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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6146": { "value": "14337000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6150": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfWarrants", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6152": { "value": "2832000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfWarrants", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6156": { "value": "12000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6158": { "value": "1877000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6161": { "value": "-131000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6163": { "value": "7838000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6166": { "value": "-3051000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6168": { "value": "-16555000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6171": { "value": "33457000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6173": { "value": "50012000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6176": { "value": "30406000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6178": { "value": "33457000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6198": { "value": "1. GENERAL INFORMATION
Hyloris Pharmaceuticals SA (the \u201cCompany\u201d or \u201cHyloris\u201d)
is a limited liability company governed by Belgian law.
The address of its registered o\ufb03ce is Boulevard Patience
et Beaujonc N\u00b03/1, 4000 Li\u00e8ge, Belgium.
Hyloris is a specialty biopharma company identifying
and unlocking hidden potential in existing medications
for the bene\ufb01t of patients and the healthcare system.
Hyloris applies its knowhow and technological
innovations to existing pharmaceuticals and has built
a broad proprietary product pipeline that has the
potential to o\ufb00er signi\ufb01cant advantages over currently
available alternatives.
Hyloris currently has three partnered, commercial-stage
products: Maxigesic\u00ae IV, a non-opioid analgesic for
the treatment of pain and Podo\ufb01lox Gel, the \ufb01rst drug
product generic to Conylox Gel 0.5%\u00ae in the U.S. and
Sotalol IV for the treatment of atrial \ufb01brillation.
The Company\u2019s development strategy primarily focuses
on the FDA\u2019s 505(b)2 regulatory pathway, which is
speci\ufb01cally designed for pharmaceuticals for which
safety and e\ufb03cacy of the molecule has already been
established. This pathway can reduce the clinical burden
required to bring a product to market, and signi\ufb01cantly
shorten the development timelines and reduce costs
and risks.
Armed con\ufb02ict between Russia and Ukraine
The military action in Ukraine is an element of the
current uncertainty in the macroeconomic environment.
While we do not have operations in Russia or Ukraine,
sanctions and other measures taken in response to
the military action have adversely a\ufb00ected \u2013 and could
further a\ufb00ect \u2013 the global economy, \ufb01nancial markets
and the supply chain.
Current economic climate
The macroeconomic situation did not improve, the
in\ufb02ation and interest rates continued to slightly increase
in 2023 impacting for example the internal discount
rates (higher risk free rate) used in the \ufb01nancial
valuation models. Furthermore, the fear of recession
and the geopolitical con\ufb02icts remained important and
continued to impact the energy prices in 2023. The
context of high interest rates combined with high energy
prices puts pressure on the costs in general as well as
on many APIs (active pharmaceutical ingredient). The
crisis in the Middle East, which disrupted supply chains
in the Suez Canal, did not impact the company because
it has diverse sources of supply. In general, the volatility
of interest rates introduces uncertainty into \ufb01nancial
markets and can in\ufb02uence investor behavior, company
\ufb01nances, and consumer spending patterns. To mitigate
these risks, the company remains very cautious about
the level of its expenses and the size of its investments
without impacting the ongoing R&D development
programs.
The consolidated \ufb01nancial statements were authorized
for issue by the Board of Directors on 26 July, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6201": { "value": "Hyloris Pharmaceuticals SA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6202": { "value": "Hyloris Pharmaceuticals SA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6204": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6206": { "value": "Boulevard Patience et Beaujonc N\u00b03/1, 4000 Li\u00e8ge, Belgium.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6209": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6210": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6211": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6213": { "value": "Hyloris is a specialty biopharma company identifying
and unlocking hidden potential in existing medications
for the bene\ufb01t of patients and the healthcare system.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6266": { "value": "The consolidated \ufb01nancial statements were authorized for issue by the Board of Directors on 26 July, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6271": { "value": "2. SUMMARY OF MATERIAL
ACCOUNTING POLICIES
2.1
BASIS OF PREPARATION
The consolidated \ufb01nancial statements of the Group for
the year ended December 31, 2023 have been prepared
in accordance with IFRS (\u201cInternational Financial
Reporting Standards\u201d) as adopted by the European
Union. These include all IFRS standards and IFRIC
interpretations issued and e\ufb00ective as at December 31,
2023. No new standards, amendments to standards or
interpretations were early adopted.
The consolidated \ufb01nancial statements are presented in
euro, which is the Company\u2019s functional currency. All
amounts in this document are represented in thousands
of euros (\u20ac thousands), unless noted otherwise. Due
to rounding, numbers presented throughout these
Consolidated Financial Statements may not add up
precisely to the totals provided and percentages may
not precisely re\ufb02ect the absolute \ufb01gures.
The \ufb01nancial statements are prepared on an accrual
basis and on the assumption that the entity is in
going concern and will continue in operation in the
foreseeable future (see also
Note 3\ue0011
).
The preparation of \ufb01nancial statements in accordance
with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise
judgment in the process of applying the Group
accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions
and estimates are signi\ufb01cant to the consolidated
\ufb01nancial statements are disclosed in
Note 3
.
Relevant IFRS accounting pronouncements to be
adopted as from 2023 onwards
In 2021 the IASB issued Disclosure of Accounting
Policies (Amendments to IAS 1) and updated IFRS
Practice Statement 2 Making Materiality Judgements.
IAS 1 Presentation of Financial Statements has been
amended to require companies to disclose \u2018material\u2019
rather than \u2018signi\ufb01cant\u2019 accounting policies. Although
the amendments did not result in any changes to the
accounting policies themselves, they impacted the
accounting policy information disclosed in the \ufb01nancial
statements. Management reviewed the accounting
policies and made updates to the information disclosed
in certain instances in line with the amendments.
Other pronouncements issued by the IASB have not
been disclosed as the Company considers these as not
relevant to the business of the Group.
A number of new standards, amendments to standards
and interpretations are not yet e\ufb00ective for the year
ended 31 December 2023, and have not been applied in
preparing these consolidated \ufb01nancial statements:
Amendments to IAS 1 Presentation of Financial
Statements:
\u2022
Classi\ufb01cation of Liabilities as Current or Non-current
Date (issued on 23 January 2020);
\u2022
Classi\ufb01cation of Liabilities as Current or Non-current
- Deferral of E\ufb00ective Date (issued on 15 July 2020);
and
\u2022
Non-current Liabilities with Covenants (issued on 31
October 2022)
Amendments to IAS 1 Presentation of Financial
statements
: Classi\ufb01cation of Liabilities as Current
or Non-current, issued on 23 January 2020, clarify a
criterion in IAS 1 for classifying a liability as non-current:
the requirement for an entity to have the right to defer
settlement of the liability for at least 12 months after the
reporting period.
The amendments:
\u2022
specify that an entity\u2019s right to defer settlement
must exist at the end of the reporting period;
\u2022
clarify that classi\ufb01cation is una\ufb00ected by
management\u2019s intentions or expectations about
whether the entity will exercise its right to defer
settlement;
\u2022
clarify how lending conditions a\ufb00ect classi\ufb01cation;
and
\u2022
clarify requirements for classifying liabilities an
entity will or may settle by issuing its own equity
instruments.
On July 15, 2020, the IASB issued
Classi\ufb01cation of
Liabilities as Current or Non-current \u2014 Deferral of
E\ufb00ective Date (Amendment to IAS 1)
deferring the
e\ufb00ective date of the January 2020 amendments with one
year.
On October 31, 2022, the IASB issued
Non-current
liabilities with Covenants, which amends IAS 1
and speci\ufb01es that covenants (i.e. conditions speci\ufb01ed
in a loan arrangement) to be complied with after the
reporting date do not a\ufb00ect the classi\ufb01cation of debt as
current or non-current at the reporting date. Instead,
the amendments require a company to disclose
information about these covenants in the notes to the
\ufb01nancial statements.
All amendments are e\ufb00ective for annual reporting
periods beginning on or after 1 January 2024, with
early adoption permitted. The amendments have been
endorsed by the EU.
Amendments to IFRS 16 Leases: Lease Liability in a
Sale and Leaseback, issued on 22 September 2022,
introduce a new accounting model which will impact
how a seller-lessee accounts for variable lease
payments in a sale-and-leaseback transaction.
Under this new accounting model for variable payments,
\n
a seller-lessee will:
\n
\u2022
include estimated variable lease payments when it
\n
initially measures a lease liability arising from a sale-
\n
and-leaseback transaction; and
\n
\u2022
after initial recognition, apply the general
\n
requirements for subsequent accounting of the
\n
lease liability such that it recognizes no gain or loss
\n
relating to the right of use it retains.
\n
These amendments will not change the accounting for
\n
leases other than those arising in a sale and leaseback
\n
transaction. The amendments apply retrospectively for
\n
annual periods beginning on or after 1 January 2024
\n
with early application permitted. These amendments
\n
have been endorsed by the EU.
\n
Amendments to IAS 7 Statement of Cash Flows
\n
and IFRS 7 Financial Instruments: Disclosures:
\n
Supplier Finance Arrangements,
issued on 25 May
\n
2023, introduce additional disclosure requirements
\n
for companies that enter into supplier \ufb01nance
\n
arrangements. The amendments are e\ufb00ective for
\n
periods beginning on or after 1 January 2024, with
\n
early application permitted. However, some relief
\n
from providing certain information in the year of initial
\n
application is available. These amendments have not yet
\n
been endorsed by the EU.
\n
Amendments to IAS 21 The E\ufb00ects of Changes in
\n
Foreign Exchange Rates: Lack of Exchangeability,
\n
issued on 15 august 2023, clarify when a currency is
\n
exchangeable into another currency (and when it is
\n
not). When a currency is not exchangeable, a company
\n
needs to estimate a spot rate. The company\u2019s objective
\n
when estimating a spot rate is that it re\ufb02ects the rate at
\n
which an orderly exchange transaction would take place
\n
at the measurement date between market participants
\n
under prevailing economic conditions. The amendments
\n
contain no speci\ufb01c requirements for estimating a spot
\n
rate. Under the amendments, companies will need to
\n
provide new disclosures to help users assess the impact
\n
of using an estimated exchange rate on the \ufb01nancial
\n
statements. The amendments are e\ufb00ective for annual
\n
reporting periods beginning on or after 1 January 2025
\n
with early adoption permitted. These amendments have
\n
not yet been endorsed by the EU.
\n
IFRS 18 Presentation and Disclosure in Financial
\n
Statements,
issued on 9 April 2024, will replace IAS 1
\n
Presentation of Financial Statements. The new standard
\n
will improve the quality of \ufb01nancial reporting by:
\n
\u2022
requiring de\ufb01ned subtotals in the statement of pro\ufb01t
\n
or loss;
\n
\u2022
requiring disclosure about management-de\ufb01ned
\n
performance measures; and adding new principles
\n
for aggregation and disaggregation of information.
\n
The standard is e\ufb00ective for annual reporting periods
\n
beginning on or after 1 January 2027 with early adoption
\n
permitted. The standard has not yet been endorsed by
\n
the EU.
\n
IFRS 19 Subsidiaries without Public Accountability:
\n
Disclosures,
issued on 9 May 2024, will allow eligible
\n
subsidiaries to apply IFRS Accounting Standards with
\n
reduced disclosure requirements. A subsidiary will be
\n
to apply the new standard in its consolidated, separate
\n
or individual \ufb01nancial statements provided that, at the
\n
reporting date: it does not have public accountability;
\n
and its parent produces consolidated \ufb01nancial
\n
statements under IFRS Accounting Standards.
\n
The standard is e\ufb00ective for annual reporting periods
\n
beginning on or after 1 January 2027 with early adoption
\n
permitted. The standard has not yet been endorsed by
\n
the EU.
\n
Amendments to the Classi\ufb01cation and Measurement
\n
of Financial Instruments\u2014Amendments to IFRS
\n
9 and IFRS 7, i
ssued on 30 May 2024, will address
\n
diversity in accounting practice by making the
\n
requirements more understandable and consistent. The
\n
amendments include: Clari\ufb01cations on the classi\ufb01cation
\n
of \ufb01nancial assets with environmental, social and
\n
corporate governance (ESG) and similar features\u2014ESG-
\n
linked features in loans could a\ufb00ect whether the loans
\n
are measured at amortized cost or fair value. To resolve
\n
any potential diversity in practice, the amendments
\n
clarify how the contractual cash \ufb02ows on such loans
\n
should be assessed.
\n
Clari\ufb01cations on the date on which a \ufb01nancial asset
\n
or \ufb01nancial liability is derecognized. The IASB also
\n
decided to develop an accounting policy option to allow
a company to derecognize a \ufb01nancial liability before it
delivers cash on the settlement date if speci\ufb01ed criteria
are met.
The IASB has also introduced additional disclosure
requirements to enhance transparency for investors
regarding investments in equity instruments designated
at fair value through other comprehensive income
and \ufb01nancial instruments with contingent features, for
example features tied to ESG-linked targets.
The amendments are e\ufb00ective for annual reporting
periods beginning on or after 1 January 2026 with early
adoption permitted. These amendments have not yet
been endorsed by the EU.
Except for IFRS 18, for which the analysis is ongoing,
these amendments are not expected to have any
signi\ufb01cant impact on the consolidated \ufb01nancial
statements of Hyloris.
2.2
CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the Group
has control. Control is established when the Group is
exposed, or has the rights, to variable returns from
its involvement with the subsidiary and has the ability
to a\ufb00ect those returns through its power over the
subsidiary. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
Intra-group balances and transactions and any
unrealized income and expenses (except for foreign
currency transactions gains or losses) arising from
intra-group transactions are eliminated. Unrealized
gains arising from transactions with equity-accounted
investees are also eliminated against the investment
to the extent of the Groups interest in the investee.
Unrealized losses are eliminated in the same way as
unrealized gains, but only to the extent that there is no
evidence of impairment.
Transactions under common control
For business combinations under common control
(also \u201cTransactions under common control\u201d), the Group
applies predecessor accounting.
The consideration for each acquisition is measured
at the aggregate of the fair values (at the date of
acquisition) of assets transferred and liabilities
incurred or assumed, and equity instruments issued
by the Group in exchange for control of the acquiree.
Acquisition-related costs are recognized in pro\ufb01t or loss
as incurred.
Where applicable, the consideration for the acquisition
includes any asset or liability resulting from a contingent
consideration arrangement, measured at its acquisition-
date fair value.
The acquiree\u2019s identi\ufb01able assets, liabilities, and
contingent liabilities that meet the recognition criteria
conditions for recognition under IFRS are recognized
and measured at the carrying amounts as recognized
in the acquiree\u2019s individual \ufb01nancial statements, but
adjusted for any deviations with the accounting policies
of the Group.
Any di\ufb00erence between the consideration transferred
and the net assets at the acquisition date is recognized
in retained earnings.
The Group elected the accounting policy choice to
represent its comparatives and adjust its current
reporting period before the date of the transaction as
if the transaction had occurred before the start of the
earliest period presented. This restatement should not
extend to periods during which the entities were not
under common control.
2.3
JOINT ARRANGEMENTS
Joint control is the contractually agreed sharing of
control of an arrangement, which exists when decisions
about relevant activities require the unanimous consent
of the parties sharing control.
Joint arrangements are classi\ufb01ed as either a joint
venture or a joint operation.
A joint venture is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the net assets of the arrangement.
The results, assets and liabilities of joint ventures are
incorporated in the consolidated \ufb01nancial statements
using the equity method of accounting, except when the
investment is classi\ufb01ed as held for sale (in which case it
is accounted for in accordance with IFRS 5 Non-current
Assets Held for Sale).
Under the equity method, on initial recognition,
investments in joint ventures are recognised in
the consolidated statement of \ufb01nancial position at
cost, and the carrying amount is adjusted for post-
acquisition changes in the Group\u2019s share of the net
assets of the joint venture, less any impairment of
the value of individual investments. Losses of a joint
venture in excess of the Group\u2019s interest in that joint
venture (which includes any long-term interests that, in
substance, form part of the Group\u2019s net investment in
the associate or joint venture) are recognised only to the
extent that the Group has incurred legal or constructive
obligations or made payments on behalf of the joint
venture.
Any excess of the cost of acquisition over the Group\u2019s
share of the net fair value of the identi\ufb01able assets and
(contingent) liabilities of the joint venture recognised
at the date of acquisition is goodwill. The goodwill is
included within the carrying amount of the investment
and is assessed for impairment as part of that
investment.
Where a Group entity transacts with a joint venture
of the Group, pro\ufb01ts and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture. Unrealized gains araising from transactions
with equity-accounted investees are eliminated against
the investment to the extent of the Group\u2019s interest in
the investee. Unrealised losses are eliminated in the
same way as unrealised gains, but only to the extent
that there is no evidence of impairment.
A joint operation is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the assets and obligations of the liabilities
relating to the arrangement.
A joint operator recognizes its assets, liabilities and
transactions, including its share of those incurred jointly.
These assets, liabilities and transactions are accounted
for in accordance with the relevant accounting
standards.
2.4
FOREIGN CURRENCIES
Items included in the \ufb01nancial statements of each of
the Group\u2019s entities are measured using the currency of
the primary economic environment in which the entity
operates (\u2018the functional currency\u2019). The consolidated
\ufb01nancial statements are presented in euro, which is the
Group\u2019s presentation currency.
Transactions in foreign currencies are translated into
the respective rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign
currencies are translated into the functional currency
at the exchange rate at the reporting date. Non-
monetary assets and liabilities that are measured at
fair value in foreign currency are translated into the
functional currrency at the exchange rate when the fair
value was determined. Non-monetary items that are
measured based on historical cost in a foreign currency
are translated at the exchange rate at the date of the
transaction. Foreign currency di\ufb00erences are generally
recognised in pro\ufb01t or loss and presented within
\ufb01nancial result.
The principal exchange rate that has been used is the US
dollar. The following table presents the exchange rates
used for the USD/EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
1 EUR =
Closing Rate
Average Rate
December 31, 2022
1.0666
1.0530
December 31, 2023
1.1050
1.0813
\n
2.5
INTANGIBLE ASSETS
Research and development
Internally-generated research and development
To assess whether an internally generated intangible
asset meets the criteria for recognition, the Company
classi\ufb01es the internal generation of assets into a
research phase and a development phase.
No intangible asset arising from research is recognized.
Expenditure on research is recognized as an expense
when it is incurred.
An intangible asset arising from development is
recognized if, and only if, the Company can demonstrate
all of the following:
(i) the technical feasibility of completing the
intangible asset so that it will be available for use or
sale;
(ii) the intention to complete the intangible asset and
use or sell it;
(iii) the ability to use or sell the intangible asset;
(iv) how the intangible asset will generate probable
future economic bene\ufb01ts;
(v) the availability of adequate technical, \ufb01nancial
and other resources to complete the development
and to use or sell the intangible asset; and
(vi) the ability to measure reliably the expenditure
attributable to the intangible asset during its
development.
With respect to the technical feasibility condition,
strong evidence is achieved only when Phase III (i.e.
\ufb01nal stage before \ufb01ling for marketing approval) of the
related development project is successfully completed,
i.e. when \ufb01ling for marketing approval from the
relevant regulatory authorities. Consequently, internally
generated development expenses arising before this
point, mainly the cost of clinical trials, are expensed as
incurred within Research and development expenses.
In some cases (i.e. for high barrier generic products),
market approval was obtained previously, but additional
costs are incurred in order to improve the process
for an active ingredient. To the extent that the above
criteria are considered as having been met, such
expenses are recognized as an asset in the balance
sheet within intangible assets as incurred. Similarly,
some clinical trials, for example those undertaken to
obtain a geographical extension for a molecule that
has already obtained marketing approval in a major
market, may in certain circumstances meet the above
capitalization criteria, in which case the related expenses
are recognized as an asset in the balance sheet within
intangible assets.
The cost of an internally-generated intangible asset
is the sum of the expenditure incurred from the date
when the intangible asset \ufb01rst meets the recognition
criteria. The cost of an internally-generated intangible
asset comprises all directly attributable costs necessary
to create, produce and prepare the asset to be capable
of operating in the manner intended by management,
including any fees to register legal rights (patent costs)
and borrowing costs.
Separately acquired research and development
Payments for separately acquired research and
development are capitalized as intangible assets
provided that the following conditions are met:
(i) the asset is identi\ufb01able, i.e. either separable (if it
can be sold, transferred, licensed) or it results from
contractual or legal rights;
(ii) it is probable that the expected future economic
bene\ufb01ts that are attributable to the asset will \ufb02ow to
the Group;
(iii) the Group can control the resource; and
(iv) the cost of the asset can be measured reliably.
The second condition for capitalization (the probability
that the expected future economic bene\ufb01ts from the
asset will \ufb02ow to the entity) is considered to be satis\ufb01ed
for separately acquired research and development. The
management of the company assesses whether and to
which amount milestone payments are to be considered
as related to the purchase of an asset (capitalization) or
related to outsourced research and development. The
latter will be recognized as research and development
expenses when they occur.
If the separately acquired research and development
project meets the conditions for capitalization as
mentioned above, related upfront and milestone
payments to third parties are recognized as intangible
assets, and amortised on a straight-line basis over
their useful lives beginning when marketing approval is
obtained. However, any subsequent expenditure on the
relating projects is added to the carrying amount of the
intangible asset only if it meets the recognition criteria
for capitalizing development costs (see above section
Internally-generated research and development).
Payments under research and development
arrangements relating to access to technology or to
databases and payments made to purchase generics
dossiers are also capitalized as the conditions
mentioned above are met upon acquisition, and
amortised on a straight-line basis over the useful
life of the intangible asset. Subsequent expenditure
incurred are only capitalized if the expenditure meets
the conditions mentioned above for capitalizing
development costs.
Subcontracting arrangements, payments for research
and development services, and continuous payments
under research and development collaborations which
are unrelated to the outcome of that collaboration, are
expensed over the service term except if as part of the
development phase of the underlying assets.
Non-refundable advance payments for goods and
services that will be used in future research activities
are expensed when the activity has been performed
or when the goods have been received rather than
when the payment is made. Research and development
expenses also include upfront and milestone payments,
to the amount these payments are assessed to be
outsourced research and development and to the
amount of the costs e\ufb00ectively occurred.
Intangible assets acquired through exchange of
assets
Intangible assets may be acquired in exchange for a
non-monetary asset or assets, or a combination of
monetary and non-monetary assets.
In the event of such exchange of assets, the cost of the
acquired asset is measured at fair value unless (a) the
exchange transaction lacks commercial substance or (b)
the fair value of neither the asset received, nor the asset
given up is reliably measurable. If the acquired asset is
not measured at fair value, its cost is measured at the
carrying amount of the asset given up.
Other intangible assets acquired separately
An intangible asset is recognized on the statement of
\ufb01nancial position when the following conditions are met:
(i) the asset is identi\ufb01able, i.e. either separable (if it
can be sold, transferred, licensed) or it results from
contractual or legal rights;
(ii) it is probable that the expected future economic
bene\ufb01ts that are attributable to the asset will \ufb02ow to
the Group;
(iii) the Group can control the resource; and
(iv) the cost of the asset can be measured reliably.
The cost of a separately acquired intangible asset
comprises its purchase price, including import duties
and non-refundable purchase taxes, after deducting
trade discounts and rebates. Any directly attributable
cost of preparing the asset for its intended use is also
included in the cost of the intangible asset.
Subsequent measurement
Subsequent to initial recognition, intangible assets are
measured at cost less accumulated amortisation and
any accumulated impairment losses. Intangible assets
are amortised on a systematic basis over their useful
life, using the straight-line method. Amortisation begins
when the asset is capable of operating in the manner
intended by management.
The estimated useful life and amortisation method are
reviewed at the end of each reporting period, with the
e\ufb00ect of any changes in estimate being accounted for on
a prospective basis.
The amortisation expense is presented as part of Cost of
Sales in the Statement of Pro\ufb01t or Loss. The applicable
useful lives are determined based on the period during
which the Company expects to receive bene\ufb01ts from the
underlying project. Key factors considered to determine
the useful life comprises the duration of the patent
protection and access of competitors to the market.
Derecognition
An intangible asset is derecognized in case the
intangible asset is sold or out-licensed, or when no
future economic bene\ufb01ts are expected from use or
disposal. Gains or losses arising from derecognition of
an intangible asset, measured as the di\ufb00erence between
the net disposal proceeds and the carrying amount of
the asset, are recognized in pro\ufb01t or loss when the asset
is derecognized.
2\ue0016
LEASES
Leases are recognized as a right-of-use asset and
corresponding liability at the date of which the leased
asset is available for use by the Group.
Lease liabilities include the net present value of the
following lease payments:
\u2022
\ufb01xed payments (less any lease incentives receivable),
\u2022
variable lease payments that are based on an index
or rate,
\u2022
the exercise price of a purchase option if the group
is reasonably certain to exercise that option, and
\u2022
payments of penalties for terminating the lease,
if the lease term re\ufb02ects the group exercising that
option.
Lease payments to be made under reasonably certain
extension options are also included in the measurement
of the liability.
The lease payments are discounted using the interest
rate implicit in the lease, if that rate can be readily
determined, or the Group\u2019s incremental borrowing rate,
i.e. the rate of interest that a lessee would have to pay to
borrow over a similar term, and with a similar security,
the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar economic
environment.
The group is exposed to potential future increases in
variable lease payments based on an index or rate,
which are not included in the lease liability until they
take e\ufb00ect. When adjustments to lease payments based
on an index or rate take e\ufb00ect, the lease liability is
reassessed and adjusted against the right-of-use asset.
The lease liability is subsequently measured at
amortised cost under the e\ufb00ective interest method.
Finance expenses are recognized immediately in pro\ufb01t
or loss, unless they are directly attributable to qualifying
assets, in which case they are capitalized.
Right-of-use assets are initially measured at cost
comprising the following:
\u2022
the amount of the initial measurement of lease
liability,
\u2022
any lease payments made at or before the
commencement date less any lease incentives
received,
\u2022
any initial direct costs, and
\u2022
an estimate of the costs related to the dismantling
and removal of the underlying asset.
If it is reasonably certain that the Group will exercise
a purchase option, the asset shall be depreciated on
a straight-line basis over its useful life. In all other
circumstances the asset is depreciated on a straight-line
basis over the shorter of the useful life of the asset or
the lease term.
The Group has elected not to separate non-lease
components and account for the lease and non-lease
components as a single lease component.
2.7
IMPAIRMENT OF NON-FINANCIAL
ASSETS
Intangible assets with inde\ufb01nite useful lives and
intangible assets not yet available for use are not
subject to amortisation, but are tested annually for
impairment, and whenever events or changes in
circumstances indicate that the carrying amount may
not be recoverable. Other assets which are subject to
amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the
carrying amount may not be recoverable.
An impairment loss is recognized for the amount
by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value
in use. To determine the value in use, the forecasted
future cash \ufb02ows are discounted to their present value
using a pre-tax discount rate that re\ufb02ects current market
assessments of the time value of money and the risks
speci\ufb01c to the asset.
When an impairment loss subsequently reverses, the
carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying
amount that would have been determined had no
impairment loss been recognized for the asset in prior
years. A reversal of an impairment loss is recognized
immediately in pro\ufb01t or loss.
2.8
REVENUE RECOGNITION
Revenue is measured based on the consideration
speci\ufb01ed in a contract with a customer. The Group
recognizes revenue when it transfers control over a
good or service to a customer.
In applying IFRS 15 Revenue from contracts with
customers the Group determines the separate
performance obligations included within the contract
with the customer. Currently the Group has contracts
in which it grants a license. Some contracts include
additional services which are to be provided such as
research and development services and/or cost sharing
mechanisms. In general, these are all considered
separate performance obligations.
The transaction price is allocated to each performance
obligation on a stand-alone selling price basis.
The following paragraphs provide information about the
nature and timing of the satisfaction of performance
obligations in contracts with customers, including
signi\ufb01cant payment terms, and the related revenue
recognition policies:
Royalties
Royalties received from commercialized products are
recorded in accordance with the royalty\u2019s exception
as foreseen in IFRS 15 Revenue from contracts with
customers. Sales- or usage-based royalties that are
attributable to a license of intellectual property of
commercialized goods, are recognized at the later of:
\u2022
when the subsequent sale or usage occurs; and
\u2022
the satisfaction or partial satisfaction of the
performance obligation to which some or all of the
sales- or usage-based royalty has been allocated.
Currently the Group has 3 commercialized products for
which royalties are recorded, i.e., Sotalol IV, Maxigesic\u00ae
IV and Podo\ufb01lox (in 2022 there were 2 commercialized
products, i.e., Sotalol IV and Maxigesic\u00ae IV). For each
commercialized product speci\ufb01c formulas are stipulated
in the contract to determine the royalties attributable to
the Group.
Payment terms in general are 30 days after the invoice
date.
Milestone payments
The royalty\u2019s exception as applied for the revenue
recognition of royalties does not apply to milestone
payments which are determined with reference to
other events or indicators, i.e., not sales or usage
based. The current arrangements which are held
with co-development partners can include a license
of intellectual property and an obligation to \ufb01nance
research and development costs for which the Group
receives a consideration of which a substantial portion
of the total consideration is contingent on achieving
milestones such as regulatory \ufb01lling or FDA approval
of the product candidate. These milestone payments
are generally considered separate performance
obligations within the co-development agreement
and are recognized in accordance with the variable
consideration guidance included within IFRS 15 Revenue
from contracts with customers.
The Group only includes estimates of variable
consideration in the transaction price to the extent
that it is \u2018highly probable\u2019 that a signi\ufb01cant reversal in
the amount of cumulative revenue recognized will not
occur when the uncertainty associated with the variable
consideration is resolved. In doing so, the Group assess
the likelihood of a revenue reversal arising from an
uncertain future event and the potential magnitude of
the revenue reversal when the uncertainty related to the
variable consideration has been resolved. Given the fact
that receiving the consideration is highly susceptible to
factors outside the entity\u2019s in\ufb02uence and the fact that
the uncertainty about the consideration is not expected
to be resolved for a long period of time the Group only
recognizes the milestone payments when the milestone
is reached. As such this is not considered a signi\ufb01cant
estimate with a high level of estimation uncertainty.
Payment terms are 30 days after the invoice date except
for AFT where the payment terms are agreed between
parties.
Out-license agreements
When the Group grants a license, that is distinct from
other promised goods or services in the contract, then it
evaluates the nature of the license to determine if it is:
\u2022
a right to access the entity\u2019s intellectual property as
it exists throughout the license period. If this is the
case, then revenue from the license is recognized
over time; or
\u2022
a right to use the entity\u2019s intellectual property as
it exists at the point in time at which the license is
granted. If this is the case, then revenue from the
license is recognized at a point in time.
Up until December 31, 2023, the Group only granted
licenses with the right to use.
For licenses which are not distinct from other
performance obligations, the Group applies judgment
to assess the nature of the combined performance
obligations to determine whether the combined
performance obligations are satis\ufb01ed over time or at a
point in time. If the performance obligation is satis\ufb01ed
over time, revenue is recognized based on a pattern that
best re\ufb02ects the transfer of control of the service to the
customer.
Payment terms are 30 days after the invoice date.
Other operating income - Services rendered to
co-development partners
Other operating income is measured based on the
consideration speci\ufb01ed in a contract with a customer.
The Group recognizes income when it performs the
service to the customer and thus recognizes the income
over time.
These services are currently not presented as part of
Revenue, as these are not considered output of the
company\u2019s ordinary activities but it it could become core
business activities in the future.
2.9
COST OF SALES
Cost of sales are related to the sale of products and are
recognized when the associated revenue is recognized.
Cost of goods sold includes the amortization of
intangible assets for the product candidates which are
commercialized. Cost of sales does not include any R&D
costs due to the lack of internal systems in place which
would allow for proper registration and follow-up of
costs (incl. personnel cost) and its allocation to cost of
sales.
2.10
FINANCIAL ASSETS
The Group classi\ufb01es its \ufb01nancial assets in the following
categories: \ufb01nancial assets at fair value through pro\ufb01t
and loss (FVTPL) or through other comprehensive
income (FVOCI) and \ufb01nancial assets at amortised cost.
The classi\ufb01cation depends on the entity\u2019s business
model for managing the \ufb01nancial assets and the
contractual terms of the cash \ufb02ows. Management
determines the classi\ufb01cation of its \ufb01nancial assets at
initial recognition.
A \ufb01nancial asset is measured at amortised cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Pro\ufb01t and
Loss Statement) :
\u2022
It is held within a business model whose objective is
to hold assets to collect contractual cash \ufb02ow; and
\u2022
Its contractual terms give rise on speci\ufb01ed dates to
cash \ufb02ows that are solely payments of principal and
interest on the principal amount outstanding.
