Valneva SE (VALN) 6-K 11 Aug 22 Valneva Reports H1 2022 Results and Provides Corporate Updates Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40377
Entity Registrant Name	Valneva SE
Entity Central Index Key	0001836564

Unaudited Interim Condensed Con

Unaudited Interim Condensed Consolidated Statements of Income (Loss) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Product sales	€ 33,335	€ 31,762
Other revenues	59,889	15,740
Revenues	93,224	47,502
Cost of goods and services	(171,479)	(34,778)
Research and development expenses	(51,883)	(78,737)
Marketing and distribution expenses	(7,837)	(9,643)
General and administrative expenses	(16,031)	(20,904)
Other income and expenses, net	3,597	10,389
OPERATING LOSS	(150,410)	(86,172)
Finance income	35	228
Finance expenses	(8,199)	(8,431)
Foreign exchange gain/(loss), net	(10,657)	8,735
Result from investments in associates	9	(90)
LOSS BEFORE INCOME TAX	(169,222)	(85,730)
Income tax expense	(2,271)	(668)
LOSS FOR THE PERIOD	€ (171,493)	€ (86,399)
Losses per share for loss for the period attributable to the equity holders of the Company, expressed in € per share
■     basic	€ (1.58)	€ (0.91)
■     diluted	€ (1.58)	€ (0.91)

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Loss for the period	€ (171,493)	€ (86,399)
Items that may be reclassified to profit or loss
Currency translation differences	(567)	(424)
Items that will not be reclassified to profit or loss
Defined benefit plan actuarial gains	168
Other comprehensive loss for the period, net of tax	(399)	(424)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE COMPANY	€ (171,892)	€ (86,823)

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Balance Sheets - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Non-current assets	€ 221,330	€ 231,520
Intangible assets	30,714	32,700
Right of use assets	46,752	48,285
Property, plant and equipment	123,240	125,545
Investments in associates		2,124
Deferred tax assets	2,676	3,582
Other assets	17,948	19,282
Current assets	503,776	585,832
Inventories	95,201	124,098
Trade receivables	16,251	44,013
Other assets	53,965	71,036
Cash and cash equivalents	336,225	346,686
Assets classified as held for sale	2,134
TOTAL ASSETS	725,105	817,352
EQUITY
Capital and reserves attributable to the Company’s equity holders	93,255	170,581
Share capital	17,603	15,786
Share premium	501,638	409,258
Other reserves	52,482	52,512
Retained earnings/(Accumulated deficit)	(306,974)	(233,549)
Loss for the period	(171,493)	(73,425)
LIABILITIES
Non-current liabilities	195,722	277,791
Borrowings	67,058	50,726
Lease liabilities	51,931	53,687
Contract liabilities	5,110	4,741
Refund liabilities	66,689	158,970
Provisions	2,302	8,308
Deferred tax liabilities	1,978	1,290
Other liabilities	654	69
Current liabilities	436,128	368,979
Borrowings	11,543	7,107
Trade payables and accruals	83,704	68,119
Income tax liability	259	83
Tax and employee-related liabilities	15,199	17,249
Lease liabilities	2,989	3,135
Contract liabilities	119,711	124,017
Refund liabilities	142,585	95,611
Provisions	56,884	48,708
Other liabilities	3,254	4,950
TOTAL LIABILITIES	631,850	646,771
TOTAL EQUITY AND LIABILITIES	€ 725,105	€ 817,352

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Statements of Cash Flows - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period	€ (171,493)	€ (86,399)
Adjustments for non-cash transactions	5,673	17,003
Changes in non-current operating assets and liabilities	(92,844)	8,341
Changes in working capital	159,254	146,614
Cash generated from/(used in) operations	(99,410)	85,560
Income tax paid	(818)	(1,313)
Net cash generated from/(used in) operating activities	(100,228)	84,247
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(15,952)	(39,173)
Purchases of intangible assets	(76)	(761)
Interest received	35	33
Net cash used in investing activities	(15,994)	(39,902)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of costs of equity transactions	94,308	85,177
Disposal/(Purchase) of treasury shares		209
Proceeds from borrowings, net of transaction costs	18,074
Repayment of borrowings	(1,793)	(1,764)
Payment of lease liabilities	(1,529)	(1,161)
Interest paid	(4,054)	(3,718)
Net cash generated from financing activities	105,006	78,743
Net change in cash and cash equivalents	(11,216)	123,088
Cash and cash equivalents at beginning of the period, excluding restricted cash	346,642	204,394
Exchange gains/(losses) on cash	751	2,242
Restricted cash	48	42
Cash and cash equivalents at end of the period	€ 336,225	€ 329,766

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Changes in Equity € in Thousands	Issued capital [member] EUR (€) shares	Share premium [member] EUR (€)	Other reserves [member] EUR (€)	Retained earnings, excluding profit (loss) for reporting period [member] EUR (€)	Retained earnings, profit (loss) for reporting period [member] EUR (€)	EUR (€) shares
Balance at Dec. 31, 2020	€ 13,646	€ 244,984	€ 52,342	€ (169,156)	€ (64,393)	€ 77,422
Beginning balance (in shares) at Dec. 31, 2020 | shares	90,970,562
Total comprehensive loss			(424)		(86,399)	(86,823)
Income appropriation				(64,393)	64,393
Share-based compensation expense:
- value of services			1,217			1,217
- exercises	€ 119	2,090				2,209
Exercises, number of shares issued | shares	793,200
Treasury shares			209			209
Issuance of ordinary shares	€ 1,222	88,375				89,597
Issuance of ordinary shares | shares	8,145,176
Cost of equity transactions, net of tax		(6,761)				(6,761)
Balance at Jun. 30, 2021	€ 14,986	328,688	53,344	(233,549)	(86,399)	77,070
Ending balance (in shares) at Jun. 30, 2021 | shares	99,908,938
Balance at Dec. 31, 2021	€ 15,786	409,258	52,512	(233,549)	(73,425)	€ 170,581
Beginning balance (in shares) at Dec. 31, 2021 | shares	105,239,085					105,239,085
Total comprehensive loss			(399)		(171,493)	€ (171,892)
Income appropriation				(73,425)	73,425
Share-based compensation expense:
- value of services			369			369
- exercises	€ 384	3,333				3,718
Exercises, number of shares issued | shares	2,563,011
Treasury shares
Issuance of ordinary shares	€ 1,432	89,195				90,627
Issuance of ordinary shares | shares	9,549,761
Cost of equity transactions, net of tax		(148)				(148)
Balance at Jun. 30, 2022	€ 17,603	€ 501,638	€ 52,482	€ (306,974)	€ (171,493)	€ 93,255
Ending balance (in shares) at Jun. 30, 2022 | shares	117,351,857					117,351,857

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2022
Basis Of Preparation
Basis of preparation	1. Basis of preparation The unaudited interim condensed consolidated financial statements of Valneva SE (“the Company”) together with its subsidiaries (the “Group” or “Valneva”) as at June 30, 2022 and for the six months ended June 30, 2022 and June 30, 2021, have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union (EC) and issued by the IASB authorizing the presentation of selected explanatory notes. In consequence, these consolidated financial statements must be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2021. The unaudited interim condensed consolidated financial statements of the Company were approved by the Management Board and authorized for issuance by the Supervisory Board on August 10, 2022. The accounting policies adopted in the preparation of the unaudited interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2021. For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column. The unaudited interim condensed consolidated financial statements have been prepared on a going concern basis. Although it is difficult to predict future liquidity requirements, Valneva believes that the existing cash and cash equivalents as of June 30, 2022 amounting to € 336.2 million Standards, amendments to existing standards and interpretations whose application is not yet mandatory No standards, amendments to existing standards, or interpretations that were published but not yet applicable as of June 30, 2022, were early adopted or are expected to significantly impact the Company’s financial statements. SIGNIFICANT EVENTS OF THE PERIOD AND SIGNIFICANT AGREEMENTS COVID-19 Vaccine Supply Agreement with the UK Authority from 2020, its termination in 2021 and Settlement Agreement of 2022 In September 2020, Valneva entered into a supply agreement (“UK Supply Agreement”), with the Secretary of State for Business, Energy and Industrial Strategy of the United Kingdom (“UK Authority”), pursuant to which Valneva was obligated to develop, manufacture and supply SARS-CoV-2 vaccines, to the UK Authority in the United Kingdom of Great Britain, and Northern Ireland (“the UK”), including an obligation for Valneva to upgrade its manufacturing facilities in Scotland. In September 2021, Valneva received notice of the UK Authority’s decision to terminate the UK Supply Agreement, and the termination became effective in October 2021. In June 2022, Valneva and the UK Authority signed a settlement agreement. The settlement agreement resolves certain matters relating to the obligations of the Company and UK Authority following the termination of the UK Supply Agreement and in relation to the separate agreement relating to clinical trials of Valneva’s inactivated, adjuvanted COVID-19 vaccine candidate, VLA2001, in the UK, which remains in place. The Company continues to have certain other obligations (as stated below) pursuant to provisions of the UK Supply Agreement that survive its termination. Valneva has recognized an additional revenue of € 89.4 Valneva’s other obligations relate to a royalty payable to the UK Authority for non-UK COVID sales (“royalty obligation”) as well as to investments in manufacturing, such as Valneva’s Almeida manufacturing facility, which was constructed with funds advanced by the UK Authority. Valneva assessed the likelihood of this royalty obligation and concluded it as remote, therefore no refund liability was accounted for as at June 30, 2022. Valneva may have certain obligations to the UK Authority, such as a partial return of funding received, with respect to assets acquired if they are sold, disposed, or repurposed (“CAPEX obligation”) on or before December 31, 2022. As of June 30, 2022, Valneva included € 81.9 Advance Purchase Agreement with the European Commission in 2021 and notice of intent to terminate the Advance Purchase Agreement in 2022 In November 2021, Valneva signed an Advance Purchase Agreement (“APA”) with the European Commission (“EC”) to supply up to 60 million 24.3 million 35.7 million 116.9 million In May 2022, Valneva received a notice from the EC of its intent to terminate the APA on the basis of a right to terminate the APA if VLA2001 had not received a marketing authorization from the EMA by April 30, 2022. Based on the terms of the APA, Valneva had 30 days from May 13, 2022, to obtain a marketing authorization, which Valneva did not obtain within this period. Valneva did, however, obtain a marketing authorization in June 2022. As at the balance sheet date June 30, 2022, Valneva was still working with the EC and the participating EC Member States to agree to a remediation plan. As at June 30, 2022, € 116.6 million Authorizations and Emergency Use granted by Health Authorities for Valneva’s inactivated, adjuvanted COVID-19 vaccine, VLA2001 in 2022 In March 2022, Valneva announced that the National Health Regulatory Authority (NHRA) of the Kingdom of Bahrain had granted an Emergency Use Authorization for VLA2001. In April 2022, Valneva announced that the Medicines and Healthcare products Regulatory Agency (MHRA) of the UK had granted Conditional Marketing Authorization for VLA2001, for primary immunization in adults 18 to 50 years of age. In May 2022, Valneva announced that the United Arab Emirates granted Emergency Use Authorization for VLA2001. In June 2022, Valneva announced that the EC had granted a marketing authorization for VLA2001 in Europe, for use as primary vaccination in people from 18 to 50 years of age. With this approval, VLA2001 became the first COVID-19 vaccine to receive a standard marketing authorization in Europe. The marketing authorization covers all 28 European Union Member States as well as Iceland, Liechtenstein, and Norway. LYME In April 2020, Valneva signed an agreement with Pfizer (the “Collaboration and License Agreement”) to co-develop and commercialize the Group’s Lyme disease vaccine candidate (VLA15). This is classified as an agreement with a customer as defined by IFRS 15 guidance on revenue contracts with customers, and accordingly, amounts received or payable by Valneva under the Collaboration and License Agreement are accounted for in the Group’s revenues. The Collaboration and License Agreement included a € 116.9 million 130 million 14.3 3.0 79.6 In June 2022, Valneva and Pfizer updated the terms of their Collaboration and License agreement which was signed in April 2020. From May 1, 2022, onward Valneva will fund 40% 30% 14% 22% 19% 100 million 168 million 25 million payment to Valneva upon Pfizer’s initiation of the Phase 3 study 36.1 million 118.4 79.6 59.8 3.0 US DEPARTMENT OF DEFENSE (DoD) In September 2020, the U.S. Department of Defense (DoD) awarded Valneva a new contract for the supply of IXIARO. The terms of the agreement, as subsequently amended in September 2021, include an initial base year followed by two option years, each with a range of minimum and maximum potential orders. The base year had a minimum value of approximately $ 53 million 370,000 28.8 million 200,000 36 million 250,000 5.4 5.4 FINANCING In February 2022, Valneva announced that its subsidiary Valneva Scotland was awarded research and development funding of up to £ 20 12.5 7.5 In April 2022, Valneva signed an amendment to increase the principal amount of its existing € 54.1 million 60 million 18.2 million 20 million 20 million 9.95% 10.09% 72.4 million 80.0 million 54.1 million 60.0 million 71.0 million 49.7 million In June 2022, Valneva signed an Equity Subscription Agreement with Pfizer. Pursuant to the Equity Subscription Agreement, Pfizer invested € 90.5 million 95 million 8.1% 9.49 KEY SOURCES OF ESTIMATION UNCERTAINTY Below are listed the key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Those assumptions and estimates are discussed below as an update of the key sources of estimation uncertainty provided as at December 31, 2021 ● Notes 1, 4, and 20: The likelihood of the royalty obligation towards the UK Authority was updated. As at December 31, 2021, the royalty obligation was assessed at the maximum amount, as significant COVID sales were expected to occur outside the UK (refer to Note 1). As at June 30, 2022, the terms of the royalty obligation were redefined under the 2022 settlement agreement. As at June 30, 2022 management assessed the likelihood for this future obligation as remote. This resulted in a value of € nil, and the refund liability was updated in this respect. This led to other revenues recognized of € 89.4 ● Note 13: Write-down analysis for inventories: For the assessment of write-down of raw material the current production plans have been taken into account. Raw material which will not be used before expiry date was written down. For this assessment, the status of the expiry dates as of the balance sheet date was taken. For the assessment of write-downs of work in progress, finished goods and purchased goods, the forecast sales plans and a minimum shelf life at the time of the most current sales expectations have been taken into account. Given the significant changes to the ordered volumes and the expected future demand for VLA2001, a certain amount of related inventory was written-off. ● Note 25: Recognition and measurement of litigations and contingencies: key assumptions were made about the likelihood and magnitude of an outflow of resources. In estimating the provision for onerous contracts, the management made assumptions regarding the estimated amount of termination costs for certain agreements.

