Document and entity information
Document and entity information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document and entity information | |
Document Type | 20-F |
Document registration statement | false |
Document annual report | true |
Document period end date | Dec. 31, 2023 |
Current fiscal year end date | --12-31 |
Document fiscal year focus | 2023 |
Document transition report | false |
Document shell company report | false |
Entity file number | 001-40552 |
Entity registrant name | NYXOAH SA |
Entity incorporation state country code | C9 |
Entity address, address line One | Rue Edouard Belin 12 |
Entity address, postal zip code | 1435 |
Entity address, city or town | Mont-Saint-Guibert |
Entity address, country | BE |
Security 12b title | Ordinary Share, no nominal value per share |
Trading symbol | NYXH |
Security exchange name | NASDAQ |
Entity common stock shares outstanding | 28,673,985 |
Entity well know seasoned issuer | No |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity interactive data current | Yes |
Entity filer category | Accelerated Filer |
Entity emerging growth company | true |
Entity ex transition period | false |
Icfr auditor attestation flag | false |
Document accounting standard | International Financial Reporting Standards |
Entity shell company | false |
Auditor Firm ID | 1467 |
Auditor Name | EY Réviseurs d’Entreprises / EY |
Auditor Location | Diegem, Belgium |
Document fiscal period focus | FY |
Entity central index key | 0001857190 |
Amendment flag | false |
Document Financial Statement Error Correction [Flag] | false |
Business contact | |
Document and entity information | |
Entity address, address line One | Rue Edouard Belin 12 |
Entity address, postal zip code | 1435 |
Entity address, city or town | Mont-Saint-Guibert |
Entity address, country | BE |
Contact personnel name | Olivier Taelman |
City Area Code | 32 |
Local phone number | 10 22 23 55 |
Contact personnel email address | Olivier.Taelman@nyxoah.com |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS € in Thousands, $ in Millions | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) |
Non-current assets | ||
Property, plant and equipment | € 4,188 | € 2,460 |
Intangible assets | 46,608 | 39,972 |
Right of use assets | 3,788 | 3,159 |
Deferred tax asset | 56 | 47 |
Other long-term receivables | 1,166 | 173 |
Total non-current assets | 55,806 | 45,811 |
Current assets | ||
Inventory | 3,315 | 882 |
Trade receivables | 2,758 | 1,463 |
Other receivables | 3,212 | 1,775 |
Other current assets | 1,318 | 1,284 |
Financial assets | 36,138 | 76,968 |
Cash and cash equivalents | 21,610 | 17,888 |
Total current assets | 68,351 | 100,260 |
Total assets | 124,157 | 146,071 |
Capital and reserves | ||
Capital | 4,926 | 4,440 |
Share premium | 246,127 | 228,275 |
Share based payment reserve | 7,661 | 5,645 |
Other comprehensive income | 137 | 176 |
Retained loss | (160,829) | (118,212) |
Total equity attributable to shareholders | 98,022 | 120,324 |
Non-current liabilities | ||
Financial debt | 8,373 | 8,189 |
Lease liability | 3,116 | 2,586 |
Pension liability | 9 | 0 |
Provisions | 185 | 59 |
Deferred tax liability | 9 | 0 |
Total non-current liabilities | 11,692 | 10,834 |
Current liabilities | ||
Financial debt | 364 | 388 |
Lease liability | 851 | 719 |
Trade payables | 6,155 | 4,985 |
Current tax liability | 1,988 | 3,654 |
Other payables | 5,085 | 5,167 |
Total current liabilities | 14,443 | 14,913 |
Total liabilities | 26,135 | 25,747 |
Total equity and liabilities | € 124,157 | € 146,071 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS | |||
Revenue | € 4,348,000 | € 3,084,000 | € 852,000 |
Cost of goods sold | (1,656,000) | (1,150,000) | (303,000) |
Gross profit | 2,692,000 | 1,934,000 | 549,000 |
Research and Development Expense | (26,651,000) | (15,861,000) | (12,344,000) |
Selling, General and Administrative Expense | (21,687,000) | (18,855,000) | (14,712,000) |
Other income/(expense) | 544,000 | 283,000 | 265,000 |
Operating loss for the period | (45,102,000) | (32,499,000) | (26,242,000) |
Financial income | 4,174,000 | 6,763,000 | 3,675,000 |
Financial expense | (3,729,000) | (4,320,000) | (2,072,000) |
Loss for the period before taxes | (44,657,000) | (30,056,000) | (24,639,000) |
Income taxes | 1,445,000 | (1,169,000) | (2,980,000) |
Loss for the period | (43,212,000) | (31,225,000) | (27,618,903) |
Loss attributable to equity holders | (43,212,000) | (31,225,000) | (27,619,000) |
Items that may not be subsequently reclassified to profit or loss (net of tax) | |||
Remeasurements of post-employment benefit obligations, net of tax | 81,000 | 70,000 | (68,000) |
Items that may be subsequently reclassified to profit or loss (net of tax) | |||
Currency translation differences | (120,000) | (96,000) | 121,000 |
Total other comprehensive income/(loss) | (39,000) | (26,000) | 53,000 |
Total comprehensive loss for the year, net of tax | (43,251,000) | (31,251,000) | (27,566,000) |
Loss attributable to equity holders | € (43,251,000) | € (31,251,000) | € (27,566,000) |
Basic loss per share (in EUR) | € (1.545) | € (1.209) | € (1.161) |
Diluted loss per share (in EUR) | € (1.545) | € (1.209) | € (1.161) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) | Common shares | Share premium | Share based payment reserve | Other comprehensive income | Retained loss | Total | Total |
Balance at beginning at Dec. 31, 2020 | € 3,796,000 | € 150,936,000 | € 2,650,000 | € 149,000 | € (60,341,000) | € 97,190,000 | |
Loss for the period | (27,619,000) | (27,619,000) | € (27,618,903) | ||||
Other comprehensive income for the period | 53,000 | 53,000 | 53,000 | ||||
Total comprehensive income/(loss) for the period | 53,000 | (27,619,000) | (27,566,000) | (27,566,000) | |||
Equity-settled share-based payments | |||||||
Granted during the period | 1,270,000 | 1,270,000 | |||||
Exercised during the period | 71,000 | 2,626,000 | (793,000) | 793,000 | 2,697,000 | ||
Issuance of shares for cash | 560,000 | 82,058,000 | 82,618,000 | ||||
Transaction cost | (7,587,000) | (7,587,000) | |||||
Total transactions with owners of the company recognized directly in equity | 631,000 | 77,097,000 | 477,000 | 793,000 | 78,998,000 | ||
Balance at end at Dec. 31, 2021 | 4,427,000 | 228,033,000 | 3,127,000 | 202,000 | (87,167,000) | 148,622,000 | |
Loss for the period | (31,225,000) | (31,225,000) | (31,225,000) | ||||
Other comprehensive income for the period | (26,000) | (26,000) | (26,000) | ||||
Total comprehensive income/(loss) for the period | (26,000) | (31,225,000) | (31,251,000) | (31,251,000) | |||
Equity-settled share-based payments | |||||||
Granted during the period | 2,698,000 | 2,698,000 | |||||
Exercised during the period | 6,000 | 242,000 | (180,000) | 180,000 | 248,000 | ||
Issuance of shares for cash | 7,000 | 7,000 | |||||
Total transactions with owners of the company recognized directly in equity | 13,000 | 242,000 | 2,518,000 | 180,000 | 2,953,000 | ||
Balance at end at Dec. 31, 2022 | 4,440,000 | 228,275,000 | 5,645,000 | 176,000 | (118,212,000) | 120,324,000 | |
Loss for the period | (43,212,000) | (43,212,000) | (43,212,000) | ||||
Other comprehensive income for the period | (39,000) | (39,000) | (39,000) | ||||
Total comprehensive income/(loss) for the period | (39,000) | (43,212,000) | (43,251,000) | (43,251,000) | |||
Equity-settled share-based payments | |||||||
Granted during the period | 2,611,000 | 2,611,000 | |||||
Exercised during the period | 2,000 | 60,000 | (18,000) | 18,000 | 62,000 | ||
Issuance of shares for cash | 484,000 | 18,132,000 | 18,616,000 | ||||
Expired during the period | (577,000) | 577,000 | |||||
Transaction cost | (340,000) | (340,000) | € (7,600,000) | ||||
Total transactions with owners of the company recognized directly in equity | 486,000 | 17,852,000 | 2,016,000 | 595,000 | 20,949,000 | ||
Balance at end at Dec. 31, 2023 | € 4,926,000 | € 246,127,000 | € 7,661,000 | € 137,000 | € (160,829,000) | € 98,022,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Loss before tax for the year | € (44,657,000) | € (30,056,000) | € (24,639,000) |
Adjustments for | |||
Finance income | (4,174,000) | (6,763,000) | (3,675,000) |
Finance expenses | 3,729,000 | 4,320,000 | 2,072,000 |
Depreciation and impairment of property, plant and equipment and right-of-use assets | 1,398,000 | 1,119,000 | 783,000 |
Amortization of intangible assets | 962,000 | 813,000 | 879,000 |
Share-based payment transaction expense | 2,611,000 | 2,698,000 | 1,270,000 |
Remeasurement of recoverable cash advances | (324,000) | (247,000) | (346,000) |
Increase/(decrease) in provisions | 216,000 | 37,000 | (13,000) |
Other non-cash items | (256,000) | (356,000) | (249,000) |
Cash generated before changes in working capital | (40,495,000) | (28,435,000) | (23,918,000) |
Changes in working capital | |||
(Increase)/decrease in inventory | (2,433,000) | (536,000) | (291,000) |
(Increase)/decrease in trade and other receivables | (1,540,000) | 7,000 | (2,523,000) |
Increase/(decrease) in trade and other payables | 479,000 | 615,000 | 1,670,000 |
Cash generated from changes in operations | (43,989,000) | (28,349,000) | (25,062,000) |
Interests received | 0 | 3,000 | 0 |
Income tax paid | (789,000) | (410,000) | (274,000) |
Net cash generated from / (used in) operating activities | (44,778,000) | (28,756,000) | (25,336,000) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (2,500,000) | (886,000) | (1,469,000) |
Capitalization of intangible assets | (8,462,000) | (15,463,000) | (10,348,000) |
Purchase of financial assets - current | (80,018,000) | (102,620,000) | 0 |
Proceeds from sale of financial assets - current | 120,681,000 | 28,913,000 | 0 |
Interest income on financial assets | 2,310,000 | 110,000 | 0 |
Net cash generated from / (used in) investing activities | 32,011,000 | (89,946,000) | (11,817,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payment of principal portion of lease liabilities | (757,000) | (772,000) | (500,000) |
Repayment of other loan | (83,000) | (83,000) | (83,000) |
Interests paid | (192,000) | (130,000) | (385,000) |
Repayment of recoverable cash advance | (396,000) | (216,000) | (280,000) |
Proceeds from issuance of shares, net of transaction costs | 18,337,000 | 255,000 | 77,728,000 |
Other financial costs | (51,000) | (37,000) | (8,000) |
Net cash generated from / (used in) financing activities | 16,858,000 | (983,000) | 76,472,000 |
Movement in cash and cash equivalents | 4,091,000 | (119,685,000) | 39,319,000 |
Effect of exchange rates on cash and cash equivalents | (369,000) | 2,064,000 | 3,890,000 |
Cash and cash equivalents at January 1 | 17,888,000 | 135,509,000 | 92,300,000 |
Cash and cash equivalents at December 31 | € 21,610,000 | € 17,888,000 | € 135,509,000 |
General information
General information | 12 Months Ended |
Dec. 31, 2023 | |
General information | |
General information | 1. Nyxoah SA (the “Company”) is a public listed company with limited liability (naamloze vennootschap/société anonyme) incorporated and operating under the laws of Belgium and is domiciled in Belgium. Nyxoah SA is registered with the legal entities register (Brabant Walloon) under enterprise number 0817.149.675. The Company’s registered office is in Rue Edouard Belin 12, 1435 Mont-Saint-Guibert, Belgium. The Company is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea, or OSA. Our lead solution is the Genio ® The Genio ® ® Obstructive sleep apnea is the world’s most common sleep disordered breathing condition. OSA occurs when the throat and tongue muscles and soft tissues relax and collapse. It makes a person stop breathing during sleep, while the airway repeatedly becomes partially (hypopnea) or completely (apnea) blocked, limiting the amount of air that reaches the lungs. During an episode of apnea or hypopnea, the patient’s oxygen level drops, which leads to sleep interruptions. Nyxoah SA has four wholly owned subsidiaries: Nyxoah Ltd, a subsidiary of the Company since October 21, 2009 (located in Israel and incorporated on January 10, 2008 under the name M.L.G. Madaf G. Ltd), Nyxoah Pty Ltd since February 1, 2017 (located in Australia), Nyxoah Inc. since May 14, 2020 (located in the USA) and Nyxoah GmbH since July 26, 2023 (located in Germany). These consolidated financial statements have been authorized for issue on March 20, 2024 by the Board of Directors of the Company. |
Material accounting policies
Material accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policies | |
Material accounting policies | 2. Material accounting policies 2.1. Basis of Preparation and Going Concern Basis of Preparation The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (IASB) and as endorsed by the European Union. The consolidated financial statements are presented in thousands of Euros (€) and all values are rounded to the nearest thousand, except when otherwise indicated (e.g. € million). The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, are areas where assumptions and estimates are significant to the consolidated financial statements. Going concern principle The consolidated financial statements have been prepared on a going concern basis. Please refer to note 5.1 for the detailed explanation of the going concern. The Company confirms that despite the conflict between Israel and Hamas, operations are continuing notably regarding R&D and production with no major impact and the assets are currently safeguarded. The Company is not suffering impact of this conflict. 2.2. New and amended standards and interpretations applicable Effective for the annual periods beginning on January 1, 2023 The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2023, but do not have an impact on the consolidated financial statements of the Company: ₋ IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules (effective immediately – disclosures are required for annual periods beginning on or after 1 January 2023). The Company has adopted these amendments, however they are not yet applicable for the current reporting year as the Company’s consolidated revenue is currently below the threshold of € 750 million. The following amendments have had an impact on the Company’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Company’s financial statements. ₋ Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023) New standards not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements are disclosed below. The Company intends to adopt these standards and interpretations, if applicable, when they become effective. - Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (applicable for annual periods beginning on or after 1 January 2024). - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after January 1, 2024). - Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (applicable for annual periods beginning on or after 1 January 2024, but not yet endorsed in the EU). - Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025, but not yet endorsed in the EU). None of the IFRS standards issued, but not yet effective are expected to have a material impact on the Company’s financials. 2.3. Basis of Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2023, 2022 and 2021. Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. 2.4. Foreign Currency Translations The consolidated financial statements are presented in Euro, which is the Company’s functional and presentation currency. For each subsidiary, the Company determines the functional currency. Items included in the financial statements of each subsidiary are measured using that functional currency. Transactions in foreign currencies are recorded at their respective foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates prevailing at the closing date. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those at which they were initially recorded during the period or in previous periods, are recognized in the consolidated income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and the income statement is translated at the average rate of the year. The exchange differences arising on the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the income statement. 2.5. Intangible Assets Patents Patents relate to direct attributable expenditure incurred for obtaining patent rights related to the Genio ® ® Research and Development Costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Company can demonstrate: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● the intention to complete the intangible asset and use or sell it; ● the ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● the ability to measure reliably the expenditure attributable to the intangible asset during its development. The Company started recognizing the development expenditure as an asset since March 2019 triggered by obtaining CE mark for the first generation of the Genio ® ® ® 2.6. Property, Plant and Equipment Property, plant and equipment are initially recorded in the statement of financial position at their acquisition cost, which includes the costs directly attributable to the acquisition and installation of the asset. Property, plant and equipment are subsequently measured at their historical cost less accumulated depreciation and impairment, if any. Property, plant and equipment are depreciated on a straight-line basis over their estimated useful life. The estimated useful life of each category of property, plant and equipment is as follows: ● IT equipment 3 years ● Furniture and office equipment 5 to 15 years ● Laboratory equipment 15 years ● Leasehold improvements The shorter of lease term and 10 years Assets under construction are not depreciated until the date that the asset is available for use. Property, plant and equipment are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset, which is the difference between the net disposal proceeds and the carrying amount of the asset, is included in the income statement when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. 2.7. Impairment of Intangible Assets and Property, Plant and Equipment At each reporting date, the Company assesses whether there is an indication that property, plant and equipment and intangible assets with a definite useful life may be impaired. If an indication of impairment exists, or at least annually when impairment test is required in case of intangible assets with an indefinite useful life or intangible assets not yet for use, the Company estimates the asset’s recoverable amount. The recoverable amount of an asset is the higher of the assets or cash-generating units (CGU) fair value less costs to sell and its value in use. The recoverable amount is determined based on the value in use of the individual asset or the CGU. In assessing value in use, the estimated future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss has been recognized for the asset in prior years. Such reversal is recognized in the consolidated income statement. 2.8. Financial Assets Financial assets include mainly other long-term receivables, trade receivables, other receivables, term accounts with an initial maturity longer than 3 months but less than 12 months and cash and cash equivalents, and are measured at amortized cost using the effective interest method, less impairment allowance. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the asset have expired or when the Company transferred its rights to receive cash flows and substantially all risks and rewards of ownership of the financial asset to another party. Impairment of Financial Assets For trade receivables and other receivables, the Company applies a simplified approach in calculating Expected Credit Losses (“ECL”). Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in the income statement. 2.9. Financial Liabilities The financial liabilities include financial debt, derivative liabilities, trade payables and other payables. Liabilities at amortized cost Those financial liabilities, except for the derivative liabilities, are measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included as financial cost in the consolidated income statement. When the estimated contractual cash flows are modified, the entity recalculates the gross carrying amount of the financial liability as the present value of the modified cash flows discounted at the original effective interest rate. The difference between the recalculated carrying amount and the initial carrying amount is included in other operating income & expense in the consolidated income statement. Liabilities at fair value with changes in fair value through profit and loss The Company has derivative liabilities consisting of foreign currency options to hedge its contingency risk exposure to certain foreign currencies. Those derivative financial instruments are initially recorded at fair value and derivative financial instruments are subsequently remeasured at their fair value with changes in fair value recorded in the income statement under “Financial income/financial expenses”. Any transactions costs incurred are immediately recognized in the consolidated income statement. The Company does not apply hedge accounting to those derivative financial liabilities. The fair value of a hedging derivative financial instrument is classified as a non-current liability when the remaining maturity of the hedged item is more than 12 months and as a current liability when the remaining maturity of the hedged item is less than 12 months. The fair value is recorded in the consolidated balance sheet under “Other payables”. Derecognition The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in income statement. 2.10. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that the market participants act in their economic best interest. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and Level 3 valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. 2.11. Inventory Inventories consist of raw materials, work-in-progress and finished goods of the Genio ® 2.12. Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term deposits with a maturity of or less than 3 months, and which are subject to an insignificant risk of changes in value. 2.13. Income Taxes Income taxes include current income tax and deferred income tax. Current Income Tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. Tax rates and tax laws that are considered to determine the amount of tax assets or liabilities are those that are enacted or substantially enacted, at the reporting date. The current income tax liability includes a liability for tax positions subject to uncertainty over income tax treatment when it is probable that an outflow of economic resources will occur. Measurement of the liability for tax positions subject to uncertainty over income tax treatment is based on either the most likely amount method or the expected value method based on the Company’s best estimate of the underlying risk. Deferred Income Tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except when the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither the accounting profit nor taxable profit or loss. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and tax liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxation authority. 2.14. Employee Benefits Short-Term Employee Benefits Short-term employee benefits include salaries and social security taxes, paid vacation and bonuses. They are recognized as expenses for the period in which employees perform the corresponding services. Outstanding payments at the end of the period are presented within current liabilities (other payables). Post-Employment Benefits Post-employment benefits include pensions and retirement benefits for employees, which are covered by contributions of the Company. The Company has set up a pension plan for its employees which qualifies as Defined Benefit pension plan under IAS 19. In the view of the minimum legal returns guaranteed under such scheme, those plans qualify as Defined Benefits plans. Such pension scheme is treated in accordance with IAS 19 “Employee Benefits” as a defined benefit plan. For defined benefit plans, the amount recognized in the Statement of financial position as a net liability (asset) corresponds to the difference between the present value of future obligations and the fair value of the plan assets. The present value of the obligation and the costs of services are determined by using the “projected unit credit method” and actuarial valuations are performed at the end of each reporting period. The actuarial calculation method implies the use of actuarial assumptions by the Company, involving the discount rate, evolution of wages, employee turnover and mortality tables. These actuarial assumptions correspond to the best estimations of the variables that will determine the final cost of post-employment benefits. The discount rate reflects the rate of return on high quality corporate bonds with a term equal to the estimated duration of the post-employment benefits obligations. The actuarial calculations of post-employment obligations are performed by independent actuaries. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the consolidated statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained loss and will not be reclassified to profit or loss. 2.15. Share-Based Compensation Equity-settled share-based compensation The Company operates an equity-based compensation plan, whereby warrants are granted to directors, management and selected employees and non-employees. The warrants are accounted for as equity-settled share-based payment plans since the Company has no legal or constructive obligation to repurchase or settle the warrants in cash. Each warrant gives the beneficiaries the right to subscribe to one or several common share of the Company. The warrants are granted for free and have an exercise price which is determined by the Board of Directors of the Company. The fair value of the employee services received in exchange for the grant of stock options or warrants is determined at the grant date using a Black & Scholes valuation model. The costs of equity-settled transactions are recognized in employee benefit expense. The total amount to be expensed over the vesting period, if any, with a corresponding increase in the « share-based payment reserve » within equity, is determined by reference to the fair value of the stock options or warrants granted, excluding the impact of any non-market vesting conditions. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the entity’s best estimate of the number of equity instruments that will ultimately vest. At each closing date, the entity revises its estimates of the number of stock options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity over the remaining vesting period. The proceeds received net of any directly attributable transaction costs are credited to share capital when the stock options or the warrants are exercised. When warrants granted under a share-based compensation plan are exercised or when they are not exercised and have expired, the amount previously recognized under the share-based payment reserve is reclassified to the caption retained loss, within equity. 2.16. Provisions A provision is set up by the Company if, at the reporting date, the Company has a present obligation, either legal or constructive, as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and when a reliable estimate of the amount can be made. 2.17. Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated life and the lease term. Right-of-use assets are subject to impairment, but no impairment has been identified in fiscal year 2021, 2022 and 2023. Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases of machinery, equipment and buildings (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment and bicycles that are considered of low value (i.e., below €5,000). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. See note 31.2 2.18. Revenue The Company continues the commercialization of its Genio ® Performance obligation is deemed fulfilled at a specific point in time when the customer gains control of the Genio ® ® Variable consideration including volume rebates Revenue undergoes adjustments for variable consideration and other factors influencing the transaction price. Notably, some contracts may entail a volume discount, offering a free Genio ® ® The Company provides customers with a limited right of return for products in case of non-conformity or performance issues. Since product returns have been historically de-minimis, we haven’t factored in a revenue reduction related to variable considerations for returns. Warranty obligations The Company provides a three-year warranty on the Genio ® 2.19. Recoverable cash advances and other government grants The Company received the support from a governmental agency, in this case the Walloon Region (“Region”), under the form of recoverable cash advances. Recoverable cash advances are aimed at supporting specific development programs. As part of this support, an agreement is concluded with the Region consisting in three distinct phases being a research phase, a decision phase and an exploitation phase. During the research phase, the Company receives funds from the Region based on eligible expenses incurred by the Company. At the end of the research phase, there is a decision phase of six months, allowing the Company to decide whether or not it will use the results of the research phase. ● If the Company decides not to use the results of the research phase, it has to notify the Region and transfer to the Region the rights associated with the research phase. Accordingly, the advances received are not to be reimbursed. ● If the Company decides to use the results of the research phase, it will enter into the exploitation phase. In such a situation, the advances received become refundable through a fixed repayment part ( 30% ) and a variable repayment scheme ( 0.224% - 0.45% ). The fix part is repayable unconditionally in accordance with a reimbursement plan. The variable part is dependent on the success of the project, i.e. based on a percentage on sales generated by the product that has benefited from the research. ● Reimbursements (fixed and variable) to be made by the Company (interests included) may represent up to 2 times the amount of cash advance received, depending on the level and the timing of the sales. At inception, recoverable cash advances are recognized as financial liability at fair value when received. To determine the fair value of the cash advances received, the Company estimates future cash outflows considering (i) assumptions regarding the estimation of the timing and the probability of the future sales or (ii) the probability that the Company will notify the Walloon Region whether it will decide or not to use the results of the research phase and (iii) an appropriate discount rate. At inception, if the fair value of the liability exceeds the amounts of the cash received, the difference is recognized in the income statement as operating expenses. If the amount of cash received would exceed the fair value of the liability, the difference would be considered as a government grant, being recognized in the income statement as operating income on a systematic basis in order to match the expenses incurred. Subsequently, at each closing date, the financial liability is measured at amortized cost. When the estimated contractual cash flows are modified, the entity recalculates the gross carrying amount of the financial liability as the present value of the modified cash flows discounted at the original effective interest rate. The difference between the recalculated carrying amount and the initial carrying amount is included in the caption “other operating income/expenses” in the consolidated income statement and in the financial expenses for the impact of the discounting. When modifying the estimated contractual cash flows, the Company reviews if there are indicators, either positive or negative, influencing the estimation of the timing and level of the future sales of the products benefiting from the support of the Walloon Region. When repayment of recoverable cash advances may be forgiven, the liability component of recoverable cash advances is treated as a government grant and taken to income only when there is reasonable assurance that the entity will meet the terms for forgiveness of the advance. Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is deducted from the carrying amount of the asset and is reflected in the income statement as a reduction in the amortization expense of the asset concerned on a systematic basis over the life of the asset. 2.20. Segment Reporting Based on the organizational structure, as well as the nature of financial information available and reviewed by the Company’s chief operating decision makers to assess performance and make decisions about resource allocations, the Company has concluded that its total operations represent one reportable segment. The chief operating decision maker is the CEO. 2.21. Significant events and transactions of the reporting pe |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2023 | |
Capital Management | |
