial statements of Biophytis for the year ended December 31, 2023, or the “Financial Statements”, were prepared under the responsibility of the Company’s management and were approved and authorized for issue by the Company’s Board of Directors on April 8, 2024. The accounts will also be submitted to the Annual General Meeting for approval. |
Notable events
Notable events | 12 Months Ended |
Dec. 31, 2023 | |
Notable events | |
Notable events | Note 2: Notable events 2.1. Research and development activity During the 2023 financial year, the Company continued the development of its main clinical and preclinical programs involving BIO101 (20-hydroxyecdysone), formerly known as Sarconeos (BIO101). 2.1.1. COVA program for severe forms of COVID-19 In early February 2023, Biophytis announced the final results of its COVA phase 2-3 clinical trial, including the data from the 54 patients, out of the 233 treated, who were enrolled for the first part of the study but were missing from the preliminary analysis published on September 7, 2022. The final analysis shows that the COVA study achieved its primary objective, with a significant 44% (p =0.043) reduction in the risk of respiratory failure or early death in patients hospitalized with severe COVID-19. In addition, BIO101 (20-hydroxyecdysone) has a good safety profile, with a lower proportion of patients experiencing adverse events when compared to the placebo (57% vs. 64%), in particular a lower frequency of serious adverse events, mainly respiratory (25% vs. 31%). Detailed study results were presented at the European Respiratory Society’s Pulmonology Conference in Estoril, Portugal, in March 2023, and at the American Thoracic Society’s Conference in Washington DC, USA, in May 2023. On the strength of these results, the Company has begun the regulatory formalities that will allow BIO101 (20-hydroxyecdysone) to be deployed as quickly as possible for hospitalized patients with severe COVID-19 at risk of respiratory failure and death. The Company has pursued a multi-pronged strategy for this: Application for Conditional Marketing Authorization (cMA) for Europe and Emergency Use Authorization (EUA) in the United States. The Company has requested a pre-submission meeting with a view to applying for conditional marketing authorization in Europe from the EMA, and in the USA from the FDA in view of the health emergency. The company announced on August 16, 2023 that it had received responses from the European Medicines Agency (EMA) and the Food and Drug Administration (FDA) with the recommendation to seek Scientific Opinions from the relevant agencies on the proposed clinical and regulatory development plan of BIO101 (20-hydroxyecdysone) for severe forms of COVID-19 up to full MA. Responses are expected for the first half of 2024. Applications for early access programs in key countries. In France, this application was made in May. The early access program in France will be run in partnership with Intsel Chimos, a pharmaceutical company based in Saint-Cloud, France, which specializes in importing, distributing and exploiting innovative drugs to treat patients with rare and/or serious diseases that have reached a treatment impasse. On September 19, Biophytis announced that it had received a reply from the French National Health Authority (HAS) asking it to complete the application file by providing certain results from pharmaceutical studies underway with its industrial partner Sequens, as well as additional data and scientific arguments relating to the phase 2-3 COVA clinical trial. The HAS application will be re-submitted including these different elements in 2024, depending on the EMA’s responses concerning the possibility of applying for conditional marketing authorization. In Brazil, an early access program has already been approved in 2022 to treat critically ill COVID-19 patients in intensive care units (ICUs), but was suspended pending the results of the COVA study. This program is currently being reactivated in response to the positive results obtained. On the preclinical front, the Company entered into a partnership with the University of Liège at the end of 2023 to carry out a number of research projects, notably concerning the treatment of respiratory failure caused by the Influenza virus. Given its original operational mode on the renin-angiotensin system, BIO101 (20-hydroxyecdysone) could be used to treat severe forms of the main viral respiratory diseases. These pathologies, where medical needs remain unsatisfied, represent a significant potential for Biophytis. 2.1.2. SARA program for sarcopenia In May 2023, the Company submitted an authorization application via the EMA (European Medicines Agency) European portal to launch SARA-31, the first Phase 3 study ever launched for sarcopenia. A similar application was submitted to the FDA (Food and Drug Administration) at the beginning of July to launch the same study in the United States. The launch of the Phase 3 program follows encouraging results from the SARA-INT Phase 2b study and interactions with health authorities in 2022. On August 8, 2023, Biophytis announced that it had received a positive response from the Belgian authorities to carry out its SARA-31 program. A positive response from the FDA to conduct the study in the United States was also received and announced by the Company on September 11, 2023. The actual start of the study is scheduled for 2024, and will depend on the conclusion of partnership agreements and the Company’s financial resources. 2.1.3. MYODA program for Duchenne muscular dystrophy At the Clinical and Scientific Conference organized by the Muscular Dystrophy Association (MDA) between March 19 to 22, 2023 in Dallas, Texas, the Company shared new information concerning its MYODA program for Duchenne Muscular Dystrophy (DMD) in the form of posters, for which a clinical development plan is in preparation, and the therapeutic potential of BIO101 (20-hydroxyecdysone) in rare neuromuscular diseases such as Spinal Muscular Atrophy (SMA), for which promising preclinical results have been obtained, particularly in combination with gene therapy. In Duchenne Muscular Dystrophy, the Company has reviewed its clinical development protocol after interactions with the FDA and plans to start a phase 1/2 clinical study in 2024. 2.2. Financing During the financial year, the Company carried out several financing transactions for a total gross amount of approximately 8 million euros, including several capital increase operations, on Euronext and the Nasdaq, and a limited use of the convertible bond financing line set up with Atlas in 2021. Indeed, drawdowns reached 2 million euros in 2023, to which was added a new drawing of 4 million euros carried out at the beginning of 2024. 2.2.1. Capital increase through private placement on Euronext On May 11, 2023, the Company announced a new financing operation in the form of a private placements by professional investors combined with a public proposal to private individuals, for a gross amount of 2.3 million euros. The transaction was carried out pursuant to the 2nd and 4th resolutions of the Company shareholders meeting held on April 17, 2023. A total of 103,717,811 new standard shares, representing 32% of the Company’s share capital prior to the transaction, were issued at a price of 0.0222 euros per share, representing a 25% discount to the volume-weighted average price of Biophytis shares over the 5 trading days prior to the transaction, and representing a nominal amount of 1,037 thousand euros and a total issue premium of 1,265 thousand euros. The new shares were listed on Euronext Growth Paris under the ISIN code FR0012816825 ALBPS for the opening of trading on May 15, 2023, and are assimilated to existing shares with immediate dividend rights. 2.2.2. Registered direct offering on the Nasdaq Capital Market On July 19, 2023, the Company announced a registered direct offering for a gross amount of $3.8 million equivalent to €3.4 million. This transaction, which closed on July 21, involved the purchase and sale of 1,333,334 units, each consisting of one (1) American Depositary Share (“ADS”) or one (1) pre-funded warrant entitling the holder to one (1) ADS (the “Pre-Funded Warrants”), and one (1) warrant (the “Ordinary Warrant”) entitling the holder to one (1) ADS, at a purchase price of $2.85 per unit with an ADS and $2.84 per unit with a Pre-Funded Warrant. Each ADS represents the right to receive one hundred new ordinary shares in the Company, with a par value of €0.01 per share. The ADSs and pre-funded warrants were offered and sold in a registered direct offering pursuant to a shelf registration statement on Form F-3 (File No. 333-271385) filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 21, 2023 and declared effective by the SEC on May 1 st The issue price of the ordinary shares underlying the ADSs represented a 2% premium to the volume-weighted average price (VWAP) of the Company’s ordinary shares on the Euronext Growth Paris market over the 15 trading sessions preceding the definition of the issue price on July 18, 2023, and a 21% discount to the VWAP including 23% of the theoretical value of a warrant, whose value per warrant was €0.013. The issue of the 50,500,000 new ordinary shares underlying the ADSs resulted in an immediate capital increase of 1,278 thousand euros, share premium included, corresponding to a nominal amount of 505 thousand euros and an issue premium of 773 thousand euros. Each pre-funded warrant, giving entitlement to one (1) ADS, was subscribed at a price of $2.84, and the exercise price was €0.01 per ADS, representing a total amount received by the Company of 2,090 thousand euros, recognized in equity. All pre-funded warrants, representing 82,833,400 new ordinary shares, were exercised during the year. The ordinary warrants, representing 133,333,400 additional potential new ordinary shares and with an exercise price of £2.67 per ADS.They are exercisable on issue and will expire three years after issue. By December 31, 2023, no warrants had yet been exercised. The accounting impacts of this transaction are presented in note 11. 2.2.3. Capital increase with preferential subscription rights on Euronext On November 20, 2023, the Company announced the successful completion of its capital increase with shareholders’ preferential subscription rights (DPS), through the issue of 210,733,954 shares with redeemable share subscription warrants (ABSAR), for a total amount, including issue premium, of €1.96 million. The issue price of the ABSARs was €0.0093. The BSARs attached to each new share were listed on a separate pricing line under the ISIN code: FR001400LN79. They may be exercised at any time up to December 31, 2026, with one (1) BSAR entitling its holder to subscribe for one (1) new ordinary share at an exercise price of 0.012 euro. By December 31, 2023, 2,477,006 BSARs were exercised, leading to a capital increase of 30 thousand euros. The accounting impacts of this transaction are presented in note 11. 2.2.4. Convertible bond issues The financing transactions described above enabled Biophytis to limit its need for bond financing via the convertible bond issue agreement with Atlas. This contract covers the issue of a maximum of 1,280 bonds with the option of exchange for cash and/or conversion into new or existing shares (ORNANE) in eight successive tranches of 4 million euros each. In the first half of 2023, the Company issued 80 ORNANE bonds (second half of the third tranches) for a total net amount of 1.9 million euros, and on December 31, 2023, bond debt stood at 1.45 million euros, representing 58 ORNANE bonds. At the end of 2023, the Company also announced the issue of the fourth tranche of 160 ORNANE bonds, of which the first half was effectively cashed in early January 2024 and the second half was issued in February 2024. The net amount received was 3.8 million euros. As of the date of authorization of these financial statements and considering the terms and expiration date of the ATLAS agreement as of June 14, 2024, the Company has the capacity to issue no more than two additional tranches for a total amount of €8 million. 2.2.5. Prefinancing of the French research tax credit (CIR) During December 2023, the company pre-financed part of its CIR for the year 2023 for an amount of 1,098 thousand euros. This advance will be repaid when the State repays the CIR 2023 receivable for a total amount of 1,618 thousand euros. The interest and costs linked to the pre-financing represented a total amount of 127 thousand euros. It is recalled that the 2022 CIR, also pre-financed, was fully reimbursed for the 2023 financial year. 2.3. Post-balance sheet events 2.3.1. Issue and conversion of convertible bonds In two installments in January and February 2024, the Company issued the fourth tranche of convertible bonds within the framework of the contract signed with ATLAS, thus receiving a net amount of €3.8 million. Since December 31, 2023, the company has carried out, upon ATLAS’ request, the conversion of 50 convertible bonds as part of tranche 3 of the ATLAS 2021 contract for a total amount of 1,250 thousand euros. The operations gave rise to the creation of 363,588,122 new shares of the company. Following these conversions and taking into account the drawdown of tranche 4 of the Atlas 2021 Contract, the residual bond debt vis-à-vis Atlas amounts to 4.200 thousand euros. 2.3.2. Reverse stock split of Biophytis shares listed on Euronext Growth On March 15, 2024, the Company announced the implementation of a reverse stock split of its shares listed on Euronext Growth, which will result in the allocation of 1 new ordinary share to be issued with a par value of 0.80 euros (the “New Shares ) against 400 old ordinary shares with a par value of 0.002 euros each (the “Old Shares”) and by dividing the number of shares making up the share capital of the Company by 400. The 30-day 2.3.3. New OBA program in obesity On April 8, 2024, the Company announced the launch of a new clinical development program named OBA, with BIO101 (20-hydroxyecdysone) as a potential treatment for obesity in combination with GLP-1 receptor agonists. Treatment of obesity may result in loss of muscle mass and function, particularly following a diet combined with recently introduced GLP-1 receptor agonists. BIO101 (20-hydroxyecdysone) is the first MAS receptor activator, administered daily orally, that has demonstrated metabolic effects on muscle and fat mass in preclinical obesity studies. These beneficial effects of BIO101 (20-hydroxyecdysone) translate into improved mobility and muscle strength in sarcopenic obese patients, as shown in the SARA-INT phase 2 study. In addition, the molecule 20-hydroxyecdysone has already been tested in obese patients during a low-calorie diet in the Quinolia study, showing promising effects on muscle strength and fat loss. The Company plans to start the phase 2 OBA clinical study in mid-2024, after obtaining regulatory authorizations, and the first patients are expected to be treated during the second half of 2024. BIO101 (20-hydroxyecdysone) will be evaluated in obese patients treated by GLP-1 RA and following a hypocaloric diet. The first efficacy results should be available in 2025. |
Accounting principles, rules an
Accounting principles, rules and methods | 12 Months Ended |
Dec. 31, 2023 | |
Accounting principles, rules and methods | |
Accounting principles, rules and methods | Note 3: Accounting principles, rules and methods 3.1. Unless otherwise indicated, the consolidated financial statements are presented in thousands of euros. Certain amounts may be rounded up for the purpose of calculating the financial information contained in the consolidated financial statements. As a result, the totals in some tables may not correspond exactly to the sum of the preceding figures. Statement of compliance The consolidated financial statements for the year ended December 31, 2023 have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (IASB), in compliance with the international standards as published by the IASB on December 31, 2023, and with the international standards as adopted by the European Union on December 31, 2023. The reference system adopted by the European Commission can be consulted on the following website: https://eur-lex.europa.eu/legal-content/FR/TXT/?uri=LEGISSUM%3Al26040 The accounting principles and methods applied for the consolidated financial statements for the year ended December 31, 2023 are identical to those used in the consolidated financial statements for the years ended December 31, 2022 and December 31, 2021, and comply with the IFRS Accounting Standards, amendments and interpretations as adopted by the European Union and the IASB, mandatory for financial years beginning on or after January 1, 2023 (and which had not been applied early by the Group), namely: Standard Name IFRS 17 and amendments to IFRS 17 Insurance contract including amendments published on 06/25/20. First adoption of IFRS 17 and IFRS 9 - Comparative information Amendments to IAS 8 Definition of accounting estimates Amendments to IAS 1 and Statement Practice 2 Disclosure of accounting policies Amendments to IAS 12 Deferred taxes on assets and liabilities arising from the same transaction Amendments to IAS 12 International tax reform - Pillar 2 rule model The application of these standards, amendments and interpretations has no material impact on the Group’s consolidated financial statements. It is specified that the Company is not affected by the amendments to IAS 12 presented above. In addition, the other standards, amendments or interpretations published respectively by the IASB and the IFRIC (International Financial Reporting Interpretations Committee) and adopted by the European Union on December 31, 2023 but whose mandatory application is subsequent to the financial year beginning January 1, 2023 have not been applied early by the Group: amendments to IFRS 16 (lease liabilities relating to a sale and leaseback), amendments to IAS 1 (classification of liabilities as current and non-current), and amendments to IAS 21 (absence of exchangeability). Going concern Our financial statements have been prepared on a going concern basis assuming that we will be successful in our financing objectives. As such, no adjustments have been made to the financial statements relating to the recoverability and classification of the asset carrying amounts or classification of liabilities that might be necessary should we not be 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 product candidates it is developing, which necessitates a research and development phase spanning multiple years. The Company does not expect to generate revenue from product sales in the near future. We estimate our existing capital resources consisting of cash and cash equivalents €5.6 million euros on December 31, 2023 complemented with the possible use of the ORNANE financing line set up with Atlas (or “Atlas 2021 Contract”), which could give rise to additional financing of €8 million (i.e. 2 installments of 4 million euros), in addition to the €4 million drawing made early 2024, to be sufficient to fund our current operations into the first quarter of 2025. However, this estimate is based on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect. As of the date of authorization of these financial statements, our available cash and our ORNANE financing line are not projected to be sufficient to support our operating plan 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 and, therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. We intend to seek additional capital to pursue preclinical and clinical activities, obtain regulatory approval and authorization for, and commercialize our drug candidates. Notably during 2024, we may conduct equity financing transactions on Euronext Growth or Nasdaq, enter into new debt financing agreements or enter into partnership or licensing agreements for our R&D programs that could provide additional non-dilutive financial resources or reduce our costs. We cannot guarantee that we will be able to obtain the necessary financing to meet our needs or to obtain funds at attractive terms and conditions, including as a result of disruptions to the global financial markets resulting from geopolitical instability, macroeconomic conditions, global health crises, or other factors. If we are not successful in our financing objectives, we could have to scale back our operations, notably by delaying or reducing the scope of our research and development efforts or obtain financing through arrangements with collaborators or others that may require us to relinquish rights to our product candidates that we might otherwise seek to develop or commercialize independently. Use of judgments and estimates The preparation of financial statements requires that the management makes reasonable estimates and assumptions based on the information available at the date that the financial statements are finalized. These estimates and assumptions may affect the values of assets, liabilities and expenses given in the financial statements, and the disclosure of contingent assets and liabilities when the financial statements are reviewed. These estimates are based on the going concern assumption and are prepared using the information available at the time of preparation. They are continuously assessed on the basis of past experience and various other factors deemed reasonable and form the basis for assessments of the accountable values of assets and liabilities. Estimates may be revised if the circumstances on which they were based change or if new information becomes available. Actual results could differ materially from these estimates depending on different assumptions or conditions. The main judgments and estimates made by the Company’s management relate in particular to: ● The definition of the fair value of share-based payments, including stock subscription warrants ( “ BSA ” ), warrants to purchase shares in business creators ( “ BSPCE ” ) and bonus shares ( “ AGA ” ) granted to employees, directors and external service providers. This is based on the Black & Scholes option pricing model, which takes into account assumptions on complex and subjective variables. These variables include the value of the shares, the expected volatility of the share value over the life of the instrument, and the current and future behavior of the holders of these instruments. There is a high inherent risk of subjectivity when using an option pricing model to measure the fair value of share-based payments in accordance with IFRS 2 Share-based Payment standard. The valuation assumptions used are presented in Note 12. ● The definition of the fair value of convertible bonds and non-convertible bonds issued to Kreos with attached stock warrants. The determination of the fair value of stock warrants for the benefit of Kreos is based on the Black & Scholes model. This model takes as input observable variables such as the value of the company's shares and the risk-free interest rate, but also unobservable variables such as the volatility of the share price. There is a high inherent risk of subjectivity arising from the use of an option pricing model to define the fair value of derivative liabilities and equity instruments in accordance with IAS 32 Financial Instruments - Presentation ("IAS 32") and IFRS 9. The convertible bond is valued using the “ One-factor equity convertible model ” . This model takes as input observable variables such as the value of the company's shares and the risk-free interest rate, but also unobservable variables such as the volatility of the share price and the credit spread of the company. business. The fair value of the debt component of convertible bonds was determined by discounting future cash flows at a market rate (unobservable data). The valuation assumptions used are presented in Note 13.2. The fair value of the conversion option is deducted by subtracting the fair value of the convertible bond from the fair value of the debt component. The credit spread was determined by equalizing the sum of the fair value of the instruments (Warrants and Convertible Bond) on the issue date to the amount of cash received. ● The definition of the fair value of Negma and Atlas bonds convertible into ordinary shares and/or redeemable in cash. This is based on the binomial option pricing model and the Longstaff Schwartz model, respectively, which take into account unobservable assumptions and variables , such as stock volatility and issuer credit spread. These variables include the value of the Company ’ s securities, the expected volatility of the share price over the expected life of the instrument, and the present and future behavior of the Company and the holders of these instruments. There is an inherent high risk of subjectivity arising from the use of an option pricing model to define the fair value of convertible bonds in accordance with IFRS 9 and IAS 32. The valuation assumptions used are presented in Note 13.2. ● The determination of the amount of deferred tax assets that can be recognized in the financial statements. This requires management to make estimates both of the period over which losses carried forward will be used up, and of the level of future taxable profits, in the light of tax management strategies. The accounting principles applied by the Company regarding the recognition of deferred tax assets are specified in Note 3.19 . 3.2. The scope of consolidation included the following companies on December 31, 2023: Biophytis, ● Instituto Biophytis Do Brasil, a 94.6% -owned Brazilian company registered in the state of Sao Paulo; and ● Biophytis Inc., a 100% -owned US company registered in Delaware. As the Company controls its two subsidiaries, they are fully consolidated. Group companies close their accounts on December 31 of each year. Intra-group transactions and balances are eliminated. Subsidiary financial statements are prepared for the same reference period as those of the parent company, using consistent accounting policies. 3.3. Foreign currency translation For each entity, Group entities determine a functional currency, and items included in the financial statements of each entity will be measured using that functional currency. The Company’s financial statements are drawn up in euros (€), which is its presentation currency. 3.3.1. Transactions in foreign currencies are translated into the company’s functional currency of each entity at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the functional currency using the exchange rate for that date. Gains and losses arising from the translation of monetary items correspond to the difference between the amortized cost denominated in the functional currency at the start of the period, adjusted for the impact of the effective interest rate and payments over the period, and the amortized cost denominated in the foreign currency translated at the exchange rate on the balance sheet date. 3.3.2. The financial statements of entities whose functional currency is not the euro are translated as follows: ● Assets and liabilities are translated at the year-end rate; ● income statement items are translated using the average exchange rate for the period, as long as this rate is not altered by significant changes in exchange rates; and ● Equity items are translated at the historical rate. Exchange differences arising on translation for consolidation purposes are recognized in other elements of comprehensive income and stored in shareholder equity under “Translation reserve”. The exchange rates used to prepare the consolidated financial statements are as follows: Closing rate Average rate EXCHANGE RATES AS OF DECEMBER 31, DECEMBER 31 (currency for €1) 2021 2022 2023 2021 2022 2023 BRL 6.3101 5.6386 5.36 6.3779 5.4399 5.40 USD 1.1326 1.0666 1.11 1.1827 1.0530 1.08 3.4. 3.4.1. Research costs are accounted for as incurred. Costs incurred on development projects are included as intangible assets when the following criteria are met, in application of IAS 38: ● It is technically possible to complete the intangible asset such that it can be available for use or sale; ● Management plans to complete, use or sell the intangible asset; ● The intangible asset can be used or sold; ● It can be demonstrated that the intangible asset is likely to generate future economic benefits; ● Adequate technical, financial and other resources are available for the full development, use or sale of the intangible asset; ● The expenditure attributable to the intangible asset during its development can be reliably measured. In the opinion of the Company’s management, and due to the uncertainties inherent in the development of the Company’s drug candidates, the criteria required for development costs to be recognized as an asset, as defined by IAS 38, “Intangible Assets”, are not met. 3.4.2. Costs relating to the acquisition of patents and software are capitalized on the basis of the costs incurred to acquire the patents and software concerned. 3.4.3. Where intangible assets have a finite useful life, amortization is calculated on a straight-line basis over this period, i.e.: Items Amortization period Development costs Estimated useful life of the project Purchased patents Estimated useful life of patents Metabrain 19 years Iris Pharma 20 years Stanislas Veillet (BIO101) 19 years Software 3 to 5 years Amortization of intangible assets is accounted for in the consolidated income statement under: ● “General and administrative expenses” for amortization of software; and ● “Research and development costs” for amortization of patents The value of intangible assets is tested whenever there is an impairment indicator. Quantitative and qualitative indicators are reviewed at each balance sheet date, the main ones being those relating to the development of the R&D portfolio, pharmacovigilance, patent disputes and the arrival of competing products. If there is any internal or external indication of impairment, Biophytis assesses the asset’s recoverable value. The test consists of comparing the net book value of these assets with their recoverable value. When the book value of an asset exceeds its recoverable value, an impairment loss is included to account for the difference. 3.5. Property, plant and equipment are valued at acquisition cost (purchase price plus incidental expenses) or at the Company’s production cost. Assets are depreciated on a straight-line basis over their estimated useful lives: Items Amortization period General fixtures and fittings 3 to 15 years Plant, machinery and equipment 5 to 7 years Office and computer equipment 3 to 5 years Furniture 3 to 5 years Transport equipment 3 to 5 years Amortization of property, plant and equipment is accounted for in the consolidated income statement under : ● “ General and administrative expenses ” for the amortization of fixtures and fittings, office and computer equipment and furniture; and ● “ Research and development costs ” for the amortization of laboratory equipment. 3.6. Lease contracts Items financed by leases as defined by the IFRS 16 standard concerning leases that do not meet the accounting exemption criteria for the lessees (leases of “low-value” assets and short-term leases of less than 12 months) are accounted for as assets in the financial position statement. The corresponding debt is recorded under “Liabilities”. Payments made for leases that meet the exemption criteria are accounted for as expenses in the income statement on a straight-line basis over the term of the contract,. Rights of use are amortized on a straight-line basis over the lease term. 3.7. Amortized assets are tested for impairment whenever there is an internal or external indication that an asset may be impaired. Impairment indicators include the following: ● Mixed or negative results from preclinical and clinical trials; ● Significant delays or non-compliance with clinical trial development schedules. 3.8. In accordance with IFRS 9, the Company’s financial assets are classified in two categories based on their nature and holding intention: ● Financial assets at fair value through profit or loss; and ● Financial assets at amortized cost. All financial assets are initially accounted for at fair value plus acquisition costs. All purchases and sales of financial assets are accounted for on the settlement date. Financial assets are removed from the accounts when the rights to receive cash flows from them expire, or when they have been sold and the Company has transferred the majority of the risks and benefits of ownership. Financial assets linked to guarantee deposits and the corresponding financial liabilities are presented separately in accordance with IAS 32. 3.8.1. Financial assets at fair value through profit or loss are made up of cash and cash equivalents. Gains or losses arising from changes in the value of “financial assets at fair value through profit or loss” are presented under “financial income” in the income statement for the period in which they occur. Other assets may also be voluntarily classified in this category if the criteria are met, in accordance with IFRS 9. 3.8.2. Financial assets at amortized cost are largely made up of non-current financial assets and other loans and receivables. They are valued at their amortized cost using the effective interest rate method, adjusted for expected credit losses. 3.8.3. A financial asset is impaired using the expected loss method, taking into account any default during the asset’s holding period. Expected losses are accounted for in the financial position statement. Impairment is accounted for in the consolidated income statement. 3.9. Cash and cash equivalents accounted for in the statement of financial position are made up of available cash at bank and in hand as well as short-term deposits with initial maturities of less than three months. Cash equivalents are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. They are held for the purpose of meeting short-term cash commitments. They are valued at fair value, with changes in value accounted for as “financial income”. 3.10. Borrowings (excluding derivatives and convertible bonds) are initially accounted for at fair value less any transaction costs, and subsequently valued at their amortized cost using the effective interest method. The convertible bonds issued have been valued at fair value through profit or loss in accordance with IFRS 9 and the related costs, if applicable, are directly recorded as financial expenses. The fair value of trade receivables and payables is equivalent to their balance sheet value, given the very short payment terms of these receivables. The same applies to other current receivables and payables. The Company has defined three categories of financial instruments based on their valuation methods, and uses this classification to present some of the disclosures required by IFRS 7 Financial instruments - disclosures ● Level 1: financial instruments listed on an active market; ● Level 2: financial instruments whose valuation methods are based on observable data; ● Level 3: financial instruments whose valuation methods are based in whole or in part on unobservable data. Unobservable data is defined as data the value of which is based on assumptions or correlations that are neither based on observable market transaction prices for the same instrument, nor on observable market data at the valuation date. Financial instruments held by the Company and accounted for at fair value through profit or loss are the derivatives and convertible bonds issued to Kreos and Atlas (see Note 12.2), which are classified as level 3. 3.11. Liquidity contract As part of its listing on the Euronext Growth Paris market, the Company has signed a liquidity contract with a specialist institution to limit the intra-day volatility of Biophytis shares by taking buy and sell positions on the Company’s shares. Shares acquired under this contract are accounted for as treasury shares at their acquisition cost. Gains and losses on the sale of treasury shares are accounted for in shareholder equity. The cash reserve related to the liquidity contract is shown under “Other non-current financial assets”. The accounting treatment relating to the liquidity contract is presented in note 11. 3.12. Public subsidies 3.12.1. The Company benefits from repayable advances. Details of these aids are provided in Note 13.1. They are accounted for in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance ● The interest rate benefit is determined using a discount rate corresponding to a market rate on the grant award date. The amount resulting from the rate advantage obtained on the award of repayable advances is treated as a subsidy recorded as income in the comprehensive income statement; and ● The financial cost of repayable advances, calculated at the market rate, is then recorded as a financial expense. Subsidies corresponding to the rate advantage are shown as a reduction in the “Research and development” category. These advances are recorded under “Non-current borrowings” or “Current borrowings”, depending on their maturity. If the project fails, the waiver is recorded as a grant. 3.12.2. Government grants are accounted for when there is reasonable assurance that the entity will comply with the applicable conditions and that the grant will be received. Operating subsidies are deducted from research and development expenses. 