​

​

As at

​

  ​ ​ ​

June 30, 

  ​ ​ ​

December 31, 

(in EUR 000)

​

2026

​

2025

Recoverable cash advances - Non-current

​

8,769

​

8,276

Recoverable cash advances - Current

282

333

Total Recoverable cash advances

9,051

8,609

EIB finance agreement - Non-current

​

18,787

7,793

EIB accrued interest - Current

​

525

​

—

Synthetic warrants - Non-current

7,420

1,601

Total EIB

26,732

9,394

Convertible bond - Current

​

22,328

​

22,657

Total convertible bond

​

22,328

​

22,657

Total financial debt

58,111

40,660

Non-current

34,976

17,670

Current

23,135

22,990

​

​

As at

​

  ​ ​ ​

June 30, 

  ​ ​ ​

December 31,

(in EUR 000)

​

2026

​

2025

Contract 6472

1,797

1,697

Contract 6839

2,344

2,229

Contract 6840

2,784

2,650

Contract 7388

2,126

2,033

Total recoverable cash advances

9,051

8,609

Non-current

8,769

8,276

Current

282

333

Total recoverable cash advances

9,051

8,609

Fair Value of Liabilities (in EUR 000)

​

Variation of revenue projections

Variation of discount rates *

  ​ ​ ​

-25%

  ​ ​ ​

0%

  ​ ​ ​

25%

-25%

​

9,372

​

9,817

​

10,106

0%

​

8,531

​

9,051

​

9,398

25%

​

7,808

​

8,380

​

8,770

*

A change of -25% in the discount rates implies that the discount rate used for the fixed part of the recoverable cash advances is 3.8% instead of 5% while the one used for the variable part is 9.4% instead of 12.5%.

​

​

Carrying value

​

Fair value

​

​

As at

​

As at

​

As at

​

As at

​

​

June 30,

​

December 31, 

​

June 30,

​

December 31, 

(in EUR 000)

  ​ ​ ​

2026

​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Financial Assets

  ​

  ​

  ​

  ​

Cash guarantees (level 3)

507

394

507

394

Prepayment option (level 3)

​

66

​

91

​

66

​

91

Trade and other receivables (level 3)

9,149

6,184

9,149

6,184

Foreign currency forwards and swaps (level 2)

—

4

—

4

Other current assets (level 3)

236

165

236

165

Cash and cash equivalents (level 1)

64,115

30,001

64,115

30,001

Financial assets (level 1)

33,670

18,000

33,670

18,000

​

​

Carrying value

​

Fair value

​

​

As at

​

As at

​

As at 

​

As at

​

​

June 30,

​

December 31, 

​

June 30,

​

December 31, 

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Financial liabilities

  ​

  ​

  ​

  ​

Loan facility agreement (level 3)

​

18,787

​

7,793

​

19,537

​

8,165

Synthetic warrants (level 3)

7,420

1,601

7,420

1,601

Convertible bonds (level 3)

22,328

22,657

29,438

31,243

Recoverable cash advances (level 3)

9,051

8,609

9,051

8,609

Trade and other liabilities (level 1 and 3)

15,100

15,578

15,100

15,578

​

​

As at

​

​

June 30,

​

December 31, 

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

Trade receivables

6,849

5,254

Contract assets

​

639

​

764

Allowance for expected credit loss

​

(539)

​

(503)

Advance payments

​

664

​

307

R&D incentive receivable (Australia)

118

111

VAT receivable

617

614

Current tax receivable

497

811

Foreign currency swaps and forwards

−

4

Other

1,536

362

Total trade receivables, contract assets and other receivables

10,381

7,724

​

​

As at

​

​

June 30,

​

December 31,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

R&D tax incentive

1,258

1,233

Prepayment option

66

91

Cash guarantees

507

394

Total other long term receivables

1,831

1,718

​

​

For the three months ended June 30

​

For the six months ended June 30

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Sales US

5,197

—

9,451

—

Sales Germany

1,391

1,175

2,615

2,104

Sales UAE

469

—

814

32

Sales England

481

—

658

—

Sales Switzerland

24

—

357

—

Sales Netherlands

—

—

39

—

Sales Austria

37

165

37

268

Sales Spain

3

—

3

—

Sales Italy

73

—

73

—

Total sales

7,675

1,340

14,047

2,404

​

​

For the three months ended

​

For the six months ended

​

​

June 30,

​

June 30,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Purchases of goods and services (*)

2,452

​

843

​

4,872

1,512

Inventory movement

639

​

(353)

