| STEP REVENUE FROM SALE OF VIALS | |
| Oxurion has a contract in place | |
| with Inceptua and Eumedica for | |
| 1. Identification of the contract | the commercialization of JETREA\u00ae |
| as disclosed in Note 5.8 under Key | |
| Agreements. | |
| 2. Identification of performance | In all distribution contracts, there is |
| obligations | only one performance obligation: |
| supply of goods to a third party. | |
| 3. Identification of the transaction price | Stand-alone price per vial is defined |
| in each agreement with the customer. | |
| As there is only one performance | |
| 4. Allocation of the transaction price | obligation, there is no allocation of the |
| price, and therefore stand-alone price | |
| per vial is recognized. | |
| Revenue is recognized upon delivery | |
| to the customer. Returns are credited | |
| strictly at discretion of Oxurion, and | |
| 5. Revenue recognition | a provision for US returns is made |
| based on historical data. Rebate | |
| provisions for sales made outside the | |
| US, are made based on contractual | |
| agreements and/or local regulations. |
N '000 EURO | IMPACT ON PAST TAX LOSS | |
2022 | 2021 | |
| USD/euro exchange rate increase 10% | 163 | -339 |
| USD/euro exchange rate decrease 10% | -200 | 415 |
| GBP/euro exchange rate increase 10% | 7 | 6 |
| GBP/euro exchange rate decrease 10% | -9 | - 7 |
| IN '000 EURO (AS AT | LESS THAN 6 MONTHS | 6 - 12 MONTHS | BETWEEN 1 AND 2 YEARS | BETWEEN 2 AND 5 YEARS | OVER 5 YEARS | TOTAL |
| 31 DECEMBER 2021) | ||||||
Lease liabilities | 162 | 59 | 30 | 15 | 0 | 266 |
Convertible loans | 300 | 1,910 | 4,464 | 5,187 | 0 | 11,861 |
Trade payables | 4,979 | 0 | 0 | 0 | 0 | 4,979 |
Other short-term liabilities | 628 | 0 | 0 | 0 | 0 | 628 |
Total financial liabilities | 6,069 | 1,969 | 4,494 | 5,202 | 0 | 17,734 |
| IN '000 EURO (EXCEPT FOR THE NUMBER OF STOCK | 2022 | 2021 |
| OPTIONS) (AS AT 31 DECEMBER) | ||
Short-term benefits - consultancy fees / salary | 562 | 652 |
Termination benefits | 0 | 159 |
Cost of stock options granted in the year | 0 | 662 |
Number of stock options granted in the year | 0 | 600,000 |
| STEP REVENUE FROM SALE OF VIALS | |
| Oxurion has a contract in place | |
| with Inceptua and Eumedica for | |
| 1. Identification of the contract | the commercialization of JETREA\u00ae |
| as disclosed in Note 5.8 under Key | |
| Agreements. | |
| 2. Identification of performance | In all distribution contracts, there is |
| obligations | only one performance obligation: |
| supply of goods to a third party. | |
| 3. Identification of the transaction price | Stand-alone price per vial is defined |
| in each agreement with the customer. | |
| As there is only one performance | |
| 4. Allocation of the transaction price | obligation, there is no allocation of the |
| price, and therefore stand-alone price | |
| per vial is recognized. | |
| Revenue is recognized upon delivery | |
| to the customer. Returns are credited | |
| strictly at discretion of Oxurion, and | |
| 5. Revenue recognition | a provision for US returns is made |
| based on historical data. Rebate | |
| provisions for sales made outside the | |
| US, are made based on contractual | |
| agreements and/or local regulations. |
N '000 EURO | IMPACT ON PAST TAX LOSS | |
2022 | 2021 | |
| USD/euro exchange rate increase 10% | 163 | -339 |
| USD/euro exchange rate decrease 10% | -200 | 415 |
| GBP/euro exchange rate increase 10% | 7 | 6 |
| GBP/euro exchange rate decrease 10% | -9 | - 7 |
| IN '000 EURO (AS AT | LESS THAN 6 MONTHS | 6 - 12 MONTHS | BETWEEN 1 AND 2 YEARS | BETWEEN 2 AND 5 YEARS | OVER 5 YEARS | TOTAL |
| 31 DECEMBER 2021) | ||||||
Lease liabilities | 162 | 59 | 30 | 15 | 0 | 266 |
Convertible loans | 300 | 1,910 | 4,464 | 5,187 | 0 | 11,861 |
Trade payables | 4,979 | 0 | 0 | 0 | 0 | 4,979 |
Other short-term liabilities | 628 | 0 | 0 | 0 | 0 | 628 |
Total financial liabilities | 6,069 | 1,969 | 4,494 | 5,202 | 0 | 17,734 |
| IN '000 EURO (EXCEPT FOR THE NUMBER OF STOCK | 2022 | 2021 |
| OPTIONS) (AS AT 31 DECEMBER) | ||
Short-term benefits - consultancy fees / salary | 562 | 652 |
Termination benefits | 0 | 159 |
Cost of stock options granted in the year | 0 | 662 |
Number of stock options granted in the year | 0 | 600,000 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Sales | 442 | 967 |
Income from royalties | 153 | 161 |
Total revenue | 595 | 1,128 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
License rights on sales | -46 | -48 |
Cost of goods | -467 | -564 |
Total cost of sales | -513 | -612 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -3,231 | -5,900 |
Subcontracted R&D activities | -10,668 | -11,451 |
Reagents and materials | -88 | -419 |
Patent expenses | -107 | -279 |
Consultancy fees | -1,246 | -1,984 |
Other | -389 | -260 |
Depreciation and amortization | -307 | -584 |
Government grants | 3 | 84 |
Income from recharge of costs | 47 | 97 |
Total research and development expenses | -15,986 | -20,696 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -1,753 | -2,653 |
Consultancy fees | -3,141 | -3,470 |
Insurance | -361 | -343 |
Other | -692 | -622 |
Depreciation and amortization | -33 | -62 |
Total general and administrative expenses | -5,980 | -7,150 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -608 | -975 |
Distribution costs | -68 | -91 |
Contractor and consultancy fees | -241 | -296 |
Other | -183 | -116 |
Depreciation and amortization | -15 | -31 |
Income from recharge of costs | 223 | 235 |
Total selling expenses | -892 | -1,274 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Other operating income | 830 | 1,245 |
Total other operating income | 830 | 1,245 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Interest | 9 | 9 |