Capital Management | 3. Capital Management The Company’s objectives when managing capital are to maintain sufficient liquidity to meet its working capital requirements and fund capital investment in order to safeguard its ability to continue operating as a going concern. The capital structure of the Company consists of equity attributable to the shareholders, such as share capital, share premium, reserves and retained loss, and of borrowings. The capital of Nyxoah SA amounts to €4.9 million at December 31, 2023 (2022: €4.4 million). Total cash and cash equivalents amount to €21.6 million at December 31, 2023 (2022: €17.9 million). Term account amounts to €36.1 million at December 31, 2023 (2022: €77.0 million). The current cash situation and the anticipated cash generation are the most important parameters in assessing the capital structure. The Company’s policy is to maintain a strong capital base in order to maintain investor confidence in its capacity to support the future development of its operations. The Company monitors capital regularly to ensure that its ability to continue operating as a going concern (we refer to 5.1) and the legal capital requirements are met and may propose capital increases to the Shareholders’ Meeting to ensure the necessary capital remains intact. |
Management of Financial Risks
Management of Financial Risks | 12 Months Ended |
Dec. 31, 2023 | |
Management of Financial Risks | |
Management of Financial Risks | 4. Management of Financial Risks The Company’s activities expose it to a variety of financial risks. The Company’s finance department identifies and evaluates the financial risks in co-operation with the operating units. 4.1. Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company’s activities may expose it to changes in foreign currency exchange rates and interest rates. The Company is not exposed to any equity price risk or commodity price risk as it does not invest in these classes of investments. 4.2. Credit risk The credit risk arises mainly from trade receivables, cash and cash equivalents and deposits with banks and financial institutions. The Company only works with international reputable commercial banks and financial institutions. Furthermore, the Company is not exposed to any material credit risk from trade receivables or other receivables. Other receivables are mainly due by the tax incentive in Australia and Belgium and there is limited risk associated to this receivable. 4.3. Foreign Exchange Risk The Company is exposed to currency risk primarily due to the expected future USD, AUD and NIS expenses that will be incurred as part of the ongoing and planned marketing, clinical trials and other related expenses. A financial risk management policy has been approved to i) generate yields on liquidity and ii) reduce the exposure to currency fluctuations with a timeline up to 24 months and by means of foreign currency forwards or options. The Company does not hedge currently its operational FX risk (as already partly hedged with the contingency risk) and its risk on outstanding balances denominated in another currency than its functional currency. Additionally, earnings variability arises from the translation of monetary assets and liabilities denominated in currencies other than the functional currency of the Company’s subsidiaries at the rate of exchange at each closing date, the impact of which is reported as a foreign exchange gain or loss in the consolidated statements of comprehensive income. 2023 rates 2022 rates 2021 rates Currency Closing Average Closing Average Closing Average NIS 3.97763 3.98960 3.78240 3.53440 3.51590 3.82077 AUD 1.62033 1.63002 1.57630 1.51430 1.56150 1.57494 USD 1.10377 1.08242 1.07270 1.05170 1.13260 1.18274 Based on the Company’s foreign currency exposures at the level of the consolidated income statement, varying the above foreign exchange rates to reflect positive and negative changes of 5.0 % of the NIS, AUD and USD would have the following impact: (in EUR 000) Effect on loss (before tax) Effect on pretax equity Change in foreign exchange rate NIS USD AUD NIS USD AUD 2023 5 % 29 — 33 56 54 352 (5) % (29) — (36) (59) (60) (389) 2022 5 % 122 54 73 141 113 364 (5) % (79) (60) (80) (58) (125) (403) 2021 5 % 18 4 64 37 13 284 (5) % (18) (5) (71) (39) (14) (314) 4.4. Interest rate risk The Company has a significant amount of cash in EUR and USD for which the EUR cash position may be subject to negative interest rates above a certain level. The EUR cash balance at December 31, 2023 amounts to €21.6 million. The hedging strategy as described in the section foreign currency risk does also bring benefits in terms of cash management whereby the option premium received exceeds the negative return on the EUR cash balance. Without taking into account the impact of the FX vanilla options on the interest rate risk, an increase (decrease) in the interest rate by 5.0 %, would lead to an interest expense (gain) of €3 877 (€3 877). 4.5. Liquidity Risk The Company’s main sources of cash inflows are obtained through capital increases, recoverable cash advances and grants. Cash is invested in low risk investments such as short-term bank deposits or savings accounts. The Company mainly makes use of liquid investment in current accounts (in Euro) or short-term deposit accounts. The ability of the Company to maintain adequate cash reserves to support its activities in the medium term is highly dependent on the Company’s ability to raise additional funds. As a consequence, the Company is exposed to significant liquidity risk in the medium term. Please refer to note 5.1 on going concern consideration. Contractual undiscounted maturities of financial liabilities at December 31, are as follows: As at December 31 2023 2022 Lease Financial Trade & Lease Financial Trade & (in EUR 000) Liability Debt Other Payable Liability Debt Other Payable Less than 1 year 990 378 11,240 802 400 10,152 1 - 5 years 2,729 8,488 — 2,594 6,456 — 5+ years 748 4,608 — 134 7,115 — Total 4,467 13,474 11,240 3,530 13,971 10,152 4.6. The carrying amount of cash and cash equivalents, trade receivables, other receivables, financial assets and other current assets approximate their value due to their short-term character. The carrying value of current liabilities approximates their fair value due to the short-term character of these instruments. The fair value of non-current liabilities (financial debt and other non-current liabilities), excluding the derivative financial liabilities, is evaluated based on their interest rates and maturity date. These instruments have fixed interest rates and their fair value measurements are subject to changes in interest rates. The fair value measurement is classified as level 3. Please refer to note 2.9 for information on the valuation of non-current liabilities. The derivative financial liabilities and assets which consists of foreign currency swaps are measured at fair value through profit and loss. Fair value is determined by the financial institution and is based on foreign currency swap rates and the maturity of the instrument. Carrying value Fair value As at December 31 As at December 31 (in EUR 000) 2023 2022 2023 2022 Financial Assets Other long-term receivables (level 3) 1,166 173 1,166 173 Trade and other receivables (level 3) 5,627 3,237 5,627 3,237 Foreign currency swaps (level 2) 343 1 343 1 Other current assets (level 3) 1,318 1,284 1,318 1,284 Cash and cash equivalents (level 1) 21,610 17,888 21,610 17,888 Financial Assets (level 1) 36,138 76,968 36,138 76,968 Financial liabilities Financial debt (level 3) 63 146 60 138 Foreign currency swaps (level 2) 90 10 90 10 Recoverable cash advances (level 3) 8,674 8,431 8,674 8,431 Trade and other payables (level 1 and 3) 11,150 10,142 11,150 10,142 |
Critical accounting estimates a
Critical accounting estimates and assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Critical accounting estimates and assumptions | |
Critical accounting estimates and assumptions | 5. When preparing the consolidated financial statements, judgments, estimates and assumptions are made that affect the carrying amount of certain assets, liabilities and expenses. These include the going concern assessment, the share-based payment transactions, the accounting for research and development expenses, the recoverable cash advances and deferred taxes. These judgments, estimates and assumptions have been reviewed for each year and are reviewed on a regular basis, taking into consideration past experience and other factors deemed relevant under the then prevailing economic conditions. Changes in such conditions might accordingly result in different estimates in the Company’s future consolidated financial statements. 5.1. Critical Judgments Going Concern The Company has consistently operated with deficits and sustained negative cash flows since its inception considering the significant research and development expenses incurred for the development and regulatory approval of the Genio device. As of December 31, 2023, the Company’s statement of financial position includes an accumulated loss of €160.8 million and total assets of €124.2 million. Current assets as of December 31, 2023 total €68.4 million, comprising €21.6 million in available cash and cash equivalents, and €36.1 million in marketable securities, primarily derived from previous public offerings. The Company’s current operating plan indicates that it will continue to incur losses from operations and generate negative cash flows from operating activities given ongoing expenditures related to the completion of its clinical trials only partially offset by the Company’s revenue generating activities outside the U.S. (which were €4.3 million in 2023 in the EU). Substantial revenue generation is expected to start following the launch of the Genio product in the U.S., which is dependent on obtaining marketing authorization in the United States for the Genio product from the FDA. The Company projects that its existing cash and cash equivalents and marketable securities should be sufficient to fund operations until the beginning of the fourth quarter of 2024. To meet the Company’s future working capital needs, management is actively exploring different financing avenues, including the public or private issuance of equity and debt financing. Additional funds are pivotal for diverse activities, in particular to launch the Genio product in the U.S. and the ongoing progression of research and development projects. This raises, however, a substantial doubt in respect of going concern as the current funds are not sufficient to cover a period of 12 months following the date of the Annual Report. Although the additional funds have not been raised yet, given the positive outcome from the DREAM trial, the Company is confident that raising sufficient funding to continue its operations for at least 12 months following the date of the Annual Report should not pose significant challenges. The accompanying consolidated financial statements have therefore been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Income tax The tax laws applicable to the Company are complex and are subject to changes in tax landscapes, new laws, guidance, and rulings issued by the tax authorities. The Company may need to make a significant judgment whether certain tax positions taken in the tax filings are uncertain and whether it is probable that those tax positions may be challenged by the tax authorities in case of a tax audit. In making this judgment, the Company considers also third-party tax advice it has obtained. When measuring the tax liability for uncertain tax positions, the Company need to assess the likelihood that the tax position will be challenged and determine the most likely amount (or expected value amount) that may have to be paid when the tax position is not accepted, considering any penalties and late interests payable. 5.2. Critical Accounting Estimates and Assumptions Recoverable Cash Advances The Company benefits from recoverable cash advances granted by the Walloon Region. These are in substance financial liabilities of the Company towards the Region. The determination of the amount of the financial liability is subject to a high degree of subjectivity and requires the Company to make estimates of the future sales it will derive in the future from the products that benefited from the support of the Region. Based on these estimates, it may be concluded that the amount of the cash advance that the Company has received from the Region exceeds the amount of the financial liability estimated by the Company. In such a situation, the difference is considered as a government grant. Subsequent re-estimation of the timing of the cash outflows of the financial liability is accounted for in profit and loss. Management estimates the fair value of the liability of the future payment to be made to the Walloon Region based on a forecasted volume of sales. The estimation of the fair value is dependent on the discount rate applied. The fixed part to be reimbursed has been discounted with a discount rate of 5.0% and the variable part (based on sales forecasts) with a discount rate of 12.5%. Refer also to note 17.1. Development Expenses capitalized and related impairment testing The Company capitalizes costs for product development projects. Initial capitalization of costs is based on management’s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. At December 31, 2019, for the first time the Company capitalized amount of development costs for the first generation of the Genio ® ® ® ® ® 8 The development expenses capitalized have to be tested annually for impairment during the development period, prior to the start of its amortization. The Company performs the impairment test on the smallest group of assets to which it belongs for which there are separately identifiable cash flows: its cash-generating units (“CGU’s”). Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. The Company is a one product line company and the capitalized development expenses are only related to this product (Genio ® ® ® When performing the impairment test, management needs to make significant judgments, estimates and assumptions. The Company bases its impairment calculation on detailed budgets and forecast calculations generally covering a period of three years (since the Company is in an early commercial stage). For longer periods, a growth rate is calculated and applied to future cash flows projected. See note 8. Share-Based Payments The Company has equity-settled share-based payment plans in place. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the option plan. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating the fair-value for share-based payment transactions are disclosed in note 16. |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Subsidiaries | |
Subsidiaries | 6. For all years ended as at December 31, 2023, 2022 and 2021 respectively, the Company owns 100% of the shares of Nyxoah Ltd, an Israeli company located in Tel-Aviv that was incorporated in 2009 and has a share capital of NIS 1. The Company also owns 100% of the shares of Nyxoah Pty Ltd, an Australian company located in Collingwood that was incorporated in 2017 and has a share capital of AUD 100. The Company also owns 100% of the shares of Nyxoah Inc, an American company located in Delaware that was incorporated in May 2020 and has a share capital of USD 1. The Company also owns 100% of the shares of Nyxoah GmbH, a German company located in Eschborn that was acquired in July 2023 and has a share capital of EUR 25 000. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | 7. Furniture and office Leasehold Laboratory Assets under (in EUR 000) equipment improvements equipment construction Total Cost Opening Gross value January 1, 2022 858 555 858 691 2,962 Additions 255 184 420 27 886 Exchange differences (33) (35) (28) — (96) Cost at December 31, 2022 1,080 704 1,250 718 3,752 Additions 127 55 141 2,055 2,378 Transfers — 578 140 (718) — Other — — (7) — (7) Exchange differences (25) (23) (23) — (71) Cost at December 31, 2023 1,182 1,314 1,501 2,055 6,052 Depreciation Opening accumulated depreciation January 1, 2022 (563) (229) (150) — (942) Depreciation charge (137) (85) (170) — (392) Exchange differences 23 12 7 — 42 Depreciation at December 31, 2022 (677) (302) (313) — (1,292) Depreciation charge (160) (145) (297) — (602) Exchange differences 17 8 5 — 30 Depreciation at December 31, 2023 (820) (439) (605) — (1,864) Net book value at December 31, 2022 403 402 937 718 2,460 Net book value at December 31, 2023 362 875 896 2,055 4,188 In 2023, acquisitions were mainly related to the US production line under construction for an amount of €2.1 million, laboratory equipment for an amount of €0.1 million (2022: €420,000) and furniture and office equipment for an amount of €127,000 (2022: €255,000). Additions to leasehold improvements in 2023 amount to €55,000 (2022: € 184,000). The total amount of purchases of property, plant and equipment in the consolidated statements of cash flow is higher than the additions due to the tax incentive relating to investments of 2023 amounting to €122,000. There has been a transfer from asset under construction for an amount of €0.7 million to leasehold improvement ( €0.6 million) and laboratory equipment ( € 140,000 ). The line Other relates to tax incentive in Belgium on the investments of 2022. We refer to note 10 for more details. The depreciation charge amounts to €0.6 million in 2023 and to € 392,000 in 2022. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Intangible assets | 8. Development Patents and (in EUR 000) cost licenses Total Cost Opening value at January 1, 2022 25,610 591 26,201 Additions 15,463 — 15,463 Cost at December 31, 2022 41,073 591 41,664 Additions 8,085 — 8,085 Other (487) — (487) Cost at December 31, 2023 48,671 591 49,262 Amortization Opening amortization at January 1, 2022 (837) (42) (879) Amortization (771) (42) (813) Amortization at December 31, 2022 (1,608) (84) (1,692) Amortization (920) (42) (962) Amortization at December 31, 2023 (2,528) (126) (2,654) Net book value at December 31, 2022 39,465 507 39,972 Net book value at December 31, 2023 46,143 465 46,608 There is only one development project: The Genio ® ® The Company continues to incur in 2023 development expenses with regard to the improved second-generation Genio ® system and clinical trials to obtain additional regulatory approvals in certain countries or to be able to sell the Genio ® System in certain countries. The total capitalized development expenses amounted to € 8.1 million and € 15.5 million for 2023 and 2022, respectively. The total amount of capitalization of intangible assets in the consolidated statements of cash flow is higher than the additions due to the tax incentive relating to investments of 2023 amounting to €377,000 . The line Other relates to tax incentive in Belgium. We refer to note 10 for more details. In accordance with the accounting principle, the intangible assets are tested annually for impairment during the development period. The Genio ® system is currently a unique product line developed by the Company and the Company determined that it has two cash generating units, Genio ® system in Europe and Genio ® system in the United States, for which a value in use analysis has been performed. The discount rates over the expected term that the assets will generate economic benefits are: Europe US Discount rate 11.9 % 13.0 % The discount rates have been determined by reference to the analyst reports covering the Company which are available. Based on the current operating budget as approved by the Board of Directors, the Company’s management prepared cash flow forecasts, which covers a 3-year period and an appropriate extrapolation of cash flows beyond 2026. A sensitivity analysis has been performed concluding that a reasonable change in the WACC and/or forecasted growth rate would not lead to an impairment. |
Right of use assets and lease l
Right of use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Right of use assets and lease liabilities | |
Right of use assets and lease liabilities | 9. The Company has lease contracts for buildings and vehicles used in its operations. Leases of building have lease terms between six four The carrying amounts of right-of-use assets recognized and the movements during the period is as follows: Motor (in EUR 000) Building vehicles Total Cost Opening value at January 1, 2022 3,443 670 4,113 Additions 368 433 801 Disposal — (94) (94) Exchange difference (187) — (187) Cost at December 31, 2022 3,624 1,009 4,633 Additions — 396 396 Disposal — (34) (34) Lease modification 1,093 12 1,105 Exchange difference (113) — (113) Cost at December 31, 2023 4,604 1,383 5,987 Depreciation Opening accumulated depreciation at January 1, 2022 (688) (207) (895) Depreciation charge (530) (198) (728) Disposal — 94 94 Exchange difference 55 — 55 Depreciation at December 31, 2022 (1,163) (311) (1,474) Depreciation charge (535) (261) (796) Disposal — 34 34 Exchange difference 37 — 37 Depreciation at December 31, 2023 (1,661) (538) (2,199) Net book value at December 31, 2022 2,461 698 3,159 Net book value at December 31, 2023 2,943 845 3,788 In 2023, the Company did enter into new lease agreements for €396,000 compared to €0.8 million in 2022. The lease modification amounted to €1.1 million (2022: no lease modification) and mainly related to the extension of the contract of buildings in Belgium and Israel. The repayments of lease liabilities amounted to €0.9 million (2022: €0.8 million). The depreciations on the right of use assets amounted to €0.8 million and €0.7 million for 2023 and 2022, respectively. For the year ended December 31, 2023, the Company recognized no gain or loss on disposal (2022: no gain or loss on disposal). The maturity analysis of lease liabilities is disclosed in note 4.5. (in EUR 000) 2023 2022 Lease debt at January 1 3,305 3,319 New lease debts 397 798 Rent expense paid (886) (772) Accretion of interest 129 98 Lease modification 1,105 — Exchange differences (83) (138) Lease debt at December 31 3,967 3,305 As at December 31 (in EUR 000) 2023 2022 Non-current lease liabilities 3,116 2,586 Current lease liabilities 851 719 Total 3,967 3,305 |
Other long-term receivables
Other long-term receivables | 12 Months Ended |
Dec. 31, 2023 | |
Other long-term receivables | |
Other long-term receivables | 10. Other long-term receivables The increase in other long-term receivables is due to a tax incentive in Belgium for an amount of €1.0 million mainly in relation to certain development activities and clinical trials. The Company recognizes the incentive as a long-term receivable and as a deduction from the carrying amount of the (in)tangible asset. The incentive recorded as at December 31, 2023 relates to 2022 as well as 2023 investments both on tangible and intangible assets. The amount related to investments made in 2022 mainly related to intangible assets and is expected to be received in cash in 2027. The amount related to investments made in 2023 mainly related to intangible assets and is expected to be received in cash in 2028. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory | |
Inventory | 11. As at December 31 (in EUR 000) 2023 2022 Raw materials 1,329 498 Work in progress 1,530 100 Finished goods 456 284 Total Inventory 3,315 882 The increase in inventory is due to increasing activities to prepare for the commercialization and further scale-up of the Company in 2024. For the year ended December 31, 2023 and 2022 the Company did not recognize any expenses for inventory write-offs since the inventory level as per year-end is expected to be sold in the foreseeable future. |
Trade and Other receivables
Trade and Other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other receivables. | |
Trade and Other receivables | 12. As at December 31 (in EUR 000) 2023 2022 Trade receivables 2,758 1,463 R&D incentive receivable (Australia) 723 346 VAT receivable 850 847 Current tax receivable 808 159 Foreign currency swaps 343 1 Other 488 422 Total trade and other receivables 5,970 3,238 The increase of €2.7 million in trade and other receivables as at December 31, 2023 is mainly due to an increase in trade receivables of €1.3 million as a result of an increase in revenue by the Company. The increase in other receivables is mainly due to an increase in current tax receivable of €0.6 million, an increase in R&D incentive receivables by €377,000 and an increase in foreign currency swaps of €342,000. The Company can include unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from products delivered to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable. As at December 31, 2023 and December 31, 2022, there were no unbilled receivables included in the trade receivables. R&D incentive receivables relates to incentives received in Australia as support to the clinical trials and the development of the Genio ® The current tax receivable relates to excess payment of corporate income tax in Israel, US and Belgium. The increase can mainly be explained by an increase in Belgium by €0.6 million due to an increase in withholding tax on interest for term deposit accounts. We refer to note 19.1 for more details on the foreign currency swaps. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 13. As at December 31 (in EUR 000) 2023 2022 Short term deposit 9,158 36 Current accounts 12,452 17,852 Total cash and cash equivalents 21,610 17,888 Cash and cash equivalents increased to €21.6 million as at December 31, 2023, compared to €17.9 million as at December 31, 2022 with an increase of short term deposits by €9.1 million which is partially offset by a decrease of current accounts by €5.4 million. The short term deposits relate to term accounts with an initial maturity less than 3 months measured at amortized costs. |
Financial assets
Financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Financial assets. | |
Financial assets | 14. Current financial assets relate to term accounts with an initial maturity longer than 3 months but less than 12 months measured at amortized costs. In 2023, the Company entered into USD term deposits and US Treasury bills for a total amount $US 75.1 million (€69.0 million) and €11.0 million.During the period ended as at December 31, 2023, $US 70.8 million (€65.7 million) and €55.0 million reached maturity and is subsequently held as cash. The current financial assets consists of $US 34.4 million (€31.1 million), which could generate a foreign currency exchange gain or loss in the financial results in accordance with the fluctuations of the USD/EUR exchange rate as the Company’s functional currency is EUR, and €5.0 million. The total amount of term deposits as at December 31, 2023, amounts to €36.1 million. |
Capital, Share Premium, Reserve
Capital, Share Premium, Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Capital, Share Premium, Reserves | |
Capital, Share Premium, Reserves | 15. 15.1. Capital and share premium The number of shares and the par value in the paragraph below take into account resolutions adopted by the shareholders’ meeting of February 21, 2020. All existing preferred shares were converted into common shares, and then a share split of 500:1 was approved by the shareholders’ meeting. The tables and comments below reflect the number of shares after the share split of 500:1 as of January 1, 2020. As part of the IPO on September 21, 2020, the Company incurred direct-attributable transaction costs of €6.5 million which have been deducted from the share premium. As part of the IPO on July 7, 2021, the Company incurred direct-attributable transaction costs of €7.6 million which have been deducted from the share premium. As of December 31, 2022, the share capital of the Company amounts to €4.4 million represented by 25,846,279 shares, and the share premium amounts to €242.4 million (before deduction of the transaction costs). As of December 31, 2023, the share capital of the Company amounts to €4.9 million represented by 28,673,985 shares, and the share premium amounts to €260.6 million (before deduction of the transaction costs). Evolution of the share capital and share premium ended December 31, 2023 and 2022: Common Total of Par value Share capital Share premium (Number of shares except otherwise stated) shares shares (in EUR) (in EUR 000) (in EUR 000) January 1, 2022 25,772,359 25,772,359 0.17 4,427 242,198 February 10, 2022 - Exercise warrants 25,000 25,000 0.17 4 125 June 8, 2022 - Capital increase in cash 38,920 38,920 0.17 7 — September 30, 2022 - Exercise warrants 10,000 10,000 0.17 2 117 December 31, 2022 25,846,279 25,846,279 0.17 4,440 242,440 March 29, 2023 - Capital increase in cash 393,162 393,162 0.17 68 2,481 March 30, 2023 - Capital increase in cash 2,047,544 2,047,544 0.17 351 12,999 April 17, 2023 - Capital increase in cash 375,000 375,000 0.17 65 2,651 July 14, 2023 - Exercise warrants 2,000 2,000 0.17 — 10 August 29, 2023 - Exercise warrants 10,000 10,000 0.17 2 50 December 31, 2023 28,673,985 28,673,985 0.17 4,926 260,631 On February 10, 2022, pursuant to the exercise of warrants, the Company issued 25,000 new shares for an aggregate capital increase of €129,000 (including share premium). On June 8, 2022, the Company issued 38,920 new shares for an aggregate capital increase of €7,000 (there was no share premium). On September 30, 2022, pursuant to the exercise of warrants, the Company issued 10,000 new shares for an aggregate capital increase of €119,000 (including share premium). On March 29, 2023, the Company issued 393,162 new shares for an aggregate capital increase of €2.5 million (including share premium). The Company raised $2.8 million in gross proceeds pursuant to the Company’s $50 million at-the-market (“ATM”) program established on December 22, 2022 at an issue price equal to the market price on the Nasdaq Global Market at the time of the sale. The shares were purchased by historical Nyxoah shareholder Cochlear Limited, and the proceeds will be used for general corporate purposes. On March 30, 2023, the Company raised €13.35 million private placement financing from the sale of 2,047,544 new ordinary shares at a price per share of €6.52 (approximately U.S. $7.10 at the March 23, 2023 exchange rate), the closing price on Euronext Brussels on March 23, 2023. Gross proceeds total €13.35 million (approximately U.S. $15 million at the March 23, 2023 exchange rate) and will be used for general corporate purposes. On April 17, 2023, the Company issued 375,000 new shares for an aggregate capital increase of €2.7 million (including share premium). The Company raised $3.0 million in gross proceeds pursuant to the Company’s $50 million at-the-market (“ATM”) program established on December 22, 2022 at an issue price equal to the market price on the Nasdaq Global Market at the time of the sale. The proceeds will be used for general corporate purposes. As part of above capital increases, the Company incurred direct-attributable transaction costs of €340,000 which have been deducted from the share premium. The proceeds from the capital increase net of transaction costs amounted to €18.3 million. On July 14, 2023, pursuant to the exercise of warrants, the Company issued 2,000 new shares for an aggregate capital increase of €10,000 (including share premium). On August 29, 2023, pursuant to the exercise of warrants, the Company issued 10,000 new shares for an aggregate capital increase of €52,000 (including share premium). 15.2. Reserves The reserves include the share-based payment reserve (see note 16), other comprehensive income and the retained loss. Retained loss is comprised of primarily of accumulated losses, other comprehensive income is comprised of currency translation reserves and remeasurements of post-employment benefit obligations. The movement in other comprehensive income for the year ended December 31, 2023 and 2022 is detailed in the table below: Post- Currency employment translation benefit (in EUR 000) reserve obligations Total Opening value at January 1, 2022 270 (68) 202 Currency translation differences (96) — (96) Remeasurements of post-employment benefit obligations — 70 70 Total other comprehensive income at December 31, 2022 174 2 176 Currency translation differences (120) — (120) Remeasurements of post-employment benefit obligations — 81 81 Total other comprehensive income at December 31, 2023 54 83 137 |
Share-Based compensation
Share-Based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based compensation | |