Group structure

Group structure	6 Months Ended
	Jun. 30, 2022
Group Structure
Group structure	2. List of direct or indirect interests held by the Company: Name Country of incorporation Consolidation method June 30, 2022 December 31, BliNK Biomedical SAS FR Equity method* 48.9 48.9 Vaccines Holdings Sweden AB SE Consolidation 100 100 Valneva Austria GmbH AT Consolidation 100 100 Valneva Canada Inc. CA Consolidation 100 100 Valneva France SAS FR Consolidation 100 100 Valneva Scotland Ltd. UK Consolidation 100 100 Valneva Sweden AB SE Consolidation 100 100 Valneva UK Ltd. UK Consolidation 100 100 Valneva USA, Inc. US Consolidation 100 100 * The investment in BliNK Biomedical SAS was reclassified from “Investments in associates” to “Assets classified as held for sale” as at June 30, 2022.

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2022
Segment reporting	3. Segment reporting The Company’s Management Board, as its chief operating decision maker, considers the operational business from a product rather than geographic perspective and has identified four reportable segments. Key performance indicators include revenue and operating profitability. The individual segments consist of the following: + “Commercialized products” (marketed vaccines, currently the Group’s vaccines IXIARO and DUKORAL as well as -party products + “COVID” (development, manufacturing, and distribution related to Valneva’s SARS-CoV-2 vaccine candidate), + “Vaccine candidates” (proprietary programs aiming to generate new approvable products in order to generate future cash flows from product sales or from commercialization through partnering with pharmaceutical companies, excluding COVID-19 vaccine candidates, which is presented separately + “Technologies and services” (services and inventions at the commercialization stage, i.e. revenue generated through collaborations, service, and licensing agreements Income statement by segment for the six months ended June 30, 2021: Schedule of income statement by segment € in thousand Commercialized COVID Vaccine Technologies Corporate Total Product sales 31,762 — — — — 31,762 Other revenues 10 — 1,849 13,880 — 15,740 Revenues 31,772 — 1,849 13,880 — 47,502 Cost of goods and services (19,326 ) (4,156 ) — (11,295 ) — (34,778 ) Research and development expenses (878 ) (46,105 ) (29,513 ) (2,241 ) — (78,737 ) Marketing and distribution expenses (7,086 ) (444 ) (2,037 ) (75 ) — (9,643 ) General and administrative expenses (2,519 ) (9,438 ) (3,256 ) (2,194 ) (3,498 ) (20,904 ) Other income and expenses, net 2,126 4,690 2,952 900 (279 ) 10,389 Operating income/(loss) 4,089 (55,454 ) (30,005 ) (1,025 ) (3,776 ) (86,172 ) Income statement by segment for the six months ended June 30, 2022: € in thousand Commercialized COVID Vaccine Technologies Corporate Total Product sales 29,537 3,798 — — — 33,335 Other revenues 15 89,383 956 (30,465 ) — 59,889 Revenues 29,552 93,181 956 (30,465 ) — 93,224 Cost of goods and services (12,296 ) (154,883 ) — (4,301 ) — (171,479 ) Research and development expenses (406 ) (44,223 ) (6,702 ) (551 ) — (51,883 ) Marketing and distribution expenses (4,156 ) (1,483 ) (2,182 ) (16 ) — (7,837 ) General and administrative expenses (3,236 ) (8,359 ) (1,759 ) (924 ) (1,752 ) (16,031 ) Other income and expenses, net 110 5,099 1,365 381 (3,359 ) 3,597 Operating income/(loss) 9,568 (110,667 ) (8,322 ) (35,876 ) (5,111 ) (150,410 ) Revenue from contracts with customer by geographical segment In presenting information on the basis of geographical segments, segment revenue is based on the final location where our distribution partner sells the product or where the customer/partner is located. Six months ended June 30, 2021 € in thousand Commercialized COVID Vaccine Technologies Total Canada 2,006 — — — 2,006 United States 23,589 — — 5,781 29,370 United Kingdom 901 — — — 901 Austria 1,074 — — 40 1,114 Nordics 1 — — — 15 15 Germany 3,006 — — 4,126 7,131 Other Europe 1,181 — — 3,001 4,182 Other markets 15 — 1,849 466 2,330 Revenues from contracts with customers 31,772 — 1,849 13,429 47,050 Six months ended June 30, 2022 € in thousand Commercialized COVID Vaccine Technologies Total Canada 6,683 — — — 6,683 United States 4,632 — — (36,073 ) (31,442 ) United Kingdom 5,523 89,383 — 1,025 95,931 Austria 3,744 — — 2,410 6,154 Nordics 1 2,535 — — — 2,535 Germany 2,177 — — 20 2,197 Other Europe 4,119 — — 1,357 5,476 Other markets 139 3,798 956 431 5,325 Revenues from contracts with customers 29,552 93,181 956 (30,830 ) 92,859 In the six months ended June 30, 2022, revenues from Technologies and services in the U.S. include € 36.1 31.6 1 Includes Denmark, Finland, Norway and Sweden

Revenues from contracts with cu

Revenues from contracts with customers	6 Months Ended
	Jun. 30, 2022
Revenues from contracts with customers	4. Revenues from contracts with customers Revenues, as presented in the unaudited Consolidated Interim Income Statement and in the Segment Reporting (see Note 3), include both revenues from contracts with customers and other revenues, which are out of the scope of IFRS 15: Schedule of disaggregated revenue information Six months ended June 30, 2021 € in thousand Commercialized COVID Vaccine Technologies Total Revenues from contracts with customers 31,772 — 1,849 13,429 47,050 Miscellaneous revenues — — — 451 451 Revenues 31,772 — 1,849 13,880 47,502 Six months ended June 30, 2022 Commercialized COVID Vaccine Technologies Total Revenues from contracts with customers 29,552 93,181 956 (30,830 ) 92,859 Miscellaneous revenues — — — 365 365 Revenues 29,552 93,181 956 (30,465 ) 93,224 In six months ended June 30, 2022, revenues from the COVID segment included € 89.4 from the re-assessment of the likelihood of the royalty obligation towards the UK Authority following the settlement agreement . In addition, the COVID segment included product sales of € 3.8 36.1 Disaggregated revenue information The Group’s revenues from contracts with customers are disaggregated as follows: Type of goods or service Schedule of type of goods or service Six months ended June 30, 2021 Commercialized COVID Vaccine Technologies Total IXIARO 25,394 — — — 25,394 DUKORAL 428 — — — 428 Third party products 5,950 — — — 5,950 Lyme VLA15 — — — 5,616 5,616 Chikungunya VLA1553 — — 1,849 — 1,849 Services related to clinical trial material — — — 5,727 5,727 Others — — — 2,085 2,085 Revenues from contracts with customers 31,772 — 1,849 13,429 47,050 Six months ended June 30, 2022 Commercialized COVID Vaccine Technologies Total IXIARO 12,283 — — — 12,283 DUKORAL 5,766 — — — 5,766 Third party products 11,503 — — — 11,503 COVID VLA2001 — 93,181 — — 93,181 Chikungunya VLA1553 — — 956 — 956 Lyme VLA15 — — — (36,107 ) (36,107 ) Services related to clinical trial material — — — 2,490 2,490 Others — — — 2,786 2,786 Revenues from contracts with customers 29,552 93,181 956 (30,830 ) 92,859 In the six months ended June 30, 2022, revenues from the COVID segment included € 89.4 from the re-assessment of the likelihood of the royalty obligation towards the UK Authority following the settlement agreement . In addition, the COVID segment included product sales of € 3.8 36.1 Geographical markets In presenting information on the basis of geographical segments, segment revenue is based on the final location where our distribution partner sells the product or where the customer/partner is located. Refer to Note 3. Sales channels for product sales Commercialized products are sold via the following sales channels: Schedule of commercialized products Six months ended June 30, € in thousand 2022 2021 Direct product sales 25,302 30,663 Indirect product sales 4,250 1,110 Total product sales 29,552 31,772

Operating expenses

Operating expenses	6 Months Ended
	Jun. 30, 2022
Operating expenses	5. The unaudited consolidated income statement Schedule of operating expenses Six months ended June 30, € in thousand 2022 2021 Cost of services and change in inventory (102,476 ) (2,940 ) Consulting and other purchased services 2 (87,171 ) (76,213 ) Employee benefit expense other than share-based compensation 3 (23,089 ) (35,955 ) Share-based compensation expense 5,480 (3,653 ) Depreciation and amortization and impairment (14,440 ) (6,101 ) Building and energy costs (7,050 ) (5,286 ) Supply, office and IT-costs (6,134 ) (3,308 ) Raw materials and consumables used (5,536 ) (5,371 ) Advertising costs (2,740 ) (1,318 ) License fees and royalties (1,650 ) (2,490 ) Travel and transportation costs (849 ) (126 ) Warehousing and distribution costs (686 ) (745 ) Other expenses (889 ) (554 ) Operating expenses (247,230 ) (144,062 ) 2 In the six months ended June 30, 2022, the position “employee benefit other than share-bases compensations” includes an income of € 19.5 5.0 In the six months ended June 30, 2022, Cost of services and change in inventory included effects from the significant changes to the ordered volumes and the expected future demand for VLA2001 , in particular a write-down of inventory of € 83.5 26.9 14.1 71.1 33.4 3.3

Other income and expenses, net

Other income and expenses, net	6 Months Ended
	Jun. 30, 2022
Other Income And Expenses Net
Other income and expenses, net	6. Other income and expenses, net Other income and expenses, net include the following Six months ended June 30, € in thousand 2022 2021 Research and development tax credit 6,770 9,635 Grant income 89 1,145 Profit/(loss) on disposal of fixed assets, net (46 ) (21 ) Taxes, duties, fees, charges, other than income tax (227 ) (133 ) Miscellaneous income/(expenses), net (2,989 ) (237 ) Other income and expenses, net 3,597 10,389 In terms of the Research and development tax credit, € 6.2 9.1 0.6 0.6

Finance income_(expenses) and f

Finance income/(expenses) and foreign exchange gain/(losses), net	6 Months Ended
	Jun. 30, 2022
Finance income/(expenses) and foreign exchange gain/(losses), net	7. Finance income/(expenses) and foreign exchange gain/(losses), net Schedule of finance income/(expenses) and foreign exchange gain/(losses), net Six months ended June 30, € in thousand 2022 2021 Finance income Interest income from other parties 35 228 Total finance income 35 228 Finance expense Interest expense on loans (2,695 ) (3,820 ) Interest expense on refund liabilities (4,812 ) (4,104 ) Interest expense on lease liabilities (457 ) (419 ) Other interest expense (235 ) (88 ) Total finance expense (8,199 ) (8,431 ) Foreign exchange gain/(losses), net (10,657 ) 8,735 Finance income/(expense), net (18,821 ) 532 This was mainly a result of a foreign exchange loss amounting to € 10.7 8.7

Intangible assets

Intangible assets	6 Months Ended
	Jun. 30, 2022
Intangible assets	8. Intangible assets As at June 30, 2022 and December 31, 2021, there were no acquired research and development technology assets with a definite useful life which are not yet amortized. Significant intangible assets (included in acquired Research & Development technology and projects as well as in the development costs) with definite useful life are comprised primarily of the already commercialized vaccine against Japanese encephalitis (IXIARO) with acquisition costs amounting to € 78.8 29.1 30.6 For impairment test, see Note 11.

