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1. Corporate informationAgomAb Therapeutics NV (further referred to as “the Company”) is a limited liability company incorporated and domiciled in Belgium. The registered office is located at 1/6 Posthoflei, 2600 Antwerp, Belgium.The Company has two fully owned subsidiaries, Agomab Spain S.L.U. (further referred as ‘Agomab Spain’ and formerly known as Origo Biopharma, S.L.) and a subsidiary within the United States of America (the “US”), Agomab US, Inc. (further referred to as “Agomab US”), established on May 31, 2024. The Company, its Spanish and US subsidiaries (together referred to as the “Group”) are clinical-stage biopharmaceutical companies focused on developing novel disease-modifying therapies for fibro-inflammatory diseases. The Group is active primarily in Europe.AgomAb Therapeutics NV is a publicly traded company with American Depositary Shares listed on NASDAQ Global Select Market under the symbol “AGMB” since February 6, 2026 (see note 26).Information on other related party transactions is provided in note 25.The Consolidated Financial Statements under IFRS Accounting Standards (further referred to as “the consolidated financial statements”) of the Group for the year ended December 31, 2025, were authorized for issue in accordance with a resolution of the directors on April 17, 2026.

2. Material accounting policies2.1. Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).The consolidated financial statements have been prepared on a historical cost basis, except for Money Market Funds (current financial investments), derivative instruments, defined benefit pension plan assets and contingent consideration, that are measured on the basis of fair value (see note 23). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. All financial assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1: quoted (unadjusted) market prices in active markets for identical assets or liabilities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2: valuation techniques for which the lowest level input that is significant to the fair value measurement, is directly or indirectly observable; or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurement is, unobservable.</td></tr></table><div style="margin-top:12pt;"></div>The financial statements are presented in thousands of euros and all currency amounts are rounded to the nearest thousands, except where otherwise indicated.The material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented and by all Group entities if applicable in the respective years.The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas where significant judgment and estimates have been made in preparing the financial statements and their effect are disclosed in note 4.On February 9, 2026, the Company effected a stock split, each common share was split into 21.645 common shares (rounded). Accordingly, all common shares and per common share amounts for all periods presented in these consolidated financial statements and notes thereto have been adjusted retroactively, where applicable (unless otherwise noted), to reflect this share split.2.2. Summary of material accounting policies2.2.1. Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries–see note 6). Control is achieved when the Company has the power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns.Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries incorporated, acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.2.2.2. Foreign Currency Transactions2.2.2.1. Functional and presentation currencyItems included in the consolidated financial statements of each of the entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in EUR (€), which is the Company’s functional and presentation currency.2.2.2.2. Foreign currency transactionsForeign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing on the reporting date. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction or, for those stated at fair value, at the dates the fair value was determined. Translation of the results and financial position of foreign operations.2.2.2.3. Translation of the results and financial position of foreign operationsThe results and financial position of foreign operations (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">all resulting exchange differences are recognized in other comprehensive income; and</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.</td></tr></table><div style="margin-top:12pt;"></div>2.2.3. TaxationThe current tax payable is based on the taxable profit for the year. Taxable profit differs from the net result as reported in the statement of profit or loss for the period as there are some items which may never be taxable or deductible for tax and other items which may be deductible or taxable in other periods. The Company’s liability for current tax is calculated based on the tax laws enacted or substantively enacted by the end of the reporting period.Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized on deductible temporary differences and on the carry-forward of unused tax losses and tax credits only to the extent that it is probable that taxable profits will be available in the foreseeable future. Deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. The carrying amount of the deferred tax assets are reviewed at each reporting date.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.2.2.4. GoodwillGoodwill represents the future economic benefits arising from intangible assets acquired in a business combination that are not individually identified and separately recognized. Such benefits include future synergies expected from the combination recognized as a result of the purchase price allocation. Agomab Spain brings a dedicated pipeline of organ-restricted small molecule drug candidates targeting the transforming growth factor beta (TGF-β) pathway. The synergies are stemming from the potential additional commercial revenue expected from these products upon regulatory and marketing approvals.Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net amount of assets and liabilities).After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized and annually (i.e., in the fourth quarter) tested for impairment at cash generating unit (CGU) level. The Group distinguishes two CGU’s, being Agomab Spain and AgomAb Therapeutics NV. The goodwill has been allocated in full to the CGU “Agomab Spain” as it is the level at which the synergies from the combination are expected to materialize. The recoverable amount of the Agomab Spain CGU is based on its value in use, i.e. net present value of the expected future cash flows. No impairment was recorded as the recoverable amount is not lower than the carrying amount of the CGU. The pre-tax discount rates are derived from the Company’s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made. When the recoverable amount of the goodwill is less than its carrying amount, an impairment loss is recognized immediately in the income statement which cannot be subsequently reversed.2.2.4. Intangible assets2.2.4.1. Research and Commercialization licenseThe Company has entered into a research and commercialization license agreement for certain third-party patent rights and know-how. The license agreement is a non-exclusive, worldwide milestone-free and royalty-free research license grant under third-party intellectual property (IP) for the sole purpose of researching anti-MET SIMPLE Antibodies in the field. The third-party grants a worldwide, exclusive, sublicensable license under the third- party IP to research, develop, manufacture, use and sell, licensed products in the field. The license agreement expires on the last to expire third-party patent right and cannot be terminated by either party other than for cause or due to insolvency.The license is received in exchange for a profit share certificate. The license is considered a right-to-use license and meets the definition of an intangible asset as the license rights obtained are identifiable, i.e., both separable and arising from contractual or legal rights.The profit share certificate was immediately vested as at the effective date of the research and commercialization license agreement and correspondingly, an intangible asset is recognized equal to the fair value of the profit share certificate at grant date. The intangible asset will not be subsequently remeasured, although the number of equity instruments to be issued upon exercise may vary as a result of the continued development efforts by the Company on their product pipeline and other events, independent of the third-party license. We also refer to note 2.2.8.2 for further details.The license will be amortized as from the moment one or more products that uses the license are available for use (i.e., when regulatory approval is obtained to launch the product on the market). Intangible assets not available for use and hence not subject to amortization, are tested annually for impairment or if there is an indication that an asset may be impaired. External indicators may be: market value declines, overall macro-economic climate, increase in market interest rates and a decrease of the Group’s market capitalization below its net assets. Internal indicators could be negative outcome of R&D and issues identified with the corresponding intellectual property.During 2025, the Company has decided to pause the start of any further development on one of its preclinical stage assets, relating to the research and commercialization license. This strategic decision has been made because the Company will focus its efforts on other therapeutic areas. The Company is assessing strategic options for the accumulated know-how and IP related to this asset.2.2.4.2. In-process research and developmentInternally generated research and developmentExpenditure on research activities is recognized as an expense in the period in which it is incurred.An internally generated intangible asset arising from development is recognized to the extent that all the following conditions for capitalization have been satisfied:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the technical feasibility of completing the intangible asset so that it will be available for use or sale;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">its intention to complete the intangible asset and use or sell it;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">its ability to use or sell the intangible asset;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">how the intangible asset will generate probable future economic benefits;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">its ability to measure reliably the expenditure attributable to the intangible asset during its development.</td></tr></table><div style="margin-top:12pt;"></div>The above recognition criteria are only met when a regulatory filing has been made in a major market and the approval from the regulators is considered as highly probable. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. All costs incurred to legally protect the intellectual property of the Group on research and development activities not qualifying for recognition as an intangible asset, are also expensed as incurred.The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.Acquired research and developmentThe fair value of the in-process research and development projects acquired via the acquisition of Agomab Spain are capitalized and accounted for as intangible assets not yet ready for use until:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the underlying project receives regulatory approval, at which point the intangible asset will be accounted for as a definite-lived intangible asset, or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">discontinuation, at which point the intangible asset will be written off.</td></tr></table><div style="margin-top:12pt;"></div>Research and development costs incurred subsequent to the acquisition are expensed as incurred. In-process R&D assets are tested annually for impairment or if there is an indication that an in-process R&D asset is impaired when the recoverable amount is lower than the carrying amount at CGU level. The Group distinguishes two CGU’s, being Agomab Spain and AgomAb Therapeutics NV. As the related R&D projects are not expected to generate cash inflows independently from the CGU (i.e. Agomab Spain), the in-process R&D has been fully allocated to the Agomab Spain CGU. The recoverable amount of the Agomab Spain CGU is based on its value in use, i.e. net present value of the expected future cash flows. No impairment was recorded as the recoverable amount is not lower than the carrying amount of the CGU. The pre-tax discount rates are derived from the Company’s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made. When the recoverable amount of the in-process R&D is less than its carrying amount, an impairment loss is recognized immediately in the income statement which could be potentially subsequently reversed.2.2.5. Financial assetsFinancial assets are initially recognized either at fair value or at transaction price. All recognized financial assets are subsequently measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company’s model for managing the financial assets and the contractual cash flow characteristics of the financial asset.<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (“FVTPL”) under the fair value option.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual term that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding, is measured at fair value through other comprehensive income (“FVTOCI”), unless the asset is designated at FVTPL under the fair value option.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">All other financial assets are measured at FVTPL.</td></tr></table><div style="margin-top:12pt;"></div>A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or the Company transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.2.2.5.1. Financial assets measured at fair value through profit and lossCurrent financial investments measured at fair value through profit or loss comprise of money market funds that are readily convertible to cash and are subject to a marginal risk of changes in value. These financial assets are used by the Company in the management of short-term commitments.2.2.5.2. Financial assets measured at amortized costFinancial assets measured at amortized cost include cash and cash equivalents, other financial assets, and non-current assets (i.e., trade receivables and other receivables).Cash and cash equivalents measured at amortized cost comprise cash at banks and on-hand, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.Other financial assets comprise cash balances that are not available for use by the Company (i.e., guarantees) and deposit accounts with an original maturity of more than three months.Trade receivables are initially measured at the transaction price and are subsequently measured at amortized cost using the effective interest rate method, less any loss allowance.The Company determines the value of the allowance for losses (impairment) on each reporting date. It recognizes this impairment for credit losses to be expected during the term of all financial instruments for which the credit risk—whether on an individual or collective basis—has increased significantly since initial recognition, considering all reasonable and substantiated information, including forward-looking information. In the case that the credit risk is low, the twelve month expected credit losses are recognized.2.2.6. Financial liabilitiesThe Company has financial liabilities measured at amortized cost which include trade payables and other payables.These financial liabilities are recognized initially at fair value minus directly attributable transaction costs and are measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the effective interest rate method amortization process.The Company has a contingent consideration payable classified as a financial liability relating to a business combination. The amount classified as a financial liability is subsequently remeasured to fair value with changes in fair value through profit or loss.A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.2.2.7. Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the statement of financial position, if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.2.2.8. Share-based payments2.2.8.1. Share-based paymentsThe Company issued ESOP warrants giving employees and consultants the right to acquire newly issued ESOP common shares. There is no obligation for the Company to deliver cash or another financial asset. The related plans are classified as equity-settled share-based payment transactions. Refer to note 19.1 for more information.The fair value of warrants granted under the ESOP plan is measured at grant date using the Black-Scholes model and is recognized as an employee benefits expense, with a corresponding increase in equity (share-based payment reserves). The total amount to be expensed is determined by reference to the fair value of the options granted. The ESOP plan has service performance vesting conditions which are further detailed in note 19.1.The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.Where vesting of ESOPs is conditional upon the occurrence of an IPO, and the timing of the qualified IPO is uncertain at grant date, the Group determines the expected vesting period based on the best estimate of when the qualified IPO is expected to occur. This estimate is reassessed at each reporting date and adjusted based on current information regarding the probability and expected timing of the qualified IPO.Upon reassessment of the variable vesting period, the cumulative expense will be calculated based on the revised vesting period and the impact will be recorded in the reporting period when the reassessment is performed.2.2.8.2. Profit share certificateThe Company has granted a profit share certificate (PSC) towards a third-party company in return for a research and commercialization license on certain patent rights and know-how. The profit share certificate qualifies as an equity-settled share-based payment transaction. Information relating to this profit share certificate is set out in note 19.2.The fair value of the profit share certificate is measured at the grant date at fair value (refer to note 4.2.2) and is initially recognized as an intangible asset with a corresponding increase in equity (share-based payment reserves). The profit share certificate is immediately vested at the effective date of the research and commercialization license agreement as the third-party company is not required to deliver any service other than granting the license. No subsequent remeasurement shall be made to total equity in accordance with IFRS 2.23 after the vesting date.The profit share certificate entitles the third-party to 20% of all distributions to the Company’s shareholders (which shall be reduced to 10% following the filing of an Investigational New Drug application (“IND”) and is subject to further adjustment upon the occurrence of certain financings).As at December 31, 2024, the Company has obtained the IND and additionally as a result of the Series D financing round in November 2024, the percentage of the profit share certificate was further adjusted.(i.e., the percentage was reduced to 4.84% of all distributions to the Company’s shareholders, subject to further adjustment upon the occurrence of certain financings.).Upon the occurrence of a qualified initial public offering of the Company, the profit share certificate will automatically be converted into the equivalent number of common shares in the Company.2.2.9. Anti-dilution warrantsThe Company has issued anti-dilution warrants A, B, C and D to each of the preferred A, B, C and D investor shareholders. The anti-dilution warrants are granted to shareholders, in their capacity as shareholder, to protect the investors against future dilutive capital increases. The warrants are only exercisable upon a dilutive capital increase and will grant the right to the holder to obtain an additional variable number of preferred A, B, C or D shares. As the warrants will result in a variable number of shares to be issued upon exercise, they do not meet the definition of an equity instrument. The anti-dilutive warrants are classified as derivative financial liabilities and recorded against accumulated loss upon initial recognition and subsequently measured at fair value through profit and loss.Refer to note 18 below for further information.2.2.10. Other income—Grants and R&D incentivesAs the Company carries out extensive research & development (R&D) activities, it benefits from various grants and R&D incentives from certain governmental agencies. These grants and incentives generally aim to partly reimburse eligible R&D costs incurred.All incoming cash from grants is presented as a liability in deferred income on the balance sheet for as long as the grant is not recognized as income. A partial deduction of the withholding tax on salaries of research employees is also recognized as other income in the period in which the deduction is granted. This deduction is treated as a reduced payment of withholding tax to the government and has therefore no direct impact on the cash flow. The Company has not received grants related to assets.2.2.10.1. VLAIO grantsThese amounts relate to R&D innovation grants issued by Flanders Innovation and Entrepreneurship (VLAIO). In line with IAS 20 “Government grants”, VLAIO grants are recognized as government grant income over the term of the project for which the grant was given when there is reasonable assurance that the Company will comply with the conditions attached to them and the grants will be received. Grants that compensate the Company for expenses incurred are recorded in other operating income on a systematic basis in the same period in which the expenses are incurred. Grants are provided to the Company in order to support certain R&D activities and costs that are defined in the grant agreement. Over the course of the project, the Company reports on the status of activities and incurred expenditure to VLAIO on a regular basis in order to receive grant advances. A final assessment is performed by VLAIO at the end of the project in order to determine the final grant amount. Projects can take on average between two and three years. Over the course of funded projects, the Company is confident that all activities performed will not deviate from the agreed scope, and that the final grant amount will not deviate from the initially agreed amount. The Company is confident that reasonable assurance as defined in the standard is reached over the course of the project for the amounts spent up to that moment. The only condition attached to the grant is the performance of R&D activities in line with the agreed-upon scope and in line with the set budget. There are no other conditions attached to the grants and the scientific result of R&D activities does not impact the decision of VLAIO as to whether the final grant will be received or not. Contracts with these grant bodies also typically include clauses that require the Company to maintain a presence in the Flemish region for a number of years and that define the need for future validation of the project results after completion of the initial grant term during which the subsidized expenses or investments have been incurred and for which the grant was earned. These government institutions may however subsequently perform an audit which may result in a (partial) claw back of the grant. The Company deems that the claw back risk is remote in view of the continuous monitoring of the contractual conditions. There are no other conditions attached to the grants and the scientific result of R&D activities does not impact the decision of VLAIO as to whether the final grant will be received or not.2.2.10.2. R&D tax creditsThe Company applies for R&D tax credits, a tax incentive measure for European Small and Medium-sized Enterprises (SMEs) established by the Belgian federal government. When capitalizing its R&D expenses for tax filing, the Company may either:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Receive a reduction of its taxable income (at the current income tax rate applicable); or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">If no sufficient taxable income is available, apply for a refund of the unutilized tax credits, calculated on the R&D expenses for the year.</td></tr></table><div style="margin-top:12pt;"></div>Such settlement occurs, at the earliest, four financial years after the tax credit application is filed by the Company. Considering that R&D tax credits are ultimately paid by public authorities, the related benefit is treated as a government grant and recognized as other income, to match the R&D expenses subsidized by the grant.2.2.11. Property, plant and equipmentProperty, plant and equipment, including leasehold improvements, is measured at cost less accumulated depreciation and impairment losses. Costs included are the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating as intended by management. The assets’ residual values and useful lives have to be reviewed, and adjusted if appropriate, at the end of each reporting period.Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. For the non- removable leasehold improvements, if the lease term of the related lease is shorter than the economic life of those leasehold improvements, the Group considers whether it expects to use the leasehold improvements beyond that lease term. If not, the useful life of the non-removable leasehold improvements is equal to the lease term.The estimated useful lives of the assets are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:82.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:82.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Asset class</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Useful life in years</td></tr><tr style=""><td style="vertical-align:bottom;width:82.31%;background:#cceeff;margin:0pt;padding:0pt;">Leasehold improvements</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;background:#cceeff;margin:0pt;padding:0pt;"> 9</td></tr><tr style=""><td style="vertical-align:bottom;width:82.31%;margin:0pt;padding:0pt;">IT equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"> 3</td></tr><tr style=""><td style="vertical-align:bottom;width:82.31%;background:#cceeff;margin:0pt;padding:0pt;">Furniture and fixtures and other equipment </td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;background:#cceeff;margin:0pt;padding:0pt;"> 5</td></tr></table>An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the asset, is included in the statement of profit or loss and other comprehensive income when the asset is derecognised. This either as an operating expense or operating income in case of a net loss or net gain respectively.2.2.12. LeasesThe company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in cash flow from operating activities.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates.Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the period in which the event or condition that triggers those payments occurs.A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to the related right-of-use asset. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date over the shorter period of useful life of the underlying asset and lease term.2.2.13. Deferred offering expensesThe Group defers the incremental directly attributable expenses with respect to the in-process equity financing as deferred offering expenses, until such financing is received. If the equity financing is received, these deferred expenses are reclassified and recorded as a deduction of the equity financing generated as a result of the offering. In case the in-process equity financing would no longer be probable, the deferred offering expenses will immediately be expensed as an operating expense in the consolidated statement of profit or loss and other comprehensive income.