Share-Based compensation | 16. As per December 31, 2023, the Company has four outstanding equity-settled share-based incentive plans, including (i) the 2018 warrants plan (the 2018 Plan), (ii) the 2020 warrants plan (the 2020 plan), (iii) the 2021 warrants plan (the 2021 plan) and (iv) the 2022 warrants plan (the 2022 plan). The Company had an extraordinary shareholders’ meeting on February 21, 2020, where it was decided to achieve a share split in a ratio of 500:1. Per warrant issued before February 21, 2020, 500 common shares will be issuable. For presentation purposes the tables and comments below reflect the number of shares the warrants give right to across all plans. In accordance with the terms of the various plans, all warrants that had not yet vested before, vested on September 7, 2020, i.e. ten business days prior to the closing of the IPO on September 21, 2020. The changes of the year for the equity-settled warrant plans are as follows: Number of shares (after share split) warrants give right to across all plans 2023 2022 Outstanding at January 1 1,416,490 993,490 Granted 518,116 536,500 Forfeited (165,125) (42,750) Exercised (12,000) (35,000) Expired (121,875) (35,750) Outstanding at December 31 1,635,606 1,416,490 Exercisable at December 31 1,034,835 795,745 16.1. Description of the equity-settled share-based incentive plans 2016 Plan On November 3, 2016, the shareholders’ meeting of the Company approved the issuance of 1,500 warrants, giving each the right to subscribe to one common share of the Company before share split (500 shares after the share split). Under this plan, up to 1,500 warrants can be issued. By consequence, the Company can issue up to 1,500 common shares before share split ( 750,000 shares after the share split) if all warrants are exercised. The total amount of warrant holders under the 2016 Plan cannot exceed 150 persons. Unless the Board of Directors determines otherwise, the 2016 ESOP Warrants are not transferable inter vivos once they have been granted to a holder of 2016 ESOP Warrants, and may not be pledged or encumbered with any security, pledge or right in rem in any other way, either voluntarily, by operation of law or otherwise. The exercise price of each warrant cannot be less than €2,585.32. Taking into consideration the share split, this would result in an exercise price of €5.17 per share. The key features of the warrants granted under the 2016 Plan are as follows (i) each warrant could be exercised for one share before share split (500 shares after the share split), (ii) the warrants are granted for free, (iii) the warrants have a term of maximum ten years since the issue date, (iv) the only vesting condition is that the holder is still an employee of the Company at the vesting date, and (v) unless the Board of Directors determines otherwise, the warrants vest as follows: 34.0 % at the grant date, 33.0 % at the first anniversary of the grant date, 33.0 % at the second anniversary. Accordingly, the fair value of the plan is expensed over the vesting period. All 1 500 warrants were granted throughout the years 2016, 2017 and 2018. As a result of the IPO, all warrants that had not yet vested before, vested on September 7, 2020, i.e. ten business days prior to the closing of the IPO on September 21, 2020. The status of the 2016 warrant plan at December 31 is as follows: Number of shares (after share split) warrants give right to for Plan 2016 2023 2022 Outstanding at January 1 27,500 52,500 Granted — — Forfeited — — Exercised (10,000) (25,000) Expired (17,500) — Outstanding at December 31 — 27,500 Exercisable at December 31 — 27,500 With respect to the warrants exercised in 2023, a total of 20 warrants representing 10,000 shares were exercised. A total of 35 warrants representing 17,500 shares have been expired in 2023 because the warrants were not exercised by employees within 3 months after having left the company. There are no outstanding warrants as per December 31, 2023. 2018 Plan On December 12, 2018, the shareholders’ meeting of the Company approved the issuance of 525 warrants, giving each the right to subscribe to one common share of the Company before share split (500 shares after the share split). Under this plan, up to 525 warrants can be issued. By consequence, the Company can issue up to 525 common shares before the share split (262,500 shares after the share split) if all warrants are exercised. The total amount of warrant holders under the 2018 Plan cannot exceed 150 individuals. Unless the Board of Directors determines otherwise, the 2018 ESOP Warrants are not transferable inter vivos once they have been granted to a holder of 2018 ESOP Warrants, and may not be pledged or encumbered with any security, pledge or right in rem in any other way, either voluntarily, by operation of law or otherwise. The exercise price of each warrant cannot be less than €3,259.91. Taking into consideration the share split, this would result in an exercise price of €6.52 per share. The key features of the warrants granted under the 2018 Plan are as follows (i) each warrant could be exercised for one share before share split (500 shares after the share split), (ii) the warrants are granted for free, (iii) the warrants have a term of maximum ten years since the issue date, (iv) the only vesting condition is that the holder is still an employee of the Company at the vesting date, and (v) unless the Board of Directors determines otherwise, the warrants vest as follows: 34.0 % at the grant date, 33.0 % at the first anniversary of the grant date, 33.0 % at the second anniversary. Accordingly, the fair value of the plan is expensed over the vesting period. As a result of the IPO, all warrants that had not yet vested before, vested on September 7, 2020, i.e. ten business days prior to the closing of the IPO on September 21, 2020. In April 2020, 33 warrants were granted under the 2018 Plan with an exercise price of €5,966.59 (exercise price of €11.93 per share after the share split) while the previous warrants of the 2018 Plan have an exercise price of €3,259.91 (exercise price of €6.52 per share after the share split). The status of the 2018 warrant plan at December 31 is as follows: Number of shares (after share split) warrants give right to for Plan 2018 2023 2022 Outstanding at January 1 50,000 50,000 Granted — — Forfeited — — Exercised — — Expired — — Outstanding at December 31 50,000 50,000 Exercisable at December 31 50,000 50,000 No warrants have been exercised in 2023. Since the 2018 warrant plan prescribes that each warrant gives right to 500 shares and our table above presents the impact on the number of shares, the actual remaining number of warrants as per December 31, 2023 equals 100 representing 50,000 shares. 2020 Plan On April 7, 2020, the shareholders’ meeting of the Company approved the issuance of 550,000 warrants, giving each the right to subscribe to one common share of the Company. Under this plan, up to 550,000 warrants can be issued. By consequence, the Company can issue up to 550,000 common shares if all warrants are exercised. The total number of warrant holders under the 2020 Plan cannot exceed 150 persons. Unless the Board of Directors determines otherwise, the 2020 ESOP Warrants are not transferable inter vivos once they have been granted to a holder of 2020 ESOP Warrants, and may not be pledged or encumbered with any security, pledge or right in rem in any other way, either voluntarily, by operation of law or otherwise. The key features of the warrants granted under the 2020 Plan are as follows (i) each warrant could be exercised for one share, (ii) the warrants are granted for free, (iii) the warrants have a term of maximum ten years since the issue date, (iv) the only vesting condition is that the holder is still an employee of the Company at the vesting date, and (v) unless the Board of Directors determines otherwise, the warrants vest as follows: 34.0 % at the grant date, 33.0 % at the first anniversary of the grant date, 33.0 % at the second anniversary. Accordingly, the fair value of the plan is expensed over the vesting period. As a result of the IPO, all warrants that had not yet vested before, vested on September 7, 2020, i.e. ten business days prior to the closing of the IPO on September 21, 2020. The exercise price of each warrant amounts to €11.94. The status of the 2020 warrant plan at December 31 is as follows: Number of shares/warrants give right to for Plan 2020 2023 2022 Outstanding at January 1 450,500 490,500 Granted — — Forfeited — — Exercised — (10,000) Expired (40,000) (30,000) Outstanding at December 31 410,500 450,500 Exercisable at December 31 410,500 450,500 A total of 40,000 warrants have been expired in 2023 because the warrants were not exercised by employees within 3 months after having left the company. The remaining number of warrants as per December 31, 2023 equals 410,500 representing 410,500 shares. 2021 Plan On September 8, 2021, the Board of Directors, within the framework of the authorized capital, issued 1,400,000 warrants, giving each the right to subscribe to one common share of the Company. By consequence, the Company can issue up to 1,400,000 common shares if all warrants are exercised. On September 17, 2021, 319,240 warrants were granted from which 29,500 warrants were not accepted. On October 27, 2021 111,500 warrants were granted which were all accepted. The total number of warrant holders under the 2021 Plan cannot exceed 150 persons. Unless the Board of Directors determines otherwise, the 2021 ESOP Warrants are not transferable inter vivos once they have been granted to a holder of 2021 ESOP Warrants, and may not be pledged or encumbered with any security, pledge or right in rem in any other way, either voluntarily, by operation of law or otherwise. The key features of the warrants granted under the 2021 Plan are as follows (i) each warrant could be exercised for one share, (ii) the warrants are granted for free, (iii) the warrants have a term of maximum ten years since the issue date, (iv) the only vesting condition is that the holder is still an employee of the Company at the vesting date, and (v) unless the Board of Directors determines otherwise, the warrants vest as follows: 25.0 % at the grant date, 25.0 % at the first anniversary of the grant date, 25.0 % at the second anniversary of the grant date, 25.0 % at the third anniversary of the grant date. Accordingly, the fair value of the plan is expensed over the vesting period. The exercise price of the 2021 ESOP Warrants granted in 2021 amounts to €25.31. On February 21, 2022 219,000 warrants were granted from which 5,000 warrants were not accepted. On May 14, 2022 and June 8, 2022 respectively 72,500 and 175,000 warrants were granted which were all accepted. On August 8, 2022, 75,000 warrants were granted which were all accepted. On March 24, 2023, the Company reduced the exercise price of 75% of the warrants previously granted to warrant holders under the 2021 Warrants Plan to 5.42 EUR to reflect the decrease in the company’s share price. For the remaining 25% of the warrants previously granted under the 2021 Warrants Plan, the exercise price will remain unchanged. All other terms and conditions of the re-priced warrants remain unchanged to the original option agreement. On March 24, 2023,200,862 warrants were granted which were all accepted. On April 12, 2023 and June 14, 2023 respectively 100,000 and 161,398 warrants were granted which were all accepted. The status of the 2021 warrant plan at December 31 is as follows: Number of shares/warrants give right to for Plan 2021 2023 2022 Outstanding at January 1 888,490 400,490 Granted 462,260 536,500 Forfeited (165,125) (42,750) Exercised (2,000) — Expired (64,375) (5,750) Outstanding at December 31 1,119,250 888,490 Exercisable at December 31 563,771 267,745 In 2023, a total of 2,000 warrants were exercised, 165,125 warrants have been forfeited because the warrants were not vested by employees leaving the company and 64,375 warrants were expired because the warrants were not exercised by employees within 3 months after having left the company. The remaining number of warrants as per December 31, 2023 equals 1,119,250 representing 1,119,250 shares. 2022 Plan On December 28, 2022, the Board of Directors, within the framework of the authorized capital, issued 700,000 warrants, giving each the right to subscribe to one common share of the Company. By consequence, the Company can issue up to 700,000 common shares if all warrants are exercised. The total number of warrant holders under the 2022 Plan cannot exceed 150 persons. Unless the Board of Directors determines otherwise, the 2022 ESOP Warrants are not transferable inter vivos once they have been granted to a holder of 2022 ESOP Warrants, and may not be pledged or encumbered with any security, pledge or right in rem in any other way, either voluntarily, by operation of law or otherwise. The key features of the warrants granted under the 2022 Plan are as follows (i) each warrant could be exercised for one share, (ii) the warrants are granted for free, (iii) the warrants have a term of maximum ten years since the issue date, (iv) the only vesting condition is that the holder is still an employee of the Company at the vesting date, and (v) unless the Board of Directors determines otherwise, the warrants vest as follows: 25.0 % at the grant date, 25.0 % at the first anniversary of the grant date, 25.0 % at the second anniversary of the grant date, 25.0 % at the third anniversary of the grant date. Accordingly, the fair value of the plan is expensed over the vesting period. On June 14, 2023 and October 20, 2023 respectively 13,602 and 42,254 warrants were granted from which all were accepted. The status of the 2022 warrant plan at December 31 is as follows: Number of shares/warrants give right to for Plan 2022 2023 2022 Outstanding at January 1 — — Granted 55,856 — Forfeited — — Exercised — — Expired — — Outstanding at December 31 55,856 — Exercisable at December 31 10,564 — No warrants have been exercised in 2023. The number of warrants as per December 31, 2023 equals 55,856 representing 55,856 shares. 16.2. Accounting for Equity-settled Share-Based Payment The fair value of the plan is expensed over the vesting period. As a result of the exercise price reduction on March 24, 2023 of the warrants previously granted to warrant holders under the 2021 Warrants Plan, the Company determined the fair value of the options at the date of the modification (March 24, 2023). The incremental fair value of the re-priced warrants is recognised as an expense over the period from the modification date to the end of the vesting period. For the warrants already vested at the date of modification, the incremental fair value is fully recognised as an expense at date of modification. The share-based compensation expense for all vested warrants recognized in the income statement was €2.6 million for the year ended December 31, 2023, of which €0.8 million is related to the incremental fair value of the re-priced warrants. For the year ended December 31, 2022 and the year ended December 31, 2021 the share-based compensation expense amounted respectively to €2.7 million and €1.3 million. The table below details the number of exercisable (vested) warrants and their weighted average exercised price. For presentation purposes the table reflect the number of shares the warrants give right to across all plans. Total 2023 2022 2021 Exercisable Warrants at December 31 984,935 718,400 591,015 Shares representing the Exercisable Warrants at December 31 1,034,835 795,745 693,310 Weighted average exercise price per share 10.70 15.09 13.10 Weighted average share price at the date of exercise 7.25 15.03 21.45 16.3. Fair value The fair value of each option or subscription right is estimated on the date of grant using the Black & Scholes model based on the following: ● The dividend return is estimated by reference to the historical dividend payment of the Group. Currently, this is estimated to be zero as no dividend have been paid since inception; ● Expected volatility is estimated based on a sample of similar companies based on the healthcare products sector of the Damodaran dataset; ● Risk-free interest rate is based on the yield of EUR bonds with an equivalent term to liquidation event; ● The expected life of the share options is based on current expectations and is not necessarily indicative of exercise patterns that may occur. Fair value of the shares is estimated based on the market approach using publicly traded companies and acquisitions of private held companies within the same industry as Nyxoah. (Prior to the initial public offering) The following table provides the input to the Black-Scholes model for warrants granted in 2018, 2020, 2021, 2022 and 2023 related to the 2016 warrant plan, the 2018 warrant plan, the 2020 warrant plan, the 2021 warrant plan and the 2022 warrant plan. The table and notes uses as a basis, the number of shares the warrants give right to across all plans. Plan 2021 Plan 2016 Plan 2018 Plan 2018 Plan 2020 (grant Sept 17 (grant 2018) (grant 2018) (grant 2020) (grant 2020) 2021) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 66.92 % 56.32 % 56.32 % 56.32 % 51.30 % Risk-free interest rate 0.35 % (0.20) % (0.20) % (0.20) % (0.36) % Expected life 3 3 3 3 3 Exercise price 5.17 6.52 11.94 11.94 25.31 Stock price 1.09 10.24 10.20 10.20 25.75 Fair value 0.10 5.30 3.31 3.31 9.22 Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant Oct 27 (grant Feb 21 (grant Feb 21 (grant Feb 21 (grant May 14 2021) 2022) 2022) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 51.50 % 49.80 % 49.80 % 49.80 % 49.80 % Risk-free interest rate (0.18) % 0.37 % 0.37 % 0.50 % 1.06 % Expected life 3 3 3 4 3 Exercise price 25.31 17.76 25.31 17.76 13.82 Stock price 20.50 17.50 17.50 17.50 13.82 Fair value 5.94 6.05 4.15 6.90 4.94 Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant June 8 (grant Aug 8 (grant Aug 8 (grant March 24 (grant April 12 2022) 2022) 2022) 2023) 2023) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 52.60 % 53.71 % 53.97 % 52.00 % 52.00 % Risk-free interest rate 1.60 % 1.39 % 1.45 % 3.20 % 3.24 % Expected life 3 3 4 3 3 Exercise price 12.95 9.66 9.66 5.42 6.36 Stock price 13.34 9.75 9.75 6.70 7.08 Fair value 5.21 3.79 4.32 3.09 3.04 Plan 2021 Plan 2022 Plan 2022 (grant June 14 (grant June 14 (grant Oct 20 2023) 2023) 2023) Return Dividend 0 % 0 % 0 % Expected volatility 51.28 % 51.28 % 50.00 % Risk-free interest rate 3.36 % 3.36 % 3.55 % Expected life 3 3 3 Exercise price 7.19 7.19 5.92 Stock price 7.10 7.10 5.60 Fair value 2.75 2.75 2.07 As a result of the exercise price reduction on March 24, 2023 of the warrants previously granted to warrant holders under the 2021 Warrants Plan, the Company determined the fair value of the options at the date of the modification (March 24, 2023). The fair value of the modified warrants was determined using the same models and principles as described above, with the following model inputs: Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant Sept 17 (grant Oct 27 (grant Feb 21 (grant Feb 21 2021) 2021) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.25 % 3.25 % 3.17 % 3.36 % Expected life 2 2 2 2 Exercise price 5.42 5.42 5.42 5.42 Stock price 6.68 6.68 6.68 6.68 Fair value 2.48 2.52 2.67 2.49 Incremental Fair value 2.38 2.40 2.23 2.38 Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant Feb 21 (grant May 14 (grant Aug 8 (grant Aug 8 2022) 2022) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.03 % 3.13 % 3.13 % 2.98 % Expected life 3 2 3 4 Exercise price 5.42 5.42 5.42 5.42 Stock price 6.68 6.68 6.68 6.68 Fair value 3.05 2.75 2.87 3.21 Incremental Fair value 2.23 1.92 1.28 1.19 The weighted average fair value of warrants granted during the year was €2.85 in 2023 and €5.29 in 2022. The weighted average remaining contractual life for the share options outstanding as at December 31 was 2.9 in 2023 and 3.4 in 2022. |
Financial Debt
Financial Debt | 12 Months Ended |
Dec. 31, 2023 | |
Financial Debt | |
Financial Debt | 17. Financial debt consists of recoverable cash advances, and other loans. The related amounts as at December 31, 2023 and 2022, can be summarized as follows: As at December 31 (in EUR 000) 2023 2022 Recoverable cash advances - Non-current 8,373 8,126 Recoverable cash advances - Current 301 305 Total Recoverable cash advances 8,674 8,431 Other loan - Non-current — 63 Other loan - Current 63 83 Total other loans 63 146 Non-current 8,373 8,189 Current 364 388 Total Financial Debt 8,737 8,577 17.1. Financial debt related to recoverable cash advances Recoverable cash advances received As at December 31, 2023, the details of recoverable cash advances received can be summarized as follows: Contractual Advances Fixed Variable (in EUR 000) advances received reimbursements* reimbursements* Sleep apnea device (6472) 1,600 1,600 588 7 First articles (6839) 2,160 2,160 561 11 Clinical trial (6840) 2,400 2,400 360 13 Activation chip improvements (7388) 1,467 1,467 66 18 Total 7,627 7,627 1,575 49 * Excluding interests ● The Convention 6472 “Sleep apnea device” for a total amount of € 1.6 million was signed in 2011. The total amount of the advance has been received before January 1, 2015. The Company has notified his intention to exploit the results of this project before 2015. At December 31, 2023, the Company repaid all fixed reimbursements amounting to € 0.6 million (excluding interests). The turnover dependent reimbursement is based on 0.224% of the sales achieved by June 2037. The Company made a reimbursement of a variable part amounting to €7,000 for the year ended December 31, 2023. ● The Convention 6839 “First Articles” for a total amount of €2.2 million was signed on December 5, 2012. As at December 31, 2023, the advance received amounted to €2.2 million. The turnover dependent reimbursement is based on 0.3% of the sales achieved by June 2037. The Company notified to the Region its decision about the exploitation of the results during 2017, therefore fixed reimbursement started in 2018. As at December 31, 2023, cumulated reimbursements amount to €0.6 million (excluding interests) out of which €79,000 was reimbursed in 2023 and €96,000 in 2022. ● The Convention 6840 “Clinical Trial” for a total amount of €2.4 million was signed on December 6, 2012. As at December 31, 2023, the advance received amounted to €2.4 million. The turnover dependent reimbursement is based on 0.336% of the sales achieved by June 2029. The Company has notified to the Region its decision about the exploitation of the results in the course of 2018. As at December 31, 2023, cumulated fixed reimbursements amount to €360,000 (excluding interests) out of which €163,000 was reimbursed in 2023 and €75,000 in 2022. ● The Convention 7388 “Implant for Obstructive Sleep Apnea, “Activation Chip Improvements” for a total amount of €1.5 million was signed in December 2015. As at December 31, 2023, the advance received amounted to €1.5 million. The turnover dependent reimbursement is based on 0.45% of the sales achieved to June 2039. In 2019, the Company has notified to the Region its decision about the exploitation of the results. As at December 31, 2023, cumulated fixed reimbursements amount to €66,000 (excluding interests) out of which €40,000 was reimbursed in 2023 and €15,000 in 2022. Evolution of the financial debt in the financial statements The determination of the amount to be reimbursed to the Walloon Region under the signed agreements is subject to a degree of uncertainty as it depends on the amount of the future sales that the Company will generate or not in the future. To determine the fair value of those advances, management of the Company has considered the possible outcomes of the program currently benefiting from the support of the Walloon Region. Management has considered that the probability to have to reimburse the 30% non-revocable repayment has a probability of 100% to occur. The reimbursement of the variable part, the fair value of which is determined on the basis of the sales forecasts largely depends on external factors such as CE marking, social security programs, post-market studies and expected timing and level of sales. The Management performed an initial recognition of the financial debt for the variable part using a discount rate of 12.5%. The table below details the remaining undiscounted cash flows resulting from the reimbursement of the recoverable cash advances. The initial recognition of the liability reflects a reimbursement up to 2 times the amount of cash advance received. As at December 31 (in EUR 000) 2023 2022 Recoverable cash advances received 7,627 7,627 Amounts to be reimbursed 15,254 15,254 Amounts reimbursed at year-end (interests included) (1,843) (1,429) Total Recoverable cash advances (undiscounted) 13,411 13,825 Based on expected timing of sales and after discounting, the financial debt related to the recoverable cash advances is as follows: As at December 31 (in EUR 000) 2023 2022 Contract 6472 1,629 1,571 Contract 6839 2,290 2,214 Contract 6840 2,818 2,790 Contract 7388 1,937 1,856 Total recoverable cash advances 8,674 8,431 Non-current 8,373 8,126 Current 301 305 Total recoverable cash advances 8,674 8,431 The amounts recorded under “Current” caption correspond to the sales-independent amounts (fixed repayment) and sales-dependent reimbursements (variable repayment) estimated to be repaid to the Walloon Region in the next 12-month period. The estimated sales-independent (fixed repayment) as well as sales-dependent reimbursements (variable repayment) beyond 12-months are recorded under “Non-current” liabilities. Changes in the recoverable cash advances can be summarized as follows: (in EUR 000) 2023 2022 As at January 1 8,431 8,127 Advances reimbursed (excluding interests) (396) (350) Interests paid (27) (24) Initial measurement and re-measurement (324) (247) Discounting impact 990 925 As at December 31 8,674 8,431 The discounting impact is included and presented in the financial expenses and amounted to €1.0 million (2022: €0.9 million). The initial measurement and re-measurement are included in other operating income and amounted to €324,000 for the year ended December 31, 2023 (2022: €247,000). A sensitivity analysis of the carrying amount of recoverable cash advances has been done to assess the impact of a change in assumptions. The Company tested reasonable sensitivity to changes in revenue projections of +/- 25% and in the discount rates of +/- 25%. The table hereunder details the sensitivity results: Fair Value of Liabilities as of end of 2023 (in EUR 000) Variation of revenue projections Variation of discount rates * (25)% 0% 25% (25)% 9,224 9,604 9,879 0% 8,234 8,674 8,997 25% 7,388 7,868 8,223 * A change of -25% in the discount rates implies that the discount rate used for the fixed part of the recoverable cash advances is 3.8 % instead of 5.0 % while the one used for the variable part is 9.4 % instead of 12.5%. An increase of 25% of revenue projections implies, if discount rates does not change, an increase of the expected liability as repayment of the liability is accelerated. An increase of 25% of the discount rate decreases the expected liability if revenue projections remain unchanged. 17.2. Other Loans The Company has contracted a loan of €0.5 million on June 29, 2016 with a maturity of 8 years, repayable as from June 30, 2018 and bearing interest of 1.284 % p.a. The loan has a carrying amount of €63,000 at December 31, 2023 and €146,000 at December 31, 2022. The payments have been postponed for three months due to COVID-19 during 2021 so the maturity date of the loan has been extended until June 30, 2024. The total repayments for the year ended December 31, 2023, amounted to €83,000 (2022: €83,000). |
Trade payables
Trade payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade payables | |
Trade payables | 18. As at December 31 (in EUR 000) 2023 2022 Payables 4,102 1,873 Invoices to be received 2,053 3,112 Total trade payables 6,155 4,985 The increase in total trade payables of € 1.2 million as at December 31, 2023 is due to an increase in payables of € 2.2 million which is compensated by a decrease in invoices to be received of € 1.1 million. The increase in payables is explained by significant R&D/Manufacturing invoices received into the month of December for which payments have been processed in 2024. The decrease of the invoices to be received is explained by the fact that the Cochlear project has ended in 2023 which means there is no provision related to Cochlear as at December 31, 2023. The Company normally settles its trade payables in 30 days. |
Other payables
Other payables | 12 Months Ended |
Dec. 31, 2023 | |
Other payables | |
Other payables | 19. As at December 31 (in EUR 000) 2023 2022 Holiday pay accrual 791 612 Salary 1,801 2,186 Accrued expenses 2,203 2,228 Foreign currency option - current 90 10 Other 200 131 Total other payables 5,085 5,167 The decrease of €82,000 in other payables as at December 31, 2023, compared to December 31, 2022, is due to a decrease of €206,000 mainly in payroll related liabilities. The decrease is partly offset by a increase of €80,000 in the fair value of the foreign currency options. We refer to note 19.1. 19.1. Derivatives The Company is exposed to currency risk primarily due to the expected future USD, AUD and NIS expenses that will be incurred as part of the ongoing and planned marketing, clinical trials and other related expenses. A financial risk management policy has been approved to i) generate yields on liquidity and ii) reduce the exposure to currency fluctuations with a timeline up to 24 months The Company has also entered into several foreign currency swaps for which the notional amounts are detailed in the table below: As at December 31 (in EUR 000) 2023 2022 Foreign currency swaps EUR - NIS (in EUR) 847 542 Foreign currency swaps EUR - NIS (in NIS) 3,500 2,000 Foreign currency swaps NIS - EUR (in NIS) 14,000 — Foreign currency swaps NIS - EUR (in EUR) 3,334 — Foreign currency swaps EUR - USD (in EUR) 18,000 379 Foreign currency swaps EUR - USD (in USD) 19,787 600 The following table shows the carrying amount of derivative financial instruments measured at fair value in the statement of the financial position including their levels in the fair value hierarchy: As at December 31, 2023 (in EUR 000) Level I Level II Level III Total Financial assets Foreign currency swaps — 343 — 343 Financial liabilities — Foreign currency swaps — 90 — 90 The fair value is determined by the financial institution and is based on foreign currency swaps rates and the maturity of the instrument. All foreign currency put and call options and foreign currency swaps are classified as current as their maturity date is within the next twelve months. The change in the balance of the financial asset is detailed as follows: (in EUR 000) 2023 2022 Opening value at January 1 1 — Settled contracts (1) — Fair value adjustments 343 1 Closing value at December 31 343 1 The change in the balance of the financial liability is detailed as follows: (in EUR 000) 2023 2022 Opening value at January 1 10 654 Fair value adjustments 90 2,721 Settled contracts (10) — Exchange rate difference — 30 Settlement foreign currency put and call contracts — (3,027) Recognition premium income — (368) Closing value at December 31 90 10 |
Revenue and costs of goods sold
Revenue and costs of goods sold | 12 Months Ended |
Dec. 31, 2023 | |
Revenue and cost of goods sold | |
Revenue and cost of goods sold | 20. For the year ended December 31, 2023, the Company generated revenue for the amount of €4.3 million compared to €3.1 million for the year ended December 31, 2022 and €0.9 million for the year ended December 31,2021. Revenue is recognized at a point in time upon satisfaction of the performance obligation, being the moment control over the Genio ® ® ® ® The sales based on country of customer for the year ended December 31, 2023, 2022 and 2021: For the year ended December 31 (in EUR 000) 2023 2022 2021 Sales Germany 3,816 2,805 808 Sales Finland — 41 — Sales Spain 37 24 24 Sales Switzerland 373 214 — Sales Austria 122 — — Sales Belgium — — 20 Total sales 4,348 3,084 852 For the year ended December 31, 2023, the Company has no customers with individual sales larger than 10% of the total revenue (2022: 1 customer; 2021: 1 customer). Cost of goods sold for the year ended December 31, 2023, 2022 and 2021: For the year ended December 31 (in EUR 000) 2023 2022 2021 Purchases of goods and services 4,089 1,686 594 Inventory movement (2,433) (536) (291) Total cost of goods sold 1,656 1,150 303 |
Operating expenses
Operating expenses | 12 Months Ended |
Dec. 31, 2023 | |
Operating expenses | |
Operating expenses | 21. Operating expenses The tables below detail the operating expenses for the year ended December 31, 2023, 2022 and 2021: Operating expense for the (in EUR 000) Total cost Capitalized year Research and development 35,125 (8,474) 26,651 Selling, general and administrative expenses 21,687 — 21,687 Other income and expenses (1,549) 1,005 (544) For the year ended December 31, 2023 55,263 (7,469) 47,794 Operating expense for the (in EUR 000) Total cost Capitalized year Research and development 31,448 (15,587) 15,861 Selling, general and administrative expenses 18,855 — 18,855 Other income and expenses (406) 123 (283) For the year ended December 31, 2022 49,897 (15,464) 34,433 Operating expense for the (in EUR 000) Total cost Capitalized year Research and development 23,307 (10,963) 12,344 Selling, general and administrative expenses 14,712 — 14,712 Other income and expenses (880) 615 (265) For the year ended December 31, 2021 37,139 (10,348) 26,791 |
Research and Development expens
Research and Development expenses | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development expenses | |
Research and Development expenses | 22. Research and Development expenses Research and development expenses consist primarily of product development, engineering to develop and support our products, testing, consulting services and other costs associated with the next generation of the Genio ® For the year ended December 31 (in EUR 000) 2023 2022 2021 Staff costs 13,803 11,074 7,985 Consulting and contractors’ fees 2,762 2,623 1,962 Q&A regulatory 263 263 511 Depreciation and amortization expense 1,314 1,014 952 Travel 1,179 862 455 Manufacturing and outsourced development 6,458 4,986 5,447 Clinical studies 4,929 8,568 3,923 Other expenses 1,674 1,618 1,018 IP costs 941 440 1,054 IT 1,802 — — Capitalized costs (8,474) (15,587) (10,963) Total research and development expenses 26,651 15,861 12,344 Before capitalization of €8.5 million for the year ended December 31, 2023 and €15.6 million for the year ended December 31, 2022, research and development expenses increased by €3.7 million or 11.7 % from €31.4 million for the year ended December 31, 2022, to €35.1 million for the year ended December 31, 2023, due to the combined effect of higher manufacturing and R&D activities and clinical expenses. This increase is mainly in staff and consulting costs and in manufacturing and outsourced development to support those activities, this increase was partly offset by a decrease in clinical study activities due to Dream Study. The IT costs amounting to €1.8 million consist of €1.6 million related to the start of a new ERP implementation. Before capitalization of €15.6 million for the year ended December 31, 2022 and €11.0 million for the year ended December 31, 2021, research and development expenses increased by €8.1 million or 34.9 % from €23.3 million for the year ended December 31, 2021, to €31.4 million for the year ended December 31, 2022, due to the combined effect of higher clinical and R&D activities and manufacturing expenses. This increase is mainly in staff and consulting costs to support those activities. This was offset by a decrease in patent fees and related expenses due to the payment for in-licensing agreement with Vanderbilt University during 2021. |