Fair value adjustment convertible bonds | 436 | 0 |
Exchange rate gain (on USD and GBP) | 194 | 162 |
Total finance income | 639 | 171 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Bank costs | -21 | -26 |
Impairment on short-term financial investments | -15 | -5 |
Fair value adjustment convertible bonds | -7,824 | -372 |
Other | -1,349 | -713 |
Exchange rate loss (on USD and GBP) | -170 | -152 |
Total finance expense | -9,379 | -1,268 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Wages, salaries and bonuses | -4,456 | -8,030 |
Share-based compensation expenses | -933 | -1,107 |
Pension costs | -203 | -391 |
Total | -5,592 | -9,528 |
IN NUMBERS | 2022 | 2021 |
Research and development | 27 | 45 |
General and administration | 7 | 10 |
Selling | 1 | 1 |
Total | 35 | 56 |
N '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Research and development expenses | 427 | 289 |
General and administrative expenses | 495 | 798 |
Selling expenses | 11 | 20 |
Total | 933 | 1,107 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Current tax expense | -7 | -3 |
Deferred tax expense | 0 | 0 |
Tax expenses in income statement | -7 | -3 |
Effective tax rate | 0.0% | 0.0% |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Loss (-) / profit before tax | -31,686 | -29,592 |
| Expected tax based on tax rate of the parent | 7,921 | 7,398 |
| company (25% - theoretical) | ||
Disallowed expenses | -231 | -51 |
Tax deductions and non-taxable income | 152 | 144 |
Change in unrecognized deferred taxes | -5,961 | -9,947 |
Difference in tax rates from other jurisdictions | 0 | -6 |
Permanent differences | -1,888 | 2,459 |
Tax expense of the year (effective) | -7 | -3 |
2022 | 2021 | |
Issued ordinary shares per 1 January | 39,067,284 | 38,291,950 |
Effect of capital increases through issue of shares | 45,952,549 | 118,582 |
| Average number of ordinary shares per | 85,019,833 | 38,410,532 |
| 31 December |
IN '000 EURO, EXCEPT FOR RESULT PER SHARE | 2022 | 2021 |
Result of the year | -31,693 | -29,595 |
Basic/Diluted result per share | -0.37 | -0.77 |
| IN '000 EURO | MACHINES, PLANT | FURNITURE AND | TOTAL |
| AND EQUIPMENT | FITTINGS | ||
| As at 1 January 2021 | |||
| Cost | 6,674 | 4,310 | 10,984 |
| Accumulated depreciation and disposals | -6,469 | -4,276 | -10,745 |
| Exchange differences | -26 | 17 | -9 |
Net carrying amount | 179 | 51 | 230 |
| Year ended on 31 December 2021 | |||
| Additions | 25 | 7 | 32 |
| Depreciation expenses | -47 | -30 | -77 |
| Disposals | -60 | -8 | -68 |
| Exchange differences | 0 | 3 | 3 |
Net carrying amount | 97 | 23 | 120 |
| As at 31 December 2021 | |||
Cost | 6,699 | 4,317 | 11,016 |
Accumulated depreciation and disposals | -6,576 | -4,314 | -10,890 |
Exchange differences | -26 | 20 | -6 |
Net carrying amount | 97 | 23 | 120 |
| Year ended on 31 December 2022 | |||
Additions | 28 | 31 | 59 |
Depreciation expenses | -45 | -18 | -63 |
Disposals | -9 | -7 | -16 |
Exchange differences | 0 | -1 | -1 |
Net carrying amount | 71 | 28 | 99 |
| As at 31 December 2022 | |||
Cost | 6,727 | 4,348 | 11,075 |
Accumulated depreciation and disposals | -6,630 | -4,339 | -10,969 |
Exchange differences | -26 | 19 | -7 |
Net carrying amount | 71 | 28 | 99 |
| IN \u2018000 EURO | LAND AND | PROPERTY, PLANT | TOTAL |
| BUILDINGS | AND EQUIPMENT | ||
| Right-of-use assets | |||
As at January 1, 2021 | 817 | 252 | 1,069 |
Additions | 0 | 34 | 34 |
Amortization | -466 | -134 | -600 |
Modification* | -251 | 0 | -251 |
As at December 31, 2021 | 100 | 152 | 252 |
As at January 1, 2022 | 100 | 152 | 252 |
Additions | 924 | 77 | 1,001 |
Amortization | -171 | -119 | -290 |
Modification | 0 | 0 | 0 |
As at December 31, 2022 | 853 | 110 | 963 |
| Lease liabilities | |||
As at January 1, 2021 | 842 | 254 | 1,096 |
Additions | 0 | 34 | 34 |
Lease payments | -463 | -136 | -599 |
Modification* | -266 | 0 | -266 |
As at December 31, 2021 | 113 | 152 | 265 |
| Of which are: | |||
current lease liabilities | 113 | 108 | 221 |
non-current lease liabilities | 0 | 44 | 44 |
total | 113 | 152 | 265 |
As at January 1, 2022 | 113 | 152 | 265 |
Additions | 924 | 77 | 1,001 |
Lease payments | -172 | -122 | -294 |
Modification | 0 | 0 | 0 |
As at December 31, 2022 | 865 | 107 | 972 |
| Of which are: | |||
current lease liabilities | 92 | 47 | 139 |
non-current lease liabilities | 773 | 60 | 833 |
total | 865 | 107 | 972 |
| UP TO 3 | BETWEEN | BETWEEN | BETWEEN | OVER 5 | |
| IN \u2018000 EURO | MONTHS | 3 AND 12 | 1 AND 2 | 2 AND 5 | YEARS |
| MONTHS | YEAR(S) | YEARS | |||
Lease obligations | 39 | 100 | 121 | 338 | 374 |
| INTERNALLY | |||||||
| IN '000 EURO | GENERATED | LICENSE NUVUE | LICENSE GRIFOLS | LICENSE | LICENSE VIB | LICENSES OTHER | TOTAL |
| MICROPLASMIN | GALAPAGOS | ||||||
| PHASE III | |||||||
| As at 1 January 2021 | |||||||
Cost | 53,597 | 12,019 | 9,935 | 1,000 | 1,252 | 168 | 77,971 |
Accumulated amortization expenses | -22,700 | -6,578 | -5,381 | 0 | 0 | -168 | -34,827 |
Accumulated impairment losses | -30,897 | -5,441 | -4,554 | 0 | -125 | 0 | -41,017 |
Net carrying amount | 0 | 0 | 0 | 1,000 | 1,127 | 0 | 2,127 |
| Year ended December 31, 2021 | |||||||
Additions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Impairment losses | 0 | 0 | 0 | 0 | -1,127 | 0 | -1,127 |
Net carrying amount | 0 | 0 | 0 | 1,000 | 0 | 0 | 1,000 |
| As at December 31, 2021 | |||||||
Cost | 53,597 | 12,019 | 9,935 | 1,000 | 1,252 | 168 | 77,971 |
Accumulated amortization expenses | -22,700 | -6,578 | -5,381 | 0 | 0 | -168 | -34,827 |
Accumulated impairment losses | -30,897 | -5,441 | -4,554 | 0 | -1,252 | 0 | -42,144 |
Net carrying amount | 0 | 0 | 0 | 1,000 | 0 | 0 | 1,000 |
| For the period ended on December 31, 2022 | |||||||