21.645

2.2.1. Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries–see note 6). Control is achieved when the Company has the power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns.Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries incorporated, acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

2.2.3. TaxationThe current tax payable is based on the taxable profit for the year. Taxable profit differs from the net result as reported in the statement of profit or loss for the period as there are some items which may never be taxable or deductible for tax and other items which may be deductible or taxable in other periods. The Company’s liability for current tax is calculated based on the tax laws enacted or substantively enacted by the end of the reporting period.Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized on deductible temporary differences and on the carry-forward of unused tax losses and tax credits only to the extent that it is probable that taxable profits will be available in the foreseeable future. Deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. The carrying amount of the deferred tax assets are reviewed at each reporting date.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

2.2.4. Intangible assets2.2.4.1. Research and Commercialization licenseThe Company has entered into a research and commercialization license agreement for certain third-party patent rights and know-how. The license agreement is a non-exclusive, worldwide milestone-free and royalty-free research license grant under third-party intellectual property (IP) for the sole purpose of researching anti-MET SIMPLE Antibodies in the field. The third-party grants a worldwide, exclusive, sublicensable license under the third- party IP to research, develop, manufacture, use and sell, licensed products in the field. The license agreement expires on the last to expire third-party patent right and cannot be terminated by either party other than for cause or due to insolvency.The license is received in exchange for a profit share certificate. The license is considered a right-to-use license and meets the definition of an intangible asset as the license rights obtained are identifiable, i.e., both separable and arising from contractual or legal rights.The profit share certificate was immediately vested as at the effective date of the research and commercialization license agreement and correspondingly, an intangible asset is recognized equal to the fair value of the profit share certificate at grant date. The intangible asset will not be subsequently remeasured, although the number of equity instruments to be issued upon exercise may vary as a result of the continued development efforts by the Company on their product pipeline and other events, independent of the third-party license. We also refer to note 2.2.8.2 for further details.The license will be amortized as from the moment one or more products that uses the license are available for use (i.e., when regulatory approval is obtained to launch the product on the market). Intangible assets not available for use and hence not subject to amortization, are tested annually for impairment or if there is an indication that an asset may be impaired. External indicators may be: market value declines, overall macro-economic climate, increase in market interest rates and a decrease of the Group’s market capitalization below its net assets. Internal indicators could be negative outcome of R&D and issues identified with the corresponding intellectual property.During 2025, the Company has decided to pause the start of any further development on one of its preclinical stage assets, relating to the research and commercialization license. This strategic decision has been made because the Company will focus its efforts on other therapeutic areas. The Company is assessing strategic options for the accumulated know-how and IP related to this asset.2.2.4.2. In-process research and developmentInternally generated research and developmentExpenditure on research activities is recognized as an expense in the period in which it is incurred.An internally generated intangible asset arising from development is recognized to the extent that all the following conditions for capitalization have been satisfied:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the technical feasibility of completing the intangible asset so that it will be available for use or sale;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">its intention to complete the intangible asset and use or sell it;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">its ability to use or sell the intangible asset;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">how the intangible asset will generate probable future economic benefits;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">its ability to measure reliably the expenditure attributable to the intangible asset during its development.</td></tr></table><div style="margin-top:12pt;"></div>The above recognition criteria are only met when a regulatory filing has been made in a major market and the approval from the regulators is considered as highly probable. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. All costs incurred to legally protect the intellectual property of the Group on research and development activities not qualifying for recognition as an intangible asset, are also expensed as incurred.The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.Acquired research and developmentThe fair value of the in-process research and development projects acquired via the acquisition of Agomab Spain are capitalized and accounted for as intangible assets not yet ready for use until:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the underlying project receives regulatory approval, at which point the intangible asset will be accounted for as a definite-lived intangible asset, or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">discontinuation, at which point the intangible asset will be written off.</td></tr></table><div style="margin-top:12pt;"></div>Research and development costs incurred subsequent to the acquisition are expensed as incurred. In-process R&D assets are tested annually for impairment or if there is an indication that an in-process R&D asset is impaired when the recoverable amount is lower than the carrying amount at CGU level. The Group distinguishes two CGU’s, being Agomab Spain and AgomAb Therapeutics NV. As the related R&D projects are not expected to generate cash inflows independently from the CGU (i.e. Agomab Spain), the in-process R&D has been fully allocated to the Agomab Spain CGU. The recoverable amount of the Agomab Spain CGU is based on its value in use, i.e. net present value of the expected future cash flows. No impairment was recorded as the recoverable amount is not lower than the carrying amount of the CGU. The pre-tax discount rates are derived from the Company’s weighted average cost of capital, taking into account the cost of equity and debt, to which specific market-related premium adjustments are made. When the recoverable amount of the in-process R&D is less than its carrying amount, an impairment loss is recognized immediately in the income statement which could be potentially subsequently reversed.

2.2.5. Financial assetsFinancial assets are initially recognized either at fair value or at transaction price. All recognized financial assets are subsequently measured at either amortized cost or fair value under IFRS 9 on the basis of both the Company’s model for managing the financial assets and the contractual cash flow characteristics of the financial asset.<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (“FVTPL”) under the fair value option.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual term that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding, is measured at fair value through other comprehensive income (“FVTOCI”), unless the asset is designated at FVTPL under the fair value option.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">All other financial assets are measured at FVTPL.</td></tr></table><div style="margin-top:12pt;"></div>A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or the Company transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.2.2.5.1. Financial assets measured at fair value through profit and lossCurrent financial investments measured at fair value through profit or loss comprise of money market funds that are readily convertible to cash and are subject to a marginal risk of changes in value. These financial assets are used by the Company in the management of short-term commitments.2.2.5.2. Financial assets measured at amortized costFinancial assets measured at amortized cost include cash and cash equivalents, other financial assets, and non-current assets (i.e., trade receivables and other receivables).Cash and cash equivalents measured at amortized cost comprise cash at banks and on-hand, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.Other financial assets comprise cash balances that are not available for use by the Company (i.e., guarantees) and deposit accounts with an original maturity of more than three months.Trade receivables are initially measured at the transaction price and are subsequently measured at amortized cost using the effective interest rate method, less any loss allowance.The Company determines the value of the allowance for losses (impairment) on each reporting date. It recognizes this impairment for credit losses to be expected during the term of all financial instruments for which the credit risk—whether on an individual or collective basis—has increased significantly since initial recognition, considering all reasonable and substantiated information, including forward-looking information. In the case that the credit risk is low, the twelve month expected credit losses are recognized.

0.20 0.10 0.0484

P9Y

P3Y

P5Y

2.2.12. LeasesThe company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in cash flow from operating activities.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates.Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the company is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the period in which the event or condition that triggers those payments occurs.A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to the related right-of-use asset. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date over the shorter period of useful life of the underlying asset and lease term.

