Valneva SE (VALN) 6-K 21 Sep 23 Valneva Reports Half Year 2023 Financial Results and Provides Corporate Updates Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	Valneva SE
Amendment Flag	false
Entity Central Index Key	0001836564
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Unaudited Interim Condensed Con

Unaudited Interim Condensed Consolidated Statements of Income (Loss) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Product sales	€ 69,665	€ 33,335
Other revenues	4,078	59,889
REVENUES	73,743	93,224
Cost of goods and services	(53,838)	(171,479)
Research and development expenses	(25,978)	(51,883)
Marketing and distribution expenses	(20,009)	(7,837)
General and administrative expenses	(22,899)	(16,031)
Other income and expenses, net	14,015	3,597
OPERATING LOSS	(34,966)	(150,410)
Finance income	504	35
Finance expenses	(8,879)	(8,199)
Foreign exchange gain/(loss), net	4,517	(10,657)
Result from investments in associates	0	9
LOSS BEFORE INCOME TAX	(38,824)	(169,222)
Income tax benefit/(expense)	3,778	(2,271)
LOSS FOR THE PERIOD	€ (35,046)	€ (171,493)
Losses per share for loss for the period attributable to the equity holders of the Company (expressed in € per share)
Basic losses per share for loss for the period attributable to the equity holders of the Company (in euro per share)	€ (0.25)	€ (1.58)
Diluted losses per share for loss for the period attributable to the equity holders of the Company (in euro per share)	€ (0.25)	€ (1.58)

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Loss for the period	€ (35,046)	€ (171,493)
Items that may be reclassified to profit or loss
Currency translation differences	2,735	(567)
Items that will not be reclassified to profit or loss
Defined benefit plan actuarial gains/(losses)	(8)	168
Other comprehensive income/(loss) for the year, net of tax	2,727	(399)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE COMPANY	€ (32,318)	€ (171,892)

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Balance Sheets - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Non-current assets	€ 201,091	€ 196,685
Intangible assets	27,125	28,711
Right of use assets	42,595	41,603
Property, plant and equipment	113,505	112,435
Deferred tax assets	9,934	5,637
Other non-current assets	7,933	8,299
Current assets	341,480	424,660
Inventories	33,353	35,104
Trade receivables	33,669	23,912
Other current assets	65,082	74,079
Cash and cash equivalents	204,411	289,430
Assets classified as held for sale	4,966	2,134
TOTAL ASSETS	542,571	621,344
EQUITY
Share capital	20,834	20,755
Share premium	593,960	594,043
Other reserves	61,211	55,252
Retained earnings/(Accumulated deficit)	(450,253)	(306,974)
Loss for the period	(35,046)	(143,279)
TOTAL EQUITY	190,707	219,797
LIABILITIES
Non-current liabilities	110,821	124,156
Borrowings	74,216	87,227
Lease liabilities	27,882	28,163
Refund liabilities	6,211	6,635
Provisions	1,442	1,320
Deferred tax liabilities	971	694
Other liabilities	98	116
Current liabilities	241,043	277,392
Borrowings	21,195	11,580
Trade payables and accruals	69,152	41,491
Income tax liability	503	532
Tax and Employee-related liabilities	16,508	15,738
Lease liabilities	25,939	25,411
Contract liabilities	11,580	9,411
Refund liabilities	82,017	136,450
Provisions	12,650	31,257
Other liabilities	75	5,523
Liabilities classified as held for sale	1,423	0
TOTAL LIABILITIES	351,865	401,547
TOTAL EQUITY AND LIABILITIES	€ 542,571	€ 621,344

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Statements of Cash Flows - EUR (€) € in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year		€ (35,046)	€ (171,493)
Adjustments for non-cash transactions		12,764	5,673
Changes in non-current operating assets and liabilities		279	(92,844)
Changes in working capital		(42,787)	159,254
Cash used in operations		(64,789)	(99,410)
Income tax paid		(643)	(818)
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES		(65,432)	(100,228)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment		(7,164)	(15,952)
Proceeds from sale of property, plant and equipment		42	0
Purchases of intangible assets		(12)	(76)
Interest received		504	35
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES		(6,631)	(15,994)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of costs of equity transactions		(285)	94,308
Proceeds from borrowings, net of transaction costs		0	18,074
Repayment of borrowings		(2,097)	(1,793)
Payment of lease liabilities		(1,740)	(1,529)
Interest paid		(5,353)	(4,054)
NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES		(9,476)	105,006
NET CHANGE IN CASH AND CASH EQUIVALENTS		(81,539)	(11,216)
Cash and cash equivalents at beginning of the year	[1]	286,532	346,642
Exchange gains/(losses) on cash		(582)	751
Restricted cash		0	48
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD		€ 204,411	€ 336,225
[1]Cash and cash equivalents as at December 31, 2022 amounted to €289.4 million (of which restricted cash: of €2.9 million).

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Cash Flows (Parenthetical) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Statement of cash flows [abstract]
Cash and cash equivalents	€ 204,411	€ 289,430	€ 336,225
Restricted cash	€ 0	€ 2,900	€ 48

Unaudited Interim Condensed C_6

Unaudited Interim Condensed Consolidated Statements of Changes in Equity € in Thousands	EUR (€)	Share capital EUR (€) shares	Share premium EUR (€)	Other reserves EUR (€)	Retained earnings/ (Accumulated deficit) EUR (€)	Profit/ (loss) for the period EUR (€)
Number of shares outstanding, beginning balance (in shares) at Dec. 31, 2021 | shares		105,239,085
Equity, beginning balance at Dec. 31, 2021	€ 170,581	€ 15,786	€ 409,258	€ 52,512	€ (233,549)	€ (73,425)
Total comprehensive income/(loss)	(171,892)			(399)		(171,493)
Income appropriation	0				(73,425)	73,425
Share-based compensation expense:
Value of services	369			369
Exercises (in shares) | shares		2,563,011
Exercises	3,718	€ 384	3,333
Capital Increase (in shares) | shares		9,549,761
Capital Increase	90,479	€ 1,432	89,047
Treasury shares	0
Number of shares outstanding, ending balance (in shares) at Jun. 30, 2022 | shares		117,351,857
Equity, ending balance at Jun. 30, 2022	93,255	€ 17,603	501,638	52,482	(306,974)	(171,493)
Number of shares outstanding, beginning balance (in shares) at Dec. 31, 2022 | shares		138,367,482
Equity, beginning balance at Dec. 31, 2022	219,797	€ 20,755	594,043	55,252	(306,974)	(143,279)
Total comprehensive income/(loss)	(32,318)			2,727		(35,046)
Income appropriation	0				(143,279)	143,279
Share-based compensation expense:
Value of services	3,232			3,232
Exercises (in shares) | shares		529,118
Exercises	(3)	€ 79	(82)
Treasury shares	0
Number of shares outstanding, ending balance (in shares) at Jun. 30, 2023 | shares		138,896,600
Equity, ending balance at Jun. 30, 2023	€ 190,707	€ 20,834	€ 593,960	€ 61,211	€ (450,253)	€ (35,046)