On initial recognition of an equity investment that is
not held for trading, the Group may irrevocably elect
to present subsequent changes in the investment\u2019s fair
value in OCI. This election is made on an investment-by-
investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at
amortised costs or FVOCI as described above are
measured at FVTPL.
In assessing whether the contractual cash \ufb02ows are
solely payments of principal and interest, the Group
considers the contractual terms of the instrument. This
includes assessing whether the \ufb01nancial asset contains
a contractual term that could change the timing or
amount of contractual cash \ufb02ows such that is would
not meet this condition. In making this assessment, the
Group considers:
\u2022
Contingent events that would change the amount or
timing of cash \ufb02ows;
\u2022
Terms that may adjust the contractile coupon rate,
including variable-rate features,
\u2022
Prepayment and extension features; and
\u2022
Terms that limit the Group\u2019s claim to cash \ufb02ows from
speci\ufb01ed assets (e.g. non-recourse features).
Trade receivables are initially recognized when they
are originated. All other \ufb01nancial assets are initially
recognized when the Group becomes a party to the
contractual provisions of the instrument.
At initial recognition, the group measures a \ufb01nancial
asset at its fair value plus, in the case of a \ufb01nancial asset
not at fair value through pro\ufb01t or loss, transaction costs
that are directly attributable to the acquisition of the
\ufb01nancial asset. Transaction costs of \ufb01nancial assets
carried at fair value through pro\ufb01t or loss are expensed
in pro\ufb01t or loss. A trade receivable without a signi\ufb01cant
\ufb01nancing component is initially measured at the
transaction price.
Financial assets at FVTPL are subsequently measured at
fair value. Net gains and losses, including any interest or
dividend income, are recognized in the \ufb01nancial result in
pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured
at fair value. Dividends are recognized as income in
pro\ufb01t or loss unless the dividend clearly represents a
recovery of part of the cost of investments. Other net
gains and losses are recognized in OCI and are never
reclassi\ufb01ed to pro\ufb01t or loss.
Financial assets at amortized cost are subsequently
measured at amortised cost using the e\ufb00ective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its \ufb01nancial
assets carried at amortised cost. For trade receivables,
the group applies the simpli\ufb01ed approach permitted by
IFRS 9 Financial Instruments, which requires expected
lifetime losses to be recognized from initial recognition
of the receivables.
The amount of the allowance is deducted from the
carrying amount of the asset and is recognized in the
income statement within \u2018Cost of sales\u2019.
The Group derecognizes a \ufb01nancial asset only when
the contractual rights to the cash \ufb02ows from the asset
expire, or when it transfers the \ufb01nancial asset and
substantially all the risks and rewards of ownership
of the asset to another entity. If the Group neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Group recognizes its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Group retains
substantially all the risks and rewards of ownership
of a transferred \ufb01nancial asset, the Group continues
to recognize the \ufb01nancial asset and also recognizes a
collateralized borrowing for the proceeds received.
On de-recognition of a \ufb01nancial asset in its entirety, the
di\ufb00erence between the asset\u2019s carrying amount and
the sum of the consideration received and receivable is
recognized in pro\ufb01t or loss.
Financial assets and \ufb01nancial liabilities are o\ufb00set and
the net amount presented in the statement of \ufb01nancial
position when, and only when, the Group currently has
a legally enforceable right to set o\ufb00 the amounts and it
intends either to settle them on a net basis or to realize
the asset and settle the liability simultaneously.
2.11 FAIR VALUE MEASUREMENT
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 in the principal or, in its absence,
the most advantageous market to which the Group has
access at that date. The fair value of a liability re\ufb02ects its
non-performance risk.
A number of the Group\u2019s accounting policies and
disclosure require the measurement of fair values, for
both \ufb01nancial and non-\ufb01nancial assets and liabilities.
When one is available, the Group measures the fair
value of an instrument using the quoted price in an
active market for that instrument. A market is regarded
as \u2018active\u2019 if transactions for the asset or liability take
place with su\ufb03cient frequency and volume to provide
pricing information on an ongoing basis.
If there is no quoted price in an active market, then the
Group uses valuation techniques that maximise the use
of relevant observable inputs and minimize the use of
unobservable inputs. The chosen valuation technique
incorporates all of the factors that market participants
would take into account in pricing a transaction.
If an asset or a liability measured at fair value has a bid
price and an ask price, then the Group measures assets
and long positions at a bid price and liabilities and short
positions at an ask price.
The best evidence of the fair value of a \ufb01nancial
instrument on initial recognition is normally the
transaction price \u2013 i.e. the fair value of the consideration
given or received. If the Group determines that the fair
value on initial recognition di\ufb00ers from the transaction
price and the fair value is evidenced neither by a
quoted price in an active market for an identical asset
or liability nor based on a valuation technique for which
any unobservable inputs are judged to be insigni\ufb01cant
in relation to the measurement, then the \ufb01nancial
instrument is initially measured at fair value, adjusted
to defer the di\ufb00erence between the fair value on initial
recognition and the transaction price. Subsequently,
that di\ufb00erence is recognized in pro\ufb01t or loss on an
appropriate basis over the life of the instrument but no
later than when the valuation is wholly supported by
observable market data or the transaction is closed out.
2.12
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include bank balances and
demand deposits meeting the criteria of cash and
cash equivalents. Bank overdrafts are shown within
borrowings in current liabilities on the statement of
\ufb01nancial position.
Deposits with the same level of liquidity as cash, ie. can
be withdrawn at any time without penalty fee are cash.
Deposits that don\u2019t have the same liquidity level as cash
are only considered cash equivalents if the following
criteria are met:
\u2022
Short term investment, e.g. with a maturity
date of three months or less. Three months is
a presumption that may be rebutted when the
investment is held for the purpose of meeting
short-term commitments and when the instrument
otherwise meets the de\ufb01nition of a cash equivalent;
\u2022
Highly liquid and readily convertible into a known
amount of cash, i.e. the amount of cash that would
be received is known at the time of the initial
investment;
\u2022
Subject to an insigni\ufb01cant risk of changes in value;
\u2022
Held for the purpose of meeting short-term cash
commitments.
Deposits which are excluded from cash and cash
equivalents are presented as other investments,
including derivatives in the statement of \ufb01nancial
position.
2.13
SHARE CAPITAL
Ordinary shares are classi\ufb01ed as equity. Incremental
costs directly attributable to the issue of new shares
are shown in equity as a deduction, net of tax, from the
proceeds.
2.14
GOVERNMENT GRANTS
The Company recognizes a government grant only when
there is reasonable assurance that the Company will
comply with the conditions attached to the grant and
the grant will be received.
Government grants are recognized in pro\ufb01t or loss on a
systematic basis over the periods in which the Company
recognizes as expenses the related costs which the
grants are intended to compensate. As a result, grants
relating to costs that are recognized as intangible assets
or property, plant and equipment (grants related to
assets or investment grants) are deducted from the
carrying amount of the related assets and recognized
in the pro\ufb01t or loss statement consistently with the
amortisation or depreciation expense of the related
assets.
The portion of grants not yet released as income is
presented as deferred income in the statement of
\ufb01nancial position, within the Other current liabilities. In
the statement of comprehensive income, government
grants are presented as other operating income or
\ufb01nancial income depending on the nature of the costs
that are compensated.
Government grants that become receivable as
compensation for expenses or losses already incurred
are recognized in pro\ufb01t or loss of the period in which
they become receivable.
Recoverable cash advances
With respect to recoverable cash advances (RCA \u2013
\u201cavances r\u00e9cup\u00e9rables\u201d), the RCA gives rise to a \ufb01nancial
liability in the scope of IFRS 9 \u2013 Financial Instruments.
This \ufb01nancial liability is initially measured at fair value
and any di\ufb00erence with the cash to be received from
the authorities is treated as a government grant in
accordance with IAS 20 \u2013 Accounting for Government
Grants and Disclosure of Government Assistance.
Subsequent to the initial recognition, the \ufb01nancial
liability is measured at amortised cost using the
e\ufb00ective interest method on the basis of the estimated
contractual cash \ufb02ows with changes in value due to a
change in estimated cash \ufb02ows recognized in pro\ufb01t or
loss, in accordance with IFRS 9.
R&D Tax Credit
In Belgium, companies that invest in environmental
friendly research and developments activities can
bene\ufb01t from increased investment incentives or a tax
credit.
Since 2020, the Group applies for the R&D tax credit
incentive set-up by the Federal government. When
capitalizing its R&D expenses under tax reporting
framework, the Group may either (i) get a reduction of
its taxable income (if any) corresponding to 13.5% of the
capitalized R&D expenses, or (ii) if no su\ufb03cient taxable
income is available, apply for the refund of unutilized
tax credits. The tax credit should be claimed in the year
in which the investment takes place. Refund occurs \ufb01ve
\ufb01nancial years after the tax credit application \ufb01led by the
Group and for the part not yet recovered.
R&D tax credits are treated as a government grant
under IAS 20 and booked into other operating income
if the R&D activities are expensed, or as a reduction
to intangible assets if the development activities are
capitalized and subsequently amortised together with
the underlying assets.
Exemption payroll taxes
The Group applies for the program of partial exemption
from payment of withholding tax for organizations
employing researchers.
This measure allows companies not to pay the tax
authorities up to 80% of the withholding tax on the
salaries of sta\ufb00 working on innovative and R&D projects.
As of 2023, these payroll tax rebates are recognized
in the line Other Operating Income in the \ufb01nancial
statements. See
note 31\ue001
2.15
EMPLOYEE BENEFITS
Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are recorded as an
expense in the income statement in the period in
which the services have been rendered. Any unpaid
compensation is included in trade and other liabilities
in the statement of \ufb01nancial position. A liability is
recognized to be paid if the Group has a present legal
or constructive obligation to pay this amount as a
result of past service provided by the employee and the
obligation can be estimated reliably.
2.16
SHARE-BASED PAYMENTS
Equity-settled share-based payments to employees
and others providing similar services are measured
at the fair value of the equity instruments at the grant
date. The fair value determined at the grant date of
the equity-settled share-based payments is expensed
on a straight-line basis over the vesting period, if any,
based on the Company\u2019s estimate of equity instruments
that will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the
Company revises its estimate of the number of equity
instruments expected to vest. The impact of the revision
of the original estimates, if any, is recognized in pro\ufb01t
or loss such that the cumulative expense re\ufb02ects the
revised estimate, with a corresponding adjustment to
the equity-settled share-based payment reserve.
2.17
INCOME TAXES
Income tax expense represents the sum of the current
income tax and deferred tax.
Accounting for the current and deferred tax e\ufb00ects
of a transaction or other event is consistent with the
accounting for the transaction or event itself. Therefore,
income taxes are recognized in pro\ufb01t or loss except to
the extent that it relates to items recognized directly in
equity or in OCI.
Current tax comprises the expected tax payable or
receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable in
respect of previous years. The amount of current tax
payable or receivable is the best estimate of the tax
amount expected to be paid or received that re\ufb02ects
uncertainty related to income taxes, if any.
The current income tax charge is calculated on the basis
of the tax laws enacted or substantively enacted at
the end of the reporting period in the countries where
the Group\u2019s subsidiaries operate and generate taxable
income. In line with paragraph 46 of IAS 12 Income
taxes, management periodically evaluates positions
taken in tax returns with respect to situations in which
applicable tax regulations are subject to interpretation
and establishes uncertainty tax provisions within tax
payable/receivable where appropriate on the basis of
amounts expected to be paid to the tax authorities. This
evaluation is made for tax periods open for audit by the
competent authorities.
Deferred tax is recognized on temporary di\ufb00erences
arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated \ufb01nancial
statements.
However, the deferred tax is not recognized for:
\u2022
the initial recognition of goodwill (in case of taxable
temporary di\ufb00erences arising);
\u2022
the initial recognition of an asset or liability in a
transaction other than a business combination
that at the time of the transaction a\ufb00ects neither
accounting nor taxable pro\ufb01t or loss and
\u2022
deferred tax is recognized on temporary di\ufb00erences
arising on investments in subsidiaries and
associates, except for deferred income tax liabilities
where the timing of the reversal of the temporary
di\ufb00erence is controlled by the Group and it is
probable that the temporary di\ufb00erence will not
reverse in the foreseeable future.
A deferred tax liability is recognized r all taxable
temporary di\ufb00erences, unless one of the above
exemptions would apply.
Deferred tax assets are recognized for deductible
temporary di\ufb00erences and unused tax losses and tax
credits to the extent that it is probable that taxable
pro\ufb01ts will be available against which they can be
utilized. Future taxable pro\ufb01ts are determined based on
the reversal of relevant taxable temporary di\ufb00erences.
If the amount of taxable temporary di\ufb00erences is
insu\ufb03cient to recognize a deferred tax asset in full, then
future taxable pro\ufb01ts, adjusted for reversals of existing
temporary di\ufb00erences, are considered, based on the
business plans for individual subsidiaries in the Group.
Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply to the period when
the asset is realized or the liability is settled, based
on tax rates (and tax laws) that have been enacted
or substantively enacted by the end of the reporting
period.
The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that su\ufb03cient
taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Unrecognized deferred tax assets
are reassessed at each reporting date and recognized
to the extent that it has become probable that future
taxable pro\ufb01ts will be available against which they can
be used.
Deferred taxes are calculated at the level of each \ufb01scal
entity in the Group. Deferred tax assets and liabilities
are o\ufb00set only if certain criteria are met.
2.18
FINANCIAL LIABILITIES
Financial liabilities (including borrowings and trade and
other payables) are classi\ufb01ed as at amortised cost.
All \ufb01nancial liabilities are initially recognized when the
Group becomes a party to the contractual provisions
of the instrument. Financial liabilities are recognized
initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost;
any di\ufb00erence between the proceeds (net of transaction
costs) and the redemption value is recognized in the
income statement over the period of the borrowings
using the e\ufb00ective interest method. Borrowings are
classi\ufb01ed as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for
at least 12 months after the end of the reporting period.
Where the loan is from a shareholder acting in the
capacity of a shareholder, the di\ufb00erence between
cash received and fair value of the loan at initial
recognition is re\ufb02ected in equity because the substance
of the favorable terms is typically a contribution by a
shareholder.
The Group derecognizes a \ufb01nancial liability when its
contractual obligations are discharged or cancelled, or
expire. The Group also derecognizes a \ufb01nancial liability
when its terms are modi\ufb01ed and the cash \ufb02ows of the
modi\ufb01ed liability are substantially di\ufb00erent, in which
case a new \ufb01nancial liability based on the modi\ufb01ed
terms is recognized at fair value.
When a \ufb01nancial liability measured at amortised cost
is modi\ufb01ed without this resulting in derecognition, a
gain or loss is recognized in pro\ufb01t or loss. The gain or
loss is calculated as the di\ufb00erence between the original
contractual cash \ufb02ows and the modi\ufb01ed cash \ufb02ows
discounted at the original e\ufb00ective interest rate.
2.19
DERIVATIVE FINANCIAL
INSTRUMENTS
The Group holds derivative \ufb01nancial instruments to
hedge its foreign currency. Derivatives are recognised
initially at fair value at the date a derivative contract
is entered into and are subsequently remeasured to
their fair value at each reporting date and changes
therein are generally recognized in the \ufb01nancial result
in pro\ufb01t or loss. A derivative with a positive fair value is
recognised as a \ufb01nancial asset whereas a derivative with
a negative fair value is recognised as a \ufb01nancial liability.
Derivatives are not o\ufb00set in the \ufb01nancial statements
unless the Group has both legal right and intention
to o\ufb00set. A derivative is presented as a non-current
asset (\u2018Other investments, including derivatives) or a
non-current liability (\u2018Other \ufb01nancial liabilities\u2019) if the
remaining maturity of the instrument is more than 12
months and it is not expected to be realised or settled
within 12 months. Other derivatives are presented as
current assets or current liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6275": { "value": "2.1
BASIS OF PREPARATION
The consolidated \ufb01nancial statements of the Group for
the year ended December 31, 2023 have been prepared
in accordance with IFRS (\u201cInternational Financial
Reporting Standards\u201d) as adopted by the European
Union. These include all IFRS standards and IFRIC
interpretations issued and e\ufb00ective as at December 31,
2023. No new standards, amendments to standards or
interpretations were early adopted.
The consolidated \ufb01nancial statements are presented in
euro, which is the Company\u2019s functional currency. All
amounts in this document are represented in thousands
of euros (\u20ac thousands), unless noted otherwise. Due
to rounding, numbers presented throughout these
Consolidated Financial Statements may not add up
precisely to the totals provided and percentages may
not precisely re\ufb02ect the absolute \ufb01gures.
The \ufb01nancial statements are prepared on an accrual
basis and on the assumption that the entity is in
going concern and will continue in operation in the
foreseeable future (see also
Note 3\ue0011
).
The preparation of \ufb01nancial statements in accordance
with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise
judgment in the process of applying the Group
accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions
and estimates are signi\ufb01cant to the consolidated
\ufb01nancial statements are disclosed in
Note 3
.
Relevant IFRS accounting pronouncements to be
adopted as from 2023 onwards
In 2021 the IASB issued Disclosure of Accounting
Policies (Amendments to IAS 1) and updated IFRS
Practice Statement 2 Making Materiality Judgements.
IAS 1 Presentation of Financial Statements has been
amended to require companies to disclose \u2018material\u2019
rather than \u2018signi\ufb01cant\u2019 accounting policies. Although
the amendments did not result in any changes to the
accounting policies themselves, they impacted the
accounting policy information disclosed in the \ufb01nancial
statements. Management reviewed the accounting
policies and made updates to the information disclosed
in certain instances in line with the amendments.
Other pronouncements issued by the IASB have not
been disclosed as the Company considers these as not
relevant to the business of the Group.
A number of new standards, amendments to standards
and interpretations are not yet e\ufb00ective for the year
ended 31 December 2023, and have not been applied in
preparing these consolidated \ufb01nancial statements:
Amendments to IAS 1 Presentation of Financial
Statements:
\u2022
Classi\ufb01cation of Liabilities as Current or Non-current
Date (issued on 23 January 2020);
\u2022
Classi\ufb01cation of Liabilities as Current or Non-current
- Deferral of E\ufb00ective Date (issued on 15 July 2020);
and
\u2022
Non-current Liabilities with Covenants (issued on 31
October 2022)
Amendments to IAS 1 Presentation of Financial
statements
: Classi\ufb01cation of Liabilities as Current
or Non-current, issued on 23 January 2020, clarify a
criterion in IAS 1 for classifying a liability as non-current:
the requirement for an entity to have the right to defer
settlement of the liability for at least 12 months after the
reporting period.
The amendments:
\u2022
specify that an entity\u2019s right to defer settlement
must exist at the end of the reporting period;
\u2022
clarify that classi\ufb01cation is una\ufb00ected by
management\u2019s intentions or expectations about
whether the entity will exercise its right to defer
settlement;
\u2022
clarify how lending conditions a\ufb00ect classi\ufb01cation;
and
\u2022
clarify requirements for classifying liabilities an
entity will or may settle by issuing its own equity
instruments.
On July 15, 2020, the IASB issued
Classi\ufb01cation of
Liabilities as Current or Non-current \u2014 Deferral of
E\ufb00ective Date (Amendment to IAS 1)
deferring the
e\ufb00ective date of the January 2020 amendments with one
year.
On October 31, 2022, the IASB issued
Non-current
liabilities with Covenants, which amends IAS 1
and speci\ufb01es that covenants (i.e. conditions speci\ufb01ed
in a loan arrangement) to be complied with after the
reporting date do not a\ufb00ect the classi\ufb01cation of debt as
current or non-current at the reporting date. Instead,
the amendments require a company to disclose
information about these covenants in the notes to the
\ufb01nancial statements.
All amendments are e\ufb00ective for annual reporting
periods beginning on or after 1 January 2024, with
early adoption permitted. The amendments have been
endorsed by the EU.
Amendments to IFRS 16 Leases: Lease Liability in a
Sale and Leaseback, issued on 22 September 2022,
introduce a new accounting model which will impact
how a seller-lessee accounts for variable lease
payments in a sale-and-leaseback transaction.
\n
Under this new accounting model for variable payments,
\n
a seller-lessee will:
\n
\u2022
include estimated variable lease payments when it
\n
initially measures a lease liability arising from a sale-
\n
and-leaseback transaction; and
\n
\u2022
after initial recognition, apply the general
\n
requirements for subsequent accounting of the
\n
lease liability such that it recognizes no gain or loss
\n
relating to the right of use it retains.
\n
These amendments will not change the accounting for
\n
leases other than those arising in a sale and leaseback
\n
transaction. The amendments apply retrospectively for
\n
annual periods beginning on or after 1 January 2024
\n
with early application permitted. These amendments
\n
have been endorsed by the EU.
\n
Amendments to IAS 7 Statement of Cash Flows
\n
and IFRS 7 Financial Instruments: Disclosures:
\n
Supplier Finance Arrangements,
issued on 25 May
\n
2023, introduce additional disclosure requirements
\n
for companies that enter into supplier \ufb01nance
\n
arrangements. The amendments are e\ufb00ective for
\n
periods beginning on or after 1 January 2024, with
\n
early application permitted. However, some relief
\n
from providing certain information in the year of initial
\n
application is available. These amendments have not yet
\n
been endorsed by the EU.
\n
Amendments to IAS 21 The E\ufb00ects of Changes in
\n
Foreign Exchange Rates: Lack of Exchangeability,
\n
issued on 15 august 2023, clarify when a currency is
\n
exchangeable into another currency (and when it is
\n
not). When a currency is not exchangeable, a company
\n
needs to estimate a spot rate. The company\u2019s objective
\n
when estimating a spot rate is that it re\ufb02ects the rate at
\n
which an orderly exchange transaction would take place
\n
at the measurement date between market participants
\n
under prevailing economic conditions. The amendments
\n
contain no speci\ufb01c requirements for estimating a spot
\n
rate. Under the amendments, companies will need to
\n
provide new disclosures to help users assess the impact
\n
of using an estimated exchange rate on the \ufb01nancial
\n
statements. The amendments are e\ufb00ective for annual
\n
reporting periods beginning on or after 1 January 2025
\n
with early adoption permitted. These amendments have
\n
not yet been endorsed by the EU.
\n
IFRS 18 Presentation and Disclosure in Financial
\n
Statements,
issued on 9 April 2024, will replace IAS 1
\n
Presentation of Financial Statements. The new standard
\n
will improve the quality of \ufb01nancial reporting by:
\n
\u2022
requiring de\ufb01ned subtotals in the statement of pro\ufb01t
\n
or loss;
\n
\u2022
requiring disclosure about management-de\ufb01ned
\n
performance measures; and adding new principles
\n
for aggregation and disaggregation of information.
\n
The standard is e\ufb00ective for annual reporting periods
\n
beginning on or after 1 January 2027 with early adoption
\n
permitted. The standard has not yet been endorsed by
\n
the EU.
\n
IFRS 19 Subsidiaries without Public Accountability:
\n
Disclosures,
issued on 9 May 2024, will allow eligible
\n
subsidiaries to apply IFRS Accounting Standards with
\n
reduced disclosure requirements. A subsidiary will be
\n
to apply the new standard in its consolidated, separate
\n
or individual \ufb01nancial statements provided that, at the
\n
reporting date: it does not have public accountability;
\n
and its parent produces consolidated \ufb01nancial
\n
statements under IFRS Accounting Standards.
\n
The standard is e\ufb00ective for annual reporting periods
\n
beginning on or after 1 January 2027 with early adoption
\n
permitted. The standard has not yet been endorsed by
\n
the EU.
\n
Amendments to the Classi\ufb01cation and Measurement
\n
of Financial Instruments\u2014Amendments to IFRS
\n
9 and IFRS 7, i
ssued on 30 May 2024, will address
\n
diversity in accounting practice by making the
\n
requirements more understandable and consistent. The
\n
amendments include: Clari\ufb01cations on the classi\ufb01cation
\n
of \ufb01nancial assets with environmental, social and
\n
corporate governance (ESG) and similar features\u2014ESG-
\n
linked features in loans could a\ufb00ect whether the loans
\n
are measured at amortized cost or fair value. To resolve
\n
any potential diversity in practice, the amendments
\n
clarify how the contractual cash \ufb02ows on such loans
\n
should be assessed.
\n
Clari\ufb01cations on the date on which a \ufb01nancial asset
\n
or \ufb01nancial liability is derecognized. The IASB also
\n
decided to develop an accounting policy option to allow
a company to derecognize a \ufb01nancial liability before it
delivers cash on the settlement date if speci\ufb01ed criteria
are met.
The IASB has also introduced additional disclosure
requirements to enhance transparency for investors
regarding investments in equity instruments designated
at fair value through other comprehensive income
and \ufb01nancial instruments with contingent features, for
example features tied to ESG-linked targets.
The amendments are e\ufb00ective for annual reporting
periods beginning on or after 1 January 2026 with early
adoption permitted. These amendments have not yet
been endorsed by the EU.
Except for IFRS 18, for which the analysis is ongoing,
these amendments are not expected to have any
signi\ufb01cant impact on the consolidated \ufb01nancial
statements of Hyloris.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6279": { "value": "The consolidated \ufb01nancial statements of the Group for
the year ended December 31, 2023 have been prepared
in accordance with IFRS (\u201cInternational Financial
Reporting Standards\u201d) as adopted by the European
Union. These include all IFRS standards and IFRIC
interpretations issued and e\ufb00ective as at December 31,
2023. No new standards, amendments to standards or
interpretations were early adopted.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6282": { "value": "2023-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6559": { "value": "2.2
CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the Group
has control. Control is established when the Group is
exposed, or has the rights, to variable returns from
its involvement with the subsidiary and has the ability
to a\ufb00ect those returns through its power over the
subsidiary. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
Intra-group balances and transactions and any
unrealized income and expenses (except for foreign
currency transactions gains or losses) arising from
intra-group transactions are eliminated. Unrealized
gains arising from transactions with equity-accounted
investees are also eliminated against the investment
to the extent of the Groups interest in the investee.
Unrealized losses are eliminated in the same way as
unrealized gains, but only to the extent that there is no
evidence of impairment.
Transactions under common control
For business combinations under common control
(also \u201cTransactions under common control\u201d), the Group
applies predecessor accounting.
The consideration for each acquisition is measured
at the aggregate of the fair values (at the date of
acquisition) of assets transferred and liabilities
incurred or assumed, and equity instruments issued
by the Group in exchange for control of the acquiree.
Acquisition-related costs are recognized in pro\ufb01t or loss
as incurred.
Where applicable, the consideration for the acquisition
includes any asset or liability resulting from a contingent
consideration arrangement, measured at its acquisition-
date fair value.
The acquiree\u2019s identi\ufb01able assets, liabilities, and
contingent liabilities that meet the recognition criteria
conditions for recognition under IFRS are recognized
and measured at the carrying amounts as recognized
in the acquiree\u2019s individual \ufb01nancial statements, but
adjusted for any deviations with the accounting policies
of the Group.
Any di\ufb00erence between the consideration transferred
and the net assets at the acquisition date is recognized
in retained earnings.
The Group elected the accounting policy choice to
represent its comparatives and adjust its current
reporting period before the date of the transaction as
if the transaction had occurred before the start of the
earliest period presented. This restatement should not
extend to periods during which the entities were not
under common control. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6560": { "value": "2.2
CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the Group
has control. Control is established when the Group is
exposed, or has the rights, to variable returns from
its involvement with the subsidiary and has the ability
to a\ufb00ect those returns through its power over the
subsidiary. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
Intra-group balances and transactions and any
unrealized income and expenses (except for foreign
currency transactions gains or losses) arising from
intra-group transactions are eliminated. Unrealized
gains arising from transactions with equity-accounted
investees are also eliminated against the investment
to the extent of the Groups interest in the investee.
Unrealized losses are eliminated in the same way as
unrealized gains, but only to the extent that there is no
evidence of impairment.
Transactions under common control
For business combinations under common control
(also \u201cTransactions under common control\u201d), the Group
applies predecessor accounting.
The consideration for each acquisition is measured
at the aggregate of the fair values (at the date of
acquisition) of assets transferred and liabilities
incurred or assumed, and equity instruments issued
by the Group in exchange for control of the acquiree.
Acquisition-related costs are recognized in pro\ufb01t or loss
as incurred.
Where applicable, the consideration for the acquisition
includes any asset or liability resulting from a contingent
consideration arrangement, measured at its acquisition-
date fair value.
The acquiree\u2019s identi\ufb01able assets, liabilities, and
contingent liabilities that meet the recognition criteria
conditions for recognition under IFRS are recognized
and measured at the carrying amounts as recognized
in the acquiree\u2019s individual \ufb01nancial statements, but
adjusted for any deviations with the accounting policies
of the Group.
Any di\ufb00erence between the consideration transferred
and the net assets at the acquisition date is recognized
in retained earnings.
The Group elected the accounting policy choice to
represent its comparatives and adjust its current
reporting period before the date of the transaction as
if the transaction had occurred before the start of the
earliest period presented. This restatement should not
extend to periods during which the entities were not
under common control.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6565": { "value": "Subsidiaries
Subsidiaries are all entities over which the Group
has control. Control is established when the Group is
exposed, or has the rights, to variable returns from
its involvement with the subsidiary and has the ability
to a\ufb00ect those returns through its power over the
subsidiary. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
Intra-group balances and transactions and any
unrealized income and expenses (except for foreign
currency transactions gains or losses) arising from
intra-group transactions are eliminated. Unrealized
gains arising from transactions with equity-accounted
investees are also eliminated against the investment
to the extent of the Groups interest in the investee.
Unrealized losses are eliminated in the same way as
unrealized gains, but only to the extent that there is no
evidence of impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6621": { "value": "2.3
JOINT ARRANGEMENTS
Joint control is the contractually agreed sharing of
control of an arrangement, which exists when decisions
about relevant activities require the unanimous consent
of the parties sharing control.
Joint arrangements are classi\ufb01ed as either a joint
venture or a joint operation.
A joint venture is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the net assets of the arrangement.
The results, assets and liabilities of joint ventures are
incorporated in the consolidated \ufb01nancial statements
using the equity method of accounting, except when the
investment is classi\ufb01ed as held for sale (in which case it
is accounted for in accordance with IFRS 5 Non-current
Assets Held for Sale).
Under the equity method, on initial recognition,
investments in joint ventures are recognised in
the consolidated statement of \ufb01nancial position at
cost, and the carrying amount is adjusted for post-
acquisition changes in the Group\u2019s share of the net
assets of the joint venture, less any impairment of
the value of individual investments. Losses of a joint
venture in excess of the Group\u2019s interest in that joint
venture (which includes any long-term interests that, in
substance, form part of the Group\u2019s net investment in
the associate or joint venture) are recognised only to the
extent that the Group has incurred legal or constructive
obligations or made payments on behalf of the joint
venture.
Any excess of the cost of acquisition over the Group\u2019s
share of the net fair value of the identi\ufb01able assets and
(contingent) liabilities of the joint venture recognised
at the date of acquisition is goodwill. The goodwill is
included within the carrying amount of the investment
and is assessed for impairment as part of that
investment.
Where a Group entity transacts with a joint venture
of the Group, pro\ufb01ts and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture. Unrealized gains araising from transactions
with equity-accounted investees are eliminated against
the investment to the extent of the Group\u2019s interest in
the investee. Unrealised losses are eliminated in the
same way as unrealised gains, but only to the extent
that there is no evidence of impairment.
A joint operation is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the assets and obligations of the liabilities
relating to the arrangement.
A joint operator recognizes its assets, liabilities and
transactions, including its share of those incurred jointly.
These assets, liabilities and transactions are accounted
for in accordance with the relevant accounting
standards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6622": { "value": "2.3
JOINT ARRANGEMENTS
Joint control is the contractually agreed sharing of
control of an arrangement, which exists when decisions
about relevant activities require the unanimous consent
of the parties sharing control.
Joint arrangements are classi\ufb01ed as either a joint
venture or a joint operation.
A joint venture is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the net assets of the arrangement.
The results, assets and liabilities of joint ventures are
incorporated in the consolidated \ufb01nancial statements
using the equity method of accounting, except when the
investment is classi\ufb01ed as held for sale (in which case it
is accounted for in accordance with IFRS 5 Non-current
Assets Held for Sale).
