N 
28.50
+5.56%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€29.6m
FY2016FY2025
Net income
−€24.0m
FY2016FY2025
Free cash flow
−€34.0m
FY2016FY2025
Shareholders' equity
−€84.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €29.6m | −€11.6m | €30.1m | €4.8m | €10,000 | €50,000 | €68,000 | €3.5m | €3.7m | €5.4m |
| Research and development | €23.1m | €40.5m | €38.4m | €31.5m | €29.2m | €22.9m | €28.8m | €20.9m | €17.7m | €16.9m |
| Operating income | −€14.1m | −€68.4m | −€31.6m | −€48.7m | −€52.6m | −€36.4m | −€46.8m | −€30.1m | −€26.1m | −€21.9m |
| Net income | −€24.0m | −€68.1m | −€39.7m | −€57.0m | −€47.0m | −€33.6m | −€50.9m | −€30.3m | −€26.1m | −€21.9m |
| Diluted earnings per share | -0.51 | -1.44 | -1.02 | -1.64 | -1.35 | -1.21 | -2.27 | -1.55 | -1.38 | -1.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €67.8m | €67.4m | €93.9m | €59.8m | €101.7m | €133.9m | €56.1m | €46.2m | €57.5m | €30.4m |
| Cash and short-term investments | €52.8m | €49.7m | €75.3m | €41.4m | €83.9m | €119.2m | €35.1m | €36.2m | €47.2m | €21.1m |
| Total liabilities | €152.2m | €133.1m | €95.7m | €86.8m | €75.0m | €63.6m | €58.1m | €32.0m | €13.5m | €13.0m |
| Debt | €95.3m | €50.9m | €50.6m | €53.2m | €46.0m | €49.0m | €44.5m | €20.5m | €4.7m | €5.7m |
| Shareholders' equity | −€84.5m | −€65.7m | −€1.8m | −€27.0m | €26.7m | €70.4m | −€2.0m | €14.2m | €43.9m | €17.4m |
| Shares outstanding | 47m | 47m | 39m | 35m | 35m | 28m | 22m | 20m | 19m | 16m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€33.4m | −€19.6m | −€12.5m | −€37.1m | −€31.0m | −€28.2m | −€41.5m | −€26.0m | −€20.9m | −€18.3m |
| Capital spending | −€546,000 | −€846,000 | −€328,000 | −€93,000 | −€233,000 | −€107,000 | −€1.4m | −€416,000 | −€1.3m | −€400,101 |
| Free cash flow | −€34.0m | −€20.4m | −€12.8m | −€37.2m | −€31.2m | −€28.3m | −€43.0m | −€26.4m | −€22.3m | −€18.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.6m | €3.0m | €26.6m | −€20.9m | €9.3m | €32.9m | €3.3m | €3.4m |
| Operating income | −€19.8m | −€11.6m | €808,000 | −€44.7m | −€23.7m | −€1.4m | −€28.7m | −€24.2m |
| Net income | −€34.3m | −€18.6m | −€5.4m | −€46.3m | −€21.9m | −€11.6m | −€28.1m | −€30.7m |
| Diluted earnings per share | -0.70 | -0.39 | -0.11 | -0.98 | -0.46 | -0.30 | -0.72 | -0.88 |
| Cash from operations | −€22.0m | −€16.0m | −€17.0m | −€13.0m | −€6.0m | €4.0m | −€17.0m | −€20.0m |
| Total assets | €128.3m | €67.8m | €45.2m | €67.4m | €86.7m | €93.9m | €40.4m | €59.8m |
| Cash and short-term investments | €110.9m | €52.8m | €28.8m | €49.7m | €66.3m | €75.3m | €21.6m | €41.4m |
| Debt | €32.1m | €95.3m | €51.2m | €49.6m | €47.7m | €46.7m | €49.9m | €50.9m |
| Shareholders' equity | −€33.4m | −€84.5m | −€69.0m | −€65.7m | −€21.8m | −€1.8m | −€53.8m | −€27.0m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -45.8% | 544.8% | -105.1% | -1157.6% | -471650.0% | -66498.0% |
| Net margin | -80.8% | 586.9% | -132.1% | -1194.3% | -470030.0% | -67180.0% |
| Return on equity | 28.4% | 103.7% | 2154.1% | 210.9% | -176.1% | -47.7% |
| Return on assets | -35.4% | -101.1% | -42.3% | -95.4% | -46.2% | -25.1% |
| Free cash flow yield | -2.7% | -1.6% | -1.2% | -4.2% | -3.5% | -4.0% |
| Revenue growth | -355.3% | -138.6% | 529.4% | 47660.0% | -80.0% | -26.5% |
| Earnings growth | -64.8% | 71.6% | -30.4% | 21.4% | 39.9% | -34.0% |
| Current ratio | 1.09x | 1.04x | 1.75x | 1.38x | 2.53x | 6.58x |
| Debt to equity | -1.11x | -0.73x | -25.33x | -1.80x | 1.52x | 0.63x |
| Equity ratio | -124.7% | -97.5% | -2.0% | -45.2% | 26.3% | 52.5% |
| Interest coverage | -1.30x | -7.82x | -3.96x | -9.47x | -70.29x | -6.64x |
| R&D as a share of sales | 78.0% | -349.2% | 127.7% | 658.9% | 292340.0% | 45856.0% |
| Buybacks as a share of market value | -0.3% | -21.8% | -11.4% | -0.1% | -25.0% | -24.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 83.8% | 258.6% | 22.1% |
| Operating income | -33.9% | -17.3% | -2.0% |
| Net income | -25.1% | -6.5% | 3.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -457.2% | -307.8% | -475.6% | -565.3% |
| Net margin | -510.7% | -357.2% | -509.0% | -597.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -38.6 | -2.1 | -6.5 | -2.2 | -5.4 | -11.4 | -3.6 | -7.5 | -10.7 | -11.0 |
| Price to sales | 31.2 | -12.3 | 8.6 | 26.4 | — | — | — | 65.7 | 75.5 | 44.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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