Additions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Impairment losses | 0 | 0 | 0 | -1,000 | 0 | 0 | -1,000 |
Net carrying amount | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| As at December 31, 2022 | |||||||
Cost | 53,597 | 12,019 | 9,935 | 1,000 | 1,252 | 168 | 77,971 |
Accumulated amortization expenses | -22,700 | -6,578 | -5,381 | 0 | 0 | -168 | -34,827 |
Accumulated impairment losses | -30,897 | -5,441 | -4,554 | -1,000 | -1,252 | 0 | -43,144 |
Net carrying amount | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible assets with definite useful lives: |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Trade receivables | 316 | 81 |
Other receivables | 2,696 | 2,276 |
Prepaid expenses and other current assets | 309 | 160 |
Total | 3,321 | 2,517 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
0 - 60 days | 316 | 81 |
60 - 90 days | 0 | 0 |
| 90 - 120 days | 0 | 0 |
more than 120 days | 0 | 0 |
Total | 316 | 81 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Tax credit | 3,785 | 4,000 |
Total | 3,785 | 4,000 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Recoverable VAT | 154 | 242 |
Recoverable withholding tax | 2 | 4 |
Tax credit | 0 | 568 |
Other taxes | 33 | 31 |
Total | 189 | 845 |
N '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
| Raw and ancillary materials, goods in process and | 5 | 60 |
| finished goods | ||
Total | 5 | 60 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Other investments | 95 | 247 |
Total investments | 95 | 247 |
| FINANCE ASSETS ACCORDING TO CATEGORIES | INVESTMENTS AT | INVESTMENTS |
| DEFINED IN IFRS 9 | AMORTIZED COST | AT FVOCI |
Balance at 1 January 2021 | 0 | 288 |
Exchange rate differences | 0 | 7 |
Additions | 0 | 0 |
Retirements | 0 | -40 |
Impairments | 0 | -1 |
Appreciation at market value | 0 | -7 |
Balance at 31 December 2021 | 0 | 247 |
-/- of which taken in fixed assets | - | - |
Taken in current assets | 0 | 247 |
| Composition | ||
- Other bonds | 0 | 247 |
- Term investments | 0 | 0 |
| Breakdown per currency | ||
- in euro | 0 | 140 |
- in other currency | 0 | 107 |
Total | 0 | 247 |
Balance at 1 January 2022 | 0 | 247 |
Exchange rate differences | 0 | 9 |
Additions | 0 | 0 |
Retirements | 0 | -152 |
Impairments | 0 | -4 |
Appreciation at market value | 0 | -5 |
Balance at 31 December 2022 | 0 | 95 |
| -/- of which taken in fixed assets | - | - |
Taken in current assets | 0 | 95 |
| Composition | ||
- Other bonds | 0 | 95 |
- Term investments | 0 | 0 |
| Breakdown per currency | ||
- in euro | 0 | 95 |
- in other currency | 0 | 0 |
Total | 0 | 95 |
| NUMBER OF SHARES | |
31 December 2020 | 38,291,950 |
Capital increase due to conversion of convertible bonds | 775,334 |
31 December 2021 | 39,067,284 |
Capital increase by contribution in cash | 7,226,039 |
Capital increase due to conversion of convertible bonds | 364,778,236 |
31 December 2022 | 411,071,559 |
IN '000 EURO | CAPITAL | SHARE |
| PREMIUM | ||
31 December 2020 | 44,913 | 0 |
Capital increase due to conversion of convertible bonds | 1,116 | 234 |
31 December 2021 | 46,029 | 234 |
Capital increase by contribution in cash | 10,405 | 0 |
Capital increase due to conversion of convertible bonds | 9,009 | 16 |
31 December 2022 | 65,443 | 250 |
DAT E | BONDS | CAPITAL | SHARE PREMIUM |
| (IN EURO) | (IN EURO) | ||
8 February 2022 | 200 | 483,219.36 | 16,780.64 |
23 March 2022 | 240 | 600,000.00 | 0.00 |
15 April 2022 | 230 | 575,000.00 | 0.00 |
18 May 2022 | 200 | 500,000.00 | 0.00 |
7 June 2022 | 180 | 450,000.00 | 0.00 |
6 July 2022 | 220 | 550,000.00 | 0.00 |
17 August 2022 | 200 | 500,000.00 | 0.00 |
5 September 2022 | 80 | 200,000.00 | 0.00 |
13 September 2022 | 80 | 200,000.00 | 0.00 |
12 October 2022 | 173 | 432,500.00 | 0.00 |
19 October 2022 | 164 | 410,000.00 | 0.00 |
24 October 2022 | 120 | 300,000.00 | 0.00 |
26 October 2022 | 123 | 307,500.00 | 0.00 |
2 November 2022 | 120 | 300,000.00 | 0.00 |
7 November 2022 | 130 | 325,000.00 | 0.00 |
17 November 2022 | 56 | 140,000.00 | 0.00 |
22 November 2022 | 172 | 430,000.00 | 0.00 |
24 November 2022 | 140 | 350,000.00 | 0.00 |
28 November 2022 | 242 | 605,000.00 | 0.00 |
30 November 2022 | 80 | 200,000.00 | 0.00 |
5 December 2022 | 80 | 200,000.00 | 0.00 |
9 December 2022 | 380 | 950,000.00 | 0.00 |
| Total | 3,610 | 9,008,219.36 | 16,780.64 |
| CURRENCY | REMEASURE- | FAIR VALUE ADJUST- | ||
| IN '000 EURO | TRANSLATION | MENT DEFINED | MENTS OF DEBT | TOTAL |
| ADJUSTMENT | BENEFIT | INSTRUMENTS | OCI | |
| PLANS | ||||
31 December 2020 | -378 | -661 | 0 | -1,039 |
Movements in OCI | 122 | 566 | -5 | 683 |
31 December 2021 | -256 | -95 | -5 | -356 |
Movements in OCI | 101 | 361 | -5 | 457 |
31 December 2022 | -155 | 266 | -10 | 101 |
| SHARE- | RETAINED | FAIR VALUE | |||
| IN '000 EURO | BASED | EARNINGS | ADJUST- | OTHER | TOTAL |
| PAYMENT | RESERVE | MENT | |||
| RESERVE | FUND | RESERVE | |||
| 31 December | 12,574 | -18,706 | -1 | 0 | -6,133 |
| 2020 | |||||
Movements in other reserves | 1,107 | -453 | 213 | 0 | 867 |
| 31 December | 13,681 | -19,159 | 212 | 0 | -5,266 |
| 2021 | |||||
Movements in other reserves | 933 | -38 | 7,398 | 0 | 8,293 |
Transfer* | -11,433 | 0 | 0 | 11,433 | 0 |
| 31 December | 3,181 | -19,197 | 7,610 | 11,433 | 3,027 |
| 2022 |
| CREATION DATE OF PLAN | DATE GRAN- | EXERCISE PRICE | BENEFICIARY |
| TED | (IN EURO) | ||
| Employees, key | |||
Subscription Rights Plan 2017 | 2017-2020 | Between 2.64 | consultants and |
| and 6.55 | directors of the | ||
| Group | |||
| Subscription Rights Plan | Non-Executive | ||
| 2020 | 2021 | 2.57 | Directors of the |
| Group | |||
| Subscription Rights Plan | Between 1.75 | Employees and | |
| 2021-1 | 2021 | and 2.60 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Employees and | ||