Selling, General and Administra
Selling, General and Administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
Selling, General and Administrative expenses | |
Selling, General and Administrative expenses | 23. Selling, General and Administrative expenses Selling, general and administrative expenses consist primarily of payroll and personnel related costs, and spending related to finance, information technology and human resource functions. Other general and administrative expenses include travel expenses, professional services fees, audit fees, insurance costs and general corporate expenses, including facilities-related expenses. For the year ended December 31 (in EUR 000) 2023 2022 2021 Staff costs 8,738 7,811 3,718 Consulting and contractors’ fees 6,801 4,526 6,550 Legal fees 776 1,033 402 Rent 317 440 247 Facilities 209 226 149 Depreciation and amortization expense 1,042 914 710 IT 1,190 517 363 Travel 934 1,097 332 Insurance fees 985 1,504 915 Recruitment 207 245 581 Other 488 542 745 Total selling, general and administrative expenses 21,687 18,855 14,712 Selling, General and Administrative expenses increased by €2.8 million, or 15.0 % from €18.9 million for the year ended December 31, 2022 to €21.7 million for the year ended December 31, 2023 mainly due to an increase of costs to support the commercialization of Genio® system in Europe, scale up of the Company and also due to €0.5 million related to the start of a new ERP implementation. This increase was partly offset by decrease in insurance and legal fees. Selling, General and Administrative expenses increased by €4.1 million, or 28.2 % from €14.7 million for the year ended December 31, 2021 to €18.9 million for the year ended December 31, 2022 mainly due to an increase of costs to support the commercialization of Genio® system in Europe, scale up of the Company and transaction costs for an amount of €494,000 related to the shelf registration and “at-the-market” offering (the “ATM”). This was offset by a decrease in consulting and contractors fees that includes variable compensations for an amount of €1.9 million for the year ended December 31, 2021 related to a cash-settled share based payment transaction. |
Other operating income and expe
Other operating income and expenses | 12 Months Ended |
Dec. 31, 2023 | |
Other operating income and expenses | |
Other operating income and expenses | 24. Other operating income and expenses The Company had other operating income of €0.5 million for the year ended December 31, 2023 compared to €283,000 for the year ended December 31, 2022. The impact of the recoverable cash advances is further detailed in note 17.1. For the year ended December 31 (in EUR 000) 2023 2022 2021 Recoverable cash advances Initial measurement and re-measurement 324 247 385 R&D incentives 1,376 86 645 Capitalization of R&D incentive (1,005) (123) (615) Other income/(expenses) (151) 73 (150) Total Other Operating Income 544 283 265 The other operating income contains the R&D Incentive in Australia and as from 2023 the tax incentive in Belgium as well. The incentives to be received relate to development expenses incurred by the subsidiary in Australia and Belgium. Refer to note 10 for more information on the tax incentive in Belgium. For the year ended December 31, 2023, €1.0 million has been deducted from the expenses capitalized and for the year ended December 31, 2022, €123,000 has been deducted from the expenses capitalized in relation to this R&D Incentive. The R&D incentive (Australia) for the year ended December 31, 2022 includes a correction for 2021 due to change in estimation taken into account. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Employee benefits | |
Employee benefits | 25. For the year ended December 31 (in EUR 000) 2023 2022 2021 Salaries 16,400 13,530 8,373 Social charges 1,363 1,077 793 Fringe benefits 33 48 297 Defined contribution plan 296 264 335 Holiday pay 485 340 390 Share-based payment (see note 16) 2,611 2,697 1,270 Other 1,353 929 245 Total employee benefits 22,541 18,885 11,703 For the year ended December 31 (in EUR 000) 2023 2022 2021 Selling, general and administrative expenses 8,738 7,811 3,718 Research & Development expenses 13,803 11,074 7,985 Total employee benefits 22,541 18,885 11,703 As at December 31, 2023, the Company employed 146.8 (2022: 137.5) full-time equivalents, including white-collar employees and consultants. The following table presents a breakdown of the Company’s full-time equivalents as at December, 2023, 2022 and 2021: As at December 31 (in FTE’s) 2023 2022 2021 Selling, General & Administration 40.4 34.9 28.0 Research & Development 106.4 102.6 78.2 Total 146.8 137.5 106.2 As at December 31, 2023, the Company had 47.9 full-time equivalents located in Belgium (2022: 55.9), 46.4 full-time equivalents located in Israel (2022: 44.6), 4.0 full-time equivalents located in Australia (2022: 6.0), 35.0 full-time equivalents located in USA (2022: 31.0) and 13.5 full-time equivalents located in Germany (2022: 0.0) |
Pension Schemes
Pension Schemes | 12 Months Ended |
Dec. 31, 2023 | |
Pension Schemes | |
Pension Schemes | 26. Pension Schemes 26.1. Defined contribution plan The Company offers Defined Contribution Plan funded through group insurances to its employees of the Israel entity. The total expense recognized in the consolidated income statement for contributions under this plan amounts to €210,000 (2022: €260,000). 26.2. Defined benefit plan The Company offers a pension plan with a minimum return guaranteed by law to its employees of the Belgian entity. The contributions to this plan amount to minimum 7 % of the salary, partly paid by the employer and partly by the employees. As explained hereafter, this pension plan qualifies as Defined Benefit Plan under IFRS. As a result, a provision of €9,000 (2022: €0,000) has been recorded for the net benefit obligation in 2023. As a consequence of the law of December 18, 2015, minimum returns guaranteed by the employers are as follows: ● For the contributions paid as from January 1, 2016, a new variable return based on OLO rates comprised between 1.75 % and 3.75 %. The rate is currently set to 1.75 %. ● For the contributions paid until end December 2015, the previously applicable legal returns of 3.75 % on employee contributions and 3.25 % on employer contributions continue to apply until retirement date of the participants. The insurance companies managing these plans for the Company also guarantee a minimum return on the reserves as well as on future contributions for some portions of the plan. They have evolved as follows: 4.75 % until 1998, 3.25 % from 1999 till 2012 and between 0.50 % and 2.25 % since 2013. They are currently set between 0.50 % and 1.50 %. The assets of the plan are entirely managed by external insurance companies “qualifying third party” which do not have any link with the Company. The weighted average duration until the pension age for the Belgian plan is 16 years as at December 31, 2023. In view of the minimum legal returns guaranteed, this pension Plan qualifies as Defined Benefit Plan under IFRS. Indeed, it induces a financial risk for the Company during periods of declining market interest rates when the returns guaranteed by the insurance companies are lower than the minimum legal returns, which is currently the case. In this case, the intervention of the insurance company is limited, and the Company shall fund the balance between the return delivered by the insurance company and the legal return. A complete actuarial calculation has been performed for this plan by external actuaries based on the “Projected Unit Credit Method without future contribution” according to the IAS 19,115 as follows: ● Projection of the minimum return guaranteed by the law till the retirement date and discounting of this amount with the discount rate used for the valuation (rate of high-quality corporate bonds); ● The discounted net obligation is the maximum between this discounted projection and the projection of the accrued reserves discounted at the discount rate used for the valuation (rate of high-quality corporate bonds). The net defined benefit obligation was established at €9,000 as of December 31, 2023 (2022: €0,000): (in EUR 000) 2023 2022 Net defined benefit liability at January 1 — 80 Defined benefit cost included in profit or loss 284 166 Total remeasurement included in OCI (81) (70) Employer contributions (194) (176) Net defined benefit liability at December 31 9 — The gross defined benefit liability is as follows: (in EUR 000) 2023 2022 Gross defined benefit liability at January 1 583 494 Current service cost 287 166 Interest cost 24 7 Administrative expenses (3) (3) Taxes on contributions (8) (7) Insurance premiums for risk benefits (9) (10) Actuarial gain due to change in financial assumptions 4 (69) Actuarial loss due to change in experience assumptions (114) 5 Gross defined benefit liability at December 31 764 583 The fair value of the plan assets is as follows: (in EUR 000) 2023 2022 Fair value plan assets at January 1 583 414 Interest income 27 7 Employer contributions 194 176 Administrative expenses (3) (3) Taxes on contributions (8) (7) Insurance premiums for risk benefits (9) (10) Actuarial gain on fair value of the plan assets (29) 6 Fair value plan assets at December 31 755 583 The number of members and the average age of the members is as follows: For the year ended December 31 2023 2022 Active members 40 35 Average age 39 40 All plan assets are invested in an insurance contract with guaranteed interest rate (branch 21 product). The defined benefit calculation has been performed based on the below assumptions: For the year ended December 31 2023 2022 Discount rate 3.4 % 4.2 % Inflation rate 2.2 % 2.2 % Salary increase (in excess of inflation) 1.0 % 1.0 % Withdrawal rate based on age (minimum) 0.0 % 0.0 % Withdrawal rate based on age (maximum) 12.0 % 12.0 % The discount rate was derived from the EIOPA term structure on each valuation date, considering the weighted average duration of liabilities. The inflation rate is based on the long-term objective of the European Central Bank. Retirement age assumption is in line with current legal requirements. The withdrawal rate and the salary increase rate reflect the expectations of the company on a long-term basis. A sensitivity with reasonable possible changes on the discount rate will impact the net defined benefit liability as follows (positive = increase net defined benefit liability / negative = decrease of net defined benefit liability): For the year ended December 31 2023 2022 Increase of 0.25% in the discount rate (2) — Decrease of 0.25% in the discount rate 3 — The expected employer contributions for the year 2024 amount to €200,000. The total expected benefit payments are: As at December 31, (in EUR 000) 2023 In the next 12 months 14 Between 2 and 5 years 90 Between 6 and 10 years 58 Expected total benefit payments 162 |
Financial income
Financial income | 12 Months Ended |
Dec. 31, 2023 | |
Financial income | |
Financial income | 27. Financial income For the year ended December 31 (in EUR 000) 2023 2022 2021 Interests 2,571 372 1 Exchange differences 1,254 6,041 3,648 Fair value adjustment 343 1 — Other 6 349 26 Total financial income 4,174 6,763 3,675 The financial income decreased by €2.6 million from €6.8 million for the year ended December 31, 2022 to €4.2 million for the year ended December 31, 2023 mainly due to a decrease in exchange differences which is offset by an increase in interests. For the year ended December 31, 2022, exchange losses amount to €6.0 million, mainly due to the revaluation of both the Company’s USD cash balance and USD financial assets (note 14). For the year ended December 31, 2021, the closing rate of USD/EUR amounted to 1.13260, while as at December 31, 2022, the rate of USD/EUR decreased to 1.072650, resulting in unrealized exchange gains on the USD balances. We refer to note 28 for more details on the revaluation of both the Company’s USD cash balance and USD financial assets as per December 31, 2023. For the year ended December 31, 2023, the total interest income amounted to €2.6 million. This interest income relates to the term accounts. The fair value adjustment relates to the fair value adjustment on financial instruments. More information can be found in note 19.1. For the year ended December 31, 2022 other financial income mainly to consists of premiums received on foreign currency options. No premium were received in 2023. |
Financial Expense
Financial Expense | 12 Months Ended |
Dec. 31, 2023 | |
Financial Expense | |
Financial Expense | 28. For the year ended December 31 (in EUR 000) 2023 2022 2021 Fair value adjustment 90 2,721 — Recoverable cash advances, Accretion of interest 990 925 882 Interest and bank charges 88 139 296 Interest on lease liabilities 129 98 90 Exchange differences 2,432 437 448 Other — — 356 Total Financial expense 3,729 4,320 2,072 The financial expenses decreased by €0.6 million from €4.3 million for the year ended December 31, 2022 to €3.7 million for the year ended December 31, 2023 mainly due to a decrease in fair value adjustments (note 19.1) which is offset by an increase in exchange differences. For the year ended December 31, 2023, exchange losses amount to €2.4 million, mainly due to the revaluation of both the Company’s USD cash balance and USD financial assets (note 14). For the year ended December 31, 2022, the closing rate of USD/EUR amounted to 1.072650 , while as at December 31, 2023, the rate of USD/EUR increased to 1.103765 , resulting in unrealized exchange losses on the USD balances. The discounting impact of the recoverable cash advances is further detailed in note 17.1 above. |
Income taxes and deferred taxes
Income taxes and deferred taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes and deferred taxes | |
Income taxes and deferred taxes | 29. The major components of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: For the year ended December 31 (in EUR 000) 2023 2022 2021 Current tax income/(expense) 1,442 (1,179) (2,984) Deferred tax income/(expense) 3 10 4 Total Income tax income/(expense) 1,445 (1,169) (2,980) As of January 1, 2022, new tax regulations are in place in the US in which R&D expenses could no longer be deducted when incurred but instead they should be capitalized only for tax purposes and amortized over a 5 year period. A current tax liability was recognized. During 2023, more information became available on the new tax law and the Company finalized its R&D tax credit study and reached the conclusion that R&D expenses can be deducted when incurred. The R&D tax credit study concluded that taking into account that the research and development by the US subsidiary was done under the direction of the parent in Belgium and benefited Belgian parent’ business, the expenditures in the US should be deducted when incurred. As a result the current tax liability which was outstanding as at December 31, 2022 amounting to €1.6 million was reversed. The current tax income mainly relates to (i) reversal of tax liability in US for an amount of €1.6 million (see more details above) (ii) income tax paid or payable by certain of the Company’s subsidiaries for an amount of €185,000 (2022: €1.8 million), and (iii) a reversal of accrual of the liability for uncertain tax positions for an amount of €41,000 (2022: a reversal of €0.6 million). The current tax liability of €2.0 million includes a liability for uncertain tax positions for an amount of €1.9 million and an income tax liability for an amount of €52,000. The uncertain tax position was recorded following certain public rulings and guidance issued by tax authorities in one of the jurisdictions that the Company operates in. The deferred tax relates to a subsidiary where some payroll accruals are temporary differences in the determination of the taxable income. These temporary differences generate deferred tax income/(expense) of € 3,000 in 2023, € 10,000 in 2022 and €4,000 in 2021. The income tax expenses can be reconciled to the Company’s Belgian statutory income tax rate of 25% (25% in 2022) as follows: For the year ended December 31 (in EUR 000) 2023 2022 2021 Loss for the period before taxes (44,657) (30,056) (24,639) Company statutory income tax rate 25.00 % 25.00 % 25.00 % Income tax at company statutory tax rate 11,164 7,514 6,160 Foreign tax rate differential 93 69 8 Unrecognized DTA on tax losses and temporary differences (10,660) (9,058) (5,650) Non deductible expenses (387) (566) (555) Share based payments (653) (674) (317) Income not subject to tax 112 974 — Tax adjustments to the previous period 1,622 — (57) Local income taxes 46 601 (2,618) Other 108 (29) 49 Income tax at company effective tax rate 1,445 (1,169) (2,980) Company effective income tax rate 3.24 % (3.89) % (12.10) % The tax adjustments to the previous period relates to the reversal of the current tax liability in the US subsidiary due to the R&D tax credit study (see above for more information). The local income taxes in the effective tax rate reconciliation mainly relates to the theoretical tax exposure on R&D costs in the Australian subsidiary. The Belgian entity, the Australian entity and German entity have historical losses that can be carried forward to future taxable income. The Belgian entity has tax losses for €153.6 million as at December 31, 2023 (2022: €108.2 million, 2021 : €79.0 million). The Australian entity has tax losses for €1.8 million as at December 31, 2023 (2022: €2.6 million, 2021: €1.2 million). The German entity has tax losses for €7,000 as at December 31, 2023. Due to the fact that these entities are not expected to generate significant profits in the near future, no deferred tax assets on tax losses carried forward and temporary differences have been recognized at this stage. Deferred tax assets and liabilities are detailed below by nature of temporary differences for the year ended December 31, 2023 and 2022: As at December 31, 2023 (in EUR 000) Assets Liabilities Net Intangible assets 1,064 — 1,064 Property, plant and equipment 6 — 6 Right-of-use assets — (805) (805) Other current assets — (71) (71) Financial debt (Recoverable Cash Advances and derivatives) 1,948 — 1,948 Lease liabilities 839 — 839 Retirement benefit obligations 2 — 2 Other current liabilities 49 (30) 19 Tax-losses carried forward 38,886 — 38,886 Total gross deferred tax assets/(liabilities) 42,794 (906) 41,888 Netting by tax entity (897) 897 — Unrecognized deferred tax assets (41,841) — (41,841) Total deferred tax assets/(liabilities) 56 (9) 47 As at December 31, 2022 (in EUR 000) Assets Liabilities Net Intangible assets 4,125 — 4,125 Property, plant and equipment — (7) (7) Right-of-use assets — (634) (634) Other current assets 13 — 13 Financial debt (Recoverable Cash Advances and derivatives) 1,827 (44) 1,783 Lease liabilities 660 — 660 Other current liabilities — (29) (29) Tax-losses carried forward 27,744 — 27,744 Total gross deferred tax assets/(liabilities) 34,369 (714) 33,655 Netting by tax entity (714) 714 — Unrecognized deferred tax assets (33,608) — (33,608) Total deferred tax assets/(liabilities) 47 — 47 The Company accumulates tax losses that are carried forward indefinitely for offset against future taxable profits of the Company. As stated above, the entities accumulating tax losses are not expected to generate significant profits in the near future so no deferred tax assets on tax losses carried forward and temporary differences have been recognized at this stage. The recognized deferred tax assets and liabilities in the consolidated balance sheets of the Company are positions that arise from temporary differences between statutory and IFRS account balances in the subsidiary in Israel and US. |
Loss Per Share (EPS)
Loss Per Share (EPS) | 12 Months Ended |
Dec. 31, 2023 | |
Loss Per Share (EPS) | |
Loss Per Share (EPS) | 30. The Basic Earnings Per Share and the Diluted Earnings Per Share are calculated by dividing earnings for the year by the weighted average number of shares outstanding during the year. As the Company is incurring net losses, outstanding warrants have no dilutive effect. As such, there is no difference between the Basic and Diluted EPS. 2023 2022 2021 As at December 31, after conversion and share split Outstanding common shares at period-end 28,673,985 25,846,279 25,772,359 Weighted average number of common shares outstanding 27,968,142 25,819,165 23,792,693 Potential number of shares resulting from the exercise of warrants 2,279,750 2,578,750 1,993,000 Basic and Diluted EPS for the periods ended December 31, 2023, 2022 and 2021 based on weighted average number of shares outstanding after conversion and share split are as follows: For the period ended December 31 2023 2022 2021 Loss of year attributable to common holders (in EUR) (43,212,000) (31,225,000) (27,618,903) Loss of year attributable to preferred holders (in EUR) — — — Loss of year attributable to equity holders (in EUR) (43,212,000) (31,225,000) (27,618,903) Weighted average number of common shares outstanding (in units) 27,968,142 25,819,165 23,792,693 Basic earnings per share in EUR (EUR/unit) (1.545) (1.209) (1.161) Diluted earnings per share in EUR (EUR/unit) (1.545) (1.209) (1.161) |
Other commitments
Other commitments | 12 Months Ended |
Dec. 31, 2023 | |
Other commitments | |
Other commitments | 31. 31.1. Capital commitments There are no commitments related to capital expenditures at the closing date. 31.2. Lease expenses The lease expense recognized in the income statement related to low-value leases and short-term leases amounts to: For the year ended December 31 (in EUR 000) 2023 2022 2021 Expense 202 240 75 Total 202 240 75 31.3. Other commitments The Company has granted in 2022 an amount of €0.5 million for educational grant starting on January 1, 2023 until December 31, 2024. The first installment of €250,000 is paid in January 2023, the second installment of €250,000 is planned to be paid during Q1 2024. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | 32. Transactions between the Company and its subsidiaries have been eliminated in consolidation and are not disclosed in the notes. Related party transactions are disclosed below. 32.1. Remuneration of Key Management The remuneration of the senior management consists of the remuneration of the CEO of the Company for the period ended December 31: For the period ended December 31 (in EUR 000) 2023 2022 Short-term remuneration & compensation 732 777 Post-employment benefits 33 29 Share based payment 143 118 Total 908 924 32.2. Transactions with Non-Executive Directors and Shareholders: For the period ended December 31, 2023 For the period ended December 31, 2022 R&D Consulting Board R&D Consulting Board (in EUR 000) Collaboration services Remuneration Collaboration services Remuneration Cochlear 766 — — 2,021 — — Robelga SRL (formerly MINV SA) — — — — 60 — Donald Deyo — — — — — 21 Robert Taub — — 129 — — 76 Kevin Rakin — — 68 — — 48 Pierre Gianello — — 65 — — 42 Jan Janssen — — — — — 12 Jurgen Hambrecht — — 58 — — 46 Rita Mills — — 64 — — 47 Giny Kirby — — 59 — — 28 Raymond Cohen — — — — — 23 Wildman Venturees LLC — — 86 — — — Total 766 — 529 2,021 60 343 Amounts outstanding at year-end — — 110 1,243 60 95 The Company and Cochlear Limited, or Cochlear, have entered into a collaboration agreement, dated November 2018, under which they agreed to collaborate to further develop and progress commercialization of implantable treatments for sleep disordered breathing conditions. A new Statement of Work was entered into on June 8, 2020. Under this agreement, Cochlear is working with the Company in developing and enhancing the next generation implantable stimulator. This collaboration agreement lead to financial impact of € 182,000 million for the year ended December 31, 2023, compared to €2.0 million for the year ended December 31, 2022. In .January 2023 parties signed an additional statement of work related to the transfer of assets and related support for the setting up of a production line in the US. This additional statement of work led to a financial impact of €0.6 million for the year ended December 31,2023 and was recognized as part of assets under construction. All statements of work were completed in 2023. On September 28, 2023, the Company announced a partnership with ResMed in Germany to increase OSA awareness and therapy penetration in the German market. The Company and ResMed Germany will establish a continuum of care that will educate and guide OSA patients in the German market from diagnosis through treatment. Together, the companies will work to accelerate patient identification and better support patient set-up on the appropriate therapy. 32.3. Transactions with related parties The following is a description of related party transactions we have entered into with any members of our board of directors or executive officers or the holders of more than 3% of our share capital. Consulting Agreement with Olivier Taelman Effective September 1, 2021, the Company and Olivier Taelman decided by mutual agreement to terminate the employment contract of Olivier Taelman with the Company and to enter into an agreement, pursuant to which Mr. Taelman will perform his functions as CEO of the Company on a self-employed basis going forward. Pursuant to the terms of this agreement, Mr. Taelman will be entitled to receive an annual fee equal to the euro equivalent of $450,000, as well as a short term incentive and a long term incentive (in the form of the grant of warrants) in accordance with the Company’s remuneration policy as approved from time to time by the shareholders’ meeting of the Company. Mr. Taelman will continue to benefit from a company car, a laptop, a mobile phone, an occupational pension scheme and a hospitalization insurance. The consulting agreement has an indefinite term and can be terminated by either us or Mr. Taelman at any time subject to a notice period of three months, supplemented with one month per completed year of services under the Agreement, with a maximum total notice period of nine months. We can immediately terminate the consulting agreement in case of serious cause. Employment Agreement with Loïc Moreau We are party to an employment agreement, dated October 8, 2021, with Loïc Moreau, our chief financial officer since January 1, 2022. Pursuant to the terms of his employment agreement, Mr. Moreau receives a base salary of €259,000 and is eligible to receive an annual cash bonus of up to €184,000 based on performance criteria established by our remuneration committee and board of directors. The employment agreement has an indefinite term and can be terminated by either us or Mr. Moreau at any time subject to prior notice in accordance with Belgian law. We can immediately terminate the employment agreement in case of serious cause. Consulting Arrangements Robelga SRL (formerly MINV SA) Consulting Agreements On June 9, 2021, we entered into a consulting agreement with MINV SA, pursuant to which MINV SA (i) assisted our executive management during investor meetings in connection with our initial public offering on Nasdaq and (ii) provided various consultancy services, including to support our executive management in business development activities. . On June 23, 2021, pursuant to a “merger by absorption” of MINV SA by Robelga SRL, all rights and obligations of MINV SA were transferred to Robelga SRL For the year ended December 31, 2023, we paid Robelga SRL a total fee of €60,000 for said services rendered during 2022 until the expiration of the agreement on June 8, 2022. Warrants to Our Board Directors and Executive Management We have granted warrants to certain members of our board of directors and executive management. Policies and Procedures for Related Person Transactions We have adopted a related person transaction policy requiring that all related person transactions required to be disclosed by a foreign private issuer pursuant to the Exchange Act be approved by the audit committee or another independent body of our board of directors. |
Events after the Balance-Sheet
Events after the Balance-Sheet Date | 12 Months Ended |
Dec. 31, 2023 | |
Events after the Balance-Sheet Date | |
Events after the Balance-Sheet Date | 33. On March 6, 2024, the Company issued 8,650 shares pursuant to an exercise of 2,400 2020 ESOP Warrants and 6,250 2021 ESOP Warrants. Consequently, on the date of this Annual Report, the Company’s registered capital amounts to EUR 4,927,355.12 , represented by 28,682,635 shares. On March 19, 2024, the Company issued a press release announcing that the Company’s DREAM U.S. pivotal trial met its primary endpoints. More information can be found in the press release. |
Material accounting policies (P
Material accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policies | |
Basis of Preparation | Basis of Preparation The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (IASB) and as endorsed by the European Union. The consolidated financial statements are presented in thousands of Euros (€) and all values are rounded to the nearest thousand, except when otherwise indicated (e.g. € million). The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, are areas where assumptions and estimates are significant to the consolidated financial statements. |
Going concern principle | Going concern principle The consolidated financial statements have been prepared on a going concern basis. Please refer to note 5.1 for the detailed explanation of the going concern. The Company confirms that despite the conflict between Israel and Hamas, operations are continuing notably regarding R&D and production with no major impact and the assets are currently safeguarded. The Company is not suffering impact of this conflict. |
Effective for the annual periods beginning on January 1, 2023 | Effective for the annual periods beginning on January 1, 2023 The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2023, but do not have an impact on the consolidated financial statements of the Company: ₋ IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules (effective immediately – disclosures are required for annual periods beginning on or after 1 January 2023). The Company has adopted these amendments, however they are not yet applicable for the current reporting year as the Company’s consolidated revenue is currently below the threshold of € 750 million. The following amendments have had an impact on the Company’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Company’s financial statements. ₋ Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023) |
New standards not yet effective | New standards not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements are disclosed below. The Company intends to adopt these standards and interpretations, if applicable, when they become effective. - Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (applicable for annual periods beginning on or after 1 January 2024). - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after January 1, 2024). - Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (applicable for annual periods beginning on or after 1 January 2024, but not yet endorsed in the EU). - Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025, but not yet endorsed in the EU). None of the IFRS standards issued, but not yet effective are expected to have a material impact on the Company’s financials. |
Basis of Consolidation | 2.3. Basis of Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2023, 2022 and 2021. Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. |
Foreign Currency Translations | 2.4. Foreign Currency Translations The consolidated financial statements are presented in Euro, which is the Company’s functional and presentation currency. For each subsidiary, the Company determines the functional currency. Items included in the financial statements of each subsidiary are measured using that functional currency. Transactions in foreign currencies are recorded at their respective foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates prevailing at the closing date. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those at which they were initially recorded during the period or in previous periods, are recognized in the consolidated income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and the income statement is translated at the average rate of the year. The exchange differences arising on the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the income statement. |
Intangible Assets | 2.5. Intangible Assets Patents Patents relate to direct attributable expenditure incurred for obtaining patent rights related to the Genio ® ® Research and Development Costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Company can demonstrate: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● the intention to complete the intangible asset and use or sell it; ● the ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● the ability to measure reliably the expenditure attributable to the intangible asset during its development. The Company started recognizing the development expenditure as an asset since March 2019 triggered by obtaining CE mark for the first generation of the Genio ® ® ® |
