C 
1.26
+2.44%
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
−€10.4m
FY2016FY2025
Free cash flow
−€10.8m
FY2016FY2025
Shareholders' equity
−€4.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | €4.1m | €145,000 | €954,000 | €912,000 | €4.8m | €500,000 | €2.4m | €3.2m | €1.4m |
| Research and development | — | — | €9.6m | €7.4m | €6.1m | €5.8m | €4.6m | €5.2m | €4.5m | €3.8m |
| Operating income | −€12.1m | −€14.2m | −€11.8m | −€13.2m | −€11.8m | −€11.1m | −€9.1m | −€12.1m | −€9.0m | −€7.7m |
| Net income | −€10.4m | −€12.8m | −€8.6m | −€11.2m | −€10.8m | −€9.8m | −€7.2m | −€10.7m | −€7.6m | −€6.7m |
| Diluted earnings per share | -0.20 | -0.25 | -0.24 | -0.30 | -0.41 | -0.41 | -0.35 | -0.60 | -0.84 | -0.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €30.4m | €31.6m | €28.6m | €32.9m | €31.5m | €33.6m | €24.5m | €20.2m | €17.7m | €14.2m |
| Cash and short-term investments | €5.1m | €7.0m | €2.3m | €7.8m | €10.0m | €8.3m | €7.9m | €4.8m | €2.8m | €2.6m |
| Total liabilities | €35.3m | €34.2m | €33.9m | €30.2m | €37.0m | €34.7m | €21.5m | €18.5m | €11.6m | €8.0m |
| Debt | €19.8m | €18.4m | €19.0m | €14.1m | €24.3m | €21.1m | €10.5m | €12.0m | €2.3m | €755,000 |
| Shareholders' equity | −€4.9m | −€2.7m | −€5.3m | €2.0m | −€6.1m | −€1.1m | €3.0m | €1.7m | €6.1m | €6.3m |
| Shares outstanding | 52m | 50m | 36m | 37m | 26m | 24m | 20m | 18m | 9m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€6.3m | −€8.0m | −€6.2m | −€5.1m | −€6.1m | −€5.5m | −€5.5m | −€8.0m | −€5.0m | −€4.4m |
| Capital spending | −€4.5m | −€3.5m | −€6.4m | −€6.8m | −€6.7m | −€6.1m | −€4.4m | −€3.3m | −€4.2m | −€6.1m |
| Free cash flow | −€10.8m | −€11.5m | −€12.6m | −€11.9m | −€12.8m | −€11.6m | −€9.9m | −€11.3m | −€9.2m | −€10.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | €1.5m | −€513,000 | €4.6m | €774,000 | €3.1m | €500,000 |
| Operating income | −€9.5m | €4.0m | −€5.1m | −€7.7m | −€6.7m | −€6.1m | −€8.3m | −€6.2m |
| Net income | −€8.6m | −€5.5m | −€4.9m | −€6.4m | −€6.4m | −€4.1m | −€4.6m | −€5.3m |
| Diluted earnings per share | -0.14 | -0.11 | -0.09 | -0.13 | -0.13 | -0.11 | -0.13 | -0.14 |
| Cash from operations | — | −€3.0m | −€3.0m | −€2.0m | −€5.0m | −€1.0m | −€4.0m | −€1.0m |
| Capital spending | — | −€1.0m | −€2.0m | −€1.0m | −€2.0m | −€1.0m | −€4.0m | −€3.0m |
| Free cash flow | — | −€4.0m | −€5.0m | −€3.0m | −€7.0m | −€2.0m | −€8.0m | −€4.0m |
| Total assets | €35.6m | €30.4m | €31.4m | €31.6m | €33.1m | €28.6m | €33.9m | €32.9m |
| Cash and short-term investments | €12.3m | €5.1m | €6.3m | €7.0m | €6.0m | €2.3m | €5.4m | €7.8m |
| Debt | — | €19.8m | €9.2m | €20.9m | €23.9m | €18.8m | €22.8m | €14.1m |
| Shareholders' equity | €3.0m | −€4.9m | −€2.0m | −€2.7m | −€4.1m | −€5.3m | −€1.9m | €2.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -2.9% | 1.7% | 7.3% |
| Net income | -2.4% | 1.0% | 6.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.0 | -8.7 | -20.8 | -10.7 | -6.8 | -7.4 | -6.4 | -2.0 | -3.3 | -3.1 |
| Price to sales | — | 27.1 | — | 125.6 | 80.6 | 15.0 | 92.1 | 8.7 | 7.7 | 14.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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