| 2021-2 | 2021 | 1.75 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Between 0.444 | Employees and | |
| 2021-3 | 2021-2022 | and 1.82 | key consultants |
| of the Group |
| duration until exercise, taking into account the specific |
| features of the plans. |
| \u2022 Risk-free interest rate \u2013 based on the Belgian govern- |
| ment bond rates at the date of granting with a term |
| equal to the expected life of the subscription rights. |
2022 | 2021 | |||
| AVERAGE | SUB- | AVERAGE | SUB- | |
| EXERCISE | SCRIPTION | EXERCISE | SCRIPTION | |
| PRICE IN EUR | RIGHTS | PRICE IN EUR | RIGHTS | |
As at 1 January | 2.52 | 3,131,250 | 3.84 | 893,800 |
Granted, accepted | 0.44 | 1,000 | 2.11 | 2,431,000 |
Forfeited | 2.46 | -172,970 | 3.30 | -193,550 |
Exercised | 0.00 | 0 | 0.00 | 0 |
As at 31 December | 2.54 | 2,959,280 | 2.52 | 3,131,250 |
2022 | 2021 | |
Defined benefit obligation | 4,707 | 5,015 |
Fair value of plan assets | -4,548 | -4,421 |
Net defined benefit liability | 159 | 594 |
| PRESENT | FAIR VALUE OF | ||
| IN '000 EURO | VALUE OF | PLAN ASSETS | TOTAL |
| OBLIGATION | |||
As at 1 January 2021 | 5,361 | -4,265 | 1,096 |
Current service cost | 369 | 0 | 369 |
Past service cost | 0 | 0 | 0 |
Interest expense/(income) | 31 | -26 | 6 |
| Total amount recognized in profit | 400 | -26 | 374 |
| or loss | |||
Actuarial gains/(losses) on DBO due to change in financial | -165 | 0 | -165 |
| assumptions | |||
Changes in return of plan assets | 0 | -66 | -66 |
| Actuarial gains/(losses) on DBO | -335 | 0 | -335 |
| due to experience adjustments | |||
Total amount recognized in other comprehensive income | -500 | -66 | -566 |
Employer contributions | 0 | -310 | -310 |
Employee contributions | 67 | -67 | 0 |
Benefit payments | -214 | 214 | 0 |
Taxes on contributions | -39 | 39 | 0 |
Insurance premiums related to risk coverages | -61 | 61 | 0 |
As at 31 December 2021 | 5,015 | -4,421 | 594 |
Current service cost | 185 | 0 | 185 |
Past service cost | 0 | 0 | 0 |
Interest expense/(income) | 53 | -47 | 7 |
| Total amount recognized in profit | 238 | -47 | 191 |
| or loss | |||
Actuarial gains/(losses) on DBO due to change in financial | -245 | 0 | -245 |
| assumptions | |||
Changes in return of plan assets | 0 | -45 | -45 |
| Actuarial gains/(losses) on DBO | -283 | 0 | -283 |
| due to demographic adjustments | |||
| Actuarial gains/(losses) on DBO | 213 | 0 | 213 |
| due to experience adjustments | |||
Total amount recognized in other comprehensive income | -315 | -45 | -361 |
Employer contributions | 0 | -266 | -266 |
Employee contributions | 60 | -60 | 0 |
Benefit payments | -202 | 202 | 0 |
Taxes on contributions | -34 | 34 | 0 |
Insurance premiums related to risk coverages | -54 | 54 | 0 |
As at 31 December 2022 | 4,707 | -4,548 | 159 |
2022 | 2021 | |
Discount rate | 3.80% | 1.10% |
Inflation rate short term | 9.30% | 1.80% |
Inflation rate long term | 2.50% | |
Salary increase rate on top of inflation rate | 2.00% | 1.20% |
| Mortality tables | MR/FR with age | MR/FR with age |
| correction of 3 years | correction of 3 years |
| IN '000 EURO | |
2023 | 120 |
2024 | 54 |
2025 | 101 |
2026 | 165 |
2027 | 233 |
| IN '000 EURO (AS AT 31 | 2022 | 2021 |
| DECEMBER) | ||
Employee benefits | 548 | 1,684 |
Other current liabilities | 2,813 | 628 |
| Total other short-term | 3,361 | 2,312 |
| liabilities |
| IN '000 EURO | KREOS / | NEGMA | TOTAL |
| PONTIFAX | |||
31 December 2020 | 0 | 0 | 0 |
Proceeds from loans and borrowings | 10,000 | 2,500 | 12,500 |
Commitment fee | 0 | 525 | 525 |
Converted into capital | 0 | -1,350 | -1,350 |
Fair value adjustment | 25 | 134 | 159 |
31 December 2021 | 10,025 | 1,809 | 11,834 |
Proceeds from loans and borrowings | 0 | 7,150 | 7,150 |
Commitment fee | 0 | 700 | 700 |
Converted into capital | 0 | -9,025 | -9,025 |
Repayment of loans and borro- wings | -3,605 | 0 | -3,605 |
Fair value adjustment | -436 | 426 | -10 |
31 December 2022 | 5,984 | 1,060 | 7,044 |
Of which current | 2,749 | 1,060 | 3,809 |
Of which non-current | 3,235 | 0 | 3,235 |
| Total unused tax losses and other | ||
| deductible temporary differences not | 379,196 | 366,617 |
| recognized |
| NAME OF THE | PLACE OF | PRINCIPAL | ||
| SUBSIDIARY | INCORPORATION | 2022 | 2021 | ACTIVITY |
| AND OPERATION | ||||
Thrombo- Genics, Inc. | US | 100% | 100% | Distributor |
| Oncurious | BE | 100% | 83.34% | Research |
| NV | (oncology) |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -3,231 | -5,900 |
Subcontracted R&D activities | -10,668 | -11,451 |
Reagents and materials | -88 | -419 |
Patent expenses | -107 | -279 |
Consultancy fees | -1,246 | -1,984 |
Other | -389 | -260 |
Depreciation and amortization | -307 | -584 |
Government grants | 3 | 84 |
Income from recharge of costs | 47 | 97 |
Total research and development expenses | -15,986 | -20,696 |
| STEP REVENUE FROM SALE OF VIALS | |
| Oxurion has a contract in place | |
| with Inceptua and Eumedica for | |
| 1. Identification of the contract | the commercialization of JETREA\u00ae |
| as disclosed in Note 5.8 under Key | |
| Agreements. | |
| 2. Identification of performance | In all distribution contracts, there is |
| obligations | only one performance obligation: |
| supply of goods to a third party. | |
| 3. Identification of the transaction price | Stand-alone price per vial is defined |
| in each agreement with the customer. | |
| As there is only one performance | |
| 4. Allocation of the transaction price | obligation, there is no allocation of the |
| price, and therefore stand-alone price | |
| per vial is recognized. | |
| Revenue is recognized upon delivery | |
| to the customer. Returns are credited | |
| strictly at discretion of Oxurion, and | |