Under the equity method, on initial recognition,
investments in joint ventures are recognised in
the consolidated statement of \ufb01nancial position at
cost, and the carrying amount is adjusted for post-
acquisition changes in the Group\u2019s share of the net
assets of the joint venture, less any impairment of
the value of individual investments. Losses of a joint
venture in excess of the Group\u2019s interest in that joint
venture (which includes any long-term interests that, in
substance, form part of the Group\u2019s net investment in
the associate or joint venture) are recognised only to the
extent that the Group has incurred legal or constructive
obligations or made payments on behalf of the joint
venture.
Any excess of the cost of acquisition over the Group\u2019s
share of the net fair value of the identi\ufb01able assets and
(contingent) liabilities of the joint venture recognised
at the date of acquisition is goodwill. The goodwill is
included within the carrying amount of the investment
and is assessed for impairment as part of that
investment.
Where a Group entity transacts with a joint venture
of the Group, pro\ufb01ts and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture. Unrealized gains araising from transactions
with equity-accounted investees are eliminated against
the investment to the extent of the Group\u2019s interest in
the investee. Unrealised losses are eliminated in the
same way as unrealised gains, but only to the extent
that there is no evidence of impairment.
A joint operation is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the assets and obligations of the liabilities
relating to the arrangement.
A joint operator recognizes its assets, liabilities and
transactions, including its share of those incurred jointly.
These assets, liabilities and transactions are accounted
for in accordance with the relevant accounting
standards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6623": { "value": "2.3
JOINT ARRANGEMENTS
Joint control is the contractually agreed sharing of
control of an arrangement, which exists when decisions
about relevant activities require the unanimous consent
of the parties sharing control.
Joint arrangements are classi\ufb01ed as either a joint
venture or a joint operation.
A joint venture is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the net assets of the arrangement.
The results, assets and liabilities of joint ventures are
incorporated in the consolidated \ufb01nancial statements
using the equity method of accounting, except when the
investment is classi\ufb01ed as held for sale (in which case it
is accounted for in accordance with IFRS 5 Non-current
Assets Held for Sale).
Under the equity method, on initial recognition,
investments in joint ventures are recognised in
the consolidated statement of \ufb01nancial position at
cost, and the carrying amount is adjusted for post-
acquisition changes in the Group\u2019s share of the net
assets of the joint venture, less any impairment of
the value of individual investments. Losses of a joint
venture in excess of the Group\u2019s interest in that joint
venture (which includes any long-term interests that, in
substance, form part of the Group\u2019s net investment in
the associate or joint venture) are recognised only to the
extent that the Group has incurred legal or constructive
obligations or made payments on behalf of the joint
venture.
Any excess of the cost of acquisition over the Group\u2019s
share of the net fair value of the identi\ufb01able assets and
(contingent) liabilities of the joint venture recognised
at the date of acquisition is goodwill. The goodwill is
included within the carrying amount of the investment
and is assessed for impairment as part of that
investment.
Where a Group entity transacts with a joint venture
of the Group, pro\ufb01ts and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture. Unrealized gains araising from transactions
with equity-accounted investees are eliminated against
the investment to the extent of the Group\u2019s interest in
the investee. Unrealised losses are eliminated in the
same way as unrealised gains, but only to the extent
that there is no evidence of impairment.
A joint operation is a joint arrangement whereby the
parties that have joint control of the arrangement have
rights to the assets and obligations of the liabilities
relating to the arrangement.
A joint operator recognizes its assets, liabilities and
transactions, including its share of those incurred jointly.
These assets, liabilities and transactions are accounted
for in accordance with the relevant accounting
standards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6709": { "value": "2.4
FOREIGN CURRENCIES
Items included in the \ufb01nancial statements of each of
the Group\u2019s entities are measured using the currency of
the primary economic environment in which the entity
operates (\u2018the functional currency\u2019). The consolidated
\ufb01nancial statements are presented in euro, which is the
Group\u2019s presentation currency.
Transactions in foreign currencies are translated into
the respective rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign
currencies are translated into the functional currency
at the exchange rate at the reporting date. Non-
monetary assets and liabilities that are measured at
fair value in foreign currency are translated into the
functional currrency at the exchange rate when the fair
value was determined. Non-monetary items that are
measured based on historical cost in a foreign currency
are translated at the exchange rate at the date of the
transaction. Foreign currency di\ufb00erences are generally
recognised in pro\ufb01t or loss and presented within
\ufb01nancial result.
The principal exchange rate that has been used is the US
dollar. The following table presents the exchange rates
used for the USD/EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
1 EUR =
Closing Rate
Average Rate
December 31, 2022
1.0666
1.0530
December 31, 2023
1.1050
1.0813
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6710": { "value": "2.4
FOREIGN CURRENCIES
Items included in the \ufb01nancial statements of each of
the Group\u2019s entities are measured using the currency of
the primary economic environment in which the entity
operates (\u2018the functional currency\u2019). The consolidated
\ufb01nancial statements are presented in euro, which is the
Group\u2019s presentation currency.
Transactions in foreign currencies are translated into
the respective rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign
currencies are translated into the functional currency
at the exchange rate at the reporting date. Non-
monetary assets and liabilities that are measured at
fair value in foreign currency are translated into the
functional currrency at the exchange rate when the fair
value was determined. Non-monetary items that are
measured based on historical cost in a foreign currency
are translated at the exchange rate at the date of the
transaction. Foreign currency di\ufb00erences are generally
recognised in pro\ufb01t or loss and presented within
\ufb01nancial result.
The principal exchange rate that has been used is the US
dollar. The following table presents the exchange rates
used for the USD/EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
1 EUR =
Closing Rate
Average Rate
December 31, 2022
1.0666
1.0530
December 31, 2023
1.1050
1.0813
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6763": { "value": "2.5
INTANGIBLE ASSETS
Research and development
Internally-generated research and development
To assess whether an internally generated intangible
asset meets the criteria for recognition, the Company
classi\ufb01es the internal generation of assets into a
research phase and a development phase.
No intangible asset arising from research is recognized.
Expenditure on research is recognized as an expense
when it is incurred.
An intangible asset arising from development is
recognized if, and only if, the Company can demonstrate
all of the following:
(i) the technical feasibility of completing the
intangible asset so that it will be available for use or
sale;
(ii) the intention to complete the intangible asset and
use or sell it;
(iii) the ability to use or sell the intangible asset;
(iv) how the intangible asset will generate probable
future economic bene\ufb01ts;
(v) the availability of adequate technical, \ufb01nancial
and other resources to complete the development
and to use or sell the intangible asset; and
(vi) the ability to measure reliably the expenditure
attributable to the intangible asset during its
development.
With respect to the technical feasibility condition,
strong evidence is achieved only when Phase III (i.e.
\ufb01nal stage before \ufb01ling for marketing approval) of the
related development project is successfully completed,
i.e. when \ufb01ling for marketing approval from the
relevant regulatory authorities. Consequently, internally
generated development expenses arising before this
point, mainly the cost of clinical trials, are expensed as
incurred within Research and development expenses.
In some cases (i.e. for high barrier generic products),
market approval was obtained previously, but additional
costs are incurred in order to improve the process
for an active ingredient. To the extent that the above
criteria are considered as having been met, such
expenses are recognized as an asset in the balance
sheet within intangible assets as incurred. Similarly,
some clinical trials, for example those undertaken to
obtain a geographical extension for a molecule that
has already obtained marketing approval in a major
market, may in certain circumstances meet the above
capitalization criteria, in which case the related expenses
are recognized as an asset in the balance sheet within
intangible assets.
The cost of an internally-generated intangible asset
is the sum of the expenditure incurred from the date
when the intangible asset \ufb01rst meets the recognition
criteria. The cost of an internally-generated intangible
asset comprises all directly attributable costs necessary
to create, produce and prepare the asset to be capable
of operating in the manner intended by management,
including any fees to register legal rights (patent costs)
and borrowing costs.
Separately acquired research and development
Payments for separately acquired research and
development are capitalized as intangible assets
provided that the following conditions are met:
(i) the asset is identi\ufb01able, i.e. either separable (if it
can be sold, transferred, licensed) or it results from
contractual or legal rights;
(ii) it is probable that the expected future economic
bene\ufb01ts that are attributable to the asset will \ufb02ow to
the Group;
(iii) the Group can control the resource; and
(iv) the cost of the asset can be measured reliably.
The second condition for capitalization (the probability
that the expected future economic bene\ufb01ts from the
asset will \ufb02ow to the entity) is considered to be satis\ufb01ed
for separately acquired research and development. The
management of the company assesses whether and to
which amount milestone payments are to be considered
as related to the purchase of an asset (capitalization) or
related to outsourced research and development. The
latter will be recognized as research and development
expenses when they occur.
If the separately acquired research and development
project meets the conditions for capitalization as
mentioned above, related upfront and milestone
payments to third parties are recognized as intangible
assets, and amortised on a straight-line basis over
their useful lives beginning when marketing approval is
obtained. However, any subsequent expenditure on the
relating projects is added to the carrying amount of the
intangible asset only if it meets the recognition criteria
for capitalizing development costs (see above section
Internally-generated research and development).
Payments under research and development
arrangements relating to access to technology or to
databases and payments made to purchase generics
dossiers are also capitalized as the conditions
mentioned above are met upon acquisition, and
amortised on a straight-line basis over the useful
life of the intangible asset. Subsequent expenditure
incurred are only capitalized if the expenditure meets
the conditions mentioned above for capitalizing
development costs.
Subcontracting arrangements, payments for research
and development services, and continuous payments
under research and development collaborations which
are unrelated to the outcome of that collaboration, are
expensed over the service term except if as part of the
development phase of the underlying assets.
Non-refundable advance payments for goods and
services that will be used in future research activities
are expensed when the activity has been performed
or when the goods have been received rather than
when the payment is made. Research and development
expenses also include upfront and milestone payments,
to the amount these payments are assessed to be
outsourced research and development and to the
amount of the costs e\ufb00ectively occurred.
Intangible assets acquired through exchange of
assets
Intangible assets may be acquired in exchange for a
non-monetary asset or assets, or a combination of
monetary and non-monetary assets.
In the event of such exchange of assets, the cost of the
acquired asset is measured at fair value unless (a) the
exchange transaction lacks commercial substance or (b)
the fair value of neither the asset received, nor the asset
given up is reliably measurable. If the acquired asset is
not measured at fair value, its cost is measured at the
carrying amount of the asset given up.
Other intangible assets acquired separately
An intangible asset is recognized on the statement of
\ufb01nancial position when the following conditions are met:
(i) the asset is identi\ufb01able, i.e. either separable (if it
can be sold, transferred, licensed) or it results from
contractual or legal rights;
(ii) it is probable that the expected future economic
bene\ufb01ts that are attributable to the asset will \ufb02ow to
the Group;
(iii) the Group can control the resource; and
(iv) the cost of the asset can be measured reliably.
The cost of a separately acquired intangible asset
comprises its purchase price, including import duties
and non-refundable purchase taxes, after deducting
trade discounts and rebates. Any directly attributable
cost of preparing the asset for its intended use is also
included in the cost of the intangible asset.
Subsequent measurement
Subsequent to initial recognition, intangible assets are
measured at cost less accumulated amortisation and
any accumulated impairment losses. Intangible assets
are amortised on a systematic basis over their useful
life, using the straight-line method. Amortisation begins
when the asset is capable of operating in the manner
intended by management.
The estimated useful life and amortisation method are
reviewed at the end of each reporting period, with the
e\ufb00ect of any changes in estimate being accounted for on
a prospective basis.
The amortisation expense is presented as part of Cost of
Sales in the Statement of Pro\ufb01t or Loss. The applicable
useful lives are determined based on the period during
which the Company expects to receive bene\ufb01ts from the
underlying project. Key factors considered to determine
the useful life comprises the duration of the patent
protection and access of competitors to the market.
Derecognition
An intangible asset is derecognized in case the
intangible asset is sold or out-licensed, or when no
future economic bene\ufb01ts are expected from use or
disposal. Gains or losses arising from derecognition of
an intangible asset, measured as the di\ufb00erence between
the net disposal proceeds and the carrying amount of
the asset, are recognized in pro\ufb01t or loss when the asset
is derecognized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6767": { "value": "Research and development
Internally-generated research and development
To assess whether an internally generated intangible
asset meets the criteria for recognition, the Company
classi\ufb01es the internal generation of assets into a
research phase and a development phase.
No intangible asset arising from research is recognized.
Expenditure on research is recognized as an expense
when it is incurred.
An intangible asset arising from development is
recognized if, and only if, the Company can demonstrate
all of the following:
(i) the technical feasibility of completing the
intangible asset so that it will be available for use or
sale;
(ii) the intention to complete the intangible asset and
use or sell it;
(iii) the ability to use or sell the intangible asset;
(iv) how the intangible asset will generate probable
future economic bene\ufb01ts;
(v) the availability of adequate technical, \ufb01nancial
and other resources to complete the development
and to use or sell the intangible asset; and
(vi) the ability to measure reliably the expenditure
attributable to the intangible asset during its
development.
With respect to the technical feasibility condition,
strong evidence is achieved only when Phase III (i.e.
\ufb01nal stage before \ufb01ling for marketing approval) of the
related development project is successfully completed,
i.e. when \ufb01ling for marketing approval from the
relevant regulatory authorities. Consequently, internally
generated development expenses arising before this
point, mainly the cost of clinical trials, are expensed as
incurred within Research and development expenses.
In some cases (i.e. for high barrier generic products),
market approval was obtained previously, but additional
costs are incurred in order to improve the process
for an active ingredient. To the extent that the above
criteria are considered as having been met, such
expenses are recognized as an asset in the balance
sheet within intangible assets as incurred. Similarly,
some clinical trials, for example those undertaken to
obtain a geographical extension for a molecule that
has already obtained marketing approval in a major
market, may in certain circumstances meet the above
capitalization criteria, in which case the related expenses
are recognized as an asset in the balance sheet within
intangible assets.
The cost of an internally-generated intangible asset
is the sum of the expenditure incurred from the date
when the intangible asset \ufb01rst meets the recognition
criteria. The cost of an internally-generated intangible
asset comprises all directly attributable costs necessary
to create, produce and prepare the asset to be capable
of operating in the manner intended by management,
including any fees to register legal rights (patent costs)
and borrowing costs.
Separately acquired research and development
Payments for separately acquired research and
development are capitalized as intangible assets
provided that the following conditions are met:
(i) the asset is identi\ufb01able, i.e. either separable (if it
can be sold, transferred, licensed) or it results from
contractual or legal rights;
(ii) it is probable that the expected future economic
bene\ufb01ts that are attributable to the asset will \ufb02ow to
the Group;
(iii) the Group can control the resource; and
(iv) the cost of the asset can be measured reliably.
The second condition for capitalization (the probability
that the expected future economic bene\ufb01ts from the
asset will \ufb02ow to the entity) is considered to be satis\ufb01ed
for separately acquired research and development. The
management of the company assesses whether and to
which amount milestone payments are to be considered
as related to the purchase of an asset (capitalization) or
related to outsourced research and development. The
latter will be recognized as research and development
expenses when they occur.
If the separately acquired research and development
project meets the conditions for capitalization as
mentioned above, related upfront and milestone
payments to third parties are recognized as intangible
assets, and amortised on a straight-line basis over
their useful lives beginning when marketing approval is
obtained. However, any subsequent expenditure on the
relating projects is added to the carrying amount of the
intangible asset only if it meets the recognition criteria
for capitalizing development costs (see above section
Internally-generated research and development).
Payments under research and development
arrangements relating to access to technology or to
databases and payments made to purchase generics
dossiers are also capitalized as the conditions
mentioned above are met upon acquisition, and
amortised on a straight-line basis over the useful
life of the intangible asset. Subsequent expenditure
incurred are only capitalized if the expenditure meets
the conditions mentioned above for capitalizing
development costs.
Subcontracting arrangements, payments for research
and development services, and continuous payments
under research and development collaborations which
are unrelated to the outcome of that collaboration, are
expensed over the service term except if as part of the
development phase of the underlying assets.
Non-refundable advance payments for goods and
services that will be used in future research activities
are expensed when the activity has been performed
or when the goods have been received rather than
when the payment is made. Research and development
expenses also include upfront and milestone payments,
to the amount these payments are assessed to be
outsourced research and development and to the
amount of the costs e\ufb00ectively occurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6836": { "value": "The cost of an internally-generated intangible asset
is the sum of the expenditure incurred from the date
when the intangible asset \ufb01rst meets the recognition
criteria. The cost of an internally-generated intangible
asset comprises all directly attributable costs necessary
to create, produce and prepare the asset to be capable
of operating in the manner intended by management,
including any fees to register legal rights (patent costs)
and borrowing costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6999": { "value": "2\ue0016
LEASES
Leases are recognized as a right-of-use asset and
corresponding liability at the date of which the leased
asset is available for use by the Group.
Lease liabilities include the net present value of the
following lease payments:
\u2022
\ufb01xed payments (less any lease incentives receivable),
\u2022
variable lease payments that are based on an index
or rate,
\u2022
the exercise price of a purchase option if the group
is reasonably certain to exercise that option, and
\u2022
payments of penalties for terminating the lease,
if the lease term re\ufb02ects the group exercising that
option.
Lease payments to be made under reasonably certain
extension options are also included in the measurement
of the liability.
The lease payments are discounted using the interest
rate implicit in the lease, if that rate can be readily
determined, or the Group\u2019s incremental borrowing rate,
i.e. the rate of interest that a lessee would have to pay to
borrow over a similar term, and with a similar security,
the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar economic
environment.
The group is exposed to potential future increases in
variable lease payments based on an index or rate,
which are not included in the lease liability until they
take e\ufb00ect. When adjustments to lease payments based
on an index or rate take e\ufb00ect, the lease liability is
reassessed and adjusted against the right-of-use asset.
The lease liability is subsequently measured at
amortised cost under the e\ufb00ective interest method.
Finance expenses are recognized immediately in pro\ufb01t
or loss, unless they are directly attributable to qualifying
assets, in which case they are capitalized.
Right-of-use assets are initially measured at cost
comprising the following:
\u2022
the amount of the initial measurement of lease
liability,
\u2022
any lease payments made at or before the
commencement date less any lease incentives
received,
\u2022
any initial direct costs, and
\u2022
an estimate of the costs related to the dismantling
and removal of the underlying asset.
If it is reasonably certain that the Group will exercise
a purchase option, the asset shall be depreciated on
a straight-line basis over its useful life. In all other
circumstances the asset is depreciated on a straight-line
basis over the shorter of the useful life of the asset or
the lease term.
The Group has elected not to separate non-lease
components and account for the lease and non-lease
components as a single lease component.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7066": { "value": "2.7
IMPAIRMENT OF NON-FINANCIAL
ASSETS
Intangible assets with inde\ufb01nite useful lives and
intangible assets not yet available for use are not
subject to amortisation, but are tested annually for
impairment, and whenever events or changes in
circumstances indicate that the carrying amount may
not be recoverable. Other assets which are subject to
amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the
carrying amount may not be recoverable.
An impairment loss is recognized for the amount
by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value
in use. To determine the value in use, the forecasted
future cash \ufb02ows are discounted to their present value
using a pre-tax discount rate that re\ufb02ects current market
assessments of the time value of money and the risks
speci\ufb01c to the asset.
When an impairment loss subsequently reverses, the
carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying
amount that would have been determined had no
impairment loss been recognized for the asset in prior
years. A reversal of an impairment loss is recognized
immediately in pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7067": { "value": "2.7
IMPAIRMENT OF NON-FINANCIAL
ASSETS
Intangible assets with inde\ufb01nite useful lives and
intangible assets not yet available for use are not
subject to amortisation, but are tested annually for
impairment, and whenever events or changes in
circumstances indicate that the carrying amount may
not be recoverable. Other assets which are subject to
amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the
carrying amount may not be recoverable.
An impairment loss is recognized for the amount
by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value
in use. To determine the value in use, the forecasted
future cash \ufb02ows are discounted to their present value
using a pre-tax discount rate that re\ufb02ects current market
assessments of the time value of money and the risks
speci\ufb01c to the asset.
When an impairment loss subsequently reverses, the
carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying
amount that would have been determined had no
impairment loss been recognized for the asset in prior
years. A reversal of an impairment loss is recognized
immediately in pro\ufb01t or loss.The Group assesses on a forward-looking basis the
expected credit losses associated with its \ufb01nancial
assets carried at amortised cost. For trade receivables,
the group applies the simpli\ufb01ed approach permitted by
IFRS 9 Financial Instruments, which requires expected
lifetime losses to be recognized from initial recognition
of the receivables.
The amount of the allowance is deducted from the
carrying amount of the asset and is recognized in the
income statement within \u2018Cost of sales\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7115": { "value": "2.8
REVENUE RECOGNITION
Revenue is measured based on the consideration
speci\ufb01ed in a contract with a customer. The Group
recognizes revenue when it transfers control over a
good or service to a customer.
In applying IFRS 15 Revenue from contracts with
customers the Group determines the separate
performance obligations included within the contract
with the customer. Currently the Group has contracts
in which it grants a license. Some contracts include
additional services which are to be provided such as
research and development services and/or cost sharing
mechanisms. In general, these are all considered
separate performance obligations.
The transaction price is allocated to each performance
obligation on a stand-alone selling price basis.
The following paragraphs provide information about the
nature and timing of the satisfaction of performance
obligations in contracts with customers, including
signi\ufb01cant payment terms, and the related revenue
recognition policies:
Royalties
Royalties received from commercialized products are
recorded in accordance with the royalty\u2019s exception
as foreseen in IFRS 15 Revenue from contracts with
customers. Sales- or usage-based royalties that are
attributable to a license of intellectual property of
commercialized goods, are recognized at the later of:
\u2022
when the subsequent sale or usage occurs; and
\u2022
the satisfaction or partial satisfaction of the
performance obligation to which some or all of the
sales- or usage-based royalty has been allocated.
Currently the Group has 3 commercialized products for
which royalties are recorded, i.e., Sotalol IV, Maxigesic\u00ae
IV and Podo\ufb01lox (in 2022 there were 2 commercialized
products, i.e., Sotalol IV and Maxigesic\u00ae IV). For each
commercialized product speci\ufb01c formulas are stipulated
in the contract to determine the royalties attributable to
the Group.
Payment terms in general are 30 days after the invoice
date.
Milestone payments
The royalty\u2019s exception as applied for the revenue
recognition of royalties does not apply to milestone
payments which are determined with reference to
other events or indicators, i.e., not sales or usage
based. The current arrangements which are held
with co-development partners can include a license
of intellectual property and an obligation to \ufb01nance
research and development costs for which the Group
receives a consideration of which a substantial portion
of the total consideration is contingent on achieving
milestones such as regulatory \ufb01lling or FDA approval
of the product candidate. These milestone payments
are generally considered separate performance
obligations within the co-development agreement
and are recognized in accordance with the variable
consideration guidance included within IFRS 15 Revenue
from contracts with customers.
The Group only includes estimates of variable
consideration in the transaction price to the extent
that it is \u2018highly probable\u2019 that a signi\ufb01cant reversal in
the amount of cumulative revenue recognized will not
occur when the uncertainty associated with the variable
consideration is resolved. In doing so, the Group assess
the likelihood of a revenue reversal arising from an
uncertain future event and the potential magnitude of
the revenue reversal when the uncertainty related to the
variable consideration has been resolved. Given the fact
that receiving the consideration is highly susceptible to
factors outside the entity\u2019s in\ufb02uence and the fact that
the uncertainty about the consideration is not expected
to be resolved for a long period of time the Group only
recognizes the milestone payments when the milestone
is reached. As such this is not considered a signi\ufb01cant
estimate with a high level of estimation uncertainty.
Payment terms are 30 days after the invoice date except
for AFT where the payment terms are agreed between
parties.
Out-license agreements
When the Group grants a license, that is distinct from
other promised goods or services in the contract, then it
evaluates the nature of the license to determine if it is:
\u2022
a right to access the entity\u2019s intellectual property as
it exists throughout the license period. If this is the
case, then revenue from the license is recognized
over time; or
\u2022
a right to use the entity\u2019s intellectual property as
it exists at the point in time at which the license is
granted. If this is the case, then revenue from the
license is recognized at a point in time.
Up until December 31, 2023, the Group only granted
licenses with the right to use.
For licenses which are not distinct from other
performance obligations, the Group applies judgment
to assess the nature of the combined performance
obligations to determine whether the combined
performance obligations are satis\ufb01ed over time or at a
point in time. If the performance obligation is satis\ufb01ed
over time, revenue is recognized based on a pattern that
best re\ufb02ects the transfer of control of the service to the
customer.
Payment terms are 30 days after the invoice date.
Other operating income - Services rendered to
co-development partners
Other operating income is measured based on the
consideration speci\ufb01ed in a contract with a customer.
The Group recognizes income when it performs the
service to the customer and thus recognizes the income
over time.
These services are currently not presented as part of
Revenue, as these are not considered output of the
company\u2019s ordinary activities but it it could become core
business activities in the future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7265": { "value": "2.10
FINANCIAL ASSETS
The Group classi\ufb01es its \ufb01nancial assets in the following
categories: \ufb01nancial assets at fair value through pro\ufb01t
and loss (FVTPL) or through other comprehensive
income (FVOCI) and \ufb01nancial assets at amortised cost.
The classi\ufb01cation depends on the entity\u2019s business
model for managing the \ufb01nancial assets and the
contractual terms of the cash \ufb02ows. Management
determines the classi\ufb01cation of its \ufb01nancial assets at
initial recognition.
A \ufb01nancial asset is measured at amortised cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Pro\ufb01t and
Loss Statement) :
\u2022
It is held within a business model whose objective is
to hold assets to collect contractual cash \ufb02ow; and
\u2022
Its contractual terms give rise on speci\ufb01ed dates to
cash \ufb02ows that are solely payments of principal and
interest on the principal amount outstanding.
On initial recognition of an equity investment that is
not held for trading, the Group may irrevocably elect
to present subsequent changes in the investment\u2019s fair
value in OCI. This election is made on an investment-by-
investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at
amortised costs or FVOCI as described above are
measured at FVTPL.
In assessing whether the contractual cash \ufb02ows are
solely payments of principal and interest, the Group
considers the contractual terms of the instrument. This
includes assessing whether the \ufb01nancial asset contains
a contractual term that could change the timing or
amount of contractual cash \ufb02ows such that is would
not meet this condition. In making this assessment, the
Group considers:
\u2022
Contingent events that would change the amount or
timing of cash \ufb02ows;
\u2022
Terms that may adjust the contractile coupon rate,
including variable-rate features,
\u2022
Prepayment and extension features; and
\u2022
Terms that limit the Group\u2019s claim to cash \ufb02ows from
speci\ufb01ed assets (e.g. non-recourse features).
Trade receivables are initially recognized when they
are originated. All other \ufb01nancial assets are initially
recognized when the Group becomes a party to the
contractual provisions of the instrument.
At initial recognition, the group measures a \ufb01nancial
asset at its fair value plus, in the case of a \ufb01nancial asset
not at fair value through pro\ufb01t or loss, transaction costs
that are directly attributable to the acquisition of the
\ufb01nancial asset. Transaction costs of \ufb01nancial assets
carried at fair value through pro\ufb01t or loss are expensed
in pro\ufb01t or loss. A trade receivable without a signi\ufb01cant
\ufb01nancing component is initially measured at the
transaction price.
Financial assets at FVTPL are subsequently measured at
fair value. Net gains and losses, including any interest or
dividend income, are recognized in the \ufb01nancial result in
pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured
at fair value. Dividends are recognized as income in
pro\ufb01t or loss unless the dividend clearly represents a
recovery of part of the cost of investments. Other net
gains and losses are recognized in OCI and are never
reclassi\ufb01ed to pro\ufb01t or loss.
Financial assets at amortized cost are subsequently
measured at amortised cost using the e\ufb00ective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its \ufb01nancial
assets carried at amortised cost. For trade receivables,
the group applies the simpli\ufb01ed approach permitted by
IFRS 9 Financial Instruments, which requires expected
lifetime losses to be recognized from initial recognition
of the receivables.
The amount of the allowance is deducted from the
carrying amount of the asset and is recognized in the
income statement within \u2018Cost of sales\u2019.
The Group derecognizes a \ufb01nancial asset only when
the contractual rights to the cash \ufb02ows from the asset
expire, or when it transfers the \ufb01nancial asset and
substantially all the risks and rewards of ownership
of the asset to another entity. If the Group neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Group recognizes its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Group retains
substantially all the risks and rewards of ownership
of a transferred \ufb01nancial asset, the Group continues
to recognize the \ufb01nancial asset and also recognizes a
collateralized borrowing for the proceeds received.
On de-recognition of a \ufb01nancial asset in its entirety, the
di\ufb00erence between the asset\u2019s carrying amount and
the sum of the consideration received and receivable is
recognized in pro\ufb01t or loss.
Financial assets and \ufb01nancial liabilities are o\ufb00set and
the net amount presented in the statement of \ufb01nancial
position when, and only when, the Group currently has
a legally enforceable right to set o\ufb00 the amounts and it
intends either to settle them on a net basis or to realize
the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7266": { "value": "2.10
FINANCIAL ASSETS
The Group classi\ufb01es its \ufb01nancial assets in the following
categories: \ufb01nancial assets at fair value through pro\ufb01t
and loss (FVTPL) or through other comprehensive
income (FVOCI) and \ufb01nancial assets at amortised cost.
The classi\ufb01cation depends on the entity\u2019s business
model for managing the \ufb01nancial assets and the
contractual terms of the cash \ufb02ows. Management
determines the classi\ufb01cation of its \ufb01nancial assets at
initial recognition.
A \ufb01nancial asset is measured at amortised cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Pro\ufb01t and
Loss Statement) :
\u2022
It is held within a business model whose objective is
to hold assets to collect contractual cash \ufb02ow; and
\u2022
Its contractual terms give rise on speci\ufb01ed dates to
cash \ufb02ows that are solely payments of principal and
interest on the principal amount outstanding.
On initial recognition of an equity investment that is
not held for trading, the Group may irrevocably elect
to present subsequent changes in the investment\u2019s fair
value in OCI. This election is made on an investment-by-
investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at
amortised costs or FVOCI as described above are
measured at FVTPL.
In assessing whether the contractual cash \ufb02ows are
solely payments of principal and interest, the Group
considers the contractual terms of the instrument. This
includes assessing whether the \ufb01nancial asset contains
a contractual term that could change the timing or
amount of contractual cash \ufb02ows such that is would
not meet this condition. In making this assessment, the
Group considers:
\u2022
Contingent events that would change the amount or
timing of cash \ufb02ows;
\u2022
Terms that may adjust the contractile coupon rate,
including variable-rate features,
\u2022
Prepayment and extension features; and
\u2022
Terms that limit the Group\u2019s claim to cash \ufb02ows from
speci\ufb01ed assets (e.g. non-recourse features).
Trade receivables are initially recognized when they
are originated. All other \ufb01nancial assets are initially
recognized when the Group becomes a party to the
contractual provisions of the instrument.
At initial recognition, the group measures a \ufb01nancial
asset at its fair value plus, in the case of a \ufb01nancial asset
not at fair value through pro\ufb01t or loss, transaction costs
that are directly attributable to the acquisition of the
\ufb01nancial asset. Transaction costs of \ufb01nancial assets
carried at fair value through pro\ufb01t or loss are expensed
in pro\ufb01t or loss. A trade receivable without a signi\ufb01cant
\ufb01nancing component is initially measured at the
transaction price.
Financial assets at FVTPL are subsequently measured at
fair value. Net gains and losses, including any interest or
dividend income, are recognized in the \ufb01nancial result in
pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured
at fair value. Dividends are recognized as income in
pro\ufb01t or loss unless the dividend clearly represents a
recovery of part of the cost of investments. Other net
gains and losses are recognized in OCI and are never
reclassi\ufb01ed to pro\ufb01t or loss.
Financial assets at amortized cost are subsequently
measured at amortised cost using the e\ufb00ective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its \ufb01nancial
assets carried at amortised cost. For trade receivables,
the group applies the simpli\ufb01ed approach permitted by
IFRS 9 Financial Instruments, which requires expected
lifetime losses to be recognized from initial recognition
of the receivables.
The amount of the allowance is deducted from the
carrying amount of the asset and is recognized in the
income statement within \u2018Cost of sales\u2019.
The Group derecognizes a \ufb01nancial asset only when
the contractual rights to the cash \ufb02ows from the asset
expire, or when it transfers the \ufb01nancial asset and
substantially all the risks and rewards of ownership
of the asset to another entity. If the Group neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Group recognizes its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Group retains
substantially all the risks and rewards of ownership
of a transferred \ufb01nancial asset, the Group continues
to recognize the \ufb01nancial asset and also recognizes a
collateralized borrowing for the proceeds received.