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2023
Basis Of Preparation [Abstract]
Basis of preparation	Valneva SE (“the Company”) is domiciled in Saint-Herblain, France. The unaudited interim condensed consolidated financial statements as at and for the six months ended June 30, 2023 comprise the Company together with its subsidiaries (the “Group” or “Valneva”). The Group is focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. 5.1 Basis of preparation The unaudited interim condensed consolidated financial statements as at June 30, 2023 and for the six months ended June 30, 2023 and June 30, 2022, have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union (EU) 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, 2022. The unaudited interim condensed consolidated financial statements of the Company were approved by the Supervisory Board on September 20, 2023. 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, 2022. Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at June 30, 2023 will be sufficient to fund the operations for at least the 12 months from the date of authorization for issuance of these consolidated financial statements. 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. In general, revenues have fluctuated in the past and the Company expects that they will continue to do so over different reporting periods in the future. Standards, amendments to existing standards and interpretations issued by IASB and adopted by the European Union whose application has been mandatory since January 1, 2023 A few amended standards became applicable for the current reporting period: • Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 • IFRS 17 Insurance Contracts • Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 • Definition of Accounting Estimates – Amendments to IAS 8 The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Standards, amendments to existing standards and interpretations whose application is not yet mandatory No standards or interpretations were early adopted unless their application is mandatory in 2023. These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions. Group Structure There have been no changes to the group structure as of June 30, 2023. Significant events of the period and significant agreements Divestment of CTM Unit in Solna, Sweden Valneva decided to divest its Clinical Trial Manufacturing (CTM) unit in Solna. The Company completed a business transfer agreement with NorthX Biologics, an established contract development and manufacturing organization (CDMO), with over 30 years of Good Manufacturing Practices (GMP) production experience. Their ownership of the unit took effect on July 1, 2023. The deal comprised Valneva’s CTM production equipment and approximately 30 staff members in Sweden, including current Valneva Sweden Site Head. The business will continue utilizing the existing premises in Solna. Valneva Sweden will sub-lease the premises to NorthX Biologics and provide services in Facility Management, Engineering and Warehousing. The CTM unit is presented as of June 30, 2023 as a disposal group held for sale (see Note 5.10). Key sources of estimation uncertainty No additional key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been added to those reported as of December 31, 2022.

Segment information

Segment information	6 Months Ended
	Jun. 30, 2023
Disclosure of operating segments [abstract]
Segment information	5.2 Segment information The Company’s Management Board, as its chief operating decision maker (“CDM”), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The CDM evaluates all vaccine candidates and vaccine products together as a single operating segment “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement format. As a consequence, the Group has changed its internal reporting process as at January 1, 2023 to present a single operating segment instead of the previously disclosed product-based segments. Segment reporting information for earlier periods has been restated to conform to these changes.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenues	5.3 Revenues Revenues include both revenues from contracts with customers and other revenues (mainly subleases), which are out of scope from IFRS 15: Six months ended June 30, in € thousand 2023 2022 Product sales 69,665 33,335 Revenues from contracts with customers 3,710 59,524 Other non-IFRS 15 revenue 368 365 REVENUES 73,743 93,224 The product sales increased in the six months ended June 30, 2023 by €36.3 million compared to the same period last year. This is a result of higher demand for IXIARO ® following the globally increased travel activities. Further DUKORAL ® sales went up substantially after supply shortages in 2022. In the six months ended June 30, 2023 the other revenues from contracts with customers decreased by €55.8 million. In the comparative period €89.4 million of revenues (COVID VLA2001) were recognized from the re-assessment of the likelihood of the royalty obligation towards the UK Authority following the settlement agreement in connection the the UK Supply Agreement. This was offset by €36.1 million net negative revenue from the updated terms of the Collaboration and License Agreement with Pfizer. 5.3.1 Disaggregated revenue information The Group’s revenues are disaggregated as follows: Type of goods or service Six months ended June 30, in € thousand 2023 2022 IXIARO® 30,288 12,270 DUKORAL® 17,140 5,764 Third party products 16,545 11,503 COVID VLA2001 5,691 3,798 PRODUCT SALES 69,665 33,335 Chikungunya VLA1553 1,628 956 COVID VLA2001 — 89,383 Lyme VLA15 — (36,107) Services related to clinical trial material 1,396 2,447 Others 686 2,844 OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS 3,710 59,524 Other non-IFRS 15 revenue 368 365 REVENUES 73,743 93,224 In the six months ended June 30, 2022, Lyme VLA15 revenues include €36.1 million net negative revenue from the updated terms of the Collaboration and License Agreement with Pfizer. Further COVID VLA2001 revenue include €89.4 million revenues from the re-assessment of the likelihood of the royalty obligation towards the UK Authority following the settlement agreement. Sales channels for product sales Products are sold via the following sales channels: in € thousand Six months ended June 30, 2023 2022 Direct product sales 50,879 26,526 Indirect product sales (Sales through distributors) 18,786 6,809 TOTAL PRODUCT SALES 69,665 33,335 Geographical markets In presenting information on the basis of geographical markets, revenue is based on the final location where Valneva’s distribution partner sells the product or where the customer/partner is located. in € thousand Six months ended June 30, 2023 2022 Canada 15,374 6,683 Germany 9,977 2,197 United Kingdom 9,536 95,931 United States 8,299 (31,442) Nordics 6,176 2,535 Other Europe 6,111 3,176 Austria 5,645 6,482 France 2,753 2,338 Rest of World 9,872 5,325 REVENUE TOTAL 73,743 93,224 Nordics includes Finland, Denmark, Norway and Sweden. In the six months ended June 30, 2022, revenues from the Unites States include €36.1 million net negative revenue from the updated terms of the Collaboration and License Agreement with Pfizer. Further revenues from the United Kingdom in the first six months of 2022 includes non-product revenue of €89.4 million revenues from the re-assessment of the likelihood of the royalty obligation towards the UK Authority following the COVID VLA2001 settlement agreement.

Expenses by nature

Expenses by nature	6 Months Ended
	Jun. 30, 2023
Expenses by nature [abstract]
Expenses by nature	5.4 Expenses by nature The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost: in € thousand Six months ended June 30, 2023 2022 Consulting and other purchased services 35,442 87,171 Cost of services and change in inventory 7,843 102,476 Employee benefit expense other than share-based compensation 39,028 23,089 Share-based compensation expense 3,028 (5,480) Raw materials and consumables used 8,611 5,536 Depreciation and amortization and impairment 6,669 14,440 Building and energy costs 6,210 7,050 Supply, office and IT costs 4,892 6,134 License fees and royalties 1,971 1,650 Advertising costs 4,159 2,740 Warehousing and distribution costs 1,826 686 Travel and transportation costs 1,128 849 Other expenses 1,915 889 OPERATING EXPENSES 122,723 247,230 The decrease in operating expenses of €124.5 million in the six months ended June 30, 2023 compared to June 30, 2022 primarily resulted from cost of services and change in inventory. 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 COVID VLA2001, in particular a write-down of inventory of €83.5 million as well as a €26.9 million provision related to expected settlement costs in connection with judicial or contractual claims and €14.1 million of write-downs of advanced payments. The position depreciation and amortization and impairment contains a reversal of a fixed asset impairment in the amount of €1.9 million related to the COVID production equipment. Further consulting and other purchased services reduced substantially as in the comparison period of 2022 considerable expenses for COVID VLA2001 related to research and development and external manufacturing costs had been booked.

Other income_(expenses), net

Other income/(expenses), net	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Other income/(expenses), net	5.5 Other income/(expenses), net Other income and expenses, net include the following: in € thousand Six months ended June 30, 2023 2022 Research and development tax credit 4,955 6,770 Grant income 9,946 89 Profit/(loss) on disposal of fixed assets and intangible assets, net (73) (46) Profit/(loss) from revaluation of lease agreements 64 — Taxes, duties, fees, charges, other than income tax (353) (227) Miscellaneous income/(expenses), net (525) (2,989) OTHER INCOME AND EXPENSES, NET 14,015 3,597 Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received and the Group will comply with all conditions. In the six months ended June 30, 2023, the Group recorded income from grants and tax credits for research and development totaling €14.9 million, of which €8.7 million were awarded by Scottish Enterprise (SE), Scotland’s national economic development agency for developing non-COVID-19 vaccines (Chikungunya VLA1553 and IXIARO ® ). A loss of €1.4 million from the divestment of the CTM Unit in Solna is included in the Miscellaneous income/(expenses), net. In the six months ended June 30, 2022 the position miscellaneous income/expenses was negatively impacted by an increase of litigation provision of €3.1 million.

