G 
0.08
+11.85%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1,000
FY2016FY2025
Net income
−€12.0m
FY2016FY2025
Free cash flow
−€9.4m
FY2016FY2025
Shareholders' equity
−€24.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1,000 | €2.6m | €1.3m | €2.6m | €5.3m | €4.4m | €700,000 | €4.3m | €3.7m | €3.0m |
| Research and development | €6.4m | €12.4m | €19.4m | €18.9m | €22.6m | €22.0m | €28.2m | €29.0m | €18.7m | €18.5m |
| Operating income | −€11.7m | −€15.8m | −€29.7m | −€27.8m | −€28.1m | −€24.9m | −€30.3m | −€33.0m | −€24.0m | −€22.0m |
| Net income | −€12.0m | −€14.0m | −€26.2m | −€27.6m | −€28.6m | −€34.0m | −€30.7m | −€33.5m | −€24.1m | −€22.1m |
| Diluted earnings per share | -0.06 | -0.13 | -0.52 | -0.60 | -0.62 | -0.83 | -0.94 | -1.36 | -1.00 | -1.17 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.3m | €10.8m | €9.1m | €25.9m | €56.6m | €47.4m | €32.5m | €37.0m | €62.2m | €59.2m |
| Cash and short-term investments | €2.4m | €2.5m | €2.1m | €10.6m | €44.3m | €37.9m | €19.3m | €26.2m | €55.4m | €54.0m |
| Total liabilities | €33.2m | €37.7m | €39.8m | €41.2m | €40.7m | €35.7m | €20.7m | €13.1m | €7.2m | €5.9m |
| Debt | €12.9m | €19.1m | €23.5m | €17.9m | €17.5m | €19.1m | €11.2m | €3.4m | €3.0m | €2.9m |
| Shareholders' equity | −€24.9m | −€26.9m | −€30.7m | −€15.3m | €16.0m | €11.7m | €11.7m | €23.9m | €55.0m | €53.3m |
| Shares outstanding | 189m | 109m | 51m | 46m | 46m | 41m | 33m | 25m | 24m | 19m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€9.4m | −€12.9m | −€24.7m | −€33.8m | −€17.1m | −€15.0m | −€28.1m | −€28.4m | −€18.8m | −€19.6m |
| Capital spending | −€4,000 | −€1,000 | −€10,000 | −€252,000 | −€32,000 | −€6,000 | −€76,000 | −€791,000 | −€236,000 | −€189,224 |
| Free cash flow | −€9.4m | −€12.9m | −€24.7m | −€34.0m | −€17.2m | −€15.1m | −€28.2m | −€29.2m | −€19.0m | −€19.8m |
| Dividends paid | — | — | — | −€193,000 | −€1.4m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | −€1.2m | −€47,000 | €48,000 | €897,000 | €1.7m | €864,000 | €1.4m | €124,000 |
| Operating income | −€8.9m | −€4.9m | −€6.8m | −€8.4m | −€7.4m | −€3.7m | −€11.4m | −€6.3m |
| Net income | −€10.3m | −€5.1m | −€7.0m | −€8.2m | −€5.8m | −€2.9m | −€14.3m | −€7.1m |
| Diluted earnings per share | -0.05 | -0.03 | -0.04 | -0.07 | -0.05 | -0.03 | -0.28 | -0.14 |
| Cash from operations | −€1.0m | −€6.0m | −€2.0m | −€5.0m | −€7.0m | −€3.0m | −€8.0m | −€4.0m |
| Capital spending | — | −€6.0m | — | — | — | — | — | — |
| Free cash flow | — | −€12.0m | — | — | — | — | — | — |
| Total assets | €6.5m | €8.3m | €7.4m | €10.8m | €15.0m | €15.0m | €9.1m | €9.1m |
| Cash and short-term investments | €1.7m | €2.4m | €270,000 | €2.5m | €6.9m | €6.9m | €2.1m | €2.1m |
| Debt | €3.5m | €12.9m | €19.0m | €19.1m | €22.7m | €6.7m | €23.5m | €17.4m |
| Shareholders' equity | −€33.6m | −€24.9m | −€32.1m | −€26.9m | −€24.8m | −€24.8m | −€30.7m | −€30.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -92.7% | -81.3% | -55.9% |
| Operating income | -25.1% | -14.0% | -1.5% |
| Net income | -24.2% | -18.8% | -1.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1047.9% | -1313.5% | -855.4% | -830.2% |
| Net margin | -991.5% | -1233.7% | -882.7% | -847.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.6 | -2.1 | -0.9 | -1.1 | -1.7 | -1.6 | -0.5 | -0.5 | -0.6 | -0.7 |
| Price to sales | — | 11.2 | 18.4 | 11.3 | 9.2 | 12.4 | 21.8 | 3.5 | 4.0 | 4.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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