3.12.3. The Company benefits from certain provisions of the French General Tax Code relating to research tax credits. The Company benefits from research tax credits for specific projects (“crédit d’impôt recherche”, or “CIR”), granted to companies based in France to encourage scientific and technical research. Companies whose expenses meet the required criteria receive a tax credit which (i) may be deducted from the income tax due for the year in which it was granted, as well as for the three following years, or (ii) in certain circumstances, may also be refunded to the Company for its excess share. If a company meets certain criteria in terms of sales, staff or assets that enable it to be considered a small or medium-sized enterprise as defined by the European Union, it can apply for immediate repayment of the research tax credit. Biophytis meets these criteria. The Company considers the research tax credit granted by the French government to be a public subsidy, since it is received independently of the Company’s tax payments. The Company accounts for this receivable in other current receivables, given the expected repayment period. Research tax credits are deducted from research and development expenses in the consolidated income statement. The research tax credit is subject to audit by the French tax authorities. 3.13. Other receivables include the nominal value of the research tax credit, which is recorded when the eligible expenses giving rise to the research tax credit have been incurred. 3.14. Classification as equity depends on a specific analysis of the characteristics of each instrument issued. The Company’s standard shares are classified as equity. Incidental costs directly attributable to the share issue are deducted from shareholder equity, net of tax. 3.15. Share-based payments Since its creation, the Company has set up several equity-based compensation plans in the form of “stock subscription warrants” (“BSA”), “business creator share subscription warrants” (“BSPCE”) or “bonus shares” (“AGA”) awarded to employees and Board members. In application of IFRS 2 Share-based payment, The fair value of warrants granted to employees is determined by applying the Black-Scholes option pricing model. The same applies to options granted to other individuals providing similar services, as their market value cannot be defined. All the assumptions used to determine the fair value of the programs are described in Note 11. 3.16. Employment benefit obligations The Company’s French employees are entitled to the pension benefits set out by French law, including: ● A retirement indemnity paid by the Company on retirement (defined benefit plan); and ● The payment of retirement pensions by Social Security organizations, which are financed by contributions from companies and employees (defined-contribution plans). Pension plans, similar benefits and other employee benefits that are analyzed as defined benefit plans (plans under which the Company undertakes to guarantee a defined amount or level of benefits) are accounted for in the consolidated statement of financial position on the basis of an actuarial valuation of the obligations at the accounts closing date, less the fair value of the related program assets dedicated to them. This valuation is based on the projected unit credit method, taking into account staff turnover and mortality estimations. Actuarial gains and losses, if any, are accounted for in “Other comprehensive income”. Company payments for defined contribution plans are accounted for in the income statement for the period to which they relate. 3.17. A provision is constituted if, as a result of past events, the Company has a present legal or implicit obligation, the value of which can be reliably estimated, and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recorded as a provision corresponds to the best estimate of the expenditure required to settle the present obligation on the balance sheet date. 3.18. Financial liabilities are classified in two categories and include: ● Financial liabilities accounted for at amortized cost and, ● Financial liabilities accounted for at fair value through profit or loss. 3.18.1. Borrowings and other financial liabilities, such as repayable advances, are accounted for at amortized cost, calculated using the effective interest rate. The current portion of borrowings is shown under “Current borrowings”. The accounting treatment of non-convertible bonds and convertible bonds issued by the Company is detailed in Note 13.2. 3.18.2. The Company issued Kreos with non-convertible bonds and convertible bonds. This financial instrument is made up of several components valued at their fair value through profit or loss in accordance with IFRS 9: a derivative liability linked to the convertible bond conversion option and a derivative liability linked to the warrants. It also includes a component relating to non-convertible bonds valued at amortized cost The Company also issued Atlas with bonds that were convertible into ordinary shares, with warrants attached. This financial instrument is made up of: a hybrid component linked to convertible bonds (valued at their fair value through profit or loss in accordance with IFRS 9) and an equity instrument linked to warrants (valued at their fair value on the issue date in equity instruments in accordance with IAS 32). Transaction costs are accounted for in financial expenses at the date of issue of the convertible bonds. The accounting treatment of these compound financial instruments is detailed in Note 13.2. 3.19. The taxable assets and liabilities for the current and previous years are valued at the amount expected to be recovered from or paid to the tax authorities. The tax rates and regulations used to determine these amounts are those that are fully or at least substantially legally valid on the financial year end date. Deferred taxes are recorded, using the liability method, on all temporary differences between the tax base of assets and liabilities and their carrying amount in the financial statements at the financial year end date, as well as on any deficits to be carried forwards. Deferred tax assets are recorded as tax losses to be carried forwards when it is probable that future taxable profits will be available against which the unused tax losses can be utilized. Determining the amount of deferred tax assets to be recorded requires management to make estimates both of the period over which losses carried forward will be used, and of the level of future taxable profits, in the light of tax management strategies. 3.20. The Company operates in a single business sector: the development of drug candidates for the treatment of degenerative diseases and the improvement of muscular and visual functions for patients suffering from age-related diseases. The assets, liabilities and operating loss presented in the financial statements relate to the parent company’s activities in France. Most research and development and administrative costs are incurred in France and, since 2018, in the United States. 3.21. Basic earnings per share are calculated by dividing profit or loss attributable to Biophytis equity holders by the weighted average number of ordinary shares outstanding for the period. Diluted earnings per share are determined by adjusting the earnings attributable to Biophytis shareholders and the weighted average number of ordinary shares outstanding to allow for the effects of all dilutive potential ordinary shares. If the inclusion of instruments giving deferred rights to the capital (BSA, BSPCE, AGA and convertible bonds) generates an anti-dilutive effect, these instruments are not taken into account. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Intangible assets | Note 4: Intangible assets (amounts in thousands of euros) Patents Software Total GROSS VALUES Statement of financial position for December 31, 2021 3,652 32 3,684 Acquisition 90 — 90 Transfer (2) — (2) Statement of financial position for December 31, 2022 3,740 32 3,772 Acquisition 180 — — Transfer — — — Statement of financial position for Sunday, December 31, 2023 3,920 32 3,952 AMORTIZATION Statement of financial position for December 31, 2021 895 32 927 Increase 190 — 190 Decrease — — — Statement of financial position for December 31, 2022 1,085 32 1,117 Increase 198 — 198 Decrease — — — Statement of financial position for December 31, 2023 1,283 32 1,315 NET BOOK VALUES On December 31, 2021 2,757 — 2,757 On December 31, 2022 2,655 — 2,655 On December 31, 2023 2,637 — 2,637 The Company has not identified any indicators of loss of value leading it to carry out impairment tests as of December 31, 2023 in accordance with IAS 36 The Company holds patent co-ownership shares with public-sector partners. As part of the intellectual property agreement signed with the Company’s Chief Executive Officer (see Note 21.2), the total patent rights acquired from the Company’s Chief Executive Officer on December 31, 2023 amounted to 1,530 thousand euros (1,620 thousand euros on December 31, 2022) and are being amortized over 19 years. Of this amount, 270 thousand euros in 2021, 90 thousand euros in 2022, and 180 thousand euros in 2023, were paid out in cash as remuneration. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment | |
Property, plant and equipment | Note 5: Property, plant and equipment Office Equipment Fixtures equipment, Equipment and tools and computers, Buildings (amounts in thousands of euros) and tools (rights of use) fittings furniture (rights of use) Total GROSS VALUES Statement of financial position for December 31, 2021 340 181 114 96 500 1,231 Acquisition 1 271 20 31 — 322 Transfer (14) — — — — (14) Exchange Rate impact — — 8 1 — 8 Statement of financial position for December 31, 2022 327 452 143 127 500 1,548 Acquisition 104 — 2 9 — 115 Disposal — (181) — — (500) (681) Exchange Rate impact — — 2 1 — 3 Statement of financial position for December 31, 2023 431 271 147 137 — 985 AMORTIZATION Statement of financial position for December 31, 2021 250 181 106 75 56 668 Increase 41 30 5 11 222 309 Decrease (14) — — — — (14) Exchange Rate impact — — — — — — Statement of financial position for December 31, 2022 278 211 112 85 277 964 Increase 77 51 12 21 223 384 Decrease — (177) — — (500) (677) Exchange Rate impact — — — — — — Statement of financial position for December 31, 2023 354 85 124 107 — 671 NET BOOK VALUES On December 31, 2021 90 — 8 21 444 563 On December 31, 2022 49 241 31 41 223 585 On December 31, 2023 76 186 23 30 — 315 No impairment losses were recognized in accordance with IAS 36 for the years 2021, 2022 and 2023. Building lease payments correspond to the rent paid to the Sorbonne Université for the Company’s Paris premises. The contract is concluded on an annual basis and has been renewed in December 2023 for one year. As this contract is less than one year, the right of use has not been recognized in the consolidated accounts, in accordance with IFRS 16.18. |
Other non-current financial ass
Other non-current financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Other non-current financial assets. | |
Other non-current financial assets | Note 6: Other non-current financial assets AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Liquidity contract - cash balance 72 38 25 Security deposit for non-convertible bonds (“Kreos contract 2018”) 104 126 134 Security deposit for the “Kreos contract 2021” loan agreement (see Note 12.2.3) — — — Other security deposits 10 9 — Total other non-current financial assets 186 173 158 |
Other current financial assets
Other current financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Other current financial assets | |
Other current financial assets | Note 7: Other current financial assets AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Deductions in connection with the pre-financing of the CIR (Research Tax Credit) by Neftys ( cf. Note 13.3 584 590 368 Guarantee deposit related to the non-convertible bonds (Kreos 2018 contract) 320 — — Total other current financial assets 904 590 368 In accordance with IAS 7, term deposits have been classed as current financial assets. |
Other receivables and prepaid e
Other receivables and prepaid expenses | 12 Months Ended |
Dec. 31, 2023 | |
Other receivables and prepaid expenses | |
Other receivables and prepaid expenses | Note 8: Other receivables and prepaid expenses AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Research tax credit (CIR) 3,941 3,904 1,555 Value added tax 1,008 956 886 Prepaid expenses 1,418 1,574 133 Trade payables - prepayments and trade debtors 125 488 297 Miscellaneous 44 12 — Total other receivables and prepaid expenses 6,536 6,934 2,916 The “research tax credit (CIR)” item corresponds to the French CIR receivable for the 2023 financial year (vs 3,364 thousand euros in 2022 and 4,080 thousand euros in 2021), which has been assigned to Neftys, as part of the CIR pre-financing (see Note 13.3). In accordance with IAS 20, the CIR for the 2023 financial year has been deducted from research and development costs. The CIR receivable is recoverable in advance during the year following the year in which it was recorded, in the absence of taxable income. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents. | |
Cash and cash equivalents | Note 9: Cash and cash equivalents Cash and cash equivalents break down: AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Cash 16,926 6,060 2,857 Cash equivalents 7,000 4,993 2,710 Total cash and cash equivalents 23,926 11,053 5,567 Cash equivalents correspond to term deposits complying with the provisions of IAS 7.6 and IAS 7.7, i.e. short-term, liquid investments that can be drawn down rapidly. |
Financial assets and liabilitie
Financial assets and liabilities and their impacts on income | 12 Months Ended |
Dec. 31, 2023 | |
Financial assets and liabilities and their impacts on income | |
Financial assets and liabilities and their impact on income | Note 10: Financial assets and liabilities and their impact on income The Company’s assets and liabilities are valued as follows for the years ending December 31, 2022 and December 31, 2023, respectively: Value - IFRS 9 statement of AS OF DECEMBER 31, 2022 financial position Statement of Fair value financial Fair through profit (amounts in thousands of euros) position value value or loss Amortized cost Non-current financial assets (excluding deferred losses) 173 173 173 Other receivables (excluding prepaid expenses) 6,934 6,934 — 6,934 Current financial assets (excluding deferred losses) 590 590 — 590 Cash and cash equivalents 11,053 11,053 11,053 — Total assets 18,749 18,749 11,053 7,696 Non-current borrowing 4,367 4,117 — 4,367 Non-current derivative liabilities — — — — Current borrowings 10,177 10,308 6,660 3,517 Current derivative liabilities 13 13 13 — Trade accounts payable 6,940 6,940 — 6,940 Tax and social security liabilities 1,780 1,780 — 1,780 Other creditors and accrued liabilities 328 328 — 328 Total liabilities 23,640 23,485 6,673 16,967 Value - IFRS 9 statement of AS OF DECEMBER 31, 2023 financial position Statement of Fair value financial through profit (amounts in thousands of euros) position value Fair value or loss Amortized cost Non-current financial assets (excluding deferred losses) 158 158 — 158 Other receivables (excluding prepaid expenses) — — — — Current financial assets (excluding deferred losses) — — — — Cash and cash equivalents 5,567 5,567 5,567 — Total assets 5,725 5,725 5,567 158 Non-current borrowing (3,247) (3,266) — (3,247) Non-current derivative liabilities — — — — Current borrowings (5,023) (4,117) (2,207) (2,816) Current derivative liabilities (1) (1) (1) — Trade accounts payable (5,392) (5,392) — (5,392) Tax and social security liabilities (1,348) (1,348) — (1,348) Other creditors and accrued liabilities (838) (838) — (838) Total liabilities (15,849) (14,961) (2,207) (12,754) The impact of the Company’s financial assets and liabilities on the consolidated income statement for the years ended December 31, 2022 and December 31, 2023: AS OF DECEMBER 31, 2021 2022 2023 Change in fair Change in fair Change in fair (amounts in thousands of euros) Interest value Interests value Interests value Liabilities Derivative liabilities — (150) — 1,312 — 12 Liabilities valued at fair value: bonds — (1,707) — 637 — (1,330) Liabilities valued at amortized cost: non-convertible bonds and debt component of convertible bonds (545) — (1,597) — 1,364 — Liabilities valued at amortized cost: advances (33) — (29) — 29 — |
Capital and premiums
Capital and premiums | 12 Months Ended |
Dec. 31, 2023 | |
Capital and premiums. | |
Capital and premiums | Note 11: Capital and premiums December 31, 2021 2022 2023 Share capital (in thousand of euros) 27,191 47,660 2,081 Number of outstanding shares 135,953,657 238,297,642 1,040,482,402 Nominal value per share (in euros) € 0.20 € 0.20 € 0.002 On December 31, 2023, the Company’s share capital stood at 2,080,964.81 euros, in the form of 1,040,482,402 fully paid-up shares with a par value of 0.002 euros each. On April 17, 2023, the Board of Directors decided on an initial capital reduction motivated by losses, for a total amount of €59.2 million, by reducing the par value per share from €0.20 to €0.01, by deduction from retained earnings. On October 19, 2023, the Chief Executive Officer, acting on a delegation of authority from the Board of Directors on September 27, 2023, decided on a second capital reduction motivated by losses, for a total of €6 million, by reducing the par value of each share from €0.01 to €0.002, by deduction from retained earnings. Capital movements for the 2023 financial year were as follows: Nominal amount Number of shares (in thousands of euros) Capital on December 31, 2022 238,297,642 47,660 May 11, 2023 private placement (1) 103,717,811 1,037 July 18, 2023 private placement (2) 50,500,000 505 Exercise of pre-funded share subscription warrants (2) 82,833,400 828 November 20, 2023 capital increase (3) 210,733,955 421 Conversion of convertible bonds (4) 350,334,130 16,772 Exercise of share warrants (5) 2,486,504 5 Definitive acquisition of bonus shares (6) 1,578,960 16 Total impact of nominal reduction — 65,163 Capital on December 31, 2023 1,040,482,402 2,081 (1) Capital increase by private placement combined with a public proposal, for a net amount of 1,963 thousand euros, (including 339 thousand euros in capital increase costs) through the issue of 103,717,811 new ordinary shares with a par value of 0.01 euro. This operation represents a capital increase of 1,037 thousand euros and additional paid-in capital of 926 thousand euros. (2) Capital increase by registered direct placement for a gross amount of $3.8 million, equivalent to € 3.4 million. This transaction involved the purchase and sale of 1,333,334 units, each consisting of one ( 1 ) American Depositary Share ( “ ADS ” ) or one ( 1 ) pre-funded warrant entitling the holder to one ( 1 ) ADS (the “ Pre-Funded Warrants ” ), and one ( 1 ) warrant (the “ Ordinary Warrant ” ) entitling the holder to one ( 1 ) ADS, at a purchase price of $2.85 per unit with an ADS and $2.84 per unit with a Pre-Funded Warrant. Each ADS represented the right to receive one hundred new ordinary shares in the Company, with a par value of € 0.01 per share. The issue of the 50,500,000 new ordinary shares underlying the ADSs resulted in a capital increase of 505 thousand euros and a share premium of 773 thousand euros. All pre-funded warrants, representing 82,833,400 new ordinary shares, were exercised during the year, resulting in a capital increase of a nominal amount of 828 thousand euros. The costs related to the transaction were charged to equity (deduction from the share premium). (3) Capital increase with shareholders ’ pre-emptive rights maintained, through the issue of 210,733,954 shares with redeemable share subscription warrants (ABSARs), for a total amount (including share premium) of approximately 1.96 million euros, representing a cash capital increase of 421 thousand euros and a share premium of 1,538 thousand euros. (4) 250 bonds held by Atlas Capital were converted into new shares, resulting in the issue of 350,334,130 shares, representing a capital increase of 16,772 thousand euros and share premium of ( 10,522 ) thousand euros (based on the fair value of the shares issued at the conversion date). (5) Following the exercise of warrants during the period, share capital was increased by 5 thousand euros through the issue of 2,486,504 new shares, with a total share premium of 26 thousand euros. (6) 1,578,960 bonus shares were definitively acquired during the year, resulting in a capital increase of 16 thousand euros. Changes in capital for the year ended December 31, 2022: During the year ended December 31, 2022, 396 bonds held by Atlas were converted into new shares generating the issuance of 93,189,046 shares with a share price of € € € Following the exercise of warrants and acquisition of free shares during the period, the share capital was increased by € € In total, the share capital was increased by € € Changes in capital for the year ended December 31, 2021: On February 12, 2021, Biophytis announced the closing of the ADS Offering. The gross proceeds from the Offering were $20,100 thousand ( € € € € € € On July 30, 2021, 4,950,000 new shares were issued to Negma generating a share capital increase of € € During the year ended December 31, 2021, 376 bonds held by Atlas were converted into new shares generating the issuance of 16,379,256 shares with a share price of € € € The costs incurred during the period by the Company in connection with the Initial Public Offering on Nasdaq Capital Market in February 2021 were recognized as a reduction from shareholders ’ € Following the exercise of warrants during the period, the share capital was increased by € € Own shares Under the liquidity contract signed with Invest Securities, the Company held 1,674,279 treasury shares on December 31, 2023, valued at 9 thousand euros and deducted from shareholder equity. The unused portion of the liquidity contract is recorded under Cash and marketable securities for a total amount of 26 thousand euros on December 31, 2023, compared with 38 thousand euros on December 31, 2022. Share premium The Annual General Meeting of April 17, 2023 decided to increase the “ ” “ ” Distribution of dividends The Company did not distribute any dividends during the years ended December 31, 2021, 2022 and 2023, respectively. |
Share subscription warrants (BS
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | 12 Months Ended |
Dec. 31, 2023 | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | Note 12: Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) 12.1 Share subscription warrants Changes in the number of warrants outstanding over the 2022 and 2023 financial years are analyzed as follows: Maximum number of Number of warrants outstanding shares that Allocation may be Type date 12/31/2021 Allocated Exercised Expired 12/31/2022 subscribed BSA 2018 9/10/2018 442,477 — — — 442,477 442,477 BSA 2020 4/7/2020 2,492,871 — (22,902) — 2,469,969 2,469,969 BSA 2021 6/17/2022 — 398,476 — — 398,476 398,476 Total 2,935,348 398,476 (22,902) — 3,310,922 3,310,922 Maximum number of Number of warrants outstanding shares that Allocation may be Type date 12/31/2022 Allocated Exercised Expired 12/31/2023 subscribed BSA 2018 9/10/2018 442,477 — — — 442,477 442,477 BSA 2020 4/7/2020 2,469,969 — (9,556) — 2,460,413 2,460,413 BSA 2021 6/17/2022 398,476 — — — 398,476 398,476 BSA 2022 4/14/2023 — 927,223 — — 927,233 927,223 Pre-funded warrants 2023-07 7/18/2023 — 828,334 (828,334) — — — BSA 2023-07 7/18/2023 — 1,333,334 — — 1,333,334 133,333,400 BSAR 2023-11 11/17/2023 — 210,733,954 (2,477,006) — 208,256,948 208,256,948 Total 3,310,922 213,822,845 (3,314,896) — 213,818,871 345,818,937 On June 17, 2022, the Company allocated 398,476 BSA 2021 2021 1/3 1/3 1/3 2021 On April 14, 2023, the Company allocated 927,333 BSA 2022 2022 1/3 1/3 1/3 2022 As part of the July 2023 registered direct proposal, the Company issued 828,334 pre-funded warrants representing 82,833,400 new ordinary shares, which were exercised during the year. The Company also issued 1,333,334 ordinary warrants (the “BSA 2023-07 “), entitling their holders to subscribe to American Depositary Shares (ADSs) at an exercise price of €2.67 per ADS, representing 133,333,400 additional potential new ordinary shares. These warrants could be exercised immediately and will expire three years after issue, i.e. on July 21, 2026. By December 31, 2023, no warrants had yet been exercised. The Company issued 210,733,954 redeemable share subscription warrants (the “BSAR 2023 BSARs had been exercised. 12.2. Business creator share subscription warrants (“BSPCE”) Plan features Assumptions Initial IFRS2 total valuation Allocation Total number of Risk- (Black& Scholes) (in Type date warrants allocated Maturity date Expected term Exercise price Volatility free rate thousands of euros) BSPCE 2019-1 4/3/2020 1,333,333 4/3/2026 2 years € 0.27 48.36 % (0.62) % 674 BSPCE 2019-2 4/3/2020 666,667 4/3/2026 4 years € 0.27 53.32 % (0.56) % 356 BSPCE 2020-1 12/22/2020 999,393 12/22/2026 2 years € 0.47 57.80 % (0.77) % 508 BSPCE 2020-2 12/22/2020 499,696 12/22/2026 4 years € 0.47 57.91 % (0.77) % 284 BSPCE 2021-1 9/15/2021 2,919,415 9/15/2027 1 year € 0.73 79.11 % (0.73) % 677 BSPCE 2021-2 9/15/2021 1,459,707 9/15/2027 2 years € 0.73 106.04 % (0.75) % 595 The change in the number of BSPCEs outstanding over the 2022 and 2023 financial years can be analyzed as follows: Number of warrants outstanding Maximum number of Allocation shares that may Type date 12/31/2021 Allocated Exercised Expired 12/31/2022 be subscribed BSPCE 2019-1 04/03/2020 875,673 — (2,152) (42,223) 831,298 831,298 BSPCE 2020-2 04/03/2020v 594,545 — (4,303) 590,542 590,542 BSPCE 2021-1 12/22/2020 725,250 — (84,447) 640,803 640,803 BSPCE 2021-2 12/22/2020 362,625 — (8,607) 354,018 354,018 BSPCE 2019-1 9/15/2021 2,873,769 — (292,376) 2,581,393 2,581,393 BSPCE 2019-2 9/15/2021 1,436,885 — (146,188) 1,290,697 1,290,697 Total 6,868,747 — (2,152) (578,144) 6,288,451 6,288,451 Number of warrants outstanding Maximum number of Allocation shares that may Type date 12/31/2022 Allocated Exercised Expired 12/31/2023 be subscribed BSPCE 2019-1 04/03/2020 831,298 — — (76,470) 754,828 754,828 BSPCE 2020-2 04/03/2020v 590,542 — — (38,235) 552,307 552,307 BSPCE 2021-1 12/22/2020 640,803 — — (155,810) 484,993 484,993 BSPCE 2021-2 12/22/2020 354,018 — — (78,280) 275,738 275,738 BSPCE 2019-1 9/15/2021 2,581,393 — — (591,386) 1,990,007 1,990,007 BSPCE 2019-2 9/15/2021 1,290,697 — — (295,693) 995,004 995,004 Total 6,288,451 — — (1,235,874) 5,052,877 5,052,877 The vesting period for the BSPCE plans is as follows: Type Vesting period BSPCE 2017-1 1/3 to 07/21/2017 1/3 to 07/21/2018 1/3 to 07/21/2019 BSPCE 2017-2 1/3 to 07/21/2017 1/3 to 07/21/2018 1/3 to 07/21/2019 BSPCE 2019-1 1/3 to 4/10/2020 1/3 to 4/10/2022 1/3 to 4/10/2024 BSPCE 2019-2 1/3 to 4/10/2020 1/3 to 4/10/2022 1/3 to 4/10/2024 BSPCE 2020-1 1/3 to 12/22/2020 1/3 to 12/22/2022 1/3 to 12/22/2024 BSPCE 2020-2 1/3 to 12/22/2020 1/3 to 12/22/2022 1/3 to 12/22/2024 BSPCE 2021-1 1/3 to 9/15/2021 1/3 to 9/15/2022 1/3 to 9/15/2023 BSPCE 2021-2 1/3 to 9/15/2021 1/3 to 9/15/2022 1/3 to 9/15/2023 The parameters used to value the BSPCEs issued in 2022 and 2023 are as follows: Plan features Assumptions Total Initial IFRS2 total number of valuation (Black & Allocation warrants Expected Exercise Scholes) (in Type date allocated Maturity date term price Volatility Risk-free rate thousands of euros) BSPCE 2019-1 4/3/2020 1,333,333 4/3/2026 2 years € 0.27 48.36 % (0.62) % 674 BSPCE 2019-2 4/3/2020 666,667 4/3/2026 4 years € 0.27 53.32 % (0.56) % 356 BSPCE 2020-1 12/22/2020 999,393 12/22/2026 2 years € 0.47 57.80 % (0.77) % 508 BSPCE 2020-2 12/22/2020 499,696 12/22/2026 4 years € 0.47 57.91 % (0.77) % 284 BSPCE 2021-1 9/15/2021 2,919,415 9/15/2027 1 year € 0.73 79.11 % (0.73) % 677 BSPCE 2021-2 9/15/2021 1,459,707 9/15/2027 2 years € 0.73 106.04 % (0.75) % 595 12.3. Allocation of bonus shares (“AGA”) Plan features Assumptions Total initial Total number IFRS2 valuation of bonus (Black & Scholes) Allocation shares Maturity Exercise (in thousands Type date allocated date price Volatility Risk-free rate of euros) AGA 2021-2 4/25/2021 1,591,334 N/A N/A N/A N/A 271 AGA 2022 4/14/2023 18,904,158 N/A N/A N/A N/A 775 Total 20,495,492 1,046 The change in the number of AGAs under acquisition over the 2022 and 2023 financial years can be analyzed as follows: Number of bonus shares under acquisition Maximum number of Allocation shares that may Type date 12/31/2021 Allocated Acquired Expired 12/31/2022 be subscribed AGA 2020 12/22/2020 2,500,911 — (2,500,911) — — — AGA 2021-1 9/15/2021 6,631,068 — (6,631,068) — — — AGA 2021-2 4/25/2023 — 1,591,334 — — 1,591,334 1,591,334 Total 9,131,979 (1,591,334) (9,131,979) — 1,591,334 1,591,334 Number of bonus shares under acquisition Maximum number of Allocation shares that may be Type date December 12, 2021 Allocated Acquired Expired December 31, 2023 acquired AGA 2021-2 4/25/2021 1,591,334 — (1,578,960) (12,374) — — AGA 2022 4/14/2023 — 18,904,158 — (19,455) 18,884,703 18,884,703 Total 1,591,334 18,904,158 (1,578,960) (12,374) 18,884,703 18,884,703 On April 14, 2023, the Company allocated 18,904,158 AGA 2022 2022 2022 12.4. Share-based payment expenses as accounted for on December 31, 2022 and December 31, 2023 DECEMBER 31, 2022 DECEMBER 31, 2023 Cumulative Cumulative Probabilized expense at Expense Accumulated expense at Expense Accumulated in thousands cost of plan beginning of for the cost of plan Probablilized cost beginning of for the expense to of euros to date financial year period to date of the date financial year period date BSA 2021 17 — 17 17 17 17 — 17 BSA 2022 — — — — 12 — 12 12 BSPCE 2019--1 640 570 74 644 640 644 — 644 BSPCE 2019-2 320 113 98 212 320 212 65 277 BSPCE 2020-1 218 341 97 437 437 437 — 437 BSPCE 2020-2 435 43 58 101 435 101 23 124 BSPCE 2021-1 838 339 209 548 838 548 — 548 BSPCE 2021-2 419 169 251 420 419 420 73 493 AGA 2020-1 2,311 1,184 1,117 2,301 2,301 2,301 — 2,301 AGA 2021-1 4,936 1,447 3,460 4,907 4,907 4,907 — 4,907 AGA 2021-2 271 — 186 186 271 186 86 271 AGA 2022 — — — — 775 — 553 553 Sub-total 5,667 812 Social contribution (1) 171 14 Total 5,738 826 DECEMBER 31, 2021 Cumulative Probable expenses - Expense cost of beginning for the Cumulative expense Type the plan of period period to date Warrants 2021 153 153 — 153 Founders’ warrants 2017-1 347 347 — 347 Founders’ warrants 2017-2 369 369 — 369 Founders’ warrants 2019-1 640 447 124 570 Founders’ warrants 2019-2 320 52 62 113 Founders’ warrants 2020-1 218 257 84 341 Founders’ warrants 2020-2 435 1 42 43 Founders' warrants 2021-1 838 — 339 339 Founders' warrants 2021-2 419 — 169 169 Free shares 2020 2,311 28 1,155 1,184 Free shares 2021-1 4,936 — 1,447 1,447 Free shares 2021-2 — — — — Sub-total 3,422 Social contribution (1) 308 Total 3,730 Bonus shares are subject to an additional social security contribution payable on allocation of the bonus shares at the end of the vesting period. It is accounted for on a straight-line basis over the vesting period and revalued in line with the Company’s share price at the end of each financial year. This social security contribution, recorded under social security and other social bodies liabilities (see Note 15.2), amounted to 14 thousand euros on December 31, 2023. |
Borrowings and financial liabil
Borrowings and financial liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings and financial liabilities | |
Borrowings and financial liabilities | Note 13: Borrowings and financial liabilities AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Repayable advances 906 664 686 Non-convertible bonds 2,740 1,721 454 Convertible bonds 1,647 1,792 1,971 Non-current lease obligations 225 190 136 Non-current borrowing 5,518 4,367 3,247 Non-current derivative liabilities 536 — — AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Repayable advances 377 418 196 Non-convertible bonds 1,524 1,017 1,259 Convertible bonds 6,627 6,462 2,207 Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 3,287 2,035 1,213 Payables on current rental obligations 221 280 54 Accrued interest payable — — 94 Current borrowings 12,036 10,213 5,023 Current derivative liabilities 788 13 1 Breakdown of borrowings by maturity, at repayment value Borrowing maturities break down: AS OF DECEMBER 31, Current Non-current (amounts in thousands of euros) 2023 < 1 year 1 to 5 years > 5 years Repayable advances 882 196 686 — Non-convertible bonds 1,714 1,259 454 — Convertible bonds 4,178 2,207 1,971 — Debts on leasing obligations 190 54 136 — Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 1,213 1,213 — — Accrued interest payable 94 94 — — Total borrowings 8,270 5,023 3,247 — Derivative liabilities 1 — — — AS OF DECEMBER 31, Current Non-current (amounts in thousands of euros) 2022 < 1 year 1 to 5 years > 5 years Repayable advances 1,083 418 664 — Non-convertible bonds 2,685 981 1,704 — Convertible bonds 8,255 6,462 1,792 — Debts on leasing obligations 470 280 190 — Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 2,035 2,035 — — Total borrowings 14,527 10,177 4,350 — Derivative liabilities 13 13 — — AS OF DECEMBER 31, Current Non-current (amounts in thousands of euros) 2021 < 1 year 1 to 5 years > 5 years Repayable advances 1,284 378 746 160 Non-convertible bonds 4,264 1,524 2,740 — Convertible bonds 8,274 6,627 1,647 — Debts on leasing obligations 446 221 225 — Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 3,287 3,287 — Total borrowings 17,555 12,037 5,358 160 Derivative liabilities 1,324 788 536 — 13.1. Repayable advances The table below shows changes in repayable advances: (in thousands of euros) BPI - Sarcob BPI – BIO 101 AFM – Telethon BPI – BIO 201 Total December 31, 2021 56 474 386 367 1,284 (+) Cash inflow — — — — — (-) Repayment (59) (165) — — (225) Grants — — — — — Financial expenses 1 15 8 7 31 Other 2 — (9) — (7) On December 31, 2022 — 324 385 373 1,083 (+) Cash inflow — — — — — (-) Repayment — (220) — — (220) Grants — — — — — Financial expenses — 6 6 7 19 Others — — — — — On December 31, 2023 — 110 391 381 882 Breakdown of repayable advances by maturity at repayment value (in thousands of euros) BPI -Sarcob BPI - BIO 101 AFM – Telethon BPI - BIO 201 Total On December 31, 2022 — 324 385 373 1,083 Current portion — 269 91 — 360 One to 5 years — 55 294 373 722 Over 5 years — — — — — (in thousands of euros) BPI -Sarcob BPI – BIO 101 AFM – Telethon BPI – BIO 201 Total On December 31, 2023 — 110 391 381 882 Current portion — 110 48 38 196 One to 5 years — — 343 343 686 Over 5 years — — — — — ● BPI France repayable advance - “BIO 101” project Under a contract signed with BPI France on November 28, 2016, the Company received a non-interest-bearing recoverable advance of €1,100,000, paid in several installments, for the “production of clinical batches, regulatory preclinical phase and phase 1 clinical phase of BIO101 (20-hydroxyecdysone) for the treatment of sarcopenic obesity”. As a result of the project’s success, the Company is repaying this advance in installments of 55 thousand euros per quarter until June 30, 2024. ● Collaboration agreement with AFM-Téléthon - “BIO 101” project Biophytis signed a collaboration agreement with AFM-Téléthon on June 3, 2019 for the development of BIO101 (20-hydroxyecdysone) for the treatment of Duchenne Muscular Dystrophy (DMD) as part of the MYODA program. The Company received 400 thousand euros to finance certain additional preclinical trials and the preparation of the MYODA clinical trial, which may be repaid under certain conditions. Repayment of the advance will be spread over a two-year period, starting from the authorization to launch phase 3 of the MYODA clinical program, with constant half-yearly installment repayments. ● BPI France repayable advance - “BIO 201” project On August 23, 2019, the Company entered into an agreement with BPI France for a conditional interest-free advance of 600 thousand euros payable in installments for its MACA program with BIO201 developed in dry age-related macular degeneration (AMD). The Company received 400 thousand euros in April 2021, with the remainder of the advance to be received on completion of the program. Repayment of this advance depends on the successful completion of the project: - in the event of technical and economic failure, a minimum repayment of €240,000 will be due by the Company at the end of the program, postponed by amendment to the end of April 2024; and - in the event of technical and economic success, reimbursement is scheduled over a 5 -year period starting in September 2024. Under this agreement, the Company was entitled to receive a grant of €380,000, of which €260,000 was received in April 2021. On December 31, 2021, this grant was recorded as deferred income for a total of €178,000. On December 31, 2023, the company had incurred expenditure representing 53% of the research and development program budget (see Note 15.3). This project was suspended in 2023 due to limited financial resources which require establishing priorities for financing R&D programs. Although this temporary shutdown can be considered a failure, the Company intends to negotiate a postponement of the end date of the program. In accordance with IFRS, the fact that the repayable advances received by the Company do not bear annual interest means that the Company has benefited from interest-free loans, i.e. financing conditions that are more favorable than market conditions. The difference between the amount of the advance at historical cost and the amount of the advance discounted at a market rate has been accounted for as a subsidy received from the State. 13.2 Convertible and non-convertible bonds 13.2.1 ATLAS convertible bond issue - Atlas 2020 contract (amounts in thousands of euros) 2020 ORNANE ATLAS On December 31, 2021 - Convertible bonds - Current 6,627 (+) Net cash inflow — (+) Change in fair value of debt (546) (-) Conversion (6,081) On December 31, 2022 - Convertible bonds - Current — On April 2020, the Company signed a convertible bond financing program with Atlas for up to €24 million to continue the development of BIO101 (20-hydroxyecdysone), this involved issuing multiple convertible bonds over a 3 On December 31, 2022, all the convertible bonds associated with this contract had been converted. Accounting treatment The Company determined that it could not reliably estimate the fair value of the conversion option embedded in the convertible bonds separately, and therefore concluded that the entire hybrid contract should be valued at fair value through profit or loss until settlement. Fair value was evaluated using a binomial valuation model. As the expected maturity of the bonds is short, the “Day one loss” (including repayment premium and/or issue premium) was immediately accounted for in the income statement. 