Leases (right of use assets and

Leases (right of use assets and lease liabilities)	6 Months Ended
	Jun. 30, 2022
Leases (right of use assets and lease liabilities)	9. Leases (right of use assets and lease liabilities) Right of use assets decreased from € 48.3 46.8 1.5 million 0.9 million 0.8 million Lease liability decreased from € 56.8 million 54.9 million 2.0 million 1.3 million 0.8 million 0.5 million 0.1 million Major lease agreements are for the premises in Austria (book value as at June 30, 2022: € 23.5 24.0 21.1 22.1

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2022
Property, plant and equipment	10. Property, plant and equipment In the first six months of 2022, property, plant and equipment decreased from € 125.5 123.2 7.7 3.3 3.9 12.6 million

Impairment testing

Impairment testing	6 Months Ended
	Jun. 30, 2022
Impairment testing	11. Impairment testing 11.1 At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Nonfinancial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. As at June 30, 2022, no triggering events were identified for IXIARO and DUKORAL. During 2021 and 2022, the Company invested in manufacturing facilities in both Scotland and Sweden in order to fulfill COVID-19 vaccine demand from contracts with the UK Government, the EC member states as well as with the Kingdom of Bahrain. Given the significant changes to the ordered volumes and the expected future demand for VLA2001, impairment tests were performed as of June 30, 2022, for all assets utilized or expected to be utilized for the manufacturing of VLA2001. The new Almeida manufacturing facility in Scotland is still under construction and to date no manufacturing of VLA2001 has taken place in this facility. As future utilization may not be limited to VLA2001 but will likely over time be extended to manufacturing of the company’s commercial vaccine IXIARO and to manufacturing of VLA1553, the Company’s vaccine against prevention of chikungunya, all future cash flows generated by utilizing this facility have been considered in calculating the value in use. For impairment testing of the Company’s new fixed assets held and utilized for the filling and packaging processes of COVID-19 in Sweden, the impairment testing included cash flows generated by the Company’s commercial stage vaccine DUKORAL, which will going forward also be manufactured utilizing the newly established facility in Sweden. Additional strategic options do exist for both facilities, however, at this moment are considered unlikely. Impairment testing procedures have been performed solely on the utilization of the established capacity through the Group’s existing and future commercial stage vaccines. Different utilization options or a potential sale of any of the facilities were not considered during the performance of impairment testing procedures. Impairment of manufacturing equipment: As at June 30, 2022, impairment charges amounting to € 3.3 Almeida Manufacturing facility in Scotland: The new manufacturing facility in Scotland is still under construction. By June 30, 2022, the carrying value of the related property, plant and equipment amounted to € 83.7 million Cash flows are expected to be generated starting in 2023 and considerable value in use is generated over the planning horizon of 5.5 years as well as through the Terminal Value for the period beyond the 5.5 years planning horizon. In total, the value in use 83.7 million The calculation uses post-tax risk-adjusted cash flow projections and a discount rate of 6.67% 6.87% The discount rate of 6.67% 1.53% 6.31% 0.50% 0.36% 1.15 The discount rate of 6.87% 1.53% 6.51% 0.45% 0.51% 1.15 The impairment test for the manufacturing facility in Scotland has resulted in no impairment losses. Filling & Packaging facility in Sweden: The new Filling & Packaging facility in Sweden has been completed and was utilized for manufacturing activities for VLA2001 during the first half of 2022. Manufacturing processes are expected to continue until November 2022 and, in addition, manufacturing processes for DUKORAL are expected to be transferred to the new facility starting in 2023. For impairment testing purposes it has been assumed that future cash flows will only be generated by DUKORAL. By June 30, 2022, the carrying value of the DUKORAL related property, plant and equipment, of utilized right-of-use assets as well as working capital amounted to € 23.8 million Cash flows are generated over the planning horizon of 5.5 years as well as through the Terminal Value for the period beyond the 5.5 years planning horizon. In total, the value in use amounted to € 82.4 million 23.8 million 58.6 million 29.6 million The calculation uses post-tax risk-adjusted cash flow projections and a discount rate of 6.69 The discount rate of 6.69 1.53% 6.31% 0.56% 0.42% 1.15 The impairment test for the Filling & Packaging facility in Sweden has resulted in no impairment losses.. 11.2 The net present value calculations are most sensitive to the following assumptions: ■ discount rate ■ reduction of expected revenues/royalties. The net present value calculation uses a discount rate of 6.67 7.49 6.87 6.69 7.23 6.67% 44.89% 4,562 7.49% 53.11% 6.87% 47.94% 6.69% 12.52% 587 7.23% 13.10% The net present value calculations are based upon assumptions regarding market size, expected sales volumes resulting in sales value expectations, expected royalty income or expected milestone payments. A reduction in IXIARO, chikungunya and DUKORAL revenues of 10% would result in no impairment loss per June 30, 2022 unchanged to December 31, 2021. Schedule of sensitivity analysis Sensitivity analysis June 30, 2022 December 31, 2021 IXIARO DUKORAL Chikungunya IXIARO DUKORAL WACC 6.67 6.69 6.87 7.49 7.23 Break-even WACC 44.89 12.52 47.94 53.11 13.10 Impairment if WACC increases by 1% NO NO NO NO NO Impairment if sales reduce by 10% NO NO NO NO NO

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Financial Instruments	12. Financial Instruments For the majority of the borrowings and other loans, the fair values are not materially different from their carrying amounts since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. As at June 30, 2022, material differences are identified only for guaranteed other loans. Based on an estimated arms’ length interest rate of 9.87 2.7 3.0 The fair values of all other financial instruments equal their book values as at June 30, 2022.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventories	13. Inventories Inventories include the following: Schedule of Inventories June 30, December 31, € in thousand 2022 2021 Raw materials 99,195 102,082 Work in progress 116,188 55,681 Finished goods 14,636 8,135 Purchased goods (third party products) 3,638 7,362 Gross amount of Inventory before write-down 233,657 173,260 Less: write-down (138,455 ) (49,162 ) Inventory 95,201 124,098 The increase in work in progress and finished goods is primarily related to the production of the COVID-19 vaccine. Write-down provisions related to the inventory categories as follows: June 30, December 31, € in thousand 2022 2021 Raw materials 71,325 29,751 Work in progress 62,452 15,096 Finished goods 4,317 3,974 Purchased goods (third party products) 361 342 Total write-down provision 138,455 49,162 Valneva suspended the manufacturing of VLA 2001. As a result, raw material acquired to produce VLA2001 which cannot be repurposed and used for other products may go unused. As at the June 30, 2022, € 71.3 million 29.8 million 60.6 11.8 million 188.4 56.5 6.2 million 7.6 million 4.3 million 4.0 million 1.5 million 3.3 million 0.4 million 0.3 million In the six months ended June 30, 2022, the cost of inventories, which is recognized as an expense and is included in the position “Cost of goods and services”, amounted to € 110.0 million 12.1 million 97.0 million 4.4 million 100.6 million 1.3 million As the travel industry is recovering, the previous write-down of our travel vaccines was reassessed as of June 30, 2022. The release of write-downs relating to commercialized products which originally had been posted due to lower sales expectations and limited shelf life of the products led to an income of € 3.5 million 3.1 million

Trade receivables

Trade receivables	6 Months Ended
	Jun. 30, 2022
Trade Receivables
Trade receivables	14. Trade receivables Trade receivables include the following: June 30, December 31, € in thousand 2022 2021 Trade receivables 16,253 44,030 Less: loss allowance of receivables (2 ) (17 ) Trade receivables, net 16,251 44,013 During the six months ended June 30, 2022, and during the six months ended June 30, 2021, no material impairment losses were recognized. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. As at June 30, 2022, trade receivables comprised of € 16.2 December 31, 2021 40.9

Other assets

Other assets	6 Months Ended
	Jun. 30, 2022
Other assets	15. Other assets Other assets include the following: June 30, December 31, € in thousand 2022 2021 R&D tax credit receivables 40,031 35,390 Tax receivables 8,002 6,145 Prepaid expenses 5,359 5,131 Contract costs 3,010 3,010 Advance payments 2,035 27,375 Consumables and supplies on stock 1,414 1,722 Miscellaneous current assets 570 23 Other non-financial assets 60,422 78,796 Deposits 11,341 11,339 Miscellaneous financial assets 151 183 Other financial assets 11,491 11,522 Other assets 71,913 90,318 Less non-current portion (17,948 ) (19,282 ) Current portion 53,965 71,036 Due to the short-term nature of the financial instruments included in other assets, their carrying amount is considered to be the same as their fair value. The increase in R&D tax credit receivables is mainly related to increased research and development expenditures primarily in connection to the COVID-19 and Lyme disease vaccine candidates. As at June 30, 2022 and December 31, 2021, the deposits mainly related to a deposit associated with a lease agreement. As at June 30, 2022, advance payments were mainly related to contract research agreements, while the balance as at December 31, 2021 included advance payments for material for the VLA2001 production as well. Contract costs mainly relate to the collaboration with Pfizer (see Note 1) and refer to costs to obtain a contract. It will be amortized in line with the pattern of revenue recognition .

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2022
Cash and cash equivalents	16. Cash and cash equivalents Cash, cash equivalents and short-term deposits include the following: June 30, December 31, € in thousand 2022 2021 Cash on hand 8 3 Cash at bank 336,169 346,639 Restricted cash 48 44 Cash and cash equivalents 336,225 346,686 As at June 30, 2022, the restricted cash was a Certificate of Deposit with restricted limited access to secure the credit limit for the ($ 50.0 As at June 30, 2022, the minimum liquidity requirement for the Group according to the debt financing agreement with U.S. healthcare funds Deerfield and was € 35.0 million 50.0

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity	17. 17.1 Ordinary shares and the convertible preferred shares are classified as equity. Number of shares June 30, December 31, 2022 2021 Ordinary shares issued (€ 0.15 117,331,343 105,190,223 Convertible preferred shares registered 20,514 48,862 Total shares issued 117,351,857 105,239,085 Less Treasury shares (124,322 ) (124,322 ) Outstanding shares 117,227,535 105,114,763 In June 2022, Valneva and Pfizer entered into an Equity Subscription Agreement. For more details refer to Note 1. Furthermore, 1,114,963 615,918 478,845 20,200 1,176,391 28,348 772,070 636,648 Conditional and authorized capital As at June 30, 2022, the Company had 3,900,994 : + the possible exercise of existing stock options; + the possible exercise of existing equity warrants (BSAs); + the possible final grant of existing Free Ordinary Shares. Pursuant to resolution No. 28 of the Combined General Meeting held on June 23, 2022, the maximum aggregate amount of capital increases that may be carried out, with immediate effect or in the future, under resolutions 20 to 27 of said Meeting, may not exceed € 5,175 . 17.2 Schedule of other reserves € in thousand Other regulated 4 Other Treasury Capital from Other Total Balance as at January 1, 2021 52,820 (2,474 ) (898 ) 12,368 (9,474 ) 52,342 Currency translation differences — (424 ) — — — (424 ) Share-based compensation expense: - value of services — — — 1,217 1,217 Purchase/sale of treasury shares — — 209 — — 209 Balance as at June 30, 2021 52,820 (2,898 ) (689 ) 13,585 (9,474 ) 53,344 3 Balance as at January 1, 2022 52,820 (5,146 ) (645 ) 15,000 (9,517 ) 52,512 Currency translation differences — (567 ) — — — (567 ) Defined benefit plan actuarial gains — 168 — — — 168 Share-based compensation expense: - value of services — — — 369 — 369 Purchase/sale of treasury shares — — — — — — Balance as at June 30, 2022 52,820 (5,545 ) (645 ) 15,369 (9,517 ) 52,482 4 Regulated non-distributable reserve relating to the merger with Intercell AG

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2022
Borrowings	18. Borrowings In April 2022, Valneva signed an amendment to increase the principal amount of its existing € 54.1 60 72.4 80.0 million 54.1 60.0 71.0 49.7 11.2 5.3 The loan is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by Valneva SE and certain of its subsidiaries. While the revenue covenant remained unchanged, the minimum cash requirement reduced from € 50.0 35.0 The Group does not expect these limitations to affect its ability to meet its cash obligations. As at June 30, 2022, the Group’s consolidated liquidity or net revenues did not fall below the covenant minimum values. As of June 30, 2022, other loans included in borrowings related to financing of Research and Development expenses and CIR (R&D tax credit in France) of € 2.4 4.7 4.7 3.5

Contract liabilities

Contract liabilities	6 Months Ended
	Jun. 30, 2022
Contract liabilities	19. Contract liabilities Development of contract liabilities: Six months ended Year ended € in thousand 2022 2021 Balance as at January 1 128,758 89,636 Revenue recognition (4,090 ) (89,364 ) Exchange rate differences 368 7 Additions 290 128,479 Other releases (506 ) - Closing balance 124,821 128,758 Less non-current portion (5,110 ) (4,741 ) Current portion 119,711 124,017 As at June 30, 2022 and as at December 31, 2021, contract liabilities consisted mainly of advance payments received and related to the supply of VLA2001 and other commercial products. As at June 30, 2022 and as at December 31, 2021, € 116.9 In the six month ended June 30, 2022, with regards to revenue recognized in 2022, € 1.5 1.2 In 2021, € 87.0

