I 
3.33
-2.06%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€4.5m
FY2016FY2025
Net income
−€354.1m
FY2016FY2025
Free cash flow
−€105.1m
FY2016FY2025
Shareholders' equity
−€28.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.5m | €14.7m | €17.5m | €12.2m | €4.2m | €372,000 | €7.0m | €3.2m | €6.5m | €9.4m |
| Research and development | €87.0m | €90.9m | €110.0m | €60.5m | €48.5m | €23.7m | €33.8m | €31.6m | €26.7m | €22.1m |
| Operating income | −€136.3m | −€97.6m | −€105.6m | −€57.1m | −€52.1m | −€29.7m | −€30.3m | −€33.3m | −€20.9m | −€13.0m |
| Net income | −€354.1m | −€184.2m | −€110.4m | −€54.3m | −€49.6m | −€31.6m | −€30.2m | −€33.6m | −€17.2m | −€7.0m |
| Diluted earnings per share | -0.56 | -2.73 | -2.27 | -1.29 | -1.25 | -0.83 | -1.13 | -1.51 | -1.05 | -0.70 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €249.5m | €119.0m | €69.6m | €116.0m | €122.0m | €138.9m | €57.0m | €79.8m | €74.4m | €48.9m |
| Cash and short-term investments | €230.9m | €96.6m | €27.0m | €87.0m | €86.6m | €105.7m | €35.8m | €56.7m | €59.1m | €24.9m |
| Total liabilities | €278.0m | €225.6m | €101.6m | €70.5m | €33.1m | €27.7m | €15.6m | €18.2m | €10.4m | €13.1m |
| Debt | €59.9m | €54.3m | €37.5m | €34.5m | €10.1m | €10.1m | €114,000 | €2.2m | €482,066 | €627,604 |
| Shareholders' equity | −€28.5m | −€106.6m | −€32.0m | €45.5m | €88.9m | €111.2m | €41.4m | €61.6m | €64.0m | €35.7m |
| Shares outstanding | 637m | 68m | 49m | 42m | 40m | 38m | 27m | 22m | 16m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€104.9m | −€85.9m | −€81.6m | −€44.9m | −€47.6m | −€30.6m | −€28.4m | −€34.2m | −€17.0m | −€14.9m |
| Capital spending | −€247,000 | −€333,000 | −€540,000 | −€561,000 | −€534,000 | −€292,000 | −€136,000 | −€549,000 | −€428,029 | −€227,937 |
| Free cash flow | −€105.1m | −€86.3m | −€82.2m | −€45.5m | −€48.2m | −€30.9m | −€28.5m | −€34.8m | −€17.4m | −€15.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €20,000 | €29,000 | €4.5m | €12.0m | €2.7m | €16.5m | €6.6m | €15.4m |
| Operating income | −€69.8m | −€79.4m | −€56.8m | −€45.3m | −€52.2m | −€47.7m | −€55.0m | −€23.6m |
| Net income | −€69.5m | −€178.3m | −€175.9m | −€135.2m | −€49.0m | −€55.2m | −€55.3m | −€24.8m |
| Diluted earnings per share | -0.25 | -0.28 | -0.28 | -2.00 | -0.73 | -1.13 | -1.14 | -0.59 |
| Cash from operations | −€58.0m | −€51.0m | −€53.0m | −€37.0m | −€48.0m | −€36.0m | −€45.0m | −€18.0m |
| Total assets | €251.2m | €249.5m | €178.5m | €119.0m | €39.4m | €69.6m | €70.8m | €116.0m |
| Cash and short-term investments | €166.1m | €230.9m | €122.1m | €96.6m | €10.1m | €27.0m | €31.3m | €87.8m |
| Debt | €13.3m | €59.1m | €59.7m | €52.2m | €49.3m | €33.2m | €31.8m | €34.5m |
| Shareholders' equity | €59.0m | −€28.5m | −€9.3m | −€106.6m | −€79.1m | −€32.0m | −€7.7m | €45.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -28.3% | 64.5% | -0.8% |
| Operating income | 33.6% | 35.6% | 24.3% |
| Net income | 86.9% | 62.1% | 44.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1217.7% | -811.6% | -895.4% | -700.2% |
| Net margin | -2802.9% | -1438.8% | -1467.9% | -1043.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.1 | -0.8 | -1.8 | -3.5 | -9.4 | -14.2 | -3.3 | -1.9 | -2.4 |
| Price to sales | — | 10.0 | 11.4 | 15.4 | 110.9 | — | 14.0 | 19.5 | 6.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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