13.2.2 ATLAS convertible bond issue - Atlas 2021 contract 2021 ORNANE (amounts in thousands of euros) ATLAS On December 31, 2021 - Convertible bonds - Current — (+) Net cash inflow (1) 9,590 (+) Change in fair value of debt 1,221 (-) Conversion (4,349) On December 31, 2022 - Convertible bonds - Current 6,462 (+) Net cash inflow (2) 1,920 (+) Change in fair value of debt 1,330 (-) Conversion (7,897) On December 31, 2023 - Convertible bonds - Current 2,207 In June 2021, the Company arranged up to €32 million in convertible bond financing with Atlas Special Opportunities LLC (the “Atlas 2021 Contract”). The three-year contract covers the issue of a maximum of 1,280 bonds with the option of exchange for cash and or conversion into new or existing shares (ORNANE) in eight successive installments of 4 million euros each. This facility is intended to secure the Company’s cash position in order to pursue the development of its clinical activities, in particular the ongoing development of BIO101 (20-hydroxyecdysone). As of December 31, 2023, we have drawn down €12 million from our 2021 credit facility with ATLAS, corresponding to the first three tranches. Since December 31, 2023, the Company issued the fourth tranche of €4 million and 160 ORNANEs as part of its 2021 bond financing agreement with ATLAS. As of the date of this filing and considering the terms and expiration date of the ATLAS agreement as of June 14, 2024, the Company has the capacity to issue no more than two additional tranches for a total amount of €8 million. The contract imposes certain operational and financial restrictions. These covenants may limit the ability of the parent company and its subsidiaries, in certain circumstances, to, among other things, incur additional debt, create or incur privileges, sell or transfer assets and pay out dividends. On December 31, 2023, these covenants have been met. The contract also contains certain customary covenants and default situations, including changes to the company’s controlling interests. The ORNANE bonds have a par value of 25 thousand euros and are issued at a subscription price of 96% of their par value. They bear no interest and have a maturity of 24 months from issue. The holder may request conversion of the ORNANE bonds at any time during the maturity period, at which time the Company may redeem the ORNANE bonds in cash. In the event of cash redemption, the amount redeemed will be limited to The holder will be able to request the conversion of the ORNANE bonds at any time in accordance with the conversion parity determined by the following formula: N = CA / CP, where ● “ N ” is the number of shares resulting from the conversion, ● “ CA ” is the nominal value of the ORNANE bonds (i.e. 25 thousand euros), ● “ CP ” is the conversion price (i.e. 100% of the VWAP Pricing Period during the Pricing Period of 10 trading days prior to receipt of the Conversion Notice). On the date of the conversion request, the Company will have the option of redeeming the ORNANE in cash in accordance with the following formula: V = CA / CP x CPr, where ● “ V ” is the amount to be reimbursed to the bearer. ● “ CPr ” is the revised price, corresponding to the lower of (i) the volume-weighted average price over the 10 trading days preceding the date on which conversion is requested and (ii) P* 1.10 . Accounting treatment The Company determined that it could not reliably estimate the fair value of the conversion option embedded in the convertible bonds separately, and therefore concluded that the entire hybrid contract should be valued at fair value through profit or loss until settlement. Fair value is evaluated using a Longstaff Schwartz valuation model. As the expected maturity of the bonds is short, the “Day one loss” (including repayment premium and/or issue premium) will be immediately accounted for in the income statement. During the 2022 financial year, the Company issued 400 ORNANE bonds (first and second installments plus half of the third installments) for a total amount of 10 million euros. Issue premiums were paid for 400 thousand euros, and transaction and structuring costs as well as commissions and advisory fees totaled 390 thousand euros. In addition, all of Installment 1, i.e. 160 ORNANE bonds, and 12 ORNANE bonds from Installment 2 were converted. During the 2023 financial year, the Company issued 80 ORNANE bonds (second half of the third installment) for a total amount of 2 million euros. Issue premiums were paid for 80 thousand euros and transaction costs for 30 thousand euros. In addition, 148 Installment 2 ORNANE and 102 Installment 3 ORNANE were converted. In addition, during the month of December 2023, the company decided to draw the 4th tranche for an amount of 4 million euros (corresponding to 160 ORNANE), this sum to be paid in 2 installments: 2 million euros at the beginning of January 2024 and 2 million euros in mid-February 2024. The Company determined that it could not reliably estimate separately the fair value of the conversion option embedded in the convertible bonds and therefore concluded that the entire hybrid contract should be measured at fair value through the income statement until settlement. Fair value is assessed using a binomial valuation model. As the expected maturity of the bonds is short, the loss on the issue date (“Day one loss”) (including the redemption premium and/or the issue premium) is immediately recognized in profit or loss. The table below summarizes the main data used to evaluate the fair value of the convertible bonds: Conversion option Tranche 2 Tranche 3 Tranche 4 On issue On issue ATLAS 2021 (21/06/2022) 12/31/2023 (28/10/2022) 12/31/2023 12/31/2023 Number of bonds outstanding 160 0 80 29 0 Share price 0.10 € 0.005 € 0.06 € 0.005 € 0.005 € Volatility 70.00 % 95.00 % 65.00 % 95.00 % 95.00 % Risk-free rate 1.82 % NA 3.37 % 3.60 % 2.80 % Value of bond issue (in K€) 3,840 — 3,840 1,585 614 The sensitivity analysis of the degree of valuation of convertible bonds as impacted by the change in assumptions has not been presented because the impacts are negligible. 13.2.3 KREOS convertible and non-convertible bonds KREOS contract KREOS KREOS KREOS 2018 contract 2021 contract KREOS 2021 Non- Non- 2021 loan security KREOS convertible convertible Convertible Derivative buyback 2021 day (amounts in thousands of euros) bonds bonds bonds contract 2018 one gain Total On December 31, 2021 938 3,229 1,647 1,324 (48) 98 7,188 (+) Gross cash inflow — — — — — — — (+) Security deposit — — — — — — — (-) Expenses charged to bond issue — — — — — — — (+) Change in fair value of debt (1) — — — (1,311) — — (1,311) (-) Bifurcation of the conversion option recognized as a derivative liability — — — — — — — (+/-) Impact of amortized cost 6 358 145 — — (45) 464 (-) Repayment (944) (900) — — — — (1,844) On December 31, 2022 — 2,687 1,792 13 (48) 53 4,497 (+) Change in fair value of debt — — — 12 — — 12 (+/-) Impact of amortized cost — 272 178 — — — 450 (-) Repayment — (1,262) — — — (34) (1,296) On December 31, 2023 — 1,695 1,971 1 (48) 19 3,637 (1) Decrease in value per option: €0.00584 as of December 31, 2022 versus €0.35559 as of December 31, 2021 ● Issue of non-convertible bonds to Kreos - 2018 Contract On September 10, 2018, the Company entered into a venture loan agreement with Kreos in the form of a framework agreement organizing the issue of a bond loan of up to €10 million through the issue of four €2.5 million installments, with the first installment accompanied by share warrants. All installments were issued over the 2018 and 2019 financial years, for a total amount of 10 million euros. Each installment bore interest at 10% per annum. All non-convertible installments issued were repayable in 36 monthly installments from April 2019. On December 31, 2022, the financing was fully repaid. A security deposit totaling €320,000 (€80,000 per tranche) has been withheld by Kreos from the payments made. It will be deducted from the last monthly payment. It was presented under “Other current financial assets” on December 31, 2021 and the amount here was zero on December 31, 2022. The warrants issued to Kreos under the first installment give the right to subscribe for 442,477 ordinary shares in the Company at an exercise price of €2.67 per share over a 7-year period. These warrants were valued at €319,000 and were recorded as equity instruments and as a reduction in the value of debt. In accordance with IFRS 9, the non-convertible debt component was initially accounted for at fair value and subsequently evaluated at amortized cost. The effective interest rate after recording the warrants as a reduction in debt was 13.59%. ● Issue of non-convertible bonds and convertible bonds to Kreos - 2021 Contract On November 19, 2021, the Company signed a new venture loan agreement and a bond issue agreement that could provide up to 10 million euros of financing for the Company through the issue to Kreos of non-convertible bonds for 7.75 million euros (ordinary bonds) and convertible bonds for 2.25 million euros, plus the issue of warrants attached to the first installment. The four-installment loan agreement was partially drawn down by the Company during the 2021 financial year for a total amount of 6.2 million euros. The non-convertible bonds bear interest at an annual rate of 10% and have been repaid in cash in 36 monthly installments since April 1, 2022. Convertible bonds bear interest at an annual rate of 9.5%. The Company will repay them for their principal amount no later than March 31, 2025, unless they are previously converted into shares, at the discretion of Kreos Capital, at a fixed conversion price of €0.648. The Company has also issued 2,218,293 BSA warrants to Kreos Capital, giving the right to subscribe to new ordinary shares in the Company on the basis of one share per BSA warrant. The BSA warrants may be exercised for a period of 7 years after their issue. The exercise price of the BSA warrants was set at €0.56. If, upon exercise of the BSA warrants, the market price (VWAP) of Biophytis shares on the exercise date is lower than the exercise price, Kreos will receive a cash payment from the Company based on a formula taking into account the difference between these two prices. The loan agreement provides for the pledge to Kreos of the Company’s goodwill, bank account balances and intellectual property rights. It also imposes certain operational and financial restrictions. These covenants may limit the ability of the company and its subsidiaries, in certain circumstances, to, among other things, incur additional debt, sell or transfer assets and pay out dividends. This contract also contains certain customary covenants and default situations, including changes to the company’s controlling interests. As of December 31, 2023, these covenants are respected. Accounting treatment for hybrid financing Analysis of the specifications of the hybrid contract with reference to IFRS9 and IAS32 criteria led to the need to account for the conversion options and BSA warrants as derivative instruments separate from the host contract (no equity component insofar as these options do not in all circumstances result in the delivery of a fixed number of shares at a fixed price). The cash amount of 5.5 million euros received on November 19, 2021 (excluding transaction costs) corresponds to the estimated fair value of the instruments put in place on the drawdown date: financial debt components in respect of installments A and B for 4.3 million euros (convertible and non-convertible), derivative liabilities in respect of premiums received on options sold for 1.2 million euros (464 thousand euros in respect of conversion options and 710 thousand euros in respect of BSA warrants issued), and financial compensation of 48 thousand euros in respect of 2018 warrants bought back by the Company from KREOS. With regard to installment (C) of the ordinary bond issued in December 2021 for 677 thousand euros (excluding transaction costs), as the drawdown conditions were met outside the framework of the contract, the company analyzed the drawdown of installment (C) within the framework of a new loan agreement, with Kreos Capital VI UK. As such, installment (C) is accounted for at its fair value on the balance sheet, estimated on the basis of the financing rate deducted from the Kreos VI financing. The entry value of Installment C liabilities led to the recording of a “day one gain” of 98 thousand euros. Given the unobservable nature of the market rate, the “day one gain” is deferred on the Company’s balance sheet and accounted for as financial liabilities. In accordance with IAS 32, the redemption value of the 2018 BSA warrants has been accounted for as a total of 48 thousand euros and as a deduction from equity, in line with the treatment applied to BSA warrants issued in 2018. Borrowings are accounted for at amortized cost, based on an average effective interest rate of 26.37% for non-convertible installments and 22.85% for convertible installments. Derivative instruments are measured at fair value on the balance sheet, with a corresponding entry on the income statement: binomial or EDP valuation model for convertible bonds, and Black & Scholes valuation model for BSA warrants. The table below summarizes the valuation of this derivative on December 31, 2023: As of December 31, Fair value of derivative liabilities KREOS 2021 2021 2022 2023 Number of bonds outstanding 2,250,000 2,250,000 2,250,000 Number of shares available for subscription 2,250,000 2,250,000 2,250,000 Share price € 0.494 € 0.46 € 0.005 Exercise price € 0.648 € 0.648 € 0.648 Volatility over 12 months 85 % 65 % 95 % Risk-free rate — % 3.39 % 2.51 % Credit spread 23.14 % 23.14 % 23.14 % Fair value of derivative instrument (in K€) (536) — — Change in fair value of derivative liability over the period (in K€) (72) 536 — The table below summarizes the accounting procedure for derivatives: As December 31, BSA – KREOS 2021 Derivative instruments 2021 2022 2023 Number of BSA warrants outstanding 2,218,293 2,218,293 2,218,293 Exercise price per share € 0.56 € 0.56 € 0.56 Maturity 6.88 years 5.88 years 4.88 years Volatility 85 % 65 % 95 % Risk-free rate — % 3.24 % 2.43 % Fair value of BSA 2021 issued to KREOS (in K€) (788) (13) (1) Change in fair value of derivative instrument (in K€) (78) 775 12 The table below summarizes the sensitivity analysis of the valuation of financial instruments impacted by the change in assumptions: On December 31, 2023 Unconverted Convertible Bifurcated Sensitivity analysis installments installments derivatives Value of instruments (in K€) 1,682 1,937 1 Impact of a 5% increase in volatility — — — Impact of a 5% drop in volatility — — — Impact of a 5% increase in the credit spread (41) (89) — Impact of a 5% drop in the credit spread 44 98 — Impact of a 1% increase in the risk-free rate (10) (23) — Impact of a 1% drop in the risk-free rate 10 23 — Impact of a 5% increase in the share price — — — Impact of a 5% drop in the share price — — — 13.3 Research Tax Credit (CIR) pre-financing debt Part of the CIR 2022 and 2023 receivables was pre-financed by the PREDIREC INNOVATION 3 securitization fund, with Neftys Conseil SARL as arranger. As a result, the Company has recorded: ● a liability for the amount due to NEFTYS on receipt of the CIR; ● a financial asset for amounts drawn by NEFTYS from assigned receivables (considered as a security deposit, see Note 7), and ● a current asset in the form of the French government research tax credit (crédit d’impôt recherche - CIR). In accordance with IFRS 9, the financial debt owed to NEFTYS has been determined using the amortized cost method. Statement of changes in financial liabilities Reclassification New Change in of the day- Impact of financial debt fair Value Loan Transfer between one gain as a amortized related to lease through charges Conversion non-current and financial (amounts in thousands of euros) 12/31/2022 Pay-ment Repay-ment cost obligations profit or loss and interest to equity Holdback current liabilities asset 12/31/2023 Repayable advances 664 — — 29 — — — — — — — 686 Non-convertible bonds 1,722 — — 127 — — — — — — (1,394) 454 Convertible bonds 1,792 — — 178 — — — — — — — 1,971 Non-current lease obligations 190 — — — — — — — — — (54) 136 Non-current borrowing 4,367 — — 334 — — — — — — (1,448) 3,247 Non-current derivative liabilities — — — — — — — — — — — — Repayable advances 418 — (222) — — — — — — — — 196 Non-convertible bonds 1,016 — (1,262) 111 — — — — — — 1,394 1,259 Convertible bonds 6,462 1,920 — — — 1,562 — (7,737) — — — 2,207 Accrual Interests to pay — — — — — — 94 — — — — 94 CIR pre-financing debt 2,035 1,098 (2,146) — — — 123 — — 103 — 1,213 Payables on current rental obligations 280 — (280) — — — — — — — 54 54 Current borrowings 10,213 3,018 (3,910) 111 — 1,562 217 (7,737) — 103 1,448 5,023 Current derivative liabilities 13 — — — — (12) — — — — — 1 Transfer New Change between Financial in fair non- debt value Loan current Impact of related to through changes and amortized lease profit and Conversion current (amounts in thousands of euros) 12/31/2021 Payment Repayment cost obligations or loss interest Conversion to equity Holdback liabilities 12/31/2022 Repayable advances 906 — — (230) 14 — — — — (26) 664 Non-convertible bonds 2,740 — — — 282 — — — — (1,300) 1,722 Convertible bonds 1,647 — — — 145 — — — — — 1,792 Non-current lease obligations 225 — — — — 216 — — — (251) 190 Non-current borrowing 5,518 — — (220) 441 216 — — — (1,577) 4,368 Non-current derivative liabilities 536 — — — — (536) — — — — — Repayable advances 377 — — 15 — — — — — 26 418 Non-convertible bonds 1,524 — (1,844) 37 — — — — — 1,300 1,016 Convertible bonds 6,627 10,000 — — — 675 — (10,840) — — 6,462 CIR pre-financing debt 3,287 1,834 (3,458) 39 — — 150 — 183 — 2,035 Payables on current rental obligations 221 — (244) — 52 — — — — 251 280 Current borrowings 12,036 11,834 (5,546) 91 52 675 150 (10,840) 183 1,577 10,211 Current derivative liabilities 788 — — — — (775) — — — — 13 |
Employee benefit obligation
Employee benefit obligation | 12 Months Ended |
Dec. 31, 2023 | |
Employee benefit obligation | |
Employee benefit obligation | Note 14: Employee benefit obligation Employee benefit obligation correspond to retirement indemnities, valued on the basis of the clauses set out in the applicable collective bargaining agreement. This commitment concerns only employees subject to French law. The amended social security financing law 2023-270 for 2023, promulgated on April 14, 2023, modified the general pension system in France. Its main measures concern the gradual increase in the legal retirement age from 62 to 64 years and the increase in the contribution period required to benefit from a full pension. In accordance with the principles of IAS 19, all impacts linked to the reform are qualified as regime modifications, the impact of this reform has therefore been recognized in profit or loss. The main actuarial assumptions are as follows: AS OF DECEMBER 31, ACTUARIAL ASSUMPTIONS 2021 2022 2023 Voluntary retirement Retirement age between the ages of 65 and 67 Collective bargaining agreements Pharmaceutical industry Discount rate (IBOXX Corporates AA) 0.98% 3.77% 3.17% Mortality table INSEE 2017 INSEE: TH/TF 2016-2018 INSEE 2018 Salary increase rate 2.00% 3.00% 3.50% Turnover rate Medium Medium Medium Social security contribution rates for Executives 43% 44% 47% Movements in the provision for retirement commitments were as follows: (amounts in thousands of euros) Retirement benefits On December 31, 2021 205 Past service cost 53 Financial costs 4 Actuarial gains and losses (80) On December 31, 2022 183 Past service cost 48 Financial costs 7 Actuarial gains and losses (1) On December 31, 2023 237 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions | |
Provisions | Note 15: Provisions Reversals Reversals (amounts in thousands of euros) 12/31/2021 Endowments (used) (unused) 12/31/2022 Provision for litigation — 75 — — 75 Provision for contingencies — — — — — Total provisions — 75 — — 75 In the financial year ended December 31, 2022, the Company set aside a provision of 75 thousand euros under article 700 of the French Code of Civil Procedure in connection with its dispute with Negma. Reversals Reversals (amounts in thousands of euros) 12/31/2022 Endowments (used) (unused) 12/31/2023 Provision for litigation 75 223 (75) 223 Provision for contingencies — — — — — Total provisions 75 223 (75) 223 As part of the dispute with Negma Group, the Company is the subject of various requests for compensation but has not concluded that it is necessary to recognize provisions for risks due to the stay of ruling pronounced by the Commercial Court on February 9, 2024 and the existence of criminal proceedings against Negma |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other current liabilities | |
Other current liabilities | Note 16: Other current liabilities 16.1 Trade payables AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Suppliers - research and development 6,669 5,250 4,050 Suppliers - general and administrative expenses 937 1,690 1,342 Total trade payables 7,606 6,940 5,392 The decrease in debt to research and development suppliers between December 31, 2022 and December 31, 2023 is mainly due to the end of the COVA phase 2/3 and SARA-INT phase 2 clinical trials, this impact being partially offset by industrialization costs for BIO101 (20-hydroxyecdysone) as well as preclinical studies initiated in 2023. 16.2 Tax and social security liabilities AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Personnel and related accounts 658 855 671 Social security and other social organizations 1,202 831 720 Other taxes and levies 138 94 (44) Total tax and social security liabilities 1,998 1,780 1,348 16.3 Other creditors and accrued liabilities AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Directors’ salaries 202 146 196 Deferred income 175 178 178 Other 4 4 4 Total other creditors and accrued liabilities 381 328 378 As part of the “BIO 201” repayable advance project from BPI France, the Company has also received a grant of €380,000 (see note 13.1), of which €178,000 was accounted for as deferred income on December 31, 2023 (€202,000 recognized as a grant in the financial year ended December 31, 2021). |
Operating expenses by function
Operating expenses by function | 12 Months Ended |
Dec. 31, 2023 | |
Operating expenses by function | |
Operating expenses by function | Note 17: Operating expenses by function 17.1 Research and development costs FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Personnel expenses (4,392) (6,179) (3,993) Other purchases and external charges (19,345) (12,991) (6,378) Miscellaneous (264) (285) (35) Research and development costs (24,001) (19,455) (10,406) Research tax credit (CIR) 4,080 3,413 1,561 Grants 256 7 Subsidies and CIR 4,336 3,420 1,561 Research and development costs, net (19,665) (16,034) (8,845) The decrease in research personnel expenses in 2023 compared to 2022 stems mainly from the impact of share-based payments, which accounted for 560 thousand euros on December 31, 2023, compared with 3,281 thousand euros on December 31, 2022. The increase in personnel costs in 2022 compared to 2021 is due to the full year of recruitment in 2021, to the increase in the number of statutory employees, and to the impact of the share-based compensation expense related to the BSPCEs and bonus shares granted at the end of 2021 and 2022 ( € € The decrease in R&D purchases and external expenses in 2023 compared to 2022 is mainly due to the completion of clinical trials for the COVA and SARA programs in the second half of 2022. Residual costs relating to clinical development were recognized in 2023, but the bulk of R&D expenditure over the year concerned various preclinical work on the Company’s different programs and operations relating to the production of BIO101 (20-hydroxyecdysone). The decrease in external purchases and expenses in 2022 compared to 2021 is mainly related to the end of our COVA phase 2-3 study as well as the costs of preliminary meetings with public regulatory bodies as part of the continuation of our study. post-phase 2 SARA-INT. These expenses consisted primarily of contract research organization (CRO) costs for conducting clinical trials and non-clinical studies, as well as contract development and manufacturing organization (CDMO) costs for the manufacturing scale of Sarconeos (BIO101) for filing with regulatory authorities. As part of the BPI France conditional advance “BIO 201” project, the Company was entitled to receive a grant of € 380 thousand, out of which € 202 thousand was recognized as a subsidy in 2021 since 53 % of the budget of research and development expenses were incurred at the closing date. No additional expenses were incurred in 2022 and 2023. 17.2 General and administrative expenses FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Personnel expenses (3,107) (4,110) (1,570) Other purchases and external charges (3,991) (2,928) (3,427) Miscellaneous (52) (199) (491) General and administrative expenses (7,150) (7,237) (5,488) The drop in personnel expenses for general management and administrative staff in 2023 compared to 2022 stems mainly from the impact of share-based compensation, which accounted for 604 thousand euros on December 31, 2023, compared with 2,467 thousand euros on December 31, 2022. Between 2021 and 2022, personnel expenses, including share-based compensation, for senior management and administrative staff increased by €1,002 thousand, mainly due to the replacement of Finance staff and the impact of the share-based compensation expense related to BSPCEs and bonus shares granted in 2021 and 2022. Other external purchases and expenses mainly comprise administrative expenses related to the French and United States stock market listing operations, accounting and auditing fees, insurance and legal fees. |
Net financial income and expens
Net financial income and expense | 12 Months Ended |
Dec. 31, 2023 | |
Net financial income and expense | |
Net financial income and expense | Note 18: Net financial income and expense FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Interest and amortized cost on Kreos financing contract (1) (544) (1,597) (1,094) Change in fair value of convertible bonds and derivative liabilities (2) (1,856) 637 (1,330) Negma financial indemnities (3) (1,695) — — Provision for Negma litigation risks — (75) — Other financial expenses (166) (31) (157) Expenses relating to the issue of convertible bonds (125) (820) (330) Net financial income related to the repayment of penalties by Negma (4) 20 990 — Other financial income 4 (17) 174 Foreign exchange gains (losses) 14 (31) 43 Total financial income and expense (4,349) (944) (2,694) (1) See Note 13.2 Convertible and non-convertible bonds (2) In the financial year ended December 31, 2023, the change in fair value of convertible bonds and derivative liabilities was essentially related to the change in fair value of the ORNANE bonds issued to ATLAS for (1,342) K € . In the financial year ended December 31, 2022, the change in fair value of convertible bonds and derivative liabilities was related to (i) the change in fair value of the ORNANE bonds issued to ATLAS for (675) K € and (ii) the change in fair value of derivative liabilities for 1,312 K € . In the financial year ended December 31, 2021, the change in fair value of convertible notes and derivative instruments was related to (i) the change in fair value of the ORNANE issued to Negma for € 1,306 thousand, (ii) the change in fair value of the ORNANE issued to Atlas for € (3,017) thousand, (iii) the change in fair value of the derivative instruments for € (150) thousand. (3) In the financial year ended December 31, 2021, the financial indemnities paid to Negma is comprised of the fine for non-performance imposed by the Judgment € 1,500 thousand, (iii) € 100 thousand and € 8 thousand pursuant to Article 700 of the Code of Civil Procedure and (iv) late payment interest of € 87 Thousand. As a result, the Company recorded financial indemnities of € 1,695 thousand during the year ended December 31, 2021. (4) On September 8, 2022, the Paris Court of Appeal partially overturned the decision of the Paris tribunal enforcement judge in the Negma litigation. Negma Group Ltd was ordered to repay the Company the sum of € 1 million. This indemnity has been recorded as financial income for the 2022 financial year. This sum had been paid by Biophytis in 2021 as part of of € 1,695 thousand indemnities to Negma, recorded as financial expense for the 2021 financial year |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2023 | |
Income tax | |
Income tax | Note 19: Income tax The total amount of tax losses on December 31, 2023 is estimated at €168,858 thousand, comprising: ● French tax losses carried forward indefinitely for a total of € 167,759 thousand; ● Tax losses of the US subsidiary for a total of € 613 thousand ( $ 678 thousand converted at the closing rate on December 31, 2023), including: o €239 thousand indefinitely carried forward; o €188 thousand expiring in 2037; o €144 thousand expiring in 2036; o €43 thousand expiring in 2035. ● Tax losses of the Brazilian subsidiary for a total of € 264 thousand. The tax rate applicable to: ● Biophytis: the current French rate of 25% ; ● Biophytis Inc.: the current U.S. rate of 21% ; and ● Instituto Biophytis Do Brasil: the current Brazil rate of 34% . No deferred tax assets have been accounted for in the Company’s financial statements in excess of the deferred tax liabilities for the same tax jurisdiction and recovery schedule. Reconciliation of theoretical and effective taxes FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Net loss (31,164) (24,216) (17,026) Consolidated tax — — — Loss before tax (31,164) (24,216) (17,026) Current tax rate in France 26.50 % 25 % 25 % Theoretical tax at current rate in France 8,258 6,055 4,257 Permanent differences 880 3,607 291 Share - based payments (907) (1,392) (203) Unused tax losses adjusted for deferred taxes (8,231) (5,211) (4,344) Tax rate differences — (61) — Group income tax (expense)/ income — — — Effective tax rate 0.0 % 0.0 % 0.0 % Permanent differences include the impact of the research tax credit (non-taxable operating income). Nature of deferred taxes AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Temporary shifts 421 299 257 Tax loss carry-forwards 32,539 38,007 42,200 Total deferred tax assets 32,960 38,007 42,457 — — - Temporary shifts (526) (815) (704) Total deferred tax liabilities (526) (815) (704) — — - Total net deferred tax items 32,434 37,491 41,753 Unrecognized deferred taxes (32,434) (37,491) (41,753) Total net of deferred taxes — — — |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Loss per share | Note 20: Loss per share FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Weighted average number of shares outstanding 118,332,562 174,860,545 543,086,157 Own shares 49,882 21,268 11,804 Weighted average number of shares outstanding (excluding treasury shares) 118,282,679 174,839,276 543,074,353 Net loss for the fiscal year (31,164) (24,216) (17,026) Basic loss per share (€/share) (0.26) (0.14) (0.03) Diluted loss per share (€/share) (0.26) (0.14) (0.03) The accounting of instruments giving deferred rights to the capital (BSA, BSPCE, AGA, convertible bonds) has an anti-dilutive effect for the years presented. They are therefore not taken into account when calculating diluted earnings (see notes 11 and 12.1). On December 31, 2023, there were outstanding BSAs entitling their holders to acquire up to 345,818,937 shares, outstanding BSPCEs entitling their holders to acquire up to 5,052,877 shares and 18,884,703 outstanding free shares which were awarded to the CEO and employees on April 14, 2023 and will be delivered to them on April 14, 2024 after a one-year vesting period. As of December 31, 2022, there was outstanding warrants to acquire up to 2,868,387 shares, outstanding CEO and employees warrants to acquire up to 6,288,073 shares and outstanding 1,591,334 free ordinary shares that were granted |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties | |
Related Parties | Note 21: Related parties 21.1 Compensation paid to corporate officers and management (amounts in thousands of euros) 2021 2022 2023 Fixed compensation payable 1,125 1,136 1,063 Variable compensation payable 269 269 173 Benefits in kind 25 25 29 Directors’ fees 301 125 180 Share-based payments 3,294 5,567 1,325 Consulting fees 30 150 42 Total executive compensation 5,044 7,272 2,811 No post-employment benefits have been granted to the Chief Executive Officer or other corporate officers. 21.2 Intellectual property agreement signed with the Company’s Chief Executive Officer The Company’s Chief Executive Officer, who is not an employee, is involved in the Company’s research and development activities. In collaboration with the Company, he has developed inventions for which the Company has submitted patent applications in which he is listed as co-inventor, and other inventions which may give rise to new patent applications in the future and for which he will be listed as co-inventor. As an inventor, the Chief Executive Officer has certain rights under French intellectual property law. These rights are distinct from the legal rights that usually apply to salaried inventors under French law. In order to define a framework under which any intellectual property rights arising from the CEO’s research and development activities would be assigned to the Company, the Company and the CEO entered into an agreement in May 2019, approved by the Board of Directors on May 13, 2019, under which the CEO will be entitled to the following payments for his contributions: a) a first lump-sum cash payment of 90,000 euros, to be paid within 30 days of the filing of a patent application based on the assigned rights; and b) a second lump-sum cash payment of 90,000 euros, to be paid within 30 days of publication of a patent application based on the assigned rights; and c) a royalty of 6.5% in respect of any Company licensing income and/or net sales of products manufactured using patents registered on the basis of the assigned rights. The total amount resulting from the combination of the three methods of payment will be capped at €2.1 million per scientific platform. In the event of a third-party pharmaceutical and/or biotechnology company acquiring 100% of the capital and voting rights, payments would be accelerated, so that the cap, less any amounts previously paid under a platform, would become immediately due and payable. Following signature of the Transfer Agreement, an amount of €450,000 was due to the Managing Director, as certain patent applications covered by the Transfer Agreement had already been filed, triggering payment of the first lump sum. In April 2020, the company amended the intellectual property agreement signed with the company’s CEO to take into account two patent publication requests that were not taken into account in the existing contract. This amendment was approved by the Board of Directors on April 3, 2020, under which the Company’s Chief Executive Officer was entitled to a lump-sum cash payment amounting to €180,000. Since the inception of this agreement, the Company has acquired rights to use patents from the Company’s Chief Executive Officer for a total of €1,620 thousand (of which €90 thousand and €180 thousand are for the years 2022 and 2023, respectively) and are being amortized over a period of 19 years. 21.3 Consulting contract with Successful Life On January 1, 2021, we entered into a service agreement with Successful Life SAS, owned by Jean Mariani, a director of the Company. This agreement, for an initial term of one year, tacitly renewable, was approved by the Board on March 9, 2021. This service agreement provides for scientific and strategic consultancy in relation to the biology of ageing. The agreement provides for a fixed remuneration of €450 per day, up to a maximum of €32.4 thousand per year, and reimbursement of out-of-pocket expenses on presentation of receipts. In addition, on July 7, 2021, we signed a second agreement with Successful Life SAS by which Jean Mariani is to serve as interim Chief Medical officer until September 8, 2021, as approved by the July 7, 2021 Board decision, for a fixed remuneration of €15,000 per month. This agreement was extended on August 31 and expired on September 30 2022. 21.4 Indemnification agreements with the directors of the Company During the 2021 financial year, following approval of the combined general meeting of May 10, 2021, the Company signed compensation agreements with its directors, ensuring the latter are covered by an insurance policy and compensation in cases of personal liability actions against them in relation to the exercise of their corporate mandate. |
Off-balance-sheet commitments
Off-balance-sheet commitments | 12 Months Ended |
Dec. 31, 2023 | |
Off-balance-sheet commitments | |