On de-recognition of a \ufb01nancial asset in its entirety, the
di\ufb00erence between the asset\u2019s carrying amount and
the sum of the consideration received and receivable is
recognized in pro\ufb01t or loss.
Financial assets and \ufb01nancial liabilities are o\ufb00set and
the net amount presented in the statement of \ufb01nancial
position when, and only when, the Group currently has
a legally enforceable right to set o\ufb00 the amounts and it
intends either to settle them on a net basis or to realize
the asset and settle the liability simultaneously.2.11 FAIR VALUE MEASUREMENT
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 in the principal or, in its absence,
the most advantageous market to which the Group has
access at that date. The fair value of a liability re\ufb02ects its
non-performance risk.
A number of the Group\u2019s accounting policies and
disclosure require the measurement of fair values, for
both \ufb01nancial and non-\ufb01nancial assets and liabilities.
When one is available, the Group measures the fair
value of an instrument using the quoted price in an
active market for that instrument. A market is regarded
as \u2018active\u2019 if transactions for the asset or liability take
place with su\ufb03cient frequency and volume to provide
pricing information on an ongoing basis.
If there is no quoted price in an active market, then the
Group uses valuation techniques that maximise the use
of relevant observable inputs and minimize the use of
unobservable inputs. The chosen valuation technique
incorporates all of the factors that market participants
would take into account in pricing a transaction.
If an asset or a liability measured at fair value has a bid
price and an ask price, then the Group measures assets
and long positions at a bid price and liabilities and short
positions at an ask price.
The best evidence of the fair value of a \ufb01nancial
instrument on initial recognition is normally the
transaction price \u2013 i.e. the fair value of the consideration
given or received. If the Group determines that the fair
value on initial recognition di\ufb00ers from the transaction
price and the fair value is evidenced neither by a
quoted price in an active market for an identical asset
or liability nor based on a valuation technique for which
any unobservable inputs are judged to be insigni\ufb01cant
in relation to the measurement, then the \ufb01nancial
instrument is initially measured at fair value, adjusted
to defer the di\ufb00erence between the fair value on initial
recognition and the transaction price. Subsequently,
that di\ufb00erence is recognized in pro\ufb01t or loss on an
appropriate basis over the life of the instrument but no
later than when the valuation is wholly supported by
observable market data or the transaction is closed out.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7267": { "value": "2.10
FINANCIAL ASSETS
The Group classi\ufb01es its \ufb01nancial assets in the following
categories: \ufb01nancial assets at fair value through pro\ufb01t
and loss (FVTPL) or through other comprehensive
income (FVOCI) and \ufb01nancial assets at amortised cost.
The classi\ufb01cation depends on the entity\u2019s business
model for managing the \ufb01nancial assets and the
contractual terms of the cash \ufb02ows. Management
determines the classi\ufb01cation of its \ufb01nancial assets at
initial recognition.
A \ufb01nancial asset is measured at amortised cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Pro\ufb01t and
Loss Statement) :
\u2022
It is held within a business model whose objective is
to hold assets to collect contractual cash \ufb02ow; and
\u2022
Its contractual terms give rise on speci\ufb01ed dates to
cash \ufb02ows that are solely payments of principal and
interest on the principal amount outstanding.
On initial recognition of an equity investment that is
not held for trading, the Group may irrevocably elect
to present subsequent changes in the investment\u2019s fair
value in OCI. This election is made on an investment-by-
investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at
amortised costs or FVOCI as described above are
measured at FVTPL.
In assessing whether the contractual cash \ufb02ows are
solely payments of principal and interest, the Group
considers the contractual terms of the instrument. This
includes assessing whether the \ufb01nancial asset contains
a contractual term that could change the timing or
amount of contractual cash \ufb02ows such that is would
not meet this condition. In making this assessment, the
Group considers:
\u2022
Contingent events that would change the amount or
timing of cash \ufb02ows;
\u2022
Terms that may adjust the contractile coupon rate,
including variable-rate features,
\u2022
Prepayment and extension features; and
\u2022
Terms that limit the Group\u2019s claim to cash \ufb02ows from
speci\ufb01ed assets (e.g. non-recourse features).
Trade receivables are initially recognized when they
are originated. All other \ufb01nancial assets are initially
recognized when the Group becomes a party to the
contractual provisions of the instrument.
At initial recognition, the group measures a \ufb01nancial
asset at its fair value plus, in the case of a \ufb01nancial asset
not at fair value through pro\ufb01t or loss, transaction costs
that are directly attributable to the acquisition of the
\ufb01nancial asset. Transaction costs of \ufb01nancial assets
carried at fair value through pro\ufb01t or loss are expensed
in pro\ufb01t or loss. A trade receivable without a signi\ufb01cant
\ufb01nancing component is initially measured at the
transaction price.
Financial assets at FVTPL are subsequently measured at
fair value. Net gains and losses, including any interest or
dividend income, are recognized in the \ufb01nancial result in
pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured
at fair value. Dividends are recognized as income in
pro\ufb01t or loss unless the dividend clearly represents a
recovery of part of the cost of investments. Other net
gains and losses are recognized in OCI and are never
reclassi\ufb01ed to pro\ufb01t or loss.
Financial assets at amortized cost are subsequently
measured at amortised cost using the e\ufb00ective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its \ufb01nancial
assets carried at amortised cost. For trade receivables,
the group applies the simpli\ufb01ed approach permitted by
IFRS 9 Financial Instruments, which requires expected
lifetime losses to be recognized from initial recognition
of the receivables.
The amount of the allowance is deducted from the
carrying amount of the asset and is recognized in the
income statement within \u2018Cost of sales\u2019.
The Group derecognizes a \ufb01nancial asset only when
the contractual rights to the cash \ufb02ows from the asset
expire, or when it transfers the \ufb01nancial asset and
substantially all the risks and rewards of ownership
of the asset to another entity. If the Group neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Group recognizes its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Group retains
substantially all the risks and rewards of ownership
of a transferred \ufb01nancial asset, the Group continues
to recognize the \ufb01nancial asset and also recognizes a
collateralized borrowing for the proceeds received.
On de-recognition of a \ufb01nancial asset in its entirety, the
di\ufb00erence between the asset\u2019s carrying amount and
the sum of the consideration received and receivable is
recognized in pro\ufb01t or loss.
Financial assets and \ufb01nancial liabilities are o\ufb00set and
the net amount presented in the statement of \ufb01nancial
position when, and only when, the Group currently has
a legally enforceable right to set o\ufb00 the amounts and it
intends either to settle them on a net basis or to realize
the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7369": { "value": "The Group assesses on a forward-looking basis the
expected credit losses associated with its \ufb01nancial
assets carried at amortised cost. For trade receivables,
the group applies the simpli\ufb01ed approach permitted by
IFRS 9 Financial Instruments, which requires expected
lifetime losses to be recognized from initial recognition
of the receivables.
The amount of the allowance is deducted from the
carrying amount of the asset and is recognized in the
income statement within \u2018Cost of sales\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7385": { "value": "The Group derecognizes a \ufb01nancial asset only when
the contractual rights to the cash \ufb02ows from the asset
expire, or when it transfers the \ufb01nancial asset and
substantially all the risks and rewards of ownership
of the asset to another entity. If the Group neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Group recognizes its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Group retains
substantially all the risks and rewards of ownership
of a transferred \ufb01nancial asset, the Group continues
to recognize the \ufb01nancial asset and also recognizes a
collateralized borrowing for the proceeds received.
On de-recognition of a \ufb01nancial asset in its entirety, the
di\ufb00erence between the asset\u2019s carrying amount and
the sum of the consideration received and receivable is
recognized in pro\ufb01t or loss.The Group derecognizes a \ufb01nancial liability when its
contractual obligations are discharged or cancelled, or
expire. The Group also derecognizes a \ufb01nancial liability
when its terms are modi\ufb01ed and the cash \ufb02ows of the
modi\ufb01ed liability are substantially di\ufb00erent, in which
case a new \ufb01nancial liability based on the modi\ufb01ed
terms is recognized at fair value.
When a \ufb01nancial liability measured at amortised cost
is modi\ufb01ed without this resulting in derecognition, a
gain or loss is recognized in pro\ufb01t or loss. The gain or
loss is calculated as the di\ufb00erence between the original
contractual cash \ufb02ows and the modi\ufb01ed cash \ufb02ows
discounted at the original e\ufb00ective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7406": { "value": "Financial assets and \ufb01nancial liabilities are o\ufb00set and
the net amount presented in the statement of \ufb01nancial
position when, and only when, the Group currently has
a legally enforceable right to set o\ufb00 the amounts and it
intends either to settle them on a net basis or to realize
the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7482": { "value": "2.12
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include bank balances and
demand deposits meeting the criteria of cash and
cash equivalents. Bank overdrafts are shown within
borrowings in current liabilities on the statement of
\ufb01nancial position.
Deposits with the same level of liquidity as cash, ie. can
be withdrawn at any time without penalty fee are cash.
Deposits that don\u2019t have the same liquidity level as cash
are only considered cash equivalents if the following
criteria are met:
\u2022
Short term investment, e.g. with a maturity
date of three months or less. Three months is
a presumption that may be rebutted when the
investment is held for the purpose of meeting
short-term commitments and when the instrument
otherwise meets the de\ufb01nition of a cash equivalent;
\u2022
Highly liquid and readily convertible into a known
amount of cash, i.e. the amount of cash that would
be received is known at the time of the initial
investment;
\u2022
Subject to an insigni\ufb01cant risk of changes in value;
\u2022
Held for the purpose of meeting short-term cash
commitments.
Deposits which are excluded from cash and cash
equivalents are presented as other investments,
including derivatives in the statement of \ufb01nancial
position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7518": { "value": "2.13
SHARE CAPITAL
Ordinary shares are classi\ufb01ed as equity. Incremental
costs directly attributable to the issue of new shares
are shown in equity as a deduction, net of tax, from the
proceeds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7527": { "value": "2.14
GOVERNMENT GRANTS
The Company recognizes a government grant only when
there is reasonable assurance that the Company will
comply with the conditions attached to the grant and
the grant will be received.
Government grants are recognized in pro\ufb01t or loss on a
systematic basis over the periods in which the Company
recognizes as expenses the related costs which the
grants are intended to compensate. As a result, grants
relating to costs that are recognized as intangible assets
or property, plant and equipment (grants related to
assets or investment grants) are deducted from the
carrying amount of the related assets and recognized
in the pro\ufb01t or loss statement consistently with the
amortisation or depreciation expense of the related
assets.
The portion of grants not yet released as income is
presented as deferred income in the statement of
\ufb01nancial position, within the Other current liabilities. In
the statement of comprehensive income, government
grants are presented as other operating income or
\ufb01nancial income depending on the nature of the costs
that are compensated.
Government grants that become receivable as
compensation for expenses or losses already incurred
are recognized in pro\ufb01t or loss of the period in which
they become receivable.
Recoverable cash advances
With respect to recoverable cash advances (RCA \u2013
\u201cavances r\u00e9cup\u00e9rables\u201d), the RCA gives rise to a \ufb01nancial
liability in the scope of IFRS 9 \u2013 Financial Instruments.
This \ufb01nancial liability is initially measured at fair value
and any di\ufb00erence with the cash to be received from
the authorities is treated as a government grant in
accordance with IAS 20 \u2013 Accounting for Government
Grants and Disclosure of Government Assistance.
Subsequent to the initial recognition, the \ufb01nancial
liability is measured at amortised cost using the
e\ufb00ective interest method on the basis of the estimated
contractual cash \ufb02ows with changes in value due to a
change in estimated cash \ufb02ows recognized in pro\ufb01t or
loss, in accordance with IFRS 9.
R&D Tax Credit
In Belgium, companies that invest in environmental
friendly research and developments activities can
bene\ufb01t from increased investment incentives or a tax
credit.
Since 2020, the Group applies for the R&D tax credit
incentive set-up by the Federal government. When
capitalizing its R&D expenses under tax reporting
framework, the Group may either (i) get a reduction of
its taxable income (if any) corresponding to 13.5% of the
capitalized R&D expenses, or (ii) if no su\ufb03cient taxable
income is available, apply for the refund of unutilized
tax credits. The tax credit should be claimed in the year
in which the investment takes place. Refund occurs \ufb01ve
\ufb01nancial years after the tax credit application \ufb01led by the
Group and for the part not yet recovered.
R&D tax credits are treated as a government grant
under IAS 20 and booked into other operating income
if the R&D activities are expensed, or as a reduction
to intangible assets if the development activities are
capitalized and subsequently amortised together with
the underlying assets.
Exemption payroll taxes
The Group applies for the program of partial exemption
from payment of withholding tax for organizations
employing researchers.
This measure allows companies not to pay the tax
authorities up to 80% of the withholding tax on the
salaries of sta\ufb00 working on innovative and R&D projects.
As of 2023, these payroll tax rebates are recognized
in the line Other Operating Income in the \ufb01nancial
statements. See
note 31\ue001", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7623": { "value": "2.15
EMPLOYEE BENEFITS
Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are recorded as an
expense in the income statement in the period in
which the services have been rendered. Any unpaid
compensation is included in trade and other liabilities
in the statement of \ufb01nancial position. A liability is
recognized to be paid if the Group has a present legal
or constructive obligation to pay this amount as a
result of past service provided by the employee and the
obligation can be estimated reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7638": { "value": "2.16
SHARE-BASED PAYMENTS
Equity-settled share-based payments to employees
and others providing similar services are measured
at the fair value of the equity instruments at the grant
date. The fair value determined at the grant date of
the equity-settled share-based payments is expensed
on a straight-line basis over the vesting period, if any,
based on the Company\u2019s estimate of equity instruments
that will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the
Company revises its estimate of the number of equity
instruments expected to vest. The impact of the revision
of the original estimates, if any, is recognized in pro\ufb01t
or loss such that the cumulative expense re\ufb02ects the
revised estimate, with a corresponding adjustment to
the equity-settled share-based payment reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7639": { "value": "2.16
SHARE-BASED PAYMENTS
Equity-settled share-based payments to employees
and others providing similar services are measured
at the fair value of the equity instruments at the grant
date. The fair value determined at the grant date of
the equity-settled share-based payments is expensed
on a straight-line basis over the vesting period, if any,
based on the Company\u2019s estimate of equity instruments
that will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the
Company revises its estimate of the number of equity
instruments expected to vest. The impact of the revision
of the original estimates, if any, is recognized in pro\ufb01t
or loss such that the cumulative expense re\ufb02ects the
revised estimate, with a corresponding adjustment to
the equity-settled share-based payment reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7661": { "value": "2.17
INCOME TAXES
Income tax expense represents the sum of the current
income tax and deferred tax.
Accounting for the current and deferred tax e\ufb00ects
of a transaction or other event is consistent with the
accounting for the transaction or event itself. Therefore,
income taxes are recognized in pro\ufb01t or loss except to
the extent that it relates to items recognized directly in
equity or in OCI.
Current tax comprises the expected tax payable or
receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable in
respect of previous years. The amount of current tax
payable or receivable is the best estimate of the tax
amount expected to be paid or received that re\ufb02ects
uncertainty related to income taxes, if any.
The current income tax charge is calculated on the basis
of the tax laws enacted or substantively enacted at
the end of the reporting period in the countries where
the Group\u2019s subsidiaries operate and generate taxable
income. In line with paragraph 46 of IAS 12 Income
taxes, management periodically evaluates positions
taken in tax returns with respect to situations in which
applicable tax regulations are subject to interpretation
and establishes uncertainty tax provisions within tax
payable/receivable where appropriate on the basis of
amounts expected to be paid to the tax authorities. This
evaluation is made for tax periods open for audit by the
competent authorities.
Deferred tax is recognized on temporary di\ufb00erences
arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated \ufb01nancial
statements.
However, the deferred tax is not recognized for:
\u2022
the initial recognition of goodwill (in case of taxable
temporary di\ufb00erences arising);
\u2022
the initial recognition of an asset or liability in a
transaction other than a business combination
that at the time of the transaction a\ufb00ects neither
accounting nor taxable pro\ufb01t or loss and
\u2022
deferred tax is recognized on temporary di\ufb00erences
arising on investments in subsidiaries and
associates, except for deferred income tax liabilities
where the timing of the reversal of the temporary
di\ufb00erence is controlled by the Group and it is
probable that the temporary di\ufb00erence will not
reverse in the foreseeable future.
A deferred tax liability is recognized r all taxable
temporary di\ufb00erences, unless one of the above
exemptions would apply.
Deferred tax assets are recognized for deductible
temporary di\ufb00erences and unused tax losses and tax
credits to the extent that it is probable that taxable
pro\ufb01ts will be available against which they can be
utilized. Future taxable pro\ufb01ts are determined based on
the reversal of relevant taxable temporary di\ufb00erences.
If the amount of taxable temporary di\ufb00erences is
insu\ufb03cient to recognize a deferred tax asset in full, then
future taxable pro\ufb01ts, adjusted for reversals of existing
temporary di\ufb00erences, are considered, based on the
business plans for individual subsidiaries in the Group.
Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply to the period when
the asset is realized or the liability is settled, based
on tax rates (and tax laws) that have been enacted
or substantively enacted by the end of the reporting
period.
The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that su\ufb03cient
taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Unrecognized deferred tax assets
are reassessed at each reporting date and recognized
to the extent that it has become probable that future
taxable pro\ufb01ts will be available against which they can
be used.
Deferred taxes are calculated at the level of each \ufb01scal
entity in the Group. Deferred tax assets and liabilities
are o\ufb00set only if certain criteria are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7710": { "value": "Deferred tax is recognized on temporary di\ufb00erences
arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated \ufb01nancial
statements.
However, the deferred tax is not recognized for:
\u2022
the initial recognition of goodwill (in case of taxable
temporary di\ufb00erences arising);
\u2022
the initial recognition of an asset or liability in a
transaction other than a business combination
that at the time of the transaction a\ufb00ects neither
accounting nor taxable pro\ufb01t or loss and
\u2022
deferred tax is recognized on temporary di\ufb00erences
arising on investments in subsidiaries and
associates, except for deferred income tax liabilities
where the timing of the reversal of the temporary
di\ufb00erence is controlled by the Group and it is
probable that the temporary di\ufb00erence will not
reverse in the foreseeable future.
A deferred tax liability is recognized r all taxable
temporary di\ufb00erences, unless one of the above
exemptions would apply.
Deferred tax assets are recognized for deductible
temporary di\ufb00erences and unused tax losses and tax
credits to the extent that it is probable that taxable
pro\ufb01ts will be available against which they can be
utilized. Future taxable pro\ufb01ts are determined based on
the reversal of relevant taxable temporary di\ufb00erences.
If the amount of taxable temporary di\ufb00erences is
insu\ufb03cient to recognize a deferred tax asset in full, then
future taxable pro\ufb01ts, adjusted for reversals of existing
temporary di\ufb00erences, are considered, based on the
business plans for individual subsidiaries in the Group.
Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply to the period when
the asset is realized or the liability is settled, based
on tax rates (and tax laws) that have been enacted
or substantively enacted by the end of the reporting
period.
The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that su\ufb03cient
taxable pro\ufb01ts will be available to allow all or part of the
asset to be recovered. Unrecognized deferred tax assets
are reassessed at each reporting date and recognized
to the extent that it has become probable that future
taxable pro\ufb01ts will be available against which they can
be used.
Deferred taxes are calculated at the level of each \ufb01scal
entity in the Group. Deferred tax assets and liabilities
are o\ufb00set only if certain criteria are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7767": { "value": "2.18
FINANCIAL LIABILITIES
Financial liabilities (including borrowings and trade and
other payables) are classi\ufb01ed as at amortised cost.
All \ufb01nancial liabilities are initially recognized when the
Group becomes a party to the contractual provisions
of the instrument. Financial liabilities are recognized
initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost;
any di\ufb00erence between the proceeds (net of transaction
costs) and the redemption value is recognized in the
income statement over the period of the borrowings
using the e\ufb00ective interest method. Borrowings are
classi\ufb01ed as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for
at least 12 months after the end of the reporting period.
Where the loan is from a shareholder acting in the
capacity of a shareholder, the di\ufb00erence between
cash received and fair value of the loan at initial
recognition is re\ufb02ected in equity because the substance
of the favorable terms is typically a contribution by a
shareholder.
The Group derecognizes a \ufb01nancial liability when its
contractual obligations are discharged or cancelled, or
expire. The Group also derecognizes a \ufb01nancial liability
when its terms are modi\ufb01ed and the cash \ufb02ows of the
modi\ufb01ed liability are substantially di\ufb00erent, in which
case a new \ufb01nancial liability based on the modi\ufb01ed
terms is recognized at fair value.
When a \ufb01nancial liability measured at amortised cost
is modi\ufb01ed without this resulting in derecognition, a
gain or loss is recognized in pro\ufb01t or loss. The gain or
loss is calculated as the di\ufb00erence between the original
contractual cash \ufb02ows and the modi\ufb01ed cash \ufb02ows
discounted at the original e\ufb00ective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7768": { "value": "2.18
FINANCIAL LIABILITIES
Financial liabilities (including borrowings and trade and
other payables) are classi\ufb01ed as at amortised cost.
All \ufb01nancial liabilities are initially recognized when the
Group becomes a party to the contractual provisions
of the instrument. Financial liabilities are recognized
initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost;
any di\ufb00erence between the proceeds (net of transaction
costs) and the redemption value is recognized in the
income statement over the period of the borrowings
using the e\ufb00ective interest method. Borrowings are
classi\ufb01ed as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for
at least 12 months after the end of the reporting period.
Where the loan is from a shareholder acting in the
capacity of a shareholder, the di\ufb00erence between
cash received and fair value of the loan at initial
recognition is re\ufb02ected in equity because the substance
of the favorable terms is typically a contribution by a
shareholder.
The Group derecognizes a \ufb01nancial liability when its
contractual obligations are discharged or cancelled, or
expire. The Group also derecognizes a \ufb01nancial liability
when its terms are modi\ufb01ed and the cash \ufb02ows of the
modi\ufb01ed liability are substantially di\ufb00erent, in which
case a new \ufb01nancial liability based on the modi\ufb01ed
terms is recognized at fair value.
When a \ufb01nancial liability measured at amortised cost
is modi\ufb01ed without this resulting in derecognition, a
gain or loss is recognized in pro\ufb01t or loss. The gain or
loss is calculated as the di\ufb00erence between the original
contractual cash \ufb02ows and the modi\ufb01ed cash \ufb02ows
discounted at the original e\ufb00ective interest rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7775": { "value": "All \ufb01nancial liabilities are initially recognized when the
Group becomes a party to the contractual provisions
of the instrument. Financial liabilities are recognized
initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost;
any di\ufb00erence between the proceeds (net of transaction
costs) and the redemption value is recognized in the
income statement over the period of the borrowings
using the e\ufb00ective interest method. Borrowings are
classi\ufb01ed as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for
at least 12 months after the end of the reporting period.
Where the loan is from a shareholder acting in the
capacity of a shareholder, the di\ufb00erence between
cash received and fair value of the loan at initial
recognition is re\ufb02ected in equity because the substance
of the favorable terms is typically a contribution by a
shareholder.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7837": { "value": "2.19
DERIVATIVE FINANCIAL
INSTRUMENTS
The Group holds derivative \ufb01nancial instruments to
hedge its foreign currency. Derivatives are recognised
initially at fair value at the date a derivative contract
is entered into and are subsequently remeasured to
their fair value at each reporting date and changes
therein are generally recognized in the \ufb01nancial result
in pro\ufb01t or loss. A derivative with a positive fair value is
recognised as a \ufb01nancial asset whereas a derivative with
a negative fair value is recognised as a \ufb01nancial liability.
Derivatives are not o\ufb00set in the \ufb01nancial statements
unless the Group has both legal right and intention
to o\ufb00set. A derivative is presented as a non-current
asset (\u2018Other investments, including derivatives) or a
non-current liability (\u2018Other \ufb01nancial liabilities\u2019) if the
remaining maturity of the instrument is more than 12
months and it is not expected to be realised or settled
within 12 months. Other derivatives are presented as
current assets or current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7862": { "value": "3. CRITICAL ACCOUNTING ESTIMATES
AND JUDGMENTS
In the application of the Group\u2019s accounting policies,
which are described above, management is required
to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities
that are not readily apparent from other sources.
The estimates and associated assumptions are based
on historical experience and other factors that are
considered to be relevant. Actual results may di\ufb00er
from these estimates. The followings are areas where
key assumptions concerning the future, and other key
sources of estimation uncertainty at the end of the
reporting period, have a signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets
and liabilities within the next \ufb01nancial year.
3.1
GOING CONCERN
The Company has incurred net losses since its inception
and for the 12 months ended December 31, 2023, its
audited consolidated statement of pro\ufb01t and loss and
other comprehensive income re\ufb02ects a net loss as well
as a loss carried forward. On 26 July 2024, the Board
reviewed and approved the audited consolidated
\ufb01nancial statements and accounting policies. Taking
into account the cash and cash equivalents of \u20ac30.4
million on December 31, 2023, the evolution of the
expected cash generated by the commercial revenues
from the three products, the revenue from the out-
license agreements expected in 2024, the expected
R&D expenses and the risk assessment related to the
US litigation with Alta Thera (see
note 26
), the Board is
of the opinion that the audited consolidated \ufb01nancial
statements are prepared under the assumption of going
concern. Whilst the current cash position is su\ufb03cient
for the Company\u2019s to continue the development of
the current portfolio of product candidates, the Board
pointed out that if the research and development
activities related to the new product candidates as from
2024 continue to deliver added value, the Company
may seek additional funding to support the continuing
development of its portfolio of new product candidates
or to be able to execute other business opportunities.
3.2
JOINT COLLABORATIONS
The Company has entered into a number of
arrangements for the development, co-promotion and/
or co-marketing of products. The Company believes that
a presentation of the main arrangements is useful to an
understanding of the \ufb01nancial statements.
Arrangement with Purna Female Healthcare
In February 2021, Hyloris and Purna Female Healthcare
(\u2018PFH\u2019) entered into a partnership to develop and
commercialise an innovative combination therapy for
the treatment of severe and recurrent vulvovaginal
candidiasis (rVVC). PFH is a special purpose vehicle
founded to exclusively develop a local topical
combination formulation of the well-known antifungal
Miconazole with Domiphen Bromide (MCZ-DB).
Under the terms of the arrangement, Hyloris has
committed to milestone related investments of up
to EUR 4.3 million in PFH (of which EUR 1.3 million is
already paid). Hyloris holds 20% of the shares in PFH
(Class B) and is eligible to receive up to a maximum
of 45% and a minimum of 17.3% of the net pro\ufb01ts
generated by PFH irrespective of the % of shares held by
Hyloris.
Hyloris is represented in the Board of Directors by one
member out of a total of four members.
Despite the fact Hyloris holds 20% of the shares in PFH
and is represented in the Board of Directors by one
member out of a total of 4 members, the Company
concluded that it has joint control based on IFRS
11
- Joint Arrangements considering that reserved
matters signi\ufb01cantly a\ufb00ecting the returns of the joint
arrangement require the unanimous consent of all
shareholders. The joint arrangement is classi\ufb01ed as a
joint venture as the arrangement is structured through a
separate vehicle and the investors do not have rights to
the assets and obligations for the liabilities. Therefore,
this arrangement is accounted for via equity accounting.
Purna Female Healthcare is a related party, see n
ote
28\ue0011
Arrangement with Pleco Therapeutics
In November 2021, Hyloris and Pleco Therapeutics
signed an agreement to co-develop and register PTX-
252, a novel combination product of chelating agents for
the treatment of Acute Myeloid Leukaemia (AML) and
Small Cell Lung Cancer (SCLC).
Under the arrangement, Hyloris will provide \u20ac1 million
(automatically convertible into Pleco Therapeutics
equity under certain conditions) in several tranches
over time (already converted at 100%) and has obtained
global exclusive co-development rights and future joint
commercialisation to the Pleco technology in AML and
SCLC. Hyloris may commit to fund
(not equity) up to
an additional \u20ac7.7 million in pre-de\ufb01ned R&D activities
through to submission for approval in AML, plus initial
exploratory development work in SCLC. Pleco will fund
all activities that are outside the scope of the maximum
\u20ac7.7 million funding commitment from Hyloris. In
exchange, Hyloris will be eligible to receive up to 65% of
the gross product margin generated worldwide in AML
and SCLC Hyloris will be co-owner on all Pleco patents
(except for patents held by MD Anderson Cancer
Center), inventions, co-development information and
market information. The arrangement constitutes a joint
operation.
Hyloris agrees to transfer its co-ownership rights
on the patent and patent applications to Pleco in
order for Pleco to be able to provide a pledge to the
innovation credit (\u201cInnovatiekrediet\u201d) as a security
for the reimbursement of the innovation credit
(\u201cInnovatiekrediet\u201d). Upon full reimbursement of
the innovation credit, the co-ownership rights of the
patent and patent applications under the collaboration
agreement will revert back to Hyloris as originally agreed
in the collaboration agreement. The innovation credit
will be reimbursed to the authorities with the \ufb01rst pro\ufb01t
share payments under the collaboration agreement and
payment of the pro\ufb01t share will be subordinated until
full reimbursement of the innovation credit.
Furthermore, Hyloris entered into a Management
Consultancy Agreement in July 2022 for a total amount
of \u20ac2.5 million. Under this agreement, Hyloris has and
will support
Pleco Therapeutics with strategic advice.
The nature of strategic advice is holistic, and forward-
thinking, with a focus on creating value. It covers a wide
range of areas including business development, market
entry strategies, organisational structure, operational
e\ufb03ciency, investor relations, and risk mitigation. After
December 31st 2022, in case the total amount of the
invoices exceeds 50% of the amount of innovation
credit
(\u201cInnovatiekrediet\u201d) made available to Pleco,
further invoicing will be postponed until additional
amounts are made available of the innovation credit
(\u201cInnovatiekrediet\u201d) and the agreement will be extended
accordingly with the same number of months so that
the total amount of invoices remains \u20ac2.5 million. The
services rendered are booked as Other Operating
Income over time as discussed in
note 31\ue0012
. In analogy
with IFRS15.B16, as a practical expedient, if the entity
has the right to invoice a customer in an amount that
corresponds directly with its performance to date, then
it can recognize income for that amount.
End of December 2023, Hyloris held an ownership
interest of 4.50% in Pleco Therapeutics (corresponding
to 5.35% of the voting rights). Hyloris is entitled to one
observer (\u2018waarnemer\u2019) within the Board of Directors of
Pleco Therapeutics without voting rights.
Based on the guidance of IAS 28 \u2013 Investments in
Associates and Joint Ventures, the Company concluded
that it does not have a signi\ufb01cant in\ufb02uence on Pleco
Therapeutics considering the following elements:
\u2022
Holding of only 5.35% of the voting rights,
\u2022
No voting representation in the Board of Directors,
\u2022
No participation in policy-making processes,
\u2022
No interchange of key management
\u2022
Pleco is developing other products with other
3
rd
parties which are currently in the preclinical
development stage, and
\u2022
Pleco is not \ufb01nancially dependent of Hyloris.
The arrangement between Hyloris and Pleco
Therapeutics is a signi\ufb01cant agreement for Pleco
Therapeutics, but does not preclude Pleco Therapeutics
from making strategic decisions or contracting other
parties or other projects.
Arrangement with Vaneltix
In December 2021, Hyloris has entered into a strategic
collaboration with Vaneltix Pharma, Inc. (\u2018Vaneltix\u2019) for
the development and commercialisation of Alenura
TM
as \ufb01rst-line drug treatment for acute pain in interstitial
cystitis/bladder pain syndrome (IC/BPS).
Until now, Hyloris has committed to provide a maximum
of $6.7 million for supporting development related
activities and a loan of $0.5 million.
Hyloris will be eligible to receive a tiered percentage
of the product margin generated by Vaneltix. The
arrangement constitutes a joint operation.
Under this strategic co-development agreement Hyloris
provided R&D services in the course of 2023 for a total
amount of \u20ac145 thousand to Vaneltix. These services
were cross-charged by Vaneltix since these are linked
to the co-development agreement and are in scope of
the Research and Development Expenses to be funded
by Hyloris and therefore the income is netted with the
cross-charged Research and Development expenses by
Vaneltix.
Hyloris will be listed as co-owner on all Vaneltix patents,
inventions, co-development information and market
information. In addition, Hyloris hereby grants Vaneltix
a license on Hyloris\u2019 share of the Vaneltix patents and
inventions.