2.2.13. Deferred offering expensesThe Group defers the incremental directly attributable expenses with respect to the in-process equity financing as deferred offering expenses, until such financing is received. If the equity financing is received, these deferred expenses are reclassified and recorded as a deduction of the equity financing generated as a result of the offering. In case the in-process equity financing would no longer be probable, the deferred offering expenses will immediately be expensed as an operating expense in the consolidated statement of profit or loss and other comprehensive income. 3. New and revised standards not yet adoptedNew and amended Standards and interpretations applicable for annual period beginning on January 1, 2025, did not have any material impact on our consolidated financial statements. The Group has not early adopted any of the new and amended standards which have been issued but are not yet effective.The new and amended standards and interpretations that have been issued, but are not effective yet, are disclosed below. The Company intends to adopt these new and amended standards and interpretations, if applicable, when they become effective:The following amendments are effective for the period beginning January 1, 2026:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial instruments</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Annual Improvements: Volume 11</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity</td></tr></table><div style="margin-top:12pt;"></div>The following amendments are effective for the period beginning January 1, 2027:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">IFRS 18: Presentation and Disclosure in Financial Statements</td></tr></table><div style="margin-top:12pt;"></div>The Company is currently assessing the effect of these new accounting standards and amendments.In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof investing and financing are new.The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes.In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.IFRS 18 is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.Although the adoption of IFRS 18 will have no impact on the group’s net profit, the following changes are likely to be reflected: <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Loss before financing and income tax will be introduced as [a] new subtotal[s] in the statement of profit or loss.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Interest income on cash and cash equivalents will be removed from financial result and classified as part of the investing category.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The interest result with respect to our defined benefit plans currently presented as part of operating profit will be presented as part of the financial result.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Foreign exchange difference will be classified in the category where the related income and expense form the item giving rising to the foreign exchange difference.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Remeasurement of the contingent consideration will be removed from financial result and classified as part of the operating result.</td></tr></table><div style="margin-top:12pt;"></div>Classifications subject to pending IFRIC decisions:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Foreign exchange on intercompany transactions are currently presented as part of our financial result, pending final IFRIC decisions, it might be that this will have to be presented as part of operating result. </td></tr></table><div style="margin-top:12pt;"></div>Changes to the cash flow statement:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Interest received currently classified as part of operating cash flows will have to be presented as part of investing cash flows </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Interest paid currently classified as part of operating cash flows will have to be presented as part of financing cash flows</td></tr></table><div style="margin-top:12pt;"></div>We have not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective. 4. Key judgements and major sources of estimation uncertaintyThe preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of income, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require significant adjustments to the carrying amount of assets or liabilities in future periods.On an ongoing basis, the Group evaluates its estimates, assumptions, and judgments.The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur.4.1. Key judgements4.1.1. Going concernThe Group regularly monitors its cash position and its ability to continue as a going concern at each reporting period. When assessing going concern, the Group mainly considers the following:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Cash and cash equivalents available at the reporting date; </td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Cash use projected in accordance with the approved budget for next 12-month period as from the issuance date of the financial statements; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Availability of grant funding;</td></tr></table><div style="margin-top:12pt;"></div>Whilst the current cash position is sufficient for the Group to operate as a going concern for next 12 months, the executive management committee and the Board regularly assess if the Company’s research and development activities continue to deliver added value. The Company may seek additional funding to support the continuing development of its portfolio of products or to allow it to be able to execute other business opportunities.Based on the above and the actions the Company has taken, management has concluded that the substantial doubt about its ability to continue as a going concern has been alleviated beyond 12 months from issuance of these financial statements, and these financial statements have been prepared on a going concern basis.4.2. Key sources of estimation uncertainty4.2.1. Share-based payment transactions—ESOP warrantsThe Company measures the cost of equity-settled transactions with employees and consultants by reference to the fair value of the equity instruments at the date at which they are accepted by the beneficiary. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the share option, volatility, dividend yield and fair value of the underlying common shares (which itself relies on probability of exit scenarios and volatility) determined by using an OPM valuation approach.As the Group progressed further toward an initial public offering, the fair value determination of the ESOP common shares was updated to a combination of probability weighted scenarios under an option pricing model and a net present value analysis taking into account last capital round(s), changes in the value since the last capital round(s) and different exit scenarios of an IPO and M&A transaction.The assumptions and models, using the Black-Scholes valuation approach for estimating the fair value of share- based payment transactions and other estimates, are disclosed in note 20.1.In measuring the expense for ESOP share-based payment transactions, the Company must estimate the vesting period. This estimation is based on the vesting schedule outlined in the plans, and on certain liquidity events, such as an initial public offering (IPO). Accelerated or delayed vesting may occur leading to a revision of the estimated vesting period. The corresponding assumptions regarding vesting period are also disclosed in note 20.1.4.2.2. Profit share certificateThe Company has a profit share certificate granted to a third party. Refer to note 2.2.8.2. for information on the accounting policy in this respect. The Company measures the profit share certificate by reference to the fair value of the equity instruments at the date at which the profit share certificate was granted. Refer to note 20.2 for a description of the valuation of the profit share certificate and key inputs. Estimating fair value for the profit share certificate requires determining the applicable profit share percentage at grant date based on the contractual terms of the profit share certificate and determination of the volatility and potential exit scenarios as part of the fair value calculation of the underlying common share values.No subsequent revaluation shall be made to total equity in accordance with IFRS 2.23 after the vesting date.4.2.3. Identification and valuation of intangible assets in a business combinationThe Company has acquired and may continue to acquire significant intangible assets in connection with business combinations that the Company measures at fair value. The fair value of in-process R&D has been estimated based on “Relief from Royalty” (RfR), which is an income approach valuation method. It calculates the value based on the hypothetical royalty payments the Company would save by owning the intangible asset itself compared to paying license fees or royalties to a third party for using the asset. The RfR calculation involves assumptions for both the royalty rate used and the discounted future economic benefits or cashflows (future revenue projections, discount rate equal to the Weighted Average Cost of Capital (WACC) and the applicable statutory tax rate). The royalty rate used within the calculation is based upon the average rate from ten similar transactions within the pharmaceutical and biotech industry.In-process R&D acquired in a business combination is capitalized as an intangible asset not yet available for use until regulatory approval is obtained, at which time it is accounted for as a definite-lived asset and amortized over its estimated useful life.4.2.4. Impairment of intangible assets not available for use and goodwillGoodwill and intangible assets not yet available for use are tested for impairment annually on December 31 or when an event occurs that could indicate that the asset may be impaired. See notes 10 and 11 to the consolidated financial statements for additional information.As goodwill and intangible assets recognized result from the acquisition of Agomab Spain and relate to the R&D activities in Spain, goodwill and intangible assets are allocated to the same CGU (Agomab Spain). For the impairment test of intangible assets not yet available for use and goodwill, the Company applies the value in use approach (discounted cash flows) that requires significant estimates with respect to future sales volume, revenue and expense growth rates, changes in working capital, appropriate discount rate and other assumptions and estimates. The estimates and assumptions used are consistent with the Company’s business plans and a market participant view. The use of alternative estimates and assumptions could increase or decrease the estimated value in use of the CGU and could potentially impact the Group’s profit or loss. Actual results may differ from the Group’s estimates.4.2.5. Measurement of contingent considerationsThe fair value measurement of the contingent consideration liabilities is determined as of the acquisition date based on significant unobservable inputs, including the discount rate, the estimated probabilities and timing of achieving specified development and regulatory milestones. Contingent consideration liabilities are remeasured to fair value at each subsequent reporting date until the related contingency is resolved. The potential contingent consideration payments are estimated by applying a probability-weighted expected payment model for contingent milestone payments which are then discounted to present value. Changes to the fair value of the contingent consideration liabilities can result from changes to one or a number of inputs, including discount rates, the probabilities of achieving the milestones and the time required to achieve the milestones. Significant judgment is employed in determining the appropriateness of certain of these inputs. Changes to the inputs described above could have a significant impact on the Group’s financial position and profit or loss in any given period. Refer to note 23 for more information on the contingent consideration key inputs.4.2.6 Anti-Dilution warrantsThe Company has issued anti-dilution warrants that are measured at fair value on each reporting date. The fair value of such derivatives is estimated by applying valuation models in which the Company uses market data to the extent available. The description of the valuation models and unobservable inputs applied, as well as the impact on the fair value of reasonably possible changes in the value of the respective significant unobservable inputs at the end of the reporting period, is provided in note 18. 10

5267000

5364000

27202000

27204000

32469000

32568000

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:28.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:21.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:28.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Company name</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Registration number</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Location</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Financial interest (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:28.48%;background:#cceeff;margin:0pt;padding:0pt;">AgomAb Therapeutics NV</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;background:#cceeff;margin:0pt;padding:0pt;">674527310</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.19%;background:#cceeff;margin:0pt;padding:0pt;">Antwerp, Belgium</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;background:#cceeff;margin:0pt;padding:0pt;">Parent</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:28.48%;margin:0pt;padding:0pt;">Agomab Spain S.L.U.</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;margin:0pt;padding:0pt;">B32478414</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.19%;margin:0pt;padding:0pt;">Fonte Díaz-A Coruña, Spain</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;margin:0pt;padding:0pt;">100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:28.48%;background:#cceeff;margin:0pt;padding:0pt;">Agomab US Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">99-332612</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.19%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Delaware, USA</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.08%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table>

7. Income and expenses7.1. Operating expensesThe research and development expenses and general and administrative expenses consist of the following expenses:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Clinical trial expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 36,921</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 30,057</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 19,131</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Employee benefits</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 7,267</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 5,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 3,290</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Consulting</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 2,091</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 2,121</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 1,786</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Share-based payments</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 1,506</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 143</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 1,009</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Chemicals and small materials</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,001</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 191</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Patent related charges</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 249</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 431</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 891</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Regulatory</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 101</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 14</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Facility rent and expenses</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 64</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Other R&D expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 600</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Total research and development expenses </td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 48,877</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 39,310</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 26,311</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Employee benefits</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 5,171</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 3,868</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 2,243</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Share-based payments</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 3,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 928</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 1,150</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Professional service fees</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,861</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 3,183</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 1,185</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Office materials and services</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 559</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 627</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 549</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Travel and meeting expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 754</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 561</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 483</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Facility rent and expenses</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 211</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 137</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 178</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Board fees</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 63</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 63</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 67</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Depreciation and amortization</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 219</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 311</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 99</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Recruitment</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 245</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 20</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Other G&A expenses </td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 80</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 210</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 122</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Total general and administrative expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 12,791</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 10,133</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 6,097</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Total operating expenses</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 61,668</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 49,443</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 32,408</td></tr></table>Increases in research and development (R&D) expenses are mainly related to clinical trial expenses, which are outsourced activities, specifically for the two lead programs AGMB-129 and AGMB-447. These increases mainly relate to progress being made within the clinical testing phase for both lead programs as at December 31, 2025. Employee benefits increased due to an increase in full-time equivalent (FTE) employees compared to the December 31, 2024 and December 31, 2023. Expenses for chemicals and small materials decreased during the period ended December 31, 2025, reflecting the advancing pipeline activities of our two lead pipeline programs AGMB-129 and AGMB-447. Other R&D expenses comprise specific meeting and travel expenses, as well as membership fees. Professional service fees for the IPO that was completed on February 9, 2026 are mainly incurred in 2026 prior to the IPO.Increases within General and Administrative (G&A) expenses mainly relate to increased employee benefits, reflecting organizational scaling to support company growth (see note 7.2). Fees for professional services such as legal, audit and advisory decreased during the year ended December 31, 2025 as the period year December 31, 2024 included significant one-off costs related to the IPO process. Professional fees for the IPO that was completed in 2026, are mainly incurred in 2026.Increases within share-based payments expenses for both R&D and G&A are primarily due to the increase in the value of the underlying common share and the timing and amount of ESOPs issued during the period ended December 31, 2025 and 2024 (see note 19) and due to accelerated vesting of the ESOPs issued under 2024 ESOP plans (refer to note 26).7.2. Employee benefit expensesThe employee benefit expenses consist of the following:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Employee salaries and wages - R&D</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 5,681</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 3,800</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 2,337</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Employee salaries and wages - G&A</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 3,626</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 2,739</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 1,684</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Social security contributions</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,915</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,521</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 782</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Employee provisions</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 339</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 763</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 560</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Other employee benefits</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 877</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 602</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 170</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Total employee benefit expenses(1)</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,438</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,425</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,533</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-indent:0pt;">(1)Total employee benefit expenses exclude share-based payment expenses which are included in note 7.1.</div>Employee benefit expenses is in line with the increase in full-time equivalents (“FTEs”) with market standard salary increases. The Group had an average of 60.5 FTEs as at December 31, 2025 compared to 57.8 FTEs as at December 31, 2024 and 34 FTEs as at December 31, 2023.The employee provisions relate to accrued bonuses and unused holiday provision, representing obligations expected to be settled within twelve months after the reporting date.The Company offers post-employment retirement benefits to its Belgian employees. The plan is a defined contribution plan with an employer contribution equal to 5% of the employee’s gross salary. Although the plan qualifies as a defined contribution plan under Belgian law, it is accounted for as a defined benefit plan under IFRS, due to the guaranteed minimum return provided by the insurance company. Please refer to note 21.The Group also offers an insurance death coverage to its Belgian and Spanish employees. The coverage amounts to one time the annual salary of the employee and is funded through annual premiums to the insurance company.7.3. Financial expenses and incomeThe financial expenses and income consist of the following:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (60)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (67)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (31)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Exchange rate losses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (64)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (280)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (51)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Bank charges</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (9)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (10)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Total financial expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (133)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (357)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (86)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,609</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,218</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 245</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Exchange rate gains</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 7</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 49</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 58</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Fair value gains current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 96</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Other financial income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Total financial income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,718</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,267</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 303</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Net financial (expenses) income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,585</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 910</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 217</td></tr></table>7.4. Other operating incomeThe other operating income consist of:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Grants received</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,072</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 380</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 595</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">R&D tax credit</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 512</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 398</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 331</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">R&D personnel credit</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 774</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 607</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 291</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Other income </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 35</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 37</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Other operating income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,393</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,422</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,218</td></tr></table>The Company received two new VLAIO grants to support R&D activities during the period ended December 31, 2025. No conditions related to the above government grants were unfulfilled, nor were there any related material contingencies at the date of the approval of the consolidated financial statements.In conjunction with the two new grants, grants received increased by €0.6 million, grants receivables increased by €1.4 million and deferred income increased by €0.7million as of December 31, 2025, compared to December 31, 2024, reflecting the main movement in respectively other current assets and deferred income and accrued charges (refer to note 15 and 20).R&D tax credit relates to a tax credit on incurred research and development expenses. The R&D tax credit will be paid to the Group in cash after four years, to the extent it is not offset against the taxable basis over the respective period.R&D personnel credits relates to a government incentive to support innovation via a reduction in withholding income taxes for qualified personnel employed in research and development. The received incentive increased due to more R&D staff being qualified to apply for such government incentive. <table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Clinical trial expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 36,921</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 30,057</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 19,131</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Employee benefits</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 7,267</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 5,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 3,290</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Consulting</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 2,091</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 2,121</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 1,786</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Share-based payments</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 1,506</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 143</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 1,009</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Chemicals and small materials</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 78</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,001</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 191</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Patent related charges</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 249</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 431</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 891</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Regulatory</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 101</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 14</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Facility rent and expenses</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 64</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Other R&D expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 600</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Total research and development expenses </td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 48,877</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 39,310</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 26,311</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Employee benefits</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 5,171</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 3,868</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 2,243</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Share-based payments</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 3,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 928</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 1,150</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Professional service fees</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,861</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 3,183</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 1,185</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Office materials and services</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 559</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 627</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 549</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Travel and meeting expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 754</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 561</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 483</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Facility rent and expenses</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 211</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 137</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 178</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Board fees</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 63</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 63</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 67</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Depreciation and amortization</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 219</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 311</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 99</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Recruitment</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 245</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 20</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Other G&A expenses </td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 80</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 210</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 122</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Total general and administrative expenses</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 12,791</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 10,133</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 6,097</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Total operating expenses</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 61,668</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 49,443</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 32,408</td></tr></table> 36921000 30057000 19131000 7267000 5557000 3290000 2091000 2121000 1786000 1506000 143000 1009000 78000 1001000 191000 249000 431000 891000 101000 14000 64000 600000

48877000

39310000

26311000

5171000 3868000 2243000 3848000 928000 1150000

1861000

3183000

1185000

559000 627000 549000 754000 561000 483000 211000 137000 178000 63000 63000 67000 219000 311000 99000 25000 245000 20000 80000 210000 122000

12791000

10133000

6097000

61668000

49443000

32408000

1915000

1521000

782000

339000 763000 560000

877000

602000

170000

12438000

9425000

5533000

60.5 57.8 34 0.05

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (60)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (67)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (31)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Exchange rate losses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (64)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (280)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (51)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Bank charges</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (9)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (10)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Total financial expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (133)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (357)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (86)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,609</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,218</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 245</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Exchange rate gains</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 7</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 49</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 58</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Fair value gains current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 96</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Other financial income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Total financial income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,718</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,267</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 303</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Net financial (expenses) income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,585</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 910</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 217</td></tr></table>