Off-balance-sheet commitments | Note 22: Off-balance sheet commitments 22.1 Financial debt commitments Residual amount on Borrowing Commitments given Nominal 12/31/2023 BPI France repayable advance - “BIO 101” project The agreement provides for an annual repayment starting on January 1, 2018 and no later than March 31 of each year until September 30, 2023 corresponding to : 35.81% of the pre-tax proceeds from the assignment or concession of patent licenses or know-how received during the previous calendar year, where said assignment or concession relates to all or part of the results of the assisted program, and 35.81% of the pre-tax proceeds generated by the commercialization, and in particular the sale to a third party or the use by the beneficiary for its own needs, of the pre-series mock-up prototypes produced as part of the assisted program. The sums due will be deducted as a priority and up to the amount of the final installment due to BPI. The application of this mechanism will not result in the company paying more than the amount received. 1,100 110 Kreos 2021 In accordance with the terms of the subprime loan agreements signed with Kreos on September 10, 2018 (see note 12.2.3) and November 19, 2021 (see note 12.2.3), the Company has pledged a security interest in the Company's assets for the benefit of Kreos. The Company has also granted a security interest in the operating business, including part of the Company's patents, to Kreos. N/A N/A 22.2 Commitments given in respect of the use of industrial property Agreements on the use of industrial property Commitments given MACULIA commercialization contract - SATT Lutech Agreements of January 1, 2016 modified by the amendment of December 17, 2020. This contract covers patent families from M1 to M4. The consideration payable by the Company is as follows: firstly, in the year following the first product launch, and in any event no later than 2020, the Company will pay a minimum guaranteed amount of €15,000. Similarly, the company will pay a guaranteed minimum royalty of €50 thousand once a drug is marketed, and in any case no later than 2026. These amounts will be deducted from the royalties due annually to SATT Lutech. On this point, for direct operations, the agreement provides for a single figure annual royalty based on net sales, distinguishing between sales of nutraceutical and medicinal products. For indirect operation, the agreement provides for a double-digit annual royalty, calculated on license revenues by distinguishing (i) between sales of nutraceutical products (double-digit royalty rate) and medicinal products (single or double-digit royalty rate) and (ii) the development phase (phase 1, 2 and 3) at the time the license agreement is signed. Royalty payments will cease at the end of the contract. |
Financial risk management and a
Financial risk management and assessment | 12 Months Ended |
Dec. 31, 2023 | |
Financial risk management and assessment | |
Financial risk management and assessment | Note 23: Financial risk management and assessment Biophytis may be exposed to various types of financial risk, including market risk, liquidity risk and credit risk. Biophytis implements simple measures proportionate to its size to minimize the potentially adverse effects of these risks on financial performance. Biophytis’ policy is not to underwrite financial instruments for speculative purposes. 23.1 Market risk Interest rate risk Interest rate risk represents the Company’s exposure to variations in market interest rates. Changes in interest rates could affect returns on cash and term deposits. Nevertheless, this risk is considered insignificant given the current low yields on term deposits held by the Company. Foreign exchange risk The main risks relating to foreign exchange impacts are considered insignificant due to the low level of activity of our foreign subsidiaries. At the present stage of its development, the Company has not taken any hedging measures to protect its business against exchange rate fluctuations. On the other hand, the Company cannot rule out the possibility that a significant increase in its business may result in greater exposure to foreign exchange risk. The Company will then consider the use of an appropriate hedging policy to cover these risks. Equity risk The Company has signed agreements with Atlas and Kreos, providing for financing through the issue of several installments of convertible bonds, with warrants where applicable. Under these agreements, the Company is exposed to variations in the market price of its own shares. 23.2 Credit risk Credit risk is associated with deposits with banks and financial institutions. The Company seeks to minimize its exposure to banks and financial institutions by placing term deposits with first-class financial institutions. The maximum level of credit risk corresponds to the carrying amount of financial assets. As outstanding receivables mainly comprise research tax credits granted by the French government, the Company is not exposed to any significant credit risk. 23.3 Liquidity risk Since its creation, the Company has financed its business and growth by strengthening its equity through successive capital increases (including its initial public flotation in July 2015), bank loans and bonds, public grants for innovation and pre-financing of CIR receivables. Significant research and development expenditure has been incurred since the start of the Company’s operations, generating negative cash flow from operating activities to date of €12,873 thousand, €18,988 thousand and €23,795 thousand in the year ended December 31, 2023, 2022 and 2021 respectively. In addition, the Company has contracted debts, notably in connection with convertible or non-convertible bond financing, presented in note 13.2 and summarized in the table below: Year ended December 31, 2023 2024 2025 / 2026 2027 / 2028 More than 5 Amounts in K € Total Less than 1 year between 1 and 3 years between 3 and 5 years years Non-convertible bonds issued to Kreos 1,714 1,259 454 — — Repayable advances 882 196 686 — — Leasing obligations 190 54 136 — — Convertible bonds issued to Kreos 1,971 — 1,971 — — Convertible bonds issued to ATLAS 2,207 2,207 — — — Financial debts related to CIR pre-financing 1,213 1,213 — — — Accrual interests to pay 94 94 — — — Derivative liabilities 1 1 — — — Total 8,270 5,024 3,247 — — The going concern assumption has been adopted by the Board of Directors As of the date of authorization of these financial statements, our available cash and our ORNANE financing line are not projected to be sufficient to support our operating plan 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 and, therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business (see note 3.1). The Company will continue to have significant financing needs in the future to support the development of its drug candidates. The precise extent of financing required is difficult to estimate accurately, and will depend in part on factors beyond the Company’s control. Areas of significant uncertainty include, but are not limited to: ● Its ability to conduct successful clinical trials, including the ability to recruit patients for our clinical trials in a timely manner; ● Changes in the regulatory environment; and ● Approval of other drugs on the market that could potentially reduce the attractiveness of its drug candidates. If the Company were unable to finance its own growth through partnership agreements, it would be dependent on other sources of financing, including raising capital or seeking grants. |
Accounting principles, rules _2
Accounting principles, rules and methods (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting principles, rules and methods | |
Principles used in preparing the Financial Statements | 3.1. Unless otherwise indicated, the consolidated financial statements are presented in thousands of euros. Certain amounts may be rounded up for the purpose of calculating the financial information contained in the consolidated financial statements. As a result, the totals in some tables may not correspond exactly to the sum of the preceding figures. |
Statement of compliance | Statement of compliance The consolidated financial statements for the year ended December 31, 2023 have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (IASB), in compliance with the international standards as published by the IASB on December 31, 2023, and with the international standards as adopted by the European Union on December 31, 2023. The reference system adopted by the European Commission can be consulted on the following website: https://eur-lex.europa.eu/legal-content/FR/TXT/?uri=LEGISSUM%3Al26040 The accounting principles and methods applied for the consolidated financial statements for the year ended December 31, 2023 are identical to those used in the consolidated financial statements for the years ended December 31, 2022 and December 31, 2021, and comply with the IFRS Accounting Standards, amendments and interpretations as adopted by the European Union and the IASB, mandatory for financial years beginning on or after January 1, 2023 (and which had not been applied early by the Group), namely: Standard Name IFRS 17 and amendments to IFRS 17 Insurance contract including amendments published on 06/25/20. First adoption of IFRS 17 and IFRS 9 - Comparative information Amendments to IAS 8 Definition of accounting estimates Amendments to IAS 1 and Statement Practice 2 Disclosure of accounting policies Amendments to IAS 12 Deferred taxes on assets and liabilities arising from the same transaction Amendments to IAS 12 International tax reform - Pillar 2 rule model The application of these standards, amendments and interpretations has no material impact on the Group’s consolidated financial statements. It is specified that the Company is not affected by the amendments to IAS 12 presented above. In addition, the other standards, amendments or interpretations published respectively by the IASB and the IFRIC (International Financial Reporting Interpretations Committee) and adopted by the European Union on December 31, 2023 but whose mandatory application is subsequent to the financial year beginning January 1, 2023 have not been applied early by the Group: amendments to IFRS 16 (lease liabilities relating to a sale and leaseback), amendments to IAS 1 (classification of liabilities as current and non-current), and amendments to IAS 21 (absence of exchangeability). |
Going concern | Going concern Our financial statements have been prepared on a going concern basis assuming that we will be successful in our financing objectives. As such, no adjustments have been made to the financial statements relating to the recoverability and classification of the asset carrying amounts or classification of liabilities that might be necessary should we not be 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 product candidates it is developing, which necessitates a research and development phase spanning multiple years. The Company does not expect to generate revenue from product sales in the near future. We estimate our existing capital resources consisting of cash and cash equivalents €5.6 million euros on December 31, 2023 complemented with the possible use of the ORNANE financing line set up with Atlas (or “Atlas 2021 Contract”), which could give rise to additional financing of €8 million (i.e. 2 installments of 4 million euros), in addition to the €4 million drawing made early 2024, to be sufficient to fund our current operations into the first quarter of 2025. However, this estimate is based on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect. As of the date of authorization of these financial statements, our available cash and our ORNANE financing line are not projected to be sufficient to support our operating plan 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 and, therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. We intend to seek additional capital to pursue preclinical and clinical activities, obtain regulatory approval and authorization for, and commercialize our drug candidates. Notably during 2024, we may conduct equity financing transactions on Euronext Growth or Nasdaq, enter into new debt financing agreements or enter into partnership or licensing agreements for our R&D programs that could provide additional non-dilutive financial resources or reduce our costs. We cannot guarantee that we will be able to obtain the necessary financing to meet our needs or to obtain funds at attractive terms and conditions, including as a result of disruptions to the global financial markets resulting from geopolitical instability, macroeconomic conditions, global health crises, or other factors. If we are not successful in our financing objectives, we could have to scale back our operations, notably by delaying or reducing the scope of our research and development efforts or obtain financing through arrangements with collaborators or others that may require us to relinquish rights to our product candidates that we might otherwise seek to develop or commercialize independently. |
Use of judgments and estimates | Use of judgments and estimates The preparation of financial statements requires that the management makes reasonable estimates and assumptions based on the information available at the date that the financial statements are finalized. These estimates and assumptions may affect the values of assets, liabilities and expenses given in the financial statements, and the disclosure of contingent assets and liabilities when the financial statements are reviewed. These estimates are based on the going concern assumption and are prepared using the information available at the time of preparation. They are continuously assessed on the basis of past experience and various other factors deemed reasonable and form the basis for assessments of the accountable values of assets and liabilities. Estimates may be revised if the circumstances on which they were based change or if new information becomes available. Actual results could differ materially from these estimates depending on different assumptions or conditions. The main judgments and estimates made by the Company’s management relate in particular to: ● The definition of the fair value of share-based payments, including stock subscription warrants ( “ BSA ” ), warrants to purchase shares in business creators ( “ BSPCE ” ) and bonus shares ( “ AGA ” ) granted to employees, directors and external service providers. This is based on the Black & Scholes option pricing model, which takes into account assumptions on complex and subjective variables. These variables include the value of the shares, the expected volatility of the share value over the life of the instrument, and the current and future behavior of the holders of these instruments. There is a high inherent risk of subjectivity when using an option pricing model to measure the fair value of share-based payments in accordance with IFRS 2 Share-based Payment standard. The valuation assumptions used are presented in Note 12. ● The definition of the fair value of convertible bonds and non-convertible bonds issued to Kreos with attached stock warrants. The determination of the fair value of stock warrants for the benefit of Kreos is based on the Black & Scholes model. This model takes as input observable variables such as the value of the company's shares and the risk-free interest rate, but also unobservable variables such as the volatility of the share price. There is a high inherent risk of subjectivity arising from the use of an option pricing model to define the fair value of derivative liabilities and equity instruments in accordance with IAS 32 Financial Instruments - Presentation ("IAS 32") and IFRS 9. The convertible bond is valued using the “ One-factor equity convertible model ” . This model takes as input observable variables such as the value of the company's shares and the risk-free interest rate, but also unobservable variables such as the volatility of the share price and the credit spread of the company. business. The fair value of the debt component of convertible bonds was determined by discounting future cash flows at a market rate (unobservable data). The valuation assumptions used are presented in Note 13.2. The fair value of the conversion option is deducted by subtracting the fair value of the convertible bond from the fair value of the debt component. The credit spread was determined by equalizing the sum of the fair value of the instruments (Warrants and Convertible Bond) on the issue date to the amount of cash received. ● The definition of the fair value of Negma and Atlas bonds convertible into ordinary shares and/or redeemable in cash. This is based on the binomial option pricing model and the Longstaff Schwartz model, respectively, which take into account unobservable assumptions and variables , such as stock volatility and issuer credit spread. These variables include the value of the Company ’ s securities, the expected volatility of the share price over the expected life of the instrument, and the present and future behavior of the Company and the holders of these instruments. There is an inherent high risk of subjectivity arising from the use of an option pricing model to define the fair value of convertible bonds in accordance with IFRS 9 and IAS 32. The valuation assumptions used are presented in Note 13.2. ● The determination of the amount of deferred tax assets that can be recognized in the financial statements. This requires management to make estimates both of the period over which losses carried forward will be used up, and of the level of future taxable profits, in the light of tax management strategies. The accounting principles applied by the Company regarding the recognition of deferred tax assets are specified in Note 3.19 . |
Consolidation scope and method | 3.2. The scope of consolidation included the following companies on December 31, 2023: Biophytis, ● Instituto Biophytis Do Brasil, a 94.6% -owned Brazilian company registered in the state of Sao Paulo; and ● Biophytis Inc., a 100% -owned US company registered in Delaware. As the Company controls its two subsidiaries, they are fully consolidated. Group companies close their accounts on December 31 of each year. Intra-group transactions and balances are eliminated. Subsidiary financial statements are prepared for the same reference period as those of the parent company, using consistent accounting policies. |
Foreign currency translation | 3.3. Foreign currency translation For each entity, Group entities determine a functional currency, and items included in the financial statements of each entity will be measured using that functional currency. The Company’s financial statements are drawn up in euros (€), which is its presentation currency. 3.3.1. Transactions in foreign currencies are translated into the company’s functional currency of each entity at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the functional currency using the exchange rate for that date. Gains and losses arising from the translation of monetary items correspond to the difference between the amortized cost denominated in the functional currency at the start of the period, adjusted for the impact of the effective interest rate and payments over the period, and the amortized cost denominated in the foreign currency translated at the exchange rate on the balance sheet date. 3.3.2. The financial statements of entities whose functional currency is not the euro are translated as follows: ● Assets and liabilities are translated at the year-end rate; ● income statement items are translated using the average exchange rate for the period, as long as this rate is not altered by significant changes in exchange rates; and ● Equity items are translated at the historical rate. Exchange differences arising on translation for consolidation purposes are recognized in other elements of comprehensive income and stored in shareholder equity under “Translation reserve”. The exchange rates used to prepare the consolidated financial statements are as follows: Closing rate Average rate EXCHANGE RATES AS OF DECEMBER 31, DECEMBER 31 (currency for €1) 2021 2022 2023 2021 2022 2023 BRL 6.3101 5.6386 5.36 6.3779 5.4399 5.40 USD 1.1326 1.0666 1.11 1.1827 1.0530 1.08 |
Intangible assets | 3.4. 3.4.1. Research costs are accounted for as incurred. Costs incurred on development projects are included as intangible assets when the following criteria are met, in application of IAS 38: ● It is technically possible to complete the intangible asset such that it can be available for use or sale; ● Management plans to complete, use or sell the intangible asset; ● The intangible asset can be used or sold; ● It can be demonstrated that the intangible asset is likely to generate future economic benefits; ● Adequate technical, financial and other resources are available for the full development, use or sale of the intangible asset; ● The expenditure attributable to the intangible asset during its development can be reliably measured. In the opinion of the Company’s management, and due to the uncertainties inherent in the development of the Company’s drug candidates, the criteria required for development costs to be recognized as an asset, as defined by IAS 38, “Intangible Assets”, are not met. 3.4.2. Costs relating to the acquisition of patents and software are capitalized on the basis of the costs incurred to acquire the patents and software concerned. 3.4.3. Where intangible assets have a finite useful life, amortization is calculated on a straight-line basis over this period, i.e.: Items Amortization period Development costs Estimated useful life of the project Purchased patents Estimated useful life of patents Metabrain 19 years Iris Pharma 20 years Stanislas Veillet (BIO101) 19 years Software 3 to 5 years Amortization of intangible assets is accounted for in the consolidated income statement under: ● “General and administrative expenses” for amortization of software; and ● “Research and development costs” for amortization of patents The value of intangible assets is tested whenever there is an impairment indicator. Quantitative and qualitative indicators are reviewed at each balance sheet date, the main ones being those relating to the development of the R&D portfolio, pharmacovigilance, patent disputes and the arrival of competing products. If there is any internal or external indication of impairment, Biophytis assesses the asset’s recoverable value. The test consists of comparing the net book value of these assets with their recoverable value. When the book value of an asset exceeds its recoverable value, an impairment loss is included to account for the difference. |
Property, plant and equipment | 3.5. Property, plant and equipment are valued at acquisition cost (purchase price plus incidental expenses) or at the Company’s production cost. Assets are depreciated on a straight-line basis over their estimated useful lives: Items Amortization period General fixtures and fittings 3 to 15 years Plant, machinery and equipment 5 to 7 years Office and computer equipment 3 to 5 years Furniture 3 to 5 years Transport equipment 3 to 5 years Amortization of property, plant and equipment is accounted for in the consolidated income statement under : ● “ General and administrative expenses ” for the amortization of fixtures and fittings, office and computer equipment and furniture; and ● “ Research and development costs ” for the amortization of laboratory equipment. |
Lease contracts | 3.6. Lease contracts Items financed by leases as defined by the IFRS 16 standard concerning leases that do not meet the accounting exemption criteria for the lessees (leases of “low-value” assets and short-term leases of less than 12 months) are accounted for as assets in the financial position statement. The corresponding debt is recorded under “Liabilities”. Payments made for leases that meet the exemption criteria are accounted for as expenses in the income statement on a straight-line basis over the term of the contract,. Rights of use are amortized on a straight-line basis over the lease term. |
Recoverable value of non-current assets | 3.7. Amortized assets are tested for impairment whenever there is an internal or external indication that an asset may be impaired. Impairment indicators include the following: ● Mixed or negative results from preclinical and clinical trials; ● Significant delays or non-compliance with clinical trial development schedules. |
Financial assets | 3.8. In accordance with IFRS 9, the Company’s financial assets are classified in two categories based on their nature and holding intention: ● Financial assets at fair value through profit or loss; and ● Financial assets at amortized cost. All financial assets are initially accounted for at fair value plus acquisition costs. All purchases and sales of financial assets are accounted for on the settlement date. Financial assets are removed from the accounts when the rights to receive cash flows from them expire, or when they have been sold and the Company has transferred the majority of the risks and benefits of ownership. Financial assets linked to guarantee deposits and the corresponding financial liabilities are presented separately in accordance with IAS 32. 3.8.1. Financial assets at fair value through profit or loss are made up of cash and cash equivalents. Gains or losses arising from changes in the value of “financial assets at fair value through profit or loss” are presented under “financial income” in the income statement for the period in which they occur. Other assets may also be voluntarily classified in this category if the criteria are met, in accordance with IFRS 9. 3.8.2. Financial assets at amortized cost are largely made up of non-current financial assets and other loans and receivables. They are valued at their amortized cost using the effective interest rate method, adjusted for expected credit losses. 3.8.3. A financial asset is impaired using the expected loss method, taking into account any default during the asset’s holding period. Expected losses are accounted for in the financial position statement. Impairment is accounted for in the consolidated income statement. |
Cash and cash equivalents | 3.9. Cash and cash equivalents accounted for in the statement of financial position are made up of available cash at bank and in hand as well as short-term deposits with initial maturities of less than three months. Cash equivalents are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. They are held for the purpose of meeting short-term cash commitments. They are valued at fair value, with changes in value accounted for as “financial income”. |
Fair value of financial instruments | 3.10. Borrowings (excluding derivatives and convertible bonds) are initially accounted for at fair value less any transaction costs, and subsequently valued at their amortized cost using the effective interest method. The convertible bonds issued have been valued at fair value through profit or loss in accordance with IFRS 9 and the related costs, if applicable, are directly recorded as financial expenses. The fair value of trade receivables and payables is equivalent to their balance sheet value, given the very short payment terms of these receivables. The same applies to other current receivables and payables. The Company has defined three categories of financial instruments based on their valuation methods, and uses this classification to present some of the disclosures required by IFRS 7 Financial instruments - disclosures ● Level 1: financial instruments listed on an active market; ● Level 2: financial instruments whose valuation methods are based on observable data; ● Level 3: financial instruments whose valuation methods are based in whole or in part on unobservable data. Unobservable data is defined as data the value of which is based on assumptions or correlations that are neither based on observable market transaction prices for the same instrument, nor on observable market data at the valuation date. Financial instruments held by the Company and accounted for at fair value through profit or loss are the derivatives and convertible bonds issued to Kreos and Atlas (see Note 12.2), which are classified as level 3. |
Liquidity contract | 3.11. Liquidity contract As part of its listing on the Euronext Growth Paris market, the Company has signed a liquidity contract with a specialist institution to limit the intra-day volatility of Biophytis shares by taking buy and sell positions on the Company’s shares. Shares acquired under this contract are accounted for as treasury shares at their acquisition cost. Gains and losses on the sale of treasury shares are accounted for in shareholder equity. The cash reserve related to the liquidity contract is shown under “Other non-current financial assets”. The accounting treatment relating to the liquidity contract is presented in note 11. |
Public subsidies | 3.12. Public subsidies 3.12.1. The Company benefits from repayable advances. Details of these aids are provided in Note 13.1. They are accounted for in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance ● The interest rate benefit is determined using a discount rate corresponding to a market rate on the grant award date. The amount resulting from the rate advantage obtained on the award of repayable advances is treated as a subsidy recorded as income in the comprehensive income statement; and ● The financial cost of repayable advances, calculated at the market rate, is then recorded as a financial expense. Subsidies corresponding to the rate advantage are shown as a reduction in the “Research and development” category. These advances are recorded under “Non-current borrowings” or “Current borrowings”, depending on their maturity. If the project fails, the waiver is recorded as a grant. 3.12.2. Government grants are accounted for when there is reasonable assurance that the entity will comply with the applicable conditions and that the grant will be received. Operating subsidies are deducted from research and development expenses. 3.12.3. The Company benefits from certain provisions of the French General Tax Code relating to research tax credits. The Company benefits from research tax credits for specific projects (“crédit d’impôt recherche”, or “CIR”), granted to companies based in France to encourage scientific and technical research. Companies whose expenses meet the required criteria receive a tax credit which (i) may be deducted from the income tax due for the year in which it was granted, as well as for the three following years, or (ii) in certain circumstances, may also be refunded to the Company for its excess share. If a company meets certain criteria in terms of sales, staff or assets that enable it to be considered a small or medium-sized enterprise as defined by the European Union, it can apply for immediate repayment of the research tax credit. Biophytis meets these criteria. The Company considers the research tax credit granted by the French government to be a public subsidy, since it is received independently of the Company’s tax payments. The Company accounts for this receivable in other current receivables, given the expected repayment period. Research tax credits are deducted from research and development expenses in the consolidated income statement. The research tax credit is subject to audit by the French tax authorities. |
Other receivables | 3.13. Other receivables include the nominal value of the research tax credit, which is recorded when the eligible expenses giving rise to the research tax credit have been incurred. |
Capital | 3.14. Classification as equity depends on a specific analysis of the characteristics of each instrument issued. The Company’s standard shares are classified as equity. Incidental costs directly attributable to the share issue are deducted from shareholder equity, net of tax. |
Share-based payments | 3.15. Share-based payments Since its creation, the Company has set up several equity-based compensation plans in the form of “stock subscription warrants” (“BSA”), “business creator share subscription warrants” (“BSPCE”) or “bonus shares” (“AGA”) awarded to employees and Board members. In application of IFRS 2 Share-based payment, The fair value of warrants granted to employees is determined by applying the Black-Scholes option pricing model. The same applies to options granted to other individuals providing similar services, as their market value cannot be defined. All the assumptions used to determine the fair value of the programs are described in Note 11. |
Employment benefit obligations | 3.16. Employment benefit obligations The Company’s French employees are entitled to the pension benefits set out by French law, including: ● A retirement indemnity paid by the Company on retirement (defined benefit plan); and ● The payment of retirement pensions by Social Security organizations, which are financed by contributions from companies and employees (defined-contribution plans). Pension plans, similar benefits and other employee benefits that are analyzed as defined benefit plans (plans under which the Company undertakes to guarantee a defined amount or level of benefits) are accounted for in the consolidated statement of financial position on the basis of an actuarial valuation of the obligations at the accounts closing date, less the fair value of the related program assets dedicated to them. This valuation is based on the projected unit credit method, taking into account staff turnover and mortality estimations. Actuarial gains and losses, if any, are accounted for in “Other comprehensive income”. Company payments for defined contribution plans are accounted for in the income statement for the period to which they relate. |
Provisions | 3.17. A provision is constituted if, as a result of past events, the Company has a present legal or implicit obligation, the value of which can be reliably estimated, and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recorded as a provision corresponds to the best estimate of the expenditure required to settle the present obligation on the balance sheet date. |
Financial liabilities | 3.18. Financial liabilities are classified in two categories and include: ● Financial liabilities accounted for at amortized cost and, ● Financial liabilities accounted for at fair value through profit or loss. 3.18.1. Borrowings and other financial liabilities, such as repayable advances, are accounted for at amortized cost, calculated using the effective interest rate. The current portion of borrowings is shown under “Current borrowings”. The accounting treatment of non-convertible bonds and convertible bonds issued by the Company is detailed in Note 13.2. 3.18.2. The Company issued Kreos with non-convertible bonds and convertible bonds. This financial instrument is made up of several components valued at their fair value through profit or loss in accordance with IFRS 9: a derivative liability linked to the convertible bond conversion option and a derivative liability linked to the warrants. It also includes a component relating to non-convertible bonds valued at amortized cost The Company also issued Atlas with bonds that were convertible into ordinary shares, with warrants attached. This financial instrument is made up of: a hybrid component linked to convertible bonds (valued at their fair value through profit or loss in accordance with IFRS 9) and an equity instrument linked to warrants (valued at their fair value on the issue date in equity instruments in accordance with IAS 32). Transaction costs are accounted for in financial expenses at the date of issue of the convertible bonds. The accounting treatment of these compound financial instruments is detailed in Note 13.2. |
Corporate income tax | 3.19. The taxable assets and liabilities for the current and previous years are valued at the amount expected to be recovered from or paid to the tax authorities. The tax rates and regulations used to determine these amounts are those that are fully or at least substantially legally valid on the financial year end date. Deferred taxes are recorded, using the liability method, on all temporary differences between the tax base of assets and liabilities and their carrying amount in the financial statements at the financial year end date, as well as on any deficits to be carried forwards. Deferred tax assets are recorded as tax losses to be carried forwards when it is probable that future taxable profits will be available against which the unused tax losses can be utilized. Determining the amount of deferred tax assets to be recorded requires management to make estimates both of the period over which losses carried forward will be used, and of the level of future taxable profits, in the light of tax management strategies. |
Segment information | 3.20. The Company operates in a single business sector: the development of drug candidates for the treatment of degenerative diseases and the improvement of muscular and visual functions for patients suffering from age-related diseases. The assets, liabilities and operating loss presented in the financial statements relate to the parent company’s activities in France. Most research and development and administrative costs are incurred in France and, since 2018, in the United States. |
Earnings per share | 3.21. Basic earnings per share are calculated by dividing profit or loss attributable to Biophytis equity holders by the weighted average number of ordinary shares outstanding for the period. Diluted earnings per share are determined by adjusting the earnings attributable to Biophytis shareholders and the weighted average number of ordinary shares outstanding to allow for the effects of all dilutive potential ordinary shares. If the inclusion of instruments giving deferred rights to the capital (BSA, BSPCE, AGA and convertible bonds) generates an anti-dilutive effect, these instruments are not taken into account. |
Accounting principles, rules _3
Accounting principles, rules and methods (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting principles, rules and methods | |
Schedule of exchange rates used for the preparation of the Financial Statements | Closing rate Average rate EXCHANGE RATES AS OF DECEMBER 31, DECEMBER 31 (currency for €1) 2021 2022 2023 2021 2022 2023 BRL 6.3101 5.6386 5.36 6.3779 5.4399 5.40 USD 1.1326 1.0666 1.11 1.1827 1.0530 1.08 |
