A 
3.04
+10.55%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.5m
FY2016FY2025
Net income
−€16.6m
FY2016FY2025
Free cash flow
−€6.8m
FY2016FY2025
Shareholders' equity
€1.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.5m | €9.3m | €2.1m | €11.4m | €1.4m | €841,000 | €2.1m | €47.4m | €19.5m | €22.5m |
| Research and development | €14.2m | €14.5m | €14.8m | €25.9m | €20.0m | €22.5m | €23.3m | €25.8m | €27.1m | €30.4m |
| Operating income | −€18.1m | −€7.4m | −€19.9m | −€12.9m | −€20.5m | −€21.2m | −€22.0m | €9.7m | −€8.2m | −€8.0m |
| Net income | −€16.6m | −€9.3m | −€21.2m | −€6.9m | −€22.8m | −€23.3m | −€18.6m | €7.6m | −€8.6m | −€7.9m |
| Diluted earnings per share | -0.85 | -0.60 | -1.59 | -0.79 | -3.21 | -3.34 | -2.68 | 1.10 | -1.25 | -1.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €28.5m | €27.0m | €25.0m | €30.6m | €30.1m | €45.2m | €62.0m | €70.0m | €53.8m | €78.8m |
| Cash and short-term investments | €17.3m | €7.5m | €13.0m | €17.4m | €15.2m | €28.1m | €43.7m | €39.8m | €34.8m | €58.0m |
| Total liabilities | €27.0m | €30.1m | €31.9m | €43.6m | €43.9m | €38.8m | €33.9m | €24.2m | €16.9m | €36.0m |
| Debt | €8.9m | €11.8m | €13.1m | €33.2m | €34.5m | €28.2m | €21.2m | €7.1m | €7.6m | €7.1m |
| Shareholders' equity | €1.5m | −€3.1m | −€6.9m | −€13.0m | −€13.8m | €6.3m | €28.0m | €45.8m | €36.9m | €42.8m |
| Shares outstanding | 20m | 15m | 13m | 9m | 7m | 7m | 7m | 7m | 7m | 7m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€6.5m | −€15.6m | −€5.0m | −€15.0m | −€19.2m | −€21.9m | −€9.7m | €6.3m | −€22.2m | −€13.1m |
| Capital spending | −€267,000 | −€229,000 | −€156,000 | −€153,000 | −€361,000 | −€205,000 | −€2.0m | −€784,000 | −€2.0m | −€8.1m |
| Free cash flow | −€6.8m | −€15.8m | −€5.1m | −€15.1m | −€19.6m | −€22.1m | −€11.7m | €5.5m | −€24.2m | −€21.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €43,000 | −€724,000 | €2.2m | €9.3m | €1.4m | €523,000 | €1.1m | €1.6m |
| Operating income | −€9.2m | −€9.2m | −€8.9m | €2.3m | −€9.7m | −€8.1m | −€3.5m | −€9.6m |
| Net income | −€8.6m | −€7.3m | −€9.3m | −€376,000 | −€8.9m | −€11.8m | −€5.9m | −€9.4m |
| Diluted earnings per share | -0.44 | -0.37 | -0.48 | -0.02 | -0.58 | -0.88 | -0.44 | -0.70 |
| Cash from operations | — | €2.0m | −€9.0m | −€5.0m | −€10.0m | −€1.0m | — | −€3.0m |
| Total assets | — | €28.5m | €27.2m | €27.0m | €23.7m | €25.0m | €25.0m | €21.0m |
| Cash and short-term investments | — | €17.3m | €7.1m | €7.5m | €10.3m | €13.0m | €13.0m | €12.1m |
| Debt | — | €2.7m | €10.5m | €11.8m | €13.3m | €6.4m | €1.8m | €29.1m |
| Shareholders' equity | — | €1.5m | −€617,000 | −€3.1m | −€7.7m | −€6.9m | −€6.9m | −€18.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -49.5% | 11.9% | -27.5% |
| Operating income | 12.0% | -3.1% | — |
| Net income | 34.0% | -6.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -236.6% | -239.0% | -374.9% | -76.3% |
| Net margin | -240.0% | -221.3% | -375.1% | -74.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.9 | -10.0 | -7.3 | -5.0 | -2.5 | -2.5 | -3.7 | 15.0 | -11.5 | -52.9 |
| Price to sales | 89.1 | 10.0 | 71.5 | 3.0 | 39.8 | 68.8 | 32.0 | 2.4 | 5.1 | 18.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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