End of December 2023 Hyloris:
\u2022
Invested $2.8 million for supporting development
related activities;
\u2022
Subscribed to series D convertible preferred stock in
October 2023 for an amount of $2.0 million.
Hyloris provided a loan of $0.5 million to Vaneltix. In
relation to the settlement of this loan we refer note 10.
Hyloris holds 4 shares of Vaneltix and is not represented
on the Board of Directors of Vaneltix.
Vaneltix is a related party, see
note 28\ue0011
.
Although Hyloris is holding less than 1% of the voting
rights, and has no voting representation in the Board
of Directors, the Company concluded, based on the
guidance of IAS 28
- Investments in Associates and
Joint Ventures, that it does have signi\ufb01cant in\ufb02uence
on Vaneltix considering the following elements: Hyloris
is currently one of the main \ufb01nancial contributors for
Vaneltix and Vaneltix is \ufb01nancially depending on the
funding of Hyloris to be able to develop Alenura
TM
.
The co-development agreement for Alenura
TM
is a
material transaction between Hyloris and Vaneltix as
Vaneltix primarily focused of the development of this
product only (other product candidates are in a very
early stage of development).
There is interchange of people as
Carolyn Myers
(non-executive director of Hyloris) has a limited role at
Vaneltix as head of commercial a\ufb00airs. In addition, her
partner, Dr. Dan Vickery is CEO of Vaneltix.
As a result, the Group is applying the equity method of
accounting. As the percentage of ownership interest is
very low (only 0.00053 %) the Group does not take its %
share in the loss of Vaneltix in deduction of the equity
value.
See
note 9
on Equity Accounted Investees.
Arrangement with AFT
Hyloris Pharmaceuticals SA and AFT have been
collaborating in the development of the Maxigesic IV
product. AFT has now licensed the product to a number
of partners covering multiple countries. Maxigesic IV
is protected by several granted and pending patent
applications. Under the terms of the development
collaboration agreement between Hyloris and AFT,
Hyloris is eligible to receive a share on any product
related revenues, such as license fees, royalties,
milestone payments, received by AFT. The arrangement
constitutes a joint operation.
3.3
LOAN TO ACADEMIC
PHARMACEUTICALS
Determining the fair value of the loan to API (see
note
4\ue0011
) is assessed to a signi\ufb01cant estimate as the fair value
is determined on the basis of signi\ufb01cant unobservable
inputs.
3.4
SHARE-BASED PAYMENTS
In accordance with IFRS 2 \u2013 Share-based Payment, the
fair value of the warrants at grant date is recognized
as an expense in the consolidated statement of
comprehensive income over the vesting period, the
period of service. Subsequently, the fair value is not re-
measured.
The fair value of each warrant granted during the year
is calculated using the Black-Scholes pricing model.
This pricing model requires the input of subjective
assumptions, which are detailed in
note 25
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7880": { "value": "3.1
GOING CONCERN
The Company has incurred net losses since its inception
and for the 12 months ended December 31, 2023, its
audited consolidated statement of pro\ufb01t and loss and
other comprehensive income re\ufb02ects a net loss as well
as a loss carried forward. On 26 July 2024, the Board
reviewed and approved the audited consolidated
\ufb01nancial statements and accounting policies. Taking
into account the cash and cash equivalents of \u20ac30.4
million on December 31, 2023, the evolution of the
expected cash generated by the commercial revenues
from the three products, the revenue from the out-
license agreements expected in 2024, the expected
R&D expenses and the risk assessment related to the
US litigation with Alta Thera (see
note 26
), the Board is
of the opinion that the audited consolidated \ufb01nancial
statements are prepared under the assumption of going
concern. Whilst the current cash position is su\ufb03cient
for the Company\u2019s to continue the development of
the current portfolio of product candidates, the Board
pointed out that if the research and development
activities related to the new product candidates as from
2024 continue to deliver added value, the Company
may seek additional funding to support the continuing
development of its portfolio of new product candidates
or to be able to execute other business opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7912": { "value": "3.2
JOINT COLLABORATIONS
The Company has entered into a number of
arrangements for the development, co-promotion and/
or co-marketing of products. The Company believes that
a presentation of the main arrangements is useful to an
understanding of the \ufb01nancial statements.
Arrangement with Purna Female Healthcare
In February 2021, Hyloris and Purna Female Healthcare
(\u2018PFH\u2019) entered into a partnership to develop and
commercialise an innovative combination therapy for
the treatment of severe and recurrent vulvovaginal
candidiasis (rVVC). PFH is a special purpose vehicle
founded to exclusively develop a local topical
combination formulation of the well-known antifungal
Miconazole with Domiphen Bromide (MCZ-DB).
Under the terms of the arrangement, Hyloris has
committed to milestone related investments of up
to EUR 4.3 million in PFH (of which EUR 1.3 million is
already paid). Hyloris holds 20% of the shares in PFH
(Class B) and is eligible to receive up to a maximum
of 45% and a minimum of 17.3% of the net pro\ufb01ts
generated by PFH irrespective of the % of shares held by
Hyloris.
Hyloris is represented in the Board of Directors by one
member out of a total of four members.
Despite the fact Hyloris holds 20% of the shares in PFH
and is represented in the Board of Directors by one
member out of a total of 4 members, the Company
concluded that it has joint control based on IFRS
11
- Joint Arrangements considering that reserved
matters signi\ufb01cantly a\ufb00ecting the returns of the joint
arrangement require the unanimous consent of all
shareholders. The joint arrangement is classi\ufb01ed as a
joint venture as the arrangement is structured through a
separate vehicle and the investors do not have rights to
the assets and obligations for the liabilities. Therefore,
this arrangement is accounted for via equity accounting.
Purna Female Healthcare is a related party, see n
ote
28\ue0011
Arrangement with Pleco Therapeutics
In November 2021, Hyloris and Pleco Therapeutics
signed an agreement to co-develop and register PTX-
252, a novel combination product of chelating agents for
the treatment of Acute Myeloid Leukaemia (AML) and
Small Cell Lung Cancer (SCLC).
Under the arrangement, Hyloris will provide \u20ac1 million
(automatically convertible into Pleco Therapeutics
equity under certain conditions) in several tranches
over time (already converted at 100%) and has obtained
global exclusive co-development rights and future joint
commercialisation to the Pleco technology in AML and
SCLC. Hyloris may commit to fund
(not equity) up to
an additional \u20ac7.7 million in pre-de\ufb01ned R&D activities
through to submission for approval in AML, plus initial
exploratory development work in SCLC. Pleco will fund
all activities that are outside the scope of the maximum
\u20ac7.7 million funding commitment from Hyloris. In
exchange, Hyloris will be eligible to receive up to 65% of
the gross product margin generated worldwide in AML
and SCLC Hyloris will be co-owner on all Pleco patents
(except for patents held by MD Anderson Cancer
Center), inventions, co-development information and
market information. The arrangement constitutes a joint
operation.
Hyloris agrees to transfer its co-ownership rights
on the patent and patent applications to Pleco in
order for Pleco to be able to provide a pledge to the
innovation credit (\u201cInnovatiekrediet\u201d) as a security
for the reimbursement of the innovation credit
(\u201cInnovatiekrediet\u201d). Upon full reimbursement of
the innovation credit, the co-ownership rights of the
patent and patent applications under the collaboration
agreement will revert back to Hyloris as originally agreed
in the collaboration agreement. The innovation credit
will be reimbursed to the authorities with the \ufb01rst pro\ufb01t
share payments under the collaboration agreement and
payment of the pro\ufb01t share will be subordinated until
full reimbursement of the innovation credit.
Furthermore, Hyloris entered into a Management
Consultancy Agreement in July 2022 for a total amount
of \u20ac2.5 million. Under this agreement, Hyloris has and
will support
Pleco Therapeutics with strategic advice.
The nature of strategic advice is holistic, and forward-
thinking, with a focus on creating value. It covers a wide
range of areas including business development, market
entry strategies, organisational structure, operational
e\ufb03ciency, investor relations, and risk mitigation. After
December 31st 2022, in case the total amount of the
invoices exceeds 50% of the amount of innovation
credit
(\u201cInnovatiekrediet\u201d) made available to Pleco,
further invoicing will be postponed until additional
amounts are made available of the innovation credit
(\u201cInnovatiekrediet\u201d) and the agreement will be extended
accordingly with the same number of months so that
the total amount of invoices remains \u20ac2.5 million. The
services rendered are booked as Other Operating
Income over time as discussed in
note 31\ue0012
. In analogy
with IFRS15.B16, as a practical expedient, if the entity
has the right to invoice a customer in an amount that
corresponds directly with its performance to date, then
it can recognize income for that amount.
End of December 2023, Hyloris held an ownership
interest of 4.50% in Pleco Therapeutics (corresponding
to 5.35% of the voting rights). Hyloris is entitled to one
observer (\u2018waarnemer\u2019) within the Board of Directors of
Pleco Therapeutics without voting rights.
Based on the guidance of IAS 28 \u2013 Investments in
Associates and Joint Ventures, the Company concluded
that it does not have a signi\ufb01cant in\ufb02uence on Pleco
Therapeutics considering the following elements:
\u2022
Holding of only 5.35% of the voting rights,
\u2022
No voting representation in the Board of Directors,
\u2022
No participation in policy-making processes,
\u2022
No interchange of key management
\u2022
Pleco is developing other products with other
3
rd
parties which are currently in the preclinical
development stage, and
\u2022
Pleco is not \ufb01nancially dependent of Hyloris.
The arrangement between Hyloris and Pleco
Therapeutics is a signi\ufb01cant agreement for Pleco
Therapeutics, but does not preclude Pleco Therapeutics
from making strategic decisions or contracting other
parties or other projects.
Arrangement with Vaneltix
In December 2021, Hyloris has entered into a strategic
collaboration with Vaneltix Pharma, Inc. (\u2018Vaneltix\u2019) for
the development and commercialisation of Alenura
TM
as \ufb01rst-line drug treatment for acute pain in interstitial
cystitis/bladder pain syndrome (IC/BPS).
Until now, Hyloris has committed to provide a maximum
of $6.7 million for supporting development related
activities and a loan of $0.5 million.
Hyloris will be eligible to receive a tiered percentage
of the product margin generated by Vaneltix. The
arrangement constitutes a joint operation.
Under this strategic co-development agreement Hyloris
provided R&D services in the course of 2023 for a total
amount of \u20ac145 thousand to Vaneltix. These services
were cross-charged by Vaneltix since these are linked
to the co-development agreement and are in scope of
the Research and Development Expenses to be funded
by Hyloris and therefore the income is netted with the
cross-charged Research and Development expenses by
Vaneltix.
Hyloris will be listed as co-owner on all Vaneltix patents,
inventions, co-development information and market
information. In addition, Hyloris hereby grants Vaneltix
a license on Hyloris\u2019 share of the Vaneltix patents and
inventions.
End of December 2023 Hyloris:
\u2022
Invested $2.8 million for supporting development
related activities;
\u2022
Subscribed to series D convertible preferred stock in
October 2023 for an amount of $2.0 million.
Hyloris provided a loan of $0.5 million to Vaneltix. In
relation to the settlement of this loan we refer note 10.
Hyloris holds 4 shares of Vaneltix and is not represented
on the Board of Directors of Vaneltix.
Vaneltix is a related party, see
note 28\ue0011
.
Although Hyloris is holding less than 1% of the voting
rights, and has no voting representation in the Board
of Directors, the Company concluded, based on the
guidance of IAS 28
- Investments in Associates and
Joint Ventures, that it does have signi\ufb01cant in\ufb02uence
on Vaneltix considering the following elements: Hyloris
is currently one of the main \ufb01nancial contributors for
Vaneltix and Vaneltix is \ufb01nancially depending on the
funding of Hyloris to be able to develop Alenura
TM
.
The co-development agreement for Alenura
TM
is a
material transaction between Hyloris and Vaneltix as
Vaneltix primarily focused of the development of this
product only (other product candidates are in a very
early stage of development).
There is interchange of people as
Carolyn Myers
(non-executive director of Hyloris) has a limited role at
Vaneltix as head of commercial a\ufb00airs. In addition, her
partner, Dr. Dan Vickery is CEO of Vaneltix.
As a result, the Group is applying the equity method of
accounting. As the percentage of ownership interest is
very low (only 0.00053 %) the Group does not take its %
share in the loss of Vaneltix in deduction of the equity
value.
See
note 9
on Equity Accounted Investees.
Arrangement with AFT
Hyloris Pharmaceuticals SA and AFT have been
collaborating in the development of the Maxigesic IV
product. AFT has now licensed the product to a number
of partners covering multiple countries. Maxigesic IV
is protected by several granted and pending patent
applications. Under the terms of the development
collaboration agreement between Hyloris and AFT,
Hyloris is eligible to receive a share on any product
related revenues, such as license fees, royalties,
milestone payments, received by AFT. The arrangement
constitutes a joint operation.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8188": { "value": "3.3
LOAN TO ACADEMIC
PHARMACEUTICALS
Determining the fair value of the loan to API (see
note
4\ue0011
) is assessed to a signi\ufb01cant estimate as the fair value
is determined on the basis of signi\ufb01cant unobservable
inputs.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8215": { "value": "4. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n\n\u00a0\u00a0\u00a0\u00a0\n \n
IFRS 9 Category
Input Level
(in \u20ac thousand)
December
December 31,
31, 2023
2022 Restated
*
Investment in Pleco (
note 10
) (non current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (
note 10
)
At amortised cost
499
469
Loan to API (
note 11
)
FVTPL
3
317
490
Trade receivables (
note 11
)
At amortised cost
2,970
3,527
Cash and cash equivalents
At amortised cost
30,406
33,457
Other investment, including derivatives \u2013 Deposits (
note 10
)
At amortised cost
-
10,000
Total \ufb01nancial assets
35,192
48,943
Borrowings (
note 15\ue0011
)
At amortised cost
1,750
885
Other \ufb01nancial liabilities (
note 15\ue0012
)
At amortised cost
3,543
3,512
Trade and other liabilities (
note 16
)
3,195
2,352
Trade payables
At amortised cost
3,195
2,302
Derivative
FVTPL
2
-
52
Total \ufb01nancial liabilities
1
8,488
6,749
\n
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities (deferred
income and employee bene\ufb01t liabilities)
that are not \ufb01nancial assets / liabilities
are not included
*
See note 31 regarding restated information
The table above summarizes all \ufb01nancial instruments
by category in accordance with IFRS 9. The fair value
of the \ufb01nancial instruments measured at fair value are
determined as follows:
Investment in Pleco: The investment is designated at
FVOCI because it\u2019s not held for trading and it\u2019s kept for
its expected future return on investment. Considering
that Pleco is in the development phase of its product
candidates and does not generate revenue yet, the
cost of the investment at transaction date has been
considered as an appropriate estimate of the fair
value as per December 31, 2022 and 2023. In 2023
and 2022 there is no reason to adjust the fair value of
this investment as the current development program
is in line with the assumptions of the initial plan, and
discussions with regulatory authorities do not indicate
any signi\ufb01cant hurdles at this stage.
Loan to API:
Discounted cash \ufb02ows: the valuation model
considers the present value of expected payments,
discounted using the market rate and a company risk
premium at the reporting date. The assumption is that
the loan will be o\ufb00set by royalties on product candidates
in 2029. The change compared to last year is mainly due
to the assumption that the o\ufb00set of the loan will happen
in 2029 instead of 2024 and that the determination of
the fair value was impacted by a change in the risk-
adjusted rate from 10.71% to 11.6%.
FX forward contracts: Forward pricing: the fair value
is determined using the spot FX exchange rates at the
reporting date and FX forward price in the contract.
There are no outstanding FX forward contracts at
December 31, 2023.
The Company considers that the carrying amounts of
\ufb01nancial assets and \ufb01nancial liabilities measured at
amortized cost in the consolidated \ufb01nancial statements
approximate their fair values.
4.2
FINANCIAL RISK FACTORS
The Group\u2019s activities expose it to a variety of \ufb01nancial
risks: market risk (including currency risk, interest rate
risk, and price risk), credit risk and liquidity risk. There
have been no changes in the risk management since last
year-end or in any risk management policies.
4.3
FOREIGN EXCHANGE RISK
The Company is currently exposed to foreign currency
risk, mainly relating to positions held in USD.
The exposure to exchange di\ufb00erences of the monetary
assets and monetary liabilities of the Group at the end
of the reporting period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
December 31,
December 31,
\u00a0
2023
2022* restated
Assets
3,466
4,153
Liabilities
(817)
(1,078)
\n
See note 31.3: restatement of the API loan
If the EUR had strengthened/weakened 1% against the
USD with all other variables held constant, the impact on
the consolidated statement of comprehensive income
would have been - \u20ac24 thousand and +\u20ac24 thousand
respectively. Comparative information for 2022: if the
EUR had strengthened/weakened 1% against the USD
with all other variables held constant, the impact on
the consolidated statement of comprehensive income
would have been - \u20ac29 thousand and + \u20ac29 thousand
respectively.
By default, the company uses natural hedging by
matching the foreign currency-denominated revenues
with the foreign currency-denominated expenses. This
approach relies on the fact that when the company
generates revenues and incurs expenses in the same
currency, \ufb02uctuations in exchange rates have less
impact on the overall \ufb01nancial position.
The Group could as well use derivative \ufb01nancial
instruments to manage its exposure to the U.S. Dollar
arising from operational activities in the form of cash
\ufb02ow hedges. This exposure is hedged with foreign
exchange forward contracts. At the end of 2023 there
are no outstanding foreign exchange forward contracts
4.4
INTEREST RATE RISK
The Company is currently not exposed to signi\ufb01cant
interest rate risk as the interest-bearing \ufb01nancial
liabilities and assets bear a \ufb01xed interest rate, which are
not subject to revision.
4.5
CREDIT RISK
Credit risk arises from cash and cash equivalents,
short-term bank deposits, as well as credit exposure of
collaboration partners. Credit risk refers to the risks that
counterparty will default on its contractual obligations
resulting in \ufb01nancial loss to the Company.
At the end of 2023, the Company operated with about
10 di\ufb00erent customers spread over the world (U.S.,
Europe and South-Asia). As a result, there is credit risk
that is characterized by uncertainty in reimbursement
value, delays in payment, and ultimately non-payment.
This could potentially impact the Company\u2019s revenue
recognition and cash collections.
For each customer, annually, the \ufb01nancial department
reviews and sets a credit limit based on key \ufb01nancial
criteria, geographical area, nature of the business and
historical relationship.
We sort our customers into groups which will help to
identify patterns and establish a risk pro\ufb01le. Usually,
the credit risk related to milestones, royalties and pro\ufb01t
share payment fall in one speci\ufb01c group which may
lead to o\ufb00er extended payments terms due to pro\ufb01le
of the customers, the nature of the business whereas
the credit risk related to other activities like services
are classi\ufb01ed di\ufb00erently, and are regularly and closely
monitored.
Trade accounts receivable amounted to \u20ac2,970 million
as of December 31, 2023, and no allowance for expected
credit loss was recorded in 2023, neither the last years.
Customer\u2019s compliance with agreed credit terms is
regularly and closely monitored. The payment terms to
our partner AFT are extended and exceed 12 months
for the speci\ufb01c transactions (see
note 11
). The current
trade receivables exposure with AFT amounted to
\u20ac2,124 million at the end of 2023. This amount has been
reduced in \ufb01rst quarter 2024 with payments of \u20ac495
thousand leading to reduce the AFT\u2019s trade receivables
to \u20ac1,629 thousand. In April 2024 AFT paid the
outstanding receivable for an amount of \u20ac921 thousand.
The remaining unpaid part is paid in the second quarter
of 2024.
The average debtor\u2019s payment period is 30 days after
invoice date. To measure the expected credit losses,
trade receivables have been grouped based on credit
risk characteristics and the days past due. In assessing
the credit risk characteristics, the Company takes into
account any indicators of impairment up until the
reporting date, and it applies a pragmatic approach that
is consistent with the de\ufb01nition used for internal credit
risk management purposes. Given the high quality of
our customers the loss allowance provision at year-end
is zero. It is the management opinion that at the above
reporting date no further provision for doubtful debts
was required.
Cash and cash equivalents and current \ufb01nancial assets
are invested with several highly reputable banks
and \ufb01nancial institutions. The \ufb01nancial institutions
have credit ratings varying from A to AA- and are
consequently considered as low credit risk.
4.6
LIQUIDITY RISK
The Company\u2019s main sources of cash in\ufb02ows are
currently obtained through capital increases and
revenues. See
Note 14.2 Capital Management
. The
liquidity risk for the Group arises from the \ufb01nancial
liabilities but also from commitments and liquidities
required to be able to develop product candidates.
The following table details the Company\u2019s remaining
contractual maturity of its \ufb01nancial liabilities with agreed
repayment periods. The tables have been drawn up
based on the undiscounted cash \ufb02ows of \ufb01nancial
liabilities based on the earliest date on which the
Company can be required to pay. The tables include
both interest and principal cash \ufb02ows. In Other \ufb01nancial
liabilities the liability to Purna Female Healthcare of
\u20ac3M (see
note 9
) is payable upon achievement of
development milestones, for which \u20ac1.5 million is
after the completion of the dose \ufb01nding study which
is expected in Q3 2024 and the other \u20ac1.5 million is
after the process validation report and completion of
enrollment of the phase 3 studies.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31/12/2023
Within one
>1 and <5
>5 and <10
>10 years
Total
(In \u20ac thousand)
year
years
years
\u00a0 \u00a0
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease liabilities
241
871
639
\u00a0
1,751
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
3,200
344
\u00a0 \u00a0
3,544
Trade and other liabilities
3,318
\u00a0 \u00a0 \u00a0
3,318
Total
6,759
1,215
639
\u00a0
8,613
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31/12/2022
Within one
>1 and <5
>5 and <10
>10 years
Total
(In \u20ac thousand)
year
years
years
\u00a0 \u00a0
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease liabilities
138
492
255
\u00a0
885
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans from shareholders
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
3,212
300
\u00a0 \u00a0
3,512
Trade and other liabilities
2,422
\u00a0 \u00a0 \u00a0
2,422
Total
5,772
792
255
\u00a0
6,819
\n
4.7
MARKET RISK
Market risk is the risk that changes in equity prices
will a\ufb00ect the Group\u2019s income or the value of its
holdings of \ufb01nancial instruments. The objective of
market risk management is to manage and control
market risk exposures within acceptable parameters,
while optimizing the return. The primary goal of the
Group\u2019s investment in equity securities is to hold the
investments for the long term for strategic purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8218": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n\n\u00a0\u00a0\u00a0\u00a0\n \n
IFRS 9 Category
Input Level
(in \u20ac thousand)
December
December 31,
31, 2023
2022 Restated
*
Investment in Pleco (
note 10
) (non current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (
note 10
)
At amortised cost
499
469
Loan to API (
note 11
)
FVTPL
3
317
490
Trade receivables (
note 11
)
At amortised cost
2,970
3,527
Cash and cash equivalents
At amortised cost
30,406
33,457
Other investment, including derivatives \u2013 Deposits (
note 10
)
At amortised cost
-
10,000
Total \ufb01nancial assets
35,192
48,943
Borrowings (
note 15\ue0011
)
At amortised cost
1,750
885
Other \ufb01nancial liabilities (
note 15\ue0012
)
At amortised cost
3,543
3,512
Trade and other liabilities (
note 16
)
3,195
2,352
Trade payables
At amortised cost
3,195
2,302
Derivative
FVTPL
2
-
52
Total \ufb01nancial liabilities
1
8,488
6,749
\n
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities (deferred
income and employee bene\ufb01t liabilities)
that are not \ufb01nancial assets / liabilities
are not included
*
See note 31 regarding restated information
The table above summarizes all \ufb01nancial instruments
by category in accordance with IFRS 9. The fair value
of the \ufb01nancial instruments measured at fair value are
determined as follows:
Investment in Pleco: The investment is designated at
FVOCI because it\u2019s not held for trading and it\u2019s kept for
its expected future return on investment. Considering
that Pleco is in the development phase of its product
candidates and does not generate revenue yet, the
cost of the investment at transaction date has been
considered as an appropriate estimate of the fair
value as per December 31, 2022 and 2023. In 2023
and 2022 there is no reason to adjust the fair value of
this investment as the current development program
is in line with the assumptions of the initial plan, and
discussions with regulatory authorities do not indicate
any signi\ufb01cant hurdles at this stage.
Loan to API:
Discounted cash \ufb02ows: the valuation model
considers the present value of expected payments,
discounted using the market rate and a company risk
premium at the reporting date. The assumption is that
the loan will be o\ufb00set by royalties on product candidates
in 2029. The change compared to last year is mainly due
to the assumption that the o\ufb00set of the loan will happen
in 2029 instead of 2024 and that the determination of
the fair value was impacted by a change in the risk-
adjusted rate from 10.71% to 11.6%.
FX forward contracts: Forward pricing: the fair value
is determined using the spot FX exchange rates at the
reporting date and FX forward price in the contract.
There are no outstanding FX forward contracts at
December 31, 2023.
The Company considers that the carrying amounts of
\ufb01nancial assets and \ufb01nancial liabilities measured at
amortized cost in the consolidated \ufb01nancial statements
approximate their fair values. Shares: Pleco Therapeutics BV
In 2021, the Group entered into a partnership with Pleco
Therapeutics to develop PTX-252, a novel combination
product of chelating agents for the treatment of
Acute Myeloid Leukaemia (AML) and Small Cell Lung
Cancer (SCLC). Hyloris provided a non-interest bearing
convertible loan of \u20ac1,000 thousand which has been
converted into 7,944 preferred shared (1 June 2022) at
an issuing price of \u20ac126 per share (which resulted in a
4.5% ownership of the company Pleco Therapeutics).
See
note 4\ue0011
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand
of which \u20ac2,216 million have been
already \ufb01nanced.
Pleco will fund all activities that are outside the scope
of the maximum \u20ac7,700 thousand funding commitment
from Hyloris. Hyloris will be eligible to receive up to 65%
of the net gross product margin generated worldwide
in AML and SCLC. Hyloris will be co-owner on all Pleco
patents (except for patents held by MD Anderson Cancer
Center), inventions, co-development information and
market information. The arrangement constitutes a joint
operation.
In 2023 the Group had a few purchase and sale
transactions with Pleco Therapeutics. The sales are
related to billed strategic advice for an amount of \u20ac500
thousand (see
note 3\ue0012
) and the purchases are for
product development related services regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2,216 thousand. At 31 December 2023 the
outstanding commitment is \u20ac5,484 thousand (\u20ac7,700
thousand - \u20ac2,216 thousand).API
A loan to API of of \u20ac633 thousand is granted by Hyloris
to API, carrying a 0.1% interest per year. This loan is
presented as non-current. When the royalties (or other
payments) of 3 product candidates, or any other product
parties may develop together in the future, exceed $200
thousand in a calendar year then the amount exceeding
$200 thousand will be used to repay the loan. Hyloris
can then withhold this amount from royalty payments.
The loan has been measured at FVTPL using an interest
market rate and appropriate credit risk resulting in the
recognition of a loss of \u20ac173 thousand recognized as
\ufb01nancial expenses in 2023. For comparative information,
the \ufb01nancial expense in 2022 was \u20ac167 thousand. The
decrease of the fair value in comparison with 2022 is
due to the increase of the discount rate and the changed
assessment of term of the loan (6 years vs 3 years) and
the unrealized FX di\ufb00erence impact (\u20ac30 thousand).
The reimbursement of the loan is depending on the
success of the product candidates being developed by
the Group and not depending on any action from the
counterparty. The discount rate has been determined
by using the market rate and the company risk premium
(see
note 4\ue0011
). A sensitivity analysis shows that when
the year of reimbursement di\ufb00ers 1 year earlier or later
than the estimated calendar year of reimbursement,
the fair value increases with \u20ac37 thousand or decreases
with \u20ac34 thousand. When the discount rate increases or
decreases with 1%, the fair value of the loan decreases
with 6% \u20ac20 thousand or increases with \u20ac21 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8219": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n\n\u00a0\u00a0\u00a0\u00a0\n \n
IFRS 9 Category
Input Level
(in \u20ac thousand)
December
December 31,
31, 2023
2022 Restated
*
Investment in Pleco (
note 10
) (non current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (
note 10
)
At amortised cost
499
469
Loan to API (
note 11
)
FVTPL
3
317
490
Trade receivables (
note 11
)
At amortised cost
2,970
3,527
Cash and cash equivalents
At amortised cost
30,406
33,457
Other investment, including derivatives \u2013 Deposits (
note 10
)
At amortised cost
-
10,000
Total \ufb01nancial assets
35,192
48,943
Borrowings (
note 15\ue0011
)
At amortised cost
1,750
885
Other \ufb01nancial liabilities (
note 15\ue0012
)
At amortised cost
3,543
3,512
Trade and other liabilities (
note 16
)
3,195
2,352
Trade payables
At amortised cost
3,195
2,302
Derivative
FVTPL
2
-
52
Total \ufb01nancial liabilities
1
8,488
6,749
\n
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities (deferred
income and employee bene\ufb01t liabilities)
that are not \ufb01nancial assets / liabilities
are not included
*
See note 31 regarding restated information
The table above summarizes all \ufb01nancial instruments
by category in accordance with IFRS 9. The fair value
of the \ufb01nancial instruments measured at fair value are
determined as follows:
Investment in Pleco: The investment is designated at
FVOCI because it\u2019s not held for trading and it\u2019s kept for
its expected future return on investment. Considering
that Pleco is in the development phase of its product
candidates and does not generate revenue yet, the
cost of the investment at transaction date has been
considered as an appropriate estimate of the fair
value as per December 31, 2022 and 2023. In 2023
and 2022 there is no reason to adjust the fair value of
this investment as the current development program
is in line with the assumptions of the initial plan, and
discussions with regulatory authorities do not indicate
any signi\ufb01cant hurdles at this stage.
Loan to API:
Discounted cash \ufb02ows: the valuation model
considers the present value of expected payments,
discounted using the market rate and a company risk
premium at the reporting date. The assumption is that
the loan will be o\ufb00set by royalties on product candidates
in 2029. The change compared to last year is mainly due
to the assumption that the o\ufb00set of the loan will happen
in 2029 instead of 2024 and that the determination of
the fair value was impacted by a change in the risk-
adjusted rate from 10.71% to 11.6%.
FX forward contracts: Forward pricing: the fair value
is determined using the spot FX exchange rates at the
reporting date and FX forward price in the contract.
There are no outstanding FX forward contracts at
December 31, 2023.
The Company considers that the carrying amounts of
\ufb01nancial assets and \ufb01nancial liabilities measured at
amortized cost in the consolidated \ufb01nancial statements
approximate their fair values. Shares: Pleco Therapeutics BV
In 2021, the Group entered into a partnership with Pleco
Therapeutics to develop PTX-252, a novel combination
product of chelating agents for the treatment of
Acute Myeloid Leukaemia (AML) and Small Cell Lung
Cancer (SCLC). Hyloris provided a non-interest bearing
convertible loan of \u20ac1,000 thousand which has been
converted into 7,944 preferred shared (1 June 2022) at
an issuing price of \u20ac126 per share (which resulted in a
4.5% ownership of the company Pleco Therapeutics).
See
note 4\ue0011
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand
of which \u20ac2,216 million have been
already \ufb01nanced.
Pleco will fund all activities that are outside the scope
of the maximum \u20ac7,700 thousand funding commitment
from Hyloris. Hyloris will be eligible to receive up to 65%
of the net gross product margin generated worldwide
in AML and SCLC. Hyloris will be co-owner on all Pleco
patents (except for patents held by MD Anderson Cancer
Center), inventions, co-development information and
market information. The arrangement constitutes a joint
operation.
In 2023 the Group had a few purchase and sale
transactions with Pleco Therapeutics. The sales are
related to billed strategic advice for an amount of \u20ac500
thousand (see
note 3\ue0012
) and the purchases are for
product development related services regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2,216 thousand. At 31 December 2023 the
outstanding commitment is \u20ac5,484 thousand (\u20ac7,700
thousand - \u20ac2,216 thousand).API
A loan to API of of \u20ac633 thousand is granted by Hyloris
to API, carrying a 0.1% interest per year. This loan is
presented as non-current. When the royalties (or other
payments) of 3 product candidates, or any other product
parties may develop together in the future, exceed $200
thousand in a calendar year then the amount exceeding
$200 thousand will be used to repay the loan. Hyloris
can then withhold this amount from royalty payments.