60000

67000

31000

64000

280000

51000

9000

10000

4000

133000

357000

86000

1609000

1218000

245000

7000

49000

58000

96000

6000

1718000

1267000

303000

1585000

910000

217000

1072000

380000

595000

512000 398000 331000 774000 607000 291000

35000

37000

2393000 1422000 1218000 2 2 600000 1400000 700000 P4Y

8. Current and deferred taxesThe Group incurred tax losses in current and prior years. It is not assessed as probable that future taxable profits will be available against which the tax losses can be utilized. Therefore, the Group has not recognized deferred tax assets in excess of deferred tax liabilities, relating to the same taxation authority and the same taxable entity.The breakdown of the income tax expenses by origin is as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(in thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Current income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (3)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Deferred tax income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 622</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Income tax (expense)/income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 619</td></tr></table>The decrease in deferred tax income is due to deferred tax assets on the carryforward of tax losses, most of which cannot be recognized in 2025 and 2024 as they exceed the amount of deferred tax liabilities. The domestic tax rate is 25% for both 2025, 2024 and 2023.The following table details the source of deferred tax assets and liabilities:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:47.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:24.36%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:24.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2024</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">(in thousands of €)</td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Assets</td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Liabilities</td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Net</td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Assets</td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Liabilities</td><td style="vertical-align:middle;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Net</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;background:#cceeff;margin:0pt;padding:0pt;">Intangible assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;margin:0pt;padding:0pt;"> (4,637)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;margin:0pt;padding:0pt;"> (4,637)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;margin:0pt;padding:0pt;"> (4,637)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;background:#cceeff;margin:0pt;padding:0pt;"> (4,637)</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;margin:0pt;padding:0pt;">Property, plant and equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;margin:0pt;padding:0pt;"> 1</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;background:#cceeff;margin:0pt;padding:0pt;">Right of use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;margin:0pt;padding:0pt;"> (271)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;margin:0pt;padding:0pt;"> (271)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;margin:0pt;padding:0pt;"> (343)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;background:#cceeff;margin:0pt;padding:0pt;"> (343)</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;margin:0pt;padding:0pt;">Lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"> 313</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;margin:0pt;padding:0pt;"> 313</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;margin:0pt;padding:0pt;"> 386</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;margin:0pt;padding:0pt;"> 386</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;background:#cceeff;margin:0pt;padding:0pt;">Other current assets & other liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (5)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (5)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;margin:0pt;padding:0pt;">Deferred tax assets and liabilities related to temporary differences</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 314</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4,913)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4,599)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 389</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4,981)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4,592)</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;background:#cceeff;margin:0pt;padding:0pt;">Tax loss carried forwards</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,599</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,599</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,592</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,592</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;margin:0pt;padding:0pt;">Deferred tax assets related to unused tax losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,599</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,599</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,592</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,592</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;background:#cceeff;margin:0pt;padding:0pt;">Set off of tax</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4,913)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,913</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4,981)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,981</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:47.95%;margin:0pt;padding:0pt;">Net deferred tax assets/liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.98%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr></table>The largest position within temporary differences is relating to intangible assets for which a deferred tax liability was recognized as a result of the fair value adjustment in the acquisition of Agomab Spain.The Company has tax losses amounting to €38.2 millions for which deferred tax assets have not been recognized. These relate to deductible temporary differences, unused tax losses, and unused tax credits, and have no expiry date.The movements of deferred tax balances during 2025 and 2024 are disclosed within the table below.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:63.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;">December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;">Recognized in</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;">December 31,</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(in thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">profit or loss</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;background:#cceeff;margin:0pt;padding:0pt;">Intangible assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;margin:0pt;padding:0pt;"> (4,637)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;margin:0pt;padding:0pt;"> (4,637)</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;margin:0pt;padding:0pt;">Property, plant and equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"> 1</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;background:#cceeff;margin:0pt;padding:0pt;">RoU assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;margin:0pt;padding:0pt;"> (271)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;margin:0pt;padding:0pt;"> 72</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;margin:0pt;padding:0pt;"> (343)</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;margin:0pt;padding:0pt;">Lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;"> 313</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;margin:0pt;padding:0pt;"> (73)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"> 386</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;background:#cceeff;margin:0pt;padding:0pt;">Other current assets & other liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (5)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;margin:0pt;padding:0pt;">Deferred tax assets and liabilities related to temporary differences</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,599)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,592)</td></tr><tr style=""><td style="vertical-align:bottom;width:63.37%;background:#cceeff;margin:0pt;padding:0pt;">Tax loss carry-forwards</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,599</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,592</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:63.37%;margin:0pt;padding:0pt;">Deferred tax assets/liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr></table>The following table represents the reconciliation between the theoretical and effective tax rates of 2025 and 2024.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:63.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(in thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;background:#cceeff;margin:0pt;padding:0pt;">IFRS profit/(loss) before income taxes</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;margin:0pt;padding:0pt;"> (62,547)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;margin:0pt;padding:0pt;"> (46,264)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;margin:0pt;padding:0pt;"> (12,009)</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;margin:0pt;padding:0pt;">Theoretical income tax (expense)/income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (15,639)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 11,568</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 3,002</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;background:#cceeff;margin:0pt;padding:0pt;">Theoretical tax rate*</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;margin:0pt;padding:0pt;">Non-deductible expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"> (2,950)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"> (569)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;margin:0pt;padding:0pt;"> (1,409)</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;background:#cceeff;margin:0pt;padding:0pt;">Non-taxable income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;margin:0pt;padding:0pt;"> 128</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;margin:0pt;padding:0pt;"> 339</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;margin:0pt;padding:0pt;"> 5,636</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;margin:0pt;padding:0pt;">Tax losses of the year for which no deferred tax asset has been recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (12,828)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (11,341)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (6,610)</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;background:#cceeff;margin:0pt;padding:0pt;">Income tax (expense)/income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 619</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:63.61%;margin:0pt;padding:0pt;">Effective tax rate</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.44%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (5)</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;">%</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>*The theoretical tax rate (25%) is based on the blended average tax rate of the domestic tax rate applicable for both the Company in Belgium and its subsidiary in Spain and the theoretical tax rate (26%) is the domestic tax rate applied for the US subsidiary (21% Federal tax rate and 5% State Corporation Tax).

4000

3000

-622000

4000

-619000

0.25

4637000

1000

-1000

1000

-1000

271000

343000

313000

-313000

386000

-386000

5000

2000

-2000

314000

4913000

4599000

389000

4981000

4592000

4599000

-4599000

4592000

-4592000

4599000

-4599000

4592000

-4592000

-4913000 -4913000 4981000 -4981000

38200000

4637000

-1000

271000

72000

343000

-313000

-73000

-386000

5000

-7000

-2000

4599000

-8000

4592000

-4599000

8000

-4592000

-62547000

-46264000

-12009000

15639000

-11568000

-3002000

0.25

2950000

569000

1409000

128000

339000

5636000

12828000

11341000

6610000

4000

-619000

-0.05

0.25

0.26

0.21 0.05

9. Loss per shareThe calculation of the basic and dilutive loss per share on December 31, 2025,December 31, 2024 and December 31, 2023 is based on the holders of common shares attributable (loss) or profit and the weighted average number of common shares outstanding during the year.On February 9, 2026 upon the closing of the IPO the Company effected a share split, each common share was split into 21.645 shares (rounded). All references to common shares and per common share data have been retrospectively adjusted to reflect this split. On that basis, the weighted average number of common shares for the period December 31, 2025, 2024 and 2023 has been retrospectively increased to 541,126.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:66.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(in thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;background:#cceeff;margin:0pt;padding:0pt;">Basic loss</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;margin:0pt;padding:0pt;">Loss for the year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (62,547)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (46,267)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,390)</td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;background:#cceeff;margin:0pt;padding:0pt;">Loss attributable to the holder of the profit share certificate (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;background:#cceeff;margin:0pt;padding:0pt;"> 3,027</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;background:#cceeff;margin:0pt;padding:0pt;"> 2,239</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;background:#cceeff;margin:0pt;padding:0pt;"> 752</td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;margin:0pt;padding:0pt;">Cumulative dividend on preferred shares (Series A, B, C and D) (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (17,981)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (13,923)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (8,644)</td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;background:#cceeff;margin:0pt;padding:0pt;">Loss attributable to common shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (77,501)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (57,951)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (19,282)</td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;margin:0pt;padding:0pt;">Diluted loss</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;background:#cceeff;margin:0pt;padding:0pt;">Dilution effect of ESOP warrants, preferred shares, anti-dilutive warrants and profit share certificate</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:66.95%;margin:0pt;padding:0pt;">Loss attributable to common shareholders, after dilution effect</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.94%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (77,501)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.37%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (57,951)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.36%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (19,282)</td></tr></table>(1) Reflects the impact of the liquidation interest profit share in relation to the profit share certificate (4.84% in 2025 and 2024 and 6.6% in 2023). Refer to notes 2.2.8.2 and 19.2.(2) The cumulative dividend (i.e., a fixed cumulative cash preferential dividend at 6% p.a. of the issue price of the preferred shares) is calculated on the issue price of the preferred shares over the period they were outstanding. In the event of an IPO, the preferred shares will automatically convert into common shares, on a 1:1 basis (before stock split), without any pay-out in the form of cash or common shares relating to the cumulative dividend.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:66.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:66.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Number of shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:66.99%;background:#cceeff;margin:0pt;padding:0pt;">Weighted average number of common shares outstanding during the period for basic and diluted EPS</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.01%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 541,126</td></tr><tr style=""><td style="vertical-align:bottom;width:66.99%;margin:0pt;padding:0pt;">Total weighted average number of common shares outstanding during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.08%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.01%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 541,126</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.67%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">(in €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.51%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:70.67%;background:#cceeff;margin:0pt;padding:0pt;">Basic loss per share</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;background:#cceeff;margin:0pt;padding:0pt;"> (143.22)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;background:#cceeff;margin:0pt;padding:0pt;"> (107.09)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.51%;background:#cceeff;margin:0pt;padding:0pt;"> (35.63)</td></tr><tr style=""><td style="vertical-align:bottom;width:70.67%;margin:0pt;padding:0pt;">Diluted loss per share</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (143.22)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (107.09)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (35.63)</td></tr></table>Although the Company has common shares that could be issued upon the potential exercise of ESOP warrants, the conversion of preferred shares, conversion of anti-dilutive warrants and the profit share certificate, they have non-dilutive effect, since the Group is in loss-making position during 2025, 2024 and 2023.Refer to note 26 for more detailed information on the effect of the IPO on the financial statements of the Group.

21.645

541126

-62547000

-46267000

-11390000

3027000 2239000 752000

17981000

13923000

8644000

-77501000

-57951000

-19282000

-77501000

-57951000

-19282000

0.0484 0.066 0.06 0.06 0.06 1 1 1

541126

-143.22

-107.09

-35.63

-143.22

-107.09

-35.63

10. GoodwillThe below table presents the carrying value for the goodwill.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Goodwill</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 8,612</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 8,612</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Impairment loss</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Carrying amount as at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8,612</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8,612</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 8,612</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 8,612</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Impairment loss</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Carrying amount as at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8,612</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8,612</td></tr></table>On December 14, 2021, the Company acquired 100% of Agomab Spain, a Spanish biotech company with a pipeline of organ-restricted small molecule drug candidates targeting the transforming growth factor beta (TGF-β) pathway. Through this acquisition, the Company has broadened its clinical-stage pipeline, taking a step closer to bringing meaningful treatments to patients with fibrotic diseases. The synergies between Agomab Spain’s unique small molecule platform and the Company’s pre-existing antibody capabilities, combined with collective expertise in targeting growth factors, is expected to allow the Group to accelerate the development of novel therapeutic candidates.The consideration transferred to acquire Agomab Spain amounted to €24.3 million and includes a contingent consideration with a fair value at acquisition date of €3.95 million (see note 22). These assets acquired and liabilities assumed have been measured on a fair value basis at acquisition date, resulting in net assets acquired amounting to €15.7 million, including in-process R&D for €18.55 million (see note 11). The positive difference between the total consideration transferred to acquire 100% of Agomab Spain (€24.3 million) and the fair value of the net assets acquired (€15.7 million) was recognized as goodwill, which is tested for impairment at least annually together with the acquired in-process R&D (see note 11).The goodwill has been allocated in full to the “Agomab Spain” CGU as this is the level at which the synergies from the combination are expected to materialize. The recoverable amount of the Agomab Spain CGU is based on its value in use, i.e. net present value of the expected future cash flows. No impairment was recorded as the recoverable amount is not lower than the carrying amount of the cash-generating unit.The cash flow projections are based on the management business plan for each of the R&D projects in Agomab Spain (i.e., AGMB-129 and AGMB-447) that extend over a period of 22 years. The key assumptions made by management within the business plan relate to the:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Probability of reaching commercialization stage as well as the associated timing, based on external scientific methodologies, reputable scientific literature and internal estimates. In that respect, expected revenues are based on management’s best estimation of the timing of obtaining the necessary approvals from the European Union and United States authorities.</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Duration of the patent after reaching commercialization stage, which is estimated by management at 15 years.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Amount of R&D costs expected to be incurred to reach the commercialization stage and the revenues expected to be generated during the commercialization phase; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Discount rates to be applied to the future expected cash flows, which are derived from the Company’s weighted average cost of capital, taking into account the cost of equity and debt. The pre-tax discount rate is 21.6%.</td></tr></table><div style="margin-top:12pt;"></div>Based on the key assumptions above, the recoverable amount of the Agomab Spain CGU significantly exceeds its carrying amount (including allocated goodwill and in-process R&D) and a ‘reasonably possible change’ in a key assumption would not cause an impairment loss.

8612000

24300000

3950000

15700000

18550000

24300000

15700000

P22Y P15Y 0.216

11. Intangible assetsThe below table presents the movements in the carrying amount of intangible assets.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">Research and </td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">commercialization</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">In-process R&D</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">license</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;"> 18,550</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 1,560</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;"> 20,110</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 18,550</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,560</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 20,110</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Accumulated Amortization and impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Amortization</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">Impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Carrying amount as at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 18,550</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,560</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 20,110</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;"> 18,550</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 1,560</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;"> 20,110</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 18,550</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,560</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 20,110</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Accumulated Amortization and impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Amortization</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">Impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:61.56%;margin:0pt;padding:0pt;">Carrying amount as at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.37%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 18,550</td><td style="vertical-align:bottom;white-space:nowrap;width:1.73%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,560</td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-right:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;border-left:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 20,110</td></tr></table>In-process R&D is the intangible that has been acquired as part of the business combination with Agomab Spain during 2021 (see note 10). In-process R&D is an intangible not available for use and will therefore not be amortized until one or more corresponding underlying R&D projects have obtained regulatory approval to launch the product on the market. Instead, the Company performs an impairment test at each reporting date. As the related projects are not expected to generate cash inflows independently from the Agomab Spain GCU, the in-process R&D has been fully allocated to the Agomab Spain CGU. The impairment test on the Agomab Spain CGU has been performed based on the principles and key assumptions described in note 10. The research and commercialization license relates to a third-party research and commercialization license for acquired patent rights and know-how. The license is an intangible asset not yet available for use and will not be amortized until one or more products that use the license have obtained regulatory approval. The Company reviews this intangible asset annually for impairment or when an event occurs during the reporting period that could result in an impairment. During 2025, the Company has decided to pause the start of any further development on one of its preclinical stage assets, relating to the research and commercialization license. This strategic decision has been made because the Company will focus its efforts on other therapeutic areas. No impairment was recorded as the recoverable amount is higher than the carrying amount of the research and commercialization license.No impairment was recognized on intangible assets.