Refund liabilities

Refund liabilities	6 Months Ended
	Jun. 30, 2022
Refund Liabilities
Refund liabilities	20. Refund liabilities Development of refund liabilities: Six months ended Year ended € in thousand 2022 2021 Balance as at January 1 254,581 111,426 Revenue Recognition (89,356 ) — Additions 48,751 159,179 Payments (12,771 ) (18,022 ) Other releases - (15,198 ) Interest expense capitalized 4,812 8,478 Exchange rate difference 3 255 8,718 Closing balance 209,274 254,581 Less non-current portion (66,689 ) (158,970 ) Current portion 142,585 95,611 As at June 30, 2022, € 118.4 million related to the collaboration with Pfizer (refer to Note 4), of which € 59.8 81.9 million ( of which nil non-current) related to the CAPEX obligation, and € 6.9 million related to an expected payment to GSK (thereof € 6.9 million non-current) with regards to the termination of an agreement in 2019. In the six months ended June 30, 2022, other revenue recognized in the amount of € 89.4 million As at December 31, 2021, € 79.6 75.2 166.9 77.3 6.4 6.3

Provisions

Provisions	6 Months Ended
	Jun. 30, 2022
Provisions	21. Provisions 21.1 € in thousand June 30, 2022 December 31, 2021 Employer contribution costs on share-based compensation plans 7,050 26,520 Phantom shares 4,977 14,267 Retirement termination benefits 297 422 Balance at June 30 12,324 41,210 Less non-current portion (2,302 ) (8,308 ) Current portion 10,022 32,901 Employer contribution costs on share-based compensation plans and phantom shares are calculated at the balance sheet date. The share price of Valneva as at June 30, 2022, was € 10.86 24.50 21.2 Six months ended Year ended € in thousand 2022 2021 Balance as at January 1 15,806 2,124 Additions 31,305 13,682 Usage (250 ) — Closing balance 46,862 15,806 Less non-current portion — — Current portion 46,862 15,806 As at June 30, 2022, the increase in other provisions included € 27.8 3.1

Other liabilities

Other liabilities	6 Months Ended
	Jun. 30, 2022
Other liabilities	22. Other liabilities Schedule of other liabilities June 30, December 31, € in thousand 2022 2021 Deferred income 3,859 4,966 Other financial liabilities 47 44 Miscellaneous liabilities 3 8 Other liabilities 3,908 5,019 Less non-current portion (654 ) (69 ) Current portion 3,254 4,950

Contractual obligations

Contractual obligations	6 Months Ended
	Jun. 30, 2022
Contractual obligations	23. Contractual obligations The following tables disclose aggregate information about the Group’s material long-term contractual obligations and the periods in which payments are due. Future events could cause actual payments and timing of payments to differ from the contractual cash flows set forth below At December 31, 2021 <1 year 1-2 years 2-3 years 3-5 years 5- 10 years 10-15 years >15 years Total Borrowings 7,121 27,061 21,499 20,534 1,765 — — 77,980 Lease liabilities 4,060 26,142 2,870 5,761 12,798 9,928 1,905 63,464 Refund liabilities 101,070 82,654 49,701 55,000 12,720 — — 301,145 Trade payables and accruals 68,119 — — — — — — 68,119 Tax and employee-related liabilities 5 10,101 — — — — — — 10,101 Other liabilities 27 25 — — — — — 52 190,499 135,882 74,070 81,295 27,282 9,928 1,905 520,861 At June 30, 2022 <1 year 1-2 years 2-3 years 3-5 years 5- 10 years 10-15 years >15 years Total Borrowings 9,723 17,764 31,426 50,726 1,902 — — 111,540 Lease liabilities 3,873 25,605 2,839 5,672 12,129 9,918 1,029 61,065 Refund liabilities 142,585 59,784 7,000 — — — — 209,369 Trade payables and accruals 83,704 — — — — — — 83,704 Tax and employee-related liabilities³ 9,555 — — — — — — 9,555 Other liabilities 24 25 — — — — — 49 249,464 103,179 41,265 56,398 14,031 9,918 1,029 475,283 5 Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments.

Cash Flow information

Cash Flow information	6 Months Ended
	Jun. 30, 2022
Cash Flow Information
Cash Flow information	24. The following table shows the adjustments to reconcile net loss to net cash generated from operations: € in thousand Six months ended June 30, 2022 2021 Profit/(Loss) for the year (171,493 ) (86,399 ) Adjustments for non-cash transactions: ■ Depreciation and amortization 11,153 6,101 ■ Write-off / impairment fixed assets/intangibles 3,286 — ■ Share-based compensation expense/(income) (8,921 ) 3,484 ■ Income tax expense/(income) 2,271 668 ■ (Profit)/loss from disposal of property, plant, equipment and intangible assets 46 23 ■ Share of (profit)/loss from associates (9 ) 90 ■ Provision for employer contribution costs on share-based compensation plans (19,290 ) 4,596 ■ Other non-cash income/expense 8,972 (6,163 ) ■ Interest income (35 ) (228 ) ■ Interest expense 8,199 8,431 Changes in non-current operating assets and liabilities (excluding the effects of acquisition and exchange rate differences on consolidation) : ■ Other non-current assets 1,335 1,413 ■ Long term contract liabilities — (58 ) ■ Long term refund liabilities (94,780 ) 6,988 ■ Other non-current liabilities and provisions 601 (2 ) Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): ■ Inventory 26,041 (97,006 ) ■ Trade and other receivables 44,960 (13,271 ) ■ Contract liabilities (4,304 ) 248,910 ■ Refund liabilities 44,654 (11,157 ) ■ Trade, other payables and provisions 47,904 19,139 Cash generated from/(used in) operations (99,410 ) 85,560

Contingencies and Litigations

Contingencies and Litigations	6 Months Ended
	Jun. 30, 2022
Contingencies and Litigations	25. Contingencies and Litigations Following the merger between the companies Vivalis SA and Intercell AG in 2013, certain former Intercell shareholders initiated legal proceedings before the Commercial Court of Vienna to request a revision of either the cash compensation paid to departing shareholders or the exchange ratio between Intercell and Valneva shares used in the merger. In October 2021, a court-appointed expert recommended an increase in the cash compensation as well as further valuation work on the exchange ratio. In April 2022, this expert presented the result of its work on the exchange ratio; however, the final outcome will depend on the court’s position on a couple of legal points. The Company therefore assessed the probability of several scenarios and decided to hold a provision of € 5.2 2.1 3.1 In July 2016, a claim for additional payment was raised and litigation was filed in December 2016, in connection with the 2009 acquisition of Humalys SAS, from which the Company had acquired a technology, which was later combined with other antibody discovery technologies and spun off to BliNK Biomedical SAS in early 2015. Former shareholders of Humalys claimed additional consideration as a result of the spin-off transaction. A first instance decision in the Humalys case is expected in the first half of 2023. After consultation with its external advisors the Company believes that this claim is unsubstantiated, and the filed litigation is not likely to succeed in court. Detailed information on the potential specific financial consequences, which might result from a successful claim could adversely affect the Company’s ability to defend its interests in this case and therefore is not provided, in accordance with IAS 37.92.

Related party transaction

Related party transaction	6 Months Ended
	Jun. 30, 2022
Related party transaction	26. Related party transaction Key management compensation The aggregate compensation of the members of the Company’s Management Board includes the following: Schedule of key management compensation € in thousand Six months ended June 30, 2022 2021 Salaries and other short-term employee benefits 886 677 Other long-term benefits 18 15 Share-based payments (expense of the period) 288 448 Key management compensation 1,192 1,140 Supervisory Board compensation The aggregate compensation of the members of the Company’s Supervisory Board amounted to € 162 thousand 140 thousand R&D tax-credit As at June 30, 2022, the aggregate amount of Valneva SE’ R&D tax-credit financed by Bpifrance amounted to € 2.4 Rendering of services Services provided by Valneva to Groupe Grimaud La Corbière SAS, being shareholder of Valneva are considered related party transactions and consist of services within a Collaboration and Research License agreement and of the provision of premises and equipment. Schedule of rendering of services € in thousand Six months ended June 30, 2022 2021 Provision of services: 37 47 Operating activities 1,099 73 Provision of services 1,136 120 Operating activities amounting to € 1.1 million 1.0 million

Events after the reporting peri

Events after the reporting period	6 Months Ended
	Jun. 30, 2022
Events after the reporting period	27. Events after the reporting period Following the receipt of the EC’s notice to terminate the APA for VLA2001 in May 2022, both parties entered into negotiations for a remediation plan. In July 2022, the EC approved an amendment to the APA, which was signed in July 2022. Under this amendment the Member States will purchase 1.25 million These conditions arose after the reporting period that ended on June 30, 2022 and there was no evidence of conditions that already existed at the end of this reporting period.

Group structure (Tables)

Group structure (Tables)	6 Months Ended
	Jun. 30, 2022
Group Structure
List of direct or indirect interests held by the Company:	List of direct or indirect interests held by the Company: Name Country of incorporation Consolidation method June 30, 2022 December 31, BliNK Biomedical SAS FR Equity method* 48.9 48.9 Vaccines Holdings Sweden AB SE Consolidation 100 100 Valneva Austria GmbH AT Consolidation 100 100 Valneva Canada Inc. CA Consolidation 100 100 Valneva France SAS FR Consolidation 100 100 Valneva Scotland Ltd. UK Consolidation 100 100 Valneva Sweden AB SE Consolidation 100 100 Valneva UK Ltd. UK Consolidation 100 100 Valneva USA, Inc. US Consolidation 100 100 * The investment in BliNK Biomedical SAS was reclassified from “Investments in associates” to “Assets classified as held for sale” as at June 30, 2022.

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of income statement by segment	Income statement by segment for the six months ended June 30, 2021: Schedule of income statement by segment € in thousand Commercialized COVID Vaccine Technologies Corporate Total Product sales 31,762 — — — — 31,762 Other revenues 10 — 1,849 13,880 — 15,740 Revenues 31,772 — 1,849 13,880 — 47,502 Cost of goods and services (19,326 ) (4,156 ) — (11,295 ) — (34,778 ) Research and development expenses (878 ) (46,105 ) (29,513 ) (2,241 ) — (78,737 ) Marketing and distribution expenses (7,086 ) (444 ) (2,037 ) (75 ) — (9,643 ) General and administrative expenses (2,519 ) (9,438 ) (3,256 ) (2,194 ) (3,498 ) (20,904 ) Other income and expenses, net 2,126 4,690 2,952 900 (279 ) 10,389 Operating income/(loss) 4,089 (55,454 ) (30,005 ) (1,025 ) (3,776 ) (86,172 ) Income statement by segment for the six months ended June 30, 2022: € in thousand Commercialized COVID Vaccine Technologies Corporate Total Product sales 29,537 3,798 — — — 33,335 Other revenues 15 89,383 956 (30,465 ) — 59,889 Revenues 29,552 93,181 956 (30,465 ) — 93,224 Cost of goods and services (12,296 ) (154,883 ) — (4,301 ) — (171,479 ) Research and development expenses (406 ) (44,223 ) (6,702 ) (551 ) — (51,883 ) Marketing and distribution expenses (4,156 ) (1,483 ) (2,182 ) (16 ) — (7,837 ) General and administrative expenses (3,236 ) (8,359 ) (1,759 ) (924 ) (1,752 ) (16,031 ) Other income and expenses, net 110 5,099 1,365 381 (3,359 ) 3,597 Operating income/(loss) 9,568 (110,667 ) (8,322 ) (35,876 ) (5,111 ) (150,410 )
Revenue from contracts with customer by geographical segment	Revenue from contracts with customer by geographical segment In presenting information on the basis of geographical segments, segment revenue is based on the final location where our distribution partner sells the product or where the customer/partner is located. Six months ended June 30, 2021 € in thousand Commercialized COVID Vaccine Technologies Total Canada 2,006 — — — 2,006 United States 23,589 — — 5,781 29,370 United Kingdom 901 — — — 901 Austria 1,074 — — 40 1,114 Nordics 1 — — — 15 15 Germany 3,006 — — 4,126 7,131 Other Europe 1,181 — — 3,001 4,182 Other markets 15 — 1,849 466 2,330 Revenues from contracts with customers 31,772 — 1,849 13,429 47,050 Six months ended June 30, 2022 € in thousand Commercialized COVID Vaccine Technologies Total Canada 6,683 — — — 6,683 United States 4,632 — — (36,073 ) (31,442 ) United Kingdom 5,523 89,383 — 1,025 95,931 Austria 3,744 — — 2,410 6,154 Nordics 1 2,535 — — — 2,535 Germany 2,177 — — 20 2,197 Other Europe 4,119 — — 1,357 5,476 Other markets 139 3,798 956 431 5,325 Revenues from contracts with customers 29,552 93,181 956 (30,830 ) 92,859 In the six months ended June 30, 2022, revenues from Technologies and services in the U.S. include € 36.1 31.6 1 Includes Denmark, Finland, Norway and Sweden

