P 
1.38
+2.22%
Close of 9 Nov 2026, in USD
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At a glance
Figures in EUR, from our data supplier.
Revenue
€15.3m
FY2016FY2025
Net income
−€40.5m
FY2016FY2025
Free cash flow
−€53.8m
FY2016FY2025
Shareholders' equity
€58.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €15.3m | €18.9m | €6.5m | €3.6m | €1.3m | €1.0m | €1.9m | €4.9m | −€1.5m | €2.3m |
| Research and development | €40.7m | €36.4m | €25.1m | €50.9m | €42.2m | €38.1m | €46.5m | €29.5m | €31.2m | €31.9m |
| Operating income | −€42.2m | −€30.5m | −€31.9m | −€65.2m | −€57.2m | −€42.4m | −€57.4m | −€36.3m | −€40.5m | −€39.6m |
| Net income | −€40.5m | −€27.8m | −€28.1m | −€64.4m | −€60.7m | −€46.6m | −€56.7m | −€36.9m | −€43.6m | −€39.1m |
| Diluted earnings per share | -0.39 | -0.34 | -0.36 | -0.83 | -0.85 | -0.93 | -1.20 | -0.95 | -1.52 | -1.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €132.4m | €173.9m | €152.3m | €182.8m | €238.3m | €120.8m | €131.9m | €110.2m | €63.8m | €69.1m |
| Cash and short-term investments | €108.5m | €154.7m | €131.4m | €101.1m | €213.3m | €92.8m | €125.7m | €105.6m | €57.8m | €62.4m |
| Total liabilities | €74.4m | €82.2m | €106.6m | €111.7m | €109.6m | €51.6m | €26.6m | €17.5m | €16.5m | €13.1m |
| Debt | €16.4m | €16.1m | €21.8m | €23.4m | €68.7m | €41.9m | €15.2m | €28.1m | €8.7m | €4.8m |
| Shareholders' equity | €58.0m | €91.7m | €45.7m | €71.6m | €129.5m | €69.9m | €105.9m | €92.7m | €47.3m | €56.0m |
| Shares outstanding | 103m | 82m | 78m | 77m | 71m | 50m | 47m | 39m | 29m | 23m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€52.8m | −€36.4m | €21.5m | −€68.5m | −€26.0m | −€47.1m | −€44.0m | −€30.7m | −€35.0m | −€34.2m |
| Capital spending | −€1.0m | −€1.4m | −€1.4m | −€708,000 | −€484,000 | −€924,000 | −€580,000 | −€312,000 | −€121,000 | −€2.5m |
| Free cash flow | −€53.8m | −€37.8m | €20.2m | −€69.2m | −€26.5m | −€48.0m | −€44.5m | −€31.0m | −€35.1m | −€36.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €8.9m | €2.1m | €4.6m | €2.9m | €3.8m | €4.5m | €4.3m | €3.8m |
| Operating income | −€9.0m | −€13.9m | −€9.0m | −€11.3m | −€12.2m | −€10.8m | −€10.1m | −€8.7m |
| Net income | −€8.9m | −€13.6m | −€8.8m | −€11.0m | −€12.2m | −€10.1m | −€9.3m | −€8.1m |
| Diluted earnings per share | -0.08 | -0.12 | -0.09 | -0.11 | -0.12 | -0.10 | -0.11 | -0.10 |
| Cash from operations | −€12.0m | −€11.0m | −€13.0m | −€12.0m | −€11.0m | −€15.0m | −€9.0m | −€5.0m |
| Total assets | €133.5m | €114.1m | €112.7m | €146.1m | €161.4m | €163.9m | €173.9m | €119.3m |
| Cash and short-term investments | €117.1m | €93.4m | €92.4m | €125.6m | €140.6m | €143.0m | €154.7m | €99.8m |
| Debt | €4.5m | €5.3m | €4.4m | €5.4m | €5.3m | €4.7m | €4.6m | €4.8m |
| Shareholders' equity | €79.4m | €43.3m | €49.4m | €67.1m | €78.6m | €85.3m | €91.7m | €27.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 62.0% | 71.5% | 5.0% |
| Operating income | -13.5% | -0.1% | 4.6% |
| Net income | -14.3% | -2.7% | 6.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -212.5% | -383.0% | -577.0% | -738.0% |
| Net margin | -199.8% | -363.1% | -574.7% | -730.6% |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -5.1 |
| Price to sales | 13.6 |
Share price return
Finished calendar years
| 2025 | |
|---|---|
| Return | -23% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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