Schedule of useful lives of intangible assets | Items Amortization period Development costs Estimated useful life of the project Purchased patents Estimated useful life of patents Metabrain 19 years Iris Pharma 20 years Stanislas Veillet (BIO101) 19 years Software 3 to 5 years |
Schedule of useful lives of property, plant and equipment | Items Amortization period General fixtures and fittings 3 to 15 years Plant, machinery and equipment 5 to 7 years Office and computer equipment 3 to 5 years Furniture 3 to 5 years Transport equipment 3 to 5 years |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Schedule of patents and software | (amounts in thousands of euros) Patents Software Total GROSS VALUES Statement of financial position for December 31, 2021 3,652 32 3,684 Acquisition 90 — 90 Transfer (2) — (2) Statement of financial position for December 31, 2022 3,740 32 3,772 Acquisition 180 — — Transfer — — — Statement of financial position for Sunday, December 31, 2023 3,920 32 3,952 AMORTIZATION Statement of financial position for December 31, 2021 895 32 927 Increase 190 — 190 Decrease — — — Statement of financial position for December 31, 2022 1,085 32 1,117 Increase 198 — 198 Decrease — — — Statement of financial position for December 31, 2023 1,283 32 1,315 NET BOOK VALUES On December 31, 2021 2,757 — 2,757 On December 31, 2022 2,655 — 2,655 On December 31, 2023 2,637 — 2,637 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment | |
Schedule of property, plant and equipment | Office Equipment Fixtures equipment, Equipment and tools and computers, Buildings (amounts in thousands of euros) and tools (rights of use) fittings furniture (rights of use) Total GROSS VALUES Statement of financial position for December 31, 2021 340 181 114 96 500 1,231 Acquisition 1 271 20 31 — 322 Transfer (14) — — — — (14) Exchange Rate impact — — 8 1 — 8 Statement of financial position for December 31, 2022 327 452 143 127 500 1,548 Acquisition 104 — 2 9 — 115 Disposal — (181) — — (500) (681) Exchange Rate impact — — 2 1 — 3 Statement of financial position for December 31, 2023 431 271 147 137 — 985 AMORTIZATION Statement of financial position for December 31, 2021 250 181 106 75 56 668 Increase 41 30 5 11 222 309 Decrease (14) — — — — (14) Exchange Rate impact — — — — — — Statement of financial position for December 31, 2022 278 211 112 85 277 964 Increase 77 51 12 21 223 384 Decrease — (177) — — (500) (677) Exchange Rate impact — — — — — — Statement of financial position for December 31, 2023 354 85 124 107 — 671 NET BOOK VALUES On December 31, 2021 90 — 8 21 444 563 On December 31, 2022 49 241 31 41 223 585 On December 31, 2023 76 186 23 30 — 315 |
Other non-current financial a_2
Other non-current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other non-current financial assets. | |
Schedule of other non-current financial assets | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Liquidity contract - cash balance 72 38 25 Security deposit for non-convertible bonds (“Kreos contract 2018”) 104 126 134 Security deposit for the “Kreos contract 2021” loan agreement (see Note 12.2.3) — — — Other security deposits 10 9 — Total other non-current financial assets 186 173 158 |
Other current financial assets
Other current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other current financial assets | |
Schedule of other current financial assets | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Deductions in connection with the pre-financing of the CIR (Research Tax Credit) by Neftys ( cf. Note 13.3 584 590 368 Guarantee deposit related to the non-convertible bonds (Kreos 2018 contract) 320 — — Total other current financial assets 904 590 368 |
Other receivables and prepaid_2
Other receivables and prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other receivables and prepaid expenses | |
Schedule of other receivables and prepaid expenses | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Research tax credit (CIR) 3,941 3,904 1,555 Value added tax 1,008 956 886 Prepaid expenses 1,418 1,574 133 Trade payables - prepayments and trade debtors 125 488 297 Miscellaneous 44 12 — Total other receivables and prepaid expenses 6,536 6,934 2,916 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents. | |
Schedule of cash and cash equivalents | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Cash 16,926 6,060 2,857 Cash equivalents 7,000 4,993 2,710 Total cash and cash equivalents 23,926 11,053 5,567 |
Financial assets and liabilit_2
Financial assets and liabilities and their impacts on income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial assets and liabilities and their impacts on income | |
Schedule of financial assets and liabilities | The Company’s assets and liabilities are valued as follows for the years ending December 31, 2022 and December 31, 2023, respectively: Value - IFRS 9 statement of AS OF DECEMBER 31, 2022 financial position Statement of Fair value financial Fair through profit (amounts in thousands of euros) position value value or loss Amortized cost Non-current financial assets (excluding deferred losses) 173 173 173 Other receivables (excluding prepaid expenses) 6,934 6,934 — 6,934 Current financial assets (excluding deferred losses) 590 590 — 590 Cash and cash equivalents 11,053 11,053 11,053 — Total assets 18,749 18,749 11,053 7,696 Non-current borrowing 4,367 4,117 — 4,367 Non-current derivative liabilities — — — — Current borrowings 10,177 10,308 6,660 3,517 Current derivative liabilities 13 13 13 — Trade accounts payable 6,940 6,940 — 6,940 Tax and social security liabilities 1,780 1,780 — 1,780 Other creditors and accrued liabilities 328 328 — 328 Total liabilities 23,640 23,485 6,673 16,967 Value - IFRS 9 statement of AS OF DECEMBER 31, 2023 financial position Statement of Fair value financial through profit (amounts in thousands of euros) position value Fair value or loss Amortized cost Non-current financial assets (excluding deferred losses) 158 158 — 158 Other receivables (excluding prepaid expenses) — — — — Current financial assets (excluding deferred losses) — — — — Cash and cash equivalents 5,567 5,567 5,567 — Total assets 5,725 5,725 5,567 158 Non-current borrowing (3,247) (3,266) — (3,247) Non-current derivative liabilities — — — — Current borrowings (5,023) (4,117) (2,207) (2,816) Current derivative liabilities (1) (1) (1) — Trade accounts payable (5,392) (5,392) — (5,392) Tax and social security liabilities (1,348) (1,348) — (1,348) Other creditors and accrued liabilities (838) (838) — (838) Total liabilities (15,849) (14,961) (2,207) (12,754) |
Schedule of impact of the financial assets and liabilities on the consolidated statement of profit or loss | AS OF DECEMBER 31, 2021 2022 2023 Change in fair Change in fair Change in fair (amounts in thousands of euros) Interest value Interests value Interests value Liabilities Derivative liabilities — (150) — 1,312 — 12 Liabilities valued at fair value: bonds — (1,707) — 637 — (1,330) Liabilities valued at amortized cost: non-convertible bonds and debt component of convertible bonds (545) — (1,597) — 1,364 — Liabilities valued at amortized cost: advances (33) — (29) — 29 — |
Capital and premiums (Tables)
Capital and premiums (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital and premiums. | |
Information about share capital | December 31, 2021 2022 2023 Share capital (in thousand of euros) 27,191 47,660 2,081 Number of outstanding shares 135,953,657 238,297,642 1,040,482,402 Nominal value per share (in euros) € 0.20 € 0.20 € 0.002 Nominal amount Number of shares (in thousands of euros) Capital on December 31, 2022 238,297,642 47,660 May 11, 2023 private placement (1) 103,717,811 1,037 July 18, 2023 private placement (2) 50,500,000 505 Exercise of pre-funded share subscription warrants (2) 82,833,400 828 November 20, 2023 capital increase (3) 210,733,955 421 Conversion of convertible bonds (4) 350,334,130 16,772 Exercise of share warrants (5) 2,486,504 5 Definitive acquisition of bonus shares (6) 1,578,960 16 Total impact of nominal reduction — 65,163 Capital on December 31, 2023 1,040,482,402 2,081 |
Share subscription warrants (_2
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BSA Warrants Issued As Equity Compensation | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |
Schedule of activity for warrants issued pursuant to equity compensation plans | Number of warrants outstanding Maximum number of Allocation shares that may Type date 12/31/2021 Allocated Exercised Expired 12/31/2022 be subscribed BSPCE 2019-1 04/03/2020 875,673 — (2,152) (42,223) 831,298 831,298 BSPCE 2020-2 04/03/2020v 594,545 — (4,303) 590,542 590,542 BSPCE 2021-1 12/22/2020 725,250 — (84,447) 640,803 640,803 BSPCE 2021-2 12/22/2020 362,625 — (8,607) 354,018 354,018 BSPCE 2019-1 9/15/2021 2,873,769 — (292,376) 2,581,393 2,581,393 BSPCE 2019-2 9/15/2021 1,436,885 — (146,188) 1,290,697 1,290,697 Total 6,868,747 — (2,152) (578,144) 6,288,451 6,288,451 Number of warrants outstanding Maximum number of Allocation shares that may Type date 12/31/2022 Allocated Exercised Expired 12/31/2023 be subscribed BSPCE 2019-1 04/03/2020 831,298 — — (76,470) 754,828 754,828 BSPCE 2020-2 04/03/2020v 590,542 — — (38,235) 552,307 552,307 BSPCE 2021-1 12/22/2020 640,803 — — (155,810) 484,993 484,993 BSPCE 2021-2 12/22/2020 354,018 — — (78,280) 275,738 275,738 BSPCE 2019-1 9/15/2021 2,581,393 — — (591,386) 1,990,007 1,990,007 BSPCE 2019-2 9/15/2021 1,290,697 — — (295,693) 995,004 995,004 Total 6,288,451 — — (1,235,874) 5,052,877 5,052,877 |
Founders share warrants | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |
Schedule of characteristics and assumptions for warrants issued pursuant to equity compensation plans | Plan features Assumptions Total Initial IFRS2 total number of valuation (Black & Allocation warrants Expected Exercise Scholes) (in Type date allocated Maturity date term price Volatility Risk-free rate thousands of euros) BSPCE 2019-1 4/3/2020 1,333,333 4/3/2026 2 years € 0.27 48.36 % (0.62) % 674 BSPCE 2019-2 4/3/2020 666,667 4/3/2026 4 years € 0.27 53.32 % (0.56) % 356 BSPCE 2020-1 12/22/2020 999,393 12/22/2026 2 years € 0.47 57.80 % (0.77) % 508 BSPCE 2020-2 12/22/2020 499,696 12/22/2026 4 years € 0.47 57.91 % (0.77) % 284 BSPCE 2021-1 9/15/2021 2,919,415 9/15/2027 1 year € 0.73 79.11 % (0.73) % 677 BSPCE 2021-2 9/15/2021 1,459,707 9/15/2027 2 years € 0.73 106.04 % (0.75) % 595 |
Schedule of activity for warrants issued pursuant to equity compensation plans | Plan features Assumptions Initial IFRS2 total valuation Allocation Total number of Risk- (Black& Scholes) (in Type date warrants allocated Maturity date Expected term Exercise price Volatility free rate thousands of euros) BSPCE 2019-1 4/3/2020 1,333,333 4/3/2026 2 years € 0.27 48.36 % (0.62) % 674 BSPCE 2019-2 4/3/2020 666,667 4/3/2026 4 years € 0.27 53.32 % (0.56) % 356 BSPCE 2020-1 12/22/2020 999,393 12/22/2026 2 years € 0.47 57.80 % (0.77) % 508 BSPCE 2020-2 12/22/2020 499,696 12/22/2026 4 years € 0.47 57.91 % (0.77) % 284 BSPCE 2021-1 9/15/2021 2,919,415 9/15/2027 1 year € 0.73 79.11 % (0.73) % 677 BSPCE 2021-2 9/15/2021 1,459,707 9/15/2027 2 years € 0.73 106.04 % (0.75) % 595 |
Schedule of vesting period for warrants | Type Vesting period BSPCE 2017-1 1/3 to 07/21/2017 1/3 to 07/21/2018 1/3 to 07/21/2019 BSPCE 2017-2 1/3 to 07/21/2017 1/3 to 07/21/2018 1/3 to 07/21/2019 BSPCE 2019-1 1/3 to 4/10/2020 1/3 to 4/10/2022 1/3 to 4/10/2024 BSPCE 2019-2 1/3 to 4/10/2020 1/3 to 4/10/2022 1/3 to 4/10/2024 BSPCE 2020-1 1/3 to 12/22/2020 1/3 to 12/22/2022 1/3 to 12/22/2024 BSPCE 2020-2 1/3 to 12/22/2020 1/3 to 12/22/2022 1/3 to 12/22/2024 BSPCE 2021-1 1/3 to 9/15/2021 1/3 to 9/15/2022 1/3 to 9/15/2023 BSPCE 2021-2 1/3 to 9/15/2021 1/3 to 9/15/2022 1/3 to 9/15/2023 |
Share Subscription Warrants | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |
Schedule of reconciliation of warrants issued as equity that were outstanding during the year | Maximum number of Number of warrants outstanding shares that Allocation may be Type date 12/31/2021 Allocated Exercised Expired 12/31/2022 subscribed BSA 2018 9/10/2018 442,477 — — — 442,477 442,477 BSA 2020 4/7/2020 2,492,871 — (22,902) — 2,469,969 2,469,969 BSA 2021 6/17/2022 — 398,476 — — 398,476 398,476 Total 2,935,348 398,476 (22,902) — 3,310,922 3,310,922 Maximum number of Number of warrants outstanding shares that Allocation may be Type date 12/31/2022 Allocated Exercised Expired 12/31/2023 subscribed BSA 2018 9/10/2018 442,477 — — — 442,477 442,477 BSA 2020 4/7/2020 2,469,969 — (9,556) — 2,460,413 2,460,413 BSA 2021 6/17/2022 398,476 — — — 398,476 398,476 BSA 2022 4/14/2023 — 927,223 — — 927,233 927,223 Pre-funded warrants 2023-07 7/18/2023 — 828,334 (828,334) — — — BSA 2023-07 7/18/2023 — 1,333,334 — — 1,333,334 133,333,400 BSAR 2023-11 11/17/2023 — 210,733,954 (2,477,006) — 208,256,948 208,256,948 Total 3,310,922 213,822,845 (3,314,896) — 213,818,871 345,818,937 |
Allocation of Bonus Shares | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |
Schedule of reconciliation of warrants issued as equity that were outstanding during the year | Number of bonus shares under acquisition Maximum number of Allocation shares that may Type date 12/31/2021 Allocated Acquired Expired 12/31/2022 be subscribed AGA 2020 12/22/2020 2,500,911 — (2,500,911) — — — AGA 2021-1 9/15/2021 6,631,068 — (6,631,068) — — — AGA 2021-2 4/25/2023 — 1,591,334 — — 1,591,334 1,591,334 Total 9,131,979 (1,591,334) (9,131,979) — 1,591,334 1,591,334 Number of bonus shares under acquisition Maximum number of Allocation shares that may be Type date December 12, 2021 Allocated Acquired Expired December 31, 2023 acquired AGA 2021-2 4/25/2021 1,591,334 — (1,578,960) (12,374) — — AGA 2022 4/14/2023 — 18,904,158 — (19,455) 18,884,703 18,884,703 Total 1,591,334 18,904,158 (1,578,960) (12,374) 18,884,703 18,884,703 |
Schedule of characteristics and assumptions for warrants issued pursuant to equity compensation plans | Plan features Assumptions Total initial Total number IFRS2 valuation of bonus (Black & Scholes) Allocation shares Maturity Exercise (in thousands Type date allocated date price Volatility Risk-free rate of euros) AGA 2021-2 4/25/2021 1,591,334 N/A N/A N/A N/A 271 AGA 2022 4/14/2023 18,904,158 N/A N/A N/A N/A 775 Total 20,495,492 1,046 |
Schedule of share-based compensation expense | DECEMBER 31, 2022 DECEMBER 31, 2023 Cumulative Cumulative Probabilized expense at Expense Accumulated expense at Expense Accumulated in thousands cost of plan beginning of for the cost of plan Probablilized cost beginning of for the expense to of euros to date financial year period to date of the date financial year period date BSA 2021 17 — 17 17 17 17 — 17 BSA 2022 — — — — 12 — 12 12 BSPCE 2019--1 640 570 74 644 640 644 — 644 BSPCE 2019-2 320 113 98 212 320 212 65 277 BSPCE 2020-1 218 341 97 437 437 437 — 437 BSPCE 2020-2 435 43 58 101 435 101 23 124 BSPCE 2021-1 838 339 209 548 838 548 — 548 BSPCE 2021-2 419 169 251 420 419 420 73 493 AGA 2020-1 2,311 1,184 1,117 2,301 2,301 2,301 — 2,301 AGA 2021-1 4,936 1,447 3,460 4,907 4,907 4,907 — 4,907 AGA 2021-2 271 — 186 186 271 186 86 271 AGA 2022 — — — — 775 — 553 553 Sub-total 5,667 812 Social contribution (1) 171 14 Total 5,738 826 DECEMBER 31, 2021 Cumulative Probable expenses - Expense cost of beginning for the Cumulative expense Type the plan of period period to date Warrants 2021 153 153 — 153 Founders’ warrants 2017-1 347 347 — 347 Founders’ warrants 2017-2 369 369 — 369 Founders’ warrants 2019-1 640 447 124 570 Founders’ warrants 2019-2 320 52 62 113 Founders’ warrants 2020-1 218 257 84 341 Founders’ warrants 2020-2 435 1 42 43 Founders' warrants 2021-1 838 — 339 339 Founders' warrants 2021-2 419 — 169 169 Free shares 2020 2,311 28 1,155 1,184 Free shares 2021-1 4,936 — 1,447 1,447 Free shares 2021-2 — — — — Sub-total 3,422 Social contribution (1) 308 Total 3,730 Bonus shares are subject to an additional social security contribution payable on allocation of the bonus shares at the end of the vesting period. It is accounted for on a straight-line basis over the vesting period and revalued in line with the Company’s share price at the end of each financial year. This social security contribution, recorded under social security and other social bodies liabilities (see Note 15.2), amounted to 14 thousand euros on December 31, 2023. |
Borrowings and financial liab_2
Borrowings and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings and financial liabilities | |
Schedule of financial liabilities, current and noncurrent | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Repayable advances 906 664 686 Non-convertible bonds 2,740 1,721 454 Convertible bonds 1,647 1,792 1,971 Non-current lease obligations 225 190 136 Non-current borrowing 5,518 4,367 3,247 Non-current derivative liabilities 536 — — AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Repayable advances 377 418 196 Non-convertible bonds 1,524 1,017 1,259 Convertible bonds 6,627 6,462 2,207 Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 3,287 2,035 1,213 Payables on current rental obligations 221 280 54 Accrued interest payable — — 94 Current borrowings 12,036 10,213 5,023 Current derivative liabilities 788 13 1 |
Schedule of breakdown of financial liabilities by maturity | AS OF DECEMBER 31, Current Non-current (amounts in thousands of euros) 2023 < 1 year 1 to 5 years > 5 years Repayable advances 882 196 686 — Non-convertible bonds 1,714 1,259 454 — Convertible bonds 4,178 2,207 1,971 — Debts on leasing obligations 190 54 136 — Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 1,213 1,213 — — Accrued interest payable 94 94 — — Total borrowings 8,270 5,023 3,247 — Derivative liabilities 1 — — — AS OF DECEMBER 31, Current Non-current (amounts in thousands of euros) 2022 < 1 year 1 to 5 years > 5 years Repayable advances 1,083 418 664 — Non-convertible bonds 2,685 981 1,704 — Convertible bonds 8,255 6,462 1,792 — Debts on leasing obligations 470 280 190 — Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 2,035 2,035 — — Total borrowings 14,527 10,177 4,350 — Derivative liabilities 13 13 — — AS OF DECEMBER 31, Current Non-current (amounts in thousands of euros) 2021 < 1 year 1 to 5 years > 5 years Repayable advances 1,284 378 746 160 Non-convertible bonds 4,264 1,524 2,740 — Convertible bonds 8,274 6,627 1,647 — Debts on leasing obligations 446 221 225 — Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables 3,287 3,287 — Total borrowings 17,555 12,037 5,358 160 Derivative liabilities 1,324 788 536 — |
Summary of the sensitivity analysis through the change of inputs in the valuation | On December 31, 2023 Unconverted Convertible Bifurcated Sensitivity analysis installments installments derivatives Value of instruments (in K€) 1,682 1,937 1 Impact of a 5% increase in volatility — — — Impact of a 5% drop in volatility — — — Impact of a 5% increase in the credit spread (41) (89) — Impact of a 5% drop in the credit spread 44 98 — Impact of a 1% increase in the risk-free rate (10) (23) — Impact of a 1% drop in the risk-free rate 10 23 — Impact of a 5% increase in the share price — — — Impact of a 5% drop in the share price — — — |
Schedule of reconciliation from redemption value to carrying value of financial liabilities | Reclassification New Change in of the day- Impact of financial debt fair Value Loan Transfer between one gain as a amortized related to lease through charges Conversion non-current and financial (amounts in thousands of euros) 12/31/2022 Pay-ment Repay-ment cost obligations profit or loss and interest to equity Holdback current liabilities asset 12/31/2023 Repayable advances 664 — — 29 — — — — — — — 686 Non-convertible bonds 1,722 — — 127 — — — — — — (1,394) 454 Convertible bonds 1,792 — — 178 — — — — — — — 1,971 Non-current lease obligations 190 — — — — — — — — — (54) 136 Non-current borrowing 4,367 — — 334 — — — — — — (1,448) 3,247 Non-current derivative liabilities — — — — — — — — — — — — Repayable advances 418 — (222) — — — — — — — — 196 Non-convertible bonds 1,016 — (1,262) 111 — — — — — — 1,394 1,259 Convertible bonds 6,462 1,920 — — — 1,562 — (7,737) — — — 2,207 Accrual Interests to pay — — — — — — 94 — — — — 94 CIR pre-financing debt 2,035 1,098 (2,146) — — — 123 — — 103 — 1,213 Payables on current rental obligations 280 — (280) — — — — — — — 54 54 Current borrowings 10,213 3,018 (3,910) 111 — 1,562 217 (7,737) — 103 1,448 5,023 Current derivative liabilities 13 — — — — (12) — — — — — 1 Transfer New Change between Financial in fair non- debt value Loan current Impact of related to through changes and amortized lease profit and Conversion current (amounts in thousands of euros) 12/31/2021 Payment Repayment cost obligations or loss interest Conversion to equity Holdback liabilities 12/31/2022 Repayable advances 906 — — (230) 14 — — — — (26) 664 Non-convertible bonds 2,740 — — — 282 — — — — (1,300) 1,722 Convertible bonds 1,647 — — — 145 — — — — — 1,792 Non-current lease obligations 225 — — — — 216 — — — (251) 190 Non-current borrowing 5,518 — — (220) 441 216 — — — (1,577) 4,368 Non-current derivative liabilities 536 — — — — (536) — — — — — Repayable advances 377 — — 15 — — — — — 26 418 Non-convertible bonds 1,524 — (1,844) 37 — — — — — 1,300 1,016 Convertible bonds 6,627 10,000 — — — 675 — (10,840) — — 6,462 CIR pre-financing debt 3,287 1,834 (3,458) 39 — — 150 — 183 — 2,035 Payables on current rental obligations 221 — (244) — 52 — — — — 251 280 Current borrowings 12,036 11,834 (5,546) 91 52 675 150 (10,840) 183 1,577 10,211 Current derivative liabilities 788 — — — — (775) — — — — 13 |
Liabilities valued at amortized cost: advances | |
Borrowings and financial liabilities | |
Schedule of breakdown of financial liabilities by maturity | (in thousands of euros) BPI -Sarcob BPI - BIO 101 AFM – Telethon BPI - BIO 201 Total On December 31, 2022 — 324 385 373 1,083 Current portion — 269 91 — 360 One to 5 years — 55 294 373 722 Over 5 years — — — — — (in thousands of euros) BPI -Sarcob BPI – BIO 101 AFM – Telethon BPI – BIO 201 Total On December 31, 2023 — 110 391 381 882 Current portion — 110 48 38 196 One to 5 years — — 343 343 686 Over 5 years — — — — — |
Schedule of changes in financial liability | (in thousands of euros) BPI - Sarcob BPI – BIO 101 AFM – Telethon BPI – BIO 201 Total December 31, 2021 56 474 386 367 1,284 (+) Cash inflow — — — — — (-) Repayment (59) (165) — — (225) Grants — — — — — Financial expenses 1 15 8 7 31 Other 2 — (9) — (7) On December 31, 2022 — 324 385 373 1,083 (+) Cash inflow — — — — — (-) Repayment — (220) — — (220) Grants — — — — — Financial expenses — 6 6 7 19 Others — — — — — On December 31, 2023 — 110 391 381 882 |
Convertible notes to NEGMA | |
Borrowings and financial liabilities | |
Schedule of changes in financial liability | (amounts in thousands of euros) 2020 ORNANE ATLAS On December 31, 2021 - Convertible bonds - Current 6,627 (+) Net cash inflow — (+) Change in fair value of debt (546) (-) Conversion (6,081) On December 31, 2022 - Convertible bonds - Current — |
Convertible notes to Atlas | |
Borrowings and financial liabilities | |
Schedule of changes in financial liability | 2021 ORNANE (amounts in thousands of euros) ATLAS On December 31, 2021 - Convertible bonds - Current — (+) Net cash inflow (1) 9,590 (+) Change in fair value of debt 1,221 (-) Conversion (4,349) On December 31, 2022 - Convertible bonds - Current 6,462 (+) Net cash inflow (2) 1,920 (+) Change in fair value of debt 1,330 (-) Conversion (7,897) On December 31, 2023 - Convertible bonds - Current 2,207 |
Schedule of fair value of the convertible bonds | Conversion option Tranche 2 Tranche 3 Tranche 4 On issue On issue ATLAS 2021 (21/06/2022) 12/31/2023 (28/10/2022) 12/31/2023 12/31/2023 Number of bonds outstanding 160 0 80 29 0 Share price 0.10 € 0.005 € 0.06 € 0.005 € 0.005 € Volatility 70.00 % 95.00 % 65.00 % 95.00 % 95.00 % Risk-free rate 1.82 % NA 3.37 % 3.60 % 2.80 % Value of bond issue (in K€) 3,840 — 3,840 1,585 614 |
Non-convertible bonds to Kreos | |
Borrowings and financial liabilities | |
Schedule of changes in financial liability | KREOS contract KREOS KREOS KREOS 2018 contract 2021 contract KREOS 2021 Non- Non- 2021 loan security KREOS convertible convertible Convertible Derivative buyback 2021 day (amounts in thousands of euros) bonds bonds bonds contract 2018 one gain Total On December 31, 2021 938 3,229 1,647 1,324 (48) 98 7,188 (+) Gross cash inflow — — — — — — — (+) Security deposit — — — — — — — (-) Expenses charged to bond issue — — — — — — — (+) Change in fair value of debt (1) — — — (1,311) — — (1,311) (-) Bifurcation of the conversion option recognized as a derivative liability — — — — — — — (+/-) Impact of amortized cost 6 358 145 — — (45) 464 (-) Repayment (944) (900) — — — — (1,844) On December 31, 2022 — 2,687 1,792 13 (48) 53 4,497 (+) Change in fair value of debt — — — 12 — — 12 (+/-) Impact of amortized cost — 272 178 — — — 450 (-) Repayment — (1,262) — — — (34) (1,296) On December 31, 2023 — 1,695 1,971 1 (48) 19 3,637 (1) Decrease in value per option: €0.00584 as of December 31, 2022 versus €0.35559 as of December 31, 2021 |
Bifurcated conversion options of tranches A and B | |
Borrowings and financial liabilities | |
Summary of accounting treatment of the conversion option | As of December 31, Fair value of derivative liabilities KREOS 2021 2021 2022 2023 Number of bonds outstanding 2,250,000 2,250,000 2,250,000 Number of shares available for subscription 2,250,000 2,250,000 2,250,000 Share price € 0.494 € 0.46 € 0.005 Exercise price € 0.648 € 0.648 € 0.648 Volatility over 12 months 85 % 65 % 95 % Risk-free rate — % 3.39 % 2.51 % Credit spread 23.14 % 23.14 % 23.14 % Fair value of derivative instrument (in K€) (536) — — Change in fair value of derivative liability over the period (in K€) (72) 536 — |
BSA Kreos 2021 | |
Borrowings and financial liabilities | |
Summary of accounting treatment of the conversion option | As December 31, BSA – KREOS 2021 Derivative instruments 2021 2022 2023 Number of BSA warrants outstanding 2,218,293 2,218,293 2,218,293 Exercise price per share € 0.56 € 0.56 € 0.56 Maturity 6.88 years 5.88 years 4.88 years Volatility 85 % 65 % 95 % Risk-free rate — % 3.24 % 2.43 % Fair value of BSA 2021 issued to KREOS (in K€) (788) (13) (1) Change in fair value of derivative instrument (in K€) (78) 775 12 |
Employee benefit obligation (Ta
Employee benefit obligation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee benefit obligation | |
Schedule of actuarial assumptions used for the valuation of the retirement indemnity, and provision for the retirement indemnity | AS OF DECEMBER 31, ACTUARIAL ASSUMPTIONS 2021 2022 2023 Voluntary retirement Retirement age between the ages of 65 and 67 Collective bargaining agreements Pharmaceutical industry Discount rate (IBOXX Corporates AA) 0.98% 3.77% 3.17% Mortality table INSEE 2017 INSEE: TH/TF 2016-2018 INSEE 2018 Salary increase rate 2.00% 3.00% 3.50% Turnover rate Medium Medium Medium Social security contribution rates for Executives 43% 44% 47% (amounts in thousands of euros) Retirement benefits On December 31, 2021 205 Past service cost 53 Financial costs 4 Actuarial gains and losses (80) On December 31, 2022 183 Past service cost 48 Financial costs 7 Actuarial gains and losses (1) On December 31, 2023 237 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions | |
Schedule of other provisions | Reversals Reversals (amounts in thousands of euros) 12/31/2021 Endowments (used) (unused) 12/31/2022 Provision for litigation — 75 — — 75 Provision for contingencies — — — — — Total provisions — 75 — — 75 Reversals Reversals (amounts in thousands of euros) 12/31/2022 Endowments (used) (unused) 12/31/2023 Provision for litigation 75 223 (75) 223 Provision for contingencies — — — — — Total provisions 75 223 (75) 223 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other current liabilities | |
Schedule of trade payables | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Suppliers - research and development 6,669 5,250 4,050 Suppliers - general and administrative expenses 937 1,690 1,342 Total trade payables 7,606 6,940 5,392 |
Schedule of tax and social security liabilities | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Personnel and related accounts 658 855 671 Social security and other social organizations 1,202 831 720 Other taxes and levies 138 94 (44) Total tax and social security liabilities 1,998 1,780 1,348 |
Schedule of other creditors and accured liabilities | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Directors’ salaries 202 146 196 Deferred income 175 178 178 Other 4 4 4 Total other creditors and accrued liabilities 381 328 378 |
Operating expenses by function
Operating expenses by function (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating expenses by function | |
Schedule of research and development expenses | FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Personnel expenses (4,392) (6,179) (3,993) Other purchases and external charges (19,345) (12,991) (6,378) Miscellaneous (264) (285) (35) Research and development costs (24,001) (19,455) (10,406) Research tax credit (CIR) 4,080 3,413 1,561 Grants 256 7 Subsidies and CIR 4,336 3,420 1,561 Research and development costs, net (19,665) (16,034) (8,845) |
Schedule of general and administrative expenses | FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Personnel expenses (3,107) (4,110) (1,570) Other purchases and external charges (3,991) (2,928) (3,427) Miscellaneous (52) (199) (491) General and administrative expenses (7,150) (7,237) (5,488) |
Net financial income and expe_2
Net financial income and expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net financial income and expense | |
Schedule of net financial income and expense | FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Interest and amortized cost on Kreos financing contract (1) (544) (1,597) (1,094) Change in fair value of convertible bonds and derivative liabilities (2) (1,856) 637 (1,330) Negma financial indemnities (3) (1,695) — — Provision for Negma litigation risks — (75) — Other financial expenses (166) (31) (157) Expenses relating to the issue of convertible bonds (125) (820) (330) Net financial income related to the repayment of penalties by Negma (4) 20 990 — Other financial income 4 (17) 174 Foreign exchange gains (losses) 14 (31) 43 Total financial income and expense (4,349) (944) (2,694) (1) See Note 13.2 Convertible and non-convertible bonds (2) In the financial year ended December 31, 2023, the change in fair value of convertible bonds and derivative liabilities was essentially related to the change in fair value of the ORNANE bonds issued to ATLAS for (1,342) K € . In the financial year ended December 31, 2022, the change in fair value of convertible bonds and derivative liabilities was related to (i) the change in fair value of the ORNANE bonds issued to ATLAS for (675) K € and (ii) the change in fair value of derivative liabilities for 1,312 K € . In the financial year ended December 31, 2021, the change in fair value of convertible notes and derivative instruments was related to (i) the change in fair value of the ORNANE issued to Negma for € 1,306 thousand, (ii) the change in fair value of the ORNANE issued to Atlas for € (3,017) thousand, (iii) the change in fair value of the derivative instruments for € (150) thousand. (3) In the financial year ended December 31, 2021, the financial indemnities paid to Negma is comprised of the fine for non-performance imposed by the Judgment € 1,500 thousand, (iii) € 100 thousand and € 8 thousand pursuant to Article 700 of the Code of Civil Procedure and (iv) late payment interest of € 87 Thousand. As a result, the Company recorded financial indemnities of € 1,695 thousand during the year ended December 31, 2021. (4) On September 8, 2022, the Paris Court of Appeal partially overturned the decision of the Paris tribunal enforcement judge in the Negma litigation. Negma Group Ltd was ordered to repay the Company the sum of € 1 million. This indemnity has been recorded as financial income for the 2022 financial year. This sum had been paid by Biophytis in 2021 as part of of € 1,695 thousand indemnities to Negma, recorded as financial expense for the 2021 financial year |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income tax | |
Schedule of reconciliation between theoretical tax and effective tax | FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Net loss (31,164) (24,216) (17,026) Consolidated tax — — — Loss before tax (31,164) (24,216) (17,026) Current tax rate in France 26.50 % 25 % 25 % Theoretical tax at current rate in France 8,258 6,055 4,257 Permanent differences 880 3,607 291 Share - based payments (907) (1,392) (203) Unused tax losses adjusted for deferred taxes (8,231) (5,211) (4,344) Tax rate differences — (61) — Group income tax (expense)/ income — — — Effective tax rate 0.0 % 0.0 % 0.0 % |
Schedule of nature of deferred taxes | AS OF DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Temporary shifts 421 299 257 Tax loss carry-forwards 32,539 38,007 42,200 Total deferred tax assets 32,960 38,007 42,457 — — - Temporary shifts (526) (815) (704) Total deferred tax liabilities (526) (815) (704) — — - Total net deferred tax items 32,434 37,491 41,753 Unrecognized deferred taxes (32,434) (37,491) (41,753) Total net of deferred taxes — — — |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Schedule of loss per share | FOR THE YEAR ENDED DECEMBER 31, (amounts in thousands of euros) 2021 2022 2023 Weighted average number of shares outstanding 118,332,562 174,860,545 543,086,157 Own shares 49,882 21,268 11,804 Weighted average number of shares outstanding (excluding treasury shares) 118,282,679 174,839,276 543,074,353 Net loss for the fiscal year (31,164) (24,216) (17,026) Basic loss per share (€/share) (0.26) (0.14) (0.03) Diluted loss per share (€/share) (0.26) (0.14) (0.03) |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties | |
Schedule of compensation due to executive officers | (amounts in thousands of euros) 2021 2022 2023 Fixed compensation payable 1,125 1,136 1,063 Variable compensation payable 269 269 173 Benefits in kind 25 25 29 Directors’ fees 301 125 180 Share-based payments 3,294 5,567 1,325 Consulting fees 30 150 42 Total executive compensation 5,044 7,272 2,811 |
Off-balance-sheet commitments (
Off-balance-sheet commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Off-balance-sheet commitments | |
Schedule of commitments linked to financial debts | 22.1 Financial debt commitments Residual amount on Borrowing Commitments given Nominal 12/31/2023 BPI France repayable advance - “BIO 101” project The agreement provides for an annual repayment starting on January 1, 2018 and no later than March 31 of each year until September 30, 2023 corresponding to : 35.81% of the pre-tax proceeds from the assignment or concession of patent licenses or know-how received during the previous calendar year, where said assignment or concession relates to all or part of the results of the assisted program, and 35.81% of the pre-tax proceeds generated by the commercialization, and in particular the sale to a third party or the use by the beneficiary for its own needs, of the pre-series mock-up prototypes produced as part of the assisted program. The sums due will be deducted as a priority and up to the amount of the final installment due to BPI. The application of this mechanism will not result in the company paying more than the amount received. 1,100 110 Kreos 2021 In accordance with the terms of the subprime loan agreements signed with Kreos on September 10, 2018 (see note 12.2.3) and November 19, 2021 (see note 12.2.3), the Company has pledged a security interest in the Company's assets for the benefit of Kreos. The Company has also granted a security interest in the operating business, including part of the Company's patents, to Kreos. N/A N/A 22.2 Commitments given in respect of the use of industrial property Agreements on the use of industrial property Commitments given MACULIA commercialization contract - SATT Lutech Agreements of January 1, 2016 modified by the amendment of December 17, 2020. This contract covers patent families from M1 to M4. The consideration payable by the Company is as follows: firstly, in the year following the first product launch, and in any event no later than 2020, the Company will pay a minimum guaranteed amount of €15,000. Similarly, the company will pay a guaranteed minimum royalty of €50 thousand once a drug is marketed, and in any case no later than 2026. These amounts will be deducted from the royalties due annually to SATT Lutech. On this point, for direct operations, the agreement provides for a single figure annual royalty based on net sales, distinguishing between sales of nutraceutical and medicinal products. For indirect operation, the agreement provides for a double-digit annual royalty, calculated on license revenues by distinguishing (i) between sales of nutraceutical products (double-digit royalty rate) and medicinal products (single or double-digit royalty rate) and (ii) the development phase (phase 1, 2 and 3) at the time the license agreement is signed. Royalty payments will cease at the end of the contract. |
Financial risk management and_2
Financial risk management and assessment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial risk management and assessment | |
Schedule of material contractual obligations and periods | Year ended December 31, 2023 2024 2025 / 2026 2027 / 2028 More than 5 Amounts in K € Total Less than 1 year between 1 and 3 years between 3 and 5 years years Non-convertible bonds issued to Kreos 1,714 1,259 454 — — Repayable advances 882 196 686 — — Leasing obligations 190 54 136 — — Convertible bonds issued to Kreos 1,971 — 1,971 — — Convertible bonds issued to ATLAS 2,207 2,207 — — — Financial debts related to CIR pre-financing 1,213 1,213 — — — Accrual interests to pay 94 94 — — — Derivative liabilities 1 1 — — — Total 8,270 5,024 3,247 — — |