Revenues from contracts with _2

Revenues from contracts with customers (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of disaggregated revenue information	Revenues, as presented in the unaudited Consolidated Interim Income Statement and in the Segment Reporting (see Note 3), include both revenues from contracts with customers and other revenues, which are out of the scope of IFRS 15: Schedule of disaggregated revenue information Six months ended June 30, 2021 € in thousand Commercialized COVID Vaccine Technologies Total Revenues from contracts with customers 31,772 — 1,849 13,429 47,050 Miscellaneous revenues — — — 451 451 Revenues 31,772 — 1,849 13,880 47,502 Six months ended June 30, 2022 Commercialized COVID Vaccine Technologies Total Revenues from contracts with customers 29,552 93,181 956 (30,830 ) 92,859 Miscellaneous revenues — — — 365 365 Revenues 29,552 93,181 956 (30,465 ) 93,224
Schedule of type of goods or service	Type of goods or service Schedule of type of goods or service Six months ended June 30, 2021 Commercialized COVID Vaccine Technologies Total IXIARO 25,394 — — — 25,394 DUKORAL 428 — — — 428 Third party products 5,950 — — — 5,950 Lyme VLA15 — — — 5,616 5,616 Chikungunya VLA1553 — — 1,849 — 1,849 Services related to clinical trial material — — — 5,727 5,727 Others — — — 2,085 2,085 Revenues from contracts with customers 31,772 — 1,849 13,429 47,050 Six months ended June 30, 2022 Commercialized COVID Vaccine Technologies Total IXIARO 12,283 — — — 12,283 DUKORAL 5,766 — — — 5,766 Third party products 11,503 — — — 11,503 COVID VLA2001 — 93,181 — — 93,181 Chikungunya VLA1553 — — 956 — 956 Lyme VLA15 — — — (36,107 ) (36,107 ) Services related to clinical trial material — — — 2,490 2,490 Others — — — 2,786 2,786 Revenues from contracts with customers 29,552 93,181 956 (30,830 ) 92,859
Schedule of commercialized products	Commercialized products are sold via the following sales channels: Schedule of commercialized products Six months ended June 30, € in thousand 2022 2021 Direct product sales 25,302 30,663 Indirect product sales 4,250 1,110 Total product sales 29,552 31,772

Operating expenses (Tables)

Operating expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of operating expenses	The unaudited consolidated income statement Schedule of operating expenses Six months ended June 30, € in thousand 2022 2021 Cost of services and change in inventory (102,476 ) (2,940 ) Consulting and other purchased services 2 (87,171 ) (76,213 ) Employee benefit expense other than share-based compensation 3 (23,089 ) (35,955 ) Share-based compensation expense 5,480 (3,653 ) Depreciation and amortization and impairment (14,440 ) (6,101 ) Building and energy costs (7,050 ) (5,286 ) Supply, office and IT-costs (6,134 ) (3,308 ) Raw materials and consumables used (5,536 ) (5,371 ) Advertising costs (2,740 ) (1,318 ) License fees and royalties (1,650 ) (2,490 ) Travel and transportation costs (849 ) (126 ) Warehousing and distribution costs (686 ) (745 ) Other expenses (889 ) (554 ) Operating expenses (247,230 ) (144,062 ) 2 In the six months ended June 30, 2022, the position “employee benefit other than share-bases compensations” includes an income of € 19.5 5.0

Other income and expenses, net

Other income and expenses, net (Tables)	6 Months Ended
	Jun. 30, 2022
Other Income And Expenses Net
Other income and expenses, net include the following	Other income and expenses, net include the following Six months ended June 30, € in thousand 2022 2021 Research and development tax credit 6,770 9,635 Grant income 89 1,145 Profit/(loss) on disposal of fixed assets, net (46 ) (21 ) Taxes, duties, fees, charges, other than income tax (227 ) (133 ) Miscellaneous income/(expenses), net (2,989 ) (237 ) Other income and expenses, net 3,597 10,389

Finance income_(expenses) and_2

Finance income/(expenses) and foreign exchange gain/(losses), net (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of finance income/(expenses) and foreign exchange gain/(losses), net	Schedule of finance income/(expenses) and foreign exchange gain/(losses), net Six months ended June 30, € in thousand 2022 2021 Finance income Interest income from other parties 35 228 Total finance income 35 228 Finance expense Interest expense on loans (2,695 ) (3,820 ) Interest expense on refund liabilities (4,812 ) (4,104 ) Interest expense on lease liabilities (457 ) (419 ) Other interest expense (235 ) (88 ) Total finance expense (8,199 ) (8,431 ) Foreign exchange gain/(losses), net (10,657 ) 8,735 Finance income/(expense), net (18,821 ) 532

Impairment testing (Tables)

Impairment testing (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of sensitivity analysis	Schedule of sensitivity analysis Sensitivity analysis June 30, 2022 December 31, 2021 IXIARO DUKORAL Chikungunya IXIARO DUKORAL WACC 6.67 6.69 6.87 7.49 7.23 Break-even WACC 44.89 12.52 47.94 53.11 13.10 Impairment if WACC increases by 1% NO NO NO NO NO Impairment if sales reduce by 10% NO NO NO NO NO

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of Inventories	Inventories include the following: Schedule of Inventories June 30, December 31, € in thousand 2022 2021 Raw materials 99,195 102,082 Work in progress 116,188 55,681 Finished goods 14,636 8,135 Purchased goods (third party products) 3,638 7,362 Gross amount of Inventory before write-down 233,657 173,260 Less: write-down (138,455 ) (49,162 ) Inventory 95,201 124,098
Write-down provisions related to the inventory categories as follows:	Write-down provisions related to the inventory categories as follows: June 30, December 31, € in thousand 2022 2021 Raw materials 71,325 29,751 Work in progress 62,452 15,096 Finished goods 4,317 3,974 Purchased goods (third party products) 361 342 Total write-down provision 138,455 49,162

Trade receivables (Tables)

Trade receivables (Tables)	6 Months Ended
	Jun. 30, 2022
Trade Receivables
Trade receivables include the following:	Trade receivables include the following: June 30, December 31, € in thousand 2022 2021 Trade receivables 16,253 44,030 Less: loss allowance of receivables (2 ) (17 ) Trade receivables, net 16,251 44,013

Other assets (Tables)

Other assets (Tables)	6 Months Ended
	Jun. 30, 2022
Other assets include the following:	Other assets include the following: June 30, December 31, € in thousand 2022 2021 R&D tax credit receivables 40,031 35,390 Tax receivables 8,002 6,145 Prepaid expenses 5,359 5,131 Contract costs 3,010 3,010 Advance payments 2,035 27,375 Consumables and supplies on stock 1,414 1,722 Miscellaneous current assets 570 23 Other non-financial assets 60,422 78,796 Deposits 11,341 11,339 Miscellaneous financial assets 151 183 Other financial assets 11,491 11,522 Other assets 71,913 90,318 Less non-current portion (17,948 ) (19,282 ) Current portion 53,965 71,036

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2022
Cash, cash equivalents and short-term deposits include the following:	Cash, cash equivalents and short-term deposits include the following: June 30, December 31, € in thousand 2022 2021 Cash on hand 8 3 Cash at bank 336,169 346,639 Restricted cash 48 44 Cash and cash equivalents 336,225 346,686

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Ordinary shares and the convertible preferred shares are classified as equity.	Ordinary shares and the convertible preferred shares are classified as equity. Number of shares June 30, December 31, 2022 2021 Ordinary shares issued (€ 0.15 117,331,343 105,190,223 Convertible preferred shares registered 20,514 48,862 Total shares issued 117,351,857 105,239,085 Less Treasury shares (124,322 ) (124,322 ) Outstanding shares 117,227,535 105,114,763
Schedule of other reserves	Schedule of other reserves € in thousand Other regulated 4 Other Treasury Capital from Other Total Balance as at January 1, 2021 52,820 (2,474 ) (898 ) 12,368 (9,474 ) 52,342 Currency translation differences — (424 ) — — — (424 ) Share-based compensation expense: - value of services — — — 1,217 1,217 Purchase/sale of treasury shares — — 209 — — 209 Balance as at June 30, 2021 52,820 (2,898 ) (689 ) 13,585 (9,474 ) 53,344 3 Balance as at January 1, 2022 52,820 (5,146 ) (645 ) 15,000 (9,517 ) 52,512 Currency translation differences — (567 ) — — — (567 ) Defined benefit plan actuarial gains — 168 — — — 168 Share-based compensation expense: - value of services — — — 369 — 369 Purchase/sale of treasury shares — — — — — — Balance as at June 30, 2022 52,820 (5,545 ) (645 ) 15,369 (9,517 ) 52,482 4 Regulated non-distributable reserve relating to the merger with Intercell AG

Contract liabilities (Tables)

Contract liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Development of contract liabilities:	Development of contract liabilities: Six months ended Year ended € in thousand 2022 2021 Balance as at January 1 128,758 89,636 Revenue recognition (4,090 ) (89,364 ) Exchange rate differences 368 7 Additions 290 128,479 Other releases (506 ) - Closing balance 124,821 128,758 Less non-current portion (5,110 ) (4,741 ) Current portion 119,711 124,017

Refund liabilities (Tables)

Refund liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Refund Liabilities
Development of refund liabilities:	Development of refund liabilities: Six months ended Year ended € in thousand 2022 2021 Balance as at January 1 254,581 111,426 Revenue Recognition (89,356 ) — Additions 48,751 159,179 Payments (12,771 ) (18,022 ) Other releases - (15,198 ) Interest expense capitalized 4,812 8,478 Exchange rate difference 3 255 8,718 Closing balance 209,274 254,581 Less non-current portion (66,689 ) (158,970 ) Current portion 142,585 95,611

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Jun. 30, 2022
Provisions for employee commitments	21.1 € in thousand June 30, 2022 December 31, 2021 Employer contribution costs on share-based compensation plans 7,050 26,520 Phantom shares 4,977 14,267 Retirement termination benefits 297 422 Balance at June 30 12,324 41,210 Less non-current portion (2,302 ) (8,308 ) Current portion 10,022 32,901
Other provisions	21.2 Six months ended Year ended € in thousand 2022 2021 Balance as at January 1 15,806 2,124 Additions 31,305 13,682 Usage (250 ) — Closing balance 46,862 15,806 Less non-current portion — — Current portion 46,862 15,806

Other liabilities (Tables)

Other liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of other liabilities	Schedule of other liabilities June 30, December 31, € in thousand 2022 2021 Deferred income 3,859 4,966 Other financial liabilities 47 44 Miscellaneous liabilities 3 8 Other liabilities 3,908 5,019 Less non-current portion (654 ) (69 ) Current portion 3,254 4,950

Contractual obligations (Tables

Contractual obligations (Tables)	6 Months Ended
	Jun. 30, 2022
The following tables disclose aggregate information about the Group’s material long-term contractual obligations and the periods in which payments are due. Future events could cause actual payments and timing of payments to differ from the contractual cash flows set forth below.	The following tables disclose aggregate information about the Group’s material long-term contractual obligations and the periods in which payments are due. Future events could cause actual payments and timing of payments to differ from the contractual cash flows set forth below At December 31, 2021 <1 year 1-2 years 2-3 years 3-5 years 5- 10 years 10-15 years >15 years Total Borrowings 7,121 27,061 21,499 20,534 1,765 — — 77,980 Lease liabilities 4,060 26,142 2,870 5,761 12,798 9,928 1,905 63,464 Refund liabilities 101,070 82,654 49,701 55,000 12,720 — — 301,145 Trade payables and accruals 68,119 — — — — — — 68,119 Tax and employee-related liabilities 5 10,101 — — — — — — 10,101 Other liabilities 27 25 — — — — — 52 190,499 135,882 74,070 81,295 27,282 9,928 1,905 520,861 At June 30, 2022 <1 year 1-2 years 2-3 years 3-5 years 5- 10 years 10-15 years >15 years Total Borrowings 9,723 17,764 31,426 50,726 1,902 — — 111,540 Lease liabilities 3,873 25,605 2,839 5,672 12,129 9,918 1,029 61,065 Refund liabilities 142,585 59,784 7,000 — — — — 209,369 Trade payables and accruals 83,704 — — — — — — 83,704 Tax and employee-related liabilities³ 9,555 — — — — — — 9,555 Other liabilities 24 25 — — — — — 49 249,464 103,179 41,265 56,398 14,031 9,918 1,029 475,283 5 Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments.

