Key Financials

Consolidated Key Figures

(thousands of €, if not stated otherwise)	Six months ended June 30, 2025	Six months ended June 30, 2024	Year ended December 31, 2024
Income statement
Supply revenues	18.486	19.105	34.863
Collaboration revenues	121.779	121.200	240.786
Total net revenues	140.265	140.305	275.649
Cost of sales	-18.435	-19.105	-34.863
R&D expenses	-278.027	-145.225	-335.459
S&M, G&A expenses	-74.470	-63.925	-134.438
Other operating income	14.932	16.638	40.773
Operating loss	-215.735	-71.312	-188.338
Net financial results	-45.056	98.337	185.253
Taxes	1.788	1.139	1.803
Net profit/loss (-) from continuing operations	-259.003	28.164	-1.282
Net profit/loss (-) from discontinued operations, net of tax	-148	71.041	75.364
Net profit/loss (-)	-259.151	99.205	74.082
Income statement from discontinued operations
Product net sales	–	11.264	11.475
Collaboration revenues	–	26.041	26.041
Total net revenues	–	37.305	37.516
Cost of sales	–	-2.012	-1.693
R&D expenses	-12.516	-11.279	-8.152
S&M, G&A expenses	-620	-10.320	-12.607
Other operating income	11.599	54.601	56.180
Operating profit/loss (-)	-1.537	68.295	71.244
Net financial results	1.921	2.844	4.218
Taxes	-532	-98	-98
Net profit/loss (-) from discontinued operations, net of tax	-148	71.041	75.364
Balance sheet
Cash and cash equivalents	71.669	72.328	64.239
Financial investments	3.019.835	3.358.092	3.253.516
R&D incentives receivables	147.672	172.139	172.611
Assets	3.818.224	4.290.367	4.135.719
Shareholders’ equity	2.643.819	2.910.295	2.896.939
Deferred income	954.066	1.186.822	1.071.352
Other liabilities	220.339	193.250	167.428
CASH FLOW
Operational cash burn (*)	-91.529	-250.041	-373.961
Cash flow used in operating activities	-147.388	-188.867	-320.026
Cash flow generated from investing activities	159.452	95.678	220.597
Cash flow used in financing activities	-1.611	-2.232	-4.924
Increase/decrease (-) in cash and cash equivalents	10.453	-95.421	-104.353
Effect of currency exchange rate fluctuation on cash and cash equivalents
Cash and cash equivalents at the end of the period	71.669	72.328	64.239
Financial investments at the end of the period	3.019.835	3.358.092	3.253.516
Total financial investments and cash and cash equivalents at the end of the period
FINANCIAL RATIOS
Number of shares issued at the end of the period	65.897.071	65.897.071	65.897.071
Basic and diluted earnings/loss (-) per share	-3,93	1,51	1,12
Share price at the end of the period (in €)	23,76	23,34	26,52
Total group employees at the end of the period (number)	558	683	704

(*)The operational cash burn (or operational cash flow if this liquidity measure is positive) is equal to the increase or decrease in our cash and cash equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus:

• the net proceeds, if any, from share capital and share premium increases included in the net cash flows generated from/used in (-) financing activities
  
• the net proceeds or cash used, if any, related to the acquisitions or disposals of businesses; the acquisition of financial assets held at fair value through other comprehensive income; the movement in restricted cash and movement in current financial investments, if any, the cash advances and loans given to third parties, if any, included in the net cash flows generated from/used in (-) investing activities
  
• the cash used for other liabilities related to the acquisition or disposal of businesses, if any, included in the net cash flows generated from/used in (-) operating activities.