Notable events - COVA program f
Notable events - COVA program for severe forms of COVID-19 (Details) - item | 1 Months Ended | |
Mar. 31, 2023 | Feb. 28, 2023 | |
Notable events | ||
Number of patients from whom data collected | 54 | |
Number of patients treated | 233 | |
Percentage of reduction in the risk of respiratory failure or early death in patients hospitalized with severe COVID-19 | 44% | |
Proportion of patients experiencing adverse events if RuvembriTM used | 57% | |
Proportion of patients experiencing adverse events if placebo used | 64% | |
Proportion of patients experiencing frequency of serious adverse events if RuvembriTM used | 25% | |
Proportion of patients experiencing frequency of serious adverse events if placebo used | 31% |
Notable events - Financing (Det
Notable events - Financing (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Nov. 20, 2023 EUR (€) € / shares shares | Jul. 21, 2023 item $ / shares shares | Jul. 19, 2023 EUR (€) | Jul. 19, 2023 USD ($) | Jul. 18, 2023 € / shares | May 11, 2023 EUR (€) item € / shares shares | Dec. 31, 2023 EUR (€) € / shares shares | Feb. 29, 2024 EUR (€) installment | Jun. 30, 2023 item | Dec. 31, 2023 EUR (€) item € / shares shares | Dec. 31, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Jul. 20, 2023 € / shares | Jun. 30, 2021 EUR (€) | |
Financing | |||||||||||||||
Proceeds from share capital increase | € 5,541 | $ 3.8 | € 16,584 | ||||||||||||
Shares issued in offering | shares | 210,733,955 | 210,733,955 | 102,343,985 | 1,867,304 | |||||||||||
Capital increase from offering | € 5,541 | € 20,205 | |||||||||||||
Par value per share | € / shares | € 0.002 | € 0.002 | |||||||||||||
Increase in share capital due to exercise of warrants | 742 | ||||||||||||||
Nominal value of each installments | € 4,000 | ||||||||||||||
(-) Expenses charged to bond issue | € 121 | 125 | |||||||||||||
2021 Atlas contract | |||||||||||||||
Financing | |||||||||||||||
Proceeds from the issuance of convertible notes and non-convertible bonds | € 1,900 | ||||||||||||||
Shares issued in offering | shares | 4,000,000 | 4,000,000 | |||||||||||||
Bonds converted to new shares | item | 1,280 | 1,280 | |||||||||||||
Nominal value of each installments | € 2,000 | € 2,000 | |||||||||||||
Number of bonds issued | item | 80 | ||||||||||||||
Bond debt | 1,450 | € 1,450 | |||||||||||||
Number of bonds outstanding | item | 58 | 58 | |||||||||||||
Atlas Additional Tranches | |||||||||||||||
Financing | |||||||||||||||
Nominal value of each installments | 8,000 | € 8,000 | |||||||||||||
Financial liabilities related to prefinancing of a portion of the research tax credit. | |||||||||||||||
Financing | |||||||||||||||
Amount of proceeds | 1,098 | ||||||||||||||
CIR receivable | 1,618 | 1,618 | |||||||||||||
(-) Expenses charged to bond issue | € 127 | ||||||||||||||
Pre-Funded Warrants | |||||||||||||||
Financing | |||||||||||||||
Increase in share capital due to exercise of warrants | € 828 | ||||||||||||||
Ordinary Warrant | |||||||||||||||
Financing | |||||||||||||||
Shares issued in offering | shares | 2,486,504 | 2,486,504 | |||||||||||||
Increase in share capital due to exercise of warrants | € 5 | ||||||||||||||
Capital | |||||||||||||||
Financing | |||||||||||||||
Proceeds from share capital increase | 8,000 | ||||||||||||||
Capital increase from offering | 1,963 | € 20,469 | 3,390 | ||||||||||||
Increase in share capital due to exercise of warrants | 373 | ||||||||||||||
Additional paid-in capital | |||||||||||||||
Financing | |||||||||||||||
Capital increase from offering | 3,577 | 16,814 | |||||||||||||
Increase in share capital due to exercise of warrants | € 369 | ||||||||||||||
Issue of bonds | 2021 Atlas contract | |||||||||||||||
Financing | |||||||||||||||
Proceeds from the issuance of convertible notes and non-convertible bonds | € 3,800 | € 3,800 | |||||||||||||
Shares issued in offering | shares | 4,000,000 | 4,000,000 | |||||||||||||
Number of installments issued for convertible bonds | installment | 2 | ||||||||||||||
Private placement | |||||||||||||||
Financing | |||||||||||||||
Proceeds from share capital increase | € 2,300 | ||||||||||||||
Shares issued as percentage of share capital | 32% | ||||||||||||||
Issue price per share | € / shares | € 0.0222 | ||||||||||||||
Issue price per share as a percentage discount to the volume-weighted average price | 25% | ||||||||||||||
Trading days of volume-weighted average price | item | 5 | ||||||||||||||
Number of units issued | shares | 103,717,811 | ||||||||||||||
Private placement | Capital | |||||||||||||||
Financing | |||||||||||||||
Capital increase from offering | € 1,037 | ||||||||||||||
Private placement | Additional paid-in capital | |||||||||||||||
Financing | |||||||||||||||
Capital increase from offering | € 1,265 | ||||||||||||||
Registered direct offering on the Nasdaq Capital Market | |||||||||||||||
Financing | |||||||||||||||
Proceeds from the issuance of convertible notes and non-convertible bonds | € 3,400 | $ 3.8 | |||||||||||||
Shares issued in offering | shares | 50,500,000 | 50,500,000 | |||||||||||||
Issue price per share as a percentage discount to the volume-weighted average price | 21% | ||||||||||||||
Capital increase from offering | € 1,278 | ||||||||||||||
Number of units issued | shares | 1,333,334 | ||||||||||||||
Par value per share | € / shares | € 0.01 | ||||||||||||||
Issue price per share as a percentage discount to the volume-weighted average price | 2% | ||||||||||||||
Issue price per share as a percentage discount to the theoretical value of a warrant | 23% | ||||||||||||||
Theoretical value per warrant | € / shares | € 0.013 | ||||||||||||||
Registered direct offering on the Nasdaq Capital Market | ADS | |||||||||||||||
Financing | |||||||||||||||
Number of shares in an unit | item | 1 | ||||||||||||||
Purchase price per unit | $ / shares | $ 2.85 | ||||||||||||||
Registered direct offering on the Nasdaq Capital Market | Pre-Funded Warrants | |||||||||||||||
Financing | |||||||||||||||
Number of warrants in an unit | item | 1 | ||||||||||||||
Purchase price per unit | $ / shares | $ 2.84 | ||||||||||||||
Par value per share | $ / shares | $ 2.84 | ||||||||||||||
Exercise price | $ / shares | $ 0.01 | ||||||||||||||
Number of warrants exercised | shares | 82,833,400 | 82,833,400 | |||||||||||||
Registered direct offering on the Nasdaq Capital Market | Pre-Funded Warrants | ADS | |||||||||||||||
Financing | |||||||||||||||
Proceeds from share capital increase | € 2,090 | ||||||||||||||
Number of warrants in an unit | item | 1 | 1 | 1 | ||||||||||||
Registered direct offering on the Nasdaq Capital Market | Ordinary Warrant | |||||||||||||||
Financing | |||||||||||||||
Number of warrants exercised | shares | 0 | 0 | |||||||||||||
Term of warrants (in years) | 3 years | 3 years | |||||||||||||
Registered direct offering on the Nasdaq Capital Market | Ordinary Warrant | ADS | |||||||||||||||
Financing | |||||||||||||||
Number of shares issuable per each warrant | shares | 1 | ||||||||||||||
Number of shares issuable for warrants | shares | 133,333,400 | 133,333,400 | |||||||||||||
Registered direct offering on the Nasdaq Capital Market | Redeemable share subscription warrants | |||||||||||||||
Financing | |||||||||||||||
Exercise price | $ / shares | $ 2.67 | ||||||||||||||
Registered direct offering on the Nasdaq Capital Market | Capital | |||||||||||||||
Financing | |||||||||||||||
Capital increase from offering | € 505 | ||||||||||||||
Registered direct offering on the Nasdaq Capital Market | Additional paid-in capital | |||||||||||||||
Financing | |||||||||||||||
Capital increase from offering | € 773 | ||||||||||||||
Preferential subscription rights (DPS) | BSAR | |||||||||||||||
Financing | |||||||||||||||
Number of shares in an unit | item | 1 | 1 | |||||||||||||
Number of shares issuable per each warrant | shares | 1 | 1 | |||||||||||||
Preferential subscription rights (DPS) | Redeemable share subscription warrants | |||||||||||||||
Financing | |||||||||||||||
Proceeds from share capital increase | € 1,960 | ||||||||||||||
Shares issued in offering | shares | 210,733,954 | ||||||||||||||
Issue price per share | € / shares | € 0.0093 | ||||||||||||||
Number of shares issuable per each warrant | shares | 1 | ||||||||||||||
Preferential subscription rights (DPS) | Redeemable share subscription warrants | BSAR | |||||||||||||||
Financing | |||||||||||||||
Exercise price | € / shares | € 0.012 | ||||||||||||||
Number of warrants exercised | shares | 2,477,006 | 2,477,006 | |||||||||||||
Increase in share capital due to exercise of warrants | € 30 |
Notable events - Post-balance s
Notable events - Post-balance sheet events (Details) | 12 Months Ended | ||
Mar. 15, 2024 € / shares shares | Dec. 31, 2023 EUR (€) item tranche shares | Jun. 30, 2021 EUR (€) | |
Subsequent events | |||
Number of shares issued upon conversion of bonds | 350,334,130 | ||
Principal amount of loan outstanding | € | € 4,000,000 | ||
Reverse stock split, Par value | € / shares | € 0.80 | ||
Reverse stock split, ordinary shares | 400 | ||
Reverse stock split, old issue par value | € / shares | € 0.002 | ||
Share capital | 400 | ||
Consolidation period | 30 days | ||
Tranche 3 of the ATLAS 2021 contract | |||
Subsequent events | |||
Bond debt | € | € 4,200 | ||
Conversion of bond | |||
Subsequent events | |||
Bonds converted to new shares | item | 50 | ||
Number of shares issued upon conversion of bonds | 363,588,122 | ||
Principal amount of loan outstanding | € | € 1,250,000 | ||
Conversion of bond | Tranche 3 of the ATLAS 2021 contract | |||
Subsequent events | |||
Bonds converted to new shares | tranche | 3 | ||
Conversion of bond | Tranche 4 of the ATLAS 2021 contract | |||
Subsequent events | |||
Bonds converted to new shares | tranche | 4 |
Accounting principles, rules _4
Accounting principles, rules and methods - Going concern (Details) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 EUR (€) installment | Dec. 31, 2024 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Jun. 30, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Accounting principles, rules and methods | ||||||
Cash and cash equivalents | € 5,567 | € 11,053 | € 23,926 | € 5,847 | ||
Nominal value of each installments | € 4,000 | |||||
2021 Atlas contract | ||||||
Accounting principles, rules and methods | ||||||
Additional financing amount | € 8,000 | |||||
Number of installments for issue of notes | installment | 2 | |||||
Nominal value of each installments | € 4,000 | |||||
Outstanding loan | € 12,000 | |||||
2021 Atlas contract | Issue of bonds | ||||||
Accounting principles, rules and methods | ||||||
Nominal value of each installments | € 4,000 |
Accounting principles, rules _5
Accounting principles, rules and methods - Consolidation scope and methods (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Instituto Biophytis Do Brasil [Member] | |
Accounting principles, rules and methods | |
Percentage of ownership | 94.60% |
Biophytis Inc [Member] | |
Accounting principles, rules and methods | |
Percentage of ownership | 100% |
Accounting principles, rules _6
Accounting principles, rules and methods - Exchange rates (Details) | 12 Months Ended | ||||||||
Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 BRL (R$) USD ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 BRL (R$) USD ($) | Dec. 31, 2021 BRL (R$) | Dec. 31, 2021 BRL (R$) USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounting principles, rules and methods | |||||||||
Closing rate | 5.36 | 5.36 | 5.6386 | 5.6386 | 6.3101 | 6.3101 | 1.11 | 1.0666 | 1.1326 |
Average rate | 5.40 | 1.08 | 5.4399 | 1.0530 | 6.3779 | 1.1827 |
Accounting principles, rules _7
Accounting principles, rules and methods - Amortization duration and expense (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Metabrain | |
Accounting principles, rules and methods | |
Amortization period | 19 years |
Iris Pharma | |
Accounting principles, rules and methods | |
Amortization period | 20 years |
Stanislas Veillet (BIO101) | |
Accounting principles, rules and methods | |
Amortization period | 19 years |
Minimum | Software | |
Accounting principles, rules and methods | |
Amortization period | 3 years |
Maximum | Software | |
Accounting principles, rules and methods | |
Amortization period | 5 years |
Accounting principles, rules _8
Accounting principles, rules and methods - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | General facilities, fixtures and fittings | |
Accounting principles, rules and methods | |
Depreciation periods | 3 years |
Minimum | Technical installations, equipment and tooling | |
Accounting principles, rules and methods | |
Depreciation periods | 5 years |
Minimum | Office and IT equipment | |
Accounting principles, rules and methods | |
Depreciation periods | 3 years |
Minimum | Furniture | |
Accounting principles, rules and methods | |
Depreciation periods | 3 years |
Minimum | Transport equipment | |
Accounting principles, rules and methods | |
Depreciation periods | 3 years |
Maximum | General facilities, fixtures and fittings | |
Accounting principles, rules and methods | |
Depreciation periods | 15 years |
Maximum | Technical installations, equipment and tooling | |
Accounting principles, rules and methods | |
Depreciation periods | 7 years |
Maximum | Office and IT equipment | |
Accounting principles, rules and methods | |
Depreciation periods | 5 years |
Maximum | Furniture | |
Accounting principles, rules and methods | |
Depreciation periods | 5 years |
Maximum | Transport equipment | |
Accounting principles, rules and methods | |
Depreciation periods | 5 years |
Intangible assets - Table (Deta
Intangible assets - Table (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting principles, rules and methods | ||
Beginning balance | € 2,655 | € 2,757 |
Ending balance | 2,637 | 2,655 |
GROSS VALUES | ||
Accounting principles, rules and methods | ||
Beginning balance | 3,772 | 3,684 |
Acquisition | 90 | |
Transfer | 0 | (2) |
Ending balance | 3,952 | 3,772 |
AMORTIZATION | ||
Accounting principles, rules and methods | ||
Beginning balance | (1,117) | (927) |
Increase | 198 | 190 |
Decrease | 0 | 0 |
Ending balance | (1,315) | (1,117) |
Patents | ||
Accounting principles, rules and methods | ||
Beginning balance | 2,655 | 2,757 |
Ending balance | 2,637 | 2,655 |
Patents | GROSS VALUES | ||
Accounting principles, rules and methods | ||
Beginning balance | 3,740 | 3,652 |
Acquisition | 180 | 90 |
Transfer | 0 | (2) |
Ending balance | 3,920 | 3,740 |
Patents | AMORTIZATION | ||
Accounting principles, rules and methods | ||
Beginning balance | (1,085) | (895) |
Increase | 198 | 190 |
Decrease | 0 | 0 |
Ending balance | (1,283) | (1,085) |
Software | GROSS VALUES | ||
Accounting principles, rules and methods | ||
Beginning balance | 32 | 32 |
Transfer | 0 | 0 |
Ending balance | 32 | 32 |
Software | AMORTIZATION | ||
Accounting principles, rules and methods | ||
Beginning balance | (32) | (32) |
Decrease | 0 | 0 |
Ending balance | € (32) | € (32) |
Intangible assets - Paragraphs
Intangible assets - Paragraphs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Patents and software | |||
Amount of intangible asset | € 2,637 | € 2,655 | € 2,757 |
Cash paid to acquire intangible assets | 220 | 141 | 344 |
Chief Executive Officer | |||
Patents and software | |||
Cash paid to acquire intangible assets | 180 | 90 | 270 |
Gross Carrying Amount [Member] | |||
Patents and software | |||
Amount of intangible asset | € 3,952 | 3,772 | € 3,684 |
Patents rights acquired from the Company's CEO | |||
Patents and software | |||
Amortization period | 19 years | ||
Patents rights acquired from the Company's CEO | Gross Carrying Amount [Member] | |||
Patents and software | |||
Amount of intangible asset | € 1,530 | € 1,620 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | € 584 | € 563 | |
Transfer/Decrease | (14) | ||
Property, plant and equipment at end of period | 315 | 584 | € 563 |
Impairment recognized on tangible assets | 0 | 0 | 0 |
GROSS VALUES | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 1,548 | 1,231 | |
Acquisition | 115 | 322 | |
Disposal | (681) | ||
Exchange effect | 3 | 8 | |
Property, plant and equipment at end of period | 985 | 1,548 | 1,231 |
AMORTIZATION | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | (964) | (668) | |
Increase | 384 | 309 | |
Transfer/Decrease | (677) | ||
Property, plant and equipment at end of period | (671) | (964) | (668) |
Equipment and tools | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 49 | 90 | |
Transfer/Decrease | (14) | ||
Property, plant and equipment at end of period | 76 | 49 | 90 |
Equipment and tools | GROSS VALUES | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 327 | 340 | |
Acquisition | 104 | 1 | |
Property, plant and equipment at end of period | 431 | 327 | 340 |
Equipment and tools | AMORTIZATION | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | (278) | (250) | |
Increase | 77 | 41 | |
Property, plant and equipment at end of period | (354) | (278) | (250) |
Equipment and tools (right of use) | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 241 | ||
Property, plant and equipment at end of period | 186 | 241 | |
Equipment and tools (right of use) | GROSS VALUES | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 452 | 181 | |
Acquisition | 271 | ||
Disposal | (181) | ||
Property, plant and equipment at end of period | 271 | 452 | 181 |
Equipment and tools (right of use) | AMORTIZATION | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | (211) | (181) | |
Increase | 51 | 30 | |
Transfer/Decrease | (177) | ||
Property, plant and equipment at end of period | (85) | (211) | (181) |
Fixtures and fittings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 31 | 8 | |
Property, plant and equipment at end of period | 23 | 31 | 8 |
Fixtures and fittings | GROSS VALUES | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 143 | 114 | |
Acquisition | 2 | 20 | |
Exchange effect | 2 | 8 | |
Property, plant and equipment at end of period | 147 | 143 | 114 |
Fixtures and fittings | AMORTIZATION | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | (112) | (106) | |
Increase | 12 | 5 | |
Property, plant and equipment at end of period | (124) | (112) | (106) |
Office equipment, computers, furniture | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 41 | 21 | |
Property, plant and equipment at end of period | 30 | 41 | 21 |
Office equipment, computers, furniture | GROSS VALUES | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 127 | 96 | |
Acquisition | 9 | 31 | |
Exchange effect | 1 | 1 | |
Property, plant and equipment at end of period | 137 | 127 | 96 |
Office equipment, computers, furniture | AMORTIZATION | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | (85) | (75) | |
Increase | 21 | 11 | |
Property, plant and equipment at end of period | (107) | (85) | (75) |
Buildings (right of use) | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 223 | 444 | |
Property, plant and equipment at end of period | 223 | 444 | |
Buildings (right of use) | GROSS VALUES | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | 500 | 500 | |
Disposal | (500) | ||
Property, plant and equipment at end of period | 500 | 500 | |
Buildings (right of use) | AMORTIZATION | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment at beginning of period | (277) | (56) | |
Increase | 223 | 222 | |
Transfer/Decrease | € (500) | ||
Property, plant and equipment at end of period | € (277) | € (56) |
Other non-current financial a_3
Other non-current financial assets (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other non-current financial assets. | |||
Liquidity contract - cash balance | € 25 | € 38 | € 72 |
Security deposit for non-convertible bonds ("Kreos contract 2018") | 134 | 126 | 104 |
Other Security Deposits, Non-current | 9 | 10 | |
Total other non-current financial assets | € 158 | € 173 | € 186 |
Other current financial asset_2
Other current financial assets - Table (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other current financial assets | |||
Deductions in connection with the pre-financing of the CIR (Research Tax Credit) by Neftys (cf. Note 13.3). | € 368 | € 590 | € 584 |
Guarantee deposit related to the non-convertible bonds (Kreos 2018 contract) | 320 | ||
Total other current financial assets | € 368 | € 590 | € 904 |
Other receivables and prepaid_3
Other receivables and prepaid expenses - Schedule of other receivables and prepaid expenses (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other receivables and prepaid expenses | |||
Research tax credit (CIR) | € 1,555 | € 3,904 | € 3,941 |
Value added tax | 886 | 956 | 1,008 |
Prepaid expenses | 133 | 1,574 | 1,418 |
Trade Payables Prepayments And Trade Debtors | 297 | 488 | 125 |
Trade payables - prepayments and trade debtors | 5,392 | 6,940 | 7,606 |
Miscellaneous | 12 | 44 | |
Total other receivables and prepaid expenses | € 2,916 | € 6,934 | € 6,536 |
Other receivables and prepaid_4
Other receivables and prepaid expenses - Additional information (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other receivables and prepaid expenses | ||
Research tax credit | € 3,364 | € 4,080 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents. | ||||
Cash | € 2,857 | € 6,060 | € 16,926 | |
Cash equivalents | 2,710 | 4,993 | 7,000 | |
Total cash and cash equivalents | € 5,567 | € 11,053 | € 23,926 | € 5,847 |
Financial assets and liabilit_3
Financial assets and liabilities and their impacts on income - Financial assets and liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | € 5,725 | € 18,749 |
Financial liabilities | (15,849) | 23,640 |
Financial assets at fair value | 5,725 | 18,749 |
Financial liabilities at fair value | (14,961) | 23,485 |
Non-current borrowing | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (3,247) | 4,367 |
Financial liabilities at fair value | (3,266) | 4,117 |
Current borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (5,023) | 10,177 |
Financial liabilities at fair value | (4,117) | 10,308 |
Current derivative liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1) | 13 |
Financial liabilities at fair value | (1) | 13 |
Trade accounts payable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (5,392) | 6,940 |
Financial liabilities at fair value | (5,392) | 6,940 |
Tax and social securitiy liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,348) | 1,780 |
Financial liabilities at fair value | (1,348) | 1,780 |
Other creditors and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (838) | 328 |
Financial liabilities at fair value | (838) | 328 |
Non-current financial assets | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 158 | 173 |
Financial assets at fair value | 158 | 173 |
Other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 6,934 | |
Financial assets at fair value | 6,934 | |
Current financial asset | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 590 | |
Financial assets at fair value | 590 | |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5,567 | 11,053 |
Financial assets at fair value | 5,567 | 11,053 |
Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (2,207) | 6,673 |
Fair value through profit or loss | Current borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (2,207) | 6,660 |
Fair value through profit or loss | Current derivative liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1) | 13 |
Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (12,754) | 16,967 |
Amortized cost | Non-current borrowing | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (3,247) | 4,367 |
Amortized cost | Current borrowings | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (2,816) | 3,517 |
Amortized cost | Trade accounts payable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (5,392) | 6,940 |
Amortized cost | Tax and social securitiy liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (1,348) | 1,780 |
Amortized cost | Other creditors and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (838) | 328 |
Fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5,567 | 11,053 |
Fair value through profit or loss | Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5,567 | 11,053 |
Amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 158 | 7,696 |
Amortized cost | Non-current financial assets | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 158 | 173 |
Amortized cost | Other receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 6,934 | |
Amortized cost | Current financial asset | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 590 | |
Amortized cost | Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | € 0 | € 0 |
Financial assets and liabilit_4
Financial assets and liabilities and their impacts on income - Impact of the financial assets and liabilities on the consolidated statement of profit or loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative liabilities | |||
Disclosure of detailed information about financial instruments [line items] | |||
Change in fair value | € 12 | € 1,312 | € (150) |
Liabilities valued at fair value: bonds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Change in fair value | (1,330) | 637 | (1,707) |
Liabilities valued at amortized cost: non-convertible bonds and debt component of convertible bonds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest | (1,597) | (545) | |
Interest Income On Change In Fair Value Of Financial Liabilities | 1,364 | ||
Liabilities valued at amortized cost: advances | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest | € (29) | € (33) | |
Interest Income On Change In Fair Value Of Financial Liabilities | € 29 |
Capital and premiums (Details)
Capital and premiums (Details) - EUR (€) | 12 Months Ended | ||||||
Oct. 19, 2023 | Apr. 17, 2023 | Dec. 31, 2023 | Oct. 18, 2023 | Apr. 16, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capital and premiums | |||||||
Share capital | € 2,080,964.81 | € 47,660,000 | € 27,191,000 | ||||
Number of outstanding shares | 1,040,482,402 | 238,297,642 | |||||
Par value per share | € 0.002 | ||||||
Number of shares issued and fully paid | 1,040,482,402 | ||||||
Capital reduction | € 65,163,000 | ||||||
Share premium | 13,483,000 | € (1,588,000) | 27,781,000 | ||||
Board of Directors | |||||||
Capital and premiums | |||||||
Par value per share | € 0.01 | € 0.20 | |||||
Capital reduction | € 59,200,000 | ||||||
Chief Executive Officer | |||||||
Capital and premiums | |||||||
Par value per share | € 0.002 | € 0.01 | |||||
Capital reduction | € 6,000,000 | ||||||
Ordinary shares | |||||||
Capital and premiums | |||||||
Share capital | € 2,081,000 | € 47,660,000 | € 27,191,000 | ||||
Number of outstanding shares | 1,040,482,402 | 238,297,642 | 135,953,657 | ||||
Par value per share | € 0.002 | € 0.20 | € 0.20 |
Capital and premiums - Capital
Capital and premiums - Capital movements (Details) | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) item € / shares shares | Dec. 31, 2023 EUR (€) $ / shares € / shares shares | Dec. 31, 2022 EUR (€) item € / shares shares | Dec. 31, 2021 EUR (€) item € / shares shares | |
Capital and premiums | ||||
Balance (shares) | shares | 238,297,642 | |||
May 11, 2023 private placement | shares | 103,717,811 | |||
July 18, 2023 private placement | shares | 50,500,000 | |||
Share capital increase (in shares) | shares | 210,733,955 | 102,343,985 | 1,867,304 | |
Bond conversions (in shares) | shares | 350,334,130 | |||
Definitive acquisition of bonus shares | shares | 1,578,960 | |||
Balance (shares) | shares | 1,040,482,402 | 238,297,642 | ||
Opening balance | € 47,660,000 | € 27,191,000 | ||
May 11, 2023 private placement | 1,037,000 | |||
July 18, 2023 private placement | 505,000 | |||
Exercise of warrants | € 742,000 | |||
Share capital increase | 5,541,000 | 20,205,000 | ||
Share Capital Increase | 421,000 | |||
Bond conversions | 7,843,000 | 10,840,000 | 10,940,000 | |
Conversion Of Convertible Bonds | 16,772,000 | |||
Definitive acquisition of bonus shares | 16,000 | |||
Total impact of nominal reduction | 65,163,000 | |||
Closing balance | 2,080,964.81 | 47,660,000 | 27,191,000 | |
Share capital | € 2,080,964.81 | € 2,080,964.81 | € 47,660,000 | € 27,191,000 |
Par value per share | € / shares | € 0.002 | € 0.002 | ||
Convertible notes to NEGMA | ||||
Capital and premiums | ||||
Bond conversions (in shares) | shares | 93,189,046 | 16,379,256 | ||
Bond conversions | € 18,638,000 | € 3,276,000 | ||
Par value per share | € / shares | € 0.20 | € 0.20 | ||
Bonds converted to new shares | item | 396 | 376 | ||
Share premium | € 7,798,000 | € 7,664,000 | ||
Convertible notes to Atlas | ||||
Capital and premiums | ||||
Bond conversions (in shares) | shares | 350,334,130 | |||
Exercise of warrants | € 16,772,000 | |||
Bonds converted to new shares | item | 250 | |||
Share premium | € 10,522,000 | € 10,522,000 | ||
Registered direct offering on the Nasdaq Capital Market | ||||
Capital and premiums | ||||
Share capital increase (in shares) | shares | 50,500,000 | |||
Number of units issued | shares | 1,333,334 | |||
Par value per share | € / shares | € 0.01 | € 0.01 | ||
Registered direct offering on the Nasdaq Capital Market | ADS | ||||
Capital and premiums | ||||
Number of Shares in an Unit | item | 1 | |||
Purchase price per unit | $ / shares | € 2.85 | |||
Number of ordinary shares represented for one ADS | shares | 100 | 100 | ||
Preferential subscription rights (DPS) | ||||
Capital and premiums | ||||
Proceeds from offering | € 1,960,000 | |||
Net proceeds | € 1,538,000 | |||
Number of warrants exercised | shares | 210,733,954 | |||
Share premium | € 421,000 | € 421,000 | ||
Capital | ||||
Capital and premiums | ||||
Exercise of warrants | 373,000 | |||
Share capital increase | 1,963,000 | 20,469,000 | 3,390,000 | |
Bond conversions | 16,772,000 | 18,638,000 | 3,276,000 | |
Total impact of nominal reduction | 65,163,000 | |||
Capital | Registered direct offering on the Nasdaq Capital Market | ||||
Capital and premiums | ||||
Share capital increase | 505,000 | |||
Additional paid-in capital | ||||
Capital and premiums | ||||
Exercise of warrants | 369,000 | |||
Share capital increase | 3,577,000 | 16,814,000 | ||
Bond conversions | (8,929,000) | (7,798,000) | 7,664,000 | |
Share premium | € (9,621,000) | € 369,000 | ||
Additional paid-in capital | Registered direct offering on the Nasdaq Capital Market | ||||
Capital and premiums | ||||
Share capital increase | € 773,000 | |||
Pre-Funded Warrants | ||||
Capital and premiums | ||||
Exercise of warrants | shares | 82,833,400 | |||
Exercise of warrants | € 828,000 | |||
Pre-Funded Warrants | Registered direct offering on the Nasdaq Capital Market | ||||
Capital and premiums | ||||
Exercise of warrants | € 828,000 | |||
Number of Warrants in an Unit | item | 1 | |||
Purchase price per unit | $ / shares | € 2.84 | |||
Number of warrants exercised | shares | 82,833,400 | |||
Pre-Funded Warrants | Registered direct offering on the Nasdaq Capital Market | ADS | ||||
Capital and premiums | ||||
Number of shares issuable per each warrant | shares | 1 | 1 | ||
Ordinary Warrant | ||||
Capital and premiums | ||||
Exercise of warrants | shares | 2,486,504 | |||
Share capital increase (in shares) | shares | 2,486,504 | |||
Exercise of warrants | € 5,000 | |||
Share premium | € 26,000 | € 26,000 | ||
Ordinary Warrant | Registered direct offering on the Nasdaq Capital Market | ||||
Capital and premiums | ||||
Number of Warrants in an Unit | item | 1 | |||
Ordinary Warrant | Registered direct offering on the Nasdaq Capital Market | ADS | ||||
Capital and premiums | ||||
Number of shares issuable per each warrant | shares | 1 | 1 |
Capital and premiums - Changes
Capital and premiums - Changes in share capital (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 17, 2023 EUR (€) | Jul. 30, 2021 EUR (€) shares | Feb. 12, 2021 EUR (€) $ / shares shares | Feb. 12, 2021 USD ($) shares | Feb. 28, 2021 EUR (€) | Dec. 31, 2023 EUR (€) item shares | Dec. 31, 2022 EUR (€) item shares | Dec. 31, 2021 EUR (€) item shares | Dec. 31, 2023 € / shares | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 € / shares | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 € / shares | Dec. 31, 2021 BRL (R$) | Dec. 31, 2021 USD ($) | Jun. 30, 2020 EUR (€) | |
Capital increase from offering | € 5,541,000 | € 20,205,000 | ||||||||||||||||
Share capital | € 2,080,964.81 | € 47,660,000 | € 27,191,000 | |||||||||||||||
Shares issued in offering | shares | 210,733,955 | 102,343,985 | 1,867,304 | |||||||||||||||
Bond conversions (in shares) | shares | 350,334,130 | |||||||||||||||||
Nominal value per share | € / shares | € 0.002 | |||||||||||||||||
Increase in share capital due to conversion | € 7,843,000 | € 10,840,000 | € 10,940,000 | |||||||||||||||
Exchange rate | 5.36 | 1.11 | 5.6386 | 1.0666 | 6.3101 | 1.1326 | ||||||||||||
Costs incurred in relation to equity transactions | 1,303,000 | 2,099,000 | ||||||||||||||||
Increase in share capital due to exercise of warrants | 742,000 | |||||||||||||||||
Increase in share capital due to exercise of warrants and acquisition of free shares | 2,146,000 | 8,000 | ||||||||||||||||
Dividends distributed | 0 | 0 | ||||||||||||||||
Reduction of equity due to purchase of treasury shares | € 20,428,000 | |||||||||||||||||
Cash reserve related to the liquidity agreement | 25,000 | € 38,000 | 72,000 | |||||||||||||||
Free share warrants | ||||||||||||||||||
Issuance of new shares upon exercise of warrants and acquisition of free shares | shares | 9,131,979 | |||||||||||||||||
Warrants and acquisition | ||||||||||||||||||
Increase in share capital due to exercise of warrants and acquisition of free shares | € 1,831,000 | |||||||||||||||||
Issuance of new shares upon exercise of warrants and acquisition of free shares | shares | 22,960 | |||||||||||||||||
Private placement | ||||||||||||||||||
Capital increase from offering | € 1,963,000 | |||||||||||||||||
Share premium | € 339,000 | |||||||||||||||||
Bond conversions (in shares) | shares | 103,717,811 | |||||||||||||||||
Nominal value per share | € / shares | € 0.01 | |||||||||||||||||
Increase in share capital due to conversion | € 1,037,000 | |||||||||||||||||
Private placement | Free share warrants | ||||||||||||||||||
Share premium | € 16,000 | |||||||||||||||||
Bond conversions (in shares) | shares | 1,578,960 | |||||||||||||||||
Private placement to NEGMA | ||||||||||||||||||
Share premium | € 2,629,000 | € (10,522,000) | ||||||||||||||||
Shares issued in offering | shares | 4,950,000 | |||||||||||||||||
Increase in share capital due to conversion | € 990,000 | |||||||||||||||||
Initial Public Offering | ||||||||||||||||||
Costs incurred in relation to equity transactions | € 2,099,000 | |||||||||||||||||
ADS Offering | ||||||||||||||||||
Proceeds from offering | € 16,584,000 | $ 20,100,000 | ||||||||||||||||
Capital increase from offering | 2,400,000 | |||||||||||||||||
Share premium | € 14,184,000 | |||||||||||||||||
Shares issued in offering | shares | 12,000,000 | 12,000,000 | ||||||||||||||||
Net proceeds | € 13,490,000 | $ 16,350,000 | ||||||||||||||||
Exchange rate | $ / shares | 1.212 | |||||||||||||||||
Convertible notes to NEGMA | ||||||||||||||||||
Share premium | € 7,798,000 | € 7,664,000 | ||||||||||||||||
Bonds converted to new shares | item | 396 | 376 | ||||||||||||||||
Bond conversions (in shares) | shares | 93,189,046 | 16,379,256 | ||||||||||||||||
Nominal value per share | € / shares | € 0.20 | € 0.20 | ||||||||||||||||
Increase in share capital due to conversion | € 18,638,000 | € 3,276,000 | ||||||||||||||||
Convertible notes to Atlas | ||||||||||||||||||
Share premium | € 10,522,000 | |||||||||||||||||
Bonds converted to new shares | item | 250 | |||||||||||||||||
Bond conversions (in shares) | shares | 350,334,130 | |||||||||||||||||
Increase in share capital due to exercise of warrants | € 16,772,000 | |||||||||||||||||
Capital | ||||||||||||||||||
Capital increase from offering | 1,963,000 | 20,469,000 | 3,390,000 | |||||||||||||||
Increase in share capital due to conversion | 16,772,000 | 18,638,000 | 3,276,000 | |||||||||||||||
Increase in share capital due to exercise of warrants | 373,000 | |||||||||||||||||
Increase in share capital due to exercise of warrants and acquisition of free shares | 849,000 | € 1,831,000 | ||||||||||||||||
Issuance of new shares upon exercise of warrants and acquisition of free shares | shares | 9,154,939 | |||||||||||||||||
Additional paid-in capital | ||||||||||||||||||
Capital increase from offering | 3,577,000 | 16,814,000 | ||||||||||||||||
Share premium | € (9,621,000) | 369,000 | ||||||||||||||||
Increase in share capital due to conversion | (8,929,000) | (7,798,000) | 7,664,000 | |||||||||||||||
Costs incurred in relation to equity transactions | 1,303,000 | 2,099,000 | ||||||||||||||||
Increase in share capital due to exercise of warrants | € 369,000 | |||||||||||||||||
Increase in share capital due to exercise of warrants and acquisition of free shares | 1,297,000 | (1,823,000) | ||||||||||||||||
Share premium upon exercise of warrants and acquisition of free shares | (1,823,000) | |||||||||||||||||
Additional paid-in capital | Private placement | ||||||||||||||||||
Increase in share capital due to conversion | € 926,000 | |||||||||||||||||
Own shares | ||||||||||||||||||
Treasury shares purchased at cost | shares | 1,674,279 | |||||||||||||||||
Reduction of equity due to purchase of treasury shares | € 9,000 | |||||||||||||||||
Cash reserve related to the liquidity agreement | € 26,000 | € 38,000 |
Share subscription warrants (_3
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) - Warrants issued to investors narrative (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||||
Apr. 14, 2023 | Jun. 17, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Exercise price per share | € 0.56 | ||||
Proceeds from exercise of warrants | € 2,146 | € 6 | € 742 | ||
Par value per share | € 0.002 | ||||