Cash Flow information (Tables)

Cash Flow information (Tables)	6 Months Ended
	Jun. 30, 2022
Cash Flow Information
The following table shows the adjustments to reconcile net loss to net cash generated from operations:	The following table shows the adjustments to reconcile net loss to net cash generated from operations: € in thousand Six months ended June 30, 2022 2021 Profit/(Loss) for the year (171,493 ) (86,399 ) Adjustments for non-cash transactions: ■ Depreciation and amortization 11,153 6,101 ■ Write-off / impairment fixed assets/intangibles 3,286 — ■ Share-based compensation expense/(income) (8,921 ) 3,484 ■ Income tax expense/(income) 2,271 668 ■ (Profit)/loss from disposal of property, plant, equipment and intangible assets 46 23 ■ Share of (profit)/loss from associates (9 ) 90 ■ Provision for employer contribution costs on share-based compensation plans (19,290 ) 4,596 ■ Other non-cash income/expense 8,972 (6,163 ) ■ Interest income (35 ) (228 ) ■ Interest expense 8,199 8,431 Changes in non-current operating assets and liabilities (excluding the effects of acquisition and exchange rate differences on consolidation) : ■ Other non-current assets 1,335 1,413 ■ Long term contract liabilities — (58 ) ■ Long term refund liabilities (94,780 ) 6,988 ■ Other non-current liabilities and provisions 601 (2 ) Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): ■ Inventory 26,041 (97,006 ) ■ Trade and other receivables 44,960 (13,271 ) ■ Contract liabilities (4,304 ) 248,910 ■ Refund liabilities 44,654 (11,157 ) ■ Trade, other payables and provisions 47,904 19,139 Cash generated from/(used in) operations (99,410 ) 85,560

Related party transaction (Tabl

Related party transaction (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of key management compensation	The aggregate compensation of the members of the Company’s Management Board includes the following: Schedule of key management compensation € in thousand Six months ended June 30, 2022 2021 Salaries and other short-term employee benefits 886 677 Other long-term benefits 18 15 Share-based payments (expense of the period) 288 448 Key management compensation 1,192 1,140
Schedule of rendering of services	Schedule of rendering of services € in thousand Six months ended June 30, 2022 2021 Provision of services: 37 47 Operating activities 1,099 73 Provision of services 1,136 120

Basis of preparation (Details N

Basis of preparation (Details Narrative)		1 Months Ended			6 Months Ended		12 Months Ended
	Sep. 30, 2020 USD ($) Number	Nov. 30, 2021 Number	Apr. 30, 2020 EUR (€)	Apr. 30, 2020 USD ($)	Jun. 30, 2022 EUR (€) € / shares	Jun. 30, 2021 EUR (€)	Dec. 31, 2021 EUR (€)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 EUR (€)	Jun. 30, 2020 USD ($)
IfrsStatementLineItems [Line Items]
Cash and cash equivalents					€ 336,200,000
Refund liabilities					209,274,000		€ 254,581,000			€ 111,426,000
Contract liabilities					124,821,000		128,758,000			€ 89,636,000
Other revenue					59,889,000	€ 15,740,000
Non-current assets					221,330,000		231,520,000
Refund liabilities non current					66,689,000		158,970,000
Revenue from sale of goods					33,335,000	€ 31,762,000
Debt financing agreement principal amount					54,100,000
Debt financing agreement additional principal amount					€ 18,200,000
Borrowings, interest rate					9.95%			9.95%
Borrowings, interest rate, annual basis					10.09%			10.09%
Loans received					€ 72,400,000		54,100,000
Carrying amount of loan received					71,000,000		49,700,000
Valneva Scotland Ltd. [member]
IfrsStatementLineItems [Line Items]
Research and Development Funding					20,000,000
Research and Development Funding COVID Grant					12,500,000
Research and Development Funding chik Grant					7,500,000
United States of America, Dollars
IfrsStatementLineItems [Line Items]
Debt financing agreement principal amount | $								$ 60,000,000
Debt financing agreement additional principal amount | $								20,000,000
Debt financing agreement additional principal amount upon approval of VLA 2001 | $								20,000,000
Loans received | $								80,000,000	$ 60,000,000
VLA15 [member]
IfrsStatementLineItems [Line Items]
Upfront Payment			€ 116,900,000
Negative revenue					36,100,000
VLA15 [member] | United States of America, Dollars
IfrsStatementLineItems [Line Items]
Upfront Payment | $				$ 130,000,000
Additional Milestones | $											$ 100,000,000
Development and early commercialization milestones | $											168,000,000
Phase 3 study milestone | $											$ 25,000,000
IXIARO [member]
IfrsStatementLineItems [Line Items]
Contract liabilities | $								$ 5,400,000	$ 5,400,000
IXIARO [member] | US Government Department of Defense [member] | Base Year [member]
IfrsStatementLineItems [Line Items]
Revenue from sale of goods | $	$ 53,000,000
Number of doses | Number	370,000
IXIARO [member] | US Government Department of Defense [member] | First Option Year [member]
IfrsStatementLineItems [Line Items]
Revenue from sale of goods | $	$ 28,800,000
Number of doses | Number	200,000
IXIARO [member] | US Government Department of Defense [member] | Second Option Year [member]
IfrsStatementLineItems [Line Items]
Revenue from sale of goods | $	$ 36,000,000
Number of doses | Number	250,000
European Commission [member]
IfrsStatementLineItems [Line Items]
Number of VLA2001 Doses under Original Advance Purchase Agreement | Number		60,000,000
Contract liabilities					116,600,000		116,900,000
European Commission 2022 [member]
IfrsStatementLineItems [Line Items]
Number of VLA2001 Doses under Original Advance Purchase Agreement | Number		24,300,000
European Commission 2023 [member]
IfrsStatementLineItems [Line Items]
Number of VLA2001 Doses under Original Advance Purchase Agreement | Number		35,700,000
UK Supply Agreement [member]
IfrsStatementLineItems [Line Items]
Supply agreement revenue					89,400,000
Refund liabilities							166,900,000
Refund liabilities non current							77,300,000
CAPEX Obilgation [member]
IfrsStatementLineItems [Line Items]
Refund liabilities					81,900,000
Pfizer Inc. [member]
IfrsStatementLineItems [Line Items]
Refund liabilities					118,400,000		79,600,000
Other revenue							14,300,000
Non-current assets					€ 3,000,000		3,000,000
Percentage of shared development costs funding					40%			40%
Initial agreement percentage of shared development costs funding.					30%			30%
Refund liabilities non current					€ 59,800,000		€ 75,200,000
Investment in share capital					€ 90,500,000
Percentage of share capital investment					8.10%			8.10%
Investment price per share | € / shares					€ 9.49
Pfizer Inc. [member] | Bottom of range [member]
IfrsStatementLineItems [Line Items]
Percentage of tiered royalties					14%			14%
Percentage of royalties initial agreement					19%			19%
Pfizer Inc. [member] | Top of range [member]
IfrsStatementLineItems [Line Items]
Percentage of tiered royalties					22%			22%
Pfizer Inc. [member] | United States of America, Dollars
IfrsStatementLineItems [Line Items]
Investment in share capital | $								$ 95,000,000

List of direct or indirect inte

List of direct or indirect interests held by the Company: (Details)		6 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
BliNK Biomedical SAS [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		FR
Consolidation method	[1]	Equity method*
Percentage of voting equity interests acquired		48.90%	48.90%
Vaccines Holdings Sweden AB [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		SE
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
Valneva Austria GmbH [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		AT
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
Valneva Canada Inc. [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		CA
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
Valneva France SAS [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		FR
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
Valneva Scotland Ltd. [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		UK
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
Valneva Sweden AB [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		SE
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
Valneva UK Ltd. [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		UK
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
Valneva USA, Inc. [member]
IfrsStatementLineItems [Line Items]
Country of incorporation		US
Consolidation method		Consolidation
Percentage of voting equity interests acquired		100%	100%
[1]The investment in BliNK Biomedical SAS was reclassified from “Investments in associates” to “Assets classified as held for sale” as at June 30, 2022.

Schedule of income statement by

Schedule of income statement by segment (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Product sales	€ 33,335	€ 31,762
Other revenues	59,889	15,740
Revenues	93,224	47,502
Cost of sales	(171,479)	(34,778)
Research and development expense	(51,883)	(78,737)
Marketing and distribution expenses	(7,837)	(9,643)
General and administrative expenses	(16,031)	(20,904)
Other income and expenses, net	3,597	10,389
Operating income/(loss)	(150,410)	(86,172)
Commercialized products [member]
IfrsStatementLineItems [Line Items]
Product sales	29,537	31,762
Other revenues	15	10
Revenues	29,552	31,772
Cost of sales	(12,296)	(19,326)
Research and development expense	(406)	(878)
Marketing and distribution expenses	(4,156)	(7,086)
General and administrative expenses	(3,236)	(2,519)
Other income and expenses, net	110	2,126
Operating income/(loss)	9,568	4,089
COVID [member]
IfrsStatementLineItems [Line Items]
Product sales	3,798
Other revenues	89,383
Revenues	93,181
Cost of sales	(154,883)	(4,156)
Research and development expense	(44,223)	(46,105)
Marketing and distribution expenses	(1,483)	(444)
General and administrative expenses	(8,359)	(9,438)
Other income and expenses, net	5,099	4,690
Operating income/(loss)	(110,667)	(55,454)
Vaccine candidates [member]
IfrsStatementLineItems [Line Items]
Product sales
Other revenues	956	1,849
Revenues	956	1,849
Cost of sales
Research and development expense	(6,702)	(29,513)
Marketing and distribution expenses	(2,182)	(2,037)
General and administrative expenses	(1,759)	(3,256)
Other income and expenses, net	1,365	2,952
Operating income/(loss)	(8,322)	(30,005)
Technologies and services [member]
IfrsStatementLineItems [Line Items]
Product sales
Other revenues	(30,465)	13,880
Revenues	(30,465)	13,880
Cost of sales	(4,301)	(11,295)
Research and development expense	(551)	(2,241)
Marketing and distribution expenses	(16)	(75)
General and administrative expenses	(924)	(2,194)
Other income and expenses, net	381	900
Operating income/(loss)	(35,876)	(1,025)
Corporate overhead [member]
IfrsStatementLineItems [Line Items]
Product sales
Other revenues
Revenues
Cost of sales
Research and development expense
Marketing and distribution expenses
General and administrative expenses	(1,752)	(3,498)
Other income and expenses, net	(3,359)	(279)
Operating income/(loss)	€ (5,111)	€ (3,776)

Revenue from contracts with cus

Revenue from contracts with customer by geographical segment (Details) - EUR (€) € in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		€ 92,859	€ 47,050
Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		29,552	31,772
Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		(30,830)	13,429
Vaccine candidates [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		956	1,849
COVID [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		93,181
Canada [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		6,683	2,006
Canada [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		6,683	2,006
United States [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		(31,442)	29,370
United States [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		4,632	23,589
United States [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		(36,073)	5,781
United Kingdom [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		95,931
United Kingdom [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		5,523	901
United Kingdom [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		1,025
United Kingdom [member] | COVID [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers			89,383
United Kingdom [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers			901
Austria [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		6,154	1,114
Austria [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		3,744	1,074
Austria [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		2,410
Austria [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers			40
Nordics [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	[1]	2,535	15
Nordics [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	[1]	2,535
Nordics [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	[1]		15
Germany [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		2,197	7,131
Germany [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		2,177	3,006
Germany [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		20	4,126
Other Europe [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		5,476	4,182
Other Europe [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		4,119	1,181
Other Europe [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		1,357	3,001
Other markets [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		5,325	2,330
Other markets [member] | Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		139	15
Other markets [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		431	466
Other markets [member] | Vaccine candidates [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		956	€ 1,849
Other markets [member] | COVID [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers		€ 3,798
[1]Includes Denmark, Finland, Norway and Sweden

Schedule of disaggregated reven

Schedule of disaggregated revenue information (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	€ 92,859	€ 47,050
Miscellaneous revenues	365	451
Revenue	93,224	47,502
Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	29,552	31,772
Revenue	29,552	31,772
COVID [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	93,181
Revenue	93,181
Vaccine candidates [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	956	1,849
Revenue	956	1,849
Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	(30,830)	13,429
Miscellaneous revenues	365	451
Revenue	€ (30,465)	€ 13,880

Segment reporting (Details Narr

Segment reporting (Details Narrative) - EUR (€) € in Thousands	6 Months Ended		24 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Revenue	€ 93,224	€ 47,502
Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue	(30,465)	13,880
Vaccine candidates [member]
IfrsStatementLineItems [Line Items]
Revenue	956	€ 1,849
United States [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Negative Revenue	€ 36,100
United States [member] | Vaccine candidates [member] | Pfizer Inc. [member]
IfrsStatementLineItems [Line Items]
Revenue			€ 31,600