Finance income_(expenses), net

Finance income/(expenses), net	6 Months Ended
	Jun. 30, 2023
Finance Income (Expense) [Abstract]
Finance income/(expenses), net	5.6 Finance income/(expenses), net Interest income is recognized on a time-proportion basis using the effective interest method. in € thousand Six months ended June 30, 2023 2022 Interest income from other parties 504 35 TOTAL FINANCE INCOME 504 35 Interest expense on loans (5,623) (2,695) Interest expense on refund liabilities (2,615) (4,812) Interest expenses on lease liabilities (619) (457) Other interest expense (22) (235) TOTAL FINANCE EXPENSES (8,879) (8,199) FOREIGN EXCHANGE GAIN/(LOSSES), NET 4,517 (10,657) FINANCE INCOME/(EXPENSES), NET (3,858) (18,821) The foreign exchange gain/(losses), net are primarily driven by non-cash revaluation results of non-Euro denominated balance sheet positions, especially caused by USD denominated liabilities.

Impairment testing

Impairment testing	6 Months Ended
	Jun. 30, 2023
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment testing	5.7 Impairment testing 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 (CGU’s) correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. As at June 30, 2023, a triggering event was identified resulting from a significant change in the utilization of the manufacturing capacity installed for DUKORAL ® driven by increased market demand. An impairment test for the DUKORAL ® CGU was performed as at June 30, 2023. Impairment testing performed in December 2022 for DUKORAL ® resulted in a carrying value exceeding the value in use by €8.3 million. An impairment charge for the same amount was posted in December 2022 and resulted in an impairment loss amounting to €2.5 million for leasehold improvements, €2.7 million for manufacturing equipment and €3.2 million for right of use assets. The impairment test performed by June 30, 2023 was conducted by calculating the value in use for 3 different sales scenarios, which were then weighted to calculate an average value in use for the CGU. The discount rate of 9.0% for DUKORAL ® was based on the following factors: 2.3% risk-free rate, 7.6% market risk premium, minus 0.7% country risk premium, 0.1% currency risk, levered beta of 1.30 and peer group related equity-capital ratio. The results of the impairment test performed as at June 30, 2023 are not materially different from the position as at December 31, 2022. No adjustments were made to the previously recorded impairment of €8.3 million. Sensitivity to changes in assumptions The net present value calculations are most sensitive to the following assumptions: • discount rate • reduction of expected revenues The net present value calculation as at June 30, 2023 uses a discount rate of 9.0% (December 31, 2022: 8.3%) for DUKORAL ® . The recoverable amounts of the CGU would equal its carrying amount if the key assumptions were to change as follows: increase in the discount rate by 100 basis points from 9.0% to 10.0% would trigger an additional impairment loss for DUKORAL ® of €4.2 million (December 31, 2022: €5.1 million). 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 DUKORAL ® revenues of 10% would result in an additional impairment loss of €7.9 million (December 31, 2022: €4.0 million). As at December 31, 2022 impairment charges amounted to €23.1 million, of which €8.3 million related to DUKORAL ®

Trade receivables

Trade receivables	6 Months Ended
	Jun. 30, 2023
Trade and other receivables [abstract]
Trade receivables	5.8 Trade receivables Trade receivables and other assets are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods, or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except those with maturities beyond 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are classified as “trade receivables and other assets” in the balance sheet. Trade receivables include the following: in € thousand June 30, 2023 December 31, 2022 Trade receivables 33,795 23,997 Less: loss allowance of receivables (127) (84) TRADE RECEIVABLES, NET 33,669 23,912 In 2023 and 2022, no material impairment losses were recognized. As at June 30, 2023, the amount of trade receivables past due amounted to €4.8 million (December 31, 2022: €4.4 million) of which €3.4 million come from a governmental authority with a credit rating of B+. 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, 2023, trade receivables included €33.7 million (December 31, 2022: €23.9 million) of receivables from contracts with customers.

Other assets

Other assets	6 Months Ended
	Jun. 30, 2023
Miscellaneous assets [abstract]
Other assets	5.9 Other assets Other assets include the following: in € thousand June 30, 2023 December 31, 2022 R&D tax credit receivables 42,183 49,174 Advance payments 1,452 1,672 Tax receivables 2,915 9,066 Prepaid expenses 3,463 4,939 Contract costs 3,710 3,710 Consumables and supplies on stock 81 1,380 Miscellaneous current assets 7,032 451 OTHER NON-FINANCIAL ASSETS 60,836 70,391 Deposits 12,009 11,822 Miscellaneous financial assets 170 165 OTHER FINANCIAL ASSETS 12,179 11,988 OTHER ASSETS 73,015 82,378 Less non-current portion 7,933 8,299 CURRENT PORTION 65,082 74,079 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.

Assets classified as held for s

Assets classified as held for sale	6 Months Ended
	Jun. 30, 2023
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
Assets classified as held for sale	5.10 Assets classified as held for sale in € thousand Assets held for sale Liabilities held for sale June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 BliNK Biomedical SAS 2,134 2,134 — — CTM Unit Solna 2,832 — 1,423 — TOTAL 4,966 2,134 1,423 — BliNK Biomedical SAS As at June 30, 2023, Valneva held a 48.9% equity interest in BliNK Biomedical SAS, Marseille (BliNK), a private company not listed on a stock exchange. BliNK is run as an independent business by its own management team. Valneva does not have control or joint-control over BliNK. Management's intent to sell the equity interest triggered the change in the classification by June 30, 2022. The BliNK equity interest continues to be classified as an asset held for sale in accordance with IFRS 5. The sale transaction was closed in the third quarter 2023 (see Note 5.19). The book value of the investment amounted to €2.1 million as at June 30, 2023. There was no impact on the consolidated statement of income (loss) for the six months ended June 30, 2023. Divestment of CTM Unit in Solna, Sweden Valneva decided to divest its Clinical Trial Manufacturing (CTM) unit in Solna; see respective explanation in Note 5.1. The transfer of ownership of the unit took effect on July 1, 2023. The CTM unit is presented as of June 30, 2023 as a disposal group held for sale. The carrying amount of this disposal group amounts to €2.8 million whereas the transaction price less cost to sell amounts to €1.4 million. A loss of €1.4 million writing down the carrying amount of the disposal group to its fair value less cost to sell has been included in "other expenses" in the condensed consolidated statement of profit or loss and OCI. in € thousand June 30, 2023 Property, plant and equipment 3,628 Inventories 386 Trade and other receivables 181 TOTAL ASSETS 4,194 Contract liabilities (1,020) Tax and Employee-related liabilities (404) CARRYING AMOUNT OF THE DISPOSAL GROUP 2,771 Disposal Loss (1,362) FAIR VALUE LESS COST TO SELL 1,408

Trade payables and accruals

Trade payables and accruals	6 Months Ended
	Jun. 30, 2023
Trade and other payables [abstract]
Trade payables and accruals	5.11 Trade payables and accruals Trade payables and accruals include the following : in € thousand June 30, 2023 December 31, 2022 Trade payables 44,136 14,505 Accrued expenses 25,016 26,986 TOTAL 69,152 41,491 Less non-current portion — — CURRENT PORTION 69,152 41,491 The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. The increase in trade payables stems from a liability in connection with the Collaboration and License Agreement with Pfizer.