​

954

(616)

Total cost of goods sold

3,091

​

490

​

5,826

896

(*)

Including purchases of raw material, direct labour allocation, indirect labour allocation, fees of subcontractors, warranty and shipping cost (direct)

​

​

​

​

​

​

Operating

​

​

​

​

​

​

expense for the

(in EUR 000)

  ​ ​ ​

Total cost

  ​ ​ ​

Capitalized

  ​ ​ ​

period

Research and development

18,506

(159)

18,347

Selling, general and administrative expenses

30,992

—

30,992

Other income/(expense)

(40)

11

(29)

For the six months ended June 30, 2026

49,458

(148)

49,310

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Operating 

​

​

​

​

​

​

expense for the

(in EUR 000)

​

Total cost

​

Capitalized

​

period

Research and development

20,602

(1,554)

19,048

Selling, general and administrative expenses

23,063

—

23,063

Other income/(expense)

(171)

56

(115)

For the six months ended June 30, 2025

43,494

(1,498)

41,996

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Operating 

​

​

​

​

​

​

expense for the 

(in EUR 000)

​

Total cost

​

Capitalized

​

period

Research and development

9,543

—

9,543

Selling, general and administrative expenses

15,618

—

15,618

Other income/(expense)

6

5

11

For the three months ended June 30, 2026

25,167

5

25,172

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Operating 

​

​

​

​

​

​

expense for the 

(in EUR 000)

​

Total cost

​

Capitalized

​

period

Research and development

10,750

(691)

10,059

Selling, general and administrative expenses

10,672

—

10,672

Other income/(expense)

(56)

25

(31)

For the three months ended June 30, 2025

21,366

(666)

20,700

​

​

For the three months ended

​

For the six months ended 

​

​

June 30,

​

June 30,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Staff costs

3,050

​

3,700

​

5,775

8,280

Consulting and contractors’ fees

2,234

​

3,004

​

4,246

3,877

Q&A regulatory

91

​

43

​

99

119

Depreciation and amortization expense

1,470

​

418

​

2,746

829

Travel

352

​

434

​

737

713

Manufacturing and outsourced development

803

​

1,292

​

1,912

2,600

Clinical studies

1,049

​

1,396

​

2,073

3,250

IT

150

​

39

​

218

68

Rent

252

​

104

​

461

227

Other expenses

​

92

​

320

​

234

​

639

Capitalized costs

—

​

(691)

​

(154)

(1,554)

Total research and development expenses

9,543

​

10,059

​

18,347

19,048

​

​

For the three months ended

​

For the six months ended 

​

​

June 30,

​

June 30,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Staff costs

8,942

​

6,326

​

17,718

13,270

Consulting and contractors’ fees

3,816

​

2,527

​

7,053

5,734

Legal fees

995

​

217

​

2,540

479

Rent

101

​

124

​

138

230

Depreciation and amortization expense

342

​

356

​

782

719

IT

413

​

587

​

812

1,045

Travel

814

​

410

​

1,577

1,168

Insurance fees

103

​

108

​

213

221

Impairment loss on trade receivables

39

​

—

​

37

—

Other

53

​

17

​

122

197

Total selling, general and administrative expenses

15,618

​

10,672

​

30,992

23,063

​

​

For the three months ended

​

For the six months ended

​

​

June 30, 

​

June 30, 

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Recoverable cash advances

​

​

​

​

  ​

  ​

Initial measurement and re-measurement

12

​

7

​

30

25

R&D incentives

(18)

​

49

​

10

110

Capitalization of R&D incentive

(5)

​

(25)

​

(11)

(56)

Other income/(expenses)

—

​

—

​

—

36

Total Other Operating Income/(Expenses)

(11)

​

31

​

29

115

​

​

For the three months ended

​

For the six months ended

​

  ​ ​ ​

June 30,

  ​ ​ ​

June 30,

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

​

2026

  ​ ​ ​

2025

Current tax expenses

(476)

​

(275)

​

(856)

(407)

Deferred tax income/(expense)

(1)

​

(3)

​

(12)

3

Total Income Tax Expense

(477)

​

(278)

​

(868)

(404)

​

​

As at

​

​

June 30, 

​

December 31, 

(in EUR 000)

  ​ ​ ​

2026

  ​ ​ ​

2025

Holiday pay accrual

​

496

​

552

Salary

2,860

3,840

Accrued expenses

565

482

VAT Payable

289

246

Other

1,712

1,509

Total other liabilities

5,922

6,629