The loan has been measured at FVTPL using an interest
market rate and appropriate credit risk resulting in the
recognition of a loss of \u20ac173 thousand recognized as
\ufb01nancial expenses in 2023. For comparative information,
the \ufb01nancial expense in 2022 was \u20ac167 thousand. The
decrease of the fair value in comparison with 2022 is
due to the increase of the discount rate and the changed
assessment of term of the loan (6 years vs 3 years) and
the unrealized FX di\ufb00erence impact (\u20ac30 thousand).
The reimbursement of the loan is depending on the
success of the product candidates being developed by
the Group and not depending on any action from the
counterparty. The discount rate has been determined
by using the market rate and the company risk premium
(see
note 4\ue0011
). A sensitivity analysis shows that when
the year of reimbursement di\ufb00ers 1 year earlier or later
than the estimated calendar year of reimbursement,
the fair value increases with \u20ac37 thousand or decreases
with \u20ac34 thousand. When the discount rate increases or
decreases with 1%, the fair value of the loan decreases
with 6% \u20ac20 thousand or increases with \u20ac21 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8220": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n\n\u00a0\u00a0\u00a0\u00a0\n \n
IFRS 9 Category
Input Level
(in \u20ac thousand)
December
December 31,
31, 2023
2022 Restated
*
Investment in Pleco (
note 10
) (non current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (
note 10
)
At amortised cost
499
469
Loan to API (
note 11
)
FVTPL
3
317
490
Trade receivables (
note 11
)
At amortised cost
2,970
3,527
Cash and cash equivalents
At amortised cost
30,406
33,457
Other investment, including derivatives \u2013 Deposits (
note 10
)
At amortised cost
-
10,000
Total \ufb01nancial assets
35,192
48,943
Borrowings (
note 15\ue0011
)
At amortised cost
1,750
885
Other \ufb01nancial liabilities (
note 15\ue0012
)
At amortised cost
3,543
3,512
Trade and other liabilities (
note 16
)
3,195
2,352
Trade payables
At amortised cost
3,195
2,302
Derivative
FVTPL
2
-
52
Total \ufb01nancial liabilities
1
8,488
6,749
\n
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities (deferred
income and employee bene\ufb01t liabilities)
that are not \ufb01nancial assets / liabilities
are not included
*
See note 31 regarding restated information
The table above summarizes all \ufb01nancial instruments
by category in accordance with IFRS 9. The fair value
of the \ufb01nancial instruments measured at fair value are
determined as follows:
Investment in Pleco: The investment is designated at
FVOCI because it\u2019s not held for trading and it\u2019s kept for
its expected future return on investment. Considering
that Pleco is in the development phase of its product
candidates and does not generate revenue yet, the
cost of the investment at transaction date has been
considered as an appropriate estimate of the fair
value as per December 31, 2022 and 2023. In 2023
and 2022 there is no reason to adjust the fair value of
this investment as the current development program
is in line with the assumptions of the initial plan, and
discussions with regulatory authorities do not indicate
any signi\ufb01cant hurdles at this stage.
Loan to API:
Discounted cash \ufb02ows: the valuation model
considers the present value of expected payments,
discounted using the market rate and a company risk
premium at the reporting date. The assumption is that
the loan will be o\ufb00set by royalties on product candidates
in 2029. The change compared to last year is mainly due
to the assumption that the o\ufb00set of the loan will happen
in 2029 instead of 2024 and that the determination of
the fair value was impacted by a change in the risk-
adjusted rate from 10.71% to 11.6%.
FX forward contracts: Forward pricing: the fair value
is determined using the spot FX exchange rates at the
reporting date and FX forward price in the contract.
There are no outstanding FX forward contracts at
December 31, 2023.
The Company considers that the carrying amounts of
\ufb01nancial assets and \ufb01nancial liabilities measured at
amortized cost in the consolidated \ufb01nancial statements
approximate their fair values. Shares: Pleco Therapeutics BV
In 2021, the Group entered into a partnership with Pleco
Therapeutics to develop PTX-252, a novel combination
product of chelating agents for the treatment of
Acute Myeloid Leukaemia (AML) and Small Cell Lung
Cancer (SCLC). Hyloris provided a non-interest bearing
convertible loan of \u20ac1,000 thousand which has been
converted into 7,944 preferred shared (1 June 2022) at
an issuing price of \u20ac126 per share (which resulted in a
4.5% ownership of the company Pleco Therapeutics).
See
note 4\ue0011
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand
of which \u20ac2,216 million have been
already \ufb01nanced.
Pleco will fund all activities that are outside the scope
of the maximum \u20ac7,700 thousand funding commitment
from Hyloris. Hyloris will be eligible to receive up to 65%
of the net gross product margin generated worldwide
in AML and SCLC. Hyloris will be co-owner on all Pleco
patents (except for patents held by MD Anderson Cancer
Center), inventions, co-development information and
market information. The arrangement constitutes a joint
operation.
In 2023 the Group had a few purchase and sale
transactions with Pleco Therapeutics. The sales are
related to billed strategic advice for an amount of \u20ac500
thousand (see
note 3\ue0012
) and the purchases are for
product development related services regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2,216 thousand. At 31 December 2023 the
outstanding commitment is \u20ac5,484 thousand (\u20ac7,700
thousand - \u20ac2,216 thousand).
Optional convertible loan
On 13 December 2021, the Group entered into a
collaboration with Vaneltix Pharma, Inc. (a related party
of Hyloris) for the development and commercialisation
of Alenura
TM
as \ufb01rst-line drug treatment for acute pain
in interstitial cystitis /bladder pain syndrome (IC/BPS).
Under the terms of the agreement, the Group granted a
6% interest bearing loan of $500 thousand.
The initial above agreement included a reimbursement
at the earliest of i) 31 December 2023 or ii) sale of equity
or other equity-linked instruments by the Borrower to
una\ufb03liated third parties for \ufb01nancing purposes for an
amount of at least $5 million (the \u201cCapital Increase\u201d).
A loan amendment dated 17 October 2023 extended
the reimbursement date from 31 December 2023 to 31
August 2024. In case of a capital increase on or prior to
the reimbursement of the Loan in full, Hyloris shall have
the option to convert the entire principal amount of the
loan and all interest accrued into shares. Also under the
terms of the agreement, the Group will provide staged
investments of in total maximum $ 6,700 thousand for
Phase 2, manufacturing and regulatory related activities
(see
note 28\ue0012
) upon which $4,700 thousand has already
been provided.
In 2023, Hyloris incurred 2,744 thousand of R&D
expenses.
Management identi\ufb01ed Vaneltix Pharma, Inc as a related
party of Hyloris (see
note 28\ue0012
).API
A loan to API of of \u20ac633 thousand is granted by Hyloris
to API, carrying a 0.1% interest per year. This loan is
presented as non-current. When the royalties (or other
payments) of 3 product candidates, or any other product
parties may develop together in the future, exceed $200
thousand in a calendar year then the amount exceeding
$200 thousand will be used to repay the loan. Hyloris
can then withhold this amount from royalty payments.
The loan has been measured at FVTPL using an interest
market rate and appropriate credit risk resulting in the
recognition of a loss of \u20ac173 thousand recognized as
\ufb01nancial expenses in 2023. For comparative information,
the \ufb01nancial expense in 2022 was \u20ac167 thousand. The
decrease of the fair value in comparison with 2022 is
due to the increase of the discount rate and the changed
assessment of term of the loan (6 years vs 3 years) and
the unrealized FX di\ufb00erence impact (\u20ac30 thousand).
The reimbursement of the loan is depending on the
success of the product candidates being developed by
the Group and not depending on any action from the
counterparty. The discount rate has been determined
by using the market rate and the company risk premium
(see
note 4\ue0011
). A sensitivity analysis shows that when
the year of reimbursement di\ufb00ers 1 year earlier or later
than the estimated calendar year of reimbursement,
the fair value increases with \u20ac37 thousand or decreases
with \u20ac34 thousand. When the discount rate increases or
decreases with 1%, the fair value of the loan decreases
with 6% \u20ac20 thousand or increases with \u20ac21 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8221": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n\n\u00a0\u00a0\u00a0\u00a0\n \n
IFRS 9 Category
Input Level
(in \u20ac thousand)
December
December 31,
31, 2023
2022 Restated
*
Investment in Pleco (
note 10
) (non current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (
note 10
)
At amortised cost
499
469
Loan to API (
note 11
)
FVTPL
3
317
490
Trade receivables (
note 11
)
At amortised cost
2,970
3,527
Cash and cash equivalents
At amortised cost
30,406
33,457
Other investment, including derivatives \u2013 Deposits (
note 10
)
At amortised cost
-
10,000
Total \ufb01nancial assets
35,192
48,943
Borrowings (
note 15\ue0011
)
At amortised cost
1,750
885
Other \ufb01nancial liabilities (
note 15\ue0012
)
At amortised cost
3,543
3,512
Trade and other liabilities (
note 16
)
3,195
2,352
Trade payables
At amortised cost
3,195
2,302
Derivative
FVTPL
2
-
52
Total \ufb01nancial liabilities
1
8,488
6,749
\n
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities (deferred
income and employee bene\ufb01t liabilities)
that are not \ufb01nancial assets / liabilities
are not included
*
See note 31 regarding restated information
The table above summarizes all \ufb01nancial instruments
by category in accordance with IFRS 9. The fair value
of the \ufb01nancial instruments measured at fair value are
determined as follows:
Investment in Pleco: The investment is designated at
FVOCI because it\u2019s not held for trading and it\u2019s kept for
its expected future return on investment. Considering
that Pleco is in the development phase of its product
candidates and does not generate revenue yet, the
cost of the investment at transaction date has been
considered as an appropriate estimate of the fair
value as per December 31, 2022 and 2023. In 2023
and 2022 there is no reason to adjust the fair value of
this investment as the current development program
is in line with the assumptions of the initial plan, and
discussions with regulatory authorities do not indicate
any signi\ufb01cant hurdles at this stage.
Loan to API:
Discounted cash \ufb02ows: the valuation model
considers the present value of expected payments,
discounted using the market rate and a company risk
premium at the reporting date. The assumption is that
the loan will be o\ufb00set by royalties on product candidates
in 2029. The change compared to last year is mainly due
to the assumption that the o\ufb00set of the loan will happen
in 2029 instead of 2024 and that the determination of
the fair value was impacted by a change in the risk-
adjusted rate from 10.71% to 11.6%.
FX forward contracts: Forward pricing: the fair value
is determined using the spot FX exchange rates at the
reporting date and FX forward price in the contract.
There are no outstanding FX forward contracts at
December 31, 2023.
The Company considers that the carrying amounts of
\ufb01nancial assets and \ufb01nancial liabilities measured at
amortized cost in the consolidated \ufb01nancial statements
approximate their fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8474": { "value": "4.2
FINANCIAL RISK FACTORS
The Group\u2019s activities expose it to a variety of \ufb01nancial
risks: market risk (including currency risk, interest rate
risk, and price risk), credit risk and liquidity risk. There
have been no changes in the risk management since last
year-end or in any risk management policies.
4.3
FOREIGN EXCHANGE RISK
The Company is currently exposed to foreign currency
risk, mainly relating to positions held in USD.
The exposure to exchange di\ufb00erences of the monetary
assets and monetary liabilities of the Group at the end
of the reporting period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
December 31,
December 31,
\u00a0
2023
2022* restated
Assets
3,466
4,153
Liabilities
(817)
(1,078)
\n
See note 31.3: restatement of the API loan
If the EUR had strengthened/weakened 1% against the
USD with all other variables held constant, the impact on
the consolidated statement of comprehensive income
would have been - \u20ac24 thousand and +\u20ac24 thousand
respectively. Comparative information for 2022: if the
EUR had strengthened/weakened 1% against the USD
with all other variables held constant, the impact on
the consolidated statement of comprehensive income
would have been - \u20ac29 thousand and + \u20ac29 thousand
respectively.
By default, the company uses natural hedging by
matching the foreign currency-denominated revenues
with the foreign currency-denominated expenses. This
approach relies on the fact that when the company
generates revenues and incurs expenses in the same
currency, \ufb02uctuations in exchange rates have less
impact on the overall \ufb01nancial position.
The Group could as well use derivative \ufb01nancial
instruments to manage its exposure to the U.S. Dollar
arising from operational activities in the form of cash
\ufb02ow hedges. This exposure is hedged with foreign
exchange forward contracts. At the end of 2023 there
are no outstanding foreign exchange forward contracts
4.4
INTEREST RATE RISK
The Company is currently not exposed to signi\ufb01cant
interest rate risk as the interest-bearing \ufb01nancial
liabilities and assets bear a \ufb01xed interest rate, which are
not subject to revision.
4.5
CREDIT RISK
Credit risk arises from cash and cash equivalents,
short-term bank deposits, as well as credit exposure of
collaboration partners. Credit risk refers to the risks that
counterparty will default on its contractual obligations
resulting in \ufb01nancial loss to the Company.
At the end of 2023, the Company operated with about
10 di\ufb00erent customers spread over the world (U.S.,
Europe and South-Asia). As a result, there is credit risk
that is characterized by uncertainty in reimbursement
value, delays in payment, and ultimately non-payment.
This could potentially impact the Company\u2019s revenue
recognition and cash collections.
For each customer, annually, the \ufb01nancial department
reviews and sets a credit limit based on key \ufb01nancial
criteria, geographical area, nature of the business and
historical relationship.
We sort our customers into groups which will help to
identify patterns and establish a risk pro\ufb01le. Usually,
the credit risk related to milestones, royalties and pro\ufb01t
share payment fall in one speci\ufb01c group which may
lead to o\ufb00er extended payments terms due to pro\ufb01le
of the customers, the nature of the business whereas
the credit risk related to other activities like services
are classi\ufb01ed di\ufb00erently, and are regularly and closely
monitored.
Trade accounts receivable amounted to \u20ac2,970 million
as of December 31, 2023, and no allowance for expected
credit loss was recorded in 2023, neither the last years.
Customer\u2019s compliance with agreed credit terms is
regularly and closely monitored. The payment terms to
our partner AFT are extended and exceed 12 months
for the speci\ufb01c transactions (see
note 11
). The current
trade receivables exposure with AFT amounted to
\u20ac2,124 million at the end of 2023. This amount has been
reduced in \ufb01rst quarter 2024 with payments of \u20ac495
thousand leading to reduce the AFT\u2019s trade receivables
to \u20ac1,629 thousand. In April 2024 AFT paid the
outstanding receivable for an amount of \u20ac921 thousand.
The remaining unpaid part is paid in the second quarter
of 2024.
The average debtor\u2019s payment period is 30 days after
invoice date. To measure the expected credit losses,
trade receivables have been grouped based on credit
risk characteristics and the days past due. In assessing
the credit risk characteristics, the Company takes into
account any indicators of impairment up until the
reporting date, and it applies a pragmatic approach that
is consistent with the de\ufb01nition used for internal credit
risk management purposes. Given the high quality of
our customers the loss allowance provision at year-end
is zero. It is the management opinion that at the above
reporting date no further provision for doubtful debts
was required.
Cash and cash equivalents and current \ufb01nancial assets
are invested with several highly reputable banks
and \ufb01nancial institutions. The \ufb01nancial institutions
have credit ratings varying from A to AA- and are
consequently considered as low credit risk.
4.6
LIQUIDITY RISK
The Company\u2019s main sources of cash in\ufb02ows are
currently obtained through capital increases and
revenues. See
Note 14.2 Capital Management
. The
liquidity risk for the Group arises from the \ufb01nancial
liabilities but also from commitments and liquidities
required to be able to develop product candidates.
The following table details the Company\u2019s remaining
contractual maturity of its \ufb01nancial liabilities with agreed
repayment periods. The tables have been drawn up
based on the undiscounted cash \ufb02ows of \ufb01nancial
liabilities based on the earliest date on which the
Company can be required to pay. The tables include
both interest and principal cash \ufb02ows. In Other \ufb01nancial
liabilities the liability to Purna Female Healthcare of
\u20ac3M (see
note 9
) is payable upon achievement of
development milestones, for which \u20ac1.5 million is
after the completion of the dose \ufb01nding study which
is expected in Q3 2024 and the other \u20ac1.5 million is
after the process validation report and completion of
enrollment of the phase 3 studies.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31/12/2023
Within one
>1 and <5
>5 and <10
>10 years
Total
(In \u20ac thousand)
year
years
years
\u00a0 \u00a0
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease liabilities
241
871
639
\u00a0
1,751
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
3,200
344
\u00a0 \u00a0
3,544
Trade and other liabilities
3,318
\u00a0 \u00a0 \u00a0
3,318
Total
6,759
1,215
639
\u00a0
8,613
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31/12/2022
Within one
>1 and <5
>5 and <10
>10 years
Total
(In \u20ac thousand)
year
years
years
\u00a0 \u00a0
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease liabilities
138
492
255
\u00a0
885
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans from shareholders
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
3,212
300
\u00a0 \u00a0
3,512
Trade and other liabilities
2,422
\u00a0 \u00a0 \u00a0
2,422
Total
5,772
792
255
\u00a0
6,819
\n
4.7
MARKET RISK
Market risk is the risk that changes in equity prices
will a\ufb00ect the Group\u2019s income or the value of its
holdings of \ufb01nancial instruments. The objective of
market risk management is to manage and control
market risk exposures within acceptable parameters,
while optimizing the return. The primary goal of the
Group\u2019s investment in equity securities is to hold the
investments for the long term for strategic purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8483": { "value": "4.3
FOREIGN EXCHANGE RISK
The Company is currently exposed to foreign currency
risk, mainly relating to positions held in USD.
The exposure to exchange di\ufb00erences of the monetary
assets and monetary liabilities of the Group at the end
of the reporting period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
December 31,
December 31,
\u00a0
2023
2022* restated
Assets
3,466
4,153
Liabilities
(817)
(1,078)
\n
See note 31.3: restatement of the API loan
If the EUR had strengthened/weakened 1% against the
USD with all other variables held constant, the impact on
the consolidated statement of comprehensive income
would have been - \u20ac24 thousand and +\u20ac24 thousand
respectively. Comparative information for 2022: if the
EUR had strengthened/weakened 1% against the USD
with all other variables held constant, the impact on
the consolidated statement of comprehensive income
would have been - \u20ac29 thousand and + \u20ac29 thousand
respectively.
By default, the company uses natural hedging by
matching the foreign currency-denominated revenues
with the foreign currency-denominated expenses. This
approach relies on the fact that when the company
generates revenues and incurs expenses in the same
currency, \ufb02uctuations in exchange rates have less
impact on the overall \ufb01nancial position.
The Group could as well use derivative \ufb01nancial
instruments to manage its exposure to the U.S. Dollar
arising from operational activities in the form of cash
\ufb02ow hedges. This exposure is hedged with foreign
exchange forward contracts. At the end of 2023 there
are no outstanding foreign exchange forward contracts ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8554": { "value": "4.5
CREDIT RISK
Credit risk arises from cash and cash equivalents,
short-term bank deposits, as well as credit exposure of
collaboration partners. Credit risk refers to the risks that
counterparty will default on its contractual obligations
resulting in \ufb01nancial loss to the Company.
At the end of 2023, the Company operated with about
10 di\ufb00erent customers spread over the world (U.S.,
Europe and South-Asia). As a result, there is credit risk
that is characterized by uncertainty in reimbursement
value, delays in payment, and ultimately non-payment.
This could potentially impact the Company\u2019s revenue
recognition and cash collections.
For each customer, annually, the \ufb01nancial department
reviews and sets a credit limit based on key \ufb01nancial
criteria, geographical area, nature of the business and
historical relationship.
We sort our customers into groups which will help to
identify patterns and establish a risk pro\ufb01le. Usually,
the credit risk related to milestones, royalties and pro\ufb01t
share payment fall in one speci\ufb01c group which may
lead to o\ufb00er extended payments terms due to pro\ufb01le
of the customers, the nature of the business whereas
the credit risk related to other activities like services
are classi\ufb01ed di\ufb00erently, and are regularly and closely
monitored.
Trade accounts receivable amounted to \u20ac2,970 million
as of December 31, 2023, and no allowance for expected
credit loss was recorded in 2023, neither the last years.
Customer\u2019s compliance with agreed credit terms is
regularly and closely monitored. The payment terms to
our partner AFT are extended and exceed 12 months
for the speci\ufb01c transactions (see
note 11
). The current
trade receivables exposure with AFT amounted to
\u20ac2,124 million at the end of 2023. This amount has been
reduced in \ufb01rst quarter 2024 with payments of \u20ac495
thousand leading to reduce the AFT\u2019s trade receivables
to \u20ac1,629 thousand. In April 2024 AFT paid the
outstanding receivable for an amount of \u20ac921 thousand.
The remaining unpaid part is paid in the second quarter
of 2024.
The average debtor\u2019s payment period is 30 days after
invoice date. To measure the expected credit losses,
trade receivables have been grouped based on credit
risk characteristics and the days past due. In assessing
the credit risk characteristics, the Company takes into
account any indicators of impairment up until the
reporting date, and it applies a pragmatic approach that
is consistent with the de\ufb01nition used for internal credit
risk management purposes. Given the high quality of
our customers the loss allowance provision at year-end
is zero. It is the management opinion that at the above
reporting date no further provision for doubtful debts
was required.
Cash and cash equivalents and current \ufb01nancial assets
are invested with several highly reputable banks
and \ufb01nancial institutions. The \ufb01nancial institutions
have credit ratings varying from A to AA- and are
consequently considered as low credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8638": { "value": "4.6
LIQUIDITY RISK
The Company\u2019s main sources of cash in\ufb02ows are
currently obtained through capital increases and
revenues. See
Note 14.2 Capital Management
. The
liquidity risk for the Group arises from the \ufb01nancial
liabilities but also from commitments and liquidities
required to be able to develop product candidates.
The following table details the Company\u2019s remaining
contractual maturity of its \ufb01nancial liabilities with agreed
repayment periods. The tables have been drawn up
based on the undiscounted cash \ufb02ows of \ufb01nancial
liabilities based on the earliest date on which the
Company can be required to pay. The tables include
both interest and principal cash \ufb02ows. In Other \ufb01nancial
liabilities the liability to Purna Female Healthcare of
\u20ac3M (see
note 9
) is payable upon achievement of
development milestones, for which \u20ac1.5 million is
after the completion of the dose \ufb01nding study which
is expected in Q3 2024 and the other \u20ac1.5 million is
after the process validation report and completion of
enrollment of the phase 3 studies.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31/12/2023
Within one
>1 and <5
>5 and <10
>10 years
Total
(In \u20ac thousand)
year
years
years
\u00a0 \u00a0
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease liabilities
241
871
639
\u00a0
1,751
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
3,200
344
\u00a0 \u00a0
3,544
Trade and other liabilities
3,318
\u00a0 \u00a0 \u00a0
3,318
Total
6,759
1,215
639
\u00a0
8,613
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31/12/2022
Within one
>1 and <5
>5 and <10
>10 years
Total
(In \u20ac thousand)
year
years
years
\u00a0 \u00a0
Borrowings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Lease liabilities
138
492
255
\u00a0
885
Other \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans from shareholders
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other \ufb01nancial liabilities
3,212
300
\u00a0 \u00a0
3,512
Trade and other liabilities
2,422
\u00a0 \u00a0 \u00a0
2,422
Total
5,772
792
255
\u00a0
6,819
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8871": { "value": "4.7
MARKET RISK
Market risk is the risk that changes in equity prices
will a\ufb00ect the Group\u2019s income or the value of its
holdings of \ufb01nancial instruments. The objective of
market risk management is to manage and control
market risk exposures within acceptable parameters,
while optimizing the return. The primary goal of the
Group\u2019s investment in equity securities is to hold the
investments for the long term for strategic purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8886": { "value": "5. OPERATING SEGMENTS
The chief operating decision maker (CODM) of the
Company is the Board of Directors. The CODM reviews
the operating results and operating plans, and makes
resource allocation decisions on a company-wide basis;
therefore, the Group operates as one segment.
According to IFRS 8, reportable operating segments are
identi\ufb01ed based on the \u201cmanagement approach\u201d. This
approach stipulates external segment reporting based
on the Group\u2019s internal organizational and management
structure and on internal \ufb01nancial reporting to the chief
operating decision maker.
The \ufb01nancial information is organized and reported
to CODM under one management reporting covering
all activities of the Company. There is no speci\ufb01c
component in the \ufb01nancial information that would
as such represent a speci\ufb01c operating segment.
Information reported to the CODM is aggregated and
comprises all activities of the Company. The Group\u2019s
activities are managed and operated in one segment,
pharmaceuticals. Strategic decision and resources
allocation are made at the Company level by the CODM.
Total revenue represents an amount of \u20ac2,1 million.
The revenue relates to royalties for \u20ac1,9 million for
Sotalol IV, Maxigesic IV and Padagis/Podo\ufb01lox gel,
out-license agreements that provide a right to use for
\u20ac104 thousand and milestone billings to PFH for \u20ac54
thousand. In 2022 the revenue related to royalties is
\u20ac885 thousand for Sotalol IV and Maxigesic IV, and an
out-license agreement that provides a right to use for
\u20ac15 thousand.
In 2023 there are 3 customers individually exceeding
10% of total revenues: client A for an amount of \u20ac804
thousand, client B for an amount of \u20ac881 thousand and
client C for an amount of \u20ac244 thousand.
Those 3 customers are representing 92% of the total
recognized revenues.
In 2022 there were 2 customers individually exceeding
10% of total revenues: client A for an amount of \u20ac190
thousand and client B for an amount of \u20ac695 thousand,
representing 98% of the total revenues.
In \u20ac thousand
2023
2022
Royalties
1,929
885
Out-license agreements
104
15
Milestones
54
-
Total revenues
2,087
900
\n
In the revenue recognition there are no material
contingencies nor amounts which are subject to
signi\ufb01cant estimation uncertainty. In some cases, the
payment terms extended to our partners such as
AFT, which have a low liquidity risk pro\ufb01le, exceed 12
months. See
Note 11
for trade receivables.
5.1
GEOGRAPHICAL INFORMATION
Revenues reported in the consolidated statement of
pro\ufb01t or loss and other comprehensive income are
mainly generated in the United States: \u20ac1,125 thousand.
Non-current assets recorded in the consolidated
statement of \ufb01nancial position are mainly located in
Belgium, the country of domicile of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8996": { "value": "6. LIST OF CONSOLIDATED COMPANIES AS AT DECEMBER 31, 2023
Company name
Company number
Location
% \ufb01nancial interest
Hyloris Pharmaceuticals SA
BE 0674.494.151
Blvd Patience et Beaujonc N\u00b03/1, 4000 Li\u00e8ge
Parent
Hyloris Developments SA
BE 0542.737.368
Blvd Patience et Beaujonc N\u00b03/1, 4000 Li\u00e8ge
99.99%
Hyloris Supply SA
BE 0669.738.676
Blvd Patience et Beaujonc N\u00b03/1, 4000 Li\u00e8ge
100.00%
Dermax SA
BE 0667.730.677
Blvd Patience et Beaujonc N\u00b03/1, 4000 Li\u00e8ge
100.00%
\nThe voting rights equal the percentage of \ufb01nancial interest held.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9047": { "value": "7. INTANGIBLE ASSETS
(in \u20ac thousand)
Development costs
Assets Purchase
License fees
Prepayments
Total
Year ended December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying amount
1,678
685
1,125
119
3,607
Additions
325
\u00a0 \u00a0 \u00a0
325
R&D Tax Credit
(11)
\u00a0 \u00a0 \u00a0
(11)
Disposals
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Reclassi\ufb01cation
119
\u00a0 \u00a0
(119)
-
Amortisation expense
(50)
(43)
\u00a0 \u00a0
(93)
Impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Closing carrying amount
2,061
642
1,125
-
3,828
At December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost
2,640
4,247
1,148
\u00a0
8,036
Accumulated amortisation and impairment
(580)
(3,605)
(23)
-
(4,208)
Carrying amount
2,061
642
1,125
-
3,828
(in \u20ac thousand)
Development Costs
Assets Purchase
License fees
Prepayments
Total
Year ended December 31, 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying amount
1,090
729
1,125
\u00a0
2,944
Additions
660
\u00a0 \u00a0
119
779
R&D Tax Credit
(22)
\u00a0 \u00a0 \u00a0
(22)
Disposals
\u00a0 \u00a0 \u00a0 \u00a0
-
Amortisation expense
(50)
(44)
\u00a0 \u00a0
(94)
Impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Closing carrying amount
1,678
685
1,125
119
3,607
At December 31, 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost
2,208
4,247
1,148
119
7,722
Accumulated amortisation and impairment
(530)
(3,561)
(23)
\u00a0
(4,115)
Carrying amount
1,678
685
1,125
119
3,607
\n
In 2023, the Company acquired intangible assets for
a total of \u20ac325 thousand, of which (i) \u20ac74 thousand
related to the development costs of product-candidate
Maxigesic\u00ae IV and (ii) \u20ac249 thousand related to the
development costs of HY-078.
Grouping of intangible assets of a similar nature and use:
\u2022
Capitalized development costs: external incurred
development costs. Sotalol IV, Podo\ufb01lox gel, HY-039
and HY-078.
\u2022
Assets purchase: acquisitions of intangibles
containing pharmaceutical development data,
development analysis for clinical study and
intellectual property rights. Used for Maxigesic\u00ae IV,
Tranexamic Acid Mouth Rinse and HY-075.
\u2022
License fees: fees used in in-licensing agreements.
For HY-029, Atomoxetine, Metolazone IV, Dofetilide
IV, Aspirin IV U.S., HY-074, HY-076 and Milrinone.
The 4 largest product or product candidates in terms of
intangible assets are Maxigesic\u00ae IV (carrying amount:
\u20ac1,188 thousand), Podo\ufb01lox gel (carrying amount: \u20ac632
thousand), Aspirine IV U.S. (carrying amount: \u20ac623
thousand) and Tranexamic Acid Mouth Rinse (carrying
amount: \u20ac433 thousand). Only for Maxigesic\u00ae IV, the
intangible assets are amortised. Since the commercial
sales for Podo\ufb01lox gel is launched in mid December
2023, the amortization will start in 2024.
The intangible assets are not amortised until the
moment they are available for use as intended by
management, i.e. ready for commercialisation. The
company is amortizing since 2014 the development
costs of Sotalol IV, an asset for which regulatory
approval had been obtained. The development costs
of Sotalol IV have a remaining useful life of 1 year. In
2022 the Company has started the amortisation of
the development costs of Maxigesic\u00ae IV for the 38
countries outside the United States of America where
market approval is obtained. In 2024 when the product
is available for use in the United States of America the
amortisation will start for that market as well.
The amortisation expenses are included in \u201cCost
of sales\u201d in the consolidated statement of pro\ufb01t or
loss and other comprehensive income. The applied
amortisatization rate for all classes of assets is 10%.
As long as the assets are not fully amortised, they are
tested for impairment if speci\ufb01c indicators are identi\ufb01ed.
Intangible assets under construction are tested for
impairment on an annual basis. The impairment test
conducted is performed by product by estimating the
recoverable amount. The recoverable amount of the
product is estimated based on the forecasted future
cash \ufb02ows discounted to their present value using
a pre-tax discount rate that re\ufb02ects current market
assessments of the time value of money and the risks
speci\ufb01c to the asset. The time horizon used for the
impairment testing is based on the period during which
the Company expects to generate cash \ufb02ows from the
project, which period does not exceed 10 years in the
management estimates.
Based on the impairment tests conducted at year-end,
the recoverable amount of the di\ufb00erent products was
estimated to be higher than their carrying amount and
no impairment was required. The main assumptions
used are the discount rate and the success of market
penetration. As de\ufb01ned in
Note 2\ue0018
, the discount rate
re\ufb02ecting current market assessments of the time value
of money and the risks speci\ufb01c to the asset, and which
was used for the impairment test, is estimated at 11.85%
(was 11.26% in 2022).
The main input that lead to a discount rate of 11.85%
are:
\u2022
a risk free rate of 2.58% corresponding to the 10-
year OLO rate as of December 31, 2023 (3.18% last
year)
\u2022
a beta factor of 0.96 (1.24 last year)
\u2022
a market risk rate of 2.77% (2.07% last year);
\u2022
a Company speci\ufb01c risk premium of 6.60% (no
change compared to last year)
\u2022
a cost of debt before tax of 6% (no change
compared to 2022)
We tested the sensitivity analysis of the impairment
tests by increasing the discount rate by 4%, leading the
discount rate to 15.85%. We cumulatively decreased the
success of market penetration up to 40%, leading the
success to 60% and 20% respectively for the commercial
products and product in developments. None of these
changes to assumptions resulted in an impairment loss.