Schedule of type of goods or se

Schedule of type of goods or service (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	€ 92,859	€ 47,050
IXIARO [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	12,283	25,394
DUKORAL [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	5,766	428
Third party products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	11,503	5,950
Lyme VLA15 [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	(36,107)	5,616
Chikungunya VLA1553 [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	956	1,849
Services related to clinical trial material [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	2,490	5,727
Others [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	2,786	2,085
COVID VLA2001 [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	93,181
Commercialized products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	29,552	31,772
Commercialized products [member] | IXIARO [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	12,283	25,394
Commercialized products [member] | DUKORAL [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	5,766	428
Commercialized products [member] | Third party products [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	11,503	5,950
Technologies and services [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	(30,830)	13,429
Technologies and services [member] | Lyme VLA15 [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	(36,107)	5,616
Technologies and services [member] | Services related to clinical trial material [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	2,490	5,727
Technologies and services [member] | Others [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	2,786	2,085
Vaccine candidates [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	956	1,849
Vaccine candidates [member] | Chikungunya VLA1553 [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	956	1,849
COVID [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	93,181
COVID [member] | COVID VLA2001 [member]
IfrsStatementLineItems [Line Items]
Revenue from contracts with customers	€ 93,181

Schedule of commercialized prod

Schedule of commercialized products (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Direct product sales	€ 25,302	€ 30,663
Indirect product sales	4,250	1,110
Total product sales	€ 29,552	€ 31,772

Schedule of operating expenses

Schedule of operating expenses (Details) - EUR (€) € in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		€ (247,230)		€ (144,062)
Employee benefit other than share-based compensation income		19,500
Employee benefit other than share-based compensation expense			€ 5,000
Cost of services and change in inventory [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(102,476)		(2,940)
Consulting and other purchased services [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost	[1]	(87,171)		(76,213)
Employee eenefit expense other than share based compensation [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost	[1]	(23,089)		(35,955)
Share based compensation expense [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		5,480		(3,653)
Depreciation and amortization and impairment [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(14,440)		(6,101)
Building and energy costs [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(7,050)		(5,286)
Supply, office and IT costs [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(6,134)		(3,308)
Raw material sand consumables used [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(5,536)		(5,371)
Advertising costs [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(2,740)		(1,318)
License fees and royalties [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(1,650)		(2,490)
Travel and transportation costs [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(849)		(126)
Warehousing and distribution costs [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		(686)		(745)
Other expenses [member]
IfrsStatementLineItems [Line Items]
Expenses by nature of cost		€ (889)		€ (554)
[1]In the six months ended June 30, 2022, the position “employee benefit other than share-bases compensations” includes an income of € 19.5 5.0

Revenues from contracts with _3

Revenues from contracts with customers (Details Narrative) - EUR (€)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Product sales	€ 33,335,000	€ 31,762,000
Technologies and services [member]
IfrsStatementLineItems [Line Items]
Product sales
United States [member] | Technologies and services [member]
IfrsStatementLineItems [Line Items]
Negative Revenue	36,100,000
UK Supply Agreement [member]
IfrsStatementLineItems [Line Items]
Supply agreement revenue	89,400,000
Kingdom of Bahrain [member]
IfrsStatementLineItems [Line Items]
Product sales	€ 3,800,000

Operating expenses (Details Nar

Operating expenses (Details Narrative) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Writedown of inventory	€ 83.5
Provision for expected settlement costs	26.9
Writedown of advanced payments	14.1
Consulting and other purchased services	71.1	€ 33.4
Impairment	€ 3.3

Other income and expenses, ne_2

Other income and expenses, net include the following (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Other Income And Expenses Net
Research and development tax credit	€ 6,770	€ 9,635
Grant income	89	1,145
Profit/(loss) on disposal of fixed assets, net	(46)	(21)
Taxes, duties, fees, charges, other than income tax	(227)	(133)
Miscellaneous income/(expenses), net	(2,989)	(237)
Other income and expenses, net	€ 3,597	€ 10,389

Other income and expenses, ne_3

Other income and expenses, net (Details Narrative) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Research and development tax credit	€ 6,770	€ 9,635
Austria [member]
IfrsStatementLineItems [Line Items]
Research and development tax credit	6,200	9,100
France [member]
IfrsStatementLineItems [Line Items]
Research and development tax credit	€ 600	€ 600

Schedule of finance income_(exp

Schedule of finance income/(expenses) and foreign exchange gain/(losses), net (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Finance income
Interest income from other parties	€ 35	€ 228
Total finance income	35	228
Finance expense
Interest expense on loans	(2,695)	(3,820)
Interest expense on refund liabilities	(4,812)	(4,104)
Interest expense on lease liabilities	(457)	(419)
Other interest expense	(235)	(88)
Total finance expense	(8,199)	(8,431)
Foreign exchange gain/(losses), net	(10,657)	8,735
Finance income/(expense), net	€ (18,821)	€ 532

Finance income_(expenses) and_3

Finance income/(expenses) and foreign exchange gain/(losses), net (Details Narrative) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Foreign exchange loss	€ 10.7
Foreign exchange gain		€ 8.7

Intangible assets (Details Narr

Intangible assets (Details Narrative) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Intangible assets other than goodwill	€ 30,714	€ 32,700
IXIARO [member]
IfrsStatementLineItems [Line Items]
Intangible assets other than goodwill	29,100	€ 30,600
IXIARO [member] | Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Intangible assets other than goodwill	€ 78,800

Leases (right of use assets a_2

Leases (right of use assets and lease liabilities) (Details Narrative) - EUR (€)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Right of use assets	€ 46,800,000	€ 48,300,000
Amortisation expense	1,500,000
Exchange rate differences	900,000
Revaluation of lease liabilities	800,000
Lease liability	54,900,000	56,800,000
Lease payment	2,000,000
Exchange rate differences, lease liability	1,300,000
Interest expenses	500,000
Additions	100,000
Austria [member]
IfrsStatementLineItems [Line Items]
Land and buildings	23,500,000	24,000,000
Sweden [member]
IfrsStatementLineItems [Line Items]
Land and buildings	€ 21,100,000	€ 22,100,000

Property, plant and equipment (

Property, plant and equipment (Details Narrative) - EUR (€)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, plant and equipment	€ 123,200,000	€ 125,500,000
Depreciation, property, plant and equipment	7,700,000
Write-downs (reversals of write-downs) of property, plant and equipment	3,300,000
Increase (decrease) through net exchange differences, property, plant and equipment	3,900,000
Offset by additions	€ 12,600,000

Schedule of sensitivity analysi

Schedule of sensitivity analysis (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IXIARO [member]
IfrsStatementLineItems [Line Items]
Weighted average cost of capital	6.67%	7.49%
Break-even weighted average cost of capital	44.89%	53.11%
DUKORAL [member]
IfrsStatementLineItems [Line Items]
Weighted average cost of capital	6.69%	7.23%
Break-even weighted average cost of capital	12.52%	13.10%
Chikungunya [member]
IfrsStatementLineItems [Line Items]
Weighted average cost of capital	6.87%
Break-even weighted average cost of capital	47.94%

Impairment testing (Details Nar

Impairment testing (Details Narrative) - EUR (€)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Impairment	€ 3,300,000
Manufacturing facility	83,700,000
Property, plant and equipment	€ 123,240,000	€ 125,545,000
IXIARO [member]
IfrsStatementLineItems [Line Items]
Discount rates	6.67%	7.49%
Discount rates increase for impairment loss		45.62%
Chikungunya [member]
IfrsStatementLineItems [Line Items]
Discount rates	6.87%
DUKORAL [member]
IfrsStatementLineItems [Line Items]
Discount rates	6.69%	7.23%
Discount rates increase for impairment loss		5.87%
IXIARO Impairment Loss [member]
IfrsStatementLineItems [Line Items]
Discount rates	44.89%	53.11%
Chikungunya Impairment Loss [member]
IfrsStatementLineItems [Line Items]
Discount rates	47.94%
DUKORAL Impairment Loss [member]
IfrsStatementLineItems [Line Items]
Discount rates	12.52%	13.10%
IXIARO [member]
IfrsStatementLineItems [Line Items]
Discount Rate	6.67%
Risk Free Rate	1.53%
Market Risk Premium	6.31%
Country Risk Premium	0.50%
Currency Risk	0.36%
Leveraged Beta	1.15
Chikungunya [member]
IfrsStatementLineItems [Line Items]
Discount Rate	6.87%
Risk Free Rate	1.53%
Market Risk Premium	6.51%
Country Risk Premium	0.45%
Currency Risk	0.51%
Leveraged Beta	1.15
DUKORAL [member]
IfrsStatementLineItems [Line Items]
Discount Rate	6.69%
Risk Free Rate	1.53%
Market Risk Premium	6.31%
Country Risk Premium	0.56%
Currency Risk	0.42%
Leveraged Beta	1.15
Property, plant and equipment	€ 23,800,000
Property Plant and Equipment Value in Use	82,400,000
Property Plant and Equipment Headroom	58,600,000
Filling and Packaging Facility [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment	€ 29,600,000

Schedule of Inventories (Detail

Schedule of Inventories (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Raw materials	€ 99,195	€ 102,082
Work in progress	116,188	55,681
Finished goods	14,636	8,135
Purchased goods (third party products)	3,638	7,362
Gross amount of Inventory before write-down	233,657	173,260
Less: write-down	(138,455)	(49,162)
Inventory	€ 95,201	€ 124,098

Write-down provisions related t

Write-down provisions related to the inventory categories as follows: (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Raw materials	€ 71,325	€ 29,751
Work in progress	62,452	15,096
Finished goods	4,317	3,974
Purchased goods (third party products)	361	342
Total write-down provision	€ 138,455	€ 49,162

Financial Instruments (Details

Financial Instruments (Details Narrative) € in Millions	Jun. 30, 2022 EUR (€)
Interest rate on Loans	9.87%
Fair value of loans	€ 2.7
Carrying amount of loans	€ 3

Inventories (Details Narrative)

Inventories (Details Narrative) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Raw Materials Writedown Provision	€ 71,325		€ 29,751
Work In Progress Writedown Provision	62,452		15,096
Inventory gross	233,657		173,260
Current inventories	95,201		124,098
Inventory Writedown Provision	6,200		7,600
Finished goods writedown	4,300		4,000
Work In Process Writedown Provision	1,500		3,300
Purchased goods writedown	400		300
Cost Of Inventories	110,000	€ 12,100
Cost Of Inventories Write Offs	97,000	4,400
Release of write downs income	3,500
Write Downs Expense		3,100
COVID VLA2001 [member]
IfrsStatementLineItems [Line Items]
Raw Materials Writedown Provision	71,300		29,800
Work In Progress Writedown Provision	60,600		€ 11,800
Inventory gross	188,400
Current inventories	56,500
Cost Of Inventories	€ 100,600	€ 1,300

Trade receivables include the f

Trade receivables include the following: (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Trade Receivables
Trade receivables	€ 16,253	€ 44,030
Less: loss allowance of receivables	(2)	(17)
Trade receivables, net	€ 16,251	€ 44,013

Trade receivables (Details Narr

Trade receivables (Details Narrative) - EUR (€) € in Millions	Jun. 30, 2022	Dec. 31, 2021
Trade Receivables
Receivables from contracts with customers	€ 16.2	€ 40.9

Other assets include the follow

Other assets include the following: (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
R&D tax credit receivables	€ 40,031	€ 35,390
Tax receivables	8,002	6,145
Prepaid expenses	5,359	5,131
Contract costs	3,010	3,010
Advance payments	2,035	27,375
Consumables and supplies on stock	1,414	1,722
Miscellaneous current assets	570	23
Other non-financial assets	60,422	78,796
Deposits	11,341	11,339
Miscellaneous financial assets	151	183
Other financial assets	11,491	11,522
Other assets	71,913	90,318
Less non-current portion	(17,948)	(19,282)
Current portion	€ 53,965	€ 71,036

Cash, cash equivalents and shor

Cash, cash equivalents and short-term deposits include the following: (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Cash on hand	€ 8	€ 3
Cash at bank	336,169	346,639
Restricted cash	48	44	€ 42
Cash and cash equivalents	€ 336,225	€ 346,686	€ 329,766

Ordinary shares and the convert

Ordinary shares and the convertible preferred shares are classified as equity. (Details) - € / shares	Jun. 30, 2022	Dec. 31, 2021
Ordinary shares issued (€0.15 par value per share)	117,331,343	105,190,223
Par value per share	€ 0.15	€ 0.15
Convertible preferred shares registered	20,514	48,862
Total shares issued	117,351,857	105,239,085
Less Treasury shares	(124,322)	(124,322)
Outstanding shares	117,227,535	105,114,763

Cash and cash equivalents (Deta

Cash and cash equivalents (Details Narrative) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Restricted cash with Certificate of Deposit	€ 50	€ 50
Minimum liquidity requirement	€ 35,000	€ 50,000

