Key Financials

Consolidated Key Figures

(thousands of €, if not stated otherwise)	Year ended December 31, 2025	Year ended December 31, 2024
Income statement
Supply revenues	29,924	34,863
Collaboration revenues	1,082,324	240,786
Total net revenues	1,112,248	275,649
Cost of sales	(29,736)	(34,863)
R&D expenses	(459,421)	(335,459)
S&M, G&A expenses	(153,433)	(134,438)
Impairment of the cell therapy activities	(228,112)	–
Other operating income	53,493	40,773
Operating profit/loss (-)	295,039	(188,338)
Net financial results	5,832	185,253
Taxes	18,621	1,803
Net profit/loss (-) from continuing operations	319,492	(1,282)
Net profit from discontinued operations, net of tax	1,392	75,364
Net profit	320,884	74,082
Income statement from discontinued operations
Product net sales	–	11,475
Collaboration revenues	–	26,041
Total net revenues	–	37,516
Cost of sales	–	(1,693)
R&D expenses	(11,708)	(8,152)
S&M, G&A expenses	(1,026)	(12,607)
Other operating income	11,933	56,180
Operating profit/loss (-)	(801)	71,244
Net financial results	2,676	4,218
Taxes	(483)	(98)
Net profit from discontinued operations, net of tax	1,392	75,364
Balance sheet
Cash and cash equivalents	87,868	64,239
Financial investments	2,910,180	3,253,516
R&D incentives receivables	157,870	172,611
Assets	3,406,518	4,135,719
Shareholders’ equity	3,235,868	2,896,939
Deferred income	32	1,071,352
Other liabilities	170,618	167,428
CASH FLOW
Operational cash burn (*)	(189,141)	(373,961)
Cash flow used in operating activities	(257,456)	(320,026)
Cash flow generated from investing activities	288,814	220,597
Cash flow used in financing activities	(3,273)	(4,924)
Increase/decrease (-) in cash and cash equivalents	28,085	(104,353)
Effect of currency exchange rate fluctuation on cash and cash equivalents	(4,456)	1,782
Cash and cash equivalents on December 31	87,868	64,239
Financial investments on December 31	2,910,180	3,253,516
Total financial investments and cash and cash equivalents on December 31	2,998,048	3,317,755
FINANCIAL RATIOS
Number of shares issued on December 31	65,897,071	65,897,071
Basic and diluted earnings per share	4.87	1.12
Share price on December 31 (in €)	28.00	26.52
Total group employees on December 31 (number)	452	704

(*)The operational cash burn (or operational cash flow if this liquidity measure is positive) is equal to the increase or decrease in the 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 acquisition or disposal of businesses; the acquisition of financial assets held at fair value through other comprehensive income; the movement in restricted cash and movement in 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.