Share Subscription Warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Number of warrants exercised | 3,314,896 | 22,902 | |||
BSA 2021 | Share Subscription Warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Granted | 398,476 | ||||
Warrant subscription (per share) price | € 0.0048 | ||||
Exercise price per share | € 0.0967 | ||||
Shares called per warrant | 1 | ||||
Par value per share | € 1 | ||||
BSA 2021 | Share Subscription Warrants | Tranche one | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants of exercisable | 33.33% | ||||
BSA 2021 | Share Subscription Warrants | Tranche two | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants of exercisable | 33.33% | ||||
BSA 2021 | Share Subscription Warrants | Tranche three | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants of exercisable | 33.33% | ||||
BSA 2022 | Share Subscription Warrants | Tranche one | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants of exercisable | 33.33% | ||||
BSA 2022 | Share Subscription Warrants | Tranche two | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants of exercisable | 33.33% | ||||
BSA 2022 | Share Subscription Warrants | Tranche three | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants of exercisable | 33.33% | ||||
BSA 2022 | Share Subscription Warrants | CEO | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Granted | 927,333 | ||||
Warrant subscription (per share) price | € 0.0027 | ||||
Exercise price per share | € 0.0544 | ||||
Shares called per warrant | 1 | ||||
Par value per share | € 1 | ||||
BSA 2023-07 | Share Subscription Warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Granted | 1,333,334 | ||||
Exercise price per share | € 2.67 | ||||
Potential new shares | 133,333,400 | ||||
Number of warrants exercised | 0 | ||||
Term of warrants (in years) | 3 years | ||||
BSAR 2023-11 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Number of warrants exercised | 2,477,006 | ||||
BSAR 2023-11 | Share Subscription Warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Granted | 210,733,954 | ||||
Exercise price per share | € 0.012 | ||||
Shares called per warrant | 1 | ||||
Number of warrants exercised | 2,477,006 |
Share subscription warrants (_4
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) - Warrants issued to investors tabular (Details) - shares | 12 Months Ended | 24 Months Ended | |||
Jun. 17, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, end of period | 2,218,293 | 2,218,293 | |||
BSA 2018 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 442,477 | ||||
Warrants outstanding, end of period | 442,477 | 442,477 | 442,477 | ||
Number of shares which can be subscribed | 442,477 | 442,477 | |||
BSA 2020 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 2,469,969 | ||||
Number of warrants exercised | (9,556) | ||||
Warrants outstanding, end of period | 2,460,413 | 2,469,969 | 2,460,413 | ||
Number of shares which can be subscribed | 2,460,413 | 2,460,413 | |||
BSA 2021 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 398,476 | ||||
Warrants outstanding, end of period | 398,476 | 398,476 | 398,476 | ||
Number of shares which can be subscribed | 398,476 | 398,476 | |||
BSA 2022 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Allocated | 927,223 | ||||
Warrants outstanding, end of period | 927,233 | 927,233 | |||
Number of shares which can be subscribed | 927,223 | 927,223 | |||
Pre-funded warrants 2023-07 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Allocated | 828,334 | ||||
Number of warrants exercised | (828,334) | ||||
BSA 2023-07 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Allocated | 1,333,334 | ||||
Warrants outstanding, end of period | 1,333,334 | 1,333,334 | |||
Number of shares which can be subscribed | 133,333,400 | 133,333,400 | |||
BSAR 2023-11 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Allocated | 210,733,954 | ||||
Number of warrants exercised | (2,477,006) | ||||
Warrants outstanding, end of period | 208,256,948 | 208,256,948 | |||
Number of shares which can be subscribed | 208,256,948 | 208,256,948 | |||
Pre-Funded Warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Granted | 828,334 | ||||
Pre-Funded Warrants | Registered direct offering on the Nasdaq Capital Market | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Number of warrants exercised | 82,833,400 | ||||
BSA Warrants Issued As Equity Compensation | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Number of shares which can be subscribed | 345,818,937 | 2,868,387 | 345,818,937 | ||
BSA Warrants Issued As Equity Compensation | Maximum | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Number of shares which can be subscribed | 6,288,451 | ||||
Founders share warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 6,288,451 | 6,868,747 | 6,868,747 | ||
Number of warrants exercised | (2,152) | ||||
Expired | (1,235,874) | (578,144) | |||
Warrants outstanding, end of period | 5,052,877 | 6,288,451 | 6,868,747 | 5,052,877 | |
Number of shares which can be subscribed | 5,052,877 | 5,052,877 | |||
Founders share warrants | BSPCE Warrants issued 4/3/2020, Grant 1 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 831,298 | 875,673 | 875,673 | ||
Granted | 1,333,333 | 1,333,333 | |||
Number of warrants exercised | 2,152 | ||||
Expired | (76,470) | (42,223) | |||
Warrants outstanding, end of period | 754,828 | 831,298 | 875,673 | 754,828 | |
Number of shares which can be subscribed | 754,828 | 831,298 | 754,828 | ||
Founders share warrants | BSPCE Warrants issued 4/3/2020, Grant 2 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 590,542 | 594,545 | 594,545 | ||
Granted | 666,667 | 666,667 | |||
Expired | (38,235) | (4,303) | |||
Warrants outstanding, end of period | 552,307 | 590,542 | 594,545 | 552,307 | |
Number of shares which can be subscribed | 552,307 | 590,542 | 552,307 | ||
Founders share warrants | BSPCE Warrants issued 12/22/2020, Grant 1 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 640,803 | 725,250 | 725,250 | ||
Granted | 999,393 | 999,393 | |||
Expired | (155,810) | (84,447) | |||
Warrants outstanding, end of period | 484,993 | 640,803 | 725,250 | 484,993 | |
Number of shares which can be subscribed | 484,993 | 640,803 | 484,993 | ||
Founders share warrants | BSPCE Warrants issued 12/22/2020, Grant 2 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 354,018 | 362,625 | 362,625 | ||
Granted | 499,696 | 499,696 | |||
Expired | (78,280) | (8,607) | |||
Warrants outstanding, end of period | 275,738 | 354,018 | 362,625 | 275,738 | |
Number of shares which can be subscribed | 275,738 | 354,018 | 275,738 | ||
Founders share warrants | BSPCE Warrants Issued 09/15/2021 Grant 1 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 2,581,393 | 2,873,769 | 2,873,769 | ||
Granted | 2,919,415 | 2,919,415 | |||
Expired | (591,386) | (292,376) | |||
Warrants outstanding, end of period | 1,990,007 | 2,581,393 | 2,873,769 | 1,990,007 | |
Number of shares which can be subscribed | 1,990,007 | 2,581,393 | 1,990,007 | ||
Founders share warrants | BSPCE Warrants Issued 09/15/2021 Grant 2 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 1,290,697 | 1,436,885 | 1,436,885 | ||
Granted | 1,459,707 | 1,459,707 | |||
Expired | (295,693) | (146,188) | |||
Warrants outstanding, end of period | 995,004 | 1,290,697 | 1,436,885 | 995,004 | |
Number of shares which can be subscribed | 995,004 | 1,290,697 | 995,004 | ||
Free share warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 1,591,334 | ||||
Warrants outstanding, end of period | 18,884,703 | 1,591,334 | 18,884,703 | ||
Share Subscription Warrants | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 3,310,922 | 2,935,348 | 2,935,348 | ||
Allocated | 213,822,845 | 398,476 | |||
Number of warrants exercised | (3,314,896) | (22,902) | |||
Warrants outstanding, end of period | 213,818,871 | 3,310,922 | 2,935,348 | 213,818,871 | |
Number of shares which can be subscribed | 345,818,937 | 3,310,922 | 345,818,937 | ||
Share Subscription Warrants | BSA 2018 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 442,477 | 442,477 | 442,477 | ||
Warrants outstanding, end of period | 442,477 | 442,477 | |||
Number of shares which can be subscribed | 442,477 | ||||
Share Subscription Warrants | BSA 2020 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 2,469,969 | 2,492,871 | 2,492,871 | ||
Number of warrants exercised | (22,902) | ||||
Warrants outstanding, end of period | 2,469,969 | 2,492,871 | |||
Number of shares which can be subscribed | 2,469,969 | ||||
Share Subscription Warrants | BSA 2021 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 398,476 | ||||
Granted | 398,476 | ||||
Allocated | 398,476 | ||||
Warrants outstanding, end of period | 398,476 | ||||
Number of shares which can be subscribed | 398,476 | ||||
Share Subscription Warrants | BSA 2023-07 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Granted | 1,333,334 | ||||
Number of warrants exercised | 0 | ||||
Share Subscription Warrants | BSAR 2023-11 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Granted | 210,733,954 | ||||
Number of warrants exercised | (2,477,006) |
Share subscription warrants (_5
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) - Warrants issued pursuant to equity compensation plan (Details) - EUR (€) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, end of period | 2,218,293 | 2,218,293 | ||
Vesting period | 1 year | 1 year | ||
Share Subscription Warrants | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 3,310,922 | 2,935,348 | 2,935,348 | |
Allocated | 213,822,845 | 398,476 | ||
Number of warrants exercised | (3,314,896) | (22,902) | ||
Warrants outstanding, end of period | 213,818,871 | 3,310,922 | 2,935,348 | 213,818,871 |
Number of shares which can be subscribed | 345,818,937 | 3,310,922 | 345,818,937 | |
BSA Warrants Issued As Equity Compensation | ||||
Warrants, founders' warrants and free shares | ||||
Number of shares which can be subscribed | 345,818,937 | 2,868,387 | 345,818,937 | |
Founders share warrants | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 6,288,451 | 6,868,747 | 6,868,747 | |
Number of warrants exercised | (2,152) | |||
Expired | (1,235,874) | (578,144) | ||
Warrants outstanding, end of period | 5,052,877 | 6,288,451 | 6,868,747 | 5,052,877 |
Number of shares which can be subscribed | 5,052,877 | 5,052,877 | ||
Founders share warrants | BSPCE Warrants issued 4/3/2020, Grant 1 | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 831,298 | 875,673 | 875,673 | |
Number of warrants exercised | 2,152 | |||
Expired | (76,470) | (42,223) | ||
Warrants outstanding, end of period | 754,828 | 831,298 | 875,673 | 754,828 |
Number of shares which can be subscribed | 754,828 | 831,298 | 754,828 | |
Granted | 1,333,333 | 1,333,333 | ||
Exercise price (per share) | € 0.27 | € 0.27 | ||
Volatility | 48.36% | 48.36% | ||
Risk-free rate | (0.62%) | |||
Initial valuation (Black-Scholes) | € 674,000 | € 674,000 | ||
Founders share warrants | BSPCE Warrants issued 4/3/2020, Grant 2 | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 590,542 | 594,545 | 594,545 | |
Expired | (38,235) | (4,303) | ||
Warrants outstanding, end of period | 552,307 | 590,542 | 594,545 | 552,307 |
Number of shares which can be subscribed | 552,307 | 590,542 | 552,307 | |
Granted | 666,667 | 666,667 | ||
Exercise price (per share) | € 0.27 | € 0.27 | ||
Volatility | 53.32% | 53.32% | ||
Risk-free rate | (0.56%) | |||
Initial valuation (Black-Scholes) | € 356,000 | € 356,000 | ||
Founders share warrants | BSPCE Warrants issued 12/22/2020, Grant 1 | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 640,803 | 725,250 | 725,250 | |
Expired | (155,810) | (84,447) | ||
Warrants outstanding, end of period | 484,993 | 640,803 | 725,250 | 484,993 |
Number of shares which can be subscribed | 484,993 | 640,803 | 484,993 | |
Granted | 999,393 | 999,393 | ||
Exercise price (per share) | € 0.47 | € 0.47 | ||
Volatility | 57.80% | 57.80% | ||
Risk-free rate | (0.77%) | |||
Initial valuation (Black-Scholes) | € 508,000 | € 508,000 | ||
Founders share warrants | BSPCE Warrants issued 12/22/2020, Grant 2 | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 354,018 | 362,625 | 362,625 | |
Expired | (78,280) | (8,607) | ||
Warrants outstanding, end of period | 275,738 | 354,018 | 362,625 | 275,738 |
Number of shares which can be subscribed | 275,738 | 354,018 | 275,738 | |
Granted | 499,696 | 499,696 | ||
Exercise price (per share) | € 0.47 | € 0.47 | ||
Volatility | 57.91% | 57.91% | ||
Risk-free rate | (0.77%) | |||
Initial valuation (Black-Scholes) | € 284,000 | € 284,000 | ||
Founders share warrants | BSPCE Warrants Issued 09/15/2021 Grant 1 | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 2,581,393 | 2,873,769 | 2,873,769 | |
Expired | (591,386) | (292,376) | ||
Warrants outstanding, end of period | 1,990,007 | 2,581,393 | 2,873,769 | 1,990,007 |
Number of shares which can be subscribed | 1,990,007 | 2,581,393 | 1,990,007 | |
Granted | 2,919,415 | 2,919,415 | ||
Exercise price (per share) | € 0.73 | € 0.73 | ||
Volatility | 79.11% | 79.11% | ||
Risk-free rate | (0.73%) | |||
Initial valuation (Black-Scholes) | € 677,000 | € 677,000 | ||
Founders share warrants | BSPCE Warrants Issued 09/15/2021 Grant 2 | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 1,290,697 | 1,436,885 | 1,436,885 | |
Expired | (295,693) | (146,188) | ||
Warrants outstanding, end of period | 995,004 | 1,290,697 | 1,436,885 | 995,004 |
Number of shares which can be subscribed | 995,004 | 1,290,697 | 995,004 | |
Granted | 1,459,707 | 1,459,707 | ||
Exercise price (per share) | € 0.73 | € 0.73 | ||
Volatility | 106.04% | 106.04% | ||
Risk-free rate | (0.75%) | |||
Initial valuation (Black-Scholes) | € 595,000 | € 595,000 | ||
Free share warrants | ||||
Warrants, founders' warrants and free shares | ||||
Warrants outstanding, beginning of period | 1,591,334 | |||
Warrants outstanding, end of period | 18,884,703 | 1,591,334 | 18,884,703 |
Share subscription warrants (_6
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) - Warrants issued pursuant to equity compensation plan narrative (Details) | 12 Months Ended |
Dec. 31, 2023 € / shares | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |
Nominal value per share | € 0.002 |
Strike price | € 0.56 |
Share subscription warrants (_7
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) - Allocation of bonus shares (Details) - EUR (€) € in Thousands | 12 Months Ended | 24 Months Ended | |||
Apr. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, end of period | 2,218,293 | 2,218,293 | |||
Share Subscription Warrants April 14, 2023 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Allocated | 927,223 | ||||
Warrants outstanding, end of period | 927,233 | 927,233 | |||
Number of shares which can be subscribed | 927,223 | 927,223 | |||
Share Subscription Warrants June 17, 2022 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 398,476 | ||||
Warrants outstanding, end of period | 398,476 | 398,476 | 398,476 | ||
Number of shares which can be subscribed | 398,476 | 398,476 | |||
Allocation of Bonus Shares | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 1,591,334 | 9,131,979 | 9,131,979 | ||
Total Number Of Shares Granted | 20,495,492 | ||||
Acquired | (1,578,960) | 9,131,979 | |||
Allocated | 18,904,158 | (1,591,334) | |||
Expired | (12,374) | ||||
Warrants outstanding, end of period | 18,884,703 | 1,591,334 | 9,131,979 | 18,884,703 | |
Number of shares which can be subscribed | 18,884,703 | 1,591,334 | 18,884,703 | ||
Initial valuation (Black-Scholes) | € 1,046 | € 1,046 | |||
Allocation of Bonus Shares | AGA 2022 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Total Number Of Shares Granted | 18,904,158 | ||||
Allocated | 18,904,158 | 18,904,158 | |||
Expired | 19,455 | (19,455) | |||
Warrants outstanding, end of period | 18,884,703 | 18,884,703 | |||
Number of shares which can be subscribed | 18,884,703 | 18,884,703 | |||
Shares called per warrant | 1 | ||||
Initial valuation (Black-Scholes) | € 775 | € 775 | |||
Allocation of Bonus Shares | AGA 2021-2 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 1,591,334 | ||||
Total Number Of Shares Granted | 1,591,334 | ||||
Acquired | (1,578,960) | ||||
Expired | (12,374) | ||||
Warrants outstanding, end of period | 1,591,334 | ||||
Initial valuation (Black-Scholes) | € 271 | € 271 | |||
Allocation of Bonus Shares | AGA 2021-2 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 1,591,334 | ||||
Allocated | 1,591,334 | ||||
Warrants outstanding, end of period | 1,591,334 | ||||
Number of shares which can be subscribed | 1,591,334 | ||||
Allocation of Bonus Shares | AGA 2020 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 2,500,911 | 2,500,911 | |||
Acquired | 2,500,911 | ||||
Warrants outstanding, end of period | 2,500,911 | ||||
Allocation of Bonus Shares | AGA 2021-1 | |||||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||||
Warrants outstanding, beginning of period | 6,631,068 | 6,631,068 | |||
Acquired | 6,631,068 | ||||
Warrants outstanding, end of period | 6,631,068 |
Share subscription warrants (_8
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) - Share-based compensation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Expense for the period | € 812 | € 5,667 | € 3,422 |
Social contribution | 14 | 171 | 308 |
Total | 826 | 5,738 | 3,730 |
Social security liabilities | 14 | ||
BSA Warrants Issued As Equity Compensation | BSA Warrants issued 07/21/2017 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 153 | ||
Cumulative expenses beginning of period | 153 | 153 | |
Accumulated expense to date | 153 | ||
Founders share warrants | BSPCE Warrants issued 7/21/2017, Grant 1 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 347 | ||
Cumulative expenses beginning of period | 347 | 347 | |
Accumulated expense to date | 347 | ||
Founders share warrants | BSPCE Warrants issued 7/21/2017, Grant 2 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 369 | ||
Cumulative expenses beginning of period | 369 | 369 | |
Accumulated expense to date | 369 | ||
Founders share warrants | BSPCE Warrants Issued 2019 1 [member] | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 640 | ||
Cumulative expenses beginning of period | 570 | 447 | |
Expense for the period | 124 | ||
Accumulated expense to date | 570 | ||
Founders share warrants | BSPCE Warrants Issued 2019 2 [member] | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 320 | ||
Cumulative expenses beginning of period | 113 | 52 | |
Expense for the period | 62 | ||
Accumulated expense to date | 113 | ||
Founders share warrants | BSPCE Warrants issued 4/3/2020, Grant 1 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 640 | 640 | |
Cumulative expenses beginning of period | 644 | 570 | |
Expense for the period | 74 | ||
Accumulated expense to date | 644 | 644 | 570 |
Founders share warrants | BSPCE Warrants Issued 2020 1 [member] | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 218 | ||
Cumulative expenses beginning of period | 341 | 257 | |
Expense for the period | 84 | ||
Accumulated expense to date | 341 | ||
Founders share warrants | BSPCE Warrants Issued 2020 2 [member] | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 435 | ||
Cumulative expenses beginning of period | 43 | 1 | |
Expense for the period | 42 | ||
Accumulated expense to date | 43 | ||
Founders share warrants | BSPCE Warrants issued 4/3/2020, Grant 2 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 320 | 320 | |
Cumulative expenses beginning of period | 212 | 113 | |
Expense for the period | 65 | 98 | |
Accumulated expense to date | 277 | 212 | 113 |
Founders share warrants | BSPCE Warrants issued 12/22/2020, Grant 1 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 437 | 218 | |
Cumulative expenses beginning of period | 437 | 341 | |
Expense for the period | 97 | ||
Accumulated expense to date | 437 | 437 | 341 |
Founders share warrants | BSPCE Warrants issued 12/22/2020, Grant 2 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 435 | 435 | |
Cumulative expenses beginning of period | 101 | 43 | |
Expense for the period | 23 | 58 | |
Accumulated expense to date | 124 | 101 | 43 |
Founders share warrants | BSPCE Warrants Issued 09/15/2021 Grant 2 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 419 | 419 | 419 |
Cumulative expenses beginning of period | 420 | 169 | |
Expense for the period | 73 | 251 | 169 |
Accumulated expense to date | 493 | 420 | 169 |
Founders share warrants | BSPCE Warrants Issued 09/15/2021 Grant 1 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 838 | 838 | 838 |
Cumulative expenses beginning of period | 548 | 339 | |
Expense for the period | 209 | 339 | |
Accumulated expense to date | 548 | 548 | 339 |
Free share warrants | Free shares 2020 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 2,311 | ||
Cumulative expenses beginning of period | 1,184 | 28 | |
Expense for the period | 1,155 | ||
Accumulated expense to date | 1,184 | ||
Free share warrants | Free shares 2021-1 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 4,936 | ||
Cumulative expenses beginning of period | 1,447 | ||
Expense for the period | 1,447 | ||
Accumulated expense to date | 1,447 | ||
Share Subscription Warrants | BSA 2021 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 17 | 17 | |
Cumulative expenses beginning of period | 17 | ||
Expense for the period | 17 | ||
Accumulated expense to date | 17 | 17 | |
Share Subscription Warrants | BSA 2022 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 12 | ||
Expense for the period | 12 | ||
Accumulated expense to date | 12 | ||
Allocation of Bonus Shares | AGA 2022 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 775 | ||
Expense for the period | 553 | ||
Accumulated expense to date | 553 | ||
Allocation of Bonus Shares | AGA 2020 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 2,301 | 2,311 | |
Cumulative expenses beginning of period | 2,301 | 1,184 | |
Expense for the period | 1,117 | ||
Accumulated expense to date | 2,301 | 2,301 | 1,184 |
Allocation of Bonus Shares | AGA 2021-1 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 4,907 | 4,936 | |
Cumulative expenses beginning of period | 4,907 | 1,447 | |
Expense for the period | 3,460 | ||
Accumulated expense to date | 4,907 | 4,907 | € 1,447 |
Allocation of Bonus Shares | AGA 2021-2 | |||
Share subscription warrants (BSA), Founders share subscription warrants (BSPCE) and Free shares (AGA) | |||
Probable cost of the plan | 271 | 271 | |
Cumulative expenses beginning of period | 186 | ||
Expense for the period | 86 | 186 | |
Accumulated expense to date | € 271 | € 186 |
Borrowings and financial liab_3
Borrowings and financial liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings and financial liabilities | |||
Non-current financial liabilities | € 3,247 | € 4,367 | € 5,518 |
Current financial liabilities | 5,023 | 10,213 | 12,036 |
Repayable advances | |||
Borrowings and financial liabilities | |||
Non-current financial liabilities | 686 | 664 | 906 |
Current financial liabilities | 196 | 418 | 377 |
Non-convertible bonds | |||
Borrowings and financial liabilities | |||
Non-current financial liabilities | 454 | 1,721 | 2,740 |
Current financial liabilities | 1,259 | 1,017 | 1,524 |
Convertible bonds | |||
Borrowings and financial liabilities | |||
Non-current financial liabilities | 1,971 | 1,792 | 1,647 |
Current financial liabilities | 2,207 | 6,462 | 6,627 |
Non-current lease obligations | |||
Borrowings and financial liabilities | |||
Non-current financial liabilities | 136 | 190 | 225 |
Non-current derivative liabilities | |||
Borrowings and financial liabilities | |||
Non-current financial liabilities | 536 | ||
Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables | |||
Borrowings and financial liabilities | |||
Current financial liabilities | 1,213 | 2,035 | 3,287 |
Payables on current rental obligations | |||
Borrowings and financial liabilities | |||
Current financial liabilities | 54 | 280 | 221 |
Accrued interest payable [Member] | |||
Borrowings and financial liabilities | |||
Current financial liabilities | 94 | ||
Current derivative liabilities | |||
Borrowings and financial liabilities | |||
Total financial liabilities | € 1 | € 13 | € 788 |
Borrowings and financial liab_4
Borrowings and financial liabilities - Breakdown of borrowings by maturity (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings and financial liabilities | |||
Value on redemption | € 8,270 | € 14,527 | € 17,555 |
Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | 5,023 | 10,177 | 12,037 |
1 to 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | 3,247 | 4,350 | 5,358 |
Greater than 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | 160 | ||
Repayable advances | |||
Borrowings and financial liabilities | |||
Value on redemption | 882 | 1,083 | 1,284 |
Repayable advances | Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | 196 | 418 | 378 |
Repayable advances | 1 to 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | 686 | 664 | 746 |
Repayable advances | Greater than 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | 160 | ||
Non-convertible bonds | |||
Borrowings and financial liabilities | |||
Value on redemption | 1,714 | 2,685 | 4,264 |
Non-convertible bonds | Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | 1,259 | 981 | 1,524 |
Non-convertible bonds | 1 to 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | 454 | 1,704 | 2,740 |
Convertible bonds | |||
Borrowings and financial liabilities | |||
Value on redemption | 4,178 | 8,255 | 8,274 |
Convertible bonds | Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | 2,207 | 6,462 | 6,627 |
Convertible bonds | 1 to 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | 1,971 | 1,792 | 1,647 |
Debts on leasing obligations | |||
Borrowings and financial liabilities | |||
Value on redemption | 190 | 470 | 446 |
Debts on leasing obligations | Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | 54 | 280 | 221 |
Debts on leasing obligations | 1 to 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | 136 | 190 | 225 |
Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables | |||
Borrowings and financial liabilities | |||
Value on redemption | 1,213 | 2,035 | 3,287 |
Debt relating to pre-financing of part of CIR (Research Tax Credit) receivables | Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | 1,213 | 2,035 | 3,287 |
Accrued interest payable | |||
Borrowings and financial liabilities | |||
Value on redemption | 94 | ||
Accrued interest payable | Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | 94 | ||
Derivative liabilities | |||
Borrowings and financial liabilities | |||
Value on redemption | € 1 | 13 | 1,324 |
Derivative liabilities | Current less than 1 year | |||
Borrowings and financial liabilities | |||
Value on redemption | € 13 | 788 | |
Derivative liabilities | 1 to 5 years | |||
Borrowings and financial liabilities | |||
Value on redemption | € 536 |
Borrowings and financial liab_5
Borrowings and financial liabilities - Repayable advances (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Borrowings and financial liabilities | ||
Balance at beginning of period | € 23,640 | |
Balance at end of period | (15,849) | € 23,640 |
Value on redemption | 882 | |
Less than 1 year | ||
Borrowings and financial liabilities | ||
Value on redemption | 196 | |
One to five years | ||
Borrowings and financial liabilities | ||
Value on redemption | 686 | |
BPI - Sarcob | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 56 | |
Repayment | (59) | |
Financial expenses | 1 | |
Others | 2 | |
BPI - BIO101 | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 324 | 474 |
Repayment | (220) | (165) |
Financial expenses | 6 | 15 |
Balance at end of period | 110 | 324 |
Value on redemption | 110 | 324 |
BPI - BIO101 | Less than 1 year | ||
Borrowings and financial liabilities | ||
Value on redemption | 110 | 269 |
BPI - BIO101 | One to five years | ||
Borrowings and financial liabilities | ||
Value on redemption | 55 | |
AFM Telethon - BIO101 | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 385 | 386 |
Financial expenses | 6 | 8 |
Others | (9) | |
Balance at end of period | 391 | 385 |
Value on redemption | 391 | 385 |
AFM Telethon - BIO101 | Less than 1 year | ||
Borrowings and financial liabilities | ||
Value on redemption | 48 | 91 |
AFM Telethon - BIO101 | One to five years | ||
Borrowings and financial liabilities | ||
Value on redemption | 343 | 294 |
BPI - BIO201 | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 373 | 367 |
Financial expenses | 7 | 7 |
Balance at end of period | 381 | 373 |
Value on redemption | 381 | 373 |
BPI - BIO201 | Less than 1 year | ||
Borrowings and financial liabilities | ||
Value on redemption | 38 | |
BPI - BIO201 | One to five years | ||
Borrowings and financial liabilities | ||
Value on redemption | 343 | 373 |
Conditional advances | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 1,083 | 1,284 |
Repayment | (220) | (225) |
Financial expenses | 19 | 31 |
Others | (7) | |
Balance at end of period | € 882 | 1,083 |
Value on redemption | 1,083 | |
Conditional advances | Less than 1 year | ||
Borrowings and financial liabilities | ||
Value on redemption | 360 | |
Conditional advances | One to five years | ||
Borrowings and financial liabilities | ||
Value on redemption | € 722 |
Borrowings and financial liab_6
Borrowings and financial liabilities - BPI France repayable advance, BIO101 project (Details) - EUR (€) | Dec. 31, 2023 | Nov. 19, 2021 | Jun. 30, 2021 | Apr. 30, 2020 | Nov. 28, 2016 |
Disclosure of financial liabilities [line items] | |||||
Amount of agreement | € 10,000,000 | € 32,000,000 | € 24,000,000 | ||
BPI - BIO101 | |||||
Disclosure of financial liabilities [line items] | |||||
Amount of agreement | € 1,100,000 | ||||
BPI - BIO101 | Until March 31, 2024 | |||||
Disclosure of financial liabilities [line items] | |||||
Original repayment schedule amounts, quarterly | € 55,000 |
Borrowings and financial liab_7
Borrowings and financial liabilities - Collaboration agreement with AFM-Telethon, BIO101 project (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2023 | Nov. 19, 2021 | Jun. 30, 2021 | Apr. 30, 2020 | |
Disclosure of financial liabilities [line items] | ||||
Amount of agreement | € 10,000,000 | € 32,000,000 | € 24,000,000 | |
AFM Telethon - BIO101 | ||||
Disclosure of financial liabilities [line items] | ||||
Amount of agreement | € 400 | |||
Repayment period | 2 years |
Borrowings and financial liab_8
Borrowings and financial liabilities - BPI France repayable advance BIO 201 project (Details) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2021 EUR (€) | Dec. 31, 2023 | Dec. 31, 2021 EUR (€) | Nov. 19, 2021 EUR (€) | Jun. 30, 2021 EUR (€) | Apr. 30, 2020 EUR (€) | Aug. 23, 2019 EUR (€) | |
Borrowings and financial liabilities | |||||||
Amount of agreement | € 10,000,000 | € 32,000,000 | € 24,000,000 | ||||
Nominal value of each installments | € 4,000,000 | ||||||
Non-current government grants | € 380,000 | ||||||
Proceeds from government grants, classified as financing activities | € 202,000 | ||||||
Percentage of budget expenses incurred | 53 | ||||||
BPI - BIO201 | |||||||
Borrowings and financial liabilities | |||||||
Amount of agreement | € 600,000 | ||||||
Nominal value of each installments | € 400,000 | ||||||
Non-current government grants | 380,000 | ||||||
Proceeds from government grants, classified as financing activities | € 260,000 | ||||||
Income from government grants | € 178,000 | ||||||
Percentage of budget expenses incurred | 53 | ||||||
BPI - BIO201 | Scenario, successful completion of project | |||||||
Borrowings and financial liabilities | |||||||
Estimated financial effect of contingent liabilities | € 240,000 | ||||||
Warrant term | 5 years |
Borrowings and financial liab_9
Borrowings and financial liabilities - ATLAS convertible bond issue - Atlas 2020 contract (Details) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 19, 2021 | Jun. 30, 2021 | Apr. 30, 2020 | |
Borrowings and financial liabilities | ||||||
Balance at beginning of period | € 23,640 | |||||
(-) Fees charged on the bond loan | (121) | € (125) | ||||
Balance at end of period | (15,849) | € 23,640 | ||||
Amount of agreement | € 10,000 | € 32,000 | € 24,000 | |||
Principal amount of loan outstanding | € 4,000 | |||||
2021 Atlas contract | ||||||
Borrowings and financial liabilities | ||||||
Balance at beginning of period | 6,462 | |||||
(+) Gross cash inflow | 1,920 | 9,590 | ||||
(+) Change in fair value of debt | (1,330) | 1,221 | ||||
Conversion | (7,897) | (4,349) | ||||
Balance at end of period | 2,207 | 6,462 | ||||
Principal amount of loan outstanding | 4,000 | |||||
Outstanding loan | 12,000 | |||||
Convertible Notes to Atlas | ||||||
Borrowings and financial liabilities | ||||||
Balance at beginning of period | 6,627 | |||||
(+) Change in fair value of debt | (546) | |||||
Conversion | € (6,081) | |||||
Balance at end of period | € 6,627 | |||||
2021 Atlas contract | ||||||
Borrowings and financial liabilities | ||||||
(+) Gross cash inflow | 1,900 | |||||
Principal amount of loan outstanding | 2,000 | |||||
Tranche 4 | 2021 Atlas contract | ||||||
Borrowings and financial liabilities | ||||||
Principal amount of loan outstanding | 4,000 | |||||
Atlas Additional Tranches | ||||||
Borrowings and financial liabilities | ||||||
Principal amount of loan outstanding | 8,000 | |||||
Atlas Additional Tranches | 2021 Atlas contract | ||||||
Borrowings and financial liabilities | ||||||
Principal amount of loan outstanding | € 8,000 |
Borrowings and financial lia_10
Borrowings and financial liabilities - Summary of key inputs measured at ATLAS conversion option (Details) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 EUR (€) | Dec. 31, 2023 EUR (€) item € / shares shares | Dec. 31, 2022 EUR (€) | Jun. 21, 2022 EUR (€) item € / shares | |
Borrowings and financial liabilities | ||||
Number of shares issued upon conversion of bonds | shares | 350,334,130 | |||
Convertible Notes to Atlas | ||||
Borrowings and financial liabilities | ||||
Debt conversion number of bonds converted | item | 250 | |||
Change in fair value | € (546,000) | |||
Number of shares issued upon conversion of bonds | shares | 350,334,130 | |||
ATLAS Tranche 1 Member | ||||
Borrowings and financial liabilities | ||||
Debt conversion number of bonds converted | 1,280 | |||
ATLAS Tranche 4 Member | ||||
Borrowings and financial liabilities | ||||
Number of outstanding convertible notes | item | 0 | |||
Conversion price | € / shares | € 0.005 | |||
Value of bond issue (in K€) | € 614,000 | |||
Tranche 2 | ||||
Borrowings and financial liabilities | ||||
Number of outstanding convertible notes | item | 0 | 160 | ||
Conversion price | € / shares | € 0.005 | € 0.10 | ||
Value of bond issue (in K€) | € 3,840,000 | |||
Volatility | ATLAS Tranche 4 Member | ||||
Borrowings and financial liabilities | ||||
Input to valuation | 95 | |||
Volatility | Tranche 2 | ||||
Borrowings and financial liabilities | ||||
Input to valuation | 95 | 70 | ||
Risk-free rate | ATLAS Tranche 4 Member | ||||
Borrowings and financial liabilities | ||||
Input to valuation | 2.80 | |||
Risk-free rate | Tranche 2 | ||||
Borrowings and financial liabilities | ||||
Input to valuation | 1.82 |
Borrowings and financial lia_11
Borrowings and financial liabilities - ATLAS convertible bond issue - Atlas 2021 Atlas Contract (Details) | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) item | Nov. 19, 2021 EUR (€) | Jun. 30, 2021 EUR (€) | Apr. 30, 2020 EUR (€) | |
Borrowings and financial liabilities | ||||
Amount of agreement | € 10,000,000 | € 32,000,000 | € 24,000,000 | |
Nominal value of each installments | € 4,000,000 | |||
Percentage of Cash Reimbursement of Principal | 110% | |||
Valuation input | 0.96 | |||
ATLAS ORNANE note warrants | ||||
Borrowings and financial liabilities | ||||
Par Value Of Each Ornane | € 25,000 | |||
Convertible notes to Atlas | ||||
Borrowings and financial liabilities | ||||
Bonds converted to new shares | item | 250 | |||
Percentage of Cash Reimbursement of Principal | 100% | |||
Number of trading days used to calculate conversion price | item | 10 | |||
Cash redemption, number of days used to calculate | item | 10 | |||
Conversion ratio | 1.10 | |||
Convertible notes to Atlas | ATLAS ORNANE note warrants | ||||
Borrowings and financial liabilities | ||||
Par Value Of Each Ornane | € 25,000 |
Borrowings and financial lia_12
Borrowings and financial liabilities - Accounting procedure convertible notes (Details) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) item € / shares | Dec. 31, 2022 EUR (€) item | Oct. 28, 2022 EUR (€) item € / shares | Jun. 21, 2022 EUR (€) item € / shares | |
ORNANE | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Number of installments for issue of notes | item | 80 | 400 | ||
Proceeds from the issuance of convertible notes and non-convertible bonds | € 2,000 | € 10,000 | ||
Premium issue | € 80 | 400 | ||
Commission fees | 390 | |||
Adviser fee | € 390 | |||
Tranche 2 | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Number of outstanding convertible notes | item | 0 | 160 | ||
Conversion price | € / shares | € 0.005 | € 0.10 | ||
Value of bond issue (in K€) | € 3,840 | |||
Tranche 2 | Volatility | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Input to valuation | 95 | 70 | ||
Tranche 2 | Risk-free rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Input to valuation | 1.82 | |||
Tranche 3 | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Number of outstanding convertible notes | item | 29 | 80 | ||
Conversion price | € / shares | € 0.005 | € 0.06 | ||
Value of bond issue (in K€) | € 1,585 | € 3,840 | ||
Tranche 3 | Volatility | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Input to valuation | 95 | 65 | ||
Tranche 3 | Risk-free rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Input to valuation | 3.60 | 3.37 | ||