Contract liabilities

Contract liabilities	6 Months Ended
	Jun. 30, 2023
Contract liabilities [abstract]
Contracts liabilities	5.12 Contract liabilities A contract liability has to be recognized, when the customer already provided the consideration or part of the consideration, before an entity has fulfilled its performance obligation (agreed goods or services which should be delivered or provided), resulting from the “contract”. Development of contract liabilities is presented in the table below: in € thousand June 30, 2023 December 31, 2022 BALANCE AS AT JANUARY 1 9,411 128,758 Revenue recognition (2,779) (130,678) Addition 6,074 10,833 Other releases (1,032) — Exchange rate differences (94) 498 BALANCE AS AT CLOSING DATE 11,580 9,411 Less non-current portion — — CURRENT PORTION 11,580 9,411 In the six months ended June 30, 2023, revenue recognition in the amount of €2.3 million came from the Advanced Purchase Agreement (APA) with the Kingdom of Bahrain. An addition of €4.8 million derived from the Collaboration and License Agreement with Pfizer. The other releases affect a reclassification of contract liabilities to liabilities held for sale in the amount of €1.0 million.

Refund liabilities

Refund liabilities	6 Months Ended
	Jun. 30, 2023
Refund Liabilities [Abstract]
Refund liabilities	5.13 Refund liabilities A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future. Development of refund liabilities: in € thousand June 30, 2023 December 31, 2022 BALANCE AS AT JANUARY 1 143,085 254,582 Additions 612 52,012 Payments (54,755) (2,626) Other releases — (879) Revenue recognition (78) (169,242) Interest expense capitalized 3,134 9,597 Exchange rate difference (3,770) (357) BALANCE AS AT CLOSING DATE 88,229 143,085 Less non-current portion (6,211) (6,635) CURRENT PORTION 82,017 136,450 As at June 30, 2023, from the total of €88.2 million, an amount of €80.9 million is connected to the Collaboration and License Agreement with Pfizer whereas €6.5 million relates to the expected payment to GlaxoSmithKline (GSK) related to the termination of the strategic alliance agreements (SAA) in 2019. The payments in the six months ended June 30, 2023 relate largely to scheduled payments in connection with the above-mentioned Pfizer agreement. As at December 31, 2022, €135.5 million (of which €135.5 million is current) stems from the collaboration with Pfizer and €6.6 million (of which €6.6 million is non-current) related to the expected payment to GSK from the termination of the SAA in 2019. Revenue recognized in 2022 related primarily to the de-recognition of the previously included royalty obligation towards the UK Authority in the amount of €89.2 million and the de-recognition of the previously included CAPEX obligation towards the UK Authority in the amount of €80.0 million. Additions included the milestone of $25 million (€24.5 million) related to the Collaboration and License Agreement with Pfizer as well as other payments received where Valneva has a repayment obligation.

Provisions

Provisions	6 Months Ended
	Jun. 30, 2023
Provisions [abstract]
Provisions	5.14 Provisions 5.14.1 Provisions for employee commitments in € thousand June 30, 2023 December 31, 2022 Employer contribution costs on share-based compensation plans 2,857 3,330 Phantom shares 1,936 2,976 Retirement termination benefits 380 330 Leaving indemnities 54 267 TOTAL 5,227 6,903 Less non-current portion 511 360 CURRENT PORTION 4,717 6,543 Share-based provisions Employer contribution costs on share-based compensation plans and phantom shares are calculated at the balance sheet date using the share price of Valneva as at June 30, 2023: €6.68 (December 31, 2022: €6.22 ). 5.14.2 Other provisions in € thousand June 30, 2023 December 31, 2022 Non-current 932 960 Current 7,933 24,714 PROVISIONS 8,865 25,674 As at June 30, 2023, €1.8 million of the provision related mainly to onerous purchase agreements related to the wind-down of COVID activities (December 31, 2022 : €18.8 million). The position also comprises €5.2 million from a provision for expected legal and settlement costs under a court proceeding related to the Intercell AG/Vivalis SA merger (December 31, 2022 : €5.2 million

Other liabilities

Other liabilities	6 Months Ended
	Jun. 30, 2023
Miscellaneous liabilities [abstract]
Other liabilities	5.15 Other liabilities in € thousand June 30, 2023 December 31, 2022 Deferred income 94 5,519 Other financial liabilities 7 32 Miscellaneous liabilities 71 88 OTHER LIABILITIES 172 5,639 Less non-current portion (98) (116) CURRENT PORTION 75 5,523 As at December 31, 2022 deferred income mainly included conditional advances from government enterprise grants in Scotland.

Cash flow information

Cash flow information	6 Months Ended
	Jun. 30, 2023
Cash Flow Information [Abstract]
Cash flow information	5.16 Cash flow information The following table shows the adjustments to reconcile net loss to net cash generated from operations: in € thousand Six months ended June 30, 2023 2022 LOSS FOR THE YEAR (35,046) (171,493) Adjustments for: Depreciation and amortization 8,557 11,153 Write-off / impairment fixed assets/intangibles (1,888) 3,286 Share-based compensation expense 2,192 (8,921) Income tax expense/(income) (3,778) 2,271 (Profit)/loss from disposal of property, plant, equipment and intangible assets 41 46 Share of (profit)/loss from associates — (9) Provision for employer contribution costs on share-based compensation plans ¹ (440) (19,290) Other non-cash (income)/expense (294) 8,972 Interest income (504) (35) Interest expense 8,879 8,199 Changes in non-current operating assets and liabilities (excluding the effects of acquisition and consolidation): Other non-current assets 365 1,335 Long term refund liabilities ² (16) (94,780) Other non-current liabilities and provisions (70) 601 Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): Inventory 1,724 26,041 Trade and other receivables 2,872 44,960 Contract liabilities 2,346 (4,304) Refund liabilities (57,448) 44,654 Trade and other payables and provisions 7,720 47,904 CASH USED IN OPERATIONS (64,789) (99,410) 1 In the six months ended June 30, 2022, the position “employee benefit other than share-based compensation” includes an income of €19.5 million, which resulted from release of the employer contribution provision, which was accounted for as of December 31, 2021 for the payable at the exercise of the IFRS 2 programs. 2 As at June 30, 2022, the terms of the royalty obligation towards the UK Authority were redefined under the 2022 settlement agreement. Management assessed the likelihood for this future obligation as remote. This resulted in a value of € nil, which led to a reduction of refund liabilities and recognition of other revenues recognized of €89.4 million.

Contingencies and litigations

Contingencies and litigations	6 Months Ended
	Jun. 30, 2023
Contingencies And Litigations [Abstract]
Contingencies and litigations	5.17 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; in April 2023 the courts expert committee has provided their view; 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 million to cover the reassessed risk and potential legal costs (December 31, 2022: €5.2 million).

