A 
0.51
+0.79%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.2m
FY2016FY2025
Net income
−€1.6m
FY2016FY2025
Free cash flow
−€4.6m
FY2016FY2025
Shareholders' equity
−€17.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.2m | €1.1m | €970,000 | €958,000 | €1.6m | €1.6m | €1.6m | €1.7m | €1.7m | €1.5m |
| Research and development | €2.1m | €3.9m | €13.9m | €13.3m | €11.2m | €12.8m | €15.6m | €26.9m | €26.7m | €27.9m |
| Operating income | −€1.2m | −€6.1m | −€13.4m | −€15.9m | −€13.8m | −€14.7m | −€17.5m | −€28.9m | −€28.4m | −€30.2m |
| Net income | −€1.6m | −€7.8m | −€10.0m | −€13.6m | −€14.5m | −€15.0m | −€21.7m | −€26.1m | −€27.1m | −€27.7m |
| Diluted earnings per share | -0.02 | -0.15 | -0.20 | -0.29 | -0.31 | -0.33 | -0.50 | -0.66 | -0.66 | -0.77 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €24.5m | €23.2m | €25.5m | €23.8m | €21.3m | €29.7m | €17.7m | €22.5m | €50.6m | €38.0m |
| Cash and short-term investments | €10.2m | €8.0m | €6.1m | €7.3m | €8.7m | €20.7m | €5.7m | €11.6m | €38.8m | €19.8m |
| Total liabilities | €34.3m | €46.9m | €46.5m | €59.5m | €44.5m | €49.2m | €44.6m | €37.5m | €39.9m | €42.7m |
| Debt | €4.2m | €18.5m | €19.1m | €28.3m | €15.1m | €19.9m | €14.4m | €8.2m | €11.1m | €12.4m |
| Shareholders' equity | −€17.2m | −€23.8m | −€21.0m | −€35.7m | −€23.2m | −€19.5m | −€26.8m | −€15.0m | €10.7m | −€4.7m |
| Shares outstanding | 73m | 53m | 51m | 47m | 47m | 46m | 43m | 39m | 41m | 36m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€4.3m | €525,000 | −€16.9m | −€17.5m | −€17.2m | −€13.5m | −€15.2m | −€26.8m | −€22.9m | −€33.5m |
| Capital spending | −€282,000 | −€155,000 | −€345,000 | −€644,000 | −€564,000 | −€370,000 | −€390,000 | −€484,000 | −€503,000 | −€524,000 |
| Free cash flow | −€4.6m | €370,000 | −€17.2m | −€18.1m | −€17.7m | −€13.9m | −€15.5m | −€27.3m | −€23.4m | −€34.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €498,000 | €659,000 | €515,000 | €512,000 | €560,000 | €522,000 | €261,000 | €448,000 |
| Operating income | −€11.1m | €1.5m | −€2.7m | −€2.5m | −€4.6m | −€4.6m | −€2.3m | −€8.9m |
| Net income | −€9.0m | €3.6m | −€5.2m | −€3.4m | −€4.5m | −€1.6m | −€787,000 | −€10.4m |
| Diluted earnings per share | -0.13 | 0.05 | -0.07 | -0.06 | -0.08 | -0.03 | -0.02 | -0.20 |
| Cash from operations | −€4.0m | — | −€4.0m | −€2.0m | €3.0m | −€7.0m | −€3.0m | −€9.0m |
| Total assets | €18.1m | €24.5m | €21.2m | €23.2m | €23.0m | €25.5m | €25.5m | €33.2m |
| Cash and short-term investments | €9.0m | €10.2m | €5.0m | €8.0m | €9.1m | €6.1m | €6.1m | €14.8m |
| Debt | €890,000 | €18.3m | €19.2m | €18.5m | €19.1m | €19.2m | €2.1m | €19.4m |
| Shareholders' equity | −€22.5m | −€17.2m | −€27.3m | −€23.8m | −€24.6m | −€21.0m | −€21.0m | −€19.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.0% | -5.8% | -6.4% |
| Operating income | -57.6% | -39.3% | -26.4% |
| Net income | -51.5% | -36.5% | -24.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -325.0% | -878.5% | -885.7% | -1213.7% |
| Net margin | -418.0% | -791.8% | -849.5% | -1187.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -69.0 | -5.9 | -18.1 | -24.4 | -38.9 | -60.0 | -10.8 | -5.2 | -12.6 | -17.8 |
| Price to sales | 91.6 | 43.4 | 187.3 | 347.4 | 349.9 | — | 148.9 | 80.3 | 196.6 | 326.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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