Property, Plant and Equipment | 2.6. Property, Plant and Equipment Property, plant and equipment are initially recorded in the statement of financial position at their acquisition cost, which includes the costs directly attributable to the acquisition and installation of the asset. Property, plant and equipment are subsequently measured at their historical cost less accumulated depreciation and impairment, if any. Property, plant and equipment are depreciated on a straight-line basis over their estimated useful life. The estimated useful life of each category of property, plant and equipment is as follows: ● IT equipment 3 years ● Furniture and office equipment 5 to 15 years ● Laboratory equipment 15 years ● Leasehold improvements The shorter of lease term and 10 years Assets under construction are not depreciated until the date that the asset is available for use. Property, plant and equipment are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset, which is the difference between the net disposal proceeds and the carrying amount of the asset, is included in the income statement when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Impairment of Intangible Assets and Property, Plant and Equipment | 2.7. Impairment of Intangible Assets and Property, Plant and Equipment At each reporting date, the Company assesses whether there is an indication that property, plant and equipment and intangible assets with a definite useful life may be impaired. If an indication of impairment exists, or at least annually when impairment test is required in case of intangible assets with an indefinite useful life or intangible assets not yet for use, the Company estimates the asset’s recoverable amount. The recoverable amount of an asset is the higher of the assets or cash-generating units (CGU) fair value less costs to sell and its value in use. The recoverable amount is determined based on the value in use of the individual asset or the CGU. In assessing value in use, the estimated future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss has been recognized for the asset in prior years. Such reversal is recognized in the consolidated income statement. |
Financial Assets | 2.8. Financial Assets Financial assets include mainly other long-term receivables, trade receivables, other receivables, term accounts with an initial maturity longer than 3 months but less than 12 months and cash and cash equivalents, and are measured at amortized cost using the effective interest method, less impairment allowance. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the asset have expired or when the Company transferred its rights to receive cash flows and substantially all risks and rewards of ownership of the financial asset to another party. Impairment of Financial Assets For trade receivables and other receivables, the Company applies a simplified approach in calculating Expected Credit Losses (“ECL”). Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in the income statement. |
Financial Liabilities | 2.9. Financial Liabilities The financial liabilities include financial debt, derivative liabilities, trade payables and other payables. Liabilities at amortized cost Those financial liabilities, except for the derivative liabilities, are measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included as financial cost in the consolidated income statement. When the estimated contractual cash flows are modified, the entity recalculates the gross carrying amount of the financial liability as the present value of the modified cash flows discounted at the original effective interest rate. The difference between the recalculated carrying amount and the initial carrying amount is included in other operating income & expense in the consolidated income statement. Liabilities at fair value with changes in fair value through profit and loss The Company has derivative liabilities consisting of foreign currency options to hedge its contingency risk exposure to certain foreign currencies. Those derivative financial instruments are initially recorded at fair value and derivative financial instruments are subsequently remeasured at their fair value with changes in fair value recorded in the income statement under “Financial income/financial expenses”. Any transactions costs incurred are immediately recognized in the consolidated income statement. The Company does not apply hedge accounting to those derivative financial liabilities. The fair value of a hedging derivative financial instrument is classified as a non-current liability when the remaining maturity of the hedged item is more than 12 months and as a current liability when the remaining maturity of the hedged item is less than 12 months. The fair value is recorded in the consolidated balance sheet under “Other payables”. Derecognition The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in income statement. |
Fair value measurement | 2.10. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that the market participants act in their economic best interest. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and Level 3 valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. |
Inventory | 2.11. Inventory Inventories consist of raw materials, work-in-progress and finished goods of the Genio ® |
Cash and Cash Equivalents | 2.12. Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term deposits with a maturity of or less than 3 months, and which are subject to an insignificant risk of changes in value. |
Income Taxes | 2.13. Income Taxes Income taxes include current income tax and deferred income tax. Current Income Tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. Tax rates and tax laws that are considered to determine the amount of tax assets or liabilities are those that are enacted or substantially enacted, at the reporting date. The current income tax liability includes a liability for tax positions subject to uncertainty over income tax treatment when it is probable that an outflow of economic resources will occur. Measurement of the liability for tax positions subject to uncertainty over income tax treatment is based on either the most likely amount method or the expected value method based on the Company’s best estimate of the underlying risk. Deferred Income Tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except when the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither the accounting profit nor taxable profit or loss. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and tax liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxation authority. |
Employee Benefits | 2.14. Employee Benefits Short-Term Employee Benefits Short-term employee benefits include salaries and social security taxes, paid vacation and bonuses. They are recognized as expenses for the period in which employees perform the corresponding services. Outstanding payments at the end of the period are presented within current liabilities (other payables). Post-Employment Benefits Post-employment benefits include pensions and retirement benefits for employees, which are covered by contributions of the Company. The Company has set up a pension plan for its employees which qualifies as Defined Benefit pension plan under IAS 19. In the view of the minimum legal returns guaranteed under such scheme, those plans qualify as Defined Benefits plans. Such pension scheme is treated in accordance with IAS 19 “Employee Benefits” as a defined benefit plan. For defined benefit plans, the amount recognized in the Statement of financial position as a net liability (asset) corresponds to the difference between the present value of future obligations and the fair value of the plan assets. The present value of the obligation and the costs of services are determined by using the “projected unit credit method” and actuarial valuations are performed at the end of each reporting period. The actuarial calculation method implies the use of actuarial assumptions by the Company, involving the discount rate, evolution of wages, employee turnover and mortality tables. These actuarial assumptions correspond to the best estimations of the variables that will determine the final cost of post-employment benefits. The discount rate reflects the rate of return on high quality corporate bonds with a term equal to the estimated duration of the post-employment benefits obligations. The actuarial calculations of post-employment obligations are performed by independent actuaries. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the consolidated statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained loss and will not be reclassified to profit or loss. |
Share-Based Compensation | 2.15. Share-Based Compensation Equity-settled share-based compensation The Company operates an equity-based compensation plan, whereby warrants are granted to directors, management and selected employees and non-employees. The warrants are accounted for as equity-settled share-based payment plans since the Company has no legal or constructive obligation to repurchase or settle the warrants in cash. Each warrant gives the beneficiaries the right to subscribe to one or several common share of the Company. The warrants are granted for free and have an exercise price which is determined by the Board of Directors of the Company. The fair value of the employee services received in exchange for the grant of stock options or warrants is determined at the grant date using a Black & Scholes valuation model. The costs of equity-settled transactions are recognized in employee benefit expense. The total amount to be expensed over the vesting period, if any, with a corresponding increase in the « share-based payment reserve » within equity, is determined by reference to the fair value of the stock options or warrants granted, excluding the impact of any non-market vesting conditions. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the entity’s best estimate of the number of equity instruments that will ultimately vest. At each closing date, the entity revises its estimates of the number of stock options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity over the remaining vesting period. The proceeds received net of any directly attributable transaction costs are credited to share capital when the stock options or the warrants are exercised. When warrants granted under a share-based compensation plan are exercised or when they are not exercised and have expired, the amount previously recognized under the share-based payment reserve is reclassified to the caption retained loss, within equity. |
Provisions | 2.16. Provisions A provision is set up by the Company if, at the reporting date, the Company has a present obligation, either legal or constructive, as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and when a reliable estimate of the amount can be made. |
Leases | 2.17. Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated life and the lease term. Right-of-use assets are subject to impairment, but no impairment has been identified in fiscal year 2021, 2022 and 2023. Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases of machinery, equipment and buildings (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment and bicycles that are considered of low value (i.e., below €5,000). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. See note 31.2 |
Revenue | 2.18. Revenue The Company continues the commercialization of its Genio ® Performance obligation is deemed fulfilled at a specific point in time when the customer gains control of the Genio ® ® Variable consideration including volume rebates Revenue undergoes adjustments for variable consideration and other factors influencing the transaction price. Notably, some contracts may entail a volume discount, offering a free Genio ® ® The Company provides customers with a limited right of return for products in case of non-conformity or performance issues. Since product returns have been historically de-minimis, we haven’t factored in a revenue reduction related to variable considerations for returns. Warranty obligations The Company provides a three-year warranty on the Genio ® |
Recoverable cash advances and other government grants | 2.19. Recoverable cash advances and other government grants The Company received the support from a governmental agency, in this case the Walloon Region (“Region”), under the form of recoverable cash advances. Recoverable cash advances are aimed at supporting specific development programs. As part of this support, an agreement is concluded with the Region consisting in three distinct phases being a research phase, a decision phase and an exploitation phase. During the research phase, the Company receives funds from the Region based on eligible expenses incurred by the Company. At the end of the research phase, there is a decision phase of six months, allowing the Company to decide whether or not it will use the results of the research phase. ● If the Company decides not to use the results of the research phase, it has to notify the Region and transfer to the Region the rights associated with the research phase. Accordingly, the advances received are not to be reimbursed. ● If the Company decides to use the results of the research phase, it will enter into the exploitation phase. In such a situation, the advances received become refundable through a fixed repayment part ( 30% ) and a variable repayment scheme ( 0.224% - 0.45% ). The fix part is repayable unconditionally in accordance with a reimbursement plan. The variable part is dependent on the success of the project, i.e. based on a percentage on sales generated by the product that has benefited from the research. ● Reimbursements (fixed and variable) to be made by the Company (interests included) may represent up to 2 times the amount of cash advance received, depending on the level and the timing of the sales. At inception, recoverable cash advances are recognized as financial liability at fair value when received. To determine the fair value of the cash advances received, the Company estimates future cash outflows considering (i) assumptions regarding the estimation of the timing and the probability of the future sales or (ii) the probability that the Company will notify the Walloon Region whether it will decide or not to use the results of the research phase and (iii) an appropriate discount rate. At inception, if the fair value of the liability exceeds the amounts of the cash received, the difference is recognized in the income statement as operating expenses. If the amount of cash received would exceed the fair value of the liability, the difference would be considered as a government grant, being recognized in the income statement as operating income on a systematic basis in order to match the expenses incurred. Subsequently, at each closing date, the financial liability is measured at amortized cost. When the estimated contractual cash flows are modified, the entity recalculates the gross carrying amount of the financial liability as the present value of the modified cash flows discounted at the original effective interest rate. The difference between the recalculated carrying amount and the initial carrying amount is included in the caption “other operating income/expenses” in the consolidated income statement and in the financial expenses for the impact of the discounting. When modifying the estimated contractual cash flows, the Company reviews if there are indicators, either positive or negative, influencing the estimation of the timing and level of the future sales of the products benefiting from the support of the Walloon Region. When repayment of recoverable cash advances may be forgiven, the liability component of recoverable cash advances is treated as a government grant and taken to income only when there is reasonable assurance that the entity will meet the terms for forgiveness of the advance. Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is deducted from the carrying amount of the asset and is reflected in the income statement as a reduction in the amortization expense of the asset concerned on a systematic basis over the life of the asset. |
Segment Reporting | 2.20. Segment Reporting Based on the organizational structure, as well as the nature of financial information available and reviewed by the Company’s chief operating decision makers to assess performance and make decisions about resource allocations, the Company has concluded that its total operations represent one reportable segment. The chief operating decision maker is the CEO. |
Significant Events And Transactions Of The Reporting Period | 2.21. Significant events and transactions of the reporting period On March 29, 2023, the Company issued 393,162 new shares for an aggregate capital increase of €2.5 million (including share premium). The Company raised $2.8 million in gross proceeds pursuant to the Company’s $50 million at-the-market (“ATM”) program established on December 22, 2022 at an issue price equal to the market price on the Nasdaq Global Market at the time of the sale. The shares were purchased by Nyxoah shareholder Cochlear Limited, and the proceeds will be used for general corporate purposes. On March 30, 2023, the Company raised €13.35 million private placement financing from the sale of 2,047,544 new ordinary shares at a price per share of €6.52 (approximately U.S. $7.10 at the March 23, 2023 exchange rate), the closing price on Euronext Brussels on March 23, 2023. Gross proceeds total €13.35 million (approximately U.S. $15 million at the March 23, 2023 exchange rate) and will be used for general corporate purposes. On April 17, 2023, the Company issued 375,000 shares pursuant to the Company’s $50 million at-the-market (“ATM”) program established on December 22, 2022 at an issue price equal to the market price on the Nasdaq Global Market at the time of the sale. On July 14, 2023, the Company issued 2,000 shares pursuant to an exercise of subscription rights. On August 29, 2023, the Company issued 10,000 shares pursuant to an exercise of subscription rights. Consequently, on December 31, 2023, the Company’s registered capital amounts to €4.9 million, represented by 28 673 985 shares. |
Material accounting policies (T
Material accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policies | |
Schedule of property, plant and equipment | ● IT equipment 3 years ● Furniture and office equipment 5 to 15 years ● Laboratory equipment 15 years ● Leasehold improvements The shorter of lease term and 10 years |
Management of Financial Risks (
Management of Financial Risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Management of Financial Risks | |
Schedule of foreign exchange rates | 2023 rates 2022 rates 2021 rates Currency Closing Average Closing Average Closing Average NIS 3.97763 3.98960 3.78240 3.53440 3.51590 3.82077 AUD 1.62033 1.63002 1.57630 1.51430 1.56150 1.57494 USD 1.10377 1.08242 1.07270 1.05170 1.13260 1.18274 |
Schedule of change in foreign exchange rate | (in EUR 000) Effect on loss (before tax) Effect on pretax equity Change in foreign exchange rate NIS USD AUD NIS USD AUD 2023 5 % 29 — 33 56 54 352 (5) % (29) — (36) (59) (60) (389) 2022 5 % 122 54 73 141 113 364 (5) % (79) (60) (80) (58) (125) (403) 2021 5 % 18 4 64 37 13 284 (5) % (18) (5) (71) (39) (14) (314) |
Schedule of contractual undiscounted maturities of financial liabilities | As at December 31 2023 2022 Lease Financial Trade & Lease Financial Trade & (in EUR 000) Liability Debt Other Payable Liability Debt Other Payable Less than 1 year 990 378 11,240 802 400 10,152 1 - 5 years 2,729 8,488 — 2,594 6,456 — 5+ years 748 4,608 — 134 7,115 — Total 4,467 13,474 11,240 3,530 13,971 10,152 |
Schedule of derivative financial liabilities and assets | Carrying value Fair value As at December 31 As at December 31 (in EUR 000) 2023 2022 2023 2022 Financial Assets Other long-term receivables (level 3) 1,166 173 1,166 173 Trade and other receivables (level 3) 5,627 3,237 5,627 3,237 Foreign currency swaps (level 2) 343 1 343 1 Other current assets (level 3) 1,318 1,284 1,318 1,284 Cash and cash equivalents (level 1) 21,610 17,888 21,610 17,888 Financial Assets (level 1) 36,138 76,968 36,138 76,968 Financial liabilities Financial debt (level 3) 63 146 60 138 Foreign currency swaps (level 2) 90 10 90 10 Recoverable cash advances (level 3) 8,674 8,431 8,674 8,431 Trade and other payables (level 1 and 3) 11,150 10,142 11,150 10,142 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Schedule of property, plant and equipment | Furniture and office Leasehold Laboratory Assets under (in EUR 000) equipment improvements equipment construction Total Cost Opening Gross value January 1, 2022 858 555 858 691 2,962 Additions 255 184 420 27 886 Exchange differences (33) (35) (28) — (96) Cost at December 31, 2022 1,080 704 1,250 718 3,752 Additions 127 55 141 2,055 2,378 Transfers — 578 140 (718) — Other — — (7) — (7) Exchange differences (25) (23) (23) — (71) Cost at December 31, 2023 1,182 1,314 1,501 2,055 6,052 Depreciation Opening accumulated depreciation January 1, 2022 (563) (229) (150) — (942) Depreciation charge (137) (85) (170) — (392) Exchange differences 23 12 7 — 42 Depreciation at December 31, 2022 (677) (302) (313) — (1,292) Depreciation charge (160) (145) (297) — (602) Exchange differences 17 8 5 — 30 Depreciation at December 31, 2023 (820) (439) (605) — (1,864) Net book value at December 31, 2022 403 402 937 718 2,460 Net book value at December 31, 2023 362 875 896 2,055 4,188 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets | |
Schedule of intangible assets | Development Patents and (in EUR 000) cost licenses Total Cost Opening value at January 1, 2022 25,610 591 26,201 Additions 15,463 — 15,463 Cost at December 31, 2022 41,073 591 41,664 Additions 8,085 — 8,085 Other (487) — (487) Cost at December 31, 2023 48,671 591 49,262 Amortization Opening amortization at January 1, 2022 (837) (42) (879) Amortization (771) (42) (813) Amortization at December 31, 2022 (1,608) (84) (1,692) Amortization (920) (42) (962) Amortization at December 31, 2023 (2,528) (126) (2,654) Net book value at December 31, 2022 39,465 507 39,972 Net book value at December 31, 2023 46,143 465 46,608 |
Schedule of discount rates and long-term growth rates applied over the expected term that the assets will generate economic benefits | Europe US Discount rate 11.9 % 13.0 % |
Right of use assets and lease_2
Right of use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Right of use assets and lease liabilities | |
Schedule of right-of-use assets recognized and the movements | Motor (in EUR 000) Building vehicles Total Cost Opening value at January 1, 2022 3,443 670 4,113 Additions 368 433 801 Disposal — (94) (94) Exchange difference (187) — (187) Cost at December 31, 2022 3,624 1,009 4,633 Additions — 396 396 Disposal — (34) (34) Lease modification 1,093 12 1,105 Exchange difference (113) — (113) Cost at December 31, 2023 4,604 1,383 5,987 Depreciation Opening accumulated depreciation at January 1, 2022 (688) (207) (895) Depreciation charge (530) (198) (728) Disposal — 94 94 Exchange difference 55 — 55 Depreciation at December 31, 2022 (1,163) (311) (1,474) Depreciation charge (535) (261) (796) Disposal — 34 34 Exchange difference 37 — 37 Depreciation at December 31, 2023 (1,661) (538) (2,199) Net book value at December 31, 2022 2,461 698 3,159 Net book value at December 31, 2023 2,943 845 3,788 |
Schedule of maturity analysis of lease liabilities | (in EUR 000) 2023 2022 Lease debt at January 1 3,305 3,319 New lease debts 397 798 Rent expense paid (886) (772) Accretion of interest 129 98 Lease modification 1,105 — Exchange differences (83) (138) Lease debt at December 31 3,967 3,305 |
Schedule of detailed information about lease liabilities | (in EUR 000) 2023 2022 Lease debt at January 1 3,305 3,319 New lease debts 397 798 Rent expense paid (886) (772) Accretion of interest 129 98 Lease modification 1,105 — Exchange differences (83) (138) Lease debt at December 31 3,967 3,305 As at December 31 (in EUR 000) 2023 2022 Non-current lease liabilities 3,116 2,586 Current lease liabilities 851 719 Total 3,967 3,305 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory | |
Schedule of inventory | As at December 31 (in EUR 000) 2023 2022 Raw materials 1,329 498 Work in progress 1,530 100 Finished goods 456 284 Total Inventory 3,315 882 |
Trade and Other receivables (Ta
Trade and Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other receivables. | |
Schedule of trade and other receivables | As at December 31 (in EUR 000) 2023 2022 Trade receivables 2,758 1,463 R&D incentive receivable (Australia) 723 346 VAT receivable 850 847 Current tax receivable 808 159 Foreign currency swaps 343 1 Other 488 422 Total trade and other receivables 5,970 3,238 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents. | |
Schedule of cash and cash equivalents | As at December 31 (in EUR 000) 2023 2022 Short term deposit 9,158 36 Current accounts 12,452 17,852 Total cash and cash equivalents 21,610 17,888 |
Capital, Share Premium, Reser_2
Capital, Share Premium, Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital, Share Premium, Reserves | |
Schedule of evolution of the share capital and share premium | Common Total of Par value Share capital Share premium (Number of shares except otherwise stated) shares shares (in EUR) (in EUR 000) (in EUR 000) January 1, 2022 25,772,359 25,772,359 0.17 4,427 242,198 February 10, 2022 - Exercise warrants 25,000 25,000 0.17 4 125 June 8, 2022 - Capital increase in cash 38,920 38,920 0.17 7 — September 30, 2022 - Exercise warrants 10,000 10,000 0.17 2 117 December 31, 2022 25,846,279 25,846,279 0.17 4,440 242,440 March 29, 2023 - Capital increase in cash 393,162 393,162 0.17 68 2,481 March 30, 2023 - Capital increase in cash 2,047,544 2,047,544 0.17 351 12,999 April 17, 2023 - Capital increase in cash 375,000 375,000 0.17 65 2,651 July 14, 2023 - Exercise warrants 2,000 2,000 0.17 — 10 August 29, 2023 - Exercise warrants 10,000 10,000 0.17 2 50 December 31, 2023 28,673,985 28,673,985 0.17 4,926 260,631 |
Schedule of movement in other comprehensive income | Post- Currency employment translation benefit (in EUR 000) reserve obligations Total Opening value at January 1, 2022 270 (68) 202 Currency translation differences (96) — (96) Remeasurements of post-employment benefit obligations — 70 70 Total other comprehensive income at December 31, 2022 174 2 176 Currency translation differences (120) — (120) Remeasurements of post-employment benefit obligations — 81 81 Total other comprehensive income at December 31, 2023 54 83 137 |
Share-Based compensation (Table
Share-Based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based compensation | |
Schedule of changes of period for equity-settled warrant plans | Number of shares (after share split) warrants give right to across all plans 2023 2022 Outstanding at January 1 1,416,490 993,490 Granted 518,116 536,500 Forfeited (165,125) (42,750) Exercised (12,000) (35,000) Expired (121,875) (35,750) Outstanding at December 31 1,635,606 1,416,490 Exercisable at December 31 1,034,835 795,745 |
Schedule of 2016 warrant plan | Number of shares (after share split) warrants give right to for Plan 2016 2023 2022 Outstanding at January 1 27,500 52,500 Granted — — Forfeited — — Exercised (10,000) (25,000) Expired (17,500) — Outstanding at December 31 — 27,500 Exercisable at December 31 — 27,500 |
Schedule of 2018 warrant plan | Number of shares (after share split) warrants give right to for Plan 2018 2023 2022 Outstanding at January 1 50,000 50,000 Granted — — Forfeited — — Exercised — — Expired — — Outstanding at December 31 50,000 50,000 Exercisable at December 31 50,000 50,000 |
Schedule of 2020 warrant plan | Number of shares/warrants give right to for Plan 2020 2023 2022 Outstanding at January 1 450,500 490,500 Granted — — Forfeited — — Exercised — (10,000) Expired (40,000) (30,000) Outstanding at December 31 410,500 450,500 Exercisable at December 31 410,500 450,500 |
Schedule of 2021 warrant plan | Number of shares/warrants give right to for Plan 2021 2023 2022 Outstanding at January 1 888,490 400,490 Granted 462,260 536,500 Forfeited (165,125) (42,750) Exercised (2,000) — Expired (64,375) (5,750) Outstanding at December 31 1,119,250 888,490 Exercisable at December 31 563,771 267,745 |
Schedule of 2022 warrant plan | Number of shares/warrants give right to for Plan 2022 2023 2022 Outstanding at January 1 — — Granted 55,856 — Forfeited — — Exercised — — Expired — — Outstanding at December 31 55,856 — Exercisable at December 31 10,564 — |
Schedule of number of shares warrants | Total 2023 2022 2021 Exercisable Warrants at December 31 984,935 718,400 591,015 Shares representing the Exercisable Warrants at December 31 1,034,835 795,745 693,310 Weighted average exercise price per share 10.70 15.09 13.10 Weighted average share price at the date of exercise 7.25 15.03 21.45 |
Schedule of input to Black-Scholes model for warrants granted | Plan 2021 Plan 2016 Plan 2018 Plan 2018 Plan 2020 (grant Sept 17 (grant 2018) (grant 2018) (grant 2020) (grant 2020) 2021) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 66.92 % 56.32 % 56.32 % 56.32 % 51.30 % Risk-free interest rate 0.35 % (0.20) % (0.20) % (0.20) % (0.36) % Expected life 3 3 3 3 3 Exercise price 5.17 6.52 11.94 11.94 25.31 Stock price 1.09 10.24 10.20 10.20 25.75 Fair value 0.10 5.30 3.31 3.31 9.22 Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant Oct 27 (grant Feb 21 (grant Feb 21 (grant Feb 21 (grant May 14 2021) 2022) 2022) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 51.50 % 49.80 % 49.80 % 49.80 % 49.80 % Risk-free interest rate (0.18) % 0.37 % 0.37 % 0.50 % 1.06 % Expected life 3 3 3 4 3 Exercise price 25.31 17.76 25.31 17.76 13.82 Stock price 20.50 17.50 17.50 17.50 13.82 Fair value 5.94 6.05 4.15 6.90 4.94 Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant June 8 (grant Aug 8 (grant Aug 8 (grant March 24 (grant April 12 2022) 2022) 2022) 2023) 2023) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 52.60 % 53.71 % 53.97 % 52.00 % 52.00 % Risk-free interest rate 1.60 % 1.39 % 1.45 % 3.20 % 3.24 % Expected life 3 3 4 3 3 Exercise price 12.95 9.66 9.66 5.42 6.36 Stock price 13.34 9.75 9.75 6.70 7.08 Fair value 5.21 3.79 4.32 3.09 3.04 Plan 2021 Plan 2022 Plan 2022 (grant June 14 (grant June 14 (grant Oct 20 2023) 2023) 2023) Return Dividend 0 % 0 % 0 % Expected volatility 51.28 % 51.28 % 50.00 % Risk-free interest rate 3.36 % 3.36 % 3.55 % Expected life 3 3 3 Exercise price 7.19 7.19 5.92 Stock price 7.10 7.10 5.60 Fair value 2.75 2.75 2.07 Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant Sept 17 (grant Oct 27 (grant Feb 21 (grant Feb 21 2021) 2021) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.25 % 3.25 % 3.17 % 3.36 % Expected life 2 2 2 2 Exercise price 5.42 5.42 5.42 5.42 Stock price 6.68 6.68 6.68 6.68 Fair value 2.48 2.52 2.67 2.49 Incremental Fair value 2.38 2.40 2.23 2.38 Plan 2021 Plan 2021 Plan 2021 Plan 2021 (grant Feb 21 (grant May 14 (grant Aug 8 (grant Aug 8 2022) 2022) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.03 % 3.13 % 3.13 % 2.98 % Expected life 3 2 3 4 Exercise price 5.42 5.42 5.42 5.42 Stock price 6.68 6.68 6.68 6.68 Fair value 3.05 2.75 2.87 3.21 Incremental Fair value 2.23 1.92 1.28 1.19 |
Financial Debt (Tables)
Financial Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Debt | |
Schedule of financial debt consists of recoverable cash advances, and other loans | As at December 31 (in EUR 000) 2023 2022 Recoverable cash advances - Non-current 8,373 8,126 Recoverable cash advances - Current 301 305 Total Recoverable cash advances 8,674 8,431 Other loan - Non-current — 63 Other loan - Current 63 83 Total other loans 63 146 Non-current 8,373 8,189 Current 364 388 Total Financial Debt 8,737 8,577 |
Schedule of recoverable cash advances received | Contractual Advances Fixed Variable (in EUR 000) advances received reimbursements* reimbursements* Sleep apnea device (6472) 1,600 1,600 588 7 First articles (6839) 2,160 2,160 561 11 Clinical trial (6840) 2,400 2,400 360 13 Activation chip improvements (7388) 1,467 1,467 66 18 Total 7,627 7,627 1,575 49 |
Schedule of detailed information about undiscounted recoverable cash advances | As at December 31 (in EUR 000) 2023 2022 Recoverable cash advances received 7,627 7,627 Amounts to be reimbursed 15,254 15,254 Amounts reimbursed at year-end (interests included) (1,843) (1,429) Total Recoverable cash advances (undiscounted) 13,411 13,825 |
Schedule of fair value recoverable cash advances | As at December 31 (in EUR 000) 2023 2022 Contract 6472 1,629 1,571 Contract 6839 2,290 2,214 Contract 6840 2,818 2,790 Contract 7388 1,937 1,856 Total recoverable cash advances 8,674 8,431 Non-current 8,373 8,126 Current 301 305 Total recoverable cash advances 8,674 8,431 |
Schedule of detailed information about changes in recoverable cash advances | (in EUR 000) 2023 2022 As at January 1 8,431 8,127 Advances reimbursed (excluding interests) (396) (350) Interests paid (27) (24) Initial measurement and re-measurement (324) (247) Discounting impact 990 925 As at December 31 8,674 8,431 |