Tranche 4 | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Number of outstanding convertible notes | item | 0 | |||
Conversion price | € / shares | € 0.005 | |||
Value of bond issue (in K€) | € 614 | |||
Tranche 4 | Volatility | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Input to valuation | 95 | |||
Tranche 4 | Risk-free rate | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [abstract] | ||||
Input to valuation | 2.80 |
Borrowings and financial lia_13
Borrowings and financial liabilities - Reconciliation of value on redemption to carrying amount (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings and financial liabilities | |||
Value on redemption | € 8,270 | € 14,527 | € 17,555 |
Non Convertible Bonds [Member] | |||
Borrowings and financial liabilities | |||
Value on redemption | € 1,714 | € 2,685 | € 4,264 |
Borrowings and financial lia_14
Borrowings and financial liabilities - Issue Of non-convertible bonds to Kreos (Details) € / shares in Units, tranche in Millions | 12 Months Ended | |||||||
Dec. 31, 2023 EUR (€) item € / shares shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Nov. 19, 2021 EUR (€) tranche | Jun. 30, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Apr. 30, 2020 EUR (€) | Sep. 10, 2018 EUR (€) item installment | |
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | € 23,640,000 | |||||||
(-) Expenses charged to bond issue | 121,000 | € 125,000 | ||||||
Change in fair value of derivative liabilities and convertible bonds | (1,330,000) | € 637,000 | (1,856,000) | |||||
Balance at end of period | € (15,849,000) | 23,640,000 | ||||||
Amount of agreement | € 10,000,000 | € 32,000,000 | € 24,000,000 | |||||
Number of tranches | tranche | 6.2 | |||||||
Number of monthly repayment installments | item | 36 | |||||||
Guarantee deposit related to the non-convertible bonds | € 648 | |||||||
Number of BSA warrants outstanding | shares | 2,218,293 | |||||||
Exercise price per share | € / shares | € 0.56 | |||||||
Value of the equity instrument | € (3,889,000) | (1,911,000) | 5,803,000 | € 2,268,000 | ||||
Effective interest rate post recognition of warrants | 13.59% | |||||||
2021 Atlas contract | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | € 6,462,000 | |||||||
(+) Gross cash inflow | 1,920,000 | 9,590,000 | ||||||
Balance at end of period | 2,207,000 | 6,462,000 | ||||||
Proceeds from the issuance of convertible notes and non-convertible bonds | 1,920,000 | 9,590,000 | ||||||
KREOS Contract | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | 4,497,000 | 7,188,000 | ||||||
(+) Security deposit | 677,000 | |||||||
Change in fair value of derivative liabilities and convertible bonds | 12,000 | (1,311,000) | ||||||
(+/-) Impact of amortized cost | 450,000 | 464,000 | ||||||
(-) Repayment | (1,296,000) | (1,844,000) | ||||||
Balance at end of period | 3,637,000 | 4,497,000 | 7,188,000 | |||||
Nonconvertible Bonds To Kreos 2018 Contract | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | 938,000 | |||||||
(+/-) Impact of amortized cost | 6,000 | |||||||
(-) Repayment | (944,000) | |||||||
Balance at end of period | 938,000 | |||||||
Number of tranches | item | 4 | |||||||
Amount of each tranche | € 10,000,000 | |||||||
Nonconvertible Bonds To Kreos 2021 Contract | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | 2,687,000 | 3,229,000 | ||||||
(+/-) Impact of amortized cost | 272,000 | 358,000 | ||||||
(-) Repayment | (1,262,000) | (900,000) | ||||||
Balance at end of period | 1,695,000 | 2,687,000 | 3,229,000 | |||||
Convertible Bonds To Kreos 2021 Contract | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | 1,792,000 | 1,647,000 | ||||||
(+/-) Impact of amortized cost | 178,000 | 145,000 | ||||||
Balance at end of period | 1,971,000 | 1,792,000 | 1,647,000 | |||||
Nonconvertible Bonds To Kreos 2021 Derivative contract | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | 13,000 | 1,324,000 | ||||||
Change in fair value of derivative liabilities and convertible bonds | 12,000 | (1,311,000) | ||||||
Balance at end of period | 1,000 | 13,000 | 1,324,000 | |||||
Nonconvertible Bonds To Kreos 2021 buyback 2018 | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | (48,000) | (48,000) | ||||||
Balance at end of period | (48,000) | (48,000) | (48,000) | |||||
KREOS 2021 day one gain | ||||||||
Borrowings and financial liabilities | ||||||||
Balance at beginning of period | 53,000 | 98,000 | ||||||
(+) Security deposit | 98,000 | |||||||
(+/-) Impact of amortized cost | (45,000) | |||||||
(-) Repayment | (34,000) | |||||||
Balance at end of period | € 19,000 | € 53,000 | € 98,000 | |||||
Non-convertible bonds to Kreos | ||||||||
Borrowings and financial liabilities | ||||||||
Amount of agreement | € 7,750,000 | 10,000,000 | ||||||
Amount of each tranche | € 2,500,000 | |||||||
Interest rate | 10% | 10% | ||||||
Number of monthly repayment installments | installment | 36 | |||||||
Guarantee deposit related to the non-convertible bonds | € 320,000,000 | |||||||
Guarantee deposit per tranche | € 80,000,000 | |||||||
Exercise price per share | € / shares | € 2.67 | |||||||
Warrant term | 7 years | |||||||
Value of the equity instrument | € 319,000,000 | |||||||
convertible notes KREOS 2021 contract | ||||||||
Borrowings and financial liabilities | ||||||||
Amount of agreement | € 2,250,000 | |||||||
BSA Warrants , Kreos Tranche 1 | Non-convertible bonds to Kreos | ||||||||
Borrowings and financial liabilities | ||||||||
Number of BSA warrants outstanding | shares | 442,477 |
Borrowings and financial lia_15
Borrowings and financial liabilities - KREOS convertible and non-convertible bonds (Details) € / shares in Units, € in Thousands, tranche in Millions | 12 Months Ended | ||||||||
Dec. 31, 2021 EUR (€) € / shares shares | Dec. 19, 2021 € / shares shares | Dec. 31, 2023 item € / shares shares | Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2021 EUR (€) € / shares shares | Nov. 19, 2021 EUR (€) tranche | Jun. 30, 2021 EUR (€) | Apr. 30, 2020 EUR (€) | Sep. 10, 2018 EUR (€) item installment | |
Borrowings and financial liabilities | |||||||||
Amount of agreement | € 10,000 | € 32,000 | € 24,000 | ||||||
Number of tranches | tranche | 6.2 | ||||||||
Number of monthly repayment installments | item | 36 | ||||||||
Warrants outstanding, end of period | shares | 2,218,293 | ||||||||
One Warrant Conversion Ratio | 1% | ||||||||
Exercise price per share | € / shares | € 0.56 | ||||||||
Guarantee deposit related to the Kreos 2018 non-convertible bonds contract | € 320 | € 320 | |||||||
Decrease in value per option | € / shares | € 0.00584 | € 0.35559 | |||||||
NEGMA Tranche 1 warrants | |||||||||
Borrowings and financial liabilities | |||||||||
Maturity | 7 years | ||||||||
Warrants 2021 to Kreos [Member] | |||||||||
Borrowings and financial liabilities | |||||||||
Warrants outstanding, end of period | shares | 2,218,293 | 2,218,293 | 2,218,293 | 2,218,293 | |||||
Exercise price per share | € / shares | € 0.56 | € 0.56 | € 0.56 | ||||||
Non-convertible bonds to Kreos | |||||||||
Borrowings and financial liabilities | |||||||||
Amount of agreement | € 7,750 | € 10,000 | |||||||
Amount of Each Tranche | € 2,500 | ||||||||
Interest rate | 10% | 10% | |||||||
Number of monthly repayment installments | installment | 36 | ||||||||
Maturity | 7 years | ||||||||
Exercise price per share | € / shares | € 2.67 | ||||||||
Convertible bonds to Kreos | |||||||||
Borrowings and financial liabilities | |||||||||
Interest rate | 9.50% | ||||||||
Nonconvertible bonds To Kreos 2018 | |||||||||
Borrowings and financial liabilities | |||||||||
Number of tranches | item | 4 | ||||||||
Amount of Each Tranche | € 10,000 | ||||||||
Guarantee deposit related to the Kreos 2018 non-convertible bonds contract | € 0 |
Borrowings and financial lia_16
Borrowings and financial liabilities - Accounting treatment of KREOS 2021 hybrid financing (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Nov. 09, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Nov. 19, 2021 | |
Borrowings and financial liabilities | |||||
Fair value of the convertible notes | € (14,961) | € 23,485 | |||
Reduction in the equity recognized for redemption value of the 2018 BSAs | 32 | € 47 | |||
Non-convertible bonds and convertible notes to Kreos | |||||
Borrowings and financial liabilities | |||||
(+) Gross cash inflow | € 5,500 | ||||
Financial debt for tranches A and B | |||||
Borrowings and financial liabilities | |||||
Fair value of the convertible notes | € 4,300 | ||||
Liability derivatives for premiums received on options sold | |||||
Borrowings and financial liabilities | |||||
Fair value of the convertible notes | 1,200 | ||||
Bifurcated conversion options of tranches A and B | |||||
Borrowings and financial liabilities | |||||
Fair value of the convertible notes | (464) | ||||
BSA Kreos 2021 | |||||
Borrowings and financial liabilities | |||||
Fair value of the convertible notes | 710 | ||||
Financial compensation for the 2018 BSAs bought back | |||||
Borrowings and financial liabilities | |||||
Fair value of the convertible notes | € 48 | ||||
KREOS Contract | |||||
Borrowings and financial liabilities | |||||
Gross proceed Tr C | 677 | ||||
KREOS 2021 day one gain | |||||
Borrowings and financial liabilities | |||||
Gross proceed Tr C | € 98 | ||||
KREOS 2021 - Non-convert Tranches | |||||
Borrowings and financial liabilities | |||||
Average effective interest rate | 26.37% | ||||
KREOS 2021 - Convert Tranches | |||||
Borrowings and financial liabilities | |||||
Average effective interest rate | 22.85% |
Borrowings and financial lia_17
Borrowings and financial liabilities - Accounting treatment of the convertible notes (Details) € / shares in Units, € in Thousands | Dec. 31, 2021 EUR (€) € / shares shares | Dec. 19, 2021 EUR (€) € / shares shares | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2022 EUR (€) |
Borrowings and financial liabilities | ||||
Fair value of the convertible notes (in thousands of €) | € (15,849) | € 23,640 | ||
Convertible Notes to Kreos, 2021 | ||||
Borrowings and financial liabilities | ||||
Number of bonds outstanding | 2,250,000 | 2,250,000 | 2,250,000 | |
Number of shares available for subscription | shares | 2,250,000 | 2,250,000 | 2,250,000 | |
Share price | € / shares | € 0.46 | € 0.494 | € 0.005 | |
Exercise price | € / shares | € 0.648 | € 0.648 | € 0.648 | |
Fair value of derivative instrument (in K€) | € (536) | |||
Change in fair value of derivative liability over the period (in K€) | € 536 | € (72) | ||
Convertible Notes to Kreos, 2021 | Volatility | ||||
Borrowings and financial liabilities | ||||
Input to valuation | 65 | 85 | 95 | |
Convertible Notes to Kreos, 2021 | Risk-free rate | ||||
Borrowings and financial liabilities | ||||
Input to valuation | 3.39 | 2.51 | ||
Convertible Notes to Kreos, 2021 | Credit spread | ||||
Borrowings and financial liabilities | ||||
Input to valuation | 23.14 | 23.14 | 23.14 | |
Nonconvertible Bonds To Kreos 2021 Contract | ||||
Borrowings and financial liabilities | ||||
Fair value of the convertible notes (in thousands of €) | € 3,229 | € 1,695 | € 2,687 |
Borrowings and financial lia_18
Borrowings and financial liabilities - Valuation of the derivative instrument (Details) - Convertible Notes to Kreos, 2021 € / shares in Units, € in Thousands | Dec. 31, 2021 EUR (€) € / shares shares | Dec. 19, 2021 EUR (€) € / shares shares | Dec. 31, 2023 € / shares shares |
Borrowings and financial liabilities | |||
Number of bonds outstanding | 2,250,000 | 2,250,000 | 2,250,000 |
Number of shares available for subscription | shares | 2,250,000 | 2,250,000 | 2,250,000 |
Share price | € / shares | € 0.46 | € 0.494 | € 0.005 |
Fair value of derivative instrument (in K€) | € (536) | ||
Change in fair value of derivative liability over the period (in K€) | € 536 | € (72) | |
Volatility | |||
Borrowings and financial liabilities | |||
Input to valuation | 65 | 85 | 95 |
Risk-free rate | |||
Borrowings and financial liabilities | |||
Input to valuation | 3.39 | 2.51 | |
Credit spread | |||
Borrowings and financial liabilities | |||
Input to valuation | 23.14 | 23.14 | 23.14 |
Borrowings and financial lia_19
Borrowings and financial liabilities - Accounting treatment of warrants cancellation (Details) | 12 Months Ended | |||
Dec. 31, 2021 EUR (€) € / shares shares | Dec. 19, 2021 EUR (€) € / shares shares | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2021 shares | |
Borrowings and financial liabilities | ||||
Number of BSA warrants outstanding | shares | 2,218,293 | |||
Exercise price per share | € / shares | € 0.56 | |||
Volatility | 0.96 | |||
Warrants 2021 to Kreos | ||||
Borrowings and financial liabilities | ||||
Number of BSA warrants outstanding | shares | 2,218,293 | 2,218,293 | 2,218,293 | 2,218,293 |
Exercise price per share | € / shares | € 0.56 | € 0.56 | € 0.56 | |
Fair value of BSA 2021 issued to KREOS (in K€) | € (13,000) | € (788,000) | € (1,000) | |
Change in fair value of derivative liability over the period (in K€) | € 775,000 | € (78,000) | € 12,000 | |
Warrants 2021 to Kreos | Maturity. | ||||
Borrowings and financial liabilities | ||||
Maturity | 5 years 10 months 17 days | 4 years 10 months 17 days | 6 years 10 months 17 days | |
Warrants 2021 to Kreos | Volatility | ||||
Borrowings and financial liabilities | ||||
Volatility | 65 | 85 | 95 | 65 |
Warrants 2021 to Kreos | Risk-free rate | ||||
Borrowings and financial liabilities | ||||
Volatility | 3.24 | 2.43 | 3.24 |
Borrowings and financial lia_20
Borrowings and financial liabilities - Sensitivity Analysis 1 (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Borrowings and financial liabilities | ||
Fair value of the convertible notes | € (14,961) | € 23,485 |
Volatility | ||
Borrowings and financial liabilities | ||
Percentage of increase in unobservable input, liabilities | 5% | |
Percentage of decrease in unobservable input, liabilities | 5% | |
Credit spread | ||
Borrowings and financial liabilities | ||
Percentage of increase in unobservable input, liabilities | 5% | |
Percentage of decrease in unobservable input, liabilities | 5% | |
Risk-free rate | ||
Borrowings and financial liabilities | ||
Percentage of increase in unobservable input, liabilities | 1% | |
Percentage of decrease in unobservable input, liabilities | 1% | |
Conversion Price | ||
Borrowings and financial liabilities | ||
Percentage of increase in unobservable input, liabilities | 5% | |
Percentage of decrease in unobservable input, liabilities | 5% | |
Convertible bonds | ||
Borrowings and financial liabilities | ||
Fair value of the convertible notes | € 1,937 | |
Convertible bonds | Credit spread | ||
Borrowings and financial liabilities | ||
Increase in unobservable input, liabilities | (89) | |
Decrease in unobservable input, liabilities | 98 | |
Convertible bonds | Risk-free rate | ||
Borrowings and financial liabilities | ||
Increase in unobservable input, liabilities | (23) | |
Decrease in unobservable input, liabilities | 23 | |
Non-convertible bonds | ||
Borrowings and financial liabilities | ||
Fair value of the convertible notes | 1,682 | |
Non-convertible bonds | Credit spread | ||
Borrowings and financial liabilities | ||
Increase in unobservable input, liabilities | (41) | |
Decrease in unobservable input, liabilities | 44 | |
Non-convertible bonds | Risk-free rate | ||
Borrowings and financial liabilities | ||
Increase in unobservable input, liabilities | (10) | |
Decrease in unobservable input, liabilities | 10 | |
Derivative Instruments | ||
Borrowings and financial liabilities | ||
Fair value of the convertible notes | € 1 |
Borrowings and financial lia_21
Borrowings and financial liabilities - Change in financial liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Borrowings and financial liabilities | ||
Balance at beginning of period | € 13 | € 788 |
Balance at end of period | 1 | 13 |
Conditional advances | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 664 | 906 |
Impact of amortized costs | 29 | (230) |
New financial debt related to lease obligations | 14 | |
Transfer between non-current and current liabilities | (26) | |
Balance at end of period | 686 | 664 |
Non-convertible bonds | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 1,722 | 2,740 |
Impact of amortized costs | 127 | |
New financial debt related to lease obligations | 282 | |
Transfer between non-current and current liabilities | (1,300) | |
Reclassification of the day one gain as a financial asset | (1,394) | |
Balance at end of period | 454 | 1,722 |
Convertible bonds | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 1,792 | 1,647 |
Impact of amortized costs | 178 | |
New financial debt related to lease obligations | 145 | |
Balance at end of period | 1,971 | 1,792 |
Non-current financial lease obligations | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 190 | 225 |
Change in fair Value through profit or loss | 216 | |
Transfer between non-current and current liabilities | (251) | |
Reclassification of the day one gain as a financial asset | (54) | |
Balance at end of period | 136 | 190 |
Non-current financial derivative instrument | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 536 | |
Change in fair Value through profit or loss | (536) | |
Non-current borrowing | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 4,368 | 5,518 |
Impact of amortized costs | 334 | (220) |
New financial debt related to lease obligations | 441 | |
Change in fair Value through profit or loss | 216 | |
Transfer between non-current and current liabilities | (1,577) | |
Reclassification of the day one gain as a financial asset | (1,448) | |
Balance at end of period | 3,247 | 4,368 |
Conditional advances | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 418 | 377 |
Repayment | (222) | |
Impact of amortized costs | 15 | |
Transfer between non-current and current liabilities | 26 | |
Balance at end of period | 196 | 418 |
Non-convertible bonds | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 1,016 | 1,524 |
Repayment | (1,262) | (1,844) |
Impact of amortized costs | 111 | 37 |
Transfer between non-current and current liabilities | 1,300 | |
Reclassification of the day one gain as a financial asset | 1,394 | |
Balance at end of period | 1,259 | 1,016 |
Convertible bonds | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 6,462 | 6,627 |
Payments | 1,920 | 10,000 |
Change in fair Value through profit or loss | 1,562 | 675 |
Conversion in equity | (7,737) | (10,840) |
Balance at end of period | 2,207 | 6,462 |
Accrual interests to pay | ||
Borrowings and financial liabilities | ||
Loan charges and interest | 94 | |
Balance at end of period | 94 | |
CIR prefinancing debt | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 2,035 | 3,287 |
Payments | 1,098 | 1,834 |
Repayment | (2,146) | (3,458) |
Impact of amortized costs | 39 | |
Loan charges and interest | 123 | 150 |
Holdback | 183 | |
Transfer between non-current and current liabilities | 103 | |
Balance at end of period | 1,213 | 2,035 |
Current lease obligations | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 280 | 221 |
Repayment | (280) | (244) |
New financial debt related to lease obligations | 52 | |
Transfer between non-current and current liabilities | 251 | |
Reclassification of the day one gain as a financial asset | 54 | |
Balance at end of period | 54 | 280 |
Current borrowings | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 10,211 | 12,036 |
Payments | 3,018 | 11,834 |
Repayment | (3,910) | (5,546) |
Impact of amortized costs | 111 | 91 |
New financial debt related to lease obligations | 52 | |
Change in fair Value through profit or loss | 1,562 | 675 |
Loan charges and interest | 217 | 150 |
Conversion in equity | (7,737) | (10,840) |
Holdback | 183 | |
Transfer between non-current and current liabilities | 103 | 1,577 |
Reclassification of the day one gain as a financial asset | 1,448 | |
Balance at end of period | 5,023 | 10,211 |
Current derivative liabilities | ||
Borrowings and financial liabilities | ||
Balance at beginning of period | 13 | 788 |
Change in fair Value through profit or loss | (12) | (775) |
Balance at end of period | € 1 | € 13 |
Borrowings and financial lia_22
Borrowings and financial liabilities - Main characteristics of the ORNANE note warrants (Details) | 12 Months Ended |
Dec. 31, 2023 tranche shares | |
Borrowings and financial liabilities | |
Number of warrants per tranche | tranche | 3 |
Number of ORNANE called per warrant | shares | 24 |
Convertible notes to NEGMA | |
Borrowings and financial liabilities | |
Warrant term | 3 years |
Employee benefit obligation - A
Employee benefit obligation - Actuarial Assumptions used for the Valuation of the Retirement Indemnity (Details) | 12 Months Ended | ||||
Apr. 14, 2023 | Apr. 13, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | |
Employee benefit obligation | |||||
Legal retirement age | 64 years | 62 years | |||
Discount rate (IBOXX Corporates AA) | 3.77% | 3.17% | 0.98% | ||
Salary increases | 3% | 3.50% | 2% | ||
Social security contribution rates for Executives | 44% | 47% | 43% | ||
Minimum | |||||
Employee benefit obligation | |||||
Retirement age | 65 years | ||||
Maximum | |||||
Employee benefit obligation | |||||
Retirement age | 67 years |
Employee benefit obligation - P
Employee benefit obligation - Provision for the Retirement Indemnity (Details) - Employee benefit obligation - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee benefit obligation | ||
Provision, beginning balance | € 183 | € 205 |
Past service cost | 48 | 53 |
Financial costs | 7 | 4 |
Actuarial gains and losses | (1) | (80) |
Provision, ending balance | € 237 | € 183 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provisions | ||
Provisions beginning balance | € 75 | |
Provisions ending balance | 223 | € 75 |
Provisions for litigation | ||
Provisions | ||
Provisions beginning balance | 75 | |
Endowments | 223 | 75 |
Reversals (unused) | (75) | |
Provisions ending balance | 223 | 75 |
Total provisions | ||
Provisions | ||
Provisions beginning balance | 75 | |
Endowments | 223 | 75 |
Reversals (unused) | (75) | |
Provisions ending balance | € 223 | € 75 |
Other current liabilities - Tra
Other current liabilities - Trade payables (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other current liabilities | |||
Trade payables - prepayments and trade debtors | € 5,392 | € 6,940 | € 7,606 |
Suppliers - research and development | |||
Other current liabilities | |||
Trade payables - prepayments and trade debtors | 4,050 | 5,250 | 6,669 |
Suppliers - general and administrative expenses | |||
Other current liabilities | |||
Trade payables - prepayments and trade debtors | € 1,342 | € 1,690 | € 937 |
Other current liabilities - Tax
Other current liabilities - Tax and social security liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other current liabilities | |||
Personnel and related accounts | € 671 | € 855 | € 658 |
Social security and other social organizations | 720 | 831 | 1,202 |
Other taxes and levies | (44) | 94 | 138 |
Total tax and social security liabilities | 1,348 | € 1,780 | € 1,998 |
Social security liabilities | € 14 |
Other current liabilities - Oth
Other current liabilities - Other creditors and accured liabilities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current liabilities | |||
Directors' salaries | € 196,000 | € 146,000 | € 202,000 |
Deferred income | 178,000 | 178,000 | 175,000 |
Other | 4,000 | 4,000 | 4,000 |
Total other creditors and accrued liabilities | 378,000 | 328,000 | 381,000 |
Decrease (increase) in trade payables | 1,328,000 | € 665,000 | (380,000) |
Proceeds from government grants | 202,000 | ||
BIO 201 | |||
Current liabilities | |||
Deferred income | 178,000 | ||
Decrease (increase) in trade payables | € 380,000 | ||
Proceeds from government grants | € 202,000 |
Operating expenses by functio_2
Operating expenses by function - Research and Development costs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and administrative expenses | |||
Expense from share-based payment transactions related to the BSPCEs and bonus shares granted | € 812 | € 5,667 | € 3,422 |
Research and Development expenses | |||
General and administrative expenses | |||
Personnel expenses | (3,993) | (6,179) | (4,392) |
Other purchases and external charges | (6,378) | (12,991) | (19,345) |
Miscellaneous | (35) | (285) | (264) |
Research and development costs | (10,406) | (19,455) | (24,001) |
Research tax credit (CIR) | 1,561 | 3,413 | 4,080 |
Grants | 7 | 256 | |
Subsidies and CIR | 1,561 | 3,420 | 4,336 |
Research and development expenses, net | (8,845) | (16,034) | (19,665) |
Expense from share-based payment transactions related to the BSPCEs and bonus shares granted | € 560 | € 3,281 | € 2,125 |
Operating expenses by functio_3
Operating expenses by function - General and administrative expenses (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
General and administrative expenses | |||
Expense for the period | € 812 | € 5,667 | € 3,422 |
Non-current government grants | 380 | ||
Proceeds from government grants | € 202 | ||
Percentage of budget expenses incurred | 53 | ||
Additional expense | 0 | 0 | |
Decrease in personnel expenses due to restructuring and decrease of staff | 604 | 2,467 | |
Increase in personal expenses due to stock-based compensation | 1,002 | € 1,002 | |
General and administrative expenses | |||
General and administrative expenses | |||
Personnel expenses | (1,570) | (4,110) | (3,107) |
Other purchases and external charges | (3,427) | (2,928) | (3,991) |
Miscellaneous | (491) | (199) | (52) |
Research and development expenses, net | € (5,488) | € (7,237) | € (7,150) |
Net financial income and expe_3
Net financial income and expense (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Sep. 08, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net financial income and expense | ||||
Interest and amortized cost on Kreos financing contract | € (1,094) | € (1,597) | € (544) | |
Changes in fair value of convertible notes and derivative liabilities | (1,330) | 637 | (1,856) | |
Negma financial indemnities | (1,695) | |||
Provision for Negma litigation risks | (75) | |||
Other financial expenses | (157) | (31) | (166) | |
Expenses relating to the issue of convertible bonds | (330) | (820) | (125) | |
Net financial income related to the repayment of penalties by Negma | € 1,000 | 990 | 20 | |
Other financial income | 174 | (17) | 4 | |
Foreign exchange gains (losses) | 43 | (31) | 14 | |
Net financial expense | € (2,694) | € (944) | € (4,349) |
Net financial income and expe_4
Net financial income and expense - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Sep. 08, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net financial income and expense | |||||
Change in fair value of derivative liabilities and convertible bonds | € (1,330) | € 637 | € (1,856) | ||
Financial indemnities | 1,695 | ||||
Net financial income related to the repayment of penalties by Negma | € 1,000 | 990 | 20 | ||
Convertible notes to NEGMA | |||||
Net financial income and expense | |||||
Change in fair value of derivative liabilities and convertible bonds | 1,306 | ||||
Damages claimed, monetary | 1,500 | ||||
Expenses and legal cost for damage claim | 100 | € 8 | |||
Late payment interest | 87 | ||||
Financial indemnities | 1,695 | ||||
Convertible Notes to Atlas | |||||
Net financial income and expense | |||||
Change in fair value of derivative liabilities and convertible bonds | € (1,342) | (675) | (3,017) | ||
Derivative liabilities | |||||
Net financial income and expense | |||||
Change in fair value of derivative liabilities and convertible bonds | € 1,312 | € (150) |
Income tax (Details)
Income tax (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 USD ($) | |
Income tax | ||||
Carried-forward tax losses | € 168,858 | |||
Tax rate | 25% | 25% | 26.50% | |
Deferred tax asset | € 0 | |||
France | ||||
Income tax | ||||
Tax losses which can be carried forward indefinitely | € 167,759 | |||
France | Biophytis Inc | ||||
Income tax | ||||
Tax rate | 25% | |||
US | ||||
Income tax | ||||
Carried-forward tax losses | € 613 | $ 678 | ||
Tax losses which can be carried forward indefinitely | 239 | |||
Amount of unused tax losses expected to be expire in 2037 | 188 | |||
Amount of unused tax losses expected to be expire in 2036 | 144 | |||
Amount of unused tax losses expected to be expire in 2035 | € 43 | |||
US | Biophytis Inc | ||||
Income tax | ||||
Tax rate | 21% | |||
Brazil | ||||
Income tax | ||||
Tax losses which can be carried forward indefinitely | € 264 | |||
Brazil | Instituto Biophytis Do Brasil | ||||
Income tax | ||||
Tax rate | 34% |
Income tax - Reconciliation bet
Income tax - Reconciliation between theoretical tax and effective tax (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes | |||
Net loss | € (17,026) | € (24,216) | € (31,164) |
Profit before tax | € (17,026) | € (24,216) | € (31,164) |
Current tax rate in France | 25% | 25% | 26.50% |
Theoretical tax at current rate in France | € 4,257 | € 6,055 | € 8,258 |
Permanent differences | 291 | 3,607 | 880 |
Share based payments | (203) | (1,392) | (907) |
Unused tax losses adjusted for deferred taxes | € (4,344) | (5,211) | € (8,231) |
Tax rate differences | € (61) | ||
Effective tax rate | 0% | 0% | 0% |
Income tax - Summary of nature
Income tax - Summary of nature of deferred taxes (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income taxes | |||
Total deferred tax assets | € 42,457 | € 38,007 | € 32,960 |
Total deferred tax liabilities | (704) | (815) | (526) |
Total net of deferred taxes | 0 | ||
GROSS VALUES | |||
Income taxes | |||
Total net of deferred taxes | 41,753 | 37,491 | 32,434 |
Unrecognized deferred tax | |||
Income taxes | |||
Total net of deferred taxes | (41,753) | (37,491) | (32,434) |
Temporary shifts | |||
Income taxes | |||
Total deferred tax assets | 257 | 299 | 421 |
Total deferred tax liabilities | (704) | (815) | (526) |
Losses carried forward | |||
Income taxes | |||
Total deferred tax assets | € 42,200 | € 38,007 | € 32,539 |
Loss per share (Details)
Loss per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss per share | |||
Weighted average number of outstanding shares | 543,086,157 | 174,860,545 | 118,332,562 |
Own shares | 11,804 | 21,268 | 49,882 |
Weighted average number of outstanding shares (without Treasury shares) | 543,074,353 | 174,839,276 | 118,282,679 |
Net loss (in thousands of euros) | € (17,026) | € (24,216) | € (31,164) |
Basic loss per share (Euro/share) | € (0.03) | € (0.14) | € (0.26) |
Diluted loss per share (Euro/share) | € (0.03) | € (0.14) | € (0.26) |
Loss per share - Additional Inf
Loss per share - Additional Information (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Apr. 25, 2023 | Apr. 25, 2022 | Dec. 31, 2021 | |
Loss per share | |||||
Number of outstanding warrants | 2,218,293 | ||||
Vesting period | 1 year | 1 year | |||
BSA Warrants issued as Equity Compensation | |||||
Loss per share | |||||
Number of shares called by warrants | 345,818,937 | 2,868,387 | |||
Founders' share warrants | |||||
Loss per share | |||||
Number of shares called by warrants | 5,052,877 | ||||
Number of outstanding warrants | 5,052,877 | 6,288,451 | 6,868,747 | ||
CEO and employees | |||||
Loss per share | |||||
Number of shares called by warrants | 6,288,073 | 1,578,960 | |||
Number of warrants granted | 1,591,334 | ||||
Free shares | |||||
Loss per share | |||||
Number of outstanding warrants | 18,884,703 | 1,591,334 |
Related Parties (Details)
Related Parties (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Parties | |||
Fixed compensation payable | € 1,063 | € 1,136 | € 1,125 |
Variable compensation payable | 173 | 269 | 269 |
Benefits in kind | 29 | 25 | 25 |
Directors' fees | 180 | 125 | 301 |
Share-based payments | 1,325 | 5,567 | 3,294 |
Consulting fees | 42 | 150 | 30 |
Total executive compensation | € 2,811 | € 7,272 | € 5,044 |
Related Parties - Intellectual
Related Parties - Intellectual Property Agreement signed with the Company's CEO (Details) | 12 Months Ended | |||||
Jul. 07, 2021 EUR (€) | Jan. 01, 2021 EUR (€) | Dec. 31, 2023 EUR (€) payment | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Apr. 20, 2020 EUR (€) patent | |
Related Parties | ||||||
Patents and software | € 2,637,000 | € 2,655,000 | € 2,757,000 | |||
CEO | ||||||
Related Parties | ||||||
First lump sum cash payment | € 90,000 | |||||
Period within which payment is due upon filing of a patent application | 30 days | |||||
Second lump sum cash payment | € 90,000 | |||||
Period within which payment is due upon publication of a patent application | 30 days | |||||
Percentage applied for royalty payment | 6.50% | |||||
Number of payments | payment | 3 | |||||
Maximum payments | € 2,100,000 | |||||
Percentage of capital may be acquired | 100% | |||||
First payment due following the signature of agreement | € 450,000,000 | |||||
Number of publications of patent applications covered in amendment | patent | 2 | |||||
Lump sum cash payment covered in amendment | € 180,000 | |||||
Fixed daily remuneration of director | € 15,000,000 | |||||
Jean Mariani | ||||||
Related Parties | ||||||
Fixed daily remuneration of director | € 450,000 | |||||
Maximum annual remuneration of director | € 32,400 | |||||
Term of agreement | 1 year | |||||
Patents rights acquired from the Company's CEO | ||||||
Related Parties | ||||||
Useful life | 19 years | |||||
Patents rights acquired from the Company's CEO | CEO | ||||||
Related Parties | ||||||
Patents and software | € 1,620,000 | |||||
Useful life | 19 years | |||||
Payments in connection with subscription and the exercise of the investors warrants | € 180,000 | € 90,000 |
Off-balance-sheet commitments -
Off-balance-sheet commitments - Commitments linked to financial debts (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2021 | |
Off-balance-sheet commitments | ||
Nominal value of each installments | € 4,000 | |
BPI France conditional advance - "BIO101" project | ||
Off-balance-sheet commitments | ||
Nominal value of each installments | € 1,100 | |
Total financial liabilities | € 110 | |
Percentage of ex-tax proceeds from the sale or assignment of intellectual properties in calculating annual repayment | 35.81% | |
Percentage of ex-tax proceeds generated by the marketing or use by the beneficiary in calculating annual repayment | 35.81% |
Off-balance-sheet commitments_2
Off-balance-sheet commitments - Agreements for Exploitation of Industrial Property (Details) - MACULIA commercialization agreement € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |
Annual guaranteed minimum amount following the first marketing of a nutraceutical product | € 15,000 |
Guaranteed minimum amount in the event of marketing of a drug product | € 50 |
Financial risk management and_3
Financial risk management and assessment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial risk management and assessment | |||
Negative cash flows from operating activities | € (12,873) | € (18,988) | € (23,795) |
Financial risk management and_4
Financial risk management and assessment - Maturity table (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) item | |
Financial risk management and assessment | |
Contractual capital commitments | € 8,270 |
Non-convertible bonds issued to Kreos | |
Financial risk management and assessment | |
Contractual capital commitments | 1,714 |
Repayable advances | |
Financial risk management and assessment | |
Contractual capital commitments | 882 |
Lease liability | |
Financial risk management and assessment | |
Contractual capital commitments | 190 |
Convertible notes issued to Kreos | |
Financial risk management and assessment | |
Contractual capital commitments | 1,971 |
Convertible notes to Atlas | |
Financial risk management and assessment | |
Contractual capital commitments | € 2,207 |
Bonds converted to new shares | item | 250 |
Financial liabilities related to the prefinancing of a portion of the research tax credit receivables | |
Financial risk management and assessment | |
Contractual capital commitments | € 1,213 |
Accrual interests to pay | |
Financial risk management and assessment | |
Contractual capital commitments | 94 |
Derivative liabilities | |
Financial risk management and assessment | |
Contractual capital commitments | 1 |
Less than 1 year | |
Financial risk management and assessment | |
Contractual capital commitments | 5,024 |
Less than 1 year | Non-convertible bonds issued to Kreos | |
Financial risk management and assessment | |
Contractual capital commitments | 1,259 |
Less than 1 year | Repayable advances | |
Financial risk management and assessment | |
Contractual capital commitments | 196 |
Less than 1 year | Lease liability | |
Financial risk management and assessment | |
Contractual capital commitments | 54 |
Less than 1 year | Convertible notes to Atlas | |
Financial risk management and assessment | |
Contractual capital commitments | 2,207 |
Less than 1 year | Financial liabilities related to the prefinancing of a portion of the research tax credit receivables | |
Financial risk management and assessment | |
Contractual capital commitments | 1,213 |
Less than 1 year | Accrual interests to pay | |
Financial risk management and assessment | |
Contractual capital commitments | 94 |
Less than 1 year | Derivative liabilities | |
Financial risk management and assessment | |
Contractual capital commitments | 1 |
1-3 years | |
Financial risk management and assessment | |
Contractual capital commitments | 3,247 |
1-3 years | Non-convertible bonds issued to Kreos | |
Financial risk management and assessment | |
Contractual capital commitments | 454 |
1-3 years | Repayable advances | |
Financial risk management and assessment | |
Contractual capital commitments | 686 |
1-3 years | Lease liability | |
Financial risk management and assessment | |
Contractual capital commitments | 136 |
1-3 years | Convertible notes issued to Kreos | |
Financial risk management and assessment | |
Contractual capital commitments | € 1,971 |