| 5. Revenue recognition | a provision for US returns is made |
| based on historical data. Rebate | |
| provisions for sales made outside the | |
| US, are made based on contractual | |
| agreements and/or local regulations. |
N '000 EURO | IMPACT ON PAST TAX LOSS | |
2022 | 2021 | |
| USD/euro exchange rate increase 10% | 163 | -339 |
| USD/euro exchange rate decrease 10% | -200 | 415 |
| GBP/euro exchange rate increase 10% | 7 | 6 |
| GBP/euro exchange rate decrease 10% | -9 | - 7 |
| IN '000 EURO (AS AT | LESS THAN 6 MONTHS | 6 - 12 MONTHS | BETWEEN 1 AND 2 YEARS | BETWEEN 2 AND 5 YEARS | OVER 5 YEARS | TOTAL |
| 31 DECEMBER 2021) | ||||||
Lease liabilities | 162 | 59 | 30 | 15 | 0 | 266 |
Convertible loans | 300 | 1,910 | 4,464 | 5,187 | 0 | 11,861 |
Trade payables | 4,979 | 0 | 0 | 0 | 0 | 4,979 |
Other short-term liabilities | 628 | 0 | 0 | 0 | 0 | 628 |
Total financial liabilities | 6,069 | 1,969 | 4,494 | 5,202 | 0 | 17,734 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Trade receivables | 316 | 81 |
Other receivables | 2,696 | 2,276 |
Prepaid expenses and other current assets | 309 | 160 |
Total | 3,321 | 2,517 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
0 - 60 days | 316 | 81 |
60 - 90 days | 0 | 0 |
| 90 - 120 days | 0 | 0 |
more than 120 days | 0 | 0 |
Total | 316 | 81 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Tax credit | 3,785 | 4,000 |
Total | 3,785 | 4,000 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Recoverable VAT | 154 | 242 |
Recoverable withholding tax | 2 | 4 |
Tax credit | 0 | 568 |
Other taxes | 33 | 31 |
Total | 189 | 845 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Other investments | 95 | 247 |
Total investments | 95 | 247 |
| FINANCE ASSETS ACCORDING TO CATEGORIES | INVESTMENTS AT | INVESTMENTS |
| DEFINED IN IFRS 9 | AMORTIZED COST | AT FVOCI |
Balance at 1 January 2021 | 0 | 288 |
Exchange rate differences | 0 | 7 |
Additions | 0 | 0 |
Retirements | 0 | -40 |
Impairments | 0 | -1 |
Appreciation at market value | 0 | -7 |
Balance at 31 December 2021 | 0 | 247 |
-/- of which taken in fixed assets | - | - |
Taken in current assets | 0 | 247 |
| Composition | ||
- Other bonds | 0 | 247 |
- Term investments | 0 | 0 |
| Breakdown per currency | ||
- in euro | 0 | 140 |
- in other currency | 0 | 107 |
Total | 0 | 247 |
Balance at 1 January 2022 | 0 | 247 |
Exchange rate differences | 0 | 9 |
Additions | 0 | 0 |
Retirements | 0 | -152 |
Impairments | 0 | -4 |
Appreciation at market value | 0 | -5 |
Balance at 31 December 2022 | 0 | 95 |
| -/- of which taken in fixed assets | - | - |
Taken in current assets | 0 | 95 |
| Composition | ||
- Other bonds | 0 | 95 |
- Term investments | 0 | 0 |
| Breakdown per currency | ||
- in euro | 0 | 95 |
- in other currency | 0 | 0 |
Total | 0 | 95 |
| IN '000 EURO | KREOS / | NEGMA | TOTAL |
| PONTIFAX | |||
31 December 2020 | 0 | 0 | 0 |
Proceeds from loans and borrowings | 10,000 | 2,500 | 12,500 |
Commitment fee | 0 | 525 | 525 |
Converted into capital | 0 | -1,350 | -1,350 |
Fair value adjustment | 25 | 134 | 159 |
31 December 2021 | 10,025 | 1,809 | 11,834 |
Proceeds from loans and borrowings | 0 | 7,150 | 7,150 |
Commitment fee | 0 | 700 | 700 |
Converted into capital | 0 | -9,025 | -9,025 |
Repayment of loans and borro- wings | -3,605 | 0 | -3,605 |
Fair value adjustment | -436 | 426 | -10 |
31 December 2022 | 5,984 | 1,060 | 7,044 |
Of which current | 2,749 | 1,060 | 3,809 |
Of which non-current | 3,235 | 0 | 3,235 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
License rights on sales | -46 | -48 |
Cost of goods | -467 | -564 |
Total cost of sales | -513 | -612 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
License rights on sales | -46 | -48 |
Cost of goods | -467 | -564 |
Total cost of sales | -513 | -612 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -3,231 | -5,900 |
Subcontracted R&D activities | -10,668 | -11,451 |
Reagents and materials | -88 | -419 |
Patent expenses | -107 | -279 |
Consultancy fees | -1,246 | -1,984 |
Other | -389 | -260 |
Depreciation and amortization | -307 | -584 |
Government grants | 3 | 84 |
Income from recharge of costs | 47 | 97 |
Total research and development expenses | -15,986 | -20,696 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -1,753 | -2,653 |
Consultancy fees | -3,141 | -3,470 |
Insurance | -361 | -343 |
Other | -692 | -622 |
Depreciation and amortization | -33 | -62 |
Total general and administrative expenses | -5,980 | -7,150 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -608 | -975 |
Distribution costs | -68 | -91 |
Contractor and consultancy fees | -241 | -296 |
Other | -183 | -116 |
Depreciation and amortization | -15 | -31 |
Income from recharge of costs | 223 | 235 |
Total selling expenses | -892 | -1,274 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Bank costs | -21 | -26 |
Impairment on short-term financial investments | -15 | -5 |
Fair value adjustment convertible bonds | -7,824 | -372 |
Other | -1,349 | -713 |
Exchange rate loss (on USD and GBP) | -170 | -152 |
Total finance expense | -9,379 | -1,268 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Wages, salaries and bonuses | -4,456 | -8,030 |
Share-based compensation expenses | -933 | -1,107 |
Pension costs | -203 | -391 |
Total | -5,592 | -9,528 |
IN NUMBERS | 2022 | 2021 |
Research and development | 27 | 45 |
General and administration | 7 | 10 |
Selling | 1 | 1 |
Total | 35 | 56 |
N '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Research and development expenses | 427 | 289 |
General and administrative expenses | 495 | 798 |
Selling expenses | 11 | 20 |
Total | 933 | 1,107 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Current tax expense | -7 | -3 |
Deferred tax expense | 0 | 0 |