Related-party transactions

Related-party transactions	6 Months Ended
	Jun. 30, 2023
Related party transactions [abstract]
Related-party transactions	5.18 Related-party transactions In the six months ended June 30, 2023, there have been no changes to related parties. Rendering of services Transactions with related parties are carried out on arm’s length terms. During the six months ended June 30, 2023, there were no material additional compensations paid to the Supervisory Board members or material services rendered to the related parties Groupe Grimaud La Corbière SAS and Bpifrance. Services provided by Valneva to Groupe Grimaud La Corbière SAS, a significant 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 and sale of patents and cells, according to which Valneva transferred in the six months ended June 30, 2022 certain assets (patent and cell lines) to Vital Meat SAS for a consideration of €1.0 million. From June 2022 onward, French sovereign fund Bpifrance qualifies as a related party, as Bpifrance is a shareholder of Valneva with significant influence through membership on the Company's Supervisory Board. A financing of receivables from the French Tax Authorities relating to the Research Tax Credit 2021, previously domiciled and assigned to Bpifrance, amounting to 80% of the amount of the assigned receivables, was granted in November 2022 until July 31, 2023. The amount borrowed is €1.4 million. Key management compensation In the six months ended June 30,2023, the aggregate compensation of the members of the Company’s Management Board amounted to €1.5 million (June 30, 2022 : €1.2 million) and represents mostly salaries and other short-term benefits.

Events after the reporting peri

Events after the reporting period	6 Months Ended
	Jun. 30, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Events after the reporting period	5.19 Events after the reporting period Sale of CTM unit On July 3, 2023 Valneva sold its multi-purpose clinical trial manufacturing operations and bulk drug manufacturing operations (CTM) in Solna, Sweden for a transaction price less cost to sell of €1.4 million. The assets and liabilities of these operations were disclosed as a disposal group according to IFRS 5 as of June 30, 2023 with a net carrying amount of €1.4 million (see Note 5.10). Extension of existing loan agreement by $100 million On August 16, 2023 Valneva entered into an agreement to increase the principal amount of its existing $100 million senior secured debt financing facility with funds managed by leading U.S. healthcare investment firms Deerfield Management Company and OrbiMed. The add-on loan facility has a three-year interest-only period and will mature in the third quarter of 2028. The loan interest rate remains unchanged. The additional facility provides Valneva with immediate access to $50 million, with an additional $50 million available at the Company’s discretion until December 31, 2023. The increased funding will be used to further invest in R&D, as well as continued market access preparations and potential commercialization of Valneva’s chikungunya vaccine candidate. BliNK equity interest

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Jun. 30, 2023
Basis Of Preparation [Abstract]
Impairment testing	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 (CGU’s) correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Trade receivables	Trade receivables and other assets are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods, or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except those with maturities beyond 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are classified as “trade receivables and other assets” in the balance sheet.
Contract liabilities	A contract liability has to be recognized, when the customer already provided the consideration or part of the consideration, before an entity has fulfilled its performance obligation (agreed goods or services which should be delivered or provided), resulting from the “contract”.
Refund liabilities	A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Schedule of disaggregated revenue	Revenues include both revenues from contracts with customers and other revenues (mainly subleases), which are out of scope from IFRS 15: Six months ended June 30, in € thousand 2023 2022 Product sales 69,665 33,335 Revenues from contracts with customers 3,710 59,524 Other non-IFRS 15 revenue 368 365 REVENUES 73,743 93,224
Disclosure of disaggregated revenue by type of goods or services	The Group’s revenues are disaggregated as follows: Type of goods or service Six months ended June 30, in € thousand 2023 2022 IXIARO® 30,288 12,270 DUKORAL® 17,140 5,764 Third party products 16,545 11,503 COVID VLA2001 5,691 3,798 PRODUCT SALES 69,665 33,335 Chikungunya VLA1553 1,628 956 COVID VLA2001 — 89,383 Lyme VLA15 — (36,107) Services related to clinical trial material 1,396 2,447 Others 686 2,844 OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS 3,710 59,524 Other non-IFRS 15 revenue 368 365 REVENUES 73,743 93,224
Disclosure of products sales by channel	Products are sold via the following sales channels: in € thousand Six months ended June 30, 2023 2022 Direct product sales 50,879 26,526 Indirect product sales (Sales through distributors) 18,786 6,809 TOTAL PRODUCT SALES 69,665 33,335
Disclosure of revenue by geographical markets	in € thousand Six months ended June 30, 2023 2022 Canada 15,374 6,683 Germany 9,977 2,197 United Kingdom 9,536 95,931 United States 8,299 (31,442) Nordics 6,176 2,535 Other Europe 6,111 3,176 Austria 5,645 6,482 France 2,753 2,338 Rest of World 9,872 5,325 REVENUE TOTAL 73,743 93,224

Expenses by nature (Tables)

Expenses by nature (Tables)	6 Months Ended
	Jun. 30, 2023
Expenses by nature [abstract]
Schedule of income statement items by nature of cost	The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost: in € thousand Six months ended June 30, 2023 2022 Consulting and other purchased services 35,442 87,171 Cost of services and change in inventory 7,843 102,476 Employee benefit expense other than share-based compensation 39,028 23,089 Share-based compensation expense 3,028 (5,480) Raw materials and consumables used 8,611 5,536 Depreciation and amortization and impairment 6,669 14,440 Building and energy costs 6,210 7,050 Supply, office and IT costs 4,892 6,134 License fees and royalties 1,971 1,650 Advertising costs 4,159 2,740 Warehousing and distribution costs 1,826 686 Travel and transportation costs 1,128 849 Other expenses 1,915 889 OPERATING EXPENSES 122,723 247,230

Other income_(expenses), net (T

Other income/(expenses), net (Tables)	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Disclosure of other income (expenses)	Other income and expenses, net include the following: in € thousand Six months ended June 30, 2023 2022 Research and development tax credit 4,955 6,770 Grant income 9,946 89 Profit/(loss) on disposal of fixed assets and intangible assets, net (73) (46) Profit/(loss) from revaluation of lease agreements 64 — Taxes, duties, fees, charges, other than income tax (353) (227) Miscellaneous income/(expenses), net (525) (2,989) OTHER INCOME AND EXPENSES, NET 14,015 3,597

Finance income_(expenses), net

Finance income/(expenses), net (Tables)	6 Months Ended
	Jun. 30, 2023
Finance Income (Expense) [Abstract]
Disclosure of detailed information about finance income (cost)	in € thousand Six months ended June 30, 2023 2022 Interest income from other parties 504 35 TOTAL FINANCE INCOME 504 35 Interest expense on loans (5,623) (2,695) Interest expense on refund liabilities (2,615) (4,812) Interest expenses on lease liabilities (619) (457) Other interest expense (22) (235) TOTAL FINANCE EXPENSES (8,879) (8,199) FOREIGN EXCHANGE GAIN/(LOSSES), NET 4,517 (10,657) FINANCE INCOME/(EXPENSES), NET (3,858) (18,821)

Trade receivables (Tables)

Trade receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and other receivables [abstract]
Disclosure of detailed information about trade receivables	Trade receivables include the following: in € thousand June 30, 2023 December 31, 2022 Trade receivables 33,795 23,997 Less: loss allowance of receivables (127) (84) TRADE RECEIVABLES, NET 33,669 23,912

Other assets (Tables)

Other assets (Tables)	6 Months Ended
	Jun. 30, 2023
Miscellaneous assets [abstract]
Disclosure of other assets	Other assets include the following: in € thousand June 30, 2023 December 31, 2022 R&D tax credit receivables 42,183 49,174 Advance payments 1,452 1,672 Tax receivables 2,915 9,066 Prepaid expenses 3,463 4,939 Contract costs 3,710 3,710 Consumables and supplies on stock 81 1,380 Miscellaneous current assets 7,032 451 OTHER NON-FINANCIAL ASSETS 60,836 70,391 Deposits 12,009 11,822 Miscellaneous financial assets 170 165 OTHER FINANCIAL ASSETS 12,179 11,988 OTHER ASSETS 73,015 82,378 Less non-current portion 7,933 8,299 CURRENT PORTION 65,082 74,079