18550000

1560000

20110000

18550000

1560000

20110000

18550000

1560000

20110000

18550000

1560000

20110000

18550000

1560000

20110000

18550000

1560000

20110000

12. LeasesThe following note provides an overview of the right-of-use (RoU) assets and the lease liabilities where the Group is a lessee.The table below presents the movements in the carrying amount of the RoU assets.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Office leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Car leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 1,318</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 424</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 1,742</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 34</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 34</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (45)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (47)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,350</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 379</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,730</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Accumulated depreciation and impairment</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (236)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (134)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (370)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (162)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (97)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (259)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (5)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (12)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (17)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">As at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (403)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (243)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (647)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Carrying amount as at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 947</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 136</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,083</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,407</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 321</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 1,728</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 120</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 131</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (21)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (17)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (38)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Lease remeasurement</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (78)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (78)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,319</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 424</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,743</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Accumulated depreciation and impairment</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (71)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (51)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (122)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (168)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (87)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (255)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 4</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 7</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">As at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (236)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (134)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (370)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Carrying amount as at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,083</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 290</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,373</td></tr></table>During 2025, AgomAb entered into two short-term office lease agreements that meet the exemption criteria for recognition as RoU assets. The lease payments for both short-term leases have been recorded in the consolidated statement of profit or loss.This Other than office leases, the Group has several car leases for their Belgian employees. As at December 31, 2025, there are 11 car leases recognized on the balance sheet. As at December 31, 2024, there were 14 car leases with a lease term of four years, which was therefore recognized as a RoU asset.The below table presents the movements in the lease liabilities.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Office leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Car leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,259</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 286</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,545</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 34</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 34</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (220)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (118)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (338)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Derecognition of lease liability due to termination</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (45)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (47)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 52</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 60</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">As at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,123</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 131</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,254</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,350</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 270</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,619</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 120</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 131</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (62)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (101)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (163)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Derecognition of lease liability due to termination</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (18)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (31)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 57</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 67</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Lease remeasurement</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (78)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (78)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,259</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 286</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,545</td></tr></table>The weighted average incremental borrowing rate used for the car leases is 3.5% and for the office leases 4.6%. The underlying leased assets are the pledges for the lease liabilities.The lease liabilities can be split within current and non-current liabilities as follows.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Current</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 249</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 273</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">Non-current</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,005</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,272</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Total Lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,254</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,545</td></tr></table>The following table provides an overview of the expenditure for the short-term leases.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:middle;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:middle;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Expenses short term office leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 15</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 62</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Expenses short term car leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 45</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Total short term lease expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 15</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 107</td></tr></table>

424000

34000

2000

45000

47000

1350000

379000

1730000

-236000

-134000

-370000

162000

97000

259000

5000

12000

17000

-403000

-243000

-647000

947000

136000

1083000

1407000

321000

1728000

11000

120000

131000

21000

17000

38000

-78000 -78000

1319000

424000

1743000

-71000

-51000

-122000

168000

87000

255000

-3000

-4000

-7000

-236000

-134000

-370000

1083000

290000

1373000

2 11 14 P4Y

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Office leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Car leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,259</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 286</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,545</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 34</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 34</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (220)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (118)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (338)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Derecognition of lease liability due to termination</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (45)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (47)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 52</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 60</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">As at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,123</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 131</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,254</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,350</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 270</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,619</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 120</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 131</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (62)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> (101)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> (163)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Derecognition of lease liability due to termination</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (18)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> (31)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Interest expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 57</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 67</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Lease remeasurement</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (78)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> (78)</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,259</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 286</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,545</td></tr></table>

1259000

286000

1545000

34000 34000 220000 118000 338000 2000 45000 47000 52000 8000 60000

1123000

131000

1254000

1350000

270000

1619000

11000 120000 131000 62000 101000 163000 18000 13000 31000 57000 10000 67000 78000 78000

1259000

286000

1545000

0.035

0.046

249000

273000

1005000

1272000

1254000

1545000

15000

62000

45000

15000

107000

13. Property, plant and equipmentThe below table presents the movements in the carrying amount of property, plant and equipment<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">Leasehold</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">IT</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">Furniture</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">improvements</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">and fixtures</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 179</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 675</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 4</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 4</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 183</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 679</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Accumulated depreciation and impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (26)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (56)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"> (40)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (42)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (36)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (120)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (53)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (68)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (52)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (176)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Carrying amount as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 306</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 59</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 131</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 503</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 179</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 675</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 179</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 675</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Accumulated depreciation and impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (26)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (16)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (56)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (26)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (56)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Carrying amount as of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 345</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 101</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 163</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 619</td></tr></table>

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">Leasehold</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">IT</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">Furniture</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">improvements</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">and fixtures</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 179</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 675</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 4</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 4</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 183</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 679</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Accumulated depreciation and impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (26)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (56)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"> (40)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (42)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (36)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (120)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (53)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (68)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (52)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (176)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Carrying amount as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 306</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 59</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 131</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 503</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Acquisition cost</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Additions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 179</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 675</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 359</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 127</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 179</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 675</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Accumulated depreciation and impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (26)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (16)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> (56)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">Impairment losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Disposals</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;background:#cceeff;margin:0pt;padding:0pt;">As of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (13)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (26)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (56)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.55%;margin:0pt;padding:0pt;">Carrying amount as of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 345</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 101</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 163</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 619</td></tr></table>

359000

127000

179000

10000

675000

4000

359000

127000

183000

10000

679000

-13000

-26000

-16000

-1000

-56000

40000

42000

36000

2000

120000

-53000

-68000

-52000

-3000

-176000

306000

59000

131000

7000

503000

359000

127000

179000

10000

675000

359000

127000

179000

10000

675000

13000

26000

16000

1000

56000

-13000

-26000

-16000

-1000

-56000

345000

101000

163000

10000

619000

14. Other non-current assetsThe following table provides a split of other non-current assets:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;margin:0pt;padding:0pt;">For the year ended</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">R&D tax credit receivables </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2,150</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,787</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">Total non-current assets </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2,150</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,787</td></tr></table>R&D tax credit receivables are future expected refunds or tax deductions resulting from tax incentives on research and development expenses incurred in Belgium. The increase in these tax credits is linked to the increase in R&D activities (note 7.1) in 2025 compared to previous reporting periods. The Group has met the conditions to recognize the benefits as other operating income (note 7.4).

2150000

1787000

15. Other current assetsThe other current assets consist out of the following balances.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;margin:0pt;padding:0pt;">For the year ended</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Grant receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 1,672</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 446</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Supplier credit notes received</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 15</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"> 55</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">VAT receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 200</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 381</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Other receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,122</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,126</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Total trade and other receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,009</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,008</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Deferred charges</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 638</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"> 267</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Accrued Income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 76</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 111</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Total deferred charges and accrued income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 714</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 378</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Total other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 4,723</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2,386</td></tr></table>The grant receivables relate to the VLAIO grants received. For further information refer to note 7.4 above. The increase in other receivables is mainly related to the unused R&D tax credit of tax year 2023 that will be paid-out in cash by the Belgian tax authorities.As at December 31, 2025, deferred charges are mainly related to incremental costs directly attributable to completion of the issuance of new shares on the stock market, which have incurred prior to the initial public offering on February 9, 2026. These expenses amount to € 0.4 million and are initially recognized as deferred charges on the balance sheet and were reclassified to equity upon the close of the IPO (refer to note 26– and section 2.2.13)

200000

381000

2122000

1126000

4009000

2008000

638000 267000

76000

111000

714000 378000

4723000

2386000

400000 16. Current financial investments and cash and cash equivalentsCurrent financial investments and cash and cash equivalents are as follows.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;margin:0pt;padding:0pt;">For the year ended</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Money market fund</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,096</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Total current financial investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,096</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Cash at bank and in hand</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 86,418</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 26,459</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Term deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 145,000</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Total cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 86,418</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 171,459</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Total current financial investments and cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 116,514</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 171,459</td></tr></table>Current financial investments consists of a money market fund that is readily convertible to cash and is subject to a insignificant risk of change in value. We refer to section 2.2.5 and note 23 for more detailed information on the money market fund.Cash and cash equivalents consist of unrestricted cash held at banks and term accounts held at reputable European banks with credit rating ‘A’ with an original maturity not exceeding 3 months. The carrying amount of the cash and cash equivalents is a reasonable approximation of their fair value. <table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;margin:0pt;padding:0pt;">For the year ended</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Money market fund</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,096</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Total current financial investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,096</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Cash at bank and in hand</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 86,418</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 26,459</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Term deposit</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 145,000</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Total cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 86,418</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 171,459</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;">Total current financial investments and cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 116,514</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 171,459</td></tr></table> 30096000

30096000

86418000

26459000

145000000

86418000

171459000

116514000 171459000

17. Equity17.1. Capital managementThe Company manages its capital to ensure that it will be able to continue as a going concern. The capital structure of the Company consists of equity attributed to the holders of equity instruments of the Company, such as capital, reserves and accumulated losses as mentioned in the consolidated statement of changes in equity. The Company considers its financing needs in light of changes in economic circumstances, risks associated with its different assets, and the projected cash needs of the current and projected research activities. On December 31, 2025, cash and cash equivalents amounted to €86.5 million. The Company’s objective is to maintain its capital structure at a level to enable it to finance its activities for at least 12 months.17.2. Share capital and share premiumThe Company has the following categories of shares: common shares, preferred A shares, preferred B shares, preferred C shares, preferred D shares and, upon exercise of ESOP warrants, ESOP common shares. Upon a liquidity event and after complete fulfillment of the liquidation interest profit share in relation to the profit share certificate (i.e., 4.84% of all amounts that would be distributable to the shareholders of the Company), the remaining amount will be further distributed to the remaining shareholders: firstly (and in priority to any other classes of shares), to the holders of preferred D shares equal to their investment and preferential return (i.e., a fixed cumulative cash preferential dividend at 6% p.a. of the issue price of the preferred shares (“Preferred Dividend”)), secondly (and in priority to any other classes of shares), to the holders of preferred C shares equal to their investment and preferential return, thirdly (and in priority to any other classes of shares), to the holders of preferred B shares equal to their investment and preferential return, fourthly (and in priority to any other classes of shares), to the holder of preferred A shares equal to their investment and preferential return and lastly, (and in priority to any other classes of shares, other than the preferred A, B, C and D shareholders), the holders of the common shares will receive a fixed amount of €40 per share. Any remaining amount, will be distributed to all shareholders on a fully diluted basis. A liquidity event is defined as:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">a.</td><td style="padding:0pt;">A payment of dividends, capital reduction, or share buy-back;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">b.</td><td style="padding:0pt;">A bankruptcy, liquidation, dissolution or reorganization of the Company;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">c.</td><td style="padding:0pt;">A sale of all, or substantially all, of the assets (including intellectual property rights) of the Company;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">d.</td><td style="padding:0pt;">Any merger, consolidation, schemes of arrangement or acquisition, involving the Company or its subsidiaries, in which the Company or its subsidiaries are not the surviving entity;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">e.</td><td style="padding:0pt;">The sale of all or such number of the shares of the Company that results in any person acquiring a controlling interest in the Company; or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">f.</td><td style="padding:0pt;">Any other event with substantially the same economic effect as the events set out in (a) to (e) above.</td></tr></table><div style="margin-top:12pt;"></div>All share and per share data have been revised to give effect to the share split as explained in note 2.1, note 9 and note 26.The below table provides the overview of the Company’s share structure:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.15%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;">Total share</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.15%;margin:0pt;padding:0pt;">common</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">preferred A</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">preferred B</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">preferred C</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">preferred D</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;">capital and</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">share premium</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;">common</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">preferred A</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;">preferred B</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">preferred C</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">preferred D</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €, except as indicated otherwise)</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at December 31, 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;background:#cceeff;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 277,272</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;background:#cceeff;margin:0pt;padding:0pt;"> 479,040</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 455,004</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;background:#cceeff;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 22,873</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 87,514</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 12,368</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 64,300</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 30,571</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;background:#cceeff;margin:0pt;padding:0pt;"> 174,712</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 42,939</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;">November 4, 2024 – Series D</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 342,206</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 33,695</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 33,695</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;background:#cceeff;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 277,272</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;background:#cceeff;margin:0pt;padding:0pt;"> 479,040</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 455,004</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 342,206</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;background:#cceeff;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 22,873</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 87,514</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 12,368</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 64,300</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 30,571</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 33,695</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;background:#cceeff;margin:0pt;padding:0pt;"> 223,072</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 76,634</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;">Outstanding at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 277,272</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"> 479,040</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 455,004</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 342,206</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 22,873</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 87,514</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 12,368</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 64,300</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 30,571</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 33,695</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;"> 223,072</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 76,634</td></tr></table>The split between share capital and share premium has been recorded in accordance with the local Belgian corporate law based on the difference between the issue price of the preference shares and their par value. On initial recognition, the anti-dilutive warrants are recognized as a financial liability and recorded against accumulated loss.The above results into following weighted average issue prices for the different classes of shares, and with the respect to the preferred A, B, C and D shares, the concurrently issued anti-dilutive warrants.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;margin:0pt;padding:0pt;">Weighted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">Weighted</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;margin:0pt;padding:0pt;">average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">average</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">issue price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">issue price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;margin:0pt;padding:0pt;">issue price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">issue price</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">per common</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">per pref. A</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;margin:0pt;padding:0pt;">per pref. B and C</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">per pref. D</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">share in €</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">share in €</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;margin:0pt;padding:0pt;">shares in €</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;">share in €</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">per share(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">per share(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">per share(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">per share(1)</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at December 31, 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;background:#cceeff;margin:0pt;padding:0pt;"> 0.05</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;background:#cceeff;margin:0pt;padding:0pt;"> 82.49</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;background:#cceeff;margin:0pt;padding:0pt;"> 208.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;margin:0pt;padding:0pt;">November 4, 2024—Series D</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;margin:0pt;padding:0pt;"> 239.78</td></tr><tr style=""><td style="vertical-align:bottom;width:57.84%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;background:#cceeff;margin:0pt;padding:0pt;"> 0.05</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;background:#cceeff;margin:0pt;padding:0pt;"> 82.49</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;background:#cceeff;margin:0pt;padding:0pt;"> 208.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;background:#cceeff;margin:0pt;padding:0pt;"> 239.78</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:57.84%;margin:0pt;padding:0pt;">Outstanding at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.05</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 82.49</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 208.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 239.78</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">Including concurrently issued anti-dilutive warrants.</td></tr></table><div style="margin-top:12pt;"></div>The common shares outstanding at January 1, 2022 consist of the 541,126 common shares issued at an issue price of €0.05.The preferred A shares outstanding at January 1, 2022 consist of 277,272 preferred A shares, of which 15,450 preferred A shares were issued at an issue price of €40 and 261,822 preferred A shares were issued at an issue price of €85. The stated issue prices also include the consideration received for the concurrently issued anti-dilution warrants.The preferred B shares outstanding at January 1, 2022 consist of 294,954 preferred B shares issued at an issue price of €208.5. The stated issue prices also include the consideration received for the concurrently issued anti-dilution warrants.On June 28, 2022, the Company raised €38.4 million of share capital by issuing 184,086 preferred B shares at an issue price of €208.5 to existing and three new investors. On October 10, 2023, the Company raised an additional €94.9 million of share capital by issuing 455,004 preferred C shares at an issue price of €208.5 to existing and four new investors. On November 4, 2024, the Company raised an additional €82.1 million of share capital by issuing 342,206 preferred D shares at a share price of €239.78 to existing and new investors. The stated issue prices also include the consideration received for the concurrently issued anti-dilution warrants.The share capital has been fully paid for all classes of shares.No ESOP common shares have been issued yet.With regard to the preferred shares A, B, C, D and the profit share certificate, the Company has assessed that it has no contractual obligation to deliver cash or another financial asset under conditions that are not under the discretionary control of the Company, or to exchange or deliver a variable number of equity instruments of the Company.Refer to note 26 for more detailed information on the effect of the IPO on the financial statements of the Group.17.3. Other reserveOther reserves relate to transaction costs incurred for the capital increases which are deducted directly from equity.