Schedule of other reserves (Det

Schedule of other reserves (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Balance as at January 1, 2022	€ 52,512	€ 52,342
Currency translation differences	(567)	(424)
Defined benefit plan actuarial gains	168
- value of services	369	1,217
Purchase/sale of treasury shares		209
Balance as at June 30, 2022	52,482	53,344
Other regulated reserves [member]
IfrsStatementLineItems [Line Items]
Balance as at January 1, 2022	52,820	52,820	[1]
Currency translation differences			[1]
Defined benefit plan actuarial gains
- value of services			[1]
Purchase/sale of treasury shares			[1]
Balance as at June 30, 2022	52,820	52,820	[1]
Accumulated other comprehensive income [member]
IfrsStatementLineItems [Line Items]
Balance as at January 1, 2022	(5,146)	(2,474)
Currency translation differences	(567)	(424)
Defined benefit plan actuarial gains	168
- value of services
Purchase/sale of treasury shares
Balance as at June 30, 2022	(5,545)	(2,898)
Treasury shares [member]
IfrsStatementLineItems [Line Items]
Balance as at January 1, 2022	(645)	(898)
Currency translation differences
Defined benefit plan actuarial gains
- value of services
Purchase/sale of treasury shares		209
Balance as at June 30, 2022	(645)	(689)
Share premium [member]
IfrsStatementLineItems [Line Items]
Balance as at January 1, 2022	15,000	12,368
Currency translation differences
Defined benefit plan actuarial gains
- value of services	369	1,217
Purchase/sale of treasury shares
Balance as at June 30, 2022	15,369	13,585
Other reserves [member]
IfrsStatementLineItems [Line Items]
Balance as at January 1, 2022	(9,517)	(9,474)
Currency translation differences
Defined benefit plan actuarial gains
- value of services
Purchase/sale of treasury shares
Balance as at June 30, 2022	€ (9,517)	€ (9,474)
[1]Regulated non-distributable reserve relating to the merger with Intercell AG

Equity (Details Narrative)

Equity (Details Narrative) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 shares Number	Dec. 31, 2021 EUR (€)
IfrsStatementLineItems [Line Items]
Number of ordinary shares issued	1,176,391
Number of convertible preferred share converted into ordinary shares	772,070
Conditional capital shares	3,900,994
Maximum Capital Increase | €		€ 5,175
Management [Member]
IfrsStatementLineItems [Line Items]
Number of free ordinary shares	636,648
ESOP [member]
IfrsStatementLineItems [Line Items]
Number of share options exercised in share-based payment arrangement	1,114,963
ESOP 2013 [member]
IfrsStatementLineItems [Line Items]
Number of share options exercised in share-based payment arrangement | Number	615,918
ESOP 2015 [member]
IfrsStatementLineItems [Line Items]
Number of share options exercised in share-based payment arrangement | Number	478,845
ESOP 2016 [member]
IfrsStatementLineItems [Line Items]
Number of share options exercised in share-based payment arrangement | Number	20,200
FCPS [member]
IfrsStatementLineItems [Line Items]
Number of share options exercised in share-based payment arrangement | Number	28,348

Development of contract liabili

Development of contract liabilities: (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Balance as at January 1	€ 128,758	€ 89,636
Revenue recognition	(4,090)	(89,364)
Exchange rate differences	368	7
Additions	290	128,479
Other releases	(506)
Closing balance	124,821	128,758
Less non-current portion	(5,110)	(4,741)
Current portion	€ 119,711	€ 124,017

Borrowings (Details Narrative)

Borrowings (Details Narrative)	6 Months Ended		12 Months Ended
	Jun. 30, 2022 EUR (€)	Jun. 30, 2021 EUR (€)	Dec. 31, 2021 EUR (€)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
IfrsStatementLineItems [Line Items]
Borrowings	€ 111,540,000		€ 77,980,000
Loans received	72,400,000		54,100,000
Research and development expense	51,883,000	€ 78,737,000
United States of America, Dollars
IfrsStatementLineItems [Line Items]
Loans received | $				$ 80,000,000	$ 60,000,000
Loan agreement [member]
IfrsStatementLineItems [Line Items]
Borrowings	54,100,000
Loans received	72,400,000		54,100,000
Carrying amounts	71,000,000		49,700,000
Carrying amount of other loans	11,200,000		5,300,000
Minimum revenue covenant prior to amendment	50,000,000
Minimum Revenue Covenant	35,000,000
Loan agreement [member] | United States of America, Dollars
IfrsStatementLineItems [Line Items]
Borrowings	60
Loans received | $				$ 80,000,000	$ 60,000,000
CIR [member]
IfrsStatementLineItems [Line Items]
Research and development expense	2,400,000		4,700,000
CEPI [member]
IfrsStatementLineItems [Line Items]
Research and development expense	€ 4,700,000		€ 3,500,000

Contract liabilities (Details N

Contract liabilities (Details Narrative) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Contract liabilities	€ 124,821		€ 128,758	€ 89,636
Revenue recognized	4,090		€ 89,364
APA with EC [member]
IfrsStatementLineItems [Line Items]
Contract liabilities	116,900
Kingdom of Bahrain [member]
IfrsStatementLineItems [Line Items]
Revenue recognized	1,500
Pfizer Inc. [member]
IfrsStatementLineItems [Line Items]
Revenue recognized	€ 1,200
UK Supply Agreement [member]
IfrsStatementLineItems [Line Items]
Revenue recognized		€ 87,000

Development of refund liabiliti

Development of refund liabilities: (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Refund Liabilities
Balance as at January 1	€ 254,581	€ 111,426
Revenue Recognition	(89,356)
Additions	48,751	159,179
Payments	(12,771)	(18,022)
Other releases		(15,198)
Interest expense capitalized	4,812	8,478
Exchange rate difference	3	8,718
Closing balance	209,274	254,581
Less non-current portion	(66,689)	(158,970)
Current portion	€ 142,585	€ 95,611

Refund liabilities (Details Nar

Refund liabilities (Details Narrative) - EUR (€)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Refund liabilities	€ 209,274,000	€ 254,581,000	€ 111,426,000
Refund liabilities non current	66,689,000	158,970,000
Revenue recognized	89,356,000
Pfizer Inc. [member]
IfrsStatementLineItems [Line Items]
Refund liabilities	118,400,000	79,600,000
Refund liabilities non current	59,800,000	75,200,000
CAPEX Obilgation [member]
IfrsStatementLineItems [Line Items]
Refund liabilities	81,900,000
GSK [member]
IfrsStatementLineItems [Line Items]
Refund liabilities	6,900,000	6,400,000
Refund liabilities non current	6,900,000	6,300,000
UK Authority [member]
IfrsStatementLineItems [Line Items]
Revenue recognized	€ 89,400,000
UK Supply Agreement [member]
IfrsStatementLineItems [Line Items]
Refund liabilities		166,900,000
Refund liabilities non current		€ 77,300,000

Provisions for employee commitm

Provisions for employee commitments (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Employer contribution costs on share-based compensation plans	€ 7,050	€ 26,520
Phantom shares	4,977	14,267
Retirement termination benefits	297	422
Balance at June 30	12,324	41,210
Less non-current portion	(2,302)	(8,308)
Current portion	€ 10,022	€ 32,901

Other provisions (Details)

Other provisions (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Balance as at January 1	€ 15,806	€ 2,124
Additions	31,305	13,682
Usage	(250)
Closing balance	46,862	15,806
Less non-current portion
Current portion	€ 46,862	€ 15,806

Schedule of other liabilities (

Schedule of other liabilities (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred income	€ 3,859	€ 4,966
Other financial liabilities	47	44
Miscellaneous liabilities	3	8
Other liabilities	3,908	5,019
Less non-current portion	(654)	(69)
Current portion	€ 3,254	€ 4,950

Provisions (Details Narrative)

Provisions (Details Narrative) - EUR (€) € / shares in Units, € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Share price	€ 10.86	€ 24.50
Provision related to expected legal and settlement costs	€ 27,800
Other provisions	46,862	€ 15,806	€ 2,124
Legal proceedings provision [member]
IfrsStatementLineItems [Line Items]
Other provisions	€ 3,100

The following tables disclose a

The following tables disclose aggregate information about the Group’s material long-term contractual obligations and the periods in which payments are due. Future events could cause actual payments and timing of payments to differ from the contractual cas (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Borrowings	€ 111,540	€ 77,980
Lease liabilities	61,065	63,464
Refund liabilities	209,369	301,145
Trade payables and accruals	83,704	68,119
Tax and employee-related liabilities³	9,555	10,101	[1]
Other liabilities	49	52
	475,283	520,861
Not later than one year [member]
IfrsStatementLineItems [Line Items]
Borrowings	9,723	7,121
Lease liabilities	3,873	4,060
Refund liabilities	142,585	101,070
Trade payables and accruals	83,704	68,119
Tax and employee-related liabilities³	9,555	10,101	[1]
Other liabilities	24	27
	249,464	190,499
Later than one year and not later than two years [member]
IfrsStatementLineItems [Line Items]
Borrowings	17,764	27,061
Lease liabilities	25,605	26,142
Refund liabilities	59,784	82,654
Trade payables and accruals
Tax and employee-related liabilities³			[1]
Other liabilities	25	25
	103,179	135,882
Later than two years and not later than three years [member]
IfrsStatementLineItems [Line Items]
Borrowings	31,426	21,499
Lease liabilities	2,839	2,870
Refund liabilities	7,000	49,701
Trade payables and accruals
Tax and employee-related liabilities³			[1]
Other liabilities
	41,265	74,070
Later than three years and not later than five years [member]
IfrsStatementLineItems [Line Items]
Borrowings	50,726	20,534
Lease liabilities	5,672	5,761
Refund liabilities		55,000
Trade payables and accruals
Tax and employee-related liabilities³			[1]
Other liabilities
	56,398	81,295
Later than five years and not later than ten years [member]
IfrsStatementLineItems [Line Items]
Borrowings	1,902	1,765
Lease liabilities	12,129	12,798
Refund liabilities		12,720
Trade payables and accruals
Tax and employee-related liabilities³			[1]
Other liabilities
	14,031	27,282
Later than ten years and not later than fifteen years [member]
IfrsStatementLineItems [Line Items]
Borrowings
Lease liabilities	9,918	9,928
Refund liabilities
Trade payables and accruals
Tax and employee-related liabilities³			[1]
Other liabilities
	9,918	9,928
Later than fifteen years and not later than twenty years [member]
IfrsStatementLineItems [Line Items]
Borrowings
Lease liabilities	1,029	1,905
Refund liabilities
Trade payables and accruals
Tax and employee-related liabilities³			[1]
Other liabilities
	€ 1,029	€ 1,905
[1]Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments.

The following table shows the a

The following table shows the adjustments to reconcile net loss to net cash generated from operations: (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Profit/(Loss) for the year	€ (171,493)	€ (86,399)
Adjustments for non-cash transactions:
■ Share-based compensation expense/(income)	369	1,217
■ Income tax expense/(income)	2,271	668
Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation):
Cash generated from/(used in) operations	(100,228)	84,247
Individual assets or cash-generating units [member]
IfrsStatementLineItems [Line Items]
Profit/(Loss) for the year	(171,493)	(86,399)
Adjustments for non-cash transactions:
■ Depreciation and amortization	11,153	6,101
■ Write-off / impairment fixed assets/intangibles	3,286
■ Share-based compensation expense/(income)	(8,921)	3,484
■ Income tax expense/(income)	2,271	668
■ (Profit)/loss from disposal of property, plant, equipment and intangible assets	46	23
■ Share of (profit)/loss from associates	(9)	90
■ Provision for employer contribution costs on share-based compensation plans	(19,290)	4,596
■ Other non-cash income/expense	8,972	(6,163)
■ Interest income	(35)	(228)
■ Interest expense	8,199	8,431
Changes in non-current operating assets and liabilities (excluding the effects of acquisition and exchange rate differences on consolidation):
■ Other non-current assets	1,335	1,413
■ Long term contract liabilities		(58)
■ Long term refund liabilities	(94,780)	6,988
■ Other non-current liabilities and provisions	601	(2)
Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation):
■ Inventory	26,041	(97,006)
■ Trade and other receivables	44,960	(13,271)
■ Contract liabilities	(4,304)	248,910
■ Refund liabilities	44,654	(11,157)
■ Trade, other payables and provisions	47,904	19,139
Cash generated from/(used in) operations	€ (99,410)	€ 85,560

Schedule of key management comp

Schedule of key management compensation (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Salaries and other short-term employee benefits	€ 886	€ 677
Other long-term benefits	18	15
Share-based payments (expense of the period)	288	448
Key management compensation	€ 1,192	€ 1,140

Contingencies and Litigations (

Contingencies and Litigations (Details Narrative) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Settlement costs	€ 5.2	€ 2.1
Additional expenses related to litigation	€ 3.1

Schedule of rendering of servic

Schedule of rendering of services (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Provision of services:	€ 37	€ 47
Operating activities	1,099	73
Provision of services	€ 1,136	€ 120

Related party transaction (Deta

Related party transaction (Details Narrative) - EUR (€)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Supervisory Board aggregate compensation	€ 162,000	€ 140,000
Research and Development Tax Credit	2,400,000
Vital Meat SAS [member]
IfrsStatementLineItems [Line Items]
Operating Activities	1,100,000
Consideration for Sale of Assets	€ 1,000,000

Events after the reporting pe_2

Events after the reporting period (Details Narrative)	1 Months Ended
	Jul. 31, 2022 Number
COVID VLA2001 [member] | Member States [member] | Entering into significant commitments or contingent liabilities [member]
IfrsStatementLineItems [Line Items]
Number of doses	1,250,000