M 
30.00
+5.49%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€19.5m
FY2017FY2026
Net income
−€31.3m
FY2017FY2026
Free cash flow
−€26.6m
FY2017FY2026
Shareholders' equity
€3.1m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €19.5m | €25.5m | €9.2m | €9.9m | €4.1m | €8.2m | €2.9m | €1.4m | €6.4m | €8.5m |
| Research and development | €26.5m | €24.3m | €21.1m | €27.9m | €23.6m | €18.5m | €17.2m | €11.3m | €8.8m | €7.6m |
| Operating income | −€25.5m | −€10.8m | −€21.0m | −€24.0m | −€23.8m | −€15.6m | −€19.3m | −€15.5m | −€7.4m | −€3.6m |
| Net income | −€31.3m | −€18.4m | −€25.0m | −€32.0m | −€24.8m | −€19.0m | −€23.9m | −€19.7m | −€9.6m | −€3.6m |
| Diluted earnings per share | -0.87 | -0.56 | -0.86 | -1.15 | -0.98 | -0.77 | -1.13 | -0.98 | -0.48 | -0.25 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €108.1m | €90.5m | €36.9m | €29.3m | €44.3m | €63.6m | €27.3m | €38.0m | €25.4m | €23.3m |
| Cash and short-term investments | €84.8m | €71.9m | €19.5m | €6.5m | €26.6m | €49.9m | €12.4m | €21.3m | €8.8m | €8.3m |
| Total liabilities | €105.0m | €106.8m | €77.8m | €71.6m | €57.7m | €54.7m | €43.3m | €31.7m | €37.1m | €25.6m |
| Debt | €57.4m | €58.8m | €59.0m | €57.7m | €47.5m | €43.3m | €33.8m | €27.0m | €31.0m | €20.7m |
| Shareholders' equity | €3.1m | −€16.4m | −€40.8m | −€42.3m | −€13.4m | €8.9m | −€16.0m | €6.2m | −€11.8m | −€2.3m |
| Shares outstanding | 36m | 33m | 29m | 28m | 25m | 25m | 21m | 20m | 20m | 14m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€24.6m | €19.5m | −€11.9m | −€21.0m | −€21.4m | −€12.1m | −€12.5m | −€15.9m | −€5.4m | −€3.4m |
| Capital spending | −€2.0m | −€1.7m | −€1.2m | −€1.0m | −€2.0m | −€819,000 | −€921,000 | −€754,000 | −€1.2m | −€1.8m |
| Free cash flow | −€26.6m | €17.8m | −€13.1m | −€22.0m | −€23.3m | −€13.0m | −€13.5m | −€16.7m | −€6.6m | −€5.2m |
| Dividends paid | — | — | — | — | −€2.5m | −€192,000 | −€6.6m | −€20.3m | — | −€17.8m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €7.9m | €11.6m | €16.1m | €9.4m | €3.8m | €7.0m | €3.9m | €3.0m |
| Operating income | −€16.4m | −€9.1m | −€3.3m | −€7.5m | −€12.0m | −€10.2m | −€14.5m | −€6.2m |
| Net income | −€15.2m | −€16.1m | −€3.9m | −€14.6m | −€16.9m | −€8.2m | −€18.3m | −€9.1m |
| Diluted earnings per share | -0.42 | -0.49 | -0.12 | -0.50 | -0.58 | -0.29 | -0.66 | -0.36 |
| Cash from operations | −€10.0m | −€14.0m | −€2.0m | €21.0m | — | −€13.0m | −€10.0m | −€5.0m |
| Total assets | €108.1m | €74.6m | €90.5m | €58.9m | €36.9m | €50.5m | €29.3m | €29.3m |
| Cash and short-term investments | €84.8m | €53.5m | €71.9m | €38.9m | €19.5m | €26.8m | €6.5m | €6.5m |
| Debt | €55.7m | €58.3m | €58.8m | €59.6m | €59.0m | €63.2m | €57.7m | — |
| Shareholders' equity | €3.1m | −€30.6m | −€16.4m | −€54.0m | −€40.8m | −€25.7m | −€42.3m | −€31.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 25.2% | 19.0% | 9.0% |
| Operating income | 2.0% | 10.3% | — |
| Net income | -0.8% | 10.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -80.6% | -126.8% | -158.0% | -159.9% |
| Net margin | -110.3% | -166.4% | -197.0% | -198.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -32.9 | -45.2 | -19.3 | -6.3 | -6.3 | -13.0 | -9.0 | -7.0 | -13.9 |
| Price to sales | 52.8 | 32.6 | 52.8 | 20.2 | 38.1 | 30.3 | 75.4 | 95.8 | 20.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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