0.0484 0.06 40

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.15%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;">Total share</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.15%;margin:0pt;padding:0pt;">common</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">preferred A</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;margin:0pt;padding:0pt;">preferred B</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">preferred C</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt;">preferred D</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;">capital and</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">share premium</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;">common</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">preferred A</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;">preferred B</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">preferred C</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;">preferred D</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;">Share</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;">Share</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €, except as indicated otherwise)</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">shares</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">capital</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">premium</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at December 31, 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;background:#cceeff;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 277,272</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;background:#cceeff;margin:0pt;padding:0pt;"> 479,040</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 455,004</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;background:#cceeff;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 22,873</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 87,514</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 12,368</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 64,300</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 30,571</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;background:#cceeff;margin:0pt;padding:0pt;"> 174,712</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 42,939</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;">November 4, 2024 – Series D</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 342,206</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 33,695</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 33,695</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;background:#cceeff;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 277,272</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;background:#cceeff;margin:0pt;padding:0pt;"> 479,040</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 455,004</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;background:#cceeff;margin:0pt;padding:0pt;"> 342,206</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;background:#cceeff;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 22,873</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 87,514</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 12,368</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 64,300</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 30,571</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;background:#cceeff;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 33,695</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;background:#cceeff;margin:0pt;padding:0pt;"> 223,072</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;background:#cceeff;margin:0pt;padding:0pt;"> 76,634</td></tr><tr style=""><td style="vertical-align:bottom;width:13.99%;margin:0pt;padding:0pt;">Outstanding at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.15%;margin:0pt;padding:0pt;"> 541,126</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 277,272</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.59%;margin:0pt;padding:0pt;"> 479,040</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 455,004</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.64%;margin:0pt;padding:0pt;"> 342,206</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.21%;margin:0pt;padding:0pt;"> 25</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 22,873</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 87,514</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 12,368</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 64,300</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 30,571</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.75%;margin:0pt;padding:0pt;"> 48,360</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 33,695</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.3%;margin:0pt;padding:0pt;"> 223,072</td><td style="vertical-align:bottom;white-space:nowrap;width:0.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.38%;margin:0pt;padding:0pt;"> 76,634</td></tr></table>

541126

277272

479040

455004

25000

22873000

87514000

12368000

64300000

30571000

174712000

42939000

342206

48360000

33695000

48360000

33695000

541126

277272

479040

455004

342206

25000

22873000

87514000

12368000

64300000

30571000

48360000

33695000

223072000

76634000

541126

277272

479040

455004

342206

25000

22873000

87514000

12368000

64300000

30571000

48360000

33695000

223072000

76634000

541126

0.05

277272

15450

261822

294954

208.5

38400000

184086

208.5 3

94900000

455004

208.5 4

82100000

342206

239.78 18. Anti-dilution warrantsThe Company issued 60 anti-dilution warrants (ADW) to the preferred A shares investors that expire initially after a period of 5 years (i.e., 45 at March 14, 2024, 5 at June 21, 2024 and 10 at October 9, 2024) and were re- issued in 2024 with a new term of 10 years. In the event of a dilutive issuance of new shares at a price lower than the subscription price of the preferred A shares (i.e., €85), holders of the anti-dilution warrants are entitled to subscribe to additional preferred A shares. The number of additional shares they can subscribe to is calculated such that the weighted average price for the total number of shares held by a preferred A shareholder, after exercising the warrants, would be equal to the share price applied in the dilutive issuance. The exercise price for the anti-dilution warrants is €1. The anti-dilution warrants were issued at the same time as the preferred shares.The Company issued 250 anti-dilution warrants to the preferred B shares investors that expire after a period of 10 years (i.e., 200 at March 5, 2031 and 50 at June 28, 2032). In the event of a dilutive issuance of new shares at a price lower than the subscription price of the preferred B shares (i.e., €208.5), holders of the anti-dilution warrants are entitled to exercise their warrants. Upon exercising one anti-dilution warrant, the holder can subscribe to an additional number of preferred B shares. The number of additional shares is calculated such that the weighted average price for the total number of shares held by a preferred B shareholder, after exercising the warrants, would be equal to the share price applied in the dilutive issuance. The exercise price for the anti-dilution warrants is €1. The anti-dilution warrants were issued at the same time as the preferred shares.The company issued 210 anti-dilution warrants to the preferred C shares investors that expire after a period of 10 years (i.e., October 10, 2033). In the event of a dilutive issuance of new shares at a price lower than the subscription price of the preferred C shares (i.e., €208.5), holders of the anti-dilution warrants are entitled to exercise their warrants. Upon exercising one anti-dilution warrant, the holder can subscribe to an additional number of preferred C shares. The number of additional shares is calculated such that the weighted average price for the total number of shares held by a preferred C shareholder, after exercising the warrants, would be equal to the share price applied in the dilutive issuance. The exercise price for the anti-dilution warrants is €1. The anti-dilution warrants were issued at the same time as the preferred shares.The company issued 240 anti-dilution warrants to the preferred D shares investors that expire after a period of 10 years (i.e., November 4, 2034). In the event of a dilutive issuance of new shares at a price lower than the subscription price of the preferred C shares (i.e., €239.78), holders of the anti-dilution warrants are entitled to exercise their warrants. Upon exercising one anti-dilution warrant, the holder can subscribe to an additional number of preferred D shares. The number of additional shares is calculated such that the weighted average price for the total number of shares held by a preferred D shareholder, after exercising the warrants, would be equal to the share price applied in the dilutive issuance. The exercise price for the anti-dilution warrants is €1. The anti- dilution warrants were issued at the same time as the preferred shares.The anti-dilution warrants protection expires on the earlier of:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The expiration of the term of the shareholders agreement (amended from time to time), or termination of the shareholders agreement; or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The completion of an initial public offering (IPO) or liquidity event.</td></tr></table><div style="margin-top:12pt;"></div>Each warrant can only be exercised once. However, for each series every beneficiary received multiple warrants protecting them against multiple dilutive issuances.The fair value measurement of the anti-dilution warrants is classified as Level 3, as the valuation requires estimates of the timing of future capital rounds as well as estimates of future capital needs and the probability of non-occurrence of a qualified IPO.A Monte-Carlo simulation was used to calculate the valuation of the ADW for each occurrence of an expected funding round. The total fair value is the sum of the separate Monte-Carlo simulations multiplied by the probability of occurrence. As at December 31, 2025 and as at December 31, 2024, the fair value of the anti-dilution warrants amounts to zero reflecting the assumption that the exit probability without intermediate funding round was 100%.The Monte-Carlo simulation is multiplied by the probability of occurrence of a next expected funding round, considering that there is a chance of an exit (i.e., IPO or liquidity event) without an intermediate funding round. In case of such an exit, the ADW would expire and would have no remaining value.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:74.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:74.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exit probabilities without intermediate funding round</td><td style="vertical-align:bottom;white-space:nowrap;width:2.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">12/31/2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">12/31/2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:74.95%;background:#cceeff;margin:0pt;padding:0pt;">Series A, Series B, Series C and Series D</td><td style="vertical-align:bottom;white-space:nowrap;width:2.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.34%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:9.34%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table>The anti-dilution warrants expired following the completion of the IPO on February 9, 2026, (refer to note 26), no sensitivity analysis has been performed for 2025.The below sensitivity analysis presents the significant unobservable inputs used and the impact of reasonable changes in the value of the respective significant unobservable inputs at the end of the reporting period of December, 2024, while holding all other assumptions constant. The volatility used as an input in the valuation model was determined based on a peer group defined by management, which is composed of five companies active in the same industry and being at a similar stage of development to the Company. The median of the historical volatilities over 18 months for each valuation date was used as the volatility parameter in the Monte-Carlo simulation.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;margin:0pt;padding:0pt;">(in thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Sensitivity analysis</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">12/31/2024</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;background:#cceeff;margin:0pt;padding:0pt;">Series A</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;background:#cceeff;margin:0pt;padding:0pt;">Base value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Exit probability -5% </td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 30</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;background:#cceeff;margin:0pt;padding:0pt;">Series B</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;background:#cceeff;margin:0pt;padding:0pt;">Base value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Exit probability -5% </td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 456</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;background:#cceeff;margin:0pt;padding:0pt;">Series C</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;background:#cceeff;margin:0pt;padding:0pt;">Base value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">Exit probability -5% </td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 446</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;background:#cceeff;margin:0pt;padding:0pt;">Series D</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;background:#cceeff;margin:0pt;padding:0pt;">Base value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.08%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exit probability -5% </td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 521</td></tr></table> 60 P5Y 45 5 10 P10Y 85 1 250 P10Y 200 50 208.5 1 1 210 P10Y 208.5 1 1 240 P10Y 239.78 1 1

0.05

30000

0.05

456000

0.05

446000

0.05

521000

19. Share-based paymentsThe Group has two share-based payment plans: employee stock option plan (ESOP) and profit share certificate.19.1. ESOP warrant planThe Group has implemented an ESOP warrant plan for its employees, key managers, directors and/or outside consultants and advisors of the Company (“Beneficiaries”) with grants made each year, since 2019. In accordance with the terms of the plan, as approved by the shareholders. Beneficiaries are granted free of charge the right to exercise their warrants under certain conditions.The ESOP warrants carry neither rights to dividends nor voting rights.The ESOP warrants are classified as equity-settled and have a maximum term of 10 years as from the issue date of the ESOP warrants.The ESOP warrants vest based on the following schedule:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">25% will vest 12 months after the date of the offer;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the remaining 75% of the warrants will vest monthly over a period of 36 months (i.e., 2.083% vested per month).</td></tr></table><div style="margin-top:12pt;"></div>However, the terms and conditions of the ESOP warrants include conditions under which the ability to exercise the warrants may be accelerated (i.e., in case of a liquidity event or IPO (note 17.2)).On that basis, management made the following assessment about the most-likely outcome of a liquidity event at the different reporting dates:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">As at December 31, 2023, an IPO was expected to occur in October 2024. Based on this expectation, accelerated vesting of the ESOP warrants was recognized, resulting in a corresponding expense being recorded in the consolidated statement of profit or loss. However, the planned IPO was subsequently not completed in 2024. As a result, the previously recognized acceleration has been reversed in 2024 and the revised expectation was that an IPO was considered probable as from October 2025. The vesting has been adjusted accordingly as at December 31, 2024.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">As at December 31, 2025, the revised expectation is that an IPO was expected in February 2026, to which vesting has been adjusted accordingly. This change has led to an increase in the share-based payment expenses being part of line item “Operating expenses” in the consolidated statement of profit or loss for the year ended December 31, 2025. The remaining expense related to the ESOP warrants will be recognized over the updated vesting period.</td></tr></table><div style="margin-top:12pt;"></div>The changes of the year for the ESOP warrant plan are as follows (presented on a post-stock split basis, see note 2.1):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">Weighted </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">Weighted </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">Weighted </td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">average </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">average </td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">exercise</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">exercise</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;">exercise</td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">price (EUR)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">price (EUR)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">price (EUR)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at January 1st</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;margin:0pt;padding:0pt;"> 4,771,450</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;margin:0pt;padding:0pt;"> 1.10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;margin:0pt;padding:0pt;"> 2,594,177</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;margin:0pt;padding:0pt;"> 0.67</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;margin:0pt;padding:0pt;"> 2,519,978</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;margin:0pt;padding:0pt;"> 0.67</td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"> 1,468,810</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;"> 1.00</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"> 2,488,637</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;"> 1.43</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;margin:0pt;padding:0pt;"> 102,900</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;margin:0pt;padding:0pt;"> 0.80</td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;background:#cceeff;margin:0pt;padding:0pt;">Forfeited </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;margin:0pt;padding:0pt;"> 34,242</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;margin:0pt;padding:0pt;"> 2.11</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;margin:0pt;padding:0pt;"> 311,364</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;margin:0pt;padding:0pt;"> 0.10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;margin:0pt;padding:0pt;"> 28,701</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;margin:0pt;padding:0pt;"> 2.43</td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;margin:0pt;padding:0pt;">Outstanding at December 31st </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 6,206,018</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1.07</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,771,450</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1.10</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2,594,177</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 0.66</td></tr><tr style=""><td style="vertical-align:bottom;width:42.75%;background:#cceeff;margin:0pt;padding:0pt;">Exercisable at December 31st </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,761,472</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 0.98</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 399,351</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 0.98</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.42%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 300,952</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.69%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 0.97</td></tr></table>No warrants have been exercised.The fair value of the warrants is estimated at the grant date using the Black-Scholes option pricing model, considering the terms and conditions upon which the warrants were granted.The following table provides the input to the Black-Scholes model for the different warrant plans:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ESOP warrants granted in</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">January 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">November 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">October 2024</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Number of ESOP warrants granted </td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 231,797</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 1,237,013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 308.810</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 51,472</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Fair value (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;">4.58/3.68</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;">4.05 / 4.03 / 4.01</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"> 0.30</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"> 0.30</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Share price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 4.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 4.50</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 0.43</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 0.43</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Exercise price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;">0 / 4.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;">0 /2.77 / 2.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"> 2.77</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"> 2.41</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 81.66</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 91.22</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 92.07</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 93.22</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Expected life time of a warrant (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;"> 8.89</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;"> 9.83</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"> 10.00</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"> 9.72</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Risk-free rate (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 2.69</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 2.32</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 2.24</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 0.02</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Expected dividends (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ESOP warrants granted in</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">February 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">July 2023</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Number of ESOP warrants granted </td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 861,234</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 938,332</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 183,507</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 31,854</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Fair value (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">0.30 - 0.42</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">1.00 - 1.28</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"> 1.02</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;">3.31 - 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Share price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 0.43</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 1.28</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 1.28</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Exercise price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">0 - 2.45</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">0 - 2.70</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"> 2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;">0 - 2.41</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;">91.80 - 91.86</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;">87.29 - 87.51</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 87.77</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 92.04</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Expected life time of a warrant (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">9.83 - 9.85</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">9.56 - 9.59</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"> 9.66</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;"> 9.87</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Risk-free rate (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;">2.45 - 2.59</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 2.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 2.40</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Expected dividends (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ESOP warrants granted in</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">January 2023</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Number of ESOP warrants granted </td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 35,325</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 28,138</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Fair value (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;">3.34 -3.69</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Share price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 3.69</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Exercise price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;">0 - 2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 0</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 94.88</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 95.54</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Expected life time of a warrant (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 9.86</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 9.83</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Risk-free rate (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 2.66</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 2.37</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Expected dividends (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr></table>The above inputs for the Black-Scholes model have been determined based on the following parameters and assumptions:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The price of a ESOP common share has been estimated on the basis of an option pricing model (“OPM”) approach calibrated on the latest capital round(s) taking into account the probability of different exit scenarios of IPO and M&A;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The expected volatility, determined on the basis of volatility of the share price, is not available as the Company is not a listed company. Therefore, the volatility has been determined using a peer group of listed companies for which historical volatility data of the share price was available. The peer group is composed of five companies active in the same industry and being at a similar stage of development compared to the Company;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The expected life term of an ESOP warrant represents the period between the grant date (valuation date) and the anticipated exercise date</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The risk-free interest rate is based on the Overnight Index Swap (OIS) rate on each valuation date over the lifetime of the warrant; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The dividend return is estimated to be zero as no dividend has been paid since inception and the Company has no intention to pay dividends over the life-time of the ESOP warrants.</td></tr></table><div style="margin-top:10pt;"></div>The expense arising from share-based payment transactions for the warrant plans mentioned above was €5.4 million for 2025 (2024: €1.1 million and 2023: €2.1 million).The following ESOP warrants were in plthrough ace during the current and prior period (presented on a post-stock split basis, see note 2.1):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">Exercise price per</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;"> warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Expiry date</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(in €</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2023</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">0.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 364,134</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 364,134</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 367,100</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">0.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 349,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 349,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 359,848</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2031</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 285,043</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 288,853</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 288,853</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2031</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 956,039</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 956,039</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 1,058,593</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2032</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 115,952</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 120,065</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 127,338</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2032</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.57</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 9,156</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 9,156</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 9,156</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2032</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 339,740</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 339,740</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 383,290</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2033</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.70</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 94,437</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 94,437</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2033</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 842,922</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 842,922</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2033</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 173,139</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 184,740</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.45</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 811,948</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 811,948</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 330,195</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 340,476</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 1,006,688</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 49,286</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.77</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 364,372</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 19,805</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 140,758</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 21,645</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 6,206,018</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,771,449</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2,594,177</td></tr></table>19.2. Profit share certificateOn March 14, 2019, the Company issued a PSC to a third-party company in return for a research and commercialization license on certain patent rights and know-how (the “IP rights”).In exchange for the IP rights acquired under the license, the Company has issued a PSC that meets the definition of an equity instrument under IFRS. As a result, the transaction qualifies as an equity-settled share-based payment in accordance with IFRS 2.The PSC immediately vested at the effective date of the research and commercialization license agreement (i.e., March 14, 2019 or ‘grant date’) as there was no service or other vesting condition to be met. Hence, the fair value was measured at grant date and recognized as an intangible asset (see note 12) with a corresponding increase in equity (share-based payment reserve). No subsequent adjustments are made to equity in accordance with IFRS 2.23 after vesting date.The Company measures the fair value by reference to the equity instrument issued. In accordance with the terms of the license agreement, the fair value of the PSC at grant date is calculated as 20% of the total equity fair value. The total equity fair value is obtained by multiplying the outstanding number of each class of shares by the corresponding latest share price at the same date (i.e., preferred share price of €85 and common share price of €1.71 as of March 14, 2019) and by subsequently dividing by 80% to gross up the amount to the total equity value (to appropriately take the profit share certificate into account). Refer to note 2.2.8.2 and note 17.2 for more details on the terms and conditions of the profit share certificate.Refer to note 26 for the for the consequences of the events after the reporting period on the profit share certificate.

