O 
0.28
+2.17%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.0m
FY2016FY2025
Net income
−€14.4m
FY2016FY2025
Free cash flow
−€17.3m
FY2016FY2025
Shareholders' equity
−€62.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.0m | €3.0m | €1.3m | €3.5m | €2.3m | €2.0m | €935,000 | €2.3m | €387,000 | €703,000 |
| Research and development | €599,773 | €482,425 | €567,368 | €725,545 | €515,306 | €784,201 | €1.3m | €1.7m | €1.8m | €6.4m |
| Operating income | −€8.9m | −€7.2m | −€7.9m | −€4.7m | −€4.5m | −€5.9m | −€8.3m | −€8.1m | −€11.3m | −€13.3m |
| Net income | −€14.4m | −€8.5m | −€10.2m | −€6.2m | −€4.6m | −€7.4m | −€10.2m | −€10.9m | −€13.6m | −€17.8m |
| Diluted earnings per share | -0.29 | -0.17 | -0.20 | -0.12 | -0.09 | -0.15 | -0.20 | -0.58 | -0.73 | -0.95 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €21.9m | €10.8m | €8.9m | €11.2m | €10.1m | €9.1m | €10.6m | €6.8m | €7.1m | €7.7m |
| Cash and short-term investments | €3.8m | €449,000 | €627,000 | €450,000 | €374,000 | €403,000 | €237,000 | €321,000 | €506,000 | €950,000 |
| Total liabilities | €84.6m | €60.6m | €49.1m | €41.4m | €34.2m | €27.8m | €22.7m | €47.5m | €36.7m | €24.2m |
| Debt | €81.2m | €57.3m | €46.8m | €38.5m | €30.6m | €25.3m | €20.1m | €45.0m | €34.0m | €20.8m |
| Shareholders' equity | −€62.6m | −€49.7m | −€40.2m | −€30.2m | −€24.0m | −€18.6m | −€12.2m | −€40.7m | −€29.6m | −€16.4m |
| Shares outstanding | 50m | 51m | 50m | 50m | 50m | 51m | 51m | 19m | 19m | 19m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€10.8m | −€5.2m | −€6.3m | −€6.0m | −€3.6m | −€5.1m | −€9.0m | −€8.6m | −€11.5m | −€10.2m |
| Capital spending | −€6.5m | −€2.8m | −€359,000 | −€204,000 | −€71,000 | −€148,000 | −€276,000 | −€72,000 | −€863,000 | −€883,000 |
| Free cash flow | −€17.3m | −€8.0m | −€6.6m | −€6.2m | −€3.7m | −€5.3m | −€9.3m | −€8.7m | −€12.3m | −€11.1m |
| Dividends paid | — | — | — | — | — | — | −€108,000 | −€243,000 | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.4m | €2.2m | €817,000 | €2.0m | €1.0m | €342,000 | €917,000 | €2.4m |
| Operating income | −€4.5m | −€4.6m | −€4.4m | −€4.7m | −€3.8m | −€4.2m | −€3.6m | −€1.8m |
| Net income | −€6.0m | −€6.7m | −€7.7m | −€4.2m | −€4.4m | −€5.6m | −€4.6m | −€3.3m |
| Diluted earnings per share | -0.12 | -0.13 | -0.15 | -0.08 | -0.09 | -0.11 | -0.09 | -0.07 |
| Cash from operations | −€2.0m | −€4.0m | −€6.0m | −€1.0m | −€3.0m | −€3.0m | −€2.0m | −€3.0m |
| Capital spending | −€5.0m | −€4.0m | −€2.0m | −€1.0m | — | — | — | — |
| Free cash flow | −€7.0m | −€8.0m | −€8.0m | −€2.0m | — | — | — | — |
| Total assets | €23.5m | €21.9m | €15.8m | €10.8m | €8.3m | €8.9m | €10.3m | €11.2m |
| Cash and short-term investments | €1.8m | €3.8m | €2.5m | €449,000 | €289,000 | €627,000 | €293,000 | €450,000 |
| Debt | €612,000 | €80.7m | €786,000 | €57.3m | €51.7m | €46.8m | €42.4m | €38.5m |
| Shareholders' equity | −€68.8m | −€62.6m | −€56.1m | −€49.7m | −€45.1m | −€40.2m | −€34.8m | −€30.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.7% | 8.4% | 18.3% |
| Operating income | 23.4% | 8.8% | -5.3% |
| Net income | 32.3% | 14.1% | -4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -266.6% | -267.3% | -260.2% | -480.2% |
| Net margin | -378.9% | -364.8% | -341.2% | -635.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.0 | -2.4 | -2.3 | -4.2 | -9.5 | -8.8 | -6.5 | -4.1 | -5.0 | -4.2 |
| Price to sales | 5.0 | 6.6 | 18.3 | 7.5 | 19.4 | 32.7 | 71.3 | 19.9 | 175.5 | 105.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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