No intangible assets have been pledged in the context of
\ufb01nancial liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9048": { "value": "7. INTANGIBLE ASSETS
(in \u20ac thousand)
Development costs
Assets Purchase
License fees
Prepayments
Total
Year ended December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying amount
1,678
685
1,125
119
3,607
Additions
325
\u00a0 \u00a0 \u00a0
325
R&D Tax Credit
(11)
\u00a0 \u00a0 \u00a0
(11)
Disposals
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Reclassi\ufb01cation
119
\u00a0 \u00a0
(119)
-
Amortisation expense
(50)
(43)
\u00a0 \u00a0
(93)
Impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Closing carrying amount
2,061
642
1,125
-
3,828
At December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost
2,640
4,247
1,148
\u00a0
8,036
Accumulated amortisation and impairment
(580)
(3,605)
(23)
-
(4,208)
Carrying amount
2,061
642
1,125
-
3,828
(in \u20ac thousand)
Development Costs
Assets Purchase
License fees
Prepayments
Total
Year ended December 31, 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying amount
1,090
729
1,125
\u00a0
2,944
Additions
660
\u00a0 \u00a0
119
779
R&D Tax Credit
(22)
\u00a0 \u00a0 \u00a0
(22)
Disposals
\u00a0 \u00a0 \u00a0 \u00a0
-
Amortisation expense
(50)
(44)
\u00a0 \u00a0
(94)
Impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Closing carrying amount
1,678
685
1,125
119
3,607
At December 31, 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost
2,208
4,247
1,148
119
7,722
Accumulated amortisation and impairment
(530)
(3,561)
(23)
\u00a0
(4,115)
Carrying amount
1,678
685
1,125
119
3,607
\n
In 2023, the Company acquired intangible assets for
a total of \u20ac325 thousand, of which (i) \u20ac74 thousand
related to the development costs of product-candidate
Maxigesic\u00ae IV and (ii) \u20ac249 thousand related to the
development costs of HY-078.
Grouping of intangible assets of a similar nature and use:
\u2022
Capitalized development costs: external incurred
development costs. Sotalol IV, Podo\ufb01lox gel, HY-039
and HY-078.
\u2022
Assets purchase: acquisitions of intangibles
containing pharmaceutical development data,
development analysis for clinical study and
intellectual property rights. Used for Maxigesic\u00ae IV,
Tranexamic Acid Mouth Rinse and HY-075.
\u2022
License fees: fees used in in-licensing agreements.
For HY-029, Atomoxetine, Metolazone IV, Dofetilide
IV, Aspirin IV U.S., HY-074, HY-076 and Milrinone.
The 4 largest product or product candidates in terms of
intangible assets are Maxigesic\u00ae IV (carrying amount:
\u20ac1,188 thousand), Podo\ufb01lox gel (carrying amount: \u20ac632
thousand), Aspirine IV U.S. (carrying amount: \u20ac623
thousand) and Tranexamic Acid Mouth Rinse (carrying
amount: \u20ac433 thousand). Only for Maxigesic\u00ae IV, the
intangible assets are amortised. Since the commercial
sales for Podo\ufb01lox gel is launched in mid December
2023, the amortization will start in 2024.
The intangible assets are not amortised until the
moment they are available for use as intended by
management, i.e. ready for commercialisation. The
company is amortizing since 2014 the development
costs of Sotalol IV, an asset for which regulatory
approval had been obtained. The development costs
of Sotalol IV have a remaining useful life of 1 year. In
2022 the Company has started the amortisation of
the development costs of Maxigesic\u00ae IV for the 38
countries outside the United States of America where
market approval is obtained. In 2024 when the product
is available for use in the United States of America the
amortisation will start for that market as well.
The amortisation expenses are included in \u201cCost
of sales\u201d in the consolidated statement of pro\ufb01t or
loss and other comprehensive income. The applied
amortisatization rate for all classes of assets is 10%.
As long as the assets are not fully amortised, they are
tested for impairment if speci\ufb01c indicators are identi\ufb01ed.
Intangible assets under construction are tested for
impairment on an annual basis. The impairment test
conducted is performed by product by estimating the
recoverable amount. The recoverable amount of the
product is estimated based on the forecasted future
cash \ufb02ows discounted to their present value using
a pre-tax discount rate that re\ufb02ects current market
assessments of the time value of money and the risks
speci\ufb01c to the asset. The time horizon used for the
impairment testing is based on the period during which
the Company expects to generate cash \ufb02ows from the
project, which period does not exceed 10 years in the
management estimates.
Based on the impairment tests conducted at year-end,
the recoverable amount of the di\ufb00erent products was
estimated to be higher than their carrying amount and
no impairment was required. The main assumptions
used are the discount rate and the success of market
penetration. As de\ufb01ned in
Note 2\ue0018
, the discount rate
re\ufb02ecting current market assessments of the time value
of money and the risks speci\ufb01c to the asset, and which
was used for the impairment test, is estimated at 11.85%
(was 11.26% in 2022).
The main input that lead to a discount rate of 11.85%
are:
\u2022
a risk free rate of 2.58% corresponding to the 10-
year OLO rate as of December 31, 2023 (3.18% last
year)
\u2022
a beta factor of 0.96 (1.24 last year)
\u2022
a market risk rate of 2.77% (2.07% last year);
\u2022
a Company speci\ufb01c risk premium of 6.60% (no
change compared to last year)
\u2022
a cost of debt before tax of 6% (no change
compared to 2022)
We tested the sensitivity analysis of the impairment
tests by increasing the discount rate by 4%, leading the
discount rate to 15.85%. We cumulatively decreased the
success of market penetration up to 40%, leading the
success to 60% and 20% respectively for the commercial
products and product in developments. None of these
changes to assumptions resulted in an impairment loss.
No intangible assets have been pledged in the context of
\ufb01nancial liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9051": { "value": "
(in \u20ac thousand)
Development costs
Assets Purchase
License fees
Prepayments
Total
Year ended December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying amount
1,678
685
1,125
119
3,607
Additions
325
\u00a0 \u00a0 \u00a0
325
R&D Tax Credit
(11)
\u00a0 \u00a0 \u00a0
(11)
Disposals
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Reclassi\ufb01cation
119
\u00a0 \u00a0
(119)
-
Amortisation expense
(50)
(43)
\u00a0 \u00a0
(93)
Impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Closing carrying amount
2,061
642
1,125
-
3,828
At December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost
2,640
4,247
1,148
\u00a0
8,036
Accumulated amortisation and impairment
(580)
(3,605)
(23)
-
(4,208)
Carrying amount
2,061
642
1,125
-
3,828
(in \u20ac thousand)
Development Costs
Assets Purchase
License fees
Prepayments
Total
Year ended December 31, 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying amount
1,090
729
1,125
\u00a0
2,944
Additions
660
\u00a0 \u00a0
119
779
R&D Tax Credit
(22)
\u00a0 \u00a0 \u00a0
(22)
Disposals
\u00a0 \u00a0 \u00a0 \u00a0
-
Amortisation expense
(50)
(44)
\u00a0 \u00a0
(94)
Impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Closing carrying amount
1,678
685
1,125
119
3,607
At December 31, 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cost
2,208
4,247
1,148
119
7,722
Accumulated amortisation and impairment
(530)
(3,561)
(23)
\u00a0
(4,115)
Carrying amount
1,678
685
1,125
119
3,607
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
Land and buildings
Vehicles and equipment
Total
Year ended December 31, 2023
\u00a0 \u00a0 \u00a0
Opening carrying amount
809
76
885
Additions
822
211
1,033
Depreciation expense
(145)
(49)
(194)
Closing carrying amount
1,486
238
1,724
At December 31, 2023
\u00a0 \u00a0 \u00a0
Cost
1,647
395
2,284
Accumulated depreciation and impairment
(161)
(157)
(560)
Carrying amount
1,486
238
1,724
Year ended December 31, 2022
\u00a0 \u00a0 \u00a0
Opening carrying amount
102
71
173
Additions
825
32
857
Depreciation expense
(44)
(27)
(71)
Disposals
(75)
-
(75)
Closing carrying amount
809
76
885
At December 31, 2022
\u00a0 \u00a0 \u00a0
Cost
825
184
1,251
Accumulated depreciation and impairment
(16)
(109)
(367)
Carrying amount
809
76
885
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9473": { "value": "8. RIGHT-OF-USE ASSETS \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
Land and buildings
Vehicles and equipment
Total
Year ended December 31, 2023
\u00a0 \u00a0 \u00a0
Opening carrying amount
809
76
885
Additions
822
211
1,033
Depreciation expense
(145)
(49)
(194)
Closing carrying amount
1,486
238
1,724
At December 31, 2023
\u00a0 \u00a0 \u00a0
Cost
1,647
395
2,284
Accumulated depreciation and impairment
(161)
(157)
(560)
Carrying amount
1,486
238
1,724
Year ended December 31, 2022
\u00a0 \u00a0 \u00a0
Opening carrying amount
102
71
173
Additions
825
32
857
Depreciation expense
(44)
(27)
(71)
Disposals
(75)
-
(75)
Closing carrying amount
809
76
885
At December 31, 2022
\u00a0 \u00a0 \u00a0
Cost
825
184
1,251
Accumulated depreciation and impairment
(16)
(109)
(367)
Carrying amount
809
76
885
\n
The depreciation expenses are all presented as \u201cGeneral
and administrative expenses\u201d.
The Group leases its headquarter building and all
company cars. In 2023 the Group started with a new
lease contract for the labs. The contracts do not include
any purchase options. The lease term considered for the
building is 9 years, while for the company cars the lease
term ranges between 4 and 5 years.
The Group has lease contracts that include termination
options. These options are negotiated by management
to provide \ufb02exibility in managing the leased assets
and align with the Group\u2019s business needs. In the
lease contracts there are extension options. The lease
contracts for the building and the lab will be tacitly
renewed, at its end, for periods of one year unless
notice given by one of the parties by registered letter
sent month 6 before the current contractual expiry or
renunciation accepted, expressly and in writing, by the
other party.
The Group signed a lease contract for equipment in the
lab which commences in February 2024. The total cash
\ufb02ow for the period of 3 years is \u20ac153 thousand.
The amounts recognized in pro\ufb01t or loss can be
summarized as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
2023
2022
Depreciation expense of right-of-use
(194)
(71)
assets
\u00a0 \u00a0
Interest expense on lease liabilities
(52)
(10)
Total amount recognized in pro\ufb01t or
(220)
(83)
loss
\u00a0 \u00a0
of which as:
\u00a0 \u00a0
General and administrative expenses
(168)
(73)
(note 19)
\u00a0 \u00a0
Financial expenses (note 22)
(52)
(10)
\n15.1
BORROWINGS
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Lease liabilities
1,751
885
Total borrowings
1,751
885
of which as:
Non-current borrowings
1,510
747
Current borrowings
241
138
For more details on the leases, we refer to
note 8
on
\u201cRight-of-use assets\u201d.
The main increase in the lease liabilities is mainly due
to the leasing of the new lab which is in use since June
2023.
The weighted average incremental borrowing rate used
for the measurement of the lease liabilities is 3.95%. The
incremental borrowing costs for the cars is in a range
between 1.6% and 3.12%. The Group is not subject to
\ufb01nancial covenants. The underlying leased assets act as
pledge in the context of the lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9474": { "value": "8. RIGHT-OF-USE ASSETS \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
Land and buildings
Vehicles and equipment
Total
Year ended December 31, 2023
\u00a0 \u00a0 \u00a0
Opening carrying amount
809
76
885
Additions
822
211
1,033
Depreciation expense
(145)
(49)
(194)
Closing carrying amount
1,486
238
1,724
At December 31, 2023
\u00a0 \u00a0 \u00a0
Cost
1,647
395
2,284
Accumulated depreciation and impairment
(161)
(157)
(560)
Carrying amount
1,486
238
1,724
Year ended December 31, 2022
\u00a0 \u00a0 \u00a0
Opening carrying amount
102
71
173
Additions
825
32
857
Depreciation expense
(44)
(27)
(71)
Disposals
(75)
-
(75)
Closing carrying amount
809
76
885
At December 31, 2022
\u00a0 \u00a0 \u00a0
Cost
825
184
1,251
Accumulated depreciation and impairment
(16)
(109)
(367)
Carrying amount
809
76
885
\n
The depreciation expenses are all presented as \u201cGeneral
and administrative expenses\u201d.
The Group leases its headquarter building and all
company cars. In 2023 the Group started with a new
lease contract for the labs. The contracts do not include
any purchase options. The lease term considered for the
building is 9 years, while for the company cars the lease
term ranges between 4 and 5 years.
The Group has lease contracts that include termination
options. These options are negotiated by management
to provide \ufb02exibility in managing the leased assets
and align with the Group\u2019s business needs. In the
lease contracts there are extension options. The lease
contracts for the building and the lab will be tacitly
renewed, at its end, for periods of one year unless
notice given by one of the parties by registered letter
sent month 6 before the current contractual expiry or
renunciation accepted, expressly and in writing, by the
other party.
The Group signed a lease contract for equipment in the
lab which commences in February 2024. The total cash
\ufb02ow for the period of 3 years is \u20ac153 thousand.
The amounts recognized in pro\ufb01t or loss can be
summarized as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
2023
2022
Depreciation expense of right-of-use
(194)
(71)
assets
\u00a0 \u00a0
Interest expense on lease liabilities
(52)
(10)
Total amount recognized in pro\ufb01t or
(220)
(83)
loss
\u00a0 \u00a0
of which as:
\u00a0 \u00a0
General and administrative expenses
(168)
(73)
(note 19)
\u00a0 \u00a0
Financial expenses (note 22)
(52)
(10)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9741": { "value": "9. EQUITY ACCOUNTED INVESTEES
On 5 February 2021, the Group entered into a
partnership with Purna Female Healthcare (\u201cPFH\u201d),
located in Belgium, a spin-o\ufb00 founded to develop
and commercialise Miconazole-Domiphen Bromide,
and which is accounted under the equity method of
accounting. At the acquisition date, the net assets of PFH
were limited to the available cash in the company, hence
no fair value adjustment has been identi\ufb01ed and as a
result a goodwill of 4,3 million is included in the carrying
amount which is justi\ufb01ed by the potential of the product
candidate. Hyloris committed to an investment of \u20ac4,270
thousand, of which \u20ac1,270 thousand is already paid at
acquisition date. The unpaid balance of \u20ac3,000 thousand
is recognized against a current \ufb01nancial liability for
\u20ac3,000 thousand (see
note 15\ue0012
).
Hyloris owns 20% of PFH (later payments will not result
in a higher percentage of ownership) and is eligible,
based on contractual variables driven by the pro\ufb01tability
of the company, to receive up to a maximum of 45%
and a minimum of 17.3% of the net pro\ufb01ts generated
by PFH. As long as there is no commercialization of the
product candidate, 20% presents the Group\u2019s economic
interest in PFH\u2019s net assets. Hence the future economic
interest of Hyloris in PFH will be changed and will be
driven by the pro\ufb01tability of the company.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
December 31,
December 31,
\u00a0
2023
2022
Opening carrying value
3,948
4,078
Pro\ufb01t or loss of the period
(147)
(130)
Carrying amount at
3,801
3,948
December 31
\u00a0\u00a0
\n
The following tables summarize the \ufb01nancial
information of PFH as included in its own \ufb01nancial
statements, adjusted for fair value and di\ufb00erences in
accounting policies, if needed. The negative results of
2021, 2022 and 2023 are in line with the estimated R&D
costs for this speci\ufb01c project. No other impairment
indicators are identi\ufb01ed. The table below is restated
for 2022 as the line Uncalled capital contribution was
presented in Amounts receivable within one year in
prior year \ufb01gures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
31-Dec-23
31-Dec-22
\u00a0\u00a0
Restated
FIXED ASSETS
\u00a0\u00a0
CURRENT ASSETS
834
1,495
Amounts receivable within one year
36
26
Cash at bank and in hand
798
1,469
TOTAL ASSETS
834
1,495
CAPITAL AND RESERVES
758
1,495
Capital
6,103
6,103
Uncalled capital contribution
(3,000)
(3,000)
Accumulated pro\ufb01ts (losses)
(2,345)
(1,608)
PROVISIONS AND DEFERRED TAXES
\u00a0\u00a0
CREDITORS
76
0,35
Amounts payable within one year
76
0,35
TOTAL LIABILITIES
834
1,495
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in \u20ac thousand)
2023
2022
Operating income
-
-
Operating charges
-737
-651
Services and other goods
-736
-649
Other operating charges (-)
-1
-2
Operating pro\ufb01t (loss)
-737
-651
Pro\ufb01t (Loss) for the period before
-737
-651
taxes (-)
\u00a0\u00a0
Pro\ufb01t (loss) for the period
-737
-651
available for appropriation
\u00a0\u00a0
Hyloris\u2019 % of interest
20
20
Pro\ufb01t (loss) for the period
-147
-130
available for appropriation (20%)
\u00a0\u00a0
\n
Reconciliation between (a) the 20% of rights to net
assets applied to PFH\u2019s equity/net assets and (b) the
carrying amount of Hyloris\u2019 interest in PFH:
(a) 20% of 4,200 shares: 840 shares
The total equity of PFH amounts to
\u20ac6,103 thousand
represented by 4,200 registered shares without
nominal value, of which 2,100 A1 shares, 1,260 A2
shares and 840 B shares (held by Hyloris).
Hyloris acquired 840 B shares. In exchange for the
840 B shares, Hyloris Pharmaceuticals (\u201cHyloris\u201d)
made a contribution in cash of \u20ac4,270 thousand,
which was paid-up immediately for an amount of
\u20ac1,270 thousand. The remaining \u20ac3,000 thousand
will need to be paid when certain milestones are
reached, \u20ac1,500 thousand after the completion
of the dose \ufb01nding study required for being able
to start a phase 3 study, expected in Q3 2024
and another \u20ac1,500 thousand after process the
validation report for 6 months stability data on
regristration batches and completion of enrollment
of the phase 3 studies (see
note 4\ue0016
).
(b) 3,801 thousand
Committed investment of Hyloris:
\u20ac4,270 thousand
- 20% of Retained earnings of PFH (loss): \u20ac469
thousand
= Hyloris\u2019 carrying amount in PFH:
\u20ac3,801 thousand
All shares are entitled to pro\ufb01t distribution. However,
the interest in the pro\ufb01ts is not necessarily equal to
the ownership interest and may vary depending on the
performance of PFH. Before a commercial launch no
dividends will be distributed. As of the point in time of
\n
a commercial launch pro\ufb01ts will be distributed to the
\n
shareholders according to the distribution mechanism
\n
set forth in the shareholder\u2019s agreement. When PFH is
\n
exactly reaching its net pro\ufb01t target established in the
\n
shareholder\u2019s agreement class B shares will be entitled
\n
to 20% and class A (A1 + A2) shares will be entitled to
\n
80% of the net pro\ufb01ts. If PFH does not reach its net
\n
pro\ufb01t target, a higher interest in these net pro\ufb01ts will
\n
be allocated to the Class B shares (preferential class).
\n
As such, the interest of the Class B shares in the net
\n
pro\ufb01ts may increase to 45%. On the other hand, if PFH
\n
exceeds its net pro\ufb01t target, Class A shareholders will be
\n
entitled to a higher interest in the net pro\ufb01ts (and Class
\n
B shareholders to a lower interest).
\n
Transactions with PFH
\n
In 2023 Hyloris invoiced PFH for a total amount of
\n
\u20ac55 thousand related to PIND/IND services (\u20ac45k) and
\n
CRO selection and quali\ufb01cation services (\u20ac9k)
\n
Vaneltix
\n
On 17 October 2023, the Group has subscribed to a
\n
capital increase of Vaneltix for an amount of $2 million
\n
in Vaneltix. The capital increase is against 4 fully paid
\n
and non-assessable shares of the Series D Preferred
\n
Stock of Vaneltix for $500 thousand. The 2 mio was
\n
provided to cover R&D costs and has been recognized as
\n
R&D expenses.
\n
The following tables summarize the \ufb01nancial
\n
information of Vaneltix as included in its own \ufb01nancial
\n
statements.
\n\n \n
(in \u20ac thousand)
31-Dec-23
FIXED ASSETS
6
CURRENT ASSETS
800
Amounts receivable within one year
271
Cash at bank and in hand
491
Prepayments
38
NON CURRENT ASSETS
126
Right-of-use assets
108
Other non current assets
18
TOTAL ASSETS
932
CAPITAL AND RESERVES
(3,243)
Capital
30,712
Accumulated pro\ufb01ts (losses)
(-33,955)
CURRENT LIABILITIES
3,394
Provisions
1,355
Creditors
2,039
NON CURRENT LIABILITIES
781
Creditors
781
TOTAL EQUITY + LIABILITIES
932
\n\n \n
(in \u20ac thousand)
2023
OPERATING INCOME
11
Licensing fees
11
OPERATING EXPENSES
1,832
Research and development
1,433
General and administrative
399
Operating pro\ufb01t (loss)
(1,821)
Other income and expenses, net
94
Pro\ufb01t (Loss) for the period before taxes (-)
(1,727)
Pro\ufb01t (loss) for the period available for appro
-
(1,727)
priation
\n
Transactions with Vaneltix
\n
In 2023 there were services provided to Vaneltix
for
\n
a total amount of \u20ac145 thousand. Under this strategic
\n
co-development agreement Hyloris provided R&D
\n
services in the course of 2023 for a total amount of \u20ac145
\n
thousand to Vaneltix. These services were cross-charged
\n
by Vaneltix since these are linked to the co-development
\n
agreement and are in scope of the Research and
\n
Development Expenses to be funded by Hyloris and
\n
therefore the income is netted with the cross-charged
\n
Research and Development expenses by Vaneltix.
\n
The Group applies the Equity method in the
\n
consolidated \ufb01nancial statements as the Group has
signi\ufb01cant in\ufb02uence over Vaneltix (refer to note 3.2).
As the percentage of ownership interest is very low
(only 0.00053%) the Group does not take its % share
in the loss of Vaneltix in deduction of the equity value.
In addition, the investor\u2019s share of losses of an equity-
accounted investee is recognized only until the carrying
amount of the investor\u2019s equity interest in the investee is
reduced to zero. After the investor\u2019s interest is reduced
to zero, a liability is recognized only to the extent that
the investor has an obligation to fund the investee\u2019s
operations or has made payments on behalf of the
investee. Given the losses of Vaneltix and the fact that
Hyloris does not have an obligation to fund the investee
(other than funding the product co-developed with
Vaneltix), the carrying amount would be zero.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10305": { "value": "10. OTHER INVESTMENT, INCLUDING
DERIVATIVES
The other investment, including derivatives can be
detailed as follows:
\n \n
(in \u20ac thousand)
December
December
31, 2023
31, 2022
Restated
1
Term Deposits
-
10,000
Shares Pleco Therapeutics BV
1,000
1,000
Optional convertible loan
499
469
Other Investment,
1,499
11,469
including derivatives
of which as:
Non-current
1,000
1,000
Current
499
10,469
1
See
note 31
regarding restatement information
Term Deposits
At the end of 2022, two deposits for a total amount
of \u20ac10 million are reclassi\ufb01ed from cash and cash
equivalents to other investments as they don\u2019t meet the
criteria to be presented as cash equivalents. The term of
1 deposit was from December 13 2022 till June 13 2023
and the term of the other deposit is from December
13 2022 till September 13 2023. They could not be
withdrawn, in whole or in part, prior to the due date of
the term deposit.
Shares: Pleco Therapeutics BV
In 2021, the Group entered into a partnership with Pleco
Therapeutics to develop PTX-252, a novel combination
product of chelating agents for the treatment of
Acute Myeloid Leukaemia (AML) and Small Cell Lung
Cancer (SCLC). Hyloris provided a non-interest bearing
convertible loan of \u20ac1,000 thousand which has been
converted into 7,944 preferred shared (1 June 2022) at
an issuing price of \u20ac126 per share (which resulted in a
4.5% ownership of the company Pleco Therapeutics).
See
note 4\ue0011
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand
of which \u20ac2,216 million have been
already \ufb01nanced.
Pleco will fund all activities that are outside the scope
of the maximum \u20ac7,700 thousand funding commitment
from Hyloris. Hyloris will be eligible to receive up to 65%
of the net gross product margin generated worldwide
in AML and SCLC. Hyloris will be co-owner on all Pleco
patents (except for patents held by MD Anderson Cancer
Center), inventions, co-development information and
market information. The arrangement constitutes a joint
operation.
In 2023 the Group had a few purchase and sale
transactions with Pleco Therapeutics. The sales are
related to billed strategic advice for an amount of \u20ac500
thousand (see
note 3\ue0012
) and the purchases are for
product development related services regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2,216 thousand. At 31 December 2023 the
outstanding commitment is \u20ac5,484 thousand (\u20ac7,700
thousand - \u20ac2,216 thousand).
Optional convertible loan
On 13 December 2021, the Group entered into a
collaboration with Vaneltix Pharma, Inc. (a related party
of Hyloris) for the development and commercialisation
of Alenura
TM
as \ufb01rst-line drug treatment for acute pain
in interstitial cystitis /bladder pain syndrome (IC/BPS).
Under the terms of the agreement, the Group granted a
6% interest bearing loan of $500 thousand.
The initial above agreement included a reimbursement
at the earliest of i) 31 December 2023 or ii) sale of equity
or other equity-linked instruments by the Borrower to
una\ufb03liated third parties for \ufb01nancing purposes for an
amount of at least $5 million (the \u201cCapital Increase\u201d).
A loan amendment dated 17 October 2023 extended
the reimbursement date from 31 December 2023 to 31
August 2024. In case of a capital increase on or prior to
the reimbursement of the Loan in full, Hyloris shall have
the option to convert the entire principal amount of the
loan and all interest accrued into shares. Also under the
terms of the agreement, the Group will provide staged
investments of in total maximum $ 6,700 thousand for
Phase 2, manufacturing and regulatory related activities
(see
note 28\ue0012
) upon which $4,700 thousand has already
been provided.
In 2023, Hyloris incurred 2,744 thousand of R&D
expenses.
Management identi\ufb01ed Vaneltix Pharma, Inc as a related
party of Hyloris (see
note 28\ue0012
). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10494": { "value": "11. TRADE RECEIVABLES AND OTHER
RECEIVABLES
(in \u20ac thousand)
December
December
31, 2023
31, 2022
1
Trade receivables
2,970
3,527
API
317
490
Alter Pharma
-
395
R&D Tax Credits
1,256
811
TM
Tax Credit - Alenura
368
-
Interests on deposits
-
57
VAT
218
148
Other amounts receivable
26
10
Total trade and other receivables
5,156
5,438
or which as:
Current
3,565
4,127
Non Current
1,591
1,311
1
See
note 31
regarding restated information
The carrying amount of the Group\u2019s trade receivables
(gross) is mainly denominated in USD resutling from
royalties and milestones.
After the closing period of December 31, 2023 AFT has
paid \u20ac1,440 thousand.
During the year, the payment terms for the receivables
have neither deteriorated nor been renegotiated.
The maximum credit risk exposure at the end of the
reporting period is the carrying value of each caption of
receivables mentioned above. The Group does not hold
any collateral as security.
Other amounts receivable mainly includes guarantees.
API
A loan to API of of \u20ac633 thousand is granted by Hyloris
to API, carrying a 0.1% interest per year. This loan is
presented as non-current. When the royalties (or other
payments) of 3 product candidates, or any other product
parties may develop together in the future, exceed $200
thousand in a calendar year then the amount exceeding
$200 thousand will be used to repay the loan. Hyloris
can then withhold this amount from royalty payments.
The loan has been measured at FVTPL using an interest
market rate and appropriate credit risk resulting in the
recognition of a loss of \u20ac173 thousand recognized as
\ufb01nancial expenses in 2023. For comparative information,
the \ufb01nancial expense in 2022 was \u20ac167 thousand. The
decrease of the fair value in comparison with 2022 is
due to the increase of the discount rate and the changed
assessment of term of the loan (6 years vs 3 years) and
the unrealized FX di\ufb00erence impact (\u20ac30 thousand).
The reimbursement of the loan is depending on the
success of the product candidates being developed by
the Group and not depending on any action from the
counterparty. The discount rate has been determined
by using the market rate and the company risk premium
(see
note 4\ue0011
). A sensitivity analysis shows that when
the year of reimbursement di\ufb00ers 1 year earlier or later
than the estimated calendar year of reimbursement,
the fair value increases with \u20ac37 thousand or decreases
with \u20ac34 thousand. When the discount rate increases or
decreases with 1%, the fair value of the loan decreases
with 6% \u20ac20 thousand or increases with \u20ac21 thousand.
Alter Pharma
The balance sheet as at 31 December 2022 held a
current receivable from the Alter Pharma Group
for \u20ac395 thousand which has been paid in 2023 in
accordance to the settlement agreement signed by
Alter Pharma in 2021. The receivable is related to a
prepayment of R&D expenses to Alter Pharma Group.
R&D Tax Credits
The Group applies for R&D tax credit incentives set-up
by the Federal government and obtained reasonable
assurance in the current reporting period that the
Group will comply with the conditions attached to the
grant and that the grant will be received. The Group
recognized R&D tax credits for a total of \u20ac434 thousand
in Other Operating Income (see
note 21
) and \u20ac11
thousand in Intangible assets (see
note 7
). No cash is
expected before 2025 based on the tax regulation.
Tax Credit - Alenura
TM
A Tax Credit of \u20ac368 thousand was granted from an
American state government for the clinical development
costs of the Alenura
TM
product candidate which were
incurred in 2022. The Tax Credit is recognized when the
approval of the grant request has been con\ufb01rmed by the
authorities. Two other requests for a Tax Credit related
to development costs of the Alenura
TM
product for an
amount of approximately \u20ac724 thousand are being
assessed by the American state authorities and have not
been recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10495": { "value": "11. TRADE RECEIVABLES AND OTHER
RECEIVABLES
(in \u20ac thousand)
December
December
31, 2023
31, 2022
1
Trade receivables
2,970
3,527
API
317
490
Alter Pharma
-
395
R&D Tax Credits
1,256
811
TM
Tax Credit - Alenura
368
-
Interests on deposits
-
57
VAT
218
148
Other amounts receivable
26
10
Total trade and other receivables
5,156
5,438
or which as:
Current
3,565
4,127
Non Current
1,591
1,311
1
See
note 31
regarding restated information
The carrying amount of the Group\u2019s trade receivables
(gross) is mainly denominated in USD resutling from
royalties and milestones.
After the closing period of December 31, 2023 AFT has
paid \u20ac1,440 thousand.
During the year, the payment terms for the receivables
have neither deteriorated nor been renegotiated.
The maximum credit risk exposure at the end of the
reporting period is the carrying value of each caption of
receivables mentioned above. The Group does not hold
any collateral as security.
Other amounts receivable mainly includes guarantees.
API
A loan to API of of \u20ac633 thousand is granted by Hyloris
to API, carrying a 0.1% interest per year. This loan is
presented as non-current. When the royalties (or other
payments) of 3 product candidates, or any other product
parties may develop together in the future, exceed $200
thousand in a calendar year then the amount exceeding
$200 thousand will be used to repay the loan. Hyloris
can then withhold this amount from royalty payments.
The loan has been measured at FVTPL using an interest
market rate and appropriate credit risk resulting in the
recognition of a loss of \u20ac173 thousand recognized as
\ufb01nancial expenses in 2023. For comparative information,
the \ufb01nancial expense in 2022 was \u20ac167 thousand. The
decrease of the fair value in comparison with 2022 is
due to the increase of the discount rate and the changed
assessment of term of the loan (6 years vs 3 years) and
the unrealized FX di\ufb00erence impact (\u20ac30 thousand).
The reimbursement of the loan is depending on the
success of the product candidates being developed by
the Group and not depending on any action from the
counterparty. The discount rate has been determined
by using the market rate and the company risk premium
(see
note 4\ue0011
). A sensitivity analysis shows that when
the year of reimbursement di\ufb00ers 1 year earlier or later
than the estimated calendar year of reimbursement,
the fair value increases with \u20ac37 thousand or decreases
with \u20ac34 thousand. When the discount rate increases or
decreases with 1%, the fair value of the loan decreases
with 6% \u20ac20 thousand or increases with \u20ac21 thousand.