2 P10Y 0.25 P12M 0.75 P36M 0.02083

4771450

1.1

2594177

2519978

0.67

1468810

2488637

1.43

102900

0.8

34242

2.11

311364

0.1

28701

2.43

6206018

1.07

4771450

1.1

2594177

0.66

1761472

0.98

399351

0.98

300952

0.97

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ESOP warrants granted in</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">January 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">November 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">October 2024</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Number of ESOP warrants granted </td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 231,797</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 1,237,013</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 308.810</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 51,472</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Fair value (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;">4.58/3.68</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;">4.05 / 4.03 / 4.01</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"> 0.30</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"> 0.30</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Share price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 4.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 4.50</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 0.43</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 0.43</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Exercise price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;">0 / 4.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;">0 /2.77 / 2.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"> 2.77</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"> 2.41</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 81.66</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 91.22</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 92.07</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 93.22</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Expected life time of a warrant (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;margin:0pt;padding:0pt;"> 8.89</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;margin:0pt;padding:0pt;"> 9.83</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;margin:0pt;padding:0pt;"> 10.00</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"> 9.72</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;background:#cceeff;margin:0pt;padding:0pt;">Risk-free rate (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;background:#cceeff;margin:0pt;padding:0pt;"> 2.69</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;background:#cceeff;margin:0pt;padding:0pt;"> 2.32</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;background:#cceeff;margin:0pt;padding:0pt;"> 2.24</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"> 0.02</td></tr><tr style=""><td style="vertical-align:bottom;width:44.42%;margin:0pt;padding:0pt;">Expected dividends (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.2%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ESOP warrants granted in</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">February 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">July 2023</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Number of ESOP warrants granted </td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 861,234</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 938,332</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 183,507</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 31,854</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Fair value (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">0.30 - 0.42</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">1.00 - 1.28</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"> 1.02</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;">3.31 - 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Share price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 0.43</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 1.28</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 1.28</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Exercise price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">0 - 2.45</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">0 - 2.70</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"> 2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;">0 - 2.41</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;">91.80 - 91.86</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;">87.29 - 87.51</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 87.77</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 92.04</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Expected life time of a warrant (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">9.83 - 9.85</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;">9.56 - 9.59</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"> 9.66</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;margin:0pt;padding:0pt;"> 9.87</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;background:#cceeff;margin:0pt;padding:0pt;">Risk-free rate (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 0.02</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;">2.45 - 2.59</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"> 2.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;background:#cceeff;margin:0pt;padding:0pt;"> 2.40</td></tr><tr style=""><td style="vertical-align:bottom;width:43.05%;margin:0pt;padding:0pt;">Expected dividends (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.22%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ESOP warrants granted in</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">January 2023</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Number of ESOP warrants granted </td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 35,325</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 28,138</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Fair value (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;">3.34 -3.69</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Share price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 3.69</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 3.69</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Exercise price (€)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;">0 - 2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 0</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 94.88</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 95.54</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Expected life time of a warrant (years)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 9.86</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;margin:0pt;padding:0pt;"> 9.83</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;background:#cceeff;margin:0pt;padding:0pt;">Risk-free rate (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 2.66</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;background:#cceeff;margin:0pt;padding:0pt;"> 2.37</td></tr><tr style=""><td style="vertical-align:bottom;width:60.18%;margin:0pt;padding:0pt;">Expected dividends (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr></table>

231797

1237013

308.81

51472

4.58 3.68 4.05 4.03 4.01 0.3 0.3 4.58 4.5 0.43 0.43

4.58

2.77

2.98

2.77

2.41

0.8166

0.9122

0.9207

0.9322

8.89

9.83

9.72

0.0269

0.0232

0.0224

0.0002

861234

938332

183507

31854

0.3 0.42 1 1.28 1.02 3.31 3.69 0.43 1.28 1.28 3.69

2.45

2.7

2.41

0.918

0.9186

0.8729

0.8751

0.8777

0.9204

9.83

9.85

9.56

9.59

9.66

9.87

0.0002

0.0245

0.0259

0.0258

0.024

35325

28138

3.34 -3.69 3.69 3.69 3.69

2.41

0.9488

0.9554

9.86

9.83

0.0266

0.0237

5400000

1100000

2100000

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">Exercise price per</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;"> warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Expiry date</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(in €</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2023</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">0.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 364,134</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 364,134</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 367,100</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">0.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 349,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 349,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 359,848</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2031</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 285,043</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 288,853</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 288,853</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2031</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 956,039</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 956,039</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 1,058,593</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2032</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 115,952</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 120,065</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 127,338</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2032</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.57</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 9,156</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 9,156</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 9,156</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2032</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 339,740</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 339,740</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 383,290</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2033</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.70</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 94,437</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 94,437</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2033</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 842,922</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 842,922</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2033</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 173,139</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 184,740</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.45</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 811,948</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 811,948</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.41</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 330,195</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 340,476</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 1,006,688</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 49,286</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;margin:0pt;padding:0pt;">2.77</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 364,372</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;"> 19,805</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;margin:0pt;padding:0pt;">2.98</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;"> 140,758</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;margin:0pt;padding:0pt;">2034</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4.58</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 21,645</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:30.3%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 6,206,018</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,771,449</td><td style="vertical-align:bottom;white-space:nowrap;width:2.01%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.39%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2,594,177</td></tr></table>

0.98

364134000

367100000

0.98

349848000

359848000

2.41

285043000

288853000

956039000

1058593000

2.41

115952000

120065000

127338000

2.57

9156000

339740000

383290000

2.7

94437000

842922000

2.41

173139000

184740000

2.45

811948000

2.41

330195000

340476000

1006688000

49286000

2.77

364372000

19805000

2.98

140758000

4.58

21645000

6206018000

4771449000

2594177000

0.20 85 1.71 0.80

20. Other current liabilitiesThe following table provides an overview of the other current liabilities.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;margin:0pt;padding:0pt;">For the year ended</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Trade payables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 7,628</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 5,952</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">Payroll-related liabilities </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 2,370</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"> 1,923</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Social tax payables </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 266</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 177</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">Other current liabilities </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Total trade and other payables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 10,266</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8,052</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">Deferred income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 1,461</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"> 801</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Accrued charges </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 87</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">Total deferred income and accrued charges</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 1,548</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 801</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Total other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 11,814</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"> 8,853</td></tr></table>The increase in trade payables is primarily due to the nature and timing of contracted activities certain clinical and non-clinical milestones (AGMB-129 and AGMB-447) were achieved and invoiced close to year-end, together with invoices of professional service providers for offering costs that were incurred for the initial public offering on February 6, 2026 (see note 26).The advancement of several projects during the period has resulted in an increased need for recruitment, leading to a corresponding rise in payroll-related liabilities as at the reporting date. Deferred income relates to outstanding receivables for VLAIO grants provided by the Flemish government (see section 2.2.10.1 above). The grant matches the period of recognition of the related R&D expenses. Refer to note 16 for the related deferral of these expenses.

7628000

5952000

2370000

1923000

266000

177000

2000

10266000

8052000

1461000

801000

87000

1548000 801000

11814000

8853000

21. Pensions and other post-employment benefit plansThe Company offers post-employment retirement benefits to its employees. The plan is a defined contribution plan with an employer contribution equal to 5% of the employee’s gross salary. The plan is individually funded through an insurance company that offers a guaranteed minimum return.Belgian legislation requires a company sponsoring a defined contribution plan to guarantee a minimum level of return. If the return obtained on the individual accounts, in our case via the insurance company, is lower than the minimum return defined by the legislation, the employer would be required to make additional contributions to cover the shortfall.The employee will receive its accrued individual account at retirement, including the potential additional contribution paid by the employer. Typically, these benefits are paid as a lump sum at retirement for tax reasons.Due to this obligation, a Belgian defined contribution plan is treated as a Defined Benefit plan under IFRS Accounting Standards. An IAS 19 valuation has been performed as at December 31, 2025 and has been concluded that no net liability exists for the Company, the gross liability being equal to the assets of €0.5 million as at December 31, 2025.The principal assumptions used in determining post-employment benefit obligations for the Group’s plans are shown below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:23.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:48.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Assumptions</td><td style="vertical-align:bottom;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:23.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:48.94%;background:#cceeff;margin:0pt;padding:0pt;">Discount rate</td><td style="vertical-align:bottom;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;background:#cceeff;margin:0pt;padding:0pt;"> 4.25</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;background:#cceeff;margin:0pt;padding:0pt;"> 3.40</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:48.94%;margin:0pt;padding:0pt;">Salary increase (incl. inflation)</td><td style="vertical-align:bottom;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;margin:0pt;padding:0pt;"> 4.00</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;margin:0pt;padding:0pt;"> 4.00</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:48.94%;background:#cceeff;margin:0pt;padding:0pt;">Legal minimum rate of return</td><td style="vertical-align:bottom;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;background:#cceeff;margin:0pt;padding:0pt;"> 2.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;background:#cceeff;margin:0pt;padding:0pt;"> 2.50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:48.94%;margin:0pt;padding:0pt;">Turnover rate</td><td style="vertical-align:bottom;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;margin:0pt;padding:0pt;">5% until age 55; 0% thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;margin:0pt;padding:0pt;">5% until age 55; 0% thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:48.94%;background:#cceeff;margin:0pt;padding:0pt;">Mortality table (pre-retirement)</td><td style="vertical-align:bottom;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">MR-5 / FR-5</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:23.24%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">MR-5 / FR-5</td><td style="vertical-align:bottom;white-space:nowrap;width:1.54%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr></table>The following table provides the present value of the defined benefit obligation (DBO) and the fair value of the plan assets.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Present value of defined benefit obligation (DBO)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 464</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 255</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Fair value of plan assets (FVPA)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> (464)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> (255)</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Net defined benefit liability/(asset)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr></table>The DBO is floored at the value of plan assets due to the legal minimum return guarantee. Therefore, changes in assumptions such as discount rate, inflation, or turnover do not impact the recognized DBO for 2024 and 2025.The following table presents the reconciliation of the net liability for financial year 2025 and 2024.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Net defined benefit liability at January 1</td><td style="vertical-align:bottom;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Current service cost</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 249</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 104</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Net interest cost</td><td style="vertical-align:bottom;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> (2)</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Employer contributions</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> (254)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> (175)</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Remeasurements (OCI)</td><td style="vertical-align:bottom;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 73</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Net defined benefit liability at December 31</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr></table>The below tables present the net benefit expense recognized in profit and loss and in other comprehensive income<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Current service cost</td><td style="vertical-align:bottom;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 249</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 104</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Net interest (expense)/income</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2)</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Total pension costs</td><td style="vertical-align:bottom;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 245</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 103</td></tr></table>Total pension costs recognized in the statement of profit or loss and are included within ‘Employee benefits expense’, under other employee benefits.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Actuarial loss–experience adjustment</td><td style="vertical-align:bottom;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 73</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Total recognized in OCI</td><td style="vertical-align:bottom;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 73</td></tr></table>