Schedule of detailed information about sensitivity analysis fair value recoverable cash advances | Fair Value of Liabilities as of end of 2023 (in EUR 000) Variation of revenue projections Variation of discount rates * (25)% 0% 25% (25)% 9,224 9,604 9,879 0% 8,234 8,674 8,997 25% 7,388 7,868 8,223 * A change of -25% in the discount rates implies that the discount rate used for the fixed part of the recoverable cash advances is 3.8 % instead of 5.0 % while the one used for the variable part is 9.4 % instead of 12.5%. |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade payables | |
Schedule of trade payables | As at December 31 (in EUR 000) 2023 2022 Payables 4,102 1,873 Invoices to be received 2,053 3,112 Total trade payables 6,155 4,985 |
Other payables (Tables)
Other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other payables | |
Schedule of other payables | As at December 31 (in EUR 000) 2023 2022 Holiday pay accrual 791 612 Salary 1,801 2,186 Accrued expenses 2,203 2,228 Foreign currency option - current 90 10 Other 200 131 Total other payables 5,085 5,167 |
Schedule of foreign currency swaps | As at December 31 (in EUR 000) 2023 2022 Foreign currency swaps EUR - NIS (in EUR) 847 542 Foreign currency swaps EUR - NIS (in NIS) 3,500 2,000 Foreign currency swaps NIS - EUR (in NIS) 14,000 — Foreign currency swaps NIS - EUR (in EUR) 3,334 — Foreign currency swaps EUR - USD (in EUR) 18,000 379 Foreign currency swaps EUR - USD (in USD) 19,787 600 |
Schedule of fair value hierarchy hedging instruments | As at December 31, 2023 (in EUR 000) Level I Level II Level III Total Financial assets Foreign currency swaps — 343 — 343 Financial liabilities — Foreign currency swaps — 90 — 90 |
Schedule of change in balance of financial assets and financial liabilities | (in EUR 000) 2023 2022 Opening value at January 1 1 — Settled contracts (1) — Fair value adjustments 343 1 Closing value at December 31 343 1 The change in the balance of the financial liability is detailed as follows: (in EUR 000) 2023 2022 Opening value at January 1 10 654 Fair value adjustments 90 2,721 Settled contracts (10) — Exchange rate difference — 30 Settlement foreign currency put and call contracts — (3,027) Recognition premium income — (368) Closing value at December 31 90 10 |
Revenue and cost of goods sold
Revenue and cost of goods sold (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue and cost of goods sold | |
Schedule of sales based on country of customer | For the year ended December 31 (in EUR 000) 2023 2022 2021 Sales Germany 3,816 2,805 808 Sales Finland — 41 — Sales Spain 37 24 24 Sales Switzerland 373 214 — Sales Austria 122 — — Sales Belgium — — 20 Total sales 4,348 3,084 852 |
Schedule of information about cost of goods sold | For the year ended December 31 (in EUR 000) 2023 2022 2021 Purchases of goods and services 4,089 1,686 594 Inventory movement (2,433) (536) (291) Total cost of goods sold 1,656 1,150 303 |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating expenses | |
Schedule of information about operating expenses | Operating expense for the (in EUR 000) Total cost Capitalized year Research and development 35,125 (8,474) 26,651 Selling, general and administrative expenses 21,687 — 21,687 Other income and expenses (1,549) 1,005 (544) For the year ended December 31, 2023 55,263 (7,469) 47,794 Operating expense for the (in EUR 000) Total cost Capitalized year Research and development 31,448 (15,587) 15,861 Selling, general and administrative expenses 18,855 — 18,855 Other income and expenses (406) 123 (283) For the year ended December 31, 2022 49,897 (15,464) 34,433 Operating expense for the (in EUR 000) Total cost Capitalized year Research and development 23,307 (10,963) 12,344 Selling, general and administrative expenses 14,712 — 14,712 Other income and expenses (880) 615 (265) For the year ended December 31, 2021 37,139 (10,348) 26,791 |
Research and Development expe_2
Research and Development expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development expenses | |
Schedule of information about research and development expenses | For the year ended December 31 (in EUR 000) 2023 2022 2021 Staff costs 13,803 11,074 7,985 Consulting and contractors’ fees 2,762 2,623 1,962 Q&A regulatory 263 263 511 Depreciation and amortization expense 1,314 1,014 952 Travel 1,179 862 455 Manufacturing and outsourced development 6,458 4,986 5,447 Clinical studies 4,929 8,568 3,923 Other expenses 1,674 1,618 1,018 IP costs 941 440 1,054 IT 1,802 — — Capitalized costs (8,474) (15,587) (10,963) Total research and development expenses 26,651 15,861 12,344 |
Selling, General and Administ_2
Selling, General and Administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selling, General and Administrative expenses | |
Schedule of detailed information about selling, general and administrative expenses | For the year ended December 31 (in EUR 000) 2023 2022 2021 Staff costs 8,738 7,811 3,718 Consulting and contractors’ fees 6,801 4,526 6,550 Legal fees 776 1,033 402 Rent 317 440 247 Facilities 209 226 149 Depreciation and amortization expense 1,042 914 710 IT 1,190 517 363 Travel 934 1,097 332 Insurance fees 985 1,504 915 Recruitment 207 245 581 Other 488 542 745 Total selling, general and administrative expenses 21,687 18,855 14,712 |
Other operating income and ex_2
Other operating income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other operating income and expenses | |
Schedule of detailed information about other operating income | For the year ended December 31 (in EUR 000) 2023 2022 2021 Recoverable cash advances Initial measurement and re-measurement 324 247 385 R&D incentives 1,376 86 645 Capitalization of R&D incentive (1,005) (123) (615) Other income/(expenses) (151) 73 (150) Total Other Operating Income 544 283 265 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee benefits | |
Schedule of information about employee benefits | For the year ended December 31 (in EUR 000) 2023 2022 2021 Salaries 16,400 13,530 8,373 Social charges 1,363 1,077 793 Fringe benefits 33 48 297 Defined contribution plan 296 264 335 Holiday pay 485 340 390 Share-based payment (see note 16) 2,611 2,697 1,270 Other 1,353 929 245 Total employee benefits 22,541 18,885 11,703 |
Schedule of information about employee benefits by expense | For the year ended December 31 (in EUR 000) 2023 2022 2021 Selling, general and administrative expenses 8,738 7,811 3,718 Research & Development expenses 13,803 11,074 7,985 Total employee benefits 22,541 18,885 11,703 |
Schedule of information about employees | As at December 31 (in FTE’s) 2023 2022 2021 Selling, General & Administration 40.4 34.9 28.0 Research & Development 106.4 102.6 78.2 Total 146.8 137.5 106.2 |
Pension Schemes (Tables)
Pension Schemes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension Schemes | |
Schedule of net defined benefit obligation | (in EUR 000) 2023 2022 Net defined benefit liability at January 1 — 80 Defined benefit cost included in profit or loss 284 166 Total remeasurement included in OCI (81) (70) Employer contributions (194) (176) Net defined benefit liability at December 31 9 — |
Schedule of gross defined benefit liability | (in EUR 000) 2023 2022 Gross defined benefit liability at January 1 583 494 Current service cost 287 166 Interest cost 24 7 Administrative expenses (3) (3) Taxes on contributions (8) (7) Insurance premiums for risk benefits (9) (10) Actuarial gain due to change in financial assumptions 4 (69) Actuarial loss due to change in experience assumptions (114) 5 Gross defined benefit liability at December 31 764 583 |
Schedule of fair value of the plan assets | (in EUR 000) 2023 2022 Fair value plan assets at January 1 583 414 Interest income 27 7 Employer contributions 194 176 Administrative expenses (3) (3) Taxes on contributions (8) (7) Insurance premiums for risk benefits (9) (10) Actuarial gain on fair value of the plan assets (29) 6 Fair value plan assets at December 31 755 583 |
Schedule of the number of members and the average age of the members | For the year ended December 31 2023 2022 Active members 40 35 Average age 39 40 |
Schedule of assumptions for defined benefit plan | For the year ended December 31 2023 2022 Discount rate 3.4 % 4.2 % Inflation rate 2.2 % 2.2 % Salary increase (in excess of inflation) 1.0 % 1.0 % Withdrawal rate based on age (minimum) 0.0 % 0.0 % Withdrawal rate based on age (maximum) 12.0 % 12.0 % |
Schedule of sensitivity analysis for actuarial assumptions | For the year ended December 31 2023 2022 Increase of 0.25% in the discount rate (2) — Decrease of 0.25% in the discount rate 3 — |
Schedule of total expected benefit payments | As at December 31, (in EUR 000) 2023 In the next 12 months 14 Between 2 and 5 years 90 Between 6 and 10 years 58 Expected total benefit payments 162 |
Financial income (Tables)
Financial income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial income | |
Schedule of financial income | For the year ended December 31 (in EUR 000) 2023 2022 2021 Interests 2,571 372 1 Exchange differences 1,254 6,041 3,648 Fair value adjustment 343 1 — Other 6 349 26 Total financial income 4,174 6,763 3,675 |
Financial Expense (Tables)
Financial Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Expense | |
Schedule of financial expense | For the year ended December 31 (in EUR 000) 2023 2022 2021 Fair value adjustment 90 2,721 — Recoverable cash advances, Accretion of interest 990 925 882 Interest and bank charges 88 139 296 Interest on lease liabilities 129 98 90 Exchange differences 2,432 437 448 Other — — 356 Total Financial expense 3,729 4,320 2,072 |
Income taxes and deferred tax_2
Income taxes and deferred taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes and deferred taxes | |
Schedule of income taxes and deferred taxes | For the year ended December 31 (in EUR 000) 2023 2022 2021 Current tax income/(expense) 1,442 (1,179) (2,984) Deferred tax income/(expense) 3 10 4 Total Income tax income/(expense) 1,445 (1,169) (2,980) |
Schedule of reconciliation of income tax expenses | For the year ended December 31 (in EUR 000) 2023 2022 2021 Loss for the period before taxes (44,657) (30,056) (24,639) Company statutory income tax rate 25.00 % 25.00 % 25.00 % Income tax at company statutory tax rate 11,164 7,514 6,160 Foreign tax rate differential 93 69 8 Unrecognized DTA on tax losses and temporary differences (10,660) (9,058) (5,650) Non deductible expenses (387) (566) (555) Share based payments (653) (674) (317) Income not subject to tax 112 974 — Tax adjustments to the previous period 1,622 — (57) Local income taxes 46 601 (2,618) Other 108 (29) 49 Income tax at company effective tax rate 1,445 (1,169) (2,980) Company effective income tax rate 3.24 % (3.89) % (12.10) % |
Schedule of deferred tax assets and liabilities | As at December 31, 2023 (in EUR 000) Assets Liabilities Net Intangible assets 1,064 — 1,064 Property, plant and equipment 6 — 6 Right-of-use assets — (805) (805) Other current assets — (71) (71) Financial debt (Recoverable Cash Advances and derivatives) 1,948 — 1,948 Lease liabilities 839 — 839 Retirement benefit obligations 2 — 2 Other current liabilities 49 (30) 19 Tax-losses carried forward 38,886 — 38,886 Total gross deferred tax assets/(liabilities) 42,794 (906) 41,888 Netting by tax entity (897) 897 — Unrecognized deferred tax assets (41,841) — (41,841) Total deferred tax assets/(liabilities) 56 (9) 47 As at December 31, 2022 (in EUR 000) Assets Liabilities Net Intangible assets 4,125 — 4,125 Property, plant and equipment — (7) (7) Right-of-use assets — (634) (634) Other current assets 13 — 13 Financial debt (Recoverable Cash Advances and derivatives) 1,827 (44) 1,783 Lease liabilities 660 — 660 Other current liabilities — (29) (29) Tax-losses carried forward 27,744 — 27,744 Total gross deferred tax assets/(liabilities) 34,369 (714) 33,655 Netting by tax entity (714) 714 — Unrecognized deferred tax assets (33,608) — (33,608) Total deferred tax assets/(liabilities) 47 — 47 |
Loss Per Share (EPS) (Tables)
Loss Per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss Per Share (EPS) | |
Schedule of existing preferred shares were converted into common shares and then a share split | 2023 2022 2021 As at December 31, after conversion and share split Outstanding common shares at period-end 28,673,985 25,846,279 25,772,359 Weighted average number of common shares outstanding 27,968,142 25,819,165 23,792,693 Potential number of shares resulting from the exercise of warrants 2,279,750 2,578,750 1,993,000 |
Schedule of basic and diluted earnings per shares based on weighted average number of shares outstanding after conversion and share split | For the period ended December 31 2023 2022 2021 Loss of year attributable to common holders (in EUR) (43,212,000) (31,225,000) (27,618,903) Loss of year attributable to preferred holders (in EUR) — — — Loss of year attributable to equity holders (in EUR) (43,212,000) (31,225,000) (27,618,903) Weighted average number of common shares outstanding (in units) 27,968,142 25,819,165 23,792,693 Basic earnings per share in EUR (EUR/unit) (1.545) (1.209) (1.161) Diluted earnings per share in EUR (EUR/unit) (1.545) (1.209) (1.161) |
Other commitments (Tables)
Other commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other commitments | |
Schedule of lease expenses | For the year ended December 31 (in EUR 000) 2023 2022 2021 Expense 202 240 75 Total 202 240 75 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Disclosure of detailed information about remuneration of key management | For the period ended December 31 (in EUR 000) 2023 2022 Short-term remuneration & compensation 732 777 Post-employment benefits 33 29 Share based payment 143 118 Total 908 924 |
Disclosure of detailed information about transactions with related parties | For the period ended December 31, 2023 For the period ended December 31, 2022 R&D Consulting Board R&D Consulting Board (in EUR 000) Collaboration services Remuneration Collaboration services Remuneration Cochlear 766 — — 2,021 — — Robelga SRL (formerly MINV SA) — — — — 60 — Donald Deyo — — — — — 21 Robert Taub — — 129 — — 76 Kevin Rakin — — 68 — — 48 Pierre Gianello — — 65 — — 42 Jan Janssen — — — — — 12 Jurgen Hambrecht — — 58 — — 46 Rita Mills — — 64 — — 47 Giny Kirby — — 59 — — 28 Raymond Cohen — — — — — 23 Wildman Venturees LLC — — 86 — — — Total 766 — 529 2,021 60 343 Amounts outstanding at year-end — — 110 1,243 60 95 |
Material accounting policies (D
Material accounting policies (Details) | 12 Months Ended | |||||||||||||||
Aug. 29, 2023 EUR (€) shares | Jul. 14, 2023 EUR (€) shares | Apr. 17, 2023 USD ($) | Mar. 30, 2023 EUR (€) € / shares shares | Mar. 29, 2023 USD ($) | Mar. 23, 2023 USD ($) $ / shares | Dec. 31, 2023 EUR (€) M Y segment shares | Apr. 17, 2023 EUR (€) shares | Apr. 17, 2023 USD ($) shares | Mar. 29, 2023 EUR (€) shares | Mar. 29, 2023 USD ($) shares | Dec. 31, 2022 EUR (€) shares | Sep. 30, 2022 EUR (€) shares | Jun. 08, 2022 EUR (€) shares | Dec. 31, 2021 shares | Feb. 22, 2021 EUR (€) shares | |
Significant accounting policies | ||||||||||||||||
Useful life measured as period of time, property, plant and equipment | 14 years | |||||||||||||||
Shelf registration statement filed amount | € 2,500,000 | |||||||||||||||
Maximum aggregate offering price | $ | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Gross proceeds | $ 3,000,000 | € 13,350,000 | $ 2,800,000 | $ 15,000,000 | ||||||||||||
Number of new shares issued | shares | 10,000 | 2,000 | 2,047,544 | 375,000 | 375,000 | 393,162 | 393,162 | 10,000 | 38,920 | 25,000 | ||||||
Share price | (per share) | € 6.52 | $ 7.10 | ||||||||||||||
Aggregate capital increase | € 52,000,000 | € 10,000,000 | € 2,700,000 | € 2,500,000 | € 50,000 | € 119,000,000 | € 7,000 | € 129,000,000 | ||||||||
Exercise of subscription rights | shares | 10,000 | 2,000 | ||||||||||||||
Registered capital amounts | € 4,926,000 | € 4,440,000 | ||||||||||||||
Number of shares (share capital) | shares | 28,673,985 | 25,846,279 | 25,772,359 | |||||||||||||
Amendments to IAS 12 Income taxes | ||||||||||||||||
Significant accounting policies | ||||||||||||||||
Consolidated revenue | € 750,000,000 | |||||||||||||||
Private Placements | ||||||||||||||||
Significant accounting policies | ||||||||||||||||
Gross proceeds | € 13,350,000 | |||||||||||||||
Consolidated entity | ||||||||||||||||
Significant accounting policies | ||||||||||||||||
Useful life IT equipment in years | Y | 3 | |||||||||||||||
Useful life furniture and office equipment min in years | 5 | |||||||||||||||
Useful life furniture and office equipment max in years | 15 | |||||||||||||||
Useful life laboratory equipment in years | 15 | |||||||||||||||
Useful life leasehold improvements in years | 10 | |||||||||||||||
Classification boundary current non current financial liability in months | 12 | |||||||||||||||
Maturity short term deposits in months | M | 3 | |||||||||||||||
Short term lease recognition in months | 12 | |||||||||||||||
Low value lease recognition | € 5,000,000 | |||||||||||||||
Period volume discount in months | 12 | |||||||||||||||
Fixed repayment part research phase | 30% | |||||||||||||||
Variable repayment part research phase minimum | 0.224% | |||||||||||||||
Variable repayment part research phase maximum | 0.45% | |||||||||||||||
Number of Reportable Segments | segment | 1 |
Capital Management (Details)
Capital Management (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital Management | ||||
Capital | € 4,926 | € 4,440 | ||
Cash and cash equivalents | 21,610 | 17,888 | € 135,509 | € 92,300 |
Increase in term accounts | 36,100 | 77,000 | ||
Consolidated | ||||
Capital Management | ||||
Capital | 4,900 | 4,400 | ||
Cash and cash equivalents | € 21,600 | € 17,900 |
Management of Financial Risks -
Management of Financial Risks - Exchange rates (Details) | 12 Months Ended | ||||
Dec. 31, 2023 $ / € | Dec. 31, 2022 | Dec. 31, 2021 € / $ | Dec. 31, 2022 € / $ | Dec. 31, 2022 $ / € | |
Foreign exchange risk | |||||
Closing rate | 1.103765 | 1.13260 | 1.072650 | 1.072650 | |
NIS | |||||
Foreign exchange risk | |||||
Closing rate | 3.97763 | 3.78240 | 3.51590 | ||
Average rate | 3.98960 | 3.53440 | 3.82077 | ||
AUD | |||||
Foreign exchange risk | |||||
Closing rate | 1.62033 | 1.57630 | 1.56150 | ||
Average rate | 1.63002 | 1.51430 | 1.57494 | ||
USD | |||||
Foreign exchange risk | |||||
Closing rate | 1.10377 | 1.07270 | 1.13260 | ||
Average rate | 1.08242 | 1.05170 | 1.18274 |
Management of Financial Risks_2
Management of Financial Risks - Rate impact (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Effect on loss (before tax) | NIS | |||
Change in foreign exchange rate | |||
+5% | € 29 | € 122 | € 18 |
-5% | (29) | (79) | (18) |
Effect on loss (before tax) | USD | |||
Change in foreign exchange rate | |||
+5% | 54 | 4 | |
-5% | (60) | (5) | |
Effect on loss (before tax) | AUD | |||
Change in foreign exchange rate | |||
+5% | 33 | 73 | 64 |
-5% | (36) | (80) | (71) |
Effect on pretax equity | NIS | |||
Change in foreign exchange rate | |||
+5% | 56 | 141 | 37 |
-5% | (59) | (58) | (39) |
Effect on pretax equity | USD | |||
Change in foreign exchange rate | |||
+5% | 54 | 113 | 13 |
-5% | (60) | (125) | (14) |
Effect on pretax equity | AUD | |||
Change in foreign exchange rate | |||
+5% | 352 | 364 | 284 |
-5% | € (389) | € (403) | € (314) |
Management of Financial Risks_3
Management of Financial Risks - Additional information (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Management of Financial Risks | ||||
Hedging timeline financial risk management policy in months | 24 months | |||
Cash and cash equivalents | € 21,610 | € 17,888 | € 135,509 | € 92,300 |
Consolidated entity | ||||
Management of Financial Risks | ||||
Hedging timeline financial risk management policy in months | 24 months | |||
Percentage change in foreign exchange rate | 5% | |||
Cash and cash equivalents | € 21,600 | € 17,900 | ||
Percentage change in interest rate sensitivity analysis rate | 5% | |||
Interest expense sensitivity analysis interest rate | € 3,877 | |||
Interest gain sensitivity analysis interest rate | € 3,877 |
Management of Financial Risks_4
Management of Financial Risks - Liquidity risk (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contractual undiscounted maturities of financial liabilities | ||
Lease Liability | € 4,467 | € 3,530 |
Financial Debt | 13,474 | 13,971 |
Trade & Other Payables | 11,240 | 10,152 |
In the next 12 months | ||
Contractual undiscounted maturities of financial liabilities | ||
Lease Liability | 990 | 802 |
Financial Debt | 378 | 400 |
Trade & Other Payables | 11,240 | 10,152 |
Between 2 and 5 years | ||
Contractual undiscounted maturities of financial liabilities | ||
Lease Liability | 2,729 | 2,594 |
Financial Debt | 8,488 | 6,456 |
5+ years | ||
Contractual undiscounted maturities of financial liabilities | ||
Lease Liability | 748 | 134 |
Financial Debt | € 4,608 | € 7,115 |
Management of Financial Risks_5
Management of Financial Risks - Fair value (Details) € in Thousands, $ in Millions | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) |
Financial Assets | |||||
Other long-term receivables | € 1,166 | € 173 | |||
Trade and other receivables | 5,970 | 3,238 | |||
Other current assets | 1,318 | 1,284 | |||
Cash and cash equivalents | 21,610 | 17,888 | € 135,509 | € 92,300 | |
Financial Assets | 36,138 | $ 34.4 | 76,968 | ||
Financial liabilities | |||||
Financial debt | 13,474 | 13,971 | |||
Trade and other payables | 11,240 | 10,152 | |||
Carrying value | |||||
Financial Assets | |||||
Other long-term receivables | 1,166 | 173 | |||
Trade and other receivables | 5,627 | 3,237 | |||
Foreign currency swaps | 343 | 1 | |||
Other current assets | 1,318 | 1,284 | |||
Cash and cash equivalents | 21,610 | 17,888 | |||
Financial Assets | 36,138 | 76,968 | |||
Financial liabilities | |||||
Financial debt | 63 | 146 | |||
Foreign currency swaps | 90 | 10 | |||
Recoverable cash advances | 8,674 | 8,431 | |||
Trade and other payables | 11,150 | 10,142 | |||
Fair value | |||||
Financial Assets | |||||
Other long-term receivables | 1,166 | 173 | |||
Trade and other receivables | 5,627 | 3,237 | |||
Foreign currency swaps | 343 | 1 | |||
Other current assets | 1,318 | 1,284 | |||
Cash and cash equivalents | 21,610 | 17,888 | |||
Financial Assets | 36,138 | 76,968 | |||
Financial liabilities | |||||
Financial debt | 60 | 138 | |||
Foreign currency swaps | 90 | 10 | |||
Recoverable cash advances | 8,674 | 8,431 | |||
Trade and other payables | € 11,150 | € 10,142 |
Critical accounting estimates_2
Critical accounting estimates and assumptions (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2020 EUR (€) | |
Critical accounting estimates and assumptions | |||||
Accumulated loss | € 137 | € 176 | |||
Total assets | 124,157 | 146,071 | |||
Cash and cash equivalents | 21,610 | 17,888 | € 135,509 | € 92,300 | |
Revenue generating activities | (43,989) | (28,349) | (25,062) | ||
Current financial assets | 36,138 | 76,968 | $ 34.4 | ||
Current assets | 68,351 | 100,260 | |||
Loss brought forward | € (160,829) | (118,212) | |||
Discount rate fixed part reimbursement recoverable cash advances | 5% | 5% | |||
Discount rate variable part reimbursement recoverable cash advances | 12.50% | 12.50% | |||
Costs capitalized as intangible assets | € 46,608 | 39,972 | |||
Revenue from sale of goods | 4,348 | 3,084 | 852 | ||
Consolidated | |||||
Critical accounting estimates and assumptions | |||||
Accumulated loss | 160,800 | ||||
Total assets | 124,200 | ||||
Cash and cash equivalents | 21,600 | 17,900 | |||
Current assets | € 68,400 | ||||
Discount rate fixed part reimbursement recoverable cash advances | 5% | 5% | |||
Discount rate variable part reimbursement recoverable cash advances | 12.50% | 12.50% | |||
Cost | |||||
Critical accounting estimates and assumptions | |||||
Costs capitalized as intangible assets | € 49,262 | 41,664 | € 26,201 | ||
Genio system, first-generation | Cost | Consolidated | |||||
Critical accounting estimates and assumptions | |||||
Costs capitalized as intangible assets | 11,400 | ||||
Genio system, second-generation | Cost | Consolidated | |||||
Critical accounting estimates and assumptions | |||||
Costs capitalized as intangible assets | € 37,300 | € 29,600 |
Subsidiaries (Details)
Subsidiaries (Details) | 12 Months Ended | |||||||||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2023 AUD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 AUD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | |
Nyxoah Ltd | ||||||||||||
Subsidiaries: | ||||||||||||
Percentage of share capital held | 100% | 100% | 100% | |||||||||
Share capital of subsidiary | ₪ | ₪ 1 | ₪ 1 | ₪ 1 | |||||||||
Nyxoah Pty Ltd | ||||||||||||
Subsidiaries: | ||||||||||||
Percentage of share capital held | 100% | 100% | 100% | |||||||||
Share capital of subsidiary | $ 100 | $ 100 | $ 100 | |||||||||
Nyxoah Inc | ||||||||||||
Subsidiaries: | ||||||||||||
Percentage of share capital held | 100% | 100% | 100% | |||||||||
Share capital of subsidiary | $ 1 | $ 1 | $ 1 | |||||||||
Nyxoah GmbH | ||||||||||||
Subsidiaries: | ||||||||||||
Percentage of share capital held | 100% | |||||||||||
Share capital of subsidiary | € | € 25,000 | € 25,000 | € 25,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | € 2,460,000 | |
Property, plant and equipment at December 31 | 4,188,000 | € 2,460,000 |
Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 3,752,000 | 2,962,000 |
production line under construction | 2,378,000 | 886,000 |
Transfers | 140,000 | |
Exchange differences | (71,000) | (96,000) |
Property, plant and equipment at December 31 | 6,052,000 | 3,752,000 |
Accumulated depreciation | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | (1,292,000) | (942,000) |
Depreciation charge | (602,000) | (392,000) |
Exchange differences | 30,000 | 42,000 |
Property, plant and equipment at December 31 | (1,864,000) | (1,292,000) |
Furniture and office equipment | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 403,000 | |
Property, plant and equipment at December 31 | 362,000 | 403,000 |
Furniture and office equipment | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 1,080,000 | 858,000 |
production line under construction | 127,000 | 255,000 |
Exchange differences | (25,000) | (33,000) |
Property, plant and equipment at December 31 | 1,182,000 | 1,080,000 |
Furniture and office equipment | Accumulated depreciation | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | (677,000) | (563,000) |
Depreciation charge | (160,000) | (137,000) |
Exchange differences | 17,000 | 23,000 |
Property, plant and equipment at December 31 | (820,000) | (677,000) |
Leasehold improvements | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 402,000 | |
Property, plant and equipment at December 31 | 875,000 | 402,000 |
Leasehold improvements | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 704,000 | 555,000 |
production line under construction | 55,000 | 184,000 |
Transfers | 578,000 | |
Exchange differences | (23,000) | (35,000) |
Property, plant and equipment at December 31 | 1,314,000 | 704,000 |
Leasehold improvements | Accumulated depreciation | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | (302,000) | (229,000) |
Depreciation charge | (145,000) | (85,000) |
Exchange differences | 8,000 | 12,000 |
Property, plant and equipment at December 31 | (439,000) | (302,000) |
Laboratory equipment | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 937,000 | |
Property, plant and equipment at December 31 | 896,000 | 937,000 |
Laboratory equipment | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 1,250,000 | 858,000 |
production line under construction | 141,000 | 420,000 |
Transfers | 140,000 | |
Exchange differences | (23,000) | (28,000) |
Property, plant and equipment at December 31 | 1,501,000 | 1,250,000 |
Laboratory equipment | Accumulated depreciation | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | (313,000) | (150,000) |
Depreciation charge | (297,000) | (170,000) |
Exchange differences | 5,000 | 7,000 |
Property, plant and equipment at December 31 | (605,000) | (313,000) |
Assets under construction | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 718,000 | |
Property, plant and equipment at December 31 | 2,055,000 | 718,000 |
Assets under construction | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Property, plant and equipment at January 1 | 718,000 | 691,000 |
production line under construction | 2,055,000 | 27,000 |
Transfers | (718,000) | |
Other | (7,000) | |
Property, plant and equipment at December 31 | € 2,055,000 | € 718,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Total acquisition | € 2,378,000 | € 886,000 |
production line under construction | 2,378,000 | 886,000 |
relating to investments | 122,000 | |
leasehold improvement | 140,000 | |
Tax Incentive Relating To Property Plant And Equipment. | 122,000 | |
Accumulated depreciation | ||
Property, Plant and Equipment: | ||
Depreciation charge | 602,000 | 392,000 |
Laboratory equipment | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Total acquisition | 141,000 | 420,000 |
production line under construction | 141,000 | 420,000 |
leasehold improvement | 140,000 | |
Laboratory equipment | Accumulated depreciation | ||
Property, Plant and Equipment: | ||
Depreciation charge | 297,000 | 170,000 |
Furniture and office equipment | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Total acquisition | 127,000 | 255,000 |
production line under construction | 127,000 | 255,000 |
Furniture and office equipment | Accumulated depreciation | ||
Property, Plant and Equipment: | ||
Depreciation charge | 160,000 | 137,000 |
Leasehold improvement | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Total acquisition | 55,000 | 184,000 |
production line under construction | 55,000 | 184,000 |
leasehold improvement | 600,000 | |
Assets under construction | Gross Carrying Amount [Member] | ||
Property, Plant and Equipment: | ||
Total acquisition | 2,055,000 | 27,000 |
production line under construction | 2,055,000 | € 27,000 |
leasehold improvement | € (718,000) |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of intangible assets | ||
Intangible assets at beginning | € 39,972 | |
Intangible assets at ending | 46,608 | € 39,972 |
Development cost | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | 39,465 | |
Additions | 15,500 | |
Intangible assets at ending | 46,143 | 39,465 |
Patents and licenses | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | 507 | |
Intangible assets at ending | 465 | 507 |
Cost | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | 41,664 | 26,201 |
Additions | 8,085 | 15,463 |
Other | (487) | |
Intangible assets at ending | 49,262 | 41,664 |
Cost | Development cost | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | 41,073 | 25,610 |
Additions | 8,085 | 15,463 |
Other | (487) | |
Intangible assets at ending | 48,671 | 41,073 |
Cost | Patents and licenses | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | 591 | 591 |
Intangible assets at ending | 591 | 591 |
Amortization | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | (1,692) | (879) |
Amortization | (962) | (813) |
Intangible assets at ending | (2,654) | (1,692) |
Amortization | Development cost | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | (1,608) | (837) |
Amortization | (920) | (771) |
Intangible assets at ending | (2,528) | (1,608) |
Amortization | Patents and licenses | ||
Disclosure of intangible assets | ||
Intangible assets at beginning | (84) | (42) |
Amortization | (42) | (42) |
Intangible assets at ending | € (126) | € (84) |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Development cost | ||
Disclosure of intangible assets | ||
Additions | € 15,500,000 | |
Europe | ||
Disclosure of intangible assets | ||
Discount rate | 11.90% | |
United States | ||
Disclosure of intangible assets | ||
Discount rate | 13% | |
Gross value [Member] | ||
Disclosure of intangible assets | ||
Tax incentives relating to investments | € 377,000 | |
Additions | 8,085,000 | 15,463,000 |
Gross value [Member] | Development cost | ||
Disclosure of intangible assets | ||
Additions | € 8,085,000 | € 15,463,000 |
Genio system, first-generation | ||
Disclosure of intangible assets | ||
Remaining amortization period in years | 11 years | |
Consolidated entity | ||
Disclosure of intangible assets | ||
Amortisation intangible assets other than goodwill | € 1,000,000 | |
Consolidated entity | Genio system, first-generation | ||
Disclosure of intangible assets | ||
Amortisation intangible assets other than goodwill | € 1,000,000 |
Right of use assets and lease_3
Right of use assets and lease liabilities (Details) € in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | |
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | € 3,159 | ||
Depreciation charge | (800) | € (700) | |
Right-of-use assets at December 31 | 3,788 | 3,159 | |
Gross value [Member] | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Lease modification | (1,100) | $ 0 | |
Buildings [Member] | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | 2,461 | ||
Right-of-use assets at December 31 | € 2,943 | 2,461 | |
Buildings [Member] | Minimum | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Lease term | 6 years | ||
Buildings [Member] | Maximum | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Lease term | 18 years | ||
Buildings [Member] | Amortization | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | € (1,163) | (688) | |
Depreciation charge | (535) | (530) | |
Exchange difference | 37 | 55 | |
Right-of-use assets at December 31 | (1,661) | (1,163) | |
Buildings [Member] | Gross value [Member] | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | 3,624 | 3,443 | |
Additions | 368 | ||
Lease modification | (1,093) | ||
Exchange difference | (113) | (187) | |
Right-of-use assets at December 31 | 4,604 | 3,624 | |