Assets classified as held for_2

Assets classified as held for sale (Tables)	6 Months Ended
	Jun. 30, 2023
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
Disclosure of assets and liabilities classified as held for sale	in € thousand Assets held for sale Liabilities held for sale June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 BliNK Biomedical SAS 2,134 2,134 — — CTM Unit Solna 2,832 — 1,423 — TOTAL 4,966 2,134 1,423 —
Schedule of reconciliation of carrying amount of disposal group	in € thousand June 30, 2023 Property, plant and equipment 3,628 Inventories 386 Trade and other receivables 181 TOTAL ASSETS 4,194 Contract liabilities (1,020) Tax and Employee-related liabilities (404) CARRYING AMOUNT OF THE DISPOSAL GROUP 2,771 Disposal Loss (1,362) FAIR VALUE LESS COST TO SELL 1,408

Trade payables and accruals (Ta

Trade payables and accruals (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and other payables [abstract]
Schedule of trade and other payables	Trade payables and accruals include the following : in € thousand June 30, 2023 December 31, 2022 Trade payables 44,136 14,505 Accrued expenses 25,016 26,986 TOTAL 69,152 41,491 Less non-current portion — — CURRENT PORTION 69,152 41,491

Contract liabilities (Tables)

Contract liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Contract liabilities [abstract]
Disclosure of development of contract liabilities	Development of contract liabilities is presented in the table below: in € thousand June 30, 2023 December 31, 2022 BALANCE AS AT JANUARY 1 9,411 128,758 Revenue recognition (2,779) (130,678) Addition 6,074 10,833 Other releases (1,032) — Exchange rate differences (94) 498 BALANCE AS AT CLOSING DATE 11,580 9,411 Less non-current portion — — CURRENT PORTION 11,580 9,411

Refund liabilities (Tables)

Refund liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Refund Liabilities [Abstract]
Disclosure of development of refund liabilities	Development of refund liabilities: in € thousand June 30, 2023 December 31, 2022 BALANCE AS AT JANUARY 1 143,085 254,582 Additions 612 52,012 Payments (54,755) (2,626) Other releases — (879) Revenue recognition (78) (169,242) Interest expense capitalized 3,134 9,597 Exchange rate difference (3,770) (357) BALANCE AS AT CLOSING DATE 88,229 143,085 Less non-current portion (6,211) (6,635) CURRENT PORTION 82,017 136,450

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Jun. 30, 2023
Provisions [abstract]
Schedule of provision for employee commitments	in € thousand June 30, 2023 December 31, 2022 Employer contribution costs on share-based compensation plans 2,857 3,330 Phantom shares 1,936 2,976 Retirement termination benefits 380 330 Leaving indemnities 54 267 TOTAL 5,227 6,903 Less non-current portion 511 360 CURRENT PORTION 4,717 6,543
Schedule of other provisions	in € thousand June 30, 2023 December 31, 2022 Non-current 932 960 Current 7,933 24,714 PROVISIONS 8,865 25,674

Other liabilities (Tables)

Other liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Miscellaneous liabilities [abstract]
Schedule of other liabilities	in € thousand June 30, 2023 December 31, 2022 Deferred income 94 5,519 Other financial liabilities 7 32 Miscellaneous liabilities 71 88 OTHER LIABILITIES 172 5,639 Less non-current portion (98) (116) CURRENT PORTION 75 5,523

Cash flow information (Tables)

Cash flow information (Tables)	6 Months Ended
	Jun. 30, 2023
Cash Flow Information [Abstract]
Schedule of 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, 2023 2022 LOSS FOR THE YEAR (35,046) (171,493) Adjustments for: Depreciation and amortization 8,557 11,153 Write-off / impairment fixed assets/intangibles (1,888) 3,286 Share-based compensation expense 2,192 (8,921) Income tax expense/(income) (3,778) 2,271 (Profit)/loss from disposal of property, plant, equipment and intangible assets 41 46 Share of (profit)/loss from associates — (9) Provision for employer contribution costs on share-based compensation plans ¹ (440) (19,290) Other non-cash (income)/expense (294) 8,972 Interest income (504) (35) Interest expense 8,879 8,199 Changes in non-current operating assets and liabilities (excluding the effects of acquisition and consolidation): Other non-current assets 365 1,335 Long term refund liabilities ² (16) (94,780) Other non-current liabilities and provisions (70) 601 Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): Inventory 1,724 26,041 Trade and other receivables 2,872 44,960 Contract liabilities 2,346 (4,304) Refund liabilities (57,448) 44,654 Trade and other payables and provisions 7,720 47,904 CASH USED IN OPERATIONS (64,789) (99,410) 1 In the six months ended June 30, 2022, the position “employee benefit other than share-based compensation” includes an income of €19.5 million, which resulted from release of the employer contribution provision, which was accounted for as of December 31, 2021 for the payable at the exercise of the IFRS 2 programs. 2 As at June 30, 2022, the terms of the royalty obligation towards the UK Authority were redefined under the 2022 settlement agreement. Management assessed the likelihood for this future obligation as remote. This resulted in a value of € nil, which led to a reduction of refund liabilities and recognition of other revenues recognized of €89.4 million.

Basis of preparation (Details)

Basis of preparation (Details)	Jul. 01, 2023 employee
Disposal of major unit | CTM Unit Solna
Disclosure of non-adjusting events after reporting period [line items]
Number of employees transferred	30

Revenues - Schedule of disaggre

Revenues - Schedule of disaggregated revenue (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Product sales	€ 69,665	€ 33,335
Revenues from contracts with customers	3,710	59,524
Other non-IFRS 15 revenue	368	365
REVENUES	€ 73,743	€ 93,224

Revenues - Narrative (Details)

Revenues - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Increase in product sales	€ 36,300
Decrease in other revenues from contract with customers	55,800
Revenues from contracts with customers	3,710	€ 59,524
UK Authority | United Kingdom
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers		89,400
Pfizer Inc. | United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers		(36,100)
COVID VLA2001
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	0	89,383
COVID VLA2001 | UK Authority
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers		89,400
Lyme VLA15
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	€ 0	(36,107)
Lyme VLA15 | Pfizer Inc.
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers		€ (36,100)

Revenues - Disclosure of disagg

Revenues - Disclosure of disaggregated revenue by type of goods or services (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	€ 69,665	€ 33,335
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	3,710	59,524
Other non-IFRS 15 revenue	368	365
REVENUES	73,743	93,224
IXIARO®
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	30,288	12,270
DUKORAL®
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	17,140	5,764
Third party products
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	16,545	11,503
COVID VLA2001
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	5,691	3,798
Chikungunya VLA1553
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	1,628	956
COVID VLA2001
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	0	89,383
Lyme VLA15
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	0	(36,107)
Services related to clinical trial material
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	1,396	2,447
Others
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	€ 686	€ 2,844

Revenues - Disclosure of produc

Revenues - Disclosure of products sales by channel (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	€ 69,665	€ 33,335
Direct product sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	50,879	26,526
Indirect product sales (Sales through distributors)
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	€ 18,786	€ 6,809

Revenues - Disclosure of revenu

Revenues - Disclosure of revenue by geographical markets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	€ 73,743	€ 93,224
Canada
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	15,374	6,683
Germany
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	9,977	2,197
United Kingdom
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	9,536	95,931
United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	8,299	(31,442)
Nordics
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	6,176	2,535
Other Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	6,111	3,176
Austria
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	5,645	6,482
France
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	2,753	2,338
Rest of World
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	€ 9,872	€ 5,325