Tax expenses in income statement | -7 | -3 |
Effective tax rate | 0.0% | 0.0% |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Loss (-) / profit before tax | -31,686 | -29,592 |
| Expected tax based on tax rate of the parent | 7,921 | 7,398 |
| company (25% - theoretical) | ||
Disallowed expenses | -231 | -51 |
Tax deductions and non-taxable income | 152 | 144 |
Change in unrecognized deferred taxes | -5,961 | -9,947 |
Difference in tax rates from other jurisdictions | 0 | -6 |
Permanent differences | -1,888 | 2,459 |
Tax expense of the year (effective) | -7 | -3 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
License rights on sales | -46 | -48 |
Cost of goods | -467 | -564 |
Total cost of sales | -513 | -612 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -3,231 | -5,900 |
Subcontracted R&D activities | -10,668 | -11,451 |
Reagents and materials | -88 | -419 |
Patent expenses | -107 | -279 |
Consultancy fees | -1,246 | -1,984 |
Other | -389 | -260 |
Depreciation and amortization | -307 | -584 |
Government grants | 3 | 84 |
Income from recharge of costs | 47 | 97 |
Total research and development expenses | -15,986 | -20,696 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Bank costs | -21 | -26 |
Impairment on short-term financial investments | -15 | -5 |
Fair value adjustment convertible bonds | -7,824 | -372 |
Other | -1,349 | -713 |
Exchange rate loss (on USD and GBP) | -170 | -152 |
Total finance expense | -9,379 | -1,268 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Wages, salaries and bonuses | -4,456 | -8,030 |
Share-based compensation expenses | -933 | -1,107 |
Pension costs | -203 | -391 |
Total | -5,592 | -9,528 |
IN NUMBERS | 2022 | 2021 |
Research and development | 27 | 45 |
General and administration | 7 | 10 |
Selling | 1 | 1 |
Total | 35 | 56 |
N '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Research and development expenses | 427 | 289 |
General and administrative expenses | 495 | 798 |
Selling expenses | 11 | 20 |
Total | 933 | 1,107 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Current tax expense | -7 | -3 |
Deferred tax expense | 0 | 0 |
Tax expenses in income statement | -7 | -3 |
Effective tax rate | 0.0% | 0.0% |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Loss (-) / profit before tax | -31,686 | -29,592 |
| Expected tax based on tax rate of the parent | 7,921 | 7,398 |
| company (25% - theoretical) | ||
Disallowed expenses | -231 | -51 |
Tax deductions and non-taxable income | 152 | 144 |
Change in unrecognized deferred taxes | -5,961 | -9,947 |
Difference in tax rates from other jurisdictions | 0 | -6 |
Permanent differences | -1,888 | 2,459 |
Tax expense of the year (effective) | -7 | -3 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -608 | -975 |
Distribution costs | -68 | -91 |
Contractor and consultancy fees | -241 | -296 |
Other | -183 | -116 |
Depreciation and amortization | -15 | -31 |
Income from recharge of costs | 223 | 235 |
Total selling expenses | -892 | -1,274 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Employee benefits | -3,231 | -5,900 |
Subcontracted R&D activities | -10,668 | -11,451 |
Reagents and materials | -88 | -419 |
Patent expenses | -107 | -279 |
Consultancy fees | -1,246 | -1,984 |
Other | -389 | -260 |
Depreciation and amortization | -307 | -584 |
Government grants | 3 | 84 |
Income from recharge of costs | 47 | 97 |
Total research and development expenses | -15,986 | -20,696 |
IN '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Wages, salaries and bonuses | -4,456 | -8,030 |
Share-based compensation expenses | -933 | -1,107 |
Pension costs | -203 | -391 |
Total | -5,592 | -9,528 |
IN NUMBERS | 2022 | 2021 |
Research and development | 27 | 45 |
General and administration | 7 | 10 |
Selling | 1 | 1 |
Total | 35 | 56 |
N '000 EURO (FOR THE YEAR ENDED 31 DECEMBER) | 2022 | 2021 |
Research and development expenses | 427 | 289 |
General and administrative expenses | 495 | 798 |
Selling expenses | 11 | 20 |
Total | 933 | 1,107 |
| CREATION DATE OF PLAN | DATE GRAN- | EXERCISE PRICE | BENEFICIARY |
| TED | (IN EURO) | ||
| Employees, key | |||
Subscription Rights Plan 2017 | 2017-2020 | Between 2.64 | consultants and |
| and 6.55 | directors of the | ||
| Group | |||
| Subscription Rights Plan | Non-Executive | ||
| 2020 | 2021 | 2.57 | Directors of the |
| Group | |||
| Subscription Rights Plan | Between 1.75 | Employees and | |
| 2021-1 | 2021 | and 2.60 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Employees and | ||
| 2021-2 | 2021 | 1.75 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Between 0.444 | Employees and | |
| 2021-3 | 2021-2022 | and 1.82 | key consultants |
| of the Group |
| duration until exercise, taking into account the specific |
| features of the plans. |
| \u2022 Risk-free interest rate \u2013 based on the Belgian govern- |
| ment bond rates at the date of granting with a term |
| equal to the expected life of the subscription rights. |
2022 | 2021 | |||
| AVERAGE | SUB- | AVERAGE | SUB- | |
| EXERCISE | SCRIPTION | EXERCISE | SCRIPTION | |
| PRICE IN EUR | RIGHTS | PRICE IN EUR | RIGHTS | |
As at 1 January | 2.52 | 3,131,250 | 3.84 | 893,800 |
Granted, accepted | 0.44 | 1,000 | 2.11 | 2,431,000 |
Forfeited | 2.46 | -172,970 | 3.30 | -193,550 |
Exercised | 0.00 | 0 | 0.00 | 0 |
As at 31 December | 2.54 | 2,959,280 | 2.52 | 3,131,250 |
2022 | 2021 | |
Defined benefit obligation | 4,707 | 5,015 |
Fair value of plan assets | -4,548 | -4,421 |
Net defined benefit liability | 159 | 594 |
| PRESENT | FAIR VALUE OF | ||
| IN '000 EURO | VALUE OF | PLAN ASSETS | TOTAL |
| OBLIGATION | |||
As at 1 January 2021 | 5,361 | -4,265 | 1,096 |
Current service cost | 369 | 0 | 369 |