Vehicles [Member] | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | 698 | ||
Right-of-use assets at December 31 | € 845 | 698 | |
Vehicles [Member] | Minimum | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Lease term | 4 years | ||
Vehicles [Member] | Maximum | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Lease term | 5 years | ||
Vehicles [Member] | Amortization | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | € (311) | (207) | |
Disposal | 34 | 94 | |
Depreciation charge | (261) | (198) | |
Right-of-use assets at December 31 | (538) | (311) | |
Vehicles [Member] | Gross value [Member] | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | 1,009 | 670 | |
Additions | 396 | 433 | |
Disposal | (34) | (94) | |
Lease modification | (12) | ||
Right-of-use assets at December 31 | 1,383 | 1,009 | |
Total [Member] | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | 3,159 | ||
Right-of-use assets at December 31 | 3,788 | 3,159 | |
Total [Member] | Amortization | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | (1,474) | (895) | |
Disposal | 34 | 94 | |
Depreciation charge | (796) | (728) | |
Exchange difference | 37 | 55 | |
Right-of-use assets at December 31 | (2,199) | (1,474) | |
Total [Member] | Gross value [Member] | |||
Disclosure of quantitative information about right-of-use assets [Line items] | |||
Right-of-use assets at January 1 | 4,633 | 4,113 | |
Additions | 396 | 801 | |
Disposal | (34) | (94) | |
Lease modification | (1,105) | ||
Exchange difference | (113) | (187) | |
Right-of-use assets at December 31 | € 5,987 | € 4,633 |
Right of use assets and lease_4
Right of use assets and lease liabilities - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | |
Lease liabilities and right-of-use assets | |||
Payment Of Lease Liabilities | € 900,000 | € 800,000 | |
Depreciation right-of-use assets | 800,000 | 700,000 | |
Gross value [Member] | |||
Lease liabilities and right-of-use assets | |||
lease modification amounted | (1,100,000) | $ 0 | |
Buildings [Member] | Amortization | |||
Lease liabilities and right-of-use assets | |||
Depreciation right-of-use assets | 535,000 | 530,000 | |
Buildings [Member] | Gross value [Member] | |||
Lease liabilities and right-of-use assets | |||
Additions | 368,000 | ||
lease modification amounted | (1,093,000) | ||
Vehicles [Member] | Amortization | |||
Lease liabilities and right-of-use assets | |||
Depreciation right-of-use assets | 261,000 | 198,000 | |
Vehicles [Member] | Gross value [Member] | |||
Lease liabilities and right-of-use assets | |||
Additions | 396,000 | 433,000 | |
lease modification amounted | (12,000) | ||
Total [Member] | Amortization | |||
Lease liabilities and right-of-use assets | |||
Depreciation right-of-use assets | 796,000 | 728,000 | |
Total [Member] | Gross value [Member] | |||
Lease liabilities and right-of-use assets | |||
Additions | 396,000 | 801,000 | |
lease modification amounted | (1,105,000) | ||
Consolidated | |||
Lease liabilities and right-of-use assets | |||
Lease not yet commences but committed | 396,000,000,000 | 800,000 | |
Gain/(Loss) on disposal of leases | € 0 | € 0 |
Right of use assets and lease_5
Right of use assets and lease liabilities - Analysis of maturity lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease liabilities [Line items] | ||
Lease debt at January 1 | € 3,530 | |
Lease debt at December 31 | 4,467 | € 3,530 |
Consolidated | ||
Lease liabilities [Line items] | ||
Lease debt at January 1 | 3,305 | 3,319 |
New lease debts | 397 | 798 |
Rent expense paid | (886) | (772) |
Accretion of interest | 129 | 98 |
Lease modification | 1,105 | |
Exchange differences | (83) | (138) |
Lease debt at December 31 | € 3,967 | € 3,305 |
Right of use assets and lease_6
Right of use assets and lease liabilities - Lease liabilities split (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lease liabilities [Line items] | |||
Non-current lease liabilities | € 3,116 | € 2,586 | |
Current lease liabilities | 851 | 719 | |
Total | 4,467 | 3,530 | |
Consolidated | |||
Lease liabilities [Line items] | |||
Non-current lease liabilities | 3,116 | 2,586 | |
Current lease liabilities | 851 | 719 | |
Total | € 3,967 | € 3,305 | € 3,319 |
Other long-term receivables (De
Other long-term receivables (Details) € in Millions | Dec. 31, 2023 EUR (€) |
Other long-term receivables | |
Tax Incentive Receivable | € 1 |
Inventory (Details)
Inventory (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory | ||
Raw materials | € 1,329 | € 498 |
Work in progress | 1,530 | 100 |
Finished goods | 456 | 284 |
Total Inventory | € 3,315 | € 882 |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and Other receivables. | ||
Trade receivables | € 2,758 | € 1,463 |
R&D incentive receivable (Australia) | 723 | 346 |
VAT receivable | 850 | 847 |
Current tax receivable | 808 | 159 |
Foreign currency swaps | 343 | 1 |
Other | 488 | 422 |
Total trade and other receivables | € 5,970 | € 3,238 |
Trade and Other receivables - A
Trade and Other receivables - Additional information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade and Other receivables. | ||
Increase in trade and other receivables | € 2,700,000 | |
Increase In Trade Receivables As A Result Of Increase In Revenue | 1,300,000 | |
Tax receivables | 600,000 | |
Incentive receivables | 377,000 | |
Increase in foreign currency swaps | 342,000 | |
Unbilled receivables included in trade receivables | € 0 | € 0 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||||
Short term deposit | € 9,158 | € 36 | ||
Current accounts | 12,452 | 17,852 | ||
Total cash and cash equivalents | 21,610 | 17,888 | € 135,509 | € 92,300 |
Consolidated entity | ||||
Cash and cash equivalents | ||||
Total cash and cash equivalents | € 21,600 | € 17,900 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional information (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents. | ||||
Cash and cash equivalents | € 21,610 | € 17,888 | € 135,509 | € 92,300 |
Short term deposits | 9,100 | |||
Decrease of current accounts | € 5,400 |
Financial assets (Details)
Financial assets (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2023 USD ($) | |
Financial assets | |||||
Purchase Of Financial Assets Classified As Investing Activities | € 80,018 | € 102,620 | € 0 | ||
Proceeds From Sales Or Maturity Of Financial Assets Classified As Investing Activities | 120,681 | 28,913 | € 0 | ||
Short term deposit | 9,158 | 36 | |||
Financial Assets | 36,138 | € 76,968 | $ 34.4 | ||
Term deposits | 36,100 | ||||
Foreign exchange gain (loss) | 5,000 | ||||
USD term deposits | |||||
Financial assets | |||||
Purchase Of Financial Assets Classified As Investing Activities | 69,000 | $ 75.1 | |||
Proceeds From Sales Or Maturity Of Financial Assets Classified As Investing Activities | 65,700 | $ 70.8 | |||
US Treasury Bills | |||||
Financial assets | |||||
Purchase Of Financial Assets Classified As Investing Activities | 11,000 | ||||
Proceeds From Sales Or Maturity Of Financial Assets Classified As Investing Activities | 55,000 | ||||
Foreign Currency In Financial Assets | |||||
Financial assets | |||||
Financial Assets | € 31,100 | $ 34.4 |
Capital, Share Premium, Reser_3
Capital, Share Premium, Reserves - Capital and share premium (Details) | 12 Months Ended | |||||
Apr. 17, 2023 EUR (€) | Sep. 21, 2020 EUR (€) | Jan. 01, 2020 | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2021 EUR (€) € / shares shares | |
Capital, Share Premium, Reserves | ||||||
Stock split ratio | 500 | |||||
Direct-attributable transaction costs | € | € 340,000 | € 6,500,000 | € 7,600,000 | |||
Number of shares outstanding, beginning balance | 25,846,279 | 25,772,359 | ||||
Equity attributable to owners of parents, beginning balance | € | € 120,324,000 | |||||
Number of shares outstanding, ending balance | 28,673,985 | 25,846,279 | 25,772,359 | |||
Equity attributable to owners of parents, ending balance | € | € 98,022,000 | € 120,324,000 | ||||
Common shares | ||||||
Capital, Share Premium, Reserves | ||||||
Number of shares outstanding, beginning balance | 25,846,279 | 25,772,359 | ||||
February 10, 2022 - Exercise warrants | 25,000 | |||||
June 8, 2022 - Capital increase in cash | 38,920 | |||||
September 30, 2022 - Exercise warrants | 10,000 | |||||
March 29, 2023 - Capital increase in cash | 393,162 | |||||
March 30, 2023 - Capital increase in cash | 2,047,544 | |||||
April 17, 2023 - Capital increase in cash | 375,000 | |||||
July 14, 2023 - Exercise warrants | 2,000 | |||||
August 29, 2023 - Exercise warrants | 10,000 | |||||
Number of shares outstanding, ending balance | 28,673,985 | 25,846,279 | 25,772,359 | |||
Total of shares | ||||||
Capital, Share Premium, Reserves | ||||||
Number of shares outstanding, beginning balance | 25,846,279 | 25,772,359 | ||||
February 10, 2022 - Exercise warrants | 25,000 | |||||
June 8, 2022 - Capital increase in cash | 38,920 | |||||
September 30, 2022 - Exercise warrants | 10,000 | |||||
March 29, 2023 - Capital increase in cash | 393,162 | |||||
March 30, 2023 - Capital increase in cash | 2,047,544 | |||||
April 17, 2023 - Capital increase in cash | 375,000 | |||||
July 14, 2023 - Exercise warrants | 2,000 | |||||
August 29, 2023 - Exercise warrants | 10,000 | |||||
Number of shares outstanding, ending balance | 28,673,985 | 25,846,279 | 25,772,359 | |||
Par value | ||||||
Capital, Share Premium, Reserves | ||||||
Par value per share, beginning balance | € / shares | € 0.17 | € 0.17 | ||||
February 10, 2022 - Exercise warrants - Par value | € / shares | 0.17 | |||||
June 8, 2022 - Capital increase in cash - Par value | € / shares | 0.17 | |||||
September 30, 2022, Exercise warrants - Par value | € / shares | 0.17 | |||||
March 29, 2023 - Capital increase in cash - Par Value | 0.17 | |||||
March 30, 2023 - Capital increase in cash - Par Value | 0.17 | |||||
April 17, 2023 - Capital Increase In cash - Par value | € / shares | € 0.17 | |||||
July 14, 2023 - Exercise warrants - Par value | € / shares | 0.17 | |||||
August 29, 2023 - Exercise warrants - Par value | € / shares | 0.17 | |||||
Par value per share, ending balance | € / shares | € 0.17 | € 0.17 | € 0.17 | |||
Share capital | ||||||
Capital, Share Premium, Reserves | ||||||
Equity attributable to owners of parents, beginning balance | € | € 4,440,000 | € 4,427,000 | ||||
February 10, 2022 - Exercise warrants - value | € | 4,000 | |||||
June 8, 2022 - Capital increase in cash - value | € | 7,000 | |||||
September 30, 2022, Exercise warrants - value | € | 2,000 | |||||
March 29, 2023 - Capital increase in cash - Value | 68,000 | |||||
March 30, 2023 - Capital increase in cash - Value | 351,000 | |||||
April 17, 2023 Capital increase In cash - Value | € | € 65,000 | |||||
August 29, 2023 - Exercise Warrants - Value | € | 2,000 | |||||
Equity attributable to owners of parents, ending balance | € | 4,926,000 | 4,440,000 | € 4,427,000 | |||
Share premium | ||||||
Capital, Share Premium, Reserves | ||||||
Direct-attributable transaction costs | € | 340,000 | 7,587,000 | ||||
Equity attributable to owners of parents, beginning balance | € | € 242,440,000 | 242,198,000 | ||||
February 10, 2022 - Exercise warrants - value | € | 125,000 | |||||
September 30, 2022, Exercise warrants - value | € | 117,000 | |||||
March 29, 2023 - Capital increase in cash - Value | 2,481,000 | |||||
March 30, 2023 - Capital increase in cash - Value | 12,999,000 | |||||
April 17, 2023 Capital increase In cash - Value | € | € 2,651,000 | |||||
July 14, 2023 - Exercise warrants - Value | € | 10,000 | |||||
August 29, 2023 - Exercise Warrants - Value | € | 50,000 | |||||
Equity attributable to owners of parents, ending balance | € | 260,631,000 | 242,440,000 | € 242,198,000 | |||
Share premium before deduction of transaction costs | € | € 242,400,000 | € 260,600,000 |
Capital, Share Premium, Reser_4
Capital, Share Premium, Reserves (Details) | 12 Months Ended | ||||||||||||||
Apr. 17, 2023 EUR (€) shares | Apr. 17, 2023 USD ($) | Mar. 30, 2023 EUR (€) € / shares shares | Mar. 29, 2023 EUR (€) shares | Mar. 29, 2023 USD ($) | Mar. 23, 2023 USD ($) $ / shares | Sep. 21, 2020 EUR (€) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Aug. 29, 2023 EUR (€) shares | Jul. 14, 2023 EUR (€) shares | Sep. 30, 2022 EUR (€) shares | Jun. 08, 2022 EUR (€) shares | Feb. 22, 2021 EUR (€) shares | |
Capital, Share Premium, Reserves | |||||||||||||||
Number of new shares issued | shares | 375,000 | 2,047,544 | 393,162 | 10,000 | 2,000 | 10,000 | 38,920 | 25,000 | |||||||
Aggregate capital increase | € 2,700,000 | € 2,500,000 | € 50,000 | € 52,000,000 | € 10,000,000 | € 119,000,000 | € 7,000 | € 129,000,000 | |||||||
Share price | (per share) | € 6.52 | $ 7.10 | |||||||||||||
Gross proceeds | $ 3,000,000 | € 13,350,000 | $ 2,800,000 | $ 15,000,000 | |||||||||||
Direct-attributable transaction costs | 340,000 | € 6,500,000 | € 7,600,000 | ||||||||||||
Proceeds net of transaction costs | € 18,300,000 | 18,337,000 | € 255,000 | € 77,728,000 | |||||||||||
IPO | |||||||||||||||
Capital, Share Premium, Reserves | |||||||||||||||
Number of new shares issued | shares | 393,162 | ||||||||||||||
Gross proceeds | € 2,800,000 | ||||||||||||||
IPO | Underwriters | |||||||||||||||
Capital, Share Premium, Reserves | |||||||||||||||
Number of new shares issued | shares | 50 | ||||||||||||||
Share premium | |||||||||||||||
Capital, Share Premium, Reserves | |||||||||||||||
Number of new shares issued | shares | 0 | ||||||||||||||
Direct-attributable transaction costs | € 340,000 | € 7,587,000 |
Capital, Share Premium, Reser_5
Capital, Share Premium, Reserves - Other comprehensive income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capital, Share Premium, Reserves | |||
Opening value at January 1 | € 176 | € 202 | |
Currency translation differences | (120) | (96) | € 121 |
Remeasurements of post-employment benefit obligations, net of tax | 81 | 70 | (68) |
Ending value at, total other comprehensive income | 137 | 176 | 202 |
Currency translation reserve | |||
Capital, Share Premium, Reserves | |||
Opening value at January 1 | 174 | 270 | |
Currency translation differences | (120) | (96) | |
Ending value at, total other comprehensive income | 54 | 174 | 270 |
Post-employment benefit obligations | |||
Capital, Share Premium, Reserves | |||
Opening value at January 1 | 2 | (68) | |
Remeasurements of post-employment benefit obligations, net of tax | 81 | 70 | |
Ending value at, total other comprehensive income | € 83 | € 2 | € (68) |
Share-Based compensation (Detai
Share-Based compensation (Details) | 12 Months Ended | |
Dec. 31, 2023 shares | Dec. 31, 2022 shares | |
Share-Based Compensation | ||
Number Of Equity Settled Share Based Incentive Plans | 4 | |
Share based payment arrangements by all plans | ||
Share-Based Compensation | ||
Outstanding at January 1 | 1,416,490 | 993,490 |
Granted | 518,116 | 536,500 |
Forfeited/Cancelled | (165,125) | (42,750) |
Exercised | (12,000) | (35,000) |
Expired | (121,875) | (35,750) |
Outstanding at December 31 | 1,635,606 | 1,416,490 |
Exercisable at December 31 | 1,034,835 | 795,745 |
Share-Based compensation - Addi
Share-Based compensation - Additional information (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Mar. 24, 2023 € / shares | Dec. 28, 2022 shares | Oct. 27, 2021 | Sep. 17, 2021 | Sep. 08, 2021 shares | Feb. 21, 2021 shares | Dec. 12, 2018 shares | Nov. 03, 2016 shares | Apr. 30, 2020 shares € / shares | Dec. 31, 2023 EUR (€) shares person € / shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2018 shares | Dec. 31, 2017 shares | Dec. 31, 2016 shares | |
Share-Based Compensation | |||||||||||||||
Number of exercise share split | 1 | ||||||||||||||
Warrant expiration period | 10 years | ||||||||||||||
2016 plan | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Number of outstanding equity-settled share-based incentive plans | 0 | 27,500 | 52,500 | ||||||||||||
Number of common share split | 1 | ||||||||||||||
Number of share options issuable in share based payment arrangement | 1,500 | ||||||||||||||
Maximum number of individuals share options owners | 150 | ||||||||||||||
Percentage at grant date | 34% | ||||||||||||||
Percentage vesting first anniversary grant date | 33% | ||||||||||||||
Percentage vesting second anniversary grant date | 33% | ||||||||||||||
Number of shares representing issuable share options before share split | 1,500 | ||||||||||||||
Number of shares representing issuable share options after share split | 750,000 | ||||||||||||||
Minimum exercise price after share split | € / shares | € 5.17 | ||||||||||||||
Number of share options granted in share based payment arrangement 2016 2017 2018 | 1,500 | 1,500 | 1,500 | ||||||||||||
Number of share options issued in share based payment arrangement 03 November 2016 | 1,500 | ||||||||||||||
Minimum exercise price before share split | € / shares | € 2,585.32 | ||||||||||||||
2018 Plan | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Number of outstanding equity-settled share-based incentive plans | 50,000 | 50,000 | 50,000 | ||||||||||||
Exercise price warrant granted before April 2020 before share split | € / shares | € 3,259.91 | ||||||||||||||
Number of share options issuable in share based payment arrangement | 525 | ||||||||||||||
Maximum number of individuals share options owners | 150 | ||||||||||||||
Percentage at grant date | 34% | ||||||||||||||
Percentage vesting first anniversary grant date | 33% | ||||||||||||||
Percentage vesting second anniversary grant date | 33% | ||||||||||||||
Number of shares representing issuable share options before share split | 525 | ||||||||||||||
Number of shares representing issuable share options after share split | 262,500 | ||||||||||||||
Exercise price of warrant issued before April 2020 | € / shares | 5,966.59 | ||||||||||||||
Minimum exercise price after share split | € / shares | € 6.52 | ||||||||||||||
Exercise price | € / shares | € 6.52 | ||||||||||||||
Number of share options granted in share based payment arrangement April 2020 | 33 | ||||||||||||||
Exercise price warrant granted April 2020 after share split | € / shares | € 11.93 | ||||||||||||||
Minimum exercise price before share split | € / shares | € 3,259.91 | ||||||||||||||
2020 plan | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Number of outstanding equity-settled share-based incentive plans | 410,500 | 450,500 | 490,500 | ||||||||||||
Number of share options issuable in share based payment arrangement | 550,000 | ||||||||||||||
Maximum number of individuals share options owners | 150 | ||||||||||||||
Percentage at grant date | 34% | ||||||||||||||
Percentage vesting first anniversary grant date | 33% | ||||||||||||||
Percentage vesting second anniversary grant date | 33% | ||||||||||||||
Number of shares representing issuable share options before share split | 550,000 | ||||||||||||||
Exercise price | € / shares | € 11.94 | ||||||||||||||
Number of share options issued in share based payment arrangement 7 April 2020 | 550,000 | ||||||||||||||
2021 Plan | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Number of outstanding equity-settled share-based incentive plans | 1,119,250 | 888,490 | 400,490 | ||||||||||||
Period for exercising the warrants after leaving the Company | 3 months | ||||||||||||||
Number of share options issuable in share based payment arrangement | 1,400,000 | ||||||||||||||
Maximum number of individuals share options owners | 150 | ||||||||||||||
Percentage at grant date | 25% | ||||||||||||||
Percentage vesting first anniversary grant date | 25% | ||||||||||||||
Percentage vesting second anniversary grant date | 25% | ||||||||||||||
Percentage of vesting third anniversary grant date | 25% | ||||||||||||||
Exercise price | € / shares | € 5.42 | € 25.31 | |||||||||||||
Number of share options granted in sharebased payment arrangements 17 september 2021 | 319,240 | ||||||||||||||
Number of share options granted in sharebased payment arrangements 27 October 2021 | 111,500 | ||||||||||||||
Number of share options cancelled in sharebased payment arrangement 17 September 2021 | 29,500 | ||||||||||||||
2022 Plan | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Number of outstanding equity-settled share-based incentive plans | 55,856 | ||||||||||||||
Number of share options issuable in share based payment arrangement | 700,000 | ||||||||||||||
Maximum number of individuals share options owners | person | 150 | ||||||||||||||
Maximum term of share options | 10 years | ||||||||||||||
Percentage at grant date | 25% | ||||||||||||||
Percentage vesting first anniversary grant date | 25% | ||||||||||||||
Percentage vesting second anniversary grant date | 25% | ||||||||||||||
Percentage of vesting third anniversary grant date | 25% | ||||||||||||||
Plan 2021 (grant May 14 2022) | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Exercise price | € / shares | € 5.42 | ||||||||||||||
Plan 2021 (grant June 8 2022) | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Exercise price | € / shares | € 12.95 | ||||||||||||||
Consolidated entity | |||||||||||||||
Share-Based Compensation | |||||||||||||||
Share split | 500 | 500 | 500 | 500 | |||||||||||
Share-based payment (see note 16) | € | € 2,600,000 | € 2,700,000 | € 1,300,000 | ||||||||||||
Weighted average fair value at measurement date share options granted | € | € 2.85 | € 5.29 | |||||||||||||
Weighted average remaining contractual life of outstanding share options | € | 2.9 | 3.4 |
Share based compensation - Numb
Share based compensation - Number of shares warrants give right to for Plan 2016 (Details) - 2016 plan | 12 Months Ended | |
Dec. 31, 2023 shares | Dec. 31, 2022 shares | |
Disclosure of terms and conditions of share based payment arrangement | ||
Outstanding at January 1 | 27,500 | 52,500 |
Exercised. | 10,000 | 25,000 |
Expired. | 17,500 | |
Outstanding at December 31 | 0 | 27,500 |
Exercisable at December 31 | 27,500 | |
Number Of Warrants Expired | 35 | |
Number Of Warrants Exercised | 20 |
Share based compensation - Nu_2
Share based compensation - Number of shares warrants give right to for Plan 2018 (Details) - 2018 Plan | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 12, 2018 shares | |
Disclosure of terms and conditions of share based payment arrangement | |||
Outstanding at January 1 | 50,000 | 50,000 | |
Exercised. | 0 | ||
Outstanding at December 31 | 50,000 | 50,000 | |
Exercisable at December 31 | 50,000 | 50,000 | |
Number of shares representing issuable share options before share split | 525 | ||
Number of shares representing issuable share options after share split | 262,500 | ||
Number Of Outstanding Warrants | 100 |
Share based compensation - Nu_3
Share based compensation - Number of shares warrants give right to for Plan 2020 (Details) - 2020 plan - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share based payment arrangement | ||
Number of warrant expired. | 40,000 | 30,000 |
Outstanding at January 1 | 450,500 | 490,500 |
Exercised. | 10,000 | |
Expired. | 40,000 | 30,000 |
Outstanding at December 31 | 410,500 | 450,500 |
Exercisable at December 31 | 410,500 | 450,500 |
Share based compensation - Nu_4
Share based compensation - Number of shares warrants give right to for Plan 2021 (Details) - 2021 Plan | 12 Months Ended | ||||||||
Jun. 14, 2023 shares | Apr. 12, 2023 shares | Mar. 24, 2023 shares € / shares | Aug. 08, 2022 shares | Jun. 08, 2022 shares | May 14, 2022 shares | Feb. 21, 2022 shares | Dec. 31, 2023 shares € / shares | Dec. 31, 2022 shares | |
Disclosure of terms and conditions of share based payment arrangement | |||||||||
Outstanding at January 1 | 888,490 | 400,490 | |||||||
Granted | 161,398 | 100,000 | 200,862 | 75,000 | 175,000 | 72,500 | 219,000 | 462,260 | 536,500 |
Forfeited | 165,125 | 42,750 | |||||||
Exercised. | 2,000 | ||||||||
Expired. | 64,375 | 5,750 | |||||||
Outstanding at December 31 | 1,119,250 | 888,490 | |||||||
Exercisable at December 31 | 563,771 | 267,745 | |||||||
Exercise price | € / shares | € 5.42 | € 25.31 | |||||||
Percentage Of Warrants With Reduced Exercise Price | 75 | ||||||||
Percentage Of Warrants With Unchanged Exercise Price | 25 | ||||||||
Number of warrants granted | 161,398 | 100,000 | 200,862 | 75,000 | 175,000 | 72,500 | 219,000 | 462,260 | 536,500 |
Number Of Warrants Not Accepted. | 5,000 |
Share based compensation - Nu_5
Share based compensation - Number of shares warrants give right to for Plan 2022 (Details) - 2022 Plan - shares | 12 Months Ended | ||
Oct. 20, 2023 | Jun. 14, 2023 | Dec. 31, 2023 | |
Disclosure of terms and conditions of share based payment arrangement | |||
Granted | 42,254 | 13,602 | 55,856 |
Exercised. | 0 | ||
Outstanding at December 31 | 55,856 | ||
Exercisable at December 31 | 10,564 | ||
Number of warrants granted | 42,254 | 13,602 | 55,856 |
Share based compensation - Equi
Share based compensation - Equity-settled share-based compensation (Details) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) USD ($) € / shares | Dec. 31, 2022 USD ($) € / shares | Dec. 31, 2021 USD ($) € / shares | |
Disclosure of terms and conditions of share based payment arrangement | |||
Share-based composition of fair value of the re-priced warrants | € | € 0.8 | ||
Share based payment reserve | |||
Disclosure of terms and conditions of share based payment arrangement | |||
Exercisable warrants at December 31 | $ | 984,935 | 718,400 | 591,015 |
Shares representing the exercisable warrants at December 31 | $ | 1,034,835 | 795,745 | 693,310 |
Weighted average exercise price per share. | € / shares | € 10.70 | € 15.09 | € 13.10 |
Weighted average share price at the date of exercise | € / shares | € 7.25 | € 15.03 | € 21.45 |
Share-Based compensation - Blac
Share-Based compensation - Black and Scholes model (Details) | 12 Months Ended |
Dec. 31, 2023 Y € / shares | |
Plan 2016 (grant 2018) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 66.92% |
Risk-free interest rate | 0.35% |
Expected life | Y | 3 |
Exercise price | € 5.17 |
Stock price | 1.09 |
Fair value | € 0.10 |
Plan 2018 (grant 2018) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 56.32% |
Risk-free interest rate | (0.20%) |
Expected life | Y | 3 |
Exercise price | € 6.52 |
Stock price | 10.24 |
Fair value | € 5.30 |
Plan 2018 (grant 2020) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 56.32% |
Risk-free interest rate | (0.20%) |
Expected life | Y | 3 |
Exercise price | € 11.94 |
Stock price | 10.20 |
Fair value | € 3.31 |
Plan 2020 (grant 2020) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 56.32% |
Risk-free interest rate | (0.20%) |
Expected life | Y | 3 |
Exercise price | € 11.94 |
Stock price | 10.20 |
Fair value | € 3.31 |
Plan 2021 (grant Sept 17 2021) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 51.30% |
Risk-free interest rate | (0.36%) |
Expected life | Y | 3 |
Exercise price | € 25.31 |
Stock price | 25.75 |
Fair value | € 9.22 |
Plan 2021 (grant Oct 27 2021) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 51.50% |
Risk-free interest rate | (0.18%) |
Expected life | Y | 3 |
Exercise price | € 25.31 |
Stock price | 20.50 |
Fair value | € 5.94 |
Plan 2021 (grant Feb 21 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 49.80% |
Risk-free interest rate | 0.37% |
Expected life | Y | 3 |
Exercise price | € 17.76 |
Stock price | 17.50 |
Fair value | € 6.05 |
Plan 2021 (grant Feb 21 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 49.80% |
Risk-free interest rate | 0.37% |
Expected life | Y | 3 |
Exercise price | € 25.31 |
Stock price | 17.50 |
Fair value | € 4.15 |
Plan 2021 (grant Feb 21 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 49.80% |
Risk-free interest rate | 0.50% |
Expected life | Y | 4 |
Exercise price | € 17.76 |
Stock price | 17.50 |
Fair value | € 6.90 |
Plan 2021 (grant May 14 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 49.80% |
Risk-free interest rate | 1.06% |
Expected life | Y | 3 |
Exercise price | € 13.82 |
Stock price | 13.82 |
Fair value | € 4.94 |
Plan 2021 (grant June 8 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52.60% |
Risk-free interest rate | 1.60% |
Expected life | Y | 3 |
Exercise price | € 12.95 |
Stock price | 13.34 |
Fair value | € 5.21 |
Plan 2021 (grant Aug 8 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 53.71% |
Risk-free interest rate | 1.39% |
Expected life | Y | 3 |
Exercise price | € 9.66 |
Stock price | 9.75 |
Fair value | € 3.79 |
Plan 2021 (grant Aug 8 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 53.97% |
Risk-free interest rate | 1.45% |
Expected life | Y | 4 |
Exercise price | € 9.66 |
Stock price | 9.75 |
Fair value | € 4.32 |
Plan 2021 (grant March 24 2023) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.20% |
Expected life | Y | 3 |
Exercise price | € 5.42 |
Stock price | 6.70 |
Fair value | € 3.09 |
Plan 2021 (grant April 12 2023) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.24% |
Expected life | Y | 3 |
Exercise price | € 6.36 |
Stock price | 7.08 |
Fair value | € 3.04 |
Plan 2021 (grant June 14 2023) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 51.28% |
Risk-free interest rate | 3.36% |
Expected life | Y | 3 |
Exercise price | € 7.19 |
Stock price | 7.10 |
Fair value | € 2.75 |
Plan 2022 (grant June 14 2023) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 51.28% |
Risk-free interest rate | 3.36% |
Expected life | Y | 3 |
Exercise price | € 7.19 |
Stock price | 7.10 |
Fair value | € 2.75 |
Plan 2022 (grant Oct 20 2023) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 50% |
Risk-free interest rate | 3.55% |
Expected life | Y | 3 |
Exercise price | € 5.92 |
Stock price | 5.60 |
Fair value | € 2.07 |
Plan 2021 (grant Sept 17 2021) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.25% |
Expected life | Y | 2 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 2.48 |
Incremental Fair value | € 2.38 |
Plan 2021 (grant Oct 27 2021) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.25% |
Expected life | Y | 2 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 2.52 |
Incremental Fair value | € 2.40 |
Plan 2021 (grant Feb 21 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.17% |
Expected life | Y | 2 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 2.67 |
Incremental Fair value | € 2.23 |
Plan 2021 (grant Feb 21 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.36% |
Expected life | Y | 2 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 2.49 |
Incremental Fair value | € 2.38 |
Plan 2021 (grant Feb 21 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.03% |
Expected life | Y | 3 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 3.05 |
Incremental Fair value | € 2.23 |
Plan 2021 (grant May 14 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.13% |
Expected life | Y | 2 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 2.75 |
Incremental Fair value | € 1.92 |
Plan 2021 (grant Aug 8 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 3.13% |
Expected life | Y | 3 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 2.87 |
Incremental Fair value | € 1.28 |
Plan 2021 (grant Aug 8 2022) | |
Disclosure of terms and conditions of share based payment arrangement | |
Return Dividend | 0% |
Expected volatility | 52% |
Risk-free interest rate | 2.98% |
Expected life | Y | 4 |
Exercise price | € 5.42 |
Stock price | 6.68 |
Fair value | 3.21 |
Incremental Fair value | € 1.19 |
Financial Debt - Recoverable Ca
Financial Debt - Recoverable Cash Advances And Other Loans (Details) - Financial assets - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial debt | ||
Recoverable cash advances - Non-current | € 8,373 | € 8,126 |
Recoverable cash advances - Current | 301 | 305 |
Total recoverable cash advances | 8,674 | 8,431 |
Other loan - Non-current | 63 | |
Other loan - Current | 63 | 83 |
Total other loans | 63 | 146 |
Non-current | 8,373 | 8,189 |
Current | 364 | 388 |
Total Financial Debt | € 8,737 | € 8,577 |
Financial Debt - Recoverable _2
Financial Debt - Recoverable cash and cash advances received (Details) € in Thousands | Dec. 31, 2023 EUR (€) |
Contractual advances | |
Disclosure of recoverable cash advances | |
Sleep apnea device (6472) | € 1,600 |
First articles (6839) | 2,160 |
Clinical trial (6840) | 2,400 |
Activation chip improvements (7388) | 1,467 |
Total recoverable cash advances | 7,627 |
Advances received | |
Disclosure of recoverable cash advances | |
Sleep apnea device (6472) | 1,600 |
First articles (6839) | 2,160 |
Clinical trial (6840) | 2,400 |
Activation chip improvements (7388) | 1,467 |
Total recoverable cash advances | 7,627 |
Fixed Reimbursements | |
Disclosure of recoverable cash advances | |
Sleep apnea device (6472) | 588 |
First articles (6839) | 561 |
Clinical trial (6840) | 360 |
Activation chip improvements (7388) | 66 |
Total recoverable cash advances | 1,575 |
Variable Reimbursements | |
Disclosure of recoverable cash advances | |
Sleep apnea device (6472) | 7 |
First articles (6839) | 11 |
Clinical trial (6840) | 13 |
Activation chip improvements (7388) | 18 |
Total recoverable cash advances | € 49 |
Financial Debt - Additional inf
Financial Debt - Additional information (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial debt | |||
Percentage non revocable repayment | 30% | ||
Probability of repayment program with support Walloon region | 100% | ||
Financial debt for the variable part using a discount | 12.50% | ||
Percentage of revenue projections | 25% | ||
Percentage of discount rates | 25% | ||
Percentage of discount rate (in negative) | (25.00%) | ||
Discount rate used for the fixed part of the recoverable cash advances | 3.80% | ||
Discount rate fixed part reimbursement recoverable cash advances | 5% | ||
Discount rate for variable part | 9.40% | ||