Expenses by nature - Schedule o

Expenses by nature - Schedule of income statement items by nature of cost (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Expenses by nature [abstract]
Consulting and other purchased services	€ 35,442	€ 87,171
Cost of services and change in inventory	7,843	102,476
Employee benefit expense other than share-based compensation	39,028	23,089
Share-based compensation expense	3,028	(5,480)
Raw materials and consumables used	8,611	5,536
Depreciation and amortization and impairment	(6,669)	(14,440)
Building and energy costs	6,210	7,050
Supply, office and IT costs	4,892	6,134
License fees and royalties	1,971	1,650
Advertising costs	4,159	2,740
Warehousing and distribution costs	1,826	686
Travel and transportation costs	1,128	849
Other expenses	1,915	889
OPERATING EXPENSES	€ 122,723	€ 247,230

Expenses by nature - Narrative

Expenses by nature - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of attribution of expenses by nature to their function [line items]
Decrease in operating expenses	€ 124,500
Reversal of impairment loss	(6,669)	€ (14,440)
COVID VLA2001
Disclosure of attribution of expenses by nature to their function [line items]
Inventory write-down		83,500
Advance payments write-down		14,100
Reversal of impairment loss	€ 1,900
COVID VLA2001 | Legal proceedings provision
Disclosure of attribution of expenses by nature to their function [line items]
Provision related to expected settlement costs		€ 26,900

Other income_(expenses), net -

Other income/(expenses), net - Disclosure of other income (expenses) (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Research and development tax credit	€ 4,955	€ 6,770
Grant income	9,946	89
Profit/(loss) on disposal of fixed assets and intangible assets, net	(73)	(46)
Profit/(loss) from revaluation of lease agreements	64	0
Taxes, duties, fees, charges, other than income tax	(353)	(227)
Miscellaneous income/(expenses), net	(525)	(2,989)
OTHER INCOME AND EXPENSES, NET	€ 14,015	€ 3,597

Other income_(expenses), net _2

Other income/(expenses), net - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of attribution of expenses by nature to their function [line items]
Grant income and research and development tax credit	€ 14,900
CTM Unit Solna | Disposal groups classified as held for sale
Disclosure of attribution of expenses by nature to their function [line items]
Disposal Loss	1,362
Legal proceedings provision
Disclosure of attribution of expenses by nature to their function [line items]
Increase of litigation provision		€ 3,100
Scottish Enterprise
Disclosure of attribution of expenses by nature to their function [line items]
Grant income and research and development tax credit	€ 8,700

Finance income_(expenses), ne_2

Finance income/(expenses), net (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Finance Income (Expense) [Abstract]
Interest income from other parties	€ 504	€ 35
TOTAL FINANCE INCOME	504	35
Interest expense on loans	(5,623)	(2,695)
Interest expense on refund liabilities	(2,615)	(4,812)
Interest expenses on lease liabilities	(619)	(457)
Other interest expense	(22)	(235)
TOTAL FINANCE EXPENSES	(8,879)	(8,199)
FOREIGN EXCHANGE GAIN/(LOSSES), NET	4,517	(10,657)
FINANCE INCOME/(EXPENSES), NET	€ (3,858)	€ (18,821)

Impairment testing (Details)

Impairment testing (Details) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 EUR (€) scenario	Dec. 31, 2022 EUR (€)
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		€ 23.1
Reduced revenue percentage, DUKORAL	10%
DUKORAL®
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		€ 8.3
Impairment, number of sales scenarios | scenario	3
Discount rate applied to cash flow projections	9%	8.30%
Risk free rate	2.30%
Market risk premium	7.60%
Country risk premium	0.70%
Currency risk	0.10%
Leveraged beta	1.30
Increase in discount rates applied to cash flow projections	1%
Discount rates applied to cash flow projections if increased by 100 basis points	10%
Impairment loss if the discount rate increase by 1%	€ 4.2	€ 5.1
Impairment loss if revenue decrease by 10%	€ 7.9	4
DUKORAL® | Right-of-use assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		3.2
DUKORAL® | Leasehold improvements
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss, property, plant and equipment		2.5
DUKORAL® | Manufacturing equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss, property, plant and equipment		2.7
COVID VLA2001
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		14.8
COVID VLA2001 | Right-of-use assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		1
COVID VLA2001 | Leasehold improvements
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		1.9
COVID VLA2001 | Manufacturing equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		€ 11.9

Trade receivables - Disclosure

Trade receivables - Disclosure of detailed information about trade receivables (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Trade and other receivables [abstract]
Trade receivables	€ 33,795	€ 23,997
Less: loss allowance of receivables	(127)	(84)
TRADE RECEIVABLES, NET	€ 33,669	€ 23,912

Trade receivables - Narrative (

Trade receivables - Narrative (Details) - EUR (€) € in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure Of Trade Receivables [Line Items]
Trade receivables past due	€ 4.8	€ 4.4
Receivables from contracts with customers	33.7	€ 23.9
Receivables from governmental institutions (B+Country)
Disclosure Of Trade Receivables [Line Items]
Trade receivables past due	€ 3.4

Other assets (Details)

Other assets (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Miscellaneous assets [abstract]
R&D tax credit receivables	€ 42,183	€ 49,174
Advance payments	1,452	1,672
Tax receivables	2,915	9,066
Prepaid expenses	3,463	4,939
Contract costs	3,710	3,710
Consumables and supplies on stock	81	1,380
Miscellaneous current assets	7,032	451
OTHER NON-FINANCIAL ASSETS	60,836	70,391
Deposits	12,009	11,822
Miscellaneous financial assets	170	165
OTHER FINANCIAL ASSETS	12,179	11,988
OTHER ASSETS	73,015	82,378
Less non-current portion	7,933	8,299
CURRENT PORTION	€ 65,082	€ 74,079

Assets classified as held for_3

Assets classified as held for sale - Disclosure of assets and liabilities classified as held for sale (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Assets classified as held for sale	€ 4,966	€ 2,134
Liabilities classified as held for sale	1,423	0
CTM Unit Solna
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Assets classified as held for sale	2,832	0
Liabilities classified as held for sale	1,423	0
BliNK Biomedical SAS
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Assets classified as held for sale	2,134	2,134
Liabilities classified as held for sale	€ 0	€ 0

Assets classified as held for_4

Assets classified as held for sale - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Assets classified as held for sale	€ 4,966	€ 2,134
CTM Unit Solna
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Assets classified as held for sale	2,832	0
CTM Unit Solna | Disposal groups classified as held for sale
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Carrying amount	2,771
Net carrying amount	1,408
Impairment loss	€ 1,362
BliNK Biomedical SAS
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Proportion of ownership interest in associate	48.90%
Assets classified as held for sale	€ 2,134	€ 2,134

Assets classified as held for_5

Assets classified as held for sale - Schedule of reconciliation of carrying amount of disposal group (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Disposal Group [Line Items]
Property, plant and equipment	€ 113,505	€ 112,435
TOTAL ASSETS	542,571	621,344
Contract liabilities	(11,580)	€ (9,411)	€ (128,758)
CTM Unit Solna | Disposal groups classified as held for sale
Disclosure Of Disposal Group [Line Items]
Property, plant and equipment	3,628
Inventories	386
Trade and other receivables	181
TOTAL ASSETS	4,194
Contract liabilities	(1,020)
Tax and Employee-related liabilities	(404)
CARRYING AMOUNT OF THE DISPOSAL GROUP	2,771
Disposal Loss	(1,362)
FAIR VALUE LESS COST TO SELL	€ 1,408