Past service cost | 0 | 0 | 0 |
Interest expense/(income) | 31 | -26 | 6 |
| Total amount recognized in profit | 400 | -26 | 374 |
| or loss | |||
Actuarial gains/(losses) on DBO due to change in financial | -165 | 0 | -165 |
| assumptions | |||
Changes in return of plan assets | 0 | -66 | -66 |
| Actuarial gains/(losses) on DBO | -335 | 0 | -335 |
| due to experience adjustments | |||
Total amount recognized in other comprehensive income | -500 | -66 | -566 |
Employer contributions | 0 | -310 | -310 |
Employee contributions | 67 | -67 | 0 |
Benefit payments | -214 | 214 | 0 |
Taxes on contributions | -39 | 39 | 0 |
Insurance premiums related to risk coverages | -61 | 61 | 0 |
As at 31 December 2021 | 5,015 | -4,421 | 594 |
Current service cost | 185 | 0 | 185 |
Past service cost | 0 | 0 | 0 |
Interest expense/(income) | 53 | -47 | 7 |
| Total amount recognized in profit | 238 | -47 | 191 |
| or loss | |||
Actuarial gains/(losses) on DBO due to change in financial | -245 | 0 | -245 |
| assumptions | |||
Changes in return of plan assets | 0 | -45 | -45 |
| Actuarial gains/(losses) on DBO | -283 | 0 | -283 |
| due to demographic adjustments | |||
| Actuarial gains/(losses) on DBO | 213 | 0 | 213 |
| due to experience adjustments | |||
Total amount recognized in other comprehensive income | -315 | -45 | -361 |
Employer contributions | 0 | -266 | -266 |
Employee contributions | 60 | -60 | 0 |
Benefit payments | -202 | 202 | 0 |
Taxes on contributions | -34 | 34 | 0 |
Insurance premiums related to risk coverages | -54 | 54 | 0 |
As at 31 December 2022 | 4,707 | -4,548 | 159 |
2022 | 2021 | |
Discount rate | 3.80% | 1.10% |
Inflation rate short term | 9.30% | 1.80% |
Inflation rate long term | 2.50% | |
Salary increase rate on top of inflation rate | 2.00% | 1.20% |
| Mortality tables | MR/FR with age | MR/FR with age |
| correction of 3 years | correction of 3 years |
| IN '000 EURO | |
2023 | 120 |
2024 | 54 |
2025 | 101 |
2026 | 165 |
2027 | 233 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Trade receivables | 316 | 81 |
Other receivables | 2,696 | 2,276 |
Prepaid expenses and other current assets | 309 | 160 |
Total | 3,321 | 2,517 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
0 - 60 days | 316 | 81 |
60 - 90 days | 0 | 0 |
| 90 - 120 days | 0 | 0 |
more than 120 days | 0 | 0 |
Total | 316 | 81 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Tax credit | 3,785 | 4,000 |
Total | 3,785 | 4,000 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Recoverable VAT | 154 | 242 |
Recoverable withholding tax | 2 | 4 |
Tax credit | 0 | 568 |
Other taxes | 33 | 31 |
Total | 189 | 845 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Trade receivables | 316 | 81 |
Other receivables | 2,696 | 2,276 |
Prepaid expenses and other current assets | 309 | 160 |
Total | 3,321 | 2,517 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
0 - 60 days | 316 | 81 |
60 - 90 days | 0 | 0 |
| 90 - 120 days | 0 | 0 |
more than 120 days | 0 | 0 |
Total | 316 | 81 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Tax credit | 3,785 | 4,000 |
Total | 3,785 | 4,000 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Recoverable VAT | 154 | 242 |
Recoverable withholding tax | 2 | 4 |
Tax credit | 0 | 568 |
Other taxes | 33 | 31 |
Total | 189 | 845 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Tax credit | 3,785 | 4,000 |
Total | 3,785 | 4,000 |
IN '000 EURO (AS AT 31 DECEMBER) | 2022 | 2021 |
Recoverable VAT | 154 | 242 |
Recoverable withholding tax | 2 | 4 |
Tax credit | 0 | 568 |
Other taxes | 33 | 31 |
Total | 189 | 845 |
| IN '000 EURO (AS AT 31 | 2022 | 2021 |
| DECEMBER) | ||
Employee benefits | 548 | 1,684 |
Other current liabilities | 2,813 | 628 |
| Total other short-term | 3,361 | 2,312 |
| liabilities |
| NUMBER OF SHARES | |
31 December 2020 | 38,291,950 |
Capital increase due to conversion of convertible bonds | 775,334 |
31 December 2021 | 39,067,284 |
Capital increase by contribution in cash | 7,226,039 |
Capital increase due to conversion of convertible bonds | 364,778,236 |
31 December 2022 | 411,071,559 |
IN '000 EURO | CAPITAL | SHARE |
| PREMIUM | ||
31 December 2020 | 44,913 | 0 |
Capital increase due to conversion of convertible bonds | 1,116 | 234 |
31 December 2021 | 46,029 | 234 |
Capital increase by contribution in cash | 10,405 | 0 |
Capital increase due to conversion of convertible bonds | 9,009 | 16 |
31 December 2022 | 65,443 | 250 |
DAT E | BONDS | CAPITAL | SHARE PREMIUM |
| (IN EURO) | (IN EURO) | ||
8 February 2022 | 200 | 483,219.36 | 16,780.64 |
23 March 2022 | 240 | 600,000.00 | 0.00 |
15 April 2022 | 230 | 575,000.00 | 0.00 |
18 May 2022 | 200 | 500,000.00 | 0.00 |
7 June 2022 | 180 | 450,000.00 | 0.00 |
6 July 2022 | 220 | 550,000.00 | 0.00 |
17 August 2022 | 200 | 500,000.00 | 0.00 |
5 September 2022 | 80 | 200,000.00 | 0.00 |
13 September 2022 | 80 | 200,000.00 | 0.00 |
12 October 2022 | 173 | 432,500.00 | 0.00 |
19 October 2022 | 164 | 410,000.00 | 0.00 |
24 October 2022 | 120 | 300,000.00 | 0.00 |
26 October 2022 | 123 | 307,500.00 | 0.00 |
2 November 2022 | 120 | 300,000.00 | 0.00 |
7 November 2022 | 130 | 325,000.00 | 0.00 |
17 November 2022 | 56 | 140,000.00 | 0.00 |
22 November 2022 | 172 | 430,000.00 | 0.00 |
24 November 2022 | 140 | 350,000.00 | 0.00 |
28 November 2022 | 242 | 605,000.00 | 0.00 |
30 November 2022 | 80 | 200,000.00 | 0.00 |
5 December 2022 | 80 | 200,000.00 | 0.00 |
9 December 2022 | 380 | 950,000.00 | 0.00 |
| Total | 3,610 | 9,008,219.36 | 16,780.64 |
| CURRENCY | REMEASURE- | FAIR VALUE ADJUST- | ||
| IN '000 EURO | TRANSLATION | MENT DEFINED | MENTS OF DEBT | TOTAL |
| ADJUSTMENT | BENEFIT | INSTRUMENTS | OCI | |
| PLANS | ||||
31 December 2020 | -378 | -661 | 0 | -1,039 |