0.05

500000

0.0425

0.034

0.04

0.025 0.025 0.05 0 0.05 0

464000

255000

464000

255000

249000

104000

-4000

-2000

254000

175000

-6000

-73000

249000

104000

-4000

-2000

245000

103000

-6000

-73000

22. Contingent considerations—earn outContingent consideration in business combinations, which are classified as financial liabilities, represent additional payments that are contingent upon the occurrence of future events, such as the achievement of specified development milestones.The contingent consideration as a result of the acquisition of Agomab Spain consists of maximum future contingent milestone payment to Agomab Spain’s former equity holders of €20 million if all the targets are achieved. The contingent consideration is payable upon the occurrence of the following earn-out events:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">€10 million shall be paid upon the first dosing of the first subject in the first qualifying Phase 2 Clinical Trial with the first Agomab Spain product on or before December 31, 2030;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">€5 million shall be paid upon the first dosing of the first subject in the first qualifying Phase 3 Clinical Trial with the first Agomab Spain product on or before December 31, 2035;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">€5 million shall be paid upon obtaining Regulatory Approval for the first Agomab Spain product in the United States on or before December 31, 2040.</td></tr></table><div style="margin-top:12pt;"></div>The fair value of the contingent consideration was estimated at €3.95 million at acquisition date (i.e., December 14, 2021). This estimation was based on the cash outflow associated with each of the potential scenarios, the likelihood of achieving each of the potential scenarios and the timing of any cash payments following the achievement of these scenarios assessed at the time of the acquisition. Management’s estimate regarding the achievement of the different scenarios and corresponding phases in the clinical processes are based on a combination of internal data, historical experience based on scientific studies, and industry knowledge.At each reporting date, the fair value of the contingent consideration is re-measured based on the present value of expected future cash flows, adjusted for risk, and discounted using the WACC. The WACC is considered an appropriate discount rate as it takes into account only the cost of equity.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;margin:0pt;padding:0pt;">For the year ended</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:73.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Probability weighted average of different scenarios</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 13,170</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> 8,800</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">WACC (%)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 16.50</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 16.60</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">Contingent consideration</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (9,736)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,879</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;margin:0pt;padding:0pt;">of which current</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> (6,526)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.53%;background:#cceeff;margin:0pt;padding:0pt;">of which non-current</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> (3,210)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.91%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>During 2025, the Company signed an amendment to the existing Share Purchase Agreement relating to the acquisition of Agomab Spain S.L.U, resulting in new information regarding the contingent earn-out consideration. Based on these new contractual terms that were agreed, the first initial earn-out milestone has changed from a €10 million payment to a €3 million payment upon contract signature and a second payment of €7 million contingent on the first dosing of the first subject with the first Agomab Spain product in either a phase 2 or proof-of-concept clinical trial that (A) has safety and efficacy as its primary and/or secondary endpoints and (B) meets the other contractually agreed criteria on or before 31 December 2030. €3.0 million was paid in 2025 for achieving the first tranche of the first milestone.If the likelihood of achieving the first milestone (Phase 2) is increased by 10% without changing the timing of the achievement or the WACC, the impact on the contingent consideration would be an increase of €0.962 million as at December 31, 2024 and €0.925 million as at January 1, 2024. Since the likelihood of achieving the first milestone (Phase 2) is 100% as at December 31, 2025, there is no impact on the contingent consideration as at December 31, 2025.If the timing for reaching the different earn-out milestones were delayed by 1 year without changing the likelihood of achieving the milestones or the WACC, the impact on the contingent consideration would be a decrease of €0.925 million as at December 31, 2025, €1.262 million as at December 31, 2024 and €1.081 million as at January 1, 2024.If the WACC was increased by 1% without the likelihood of achieving the milestones or the timing of their achievement, the impact on the contingent consideration would be a decrease of €0.139 million as at December 31, 2025, €0.039 million as at December 31, 2024 and €0.054 million as at January 1, 2024.

20000000

10000000

5000000

3950000

13170000 8800000

0.165

0.166

-9736000

7879000

6526000

3210000

10000000

3000000

7000000

3000000

0.10

962000

925000

1 P1Y -925000 -1262000 -1081000.000

0.01

-139000

-39000.000

-54000.000

23. Fair value23.1. Financial assets and liabilitiesThe following table provides an overview of the financial assets.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:20.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Category</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;background:#cceeff;margin:0pt;padding:0pt;">Financial assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;">Other non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">FAAC*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"> 11</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"> 12</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;">FAAC*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"> 86,418</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"> 171,459</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;">Current financial investments (level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">FLAFVTPL***</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,096</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 116,525</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 171,472</td></tr></table>The carrying value of cash and cash equivalents and other current assets approximate their fair value.Cash and cash equivalents measured at amortized cost comprise cash at banks and on-hand, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.Current financial investments equivalents measured at fair value through profit or loss comprise a money market fund that is readily convertible to cash and are subject to a marginal risk of changes in value. These financial assets are used by the Company in the management of short-term commitments.The following table provides an overview of the financial liabilities:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:20.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Category</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;background:#cceeff;margin:0pt;padding:0pt;">Financial liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;">Contingent considerations - earn out (level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">FLAFVTPL***</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"> 9,736</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"> 7,879</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;background:#cceeff;margin:0pt;padding:0pt;">Anti-dilution warrants (level 3)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;">FLAFVTPL***</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;margin:0pt;padding:0pt;">Trade and other payables</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">FLAC**</td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,628</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8,052</td></tr><tr style=""><td style="vertical-align:bottom;width:64.39%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.52%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 17,364</td><td style="vertical-align:bottom;white-space:nowrap;width:1.99%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 15,931</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:28.8pt;padding:0pt;">(*)</td><td style="padding:0pt;">Financial assets measured at amortized cost</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:28.8pt;padding:0pt;">(**)</td><td style="padding:0pt;">Financial liabilities measured at amortized cost</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:28.8pt;padding:0pt;">(***)</td><td style="padding:0pt;">Financial assets and liabilities measured at fair value through profit and loss</td></tr></table>The carrying value of trade and other payables approximates their fair value.During the 2025 reporting period, there were no transfers performed between level 1 and 2, or between level 2 and level 3 for assets and liabilities measured at fair value on a recurring basis. The absence of transfers reflects the stability and consistency in valuation methods and inputs.The following table provides a reconciliation from the opening to closing balances of 2025 for the recurring fair value measurements categorized within level 3 of the fair value hierarchy.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;">Contingent</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;">considerations –</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;">Anti-dilution</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(in thousands of €)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">earn out</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">warrants</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">As at January 1, 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,373)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (23,318)</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Total gains or (losses) for the period</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">included in profit or (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> (3,127)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 22,092</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">include in OCI</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7,500)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,226)</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Total gains or (losses) for the period</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">included in profit or (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> (379)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 1,226</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">include in OCI</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">As at December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7,879)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">Total gains or (losses) for the period</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">included in profit or (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> (4,857)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">include in OCI</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;background:#cceeff;margin:0pt;padding:0pt;">Settlements</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:73.54%;margin:0pt;padding:0pt;">As at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (9,736)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr></table>Since the probability of an exit without intermediate funding round has increased to 100% as of December 31, 2024, the fair value of these ADWs, are reduced to €0.0 million. No changes in fair value have been recognized within the statement of comprehensive income during the year ended 2025 (2024: gain of €1.2 million) as the probability of an exit without intermediate funding round remained unchanged as of December 31, 2025. This reflects management’s assessment that an exit will occur without any further intermediate funding, making the ADWs no longer exercisable (see note 18).The earn-out liability increased from €7.9 million as of December 31, 2024 to €9.7 million as of December 31, 2025. The increase for the year ended December 31, 2025 is the effect of increased probability of meeting the contractually agreed milestones pursuant to which the earn-out is calculated. This resulted in an additional cost recognized within the statement of comprehensive income of €4.9 million for the year ended December 31, 2025. The increase has been offset by a €3.0 million payment made for achieving the first tranche of the first milestone (refer to note 22).

11000

12000

86418000

171459000

30096000

116525000

171472000

9736000

7879000

7628000

8052000

17364000

15931000

4373000

23318000

-3127000

22092000

7500000

1226000

-379000

1226000

7879000

-4857000

3000000

9736000

1200000

7900000

9700000

-4900000

3000000

24. Financial risk management24.1. Market risksThe Company is not significantly exposed to market risks such as interest rate risk, foreign currency risks and other market risks that may impact the fair value or future cash flows of its financial instruments. As such, sensitivity analysis is not provided.24.2. Interest rate riskThe Company is only subject to changes in variable interest rates on cash and cash equivalents. The Company is not subject to immediate changes in interest rates from borrowings.24.3. Foreign exchange riskThe Group does not currently have any customers and purchases the majority of its materials and services in Euros, which is the functional currency of the Group entities. The Group is however exposed to limited purchase contracts in USD, CHF, and GBP. On that basis, the Group is not subject to significant foreign exchange risks. Any purchases in foreign currencies are settled at the spot rate at the time of payment, which is within one month of the invoice date. As such, sensitivity analysis is not provided.24.4. Liquidity riskThe Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company’s main sources of cash inflows are through capital increases and government grants. All cash is held in immediately accessible current accounts with reputable banks and, if deemed appropriate, term deposit accounts with maturity of one year or less in duration and money market funds that are readily convertible to cash and subject to a marginal risk of changes in value. The Company does not have any unused credit lines available.24.5. Credit riskCredit risk is the risk that third parties may not meet their contractual obligations resulting in a loss for the Group. The Group is exposed to credit risk from its operating activities, which are currently only cash held, short-term deposits and money market funds with high-creditworthy financial institutions. The Group limits this exposure by contracting with credit-worthy business partners or with financial institutions which meet high credit rating requirements. Grant receivables are from the government and are considered a very low credit risk.

25. Related party disclosuresTransactions between the Company, its directors and key management personnel for the reporting period 2025, 2024 and 2023 are described below. Balances and transactions between the Company and its subsidiary, which is a related party of the Company, have been eliminated on consolidation and are not disclosed in this note. There were no other related party transactions.During 2025, the Group paid a milestone consideration of €3 million to the former shareholders of Origo Biopharma, S.L., in accordance with the terms of the acquisition agreement. These payments reflect consideration for the business acquired and are not related to services provided to the Group. One beneficiary subsequently invested in the share capital of the Group during our Series B Extn, C and Series D capital raise and another beneficiary joined the Group’s management team; however, the earn-out terms were not linked to employment. The payments to these related parties were made on the same terms and conditions as those applicable to the other former shareholders and formed part of the total consideration recognized under IFRS 3 Business Combinations.25.1. Remuneration of key management personnelAs at December 31, 2025 the key management team included six members: <table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Chief Executive Officer, Mr. Tim Knotnerus</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Chief Medical Officer, Mr. Philippe Wiesel</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Chief Development Officer, Mrs. Andrea Sáez</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Chief Finance Officer, Mr. Pierre Kemula</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Chief Business Officer, Mr. Paul van der Horst</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">General Counsel, Mrs. Ellen Lefever</td></tr></table>Their combined remuneration package, including employer taxes, amounted to the following:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(In thousands of €)</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Number of key management personnel</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> 6</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Short-term employee benefits</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 3,082</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 2,224</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 2,022</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Post employment benefits</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Other long-term benefits</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Termination benefits</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Share-based payments</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,087</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 171</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 822</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,169</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,395</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,844</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">Of which outstanding at year-end</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"> 573</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;margin:0pt;padding:0pt;"> 1,465</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;background:#cceeff;margin:0pt;padding:0pt;">ESOP warrants granted during the year</td><td style="vertical-align:bottom;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,324,054</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"> 1,067,618</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:64.95%;margin:0pt;padding:0pt;">ESOP warrants outstanding</td><td style="vertical-align:bottom;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,704,852</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,380,798</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,571,838</td></tr></table>No loans, quasi-loans or other guarantees are outstanding with members of the executive management team.25.2. Remuneration of the BoardThe total remuneration of the Board of Directors in 2025 was €0.5 million (2024: €0.2 million; 2023: €0.6 million). No advances or credits have been granted to any member of the Board of Directors. None of the members of the Board of Directors have received any non-monetary remuneration other than ESOP warrants.

3000000 6

6 6 6

3082000

2224000

2022000

1087000

171000

822000

4169000

2395000

2844000

573000

1465000

1324054000

1067618000

3704852000

2380798000

1571838000

500000

200000

600000

26. Events after the reporting periodOn February 9, 2026, the Company successfully completed an IPO on the NASDAQ Global Select Market under the symbol “AGMB”, issuing 12,500,000 American Depositary Shares (ADSs) representing 12,500,000 of its common shares. All of the ADSs are being offered by the Company. The gross proceeds of the issuance of new shares amounted $200 million (€169 million). On March 4, 2026, The Company issued an additional 482,967 ADSs representing 482,967 of its common shares with total gross proceeds of $7.7 million. The completion and closing of the IPO triggered the following events (“IPO events”):<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The conversion of all preferred shares into common shares on 1:1 basis (before stock split), without any pay-out in the form of cash or common shares relating to the cumulative dividend immediately prior to the consummation of the public offering;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">the profit share certificate has been automatically converted into the equivalent number of common shares (2,069,611 common shares, before stock split) in the Company, immediately prior to the consummation of the public offering;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Expiration of the anti-dilution warrant protection before expiration of the term of the shareholders agreement, and the derecognition of the anti-dilutive warrant liability immediately prior to the public offering;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A stock split of our common and preferred shares effected upon the consummation of the offering; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Accelerated vesting of ESOPs: 50% of ESOPs issued under 2024 ESOP plans have vested immediately and become exercisable, the remainder 50% of ESOPs will follow the original vesting scheme. All ESOPs issued under the other plans have vested immediately and become exercisable.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Share split of the common shares (25,000) into an aggregate of 541,126 common shares.</td></tr></table><div style="margin-top:12pt;"></div>28,229 ESOPs were exercised after reporting date and before authorization of the financial statements, representing 28,229 common shares.No other events have occurred after the balance sheet date that could have a material impact on the consolidated financial statements as at December 31, 2025.

12500000

200000000

169000000

482967

7700000

1 2069611

25000

541126

28229 28229 The loss and total comprehensive loss for the year are fully attributable to the owners of the parent