Trade payables and accruals (De

Trade payables and accruals (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Trade and other payables [abstract]
Trade payables	€ 44,136	€ 14,505
Accrued expenses	25,016	26,986
TOTAL	69,152	41,491
Less non-current portion	0	0
CURRENT PORTION	€ 69,152	€ 41,491

Contract liabilities - Disclosu

Contract liabilities - Disclosure of development of contract liabilities (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Contract liabilities [abstract]
BALANCE AS AT JANUARY 1	€ 9,411	€ 128,758
Revenue recognition	(2,779)	(130,678)
Addition	6,074	10,833
Other releases	(1,032)	0
Exchange rate differences	(94)	498
BALANCE AS AT CLOSING DATE	11,580	9,411
Less non-current portion	0	0
CURRENT PORTION	€ 11,580	€ 9,411

Contract liabilities - Narrativ

Contract liabilities - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition	€ 2,779	€ 130,678
Decrease through reclassification to held for sale	1,032	0
Addition	6,074	10,833
Kingdom of Bahrain | COVID VLA2001 | Advance Purchase Agreement (APA)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition	2,300	2,300
Addition		3,800
Pfizer Inc. | Lyme VLA15 | Amended Collaboration and License agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition	€ 4,800	5,900
Addition		4,200
European Commission | COVID VLA2001 | Advance Purchase Agreement (APA)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition		116,800
Instituto Butantan | Chikungunya VLA1553 | Partnering agreement, CEPI
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition		2,000
Addition		€ 2,000

Refund liabilities - Disclosure

Refund liabilities - Disclosure of development of refund liabilities (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Refund Liabilities [Abstract]
BALANCE AS AT JANUARY 1	€ 143,085	€ 254,582
Additions	612	52,012
Payments	(54,755)	(2,626)
Other releases	0	(879)
Revenue recognition	(78)	(169,242)
Interest expense capitalized	3,134	9,597
Exchange rate difference	(3,770)	(357)
BALANCE AS AT CLOSING DATE	88,229	143,085
Less non-current portion	(6,211)	(6,635)
CURRENT PORTION	€ 82,017	€ 136,450

Refund liabilities - Narrative

Refund liabilities - Narrative (Details) € in Thousands, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	€ 88,229		€ 143,085		€ 254,582
Current refund liabilities	82,017		136,450
Non-current refund liabilities	6,211		6,635
Additions, refund liability	612		52,012
Pfizer Inc. | Lyme VLA15 | Amended Collaboration and License agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	80,900		135,500
Current refund liabilities			135,500
Additions, refund liability			24,500	$ 25
GSK | Supply agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	€ 6,500		6,600
Non-current refund liabilities			6,600
UK Authority
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities		€ 0
Revenue from royalty obligation		€ 89,400
UK Authority | COVID VLA2001 | Vaccine supply agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from royalty obligation			89,200
Revenue from CAPEX obligation			€ 80,000

Provisions - Schedule of provis

Provisions - Schedule of provision for employee commitments (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Provisions [abstract]
Employer contribution costs on share-based compensation plans	€ 2,857	€ 3,330
Phantom shares	1,936	2,976
Retirement termination benefits	380	330
Leaving indemnities	54	267
TOTAL	5,227	6,903
Less non-current portion	511	360
CURRENT PORTION	€ 4,717	€ 6,543

Provisions - Schedule of other

Provisions - Schedule of other provisions (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Provisions [abstract]
Non-current	€ 932	€ 960
Current	7,933	24,714
PROVISIONS	€ 8,865	€ 25,674

Provisions - Narrative (Details

Provisions - Narrative (Details) - EUR (€) € / shares in Units, € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Closing share price (in euro per share)	€ 6.68	€ 6.22
Other provisions	€ 8,865	€ 25,674
Onerous contracts provision
Disclosure of other provisions [line items]
Other provisions	1,800	18,800
Legal proceedings provision
Disclosure of other provisions [line items]
Other provisions	€ 5,200	€ 5,200

Other liabilities (Details)

Other liabilities (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Miscellaneous liabilities [abstract]
Deferred income	€ 94	€ 5,519
Other financial liabilities	7	32
Miscellaneous liabilities	71	88
OTHER LIABILITIES	172	5,639
Less non-current portion	(98)	(116)
CURRENT PORTION	€ 75	€ 5,523

Cash flow information (Details)

Cash flow information (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Cash And Cash Equivalents [Line Items]
LOSS FOR THE YEAR	€ (35,046)	€ (171,493)
Adjustments for:
Depreciation and amortization	8,557	11,153
Write-off / impairment fixed assets/intangibles	(1,888)	3,286
Share-based compensation expense	2,192	(8,921)
Income tax expense/(income)	(3,778)	2,271
(Profit)/loss from disposal of property, plant, equipment and intangible assets	41	46
Share of (profit)/loss from associates	0	(9)
Provision for employer contribution costs on share-based compensation plans	(440)	(19,290)
Other non-cash (income)/expense	(294)	8,972
Interest income	(504)	(35)
Interest expense	8,879	8,199
Changes in non-current operating assets and liabilities (excluding the effects of acquisition and consolidation):
Other non-current assets	365	1,335
Long term refund liabilities	(16)	(94,780)
Other non-current liabilities and provisions	(70)	601
Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation):
Inventory	1,724	26,041
Trade and other receivables	2,872	44,960
Contract liabilities	2,346	(4,304)
Refund liabilities	(57,448)	44,654
Trade and other payables and provisions	7,720	47,904
Cash used in operations	(64,789)	(99,410)
Provision for employer contribution released		19,500
Refund liabilities	€ 88,229		€ 143,085	€ 254,582
UK Authority
Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation):
Refund liabilities		0
Revenue from royalty obligation		€ 89,400

Contingencies and litigations (

Contingencies and litigations (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Other provisions	€ 8,865	€ 25,674
Legal proceedings provision
Disclosure of other provisions [line items]
Other provisions	€ 5,200	€ 5,200

Related-party transactions (Det

Related-party transactions (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jul. 31, 2023	Nov. 30, 2022
Disclosure of transactions between related parties [line items]
Key management personnel compensation	€ 1.5	€ 1.2
Vital Meat SAS
Disclosure of transactions between related parties [line items]
Provision of services, transfer of assets		€ 1
Research Tax Credit | BPI France
Disclosure of transactions between related parties [line items]
Borrowings				€ 1.4
Research Tax Credit | BPI France | Rendering of services, related party transactions
Disclosure of transactions between related parties [line items]
Borrowings, percentage of receivables			80%

Events after the reporting pe_2

Events after the reporting period (Details) € in Thousands	Aug. 15, 2023 USD ($)	Jul. 03, 2023 EUR (€)	Sep. 08, 2023	Jun. 30, 2023 EUR (€)	Apr. 30, 2022 USD ($)
Major loan agreement | Debt financing agreement due 2027
Disclosure of non-adjusting events after reporting period [line items]
Borrowing facilities, maximum borrowing capacity					$ 100,000,000
Major loan agreement | Amended debt financing agreement due 2028
Disclosure of non-adjusting events after reporting period [line items]
Borrowing facilities, maximum borrowing capacity	$ 50,000,000
Borrowings, interest-only period	3 years
Borrowing facilities, maximum borrowing capacity, higher borrowing capacity option	$ 50,000,000
Disposal of associates | BliNK Biomedical SAS
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests, disposal			48%
CTM Unit Solna | Disposal groups classified as held for sale
Disclosure of non-adjusting events after reporting period [line items]
Net carrying amount | €				€ 1,408
CTM Unit Solna | Disposal of major unit
Disclosure of non-adjusting events after reporting period [line items]
Consideration received | €		€ 1,400