Discount rate variable part reimbursement recoverable cash advances | 12.50% | ||
Loan on 29 June 2016 | € 500,000 | ||
Repayable interest | 1.284% | ||
Carrying amount | € 63,000 | € 146,000 | |
Repayment of other loan | 83,000 | 83,000 | € 83,000 |
Discounting impact | 990,000 | 925,000 | € 882,000 |
Initial measurement and re-measurement | 324,000 | 247,000 | |
Contractual advances | |||
Disclosure of financial debt | |||
Sleep apnea device (6472) | 1,600,000 | ||
First articles (6839) | 2,200,000 | ||
Clinical trial (6840) | 2,400,000 | ||
Activation chip improvements (7388) | 1,500,000 | ||
Advances received | |||
Disclosure of financial debt | |||
Recoverable cash advances received first articles 01 01 2015 | 2,200,000 | ||
Clinical trial (6840) | 2,400,000 | ||
Amounts reimbursed | |||
Disclosure of financial debt | |||
Sleep apnea device (6472) | € 7,000 | ||
Base turnover dependent reimbursement Convention 6472 | 0.224% | ||
First articles (6839) | € 79,000 | 96,000 | |
Clinical trial (6840) | 163,000 | 75,000 | |
Activation chip improvements (7388) | 40,000 | € 15,000 | |
Cumulated amounts reimbursed | |||
Disclosure of financial debt | |||
Sleep apnea device (6472) | 600,000 | ||
First articles (6839) | 600,000 | ||
Clinical trial (6840) | 360,000 | ||
Activation chip improvements (7388) | € 66,000 | ||
Consolidated entity | |||
Disclosure of financial debt | |||
Base turnover dependent reimbursement convention 6839 | 0.30% | ||
Base turnover dependent reimbursement convention 6840 | 0.336% | ||
Base turnover dependent reimbursement convention 7388 | 0.45% |
Financial Debt - Reimbursement
Financial Debt - Reimbursement cash advances (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Debt | ||
Recoverable cash advances received | € 7,627 | € 7,627 |
Amounts to be reimbursed | 15,254 | 15,254 |
Amounts reimbursed at year-end (interests included) | (1,843) | (1,429) |
Total Recoverable cash advances (undiscounted) | € 13,411 | € 13,825 |
Financial Debt - Recoverable _3
Financial Debt - Recoverable cash and cash advances overview (Details) - Fair value - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of research and development expenses | |||
Contract 6472 | € 1,629 | € 1,571 | |
Contract 6839 | 2,290 | 2,214 | |
Contract 6840 | 2,818 | 2,790 | |
Contract 7388 | 1,937 | 1,856 | |
Total recoverable cash advances | 8,674 | 8,431 | € 8,127 |
Non-current | 8,373 | 8,126 | |
Current | 301 | 305 | |
Total recoverable cash advances | € 8,674 | € 8,431 |
Financial debt - Changes in the
Financial debt - Changes in the recoverable cash advances (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of recoverable cash advances | |||
Initial measurement and re-measurement | € 324,000 | € 247,000 | |
Discounting impact | 990,000 | 925,000 | € 882,000 |
Fair value | |||
Disclosure of recoverable cash advances | |||
As at January 1 | 8,431,000 | 8,127,000 | |
Advances reimbursed (excluding interests) | (396,000) | (350,000) | |
Interests paid | (27,000) | (24,000) | |
Initial measurement and re-measurement | (324,000) | (247,000) | |
Discounting impact | 990,000 | 925,000 | |
As at December 31 | € 8,674,000 | € 8,431,000 | € 8,127,000 |
Financial Debt - Sensitivity an
Financial Debt - Sensitivity analysis (Details) - Fair value € in Thousands | Dec. 31, 2023 EUR (€) |
-25% discount rate | -25% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | € 9,224 |
-25% discount rate | +0% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | 9,604 |
-25% discount rate | +25% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | 9,879 |
+0% discount rate | -25% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | 8,234 |
+0% discount rate | +0% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | 8,674 |
+0% discount rate | +25% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | 8,997 |
+25% discount rate | -25% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | 7,388 |
+25% discount rate | +0% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | 7,868 |
+25% discount rate | +25% revenue | |
Sensitivity analysis recoverable cash advances | |
Carrying amount of recoverable cash advances | € 8,223 |
Trade payables (Details)
Trade payables (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade payables | ||
Payables | € 4,102 | € 1,873 |
Invoices to be received | 2,053 | 3,112 |
Total trade payables | € 6,155 | € 4,985 |
Trade payables - Additional inf
Trade payables - Additional information (Details) | Dec. 31, 2023 EUR (€) |
Trade payables | |
Increase in total trade payables | € 1,200,000 |
Increase in invoices to be received | 2,200,000 |
Decrease in trade payables | 1,100,000 |
Provision | € 0 |
Other payables (Details)
Other payables (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other payables | ||
Holiday pay accrual | € 791 | € 612 |
Salary | 1,801 | 2,186 |
Accrued expenses | 2,203 | 2,228 |
Foreign currency option - current | 90 | 10 |
Other | 200 | 131 |
Total other payables | € 5,085 | € 5,167 |
Other payables - Additional inf
Other payables - Additional information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other payables | ||
Decrease in other payables | € 82,000 | |
Decrease in payroll related liabilities | € 206,000 | |
Increase in fair value of foreign currency option | € 80,000 | |
Hedging timeline | 24 months | |
Consolidated entity | ||
Other payables | ||
Hedging timeline | 24 months |
Other payables - Derivatives fo
Other payables - Derivatives foreign currency forwards (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
EUR | ||
Derivatives | ||
Foreign currency swaps EUR - NIS | € 847 | € 542 |
Foreign currency forwards NIS And EUR | 3,334 | |
Foreign currency swaps EUR - USD | 18,000 | 379 |
NIS | ||
Derivatives | ||
Foreign currency swaps EUR - NIS | 3,500 | 2,000 |
Foreign currency forwards NIS And EUR | 14,000 | |
USD | ||
Derivatives | ||
Foreign currency swaps EUR - USD | € 19,787 | € 600 |
Other payables - Fair value der
Other payables - Fair value derivative financial instruments (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Foreign currency swaps | € 343 | € 1 |
Financial liabilities | ||
Foreign currency option | 90 | |
Level II | ||
Financial assets | ||
Foreign currency swaps | 343 | |
Financial liabilities | ||
Foreign currency option | € 90 |
Other payables - Derivative fin
Other payables - Derivative financial instruments (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial liabilities | ||
Settlement foreign currency put and call contracts | € 3,027 | |
Recognition premium income | 368 | |
Foreign currency option | ||
Financial liabilities | ||
Opening value at January 1 | € 10 | 654 |
Fair value adjustments | 90 | 2,721 |
Settled contracts | 10 | |
Exchange rate difference | 30 | |
Closing value at December 31 | 90 | 10 |
Foreign currency forwards | ||
Financial assets. | ||
Opening value at January 1 | 1 | |
Settled contracts | 1 | |
Fair value adjustments | 343 | 1 |
Closing value at December 31 | € 343 | € 1 |
Revenue and cost of goods sol_2
Revenue and cost of goods sold - Additional information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) customer | Dec. 31, 2022 EUR (€) customer | Dec. 31, 2021 EUR (€) customer | |
Cost Of Goods Sold [Line items] | |||
Revenue from sale of goods | € 4,348 | € 3,084 | € 852 |
Number of customers | customer | 0 | 1 | 1 |
Germany | |||
Cost Of Goods Sold [Line items] | |||
Revenue from sale of goods | € 3,816 | € 2,805 | € 808 |
Finland | |||
Cost Of Goods Sold [Line items] | |||
Revenue from sale of goods | 41 | ||
Spain | |||
Cost Of Goods Sold [Line items] | |||
Revenue from sale of goods | 37 | 24 | 24 |
Switzerland | |||
Cost Of Goods Sold [Line items] | |||
Revenue from sale of goods | 373 | € 214 | |
AUSTRIA | |||
Cost Of Goods Sold [Line items] | |||
Revenue from sale of goods | € 122 | ||
Belgium | |||
Cost Of Goods Sold [Line items] | |||
Revenue from sale of goods | € 20 |
Revenue and cost of goods sol_3
Revenue and cost of goods sold - Cost of goods sold (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue and cost of goods sold | |||
Purchases of goods and services | € 4,089 | € 1,686 | € 594 |
Inventory movement | (2,433) | (536) | (291) |
Total cost of goods sold | € 1,656 | € 1,150 | € 303 |
Operating expenses (Details)
Operating expenses (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost Of Goods Sold [Line items] | |||
Other income and expenses | € (544,000) | € (283,000) | € (265,000) |
Total cost | |||
Cost Of Goods Sold [Line items] | |||
Research and development | 35,125,000 | 31,448,000 | 23,307,000 |
Selling, general and administrative expenses | 21,687,000 | 18,855,000 | 14,712,000 |
Other income and expenses | (1,549,000) | (406,000) | (880,000) |
Total operating expenses for the year ended | 55,263,000 | 49,897,000 | 37,139,000 |
Capitalized | |||
Cost Of Goods Sold [Line items] | |||
Research and development | (8,474,000) | (15,587,000) | (10,963,000) |
Other income and expenses | 1,005,000 | 123,000 | 615,000 |
Total operating expenses for the year ended | (7,469,000) | (15,464,000) | (10,348,000) |
Operating expense | |||
Cost Of Goods Sold [Line items] | |||
Research and development | 26,651,000 | 15,861,000 | 12,344,000 |
Selling, general and administrative expenses | 21,687,000 | 18,855,000 | 14,712,000 |
Other income and expenses | (544,000) | (283,000) | (265,000) |
Total operating expenses for the year ended | € 47,794,000 | € 34,433,000 | € 26,791,000 |
Research and Development expe_3
Research and Development expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development expenses | |||
Total research and development expenses | € 26,651 | € 15,861 | € 12,344 |
Research and development expenses | |||
Research and Development expenses | |||
Staff costs | 13,803 | 11,074 | 7,985 |
Consulting and contractors' fees | 2,762 | 2,623 | 1,962 |
Q&A regulatory | 263 | 263 | 511 |
Depreciation and amortization expense | 1,314 | 1,014 | 952 |
Travel | 1,179 | 862 | 455 |
Manufacturing and outsourced development | 6,458 | 4,986 | 5,447 |
Clinical studies | 4,929 | 8,568 | 3,923 |
Other expenses | 1,674 | 1,618 | 1,018 |
IP costs | 941 | 440 | 1,054 |
IT | 1,802 | ||
Capitalized costs | (8,474) | (15,587) | (10,963) |
Total research and development expenses | € 26,651 | € 15,861 | € 12,344 |
Research and Development expe_4
Research and Development expenses - Additional Information (Details) - Research and development expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development expenses | |||
Before Capitalization | € 8,500 | € 15,600 | € 11,000 |
Increase in research and development expenses | € 3,700 | € 8,100 | |
Percentage of increase in research and development expenses | 11.70% | 34.90% | |
Research and development expenses before capitalization | € 31,400 | € 23,300 | |
Research and development expenses after capitalization | 35,100 | € 31,400 | |
IT cost amounting | 1,802 | ||
Start of new ERP implementation | € 1,600 |
Selling, General and Administ_3
Selling, General and Administrative expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development expenses | |||
Total selling, general and administrative expenses | € 21,687 | € 18,855 | € 14,712 |
Selling, General and Administrative expense | |||
Research and Development expenses | |||
Staff costs | 8,738 | 7,811 | 3,718 |
Consulting and contractors' fees | 6,801 | 4,526 | 6,550 |
Legal fees | 776 | 1,033 | 402 |
Rent | 317 | 440 | 247 |
Facilities | 209 | 226 | 149 |
Depreciation and amortization expense | 1,042 | 914 | 710 |
IT Costs. | 1,190 | 517 | 363 |
Travel | 934 | 1,097 | 332 |
Insurance fees | 985 | 1,504 | 915 |
Recruitment | 207 | 245 | 581 |
Other | 488 | 542 | 745 |
Total selling, general and administrative expenses | € 21,687 | € 18,855 | € 14,712 |
Selling, General and Administ_4
Selling, General and Administrative expenses - Additional Information (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, General and Administrative expenses | |||
Selling, general and administrative expenses | € 21,687,000 | € 18,855,000 | € 14,712,000 |
Selling, General and Administrative expense | |||
Selling, General and Administrative expenses | |||
Increase in selling, general and administrative expenses | € 2,800,000 | € 4,100,000 | |
Percentage of increase in selling, general and administrative expenses | 15% | 28.20% | |
Selling, general and administrative expenses | 21,700,000 | € 18,900,000 | € 14,700,000 |
Start of new ERP implementation | € 500,000 | ||
Transaction costs | € 494,000 | ||
Variable compensations included in consulting and contractors' fees | € 1,900,000 |
Other operating income expense
Other operating income expense (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Recoverable cash advances | |||
Initial measurement and re-measurement | € 324,000 | € 247,000 | |
Total Other Operating Income | 544,000 | 283,000 | € 265,000 |
Other operating income expense | |||
Recoverable cash advances | |||
Initial measurement and re-measurement | 324,000 | 247,000 | 385,000 |
R&D incentives | 1,376,000 | 86,000 | 645,000 |
Capitalization of R&D incentive | (1,005,000) | (123,000) | (615,000) |
Other income/(expenses) | (151,000) | 73,000 | (150,000) |
Total Other Operating Income | € 544,000 | € 283,000 | € 265,000 |
Other operating income expenses
Other operating income expenses - Additional information (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other operating expenses [Line items] | |||
Other income/(expense) | € 544,000 | € 283,000 | € 265,000 |
Other operating income expense | |||
Disclosure of other operating expenses [Line items] | |||
Other income/(expense) | 544,000 | 283,000 | 265,000 |
Capitalization of R&D incentive | € 1,005,000 | 123,000 | € 615,000 |
Capitalized expenses deducted in relation to this R&D Incentive | € 123,000 |
Employee Benefits (Details)
Employee Benefits (Details) - Employee benefits expense. - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee benefits | |||
Salaries | € 16,400 | € 13,530 | € 8,373 |
Social charges | 1,363 | 1,077 | 793 |
Fringe benefits | 33 | 48 | 297 |
Defined contribution plan | 296 | 264 | 335 |
Holiday pay | 485 | 340 | 390 |
Share-based payment (see note 16) | 2,611 | 2,697 | 1,270 |
Other | 1,353 | 929 | 245 |
Total employee benefits | € 22,541 | € 18,885 | € 11,703 |
Employee Benefits - Analysis of
Employee Benefits - Analysis of expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of employee benefits expense [Line items] | |||
Selling, general and administrative expenses | € 21,687 | € 18,855 | € 14,712 |
Research & Development expenses | 26,651 | 15,861 | 12,344 |
Employee benefits expense | |||
Classes of employee benefits expense [Line items] | |||
Selling, general and administrative expenses | 8,738 | 7,811 | 3,718 |
Research & Development expenses | 13,803 | 11,074 | 7,985 |
Total employee benefits | € 22,541 | € 18,885 | € 11,703 |
Employee Benefits - Full-time e
Employee Benefits - Full-time employee equivalents (Details) - employee | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Number and average number of employees | |||
Selling, General & Administration | 40.4 | 34.9 | 28 |
Research & Development | 106.4 | 102.6 | 78.2 |
Total | 146.8 | 137.5 | 106.2 |
Employee Benefits - Additional
Employee Benefits - Additional information (Details) - employee | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Number and average number of employees | |||
Number of employees | 146.8 | 137.5 | 106.2 |
Number of employees Belgium | 47.9 | 55.9 | |
Number of employees Israel | 46.4 | 44.6 | |
Number of employees Australia | 4 | 6 | |
Number of employees USA | 35 | 31 | |
Number of employees Germany | 13.5 | 0 |
Pension Schemes (Details)
Pension Schemes (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of net defined benefit liability asset | ||
Net defined benefit liability at the beginning of the year | € 0 | € 80 |
Defined benefit cost included in profit or loss | 284 | 166 |
Total remeasurement included in OCI | (81) | (70) |
Employer contributions | (194) | (176) |
Net defined benefit liability at the end of the year | € 9 | € 0 |
Pension Schemes - Gross liabili
Pension Schemes - Gross liability (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Schemes | ||
Gross defined benefit liability at the beginning of the year | € 583 | € 494 |
Current service cost | 287 | 166 |
Interest cost | 24 | 7 |
Administrative expenses | (3) | (3) |
Taxes on contributions | (8) | (7) |
Insurance premiums for risk benefits | (9) | (10) |
Actuarial gain due to change in financial assumptions | 4 | (69) |
Actuarial loss due to change in experience assumptions | (114) | 5 |
Gross defined benefit liability at the end of the year | € 764 | € 583 |
Pension Schemes - Plan assets (
Pension Schemes - Plan assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of fair value of plan assets | ||
Fair value plan assets at the beginning of the year | € 583 | € 414 |
Interest income | 27 | 7 |
Employer contributions | 194 | 176 |
Administrative expenses | (3) | (3) |
Taxes on contributions | (8) | (7) |
Insurance premiums for risk benefits | (9) | (10) |
Actuarial gain on fair value of the plan assets | (29) | 6 |
Fair value plan assets at the end of the year | € 755 | € 583 |
Pension Schemes - Number of mem
Pension Schemes - Number of members (Details) | Dec. 31, 2023 age item | Dec. 31, 2022 age item |
Pension Scheme | ||
Active members | item | 40 | 35 |
Average age | age | 39 | 40 |
Pension Schemes - Parameters as
Pension Schemes - Parameters assumptions (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of sensitivity analysis for actuarial assumptions | ||
Discount rate | 3.40% | 4.20% |
Inflation rate | 2.20% | 2.20% |
Salary increase (in excess of inflation) | 1% | 1% |
Withdrawal rate based on age (minimum) | 0% | 0% |
Withdrawal rate based on age (maximum) | 12% | 12% |
Pension Schemes - Parameters se
Pension Schemes - Parameters sensitivity (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
Disclosure of sensitivity analysis for actuarial assumptions | |
Increase of 0.25% in the discount rate | € (2) |
Decrease of 0.25% in the discount rate | € 3 |
Pension Schemes - Expected paym
Pension Schemes - Expected payments (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
In the next 12 months | |
Disclosure of expected payments pension schemes [Line items] | |
Expected total benefit payments | € 14 |
Between 2 and 5 years | |
Disclosure of expected payments pension schemes [Line items] | |
Expected total benefit payments | 90 |
Between 6 and 10 years | |
Disclosure of expected payments pension schemes [Line items] | |
Expected total benefit payments | 58 |
Consolidated | |
Disclosure of expected payments pension schemes [Line items] | |
Expected total benefit payments | € 162 |
Pension Schemes - Additional in
Pension Schemes - Additional information (Details) | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) Y | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Pension Scheme | |||
Postemployment benefit expense defined benefit plans | € 210,000 | € 260,000 | |
Minimum contribution percentage defined benefit plan Belgium | 7% | ||
Provision net benefit obligation | € 9,000 | 0 | |
Minimum variable return contribution from 1 January 2016 | 1.75% | ||
Maximum variable return contribution from 1 January 2016 | 3.75% | ||
Rate variable return employer | 1.75% | ||
Legal return on employee contributions paid until 31 December 2015 | 3.75% | ||
Legal return on employer contributions paid until 31 December 2015 | 3.25% | ||
Minimum return insurance companies until 1998 | 4.75% | ||
Minimum return insurance companies from 1999 | 3.25% | ||
Minimum return insurance companies since 2013 | 0.50% | ||
Maximum return insurance companies since 2013 | 2.25% | ||
Minimum current return insurance companies | 0.50% | ||
Maximum current return insurance companies | 1.50% | ||
Weighted average duration until pension age for the Belgian plan | Y | 16 | ||
Net defined benefit liability | € 9,000 | € 0 | € 80,000 |
Expected employer contributions | € 200,000 |
Financial income (Details)
Financial income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial income | |||
Interests | € 2,571 | € 372 | € 1 |
Exchange differences | 1,254 | 6,041 | 3,648 |
Fair value adjustment | 343 | 1 | |
Other | 6 | 349 | 26 |
Total financial income | € 4,174 | € 6,763 | € 3,675 |
Financial income - Additional i
Financial income - Additional information (Details) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) $ / € | Dec. 31, 2022 EUR (€) € / $ | Dec. 31, 2021 EUR (€) € / $ | Dec. 31, 2022 $ / € | |
Financial income | ||||
Financial income decreased | € (2,600) | |||
Financial income | 4,174 | € 6,763 | € 3,675 | |
Exchange differences | 1,254 | 6,041 | 3,648 | |
Foreign exchange loss | € 2,432 | € 437 | € 448 | |
Closing rate of EUR/USD | 1.103765 | 1.072650 | 1.13260 | 1.072650 |
Interest income relates to the USD term accounts | € 2,600 |
Financial Expense (Details)
Financial Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Expense | |||
Fair value adjustment | € 90 | € 2,721 | |
Recoverable cash advances, Accretion of interest | 990 | 925 | € 882 |
Interest and bank charges | 88 | 139 | 296 |
Interest on lease liabilities | 129 | 98 | 90 |
Exchange differences | 2,432 | 437 | 448 |
Other | 356 | ||
Total Financial expense | € 3,729 | € 4,320 | € 2,072 |
Financial Expense - Additional
Financial Expense - Additional information (Details) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) $ / € | Dec. 31, 2022 EUR (€) € / $ | Dec. 31, 2021 EUR (€) € / $ | Dec. 31, 2022 $ / € | |
Financial Expense | ||||
Financial expenses decreased | € (600) | |||
Financial expense | 3,729 | € 4,320 | € 2,072 | |
Exchange differences | 1,254 | 6,041 | 3,648 | |
Exchange differences | € 2,432 | € 437 | € 448 | |
Closing rate of EUR/USD | 1.103765 | 1.072650 | 1.13260 | 1.072650 |
Income taxes and deferred tax_3
Income taxes and deferred taxes (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes and deferred taxes | |||
Current tax income/(expense) | € 1,442,000 | € (1,179,000) | € (2,984,000) |
Deferred tax income/(expense) | 3,000 | 10,000 | 4,000 |
Total Income tax income/(expense) | € 1,445,000 | € (1,169,000) | € (2,980,000) |
Income taxes and deferred tax_4
Income taxes and deferred taxes - Additional information (Details) - EUR (€) | 12 Months Ended | |||
Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes and deferred taxes | ||||
Income tax paid or payable by subsidiaries | € 185,000 | € 1,800,000 | ||
Reversal Of Accrual Of The Liability For Uncertain Tax Positions | 41,000 | 600,000 | ||
Current tax liability | 1,988,000 | 3,654,000 | ||
Uncertain tax positions | 1,900,000 | |||
Income Tax Libaility | 52,000 | |||
Deferred tax income/(expense) | 3,000 | 10,000 | € 4,000 | |
Increase (Decrease) in Current Tax Liability Due To Capitalized R&D Expense | 1,600,000 | |||
Belgium Entity [Member] | ||||
Income taxes and deferred taxes | ||||
Unused tax losses for which no deferred tax asset regonised | 153,600,000 | 108,200,000 | 79,000,000 | |
Austrian Entity [Member] | ||||
Income taxes and deferred taxes | ||||
Unused tax losses for which no deferred tax asset regonised | 1,800,000 | € 2,600,000 | € 1,200,000 | |
German Entity [Member] | ||||
Income taxes and deferred taxes | ||||
Unused tax losses for which no deferred tax asset regonised | € 7,000 | |||
Research and development expenses | ||||
Income taxes and deferred taxes | ||||
Amortization period, in years | 5 years |
Income taxes and deferred tax_5
Income taxes and deferred taxes - Effective tax rate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of average effective tax rate and applicable tax rate [Abstract] | |||
Loss for the period before taxes | € (44,657) | € (30,056) | € (24,639) |
Company statutory income tax rate | 25% | 25% | 25% |
Income tax at company statutory tax rate | € 11,164 | € 7,514 | € 6,160 |
Foreign tax rate differential | 93 | 69 | 8 |
Unrecognized DTA on tax losses and temporary differences | (10,660) | (9,058) | (5,650) |
Non deductible expenses | (387) | (566) | (555) |
Share based payments | (653) | (674) | (317) |
Income not subject to tax | 112 | 974 | 0 |
Tax adjustments to the previous period | 1,622 | 0 | (57) |
Local income taxes | 46 | 601 | (2,618) |
Other | 108 | (29) | 49 |
Income tax at company effective tax rate | € 1,445 | € (1,169) | € (2,980) |
Company effective income tax rate | 3.24% | (3.89%) | (12.10%) |
Income taxes and deferred tax_6
Income taxes and deferred taxes - Deferred tax by nature (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income taxes and deferred taxes | ||
Intangible assets | € 46,608 | € 39,972 |
Property, plant and equipment | 4,188 | 2,460 |
Other current assets | 1,318 | 1,284 |
Lease liabilities | 4,467 | 3,530 |
Retirement benefit obligations | 9 | 0 |
Deferred tax asset liability | ||
Income taxes and deferred taxes | ||
Intangible assets | 1,064 | 4,125 |
Property, plant and equipment | 6 | 7 |
Right-of-use assets | (805) | (634) |
Other current assets | 71 | 13 |
Financial debt (Recoverable Cash Advances and derivatives) | 1,948 | 1,783 |
Lease liabilities | 839 | 660 |
Retirement benefit obligations | 2 | |
Other current liabilities | 19 | (29) |
Tax-losses carried forward | 38,886 | 27,744 |
Total gross deferred tax assets/(liabilities) | 41,888 | 33,655 |
Netting by tax entity | 0 | 0 |
Unrecognized deferred tax assets | (41,841) | (33,608) |
Total deferred tax assets/(liabilities) | 47 | 47 |
Deferred tax asset | ||
Income taxes and deferred taxes | ||
Intangible assets | 1,064 | 4,125 |
Property, plant and equipment | 6 | |
Right-of-use assets | 0 | 0 |
Other current assets | 0 | 13 |
Financial debt (Recoverable Cash Advances and derivatives) | 1,948 | 1,827 |
Lease liabilities | 839 | 660 |
Retirement benefit obligations | 2 | |
Other current liabilities | 49 | 0 |
Tax-losses carried forward | 38,886 | 27,744 |
Total gross deferred tax assets/(liabilities) | 42,794 | 34,369 |
Netting by tax entity | (897) | (714) |
Unrecognized deferred tax assets | (41,841) | (33,608) |
Total deferred tax assets/(liabilities) | 56 | 47 |
Deferred tax liability | ||
Income taxes and deferred taxes | ||
Property, plant and equipment | 7 | |
Intangible assets | 0 | |
Right-of-use assets | (805) | (634) |
Other current assets | 71 | |
Financial debt (Recoverable Cash Advances and derivatives) | 0 | (44) |
Lease liabilities | 0 | 0 |
Other current liabilities | (30) | (29) |
Tax-losses carried forward | 0 | 0 |
Total gross deferred tax assets/(liabilities) | (906) | (714) |
Netting by tax entity | 897 | 714 |
Unrecognized deferred tax assets | 0 | € 0 |
Total deferred tax assets/(liabilities) | € (9) |
Loss Per Share (EPS) (Details)
Loss Per Share (EPS) (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 item shares | |
As at December 31, after conversion and share split | |||
Outstanding common shares at period-end | 28,673,985 | 25,846,279 | 25,772,359 |
Weighted average number of common shares outstanding | 27,968,142 | 25,819,165 | 23,792,693 |
Potential number of shares resulting from the exercise of warrants | 2,279,750 | 2,578,750 | 1,993,000 |
Loss Per Share (EPS) - Basic an
Loss Per Share (EPS) - Basic and diluted (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Per Share (EPS) | |||
Loss of year attributable to common holders (in EUR) | € (43,212,000) | € (31,225,000) | € (27,618,903) |
Loss of year attributable to equity holders (in EUR) | € (43,212,000) | € (31,225,000) | € (27,618,903) |
Weighted average number of common shares outstanding (in units) | 27,968,142 | 25,819,165 | 23,792,693 |
Basic earnings per share in EUR (EUR/unit) | € (1.545) | € (1.209) | € (1.161) |
Diluted earnings per share in EUR (EUR/unit) | € (1.545) | € (1.209) | € (1.161) |
Other commitments - Lease expen
Other commitments - Lease expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other commitments | |||
Expense | € 202 | € 240 | € 75 |
Total | € 202 | € 240 | € 75 |
Other commitments (Details)
Other commitments (Details) - SMR Holding UG | Dec. 31, 2023 EUR (€) |
Other commitments | |
Amount of educational grant | € 500,000 |
Amount of first installment of educational grant | 250,000 |
Amount of second installment of educational grant | € 250,000 |
Related Party Transactions - Re
Related Party Transactions - Remuneration of key management (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions | ||
Short-term remuneration & compensation | € 732 | € 777 |
Post-employment benefits | 33 | 29 |
Share based payment | 143 | 118 |
Total | € 908 | € 924 |
Related Party Transactions - Tr
Related Party Transactions - Transactions with non-executive directors and shareholders (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | € 766 | € 2,021 |
Related party, Amounts outstanding at period-end | 1,243 | |
Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 60 | |
Related party, Amounts outstanding at period-end | 60 | |
Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 529 | 343 |
Related party, Amounts outstanding at period-end | 110 | 95 |
Cochlear | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 766 | 2,021 |
Cochlear | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Cochlear | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
MINV SA | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
MINV SA | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 60 |
MINV SA | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Donald Deyo | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Donald Deyo | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Donald Deyo | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 21 |
Robert Taub | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Robert Taub | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Robert Taub | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 129 | 76 |
Kevin Rakin | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Kevin Rakin | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Kevin Rakin | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 68 | 48 |
Pierre Gianello | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Pierre Gianello | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Pierre Gianello | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 65 | 42 |
Jan Janssen | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Jan Janssen | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Jan Janssen | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 12 |
Jurgen Hambrecht | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Jurgen Hambrecht | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Jurgen Hambrecht | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 58 | 46 |
Rita Mills | R&D Collaboration | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Rita Mills | Consulting services | ||
Related Party Transactions | ||
Related party transaction, Total | 0 | 0 |
Rita Mills | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 64 | 47 |
Giny Kirby | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | 59 | 28 |
Raymond Cohen | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | € 23 | |
Wildman Venturees LLC | Board Remuneration | ||
Related Party Transactions | ||
Related party transaction, Total | € 86 |
Related Party Transactions - Ad
Related Party Transactions - Additional information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Construction in progress | Cochlear Limited [Member] | ||
Related Party Transactions | ||
production line under construction | € 600 | |
R&D Collaboration | ||
Related Party Transactions | ||
Collaboration agreements led to financial impact | 766 | € 2,021 |
R&D Collaboration | Cochlear Limited [Member] | ||
Related Party Transactions | ||
Collaboration agreements led to financial impact | 766 | € 2,021 |
R&D Collaboration | Cochlear Limited [Member] | ||
Related Party Transactions | ||
Collaboration agreements led to financial impact | € 182,000 |
Related Party Transactions - _2
Related Party Transactions - Transactions with related parties (Details) - EUR (€) | 12 Months Ended | |||
Oct. 08, 2021 | Sep. 01, 2021 | Jun. 09, 2021 | Dec. 31, 2023 | |
Related Party Transactions | ||||
Description of related party transaction by percentage of share capital | 3% | |||
Olivier Taelman | ||||
Related Party Transactions | ||||
Annual fee | € 450,000 | |||
Notice period for termination of consulting agreement | 3 months | |||
Supplement term per completed year of services under the Agreement | 1 month | |||
Maximum total notice period | 9 months | |||
Loc Moreau | ||||
Related Party Transactions | ||||
Base salary | € 259,000 | |||
Maximum annual cash bonus | € 184,000 | |||
MINV SA | ||||
Related Party Transactions | ||||
Annual fee | € 60,000 |
Events after the Balance-Shee_2
Events after the Balance-Sheet Date (Details) - EUR (€) | Mar. 06, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Events after the balance sheet date [Line items] | ||||
Number of shares outstanding | 28,673,985 | 25,846,279 | 25,772,359 | |
Issued capital | € 4,926,000 | € 4,440,000 | ||
Major ordinary share transactions | ||||
Events after the balance sheet date [Line items] | ||||
Number of shares representing share options exercised | 8,650 | |||
Issued capital | € 4,927,355.12 | |||
Number of shares issued | 28,682,635 | |||
2020 ESOP Warrants | Major ordinary share transactions | ||||
Events after the balance sheet date [Line items] | ||||
Warrants | 2,400 | |||
2021 ESOP Warrants | Major ordinary share transactions | ||||
Events after the balance sheet date [Line items] | ||||
Warrants | 6,250 | |||
Consolidated | ||||
Events after the balance sheet date [Line items] | ||||
Issued capital | € 4,900,000 | € 4,400,000 |