Movements in OCI | 122 | 566 | -5 | 683 |
31 December 2021 | -256 | -95 | -5 | -356 |
Movements in OCI | 101 | 361 | -5 | 457 |
31 December 2022 | -155 | 266 | -10 | 101 |
| SHARE- | RETAINED | FAIR VALUE | |||
| IN '000 EURO | BASED | EARNINGS | ADJUST- | OTHER | TOTAL |
| PAYMENT | RESERVE | MENT | |||
| RESERVE | FUND | RESERVE | |||
| 31 December | 12,574 | -18,706 | -1 | 0 | -6,133 |
| 2020 | |||||
Movements in other reserves | 1,107 | -453 | 213 | 0 | 867 |
| 31 December | 13,681 | -19,159 | 212 | 0 | -5,266 |
| 2021 | |||||
Movements in other reserves | 933 | -38 | 7,398 | 0 | 8,293 |
Transfer* | -11,433 | 0 | 0 | 11,433 | 0 |
| 31 December | 3,181 | -19,197 | 7,610 | 11,433 | 3,027 |
| 2022 |
| CREATION DATE OF PLAN | DATE GRAN- | EXERCISE PRICE | BENEFICIARY |
| TED | (IN EURO) | ||
| Employees, key | |||
Subscription Rights Plan 2017 | 2017-2020 | Between 2.64 | consultants and |
| and 6.55 | directors of the | ||
| Group | |||
| Subscription Rights Plan | Non-Executive | ||
| 2020 | 2021 | 2.57 | Directors of the |
| Group | |||
| Subscription Rights Plan | Between 1.75 | Employees and | |
| 2021-1 | 2021 | and 2.60 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Employees and | ||
| 2021-2 | 2021 | 1.75 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Between 0.444 | Employees and | |
| 2021-3 | 2021-2022 | and 1.82 | key consultants |
| of the Group |
| duration until exercise, taking into account the specific |
| features of the plans. |
| \u2022 Risk-free interest rate \u2013 based on the Belgian govern- |
| ment bond rates at the date of granting with a term |
| equal to the expected life of the subscription rights. |
2022 | 2021 | |||
| AVERAGE | SUB- | AVERAGE | SUB- | |
| EXERCISE | SCRIPTION | EXERCISE | SCRIPTION | |
| PRICE IN EUR | RIGHTS | PRICE IN EUR | RIGHTS | |
As at 1 January | 2.52 | 3,131,250 | 3.84 | 893,800 |
Granted, accepted | 0.44 | 1,000 | 2.11 | 2,431,000 |
Forfeited | 2.46 | -172,970 | 3.30 | -193,550 |
Exercised | 0.00 | 0 | 0.00 | 0 |
As at 31 December | 2.54 | 2,959,280 | 2.52 | 3,131,250 |
| CURRENCY | REMEASURE- | FAIR VALUE ADJUST- | ||
| IN '000 EURO | TRANSLATION | MENT DEFINED | MENTS OF DEBT | TOTAL |
| ADJUSTMENT | BENEFIT | INSTRUMENTS | OCI | |
| PLANS | ||||
31 December 2020 | -378 | -661 | 0 | -1,039 |
Movements in OCI | 122 | 566 | -5 | 683 |
31 December 2021 | -256 | -95 | -5 | -356 |
Movements in OCI | 101 | 361 | -5 | 457 |
31 December 2022 | -155 | 266 | -10 | 101 |
| SHARE- | RETAINED | FAIR VALUE | |||
| IN '000 EURO | BASED | EARNINGS | ADJUST- | OTHER | TOTAL |
| PAYMENT | RESERVE | MENT | |||
| RESERVE | FUND | RESERVE | |||
| 31 December | 12,574 | -18,706 | -1 | 0 | -6,133 |
| 2020 | |||||
Movements in other reserves | 1,107 | -453 | 213 | 0 | 867 |
| 31 December | 13,681 | -19,159 | 212 | 0 | -5,266 |
| 2021 | |||||
Movements in other reserves | 933 | -38 | 7,398 | 0 | 8,293 |
Transfer* | -11,433 | 0 | 0 | 11,433 | 0 |
| 31 December | 3,181 | -19,197 | 7,610 | 11,433 | 3,027 |
| 2022 |
| CREATION DATE OF PLAN | DATE GRAN- | EXERCISE PRICE | BENEFICIARY |
| TED | (IN EURO) | ||
| Employees, key | |||
Subscription Rights Plan 2017 | 2017-2020 | Between 2.64 | consultants and |
| and 6.55 | directors of the | ||
| Group | |||
| Subscription Rights Plan | Non-Executive | ||
| 2020 | 2021 | 2.57 | Directors of the |
| Group | |||
| Subscription Rights Plan | Between 1.75 | Employees and | |
| 2021-1 | 2021 | and 2.60 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Employees and | ||
| 2021-2 | 2021 | 1.75 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Between 0.444 | Employees and | |
| 2021-3 | 2021-2022 | and 1.82 | key consultants |
| of the Group |
| duration until exercise, taking into account the specific |
| features of the plans. |
| \u2022 Risk-free interest rate \u2013 based on the Belgian govern- |
| ment bond rates at the date of granting with a term |
| equal to the expected life of the subscription rights. |
2022 | 2021 | |||
| AVERAGE | SUB- | AVERAGE | SUB- | |
| EXERCISE | SCRIPTION | EXERCISE | SCRIPTION | |
| PRICE IN EUR | RIGHTS | PRICE IN EUR | RIGHTS | |
As at 1 January | 2.52 | 3,131,250 | 3.84 | 893,800 |
Granted, accepted | 0.44 | 1,000 | 2.11 | 2,431,000 |
Forfeited | 2.46 | -172,970 | 3.30 | -193,550 |
Exercised | 0.00 | 0 | 0.00 | 0 |
As at 31 December | 2.54 | 2,959,280 | 2.52 | 3,131,250 |
| CREATION DATE OF PLAN | DATE GRAN- | EXERCISE PRICE | BENEFICIARY |
| TED | (IN EURO) | ||
| Employees, key | |||
Subscription Rights Plan 2017 | 2017-2020 | Between 2.64 | consultants and |
| and 6.55 | directors of the | ||
| Group | |||
| Subscription Rights Plan | Non-Executive | ||
| 2020 | 2021 | 2.57 | Directors of the |
| Group | |||
| Subscription Rights Plan | Between 1.75 | Employees and | |
| 2021-1 | 2021 | and 2.60 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Employees and | ||
| 2021-2 | 2021 | 1.75 | key consultants |
| of the Group | |||
| Subscription Rights Plan | Between 0.444 | Employees and | |
| 2021-3 | 2021-2022 | and 1.82 | key consultants |
| of the Group |
| duration until exercise, taking into account the specific |
| features of the plans. |
| \u2022 Risk-free interest rate \u2013 based on the Belgian govern- |
| ment bond rates at the date of granting with a term |
| equal to the expected life of the subscription rights. |
2022 | 2021 | |||
| AVERAGE | SUB- | AVERAGE | SUB- | |
| EXERCISE | SCRIPTION | EXERCISE | SCRIPTION | |
| PRICE IN EUR | RIGHTS | PRICE IN EUR | RIGHTS | |
As at 1 January | 2.52 | 3,131,250 | 3.84 | 893,800 |
Granted, accepted | 0.44 | 1,000 | 2.11 | 2,431,000 |
Forfeited | 2.46 | -172,970 | 3.30 | -193,550 |
Exercised | 0.00 | 0 | 0.00 | 0 |
As at 31 December | 2.54 | 2,959,280 | 2.52 | 3,131,250 |