A 
77.70
+0.71%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
—
FY2016FY2025
Net income
−€336.1m
FY2016FY2025
Free cash flow
−€162.2m
FY2016FY2025
Shareholders' equity
€455.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | €10.8m | €4.6m | €4.6m | €37,000 | €14,000 | −€7,000 | €815,000 | €356,000 | €151,000 |
| Gross profit | −€1.1m | €10.8m | €4.5m | €4.5m | −€119,000 | −€52,000 | −€87,000 | −€14.6m | −€10.1m | −€14.5m |
| Research and development | €177.8m | €146.5m | €103.2m | €48.7m | €47.2m | €34.5m | €29.0m | €15.9m | €10.8m | €15.5m |
| Operating income | −€250.6m | −€185.4m | −€133.9m | −€53.8m | −€52.2m | −€37.8m | −€33.3m | −€19.4m | −€14.2m | −€18.2m |
| Net income | −€336.1m | −€176.2m | −€147.7m | −€60.7m | −€42.5m | −€37.6m | −€30.6m | −€15.8m | −€11.2m | −€14.3m |
| Diluted earnings per share | -4.83 | -2.79 | -2.94 | -2.83 | -2.53 | -2.62 | -2.51 | -1.52 | -1.11 | -1.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €584.3m | €205.2m | €327.1m | €73.4m | €110.4m | €71.3m | €51.7m | €54.0m | €53.8m | €60.6m |
| Cash and short-term investments | €530.4m | €144.2m | €261.0m | €26.9m | €60.7m | €29.3m | €9.8m | €13.0m | €17.0m | €23.0m |
| Total liabilities | €129.1m | €164.6m | €131.1m | €71.5m | €81.6m | €66.6m | €39.9m | €19.4m | €5.6m | €3.9m |
| Debt | €32.1m | €97.4m | €55.5m | €39.2m | €63.8m | €39.5m | €24.1m | €12.0m | €262,000 | €316,000 |
| Shareholders' equity | €455.2m | €40.6m | €196.0m | €7.2m | €28.8m | €4.7m | €11.8m | €34.7m | €48.2m | €56.7m |
| Shares outstanding | 70m | 63m | 50m | 21m | 17m | 14m | 12m | 10m | 10m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€162.1m | −€154.1m | −€97.1m | −€65.6m | −€45.7m | −€29.8m | −€27.5m | −€14.6m | −€8.4m | −€15.6m |
| Capital spending | −€142,000 | −€643,000 | −€265,000 | −€4.0m | −€1.6m | −€898,000 | −€941,000 | −€763,000 | −€979,000 | −€721,000 |
| Free cash flow | −€162.2m | −€154.7m | −€97.4m | −€69.5m | −€47.3m | −€30.7m | −€28.4m | −€15.4m | −€9.4m | −€16.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | −€2.0m | — | €2.0m | — | €4.0m | — |
| Gross profit | — | — | −€3.1m | — | €2.0m | — | €4.0m | — |
| Operating income | −€84.1m | −€56.2m | −€156.9m | −€80.7m | −€93.7m | −€47.2m | −€92.4m | −€50.2m |
| Net income | −€117.4m | −€48.5m | −€235.3m | −€153.4m | −€100.8m | −€52.4m | −€94.6m | −€55.2m |
| Diluted earnings per share | -1.47 | -0.61 | -3.38 | -2.21 | -1.45 | -0.75 | -1.50 | -0.87 |
| Cash from operations | −€51.0m | −€50.0m | −€71.0m | −€71.0m | −€66.0m | −€33.0m | −€70.0m | −€35.0m |
| Total assets | €462.2m | €547.1m | €584.3m | €652.1m | €119.6m | €166.9m | €205.2m | — |
| Cash and short-term investments | €410.7m | — | €530.4m | — | €60.9m | €111.1m | €144.2m | — |
| Debt | €1.1m | — | €29.4m | €15.9m | €84.6m | €48.2m | €96.2m | — |
| Shareholders' equity | €366.3m | €429.6m | €455.2m | €511.2m | −€48.3m | −€6.6m | €40.6m | — |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | — | 100.0% | 97.2% | 98.5% | -321.6% | -371.4% | 1242.9% |
| Operating margin | — | -1564.0% | -2897.9% | -1173.9% | -114462.2% | -270057.1% | 475642.9% |
| Net margin | — | -1633.1% | -3197.1% | -1325.3% | -114735.1% | -268221.4% | 437628.6% |
| Return on equity | -73.8% | -434.3% | -75.4% | -844.9% | -147.5% | -803.6% | — |
| Return on assets | -57.5% | -85.9% | -45.2% | -82.8% | -38.5% | -52.7% | — |
| Free cash flow yield | -3.0% | -3.2% | -2.5% | -3.7% | -3.4% | -2.6% | — |
| Revenue growth | — | 133.5% | 0.8% | 12286.5% | 164.3% | -300.0% | -100.9% |
| Earnings growth | 90.7% | 19.3% | 143.2% | 43.1% | 13.1% | 22.6% | — |
| Current ratio | 8.75x | 1.84x | 4.08x | 0.94x | 2.37x | 1.47x | — |
| Debt to equity | 0.00x | 2.36x | 0.28x | 9.27x | 2.22x | 7.27x | — |
| Equity ratio | 77.9% | 19.8% | 59.9% | 9.8% | 26.1% | 6.6% | — |
| Interest coverage | -8.79x | -11.96x | -9.69x | -7.66x | -11.90x | -16.31x | — |
| R&D as a share of sales | — | 1357.8% | 2232.8% | 1063.2% | 127573.0% | 246614.3% | -414385.7% |
| Buybacks as a share of market value | -10.1% | -25.7% | -134.4% | -27.9% | -17.1% | -17.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 67.0% | 46.0% | 29.9% |
| Net income | 76.9% | 55.0% | 35.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -24.9 | -2.4 | -3.3 | -2.2 | -11.3 | -13.1 | -9.0 | -7.8 | -7.8 | -4.3 |
| Price to sales | — | 39.6 | 106.7 | 28.9 | — | — | -39240.2 | 151.6 | 246.2 | 409.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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