Alter Pharma
The balance sheet as at 31 December 2022 held a
current receivable from the Alter Pharma Group
for \u20ac395 thousand which has been paid in 2023 in
accordance to the settlement agreement signed by
Alter Pharma in 2021. The receivable is related to a
prepayment of R&D expenses to Alter Pharma Group.
R&D Tax Credits
The Group applies for R&D tax credit incentives set-up
by the Federal government and obtained reasonable
assurance in the current reporting period that the
Group will comply with the conditions attached to the
grant and that the grant will be received. The Group
recognized R&D tax credits for a total of \u20ac434 thousand
in Other Operating Income (see
note 21
) and \u20ac11
thousand in Intangible assets (see
note 7
). No cash is
expected before 2025 based on the tax regulation.
Tax Credit - Alenura
TM
A Tax Credit of \u20ac368 thousand was granted from an
American state government for the clinical development
costs of the Alenura
TM
product candidate which were
incurred in 2022. The Tax Credit is recognized when the
approval of the grant request has been con\ufb01rmed by the
authorities. Two other requests for a Tax Credit related
to development costs of the Alenura
TM
product for an
amount of approximately \u20ac724 thousand are being
assessed by the American state authorities and have not
been recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10714": { "value": "12. PREPAYMENTS
Pre-paid R&D expenses relate to payments made by
the Group for research and development projects
conducted by partners (co-development projects)
and will be recorded in pro\ufb01t and loss when incurred.
Pre-paid R&D expenses of \u20ac1,089 thousand were
incurred in 2023 and released in the pro\ufb01t and loss and
related to the development agreement with Vaneltix (a
related party of Hyloris) to run the development of the
Alenura
TM
product candidate (see
note 27
) and is the
main driver of the decrease compared to December 31,
2022 (\u20ac 1,748 thousand).
Prepayments apply to both research and development
activities. Prepayments related to research are expensed
when they are incurred.
Development costs are also expensed in the Pro\ufb01t or
Loss when they are incurred up until the moment that
the recognition criteria under IAS 38 are met, i.e. upon
\ufb01ling for market authorization in the context of 505b2 or
when an asset is acquired as an intangible asset, from
when any further development costs are capitalized as
intangible assets.
Prepayments relating to development costs are
presented as intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10745": { "value": "13. CASH AND CASH EQUIVALENTS
The net cash position as presented in the consolidated
statement of cash \ufb02ows is as follows:
(in \u20ac thousand)
December 31,
December 31,
2023
2022 restated
*
Cash at bank
20,196
13,457
Short-term deposit
10,210
20,000
Total cash
30,406
33,457
and cash
equivalents
*
See
note 31
regarding restated information
The term of the only deposit outstanding is from
January 3, 2023 to January 3, 2024. It is classi\ufb01ed as
cash equivalent as the nominal value of \u20ac10 million can
be withdrawn considering a notice period of 32 days.
A penalty is due if the amounts are withdrawn during
the entire term. The penalty due depends on when the
deposit is withdrawn, during the initial 180 days the
penalty amounts to 50% of the already earned interest
and after the initial 180 days the penalty amounts to
25% of the already earned interest. The term of the
deposit at year-end 2022 is from September 1, 2020 to
September 1, 2023. The nominal value of \u20ac20 million can
be withdrawn considering a notice period of 32 days.
There is no additional penalty stipulated in the contract,
however, no interest will be earned during the notice
period of 32 days. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10813": { "value": "14. EQUITY
14.1
OVERVIEW
(in \u20ac thousand)
December 31,
December 31,
2023
2022
*
Share capital
140
140
Share premium
121,513
121,513
Retained earnings
(80,761)
(65,381)
Other reserves
(1,823)
(2,363)
Total Equity
attributable
39,069
53,909
to
owners of the
parent
*
See
note 31
regarding restated information
14.2
CAPITAL MANAGEMENT
The Group manages its capital to maintain a strong level
of capital in order to sustain development of the business
and con\ufb01dence of creditors while optimizing return
on capital for shareholders. This ensures that entities
in the Group will be able to continue as going concern
while maximizing the return to stakeholders through the
optimization of its debt and equity balance. Also refer to
note 3\ue0011
for further details on going concern.
The Group is not subject to any externally imposed
capital requirements except those provided for by law.
The Group\u2019s management reviews the capital structure
of the Group on a regular basis. As part of this review,
management considers the cost of capital and the risks
associated with each \ufb01nancing options. The Group\u2019s
objectives, policies and processes for managing capital
have remained unchanged over the past few years.
The transaction costs of an equity transaction are
accounted for as a deduction from equity to the extent
they are incremental costs directly attributable to the
equity transaction that otherwise would have been
avoided.
On March 31, 2022, the Company has successfully raised
an amount of \u20ac15 million in gross proceeds, from new
and existing, local and international investors, through
an equity o\ufb00ering by means of a private placement via
an accelerated bookbuild o\ufb00ering of 967,742 new shares
(being approximately 3.7% of the Group\u2019s outstanding
shares (pre-transaction) at an issue price of EUR 15.50
per share (the \u201cO\ufb00ering\u201d), representing a discount of
1.6% to the 30-day VWAP.
On June 20, 2022 Hyloris increased Capital and Share
Premium with respectively \u20ac6 thousand and \u20ac2,826
thousand through the issuance of 1.200.000 new shares
resulting from outstanding Transaction Warrants
exercised.
The Group uses the net proceeds of the O\ufb00ering
primarily to fund the development of new products and
accelerate in-house R&D activities.
Equity transactions
Gross proceeds
Equity transaction costs
Expensed in P&L
Net proceeds
(In \u20ac thousand)
Accelerated
Bookbuilding
15,000
(634)
(29)
14,337
Exercise of warrants (see
note 25
)
2,832
(14)
2,818
Total
17,832
(634)
(43)
17,155
14.3
SHARE CAPITAL AND SHARE PREMIUM
Share Capital
As per December 31, 2022 and December 31, 2023, the
share capital of the Group amounts to \u20ac 140,001.87
represented by 28,000,374 shares, without nominal
value, each representing 1/28,000,374th of the share
capital of the Group. The share capital of the Group is
fully and unconditionally subscribed for and is fully paid
up.
All shares rank equally with regard to the Group\u2019s
residual assets. Holders of these shares are entitled to
dividends as declared from time to time and are entitled
to one vote per share at general meetings of the Group.
On June 8, 2020, the General Assembly issued an
authorized capital of \u20ac117,758.84. The Board is allowed
to use the authorized capital for a period of 5 years.
As per December 31, 2023, the remaining authorized
capital amounted to \u20ac110,920.13 (no change with
December 31, 2022).
On June 11, 2024, the General Assembly renewed the
authorized capital for a period of 5 years (as from the
date of the publication of the resolution) amounting to
\u20ac140,001.9 (excluding emission premium).
The following capital transactions have taken place since January 1, 2017:
\n \n
Increase of share
Number of
Issue price / share
Number of
Date
Transaction
capital (incl. share
securities
(rounded, incl.
shares after the
premium) (\u20ac)
issues
share premium) (\u20ac)
transaction
7 June 2012
Incorporation
50,000
10,000 Shares
5.00
10,000
31 March 2017
Capital increase
11,500
2,300 Shares
5.00
12,300
12 May
2017
Share split
-
-
3,075,000
31 May 2018
Capital increase
2,750,000
248,711 Shares
11.06
3,323,711
31 May 2018
Capital increase
3,000,000
271,322 Shares
11.06
3,595,033
31 December 2019
Capital increase
18,259,783
2
855,409 Shares
21.35
4,450,442
8 June 2020
Share split
-
Share split (1
to 4)
-
17,801,768
30 June 2020
IPO on Euronext
61,821,500
5,750,000 shares
10.75
23,551,768
30 June 2020
Conversion of convertible bonds
15,358,025
2,040,864 shares
10.75
25,592,632
31 July 31 2020
Over allotment option
2,580,000
240,000 shares
10.75
25,832,632
31 March 2022
Accelerated bookbuild
15,000,000
967,742 shares
15.50
26,800,374
22 June 2022
Transaction warrants exercised
2,832,000
1,200,000 shares
2.36
28,000,374
2
Accounting wise, the share issue of December 2019 was accounted for as from the date of establishment of common control in Dermax.
Share premium
As per December 31, 2022 and December 31, 2023,
the share premium of the Group amounts to \u20ac121,513
thousand.
Other reserves
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Share based payment
2,161
1,622
Cost of Capital
(4,460)
(4,460)
Other
476
476
Total Other reserves
(1,824)
(2,362)
The movement of the other reserves over the period can
be explained by the increase of \u20ac539 thousand resulting
from the share based payment expenses associated
with the ESOP warrants (see
note 25
).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10880": { "value": "14.2
CAPITAL MANAGEMENT
The Group manages its capital to maintain a strong level
of capital in order to sustain development of the business
and con\ufb01dence of creditors while optimizing return
on capital for shareholders. This ensures that entities
in the Group will be able to continue as going concern
while maximizing the return to stakeholders through the
optimization of its debt and equity balance. Also refer to
note 3\ue0011
for further details on going concern.
The Group is not subject to any externally imposed
capital requirements except those provided for by law.
The Group\u2019s management reviews the capital structure
of the Group on a regular basis. As part of this review,
management considers the cost of capital and the risks
associated with each \ufb01nancing options. The Group\u2019s
objectives, policies and processes for managing capital
have remained unchanged over the past few years.
The transaction costs of an equity transaction are
accounted for as a deduction from equity to the extent
they are incremental costs directly attributable to the
equity transaction that otherwise would have been
avoided.
On March 31, 2022, the Company has successfully raised
an amount of \u20ac15 million in gross proceeds, from new
and existing, local and international investors, through
an equity o\ufb00ering by means of a private placement via
an accelerated bookbuild o\ufb00ering of 967,742 new shares
(being approximately 3.7% of the Group\u2019s outstanding
shares (pre-transaction) at an issue price of EUR 15.50
per share (the \u201cO\ufb00ering\u201d), representing a discount of
1.6% to the 30-day VWAP.
On June 20, 2022 Hyloris increased Capital and Share
Premium with respectively \u20ac6 thousand and \u20ac2,826
thousand through the issuance of 1.200.000 new shares
resulting from outstanding Transaction Warrants
exercised.
The Group uses the net proceeds of the O\ufb00ering
primarily to fund the development of new products and
accelerate in-house R&D activities.
Equity transactions
Gross proceeds
Equity transaction costs
Expensed in P&L
Net proceeds
(In \u20ac thousand)
Accelerated
Bookbuilding
15,000
(634)
(29)
14,337
Exercise of warrants (see
note 25
)
2,832
(14)
2,818
Total
17,832
(634)
(43)
17,155
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11002": { "value": "Share Capital
As per December 31, 2022 and December 31, 2023, the
share capital of the Group amounts to \u20ac 140,001.87
represented by 28,000,374 shares, without nominal
value, each representing 1/28,000,374th of the share
capital of the Group. The share capital of the Group is
fully and unconditionally subscribed for and is fully paid
up.
All shares rank equally with regard to the Group\u2019s
residual assets. Holders of these shares are entitled to
dividends as declared from time to time and are entitled
to one vote per share at general meetings of the Group.
On June 8, 2020, the General Assembly issued an
authorized capital of \u20ac117,758.84. The Board is allowed
to use the authorized capital for a period of 5 years.
As per December 31, 2023, the remaining authorized
capital amounted to \u20ac110,920.13 (no change with
December 31, 2022).
On June 11, 2024, the General Assembly renewed the
authorized capital for a period of 5 years (as from the
date of the publication of the resolution) amounting to
\u20ac140,001.9 (excluding emission premium).
The following capital transactions have taken place since January 1, 2017:
\n \n
Increase of share
Number of
Issue price / share
Number of
Date
Transaction
capital (incl. share
securities
(rounded, incl.
shares after the
premium) (\u20ac)
issues
share premium) (\u20ac)
transaction
7 June 2012
Incorporation
50,000
10,000 Shares
5.00
10,000
31 March 2017
Capital increase
11,500
2,300 Shares
5.00
12,300
12 May
2017
Share split
-
-
3,075,000
31 May 2018
Capital increase
2,750,000
248,711 Shares
11.06
3,323,711
31 May 2018
Capital increase
3,000,000
271,322 Shares
11.06
3,595,033
31 December 2019
Capital increase
18,259,783
2
855,409 Shares
21.35
4,450,442
8 June 2020
Share split
-
Share split (1
to 4)
-
17,801,768
30 June 2020
IPO on Euronext
61,821,500
5,750,000 shares
10.75
23,551,768
30 June 2020
Conversion of convertible bonds
15,358,025
2,040,864 shares
10.75
25,592,632
31 July 31 2020
Over allotment option
2,580,000
240,000 shares
10.75
25,832,632
31 March 2022
Accelerated bookbuild
15,000,000
967,742 shares
15.50
26,800,374
22 June 2022
Transaction warrants exercised
2,832,000
1,200,000 shares
2.36
28,000,374
2
Accounting wise, the share issue of December 2019 was accounted for as from the date of establishment of common control in Dermax.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11245": { "value": "Other reserves
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Share based payment
2,161
1,622
Cost of Capital
(4,460)
(4,460)
Other
476
476
Total Other reserves
(1,824)
(2,362)
The movement of the other reserves over the period can
be explained by the increase of \u20ac539 thousand resulting
from the share based payment expenses associated
with the ESOP warrants (see
note 25
).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11298": { "value": "15. BORROWINGS AND OTHER
FINANCIAL LIABILITIES
15.1
BORROWINGS
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Lease liabilities
1,751
885
Total borrowings
1,751
885
of which as:
Non-current borrowings
1,510
747
Current borrowings
241
138
For more details on the leases, we refer to
note 8
on
\u201cRight-of-use assets\u201d.
The main increase in the lease liabilities is mainly due
to the leasing of the new lab which is in use since June
2023.
The weighted average incremental borrowing rate used
for the measurement of the lease liabilities is 3.95%. The
incremental borrowing costs for the cars is in a range
between 1.6% and 3.12%. The Group is not subject to
\ufb01nancial covenants. The underlying leased assets act as
pledge in the context of the lease liabilities.
15.2
OTHER FINANCIAL LIABILITIES
The other \ufb01nancial liabilities can be detailed as follows:
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Recoverable cash advance
44
-
Other \ufb01nancial liabilities
3,500
3,512
Other \ufb01nancial liabilities
3,544
3,512
of which as:
Non-current other \ufb01nancial
344
300
liabilities
Current other \ufb01nancial
3,200
3,212
liabilities
Recoverable cash advance
In June 2023 a recoverable cash advance related to the
government grant for HY-083 was received from the
Walloon region. A part of this cash advance is a non
refundable grant (\u20ac88 thousand) and the other part
is refundable to the Walloon region (\u20ac169 thousand).
In relation to the \u20ac169 thousand if the development
of the product candidate is successful and will be
commercialized the Group has to reimburse the
advance. The reimbursement includes a \ufb01xed amount
and a variable amount depending on the sales of the
product. If the product candidate is not successful the
Group is not required to refund the advance but only
if the Group decides to transfer the IP rights of the
product candidate to the Walloon region. In case the
Group decides to keep the IP rights, the \ufb01x part of the
advance has to be reimbursed and the \ufb01nancial liability
will be derecognized.
Of the \u20ac169 thousand 30% is \ufb01xed (\u20ac51 thousand)
and is, in accordance with the accounting policies,
considered a \ufb01nancial liability measured at fair value
(with changes in fair value recognised in pro\ufb01t and loss)
and 70% (\u20ac118 thousand) is variable and accounted
for as a government grant and recognised in pro\ufb01t and
loss when the related costs are incurred. In 2023 the
variable part of the refundable advance has been fully
recognized as Other income since su\ufb03cient related
costs have been incurred during the year. The variable
part of the refundable advance will be reimbursed via
royalties to be paid as of commercialization.
Other \ufb01nancial Liabilities
With no change with last year, The Group has license
agreements with Alter Pharma Group, for which a
non-current other \ufb01nancial liability of \u20ac300 thousand
and a current \ufb01nancial liability of \u20ac200 thousand is
outstanding. The payments are are due when certain
milestones are reached: \u20ac200 thousand is due upon the
\ufb01rst commercial launch of Maxigesic\u00ae IV in the United
States and \u20ac300 thousand is payable upon reaching
a worldwide annual sales threshold of \u20ac50 million for
Maxigesic\u00ae IV.
Committed to milestone related investments
(contributions to the equity) in Purna Female Healthcare
(see
note 9
) the Group has a current other \ufb01nancial
liability of \u20ac3 million.
15.3
LIQUIDITY AND CASH FLOW
RECONCILIATION
The maturity table of the borrowings and the other
\ufb01nancial liabilities is presented in
note 4\ue0016
on the
liquidity risk.
The following tables reconcile the movements of the \ufb01nancial liabilities to the cash \ufb02ows arising from \ufb01nancing
activities:
\n \n
Non-cash movements
31/12/2023 (in \u20ac thousand)
Opening
carrying
amount
Cash \ufb02ows
Acquisition
Interest ex
-
penses leases
Modi\ufb01cation
Termination
Re-classes
Accrued
interests and
exchange
di\ufb00erences
Closing
carrying
amount
Non-current \ufb01nancial liabilities
Lease liabilities
747
-
903
(1)
(149)
9
1,509
Other \ufb01nancial liabilities
300
51
(8)
343
Current \ufb01nancial liabilities
Lease liabilities
134
(223)
130
52
149
241
Other \ufb01nancial liabilities
3,212
(12)
0
0
3,200
Total liabilities from \ufb01nancing activities
4,394
(184)
1 033
52
(1)
0
0
1
5,295
Presented in the statement of cash \ufb02ows
as follows:
Financing activities - interests paid
(12)
Financing activities - reimbursement of lease liabilities
(170)
Financing activities - proceeds from borrowings and other
51
\ufb01nancial liabilities
Operating activities - interest paid
(52)
\n \n
Non-cash movements
31/12/2022 (in \u20ac thousand)
Opening carrying
amount
Cash \ufb02ows
Acquisition
Interest expenses
leases
Modi\ufb01cation
Termination
Re-classes
Accrued interests
and exchange
di\ufb00erences
Closing carrying
amount
Non-current \ufb01nancial liabilities
Lease liabilities
109
-
747
(18)
(91)
-
747
Other \ufb01nancial liabilities
300
300
Current \ufb01nancial liabilities
Lease liabilities
65
(79)
102
(44)
91
134
Other \ufb01nancial liabilities
11,812
(9,253)
0
482
0
168
3,212
Total liabilities from \ufb01nancing activities
12,290
(9,332)
848
482
(62)
0
168
4,394
Presented in the statement of cash \ufb02ows
as follows:
Reimbursement of borrowings and other \ufb01nancial liabilities
(9,253)
and interest paid
Reimbursement of lease liabilities
(79)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11367": { "value": "15.2
OTHER FINANCIAL LIABILITIES
The other \ufb01nancial liabilities can be detailed as follows:
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Recoverable cash advance
44
-
Other \ufb01nancial liabilities
3,500
3,512
Other \ufb01nancial liabilities
3,544
3,512
of which as:
Non-current other \ufb01nancial
344
300
liabilities
Current other \ufb01nancial
3,200
3,212
liabilities
Recoverable cash advance
In June 2023 a recoverable cash advance related to the
government grant for HY-083 was received from the
Walloon region. A part of this cash advance is a non
refundable grant (\u20ac88 thousand) and the other part
is refundable to the Walloon region (\u20ac169 thousand).
In relation to the \u20ac169 thousand if the development
of the product candidate is successful and will be
commercialized the Group has to reimburse the
advance. The reimbursement includes a \ufb01xed amount
and a variable amount depending on the sales of the
product. If the product candidate is not successful the
Group is not required to refund the advance but only
if the Group decides to transfer the IP rights of the
product candidate to the Walloon region. In case the
Group decides to keep the IP rights, the \ufb01x part of the
advance has to be reimbursed and the \ufb01nancial liability
will be derecognized.
Of the \u20ac169 thousand 30% is \ufb01xed (\u20ac51 thousand)
and is, in accordance with the accounting policies,
considered a \ufb01nancial liability measured at fair value
(with changes in fair value recognised in pro\ufb01t and loss)
and 70% (\u20ac118 thousand) is variable and accounted
for as a government grant and recognised in pro\ufb01t and
loss when the related costs are incurred. In 2023 the
variable part of the refundable advance has been fully
recognized as Other income since su\ufb03cient related
costs have been incurred during the year. The variable
part of the refundable advance will be reimbursed via
royalties to be paid as of commercialization.
Other \ufb01nancial Liabilities
With no change with last year, The Group has license
agreements with Alter Pharma Group, for which a
non-current other \ufb01nancial liability of \u20ac300 thousand
and a current \ufb01nancial liability of \u20ac200 thousand is
outstanding. The payments are are due when certain
milestones are reached: \u20ac200 thousand is due upon the
\ufb01rst commercial launch of Maxigesic\u00ae IV in the United
States and \u20ac300 thousand is payable upon reaching
a worldwide annual sales threshold of \u20ac50 million for
Maxigesic\u00ae IV.
Committed to milestone related investments
(contributions to the equity) in Purna Female Healthcare
(see
note 9
) the Group has a current other \ufb01nancial
liability of \u20ac3 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11972": { "value": "16. TRADE AND OTHER LIABILITIES
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Trade payables
3,195
2,302
Employee bene\ufb01t liabilities
116
68
Other payables
-
52
Deferred income
7
-
Trade and other liabilities
3,318
2,422
- Current
The trade payables relate mainly to the R&D activities
,
payables for lawyers for the litigation case (
note 26
) and
remuneration of di\ufb00erent committees and the executive
management team, including the accrued bonuses.
The fair value of trade payables approximates their
carrying amount.
Liquidity and currency risk are detailed in
note 4
.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12042": { "value": "17. DEFERRED TAXES
Deferred tax assets are recognized only if management
assesses that these tax assets can be o\ufb00set against
taxable income within a foreseeable future.
This judgment is made on an ongoing basis and is based
on budgets and business plans for the coming years,
including planned commercial initiatives.
Although, no going concern issues have been identi\ufb01ed
and signi\ufb01cant pro\ufb01ts are expected as from the moment
more product candidates will be commercialized,
the moment of commercialization and the amount
of revenue to be generated from commercialization
remain uncertain. Given the history of tax losses and the
fact that there are at this moment, no agreements yet
for commercialization of additional products that would
result in taxable pro\ufb01t in the future against which the
tax losses or tax credits can be utilized, no deferred tax
asset has been recognized as of 31 December 2023.
Deferred tax assets are reviewed at each reporting date
and will be recognised as from and to the extent that it
is probable that taxable pro\ufb01t will be available, against
which the unused tax losses, unused tax credits and
deductible temporary di\ufb00erences can be utilised.
Deferred tax assets and liabilities are o\ufb00set when there
is a legally enforceable right to o\ufb00set and when the
deferred taxes relate to the same \ufb01scal authority. The
deferred tax assets and liabilities are attributable to the
following items:
\n \n
31-Dec-23
31-Dec-22 restated
1
(in \u20ac thousand)
Deferred tax
Deferred tax
Deferred tax
Deferred tax
asset
liability
asset
liability
Intangible assets
17
17
17
17
RoU Asset
-
431
221
Financial liabilities
431
221
Total deferred tax assets and liabilities
448
448
238
238
O\ufb00setting
(448)
(448)
(238)
(238)
Total deferred tax assets and liabilities
0
0
0
0
1
Restated to present only recognized deferred tax assets and deferred tax liabilities.
Deferred tax assets have not been recognized in respect
of the following items, because it is not probable that
future taxable pro\ufb01ts are available against which the
Group can use the bene\ufb01ts of therefrom:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Deductible temporary
16,673
11,344
di\ufb00erences
Deductible temporary di\ufb00er
-
469
-
ences related to investment
in associates
Tax losses
53,155
37,248
Total
70,297
48,592
The deductible temporary di\ufb00erences disclosed above
would reverse over a period ranging between 5 to 10
years. The tax losses carried forward, however, are
available inde\ufb01nitely. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12249": { "value": "18. REVENUE
The revenue can be detailed as follows:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
restated
1
Royalties
1,929
885
Out-license agreements
104
15
Milestones
54
-
Revenue
2,087
900
1
See
note 31
regarding restated information
Currently, the Group generates only limited sales-based
royalties as its main projects are in the development
pipeline and are not yet commercialized.
The
continuously increasing sales-based royalties is income
mainly from the Group\u2019s launched products, Sotalol IV
and Maxigesic
\u00ae
IV. In December 2023 a third product
was commercialized: Podo\ufb01lox gel. Royalty revenues
for Podo\ufb01lox gel are recognized through our partner
Padagis US LLC.
Revenue from sales-based royalties is
recognized when the subsequent sale occurs.
Revenue from sales milestone is recognized when
the performance obligation has been met (i.e. sales
threshold reached). Income from Milestone payments in
2023 is driven by our joint collaboration with PFH after
the positive results from the Phase 2 clinical study.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12325": { "value": "19. EXPENSES BY NATURE
Expenses by nature represent an alternative
presentation for amounts included in the consolidated
statement of comprehensive income. They are classi\ufb01ed
under \u201cCost of sales\u201d, \u201cResearch and development
expenses\u201d, \u201cGeneral and administrative expenses\u201d and
\u201cOther operating expenses\u201d in respect of the years
ended December 31:
\n \n
(in \u20ac thousand)
2023
2022 Restated
1
Out-sourced R&D
(11,374)
(7,163)
Employee bene\ufb01t expenses
(3,761)
(3,116)
(
note 20
)
Management consultancy fees
(1,137)
(1,091)
Board related expenses
(176)
(178)
Share based payments
(539)
(560)
Legal & paralegal fees
(2,205)
(645)
Audit and related consultancy
(125)
(91)
fees
Hiring fees
(27)
(84)
O\ufb03ce equipment, rent, and
(290)
(337)
utilities
Other expenses
(78)
(433)
Amortisation expense of intan-
(93)
(94)
gible assest (
Note 7
)
Depreciation expense on PPE
(255)
(102)
and Right of Use
(Note 8
)
Total operating expenses
2
(20,060)
(13,894)
of which as
Cost of sales
(93)
(94)
Research and development
(14,421)
(10,271)
expense
General and administrative
(5,546)
(3,517)
expenses
Other operating expenses
-
(12)
1
See
note 31
regarding restated information
2
The loss in PFH is not included in the Operating expenses (\u20ac147 K)
In accordance with IAS 38, we do not capitalize our
research and development expenses until we \ufb01le for
marketing authorization for the applicable product
candidate. Research and development expenditures
incurred during the period were accounted for as
operating expenses.
The Groups\u2019 research and development expenses
increased by 40%, from \u20ac10,271 thousand in 2022 to
\u20ac14,421 thousand in 2023. The increase was principally
driven by the progress made in the development of our
existing product candidates and the related additional
out-sourced R&D expenses and the enlargement of the
R&D team.
In 2023, the Group capitalized development costs for
a total of \u20ac325 thousand (was \u20ac661 thousand in 2022).
(See
note 7
)
Hyloris\u2019 General and administrative expenses increased
by 58% (or \u20ac2,028 thousand), from \u20ac3,517 thousand
in 2022 to \u20ac5,545 thousand in 2023. The increase
was mainly driven by higher legal costs related to the
AltaThera\u2019s litigation compared to last year (see
note 26
).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12326": { "value": "19. EXPENSES BY NATURE
Expenses by nature represent an alternative
presentation for amounts included in the consolidated
statement of comprehensive income. They are classi\ufb01ed
under \u201cCost of sales\u201d, \u201cResearch and development
expenses\u201d, \u201cGeneral and administrative expenses\u201d and
\u201cOther operating expenses\u201d in respect of the years
ended December 31:
\n \n
(in \u20ac thousand)
2023
2022 Restated
1
Out-sourced R&D
(11,374)
(7,163)
Employee bene\ufb01t expenses
(3,761)
(3,116)
(
note 20
)
Management consultancy fees
(1,137)
(1,091)
Board related expenses
(176)
(178)
Share based payments
(539)
(560)
Legal & paralegal fees
(2,205)
(645)
Audit and related consultancy
(125)
(91)
fees
Hiring fees
(27)
(84)
O\ufb03ce equipment, rent, and
(290)
(337)
utilities
Other expenses
(78)
(433)
Amortisation expense of intan-
(93)
(94)
gible assest (
Note 7
)
Depreciation expense on PPE
(255)
(102)
and Right of Use
(Note 8
)
Total operating expenses
2
(20,060)
(13,894)
of which as
Cost of sales
(93)
(94)
Research and development
(14,421)
(10,271)
expense
General and administrative
(5,546)
(3,517)
expenses
Other operating expenses
-
(12)
1
See
note 31
regarding restated information
2
The loss in PFH is not included in the Operating expenses (\u20ac147 K)
In accordance with IAS 38, we do not capitalize our
research and development expenses until we \ufb01le for
marketing authorization for the applicable product
candidate. Research and development expenditures
incurred during the period were accounted for as
operating expenses.
The Groups\u2019 research and development expenses
increased by 40%, from \u20ac10,271 thousand in 2022 to
\u20ac14,421 thousand in 2023. The increase was principally
driven by the progress made in the development of our
existing product candidates and the related additional
out-sourced R&D expenses and the enlargement of the
R&D team.
In 2023, the Group capitalized development costs for
a total of \u20ac325 thousand (was \u20ac661 thousand in 2022).
(See
note 7
)
Hyloris\u2019 General and administrative expenses increased
by 58% (or \u20ac2,028 thousand), from \u20ac3,517 thousand
in 2022 to \u20ac5,545 thousand in 2023. The increase
was mainly driven by higher legal costs related to the
AltaThera\u2019s litigation compared to last year (see
note 26
).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12330": { "value": "Expenses by nature represent an alternative
presentation for amounts included in the consolidated
statement of comprehensive income. They are classi\ufb01ed
under \u201cCost of sales\u201d, \u201cResearch and development
expenses\u201d, \u201cGeneral and administrative expenses\u201d and
\u201cOther operating expenses\u201d in respect of the years
ended December 31:
\n \n
(in \u20ac thousand)
2023
2022 Restated
1
Out-sourced R&D
(11,374)
(7,163)
Employee bene\ufb01t expenses
(3,761)
(3,116)
(
note 20
)
Management consultancy fees
(1,137)
(1,091)
Board related expenses
(176)
(178)
Share based payments
(539)
(560)
Legal & paralegal fees
(2,205)
(645)
Audit and related consultancy
(125)
(91)
fees
Hiring fees
(27)
(84)
O\ufb03ce equipment, rent, and
(290)
(337)
utilities
Other expenses
(78)
(433)
Amortisation expense of intan-
(93)
(94)
gible assest (
Note 7
)
Depreciation expense on PPE
(255)
(102)
and Right of Use
(Note 8
)
Total operating expenses
2
(20,060)
(13,894)
of which as
Cost of sales
(93)
(94)
Research and development
(14,421)
(10,271)
expense
General and administrative
(5,546)
(3,517)
expenses
Other operating expenses
-
(12)
1
See
note 31
regarding restated information
2
The loss in PFH is not included in the Operating expenses (\u20ac147 K)
In accordance with IAS 38, we do not capitalize our
research and development expenses until we \ufb01le for
marketing authorization for the applicable product
candidate. Research and development expenditures
incurred during the period were accounted for as
operating expenses.
The Groups\u2019 research and development expenses
increased by 40%, from \u20ac10,271 thousand in 2022 to
\u20ac14,421 thousand in 2023. The increase was principally
driven by the progress made in the development of our
existing product candidates and the related additional
out-sourced R&D expenses and the enlargement of the
R&D team.
In 2023, the Group capitalized development costs for
a total of \u20ac325 thousand (was \u20ac661 thousand in 2022).
(See
note 7
)
Hyloris\u2019 General and administrative expenses increased
by 58% (or \u20ac2,028 thousand), from \u20ac3,517 thousand
in 2022 to \u20ac5,545 thousand in 2023. The increase
was mainly driven by higher legal costs related to the
AltaThera\u2019s litigation compared to last year (see
note 26
).21. OTHER OPERATING INCOME \n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022 restated
*
Services rendered related to
501
1,052
co-developments
R&D tax credit
434
315
Government grants
578
-
Grants income related to
159
120
exemption on withholding taxes
Other income
455
-
Other operating income
2,127
1,487
*
See
note 31
regarding restated information
Services rendered in 2023 and 2022 primary consist
of strategic advice provided by the Group to Pleco
Therapeutics BV to support a co-developer and recharge
of services rendered. These strategic advices and
services are related to:
\u2022
Business Development: advice on strategic
partnerships, that could secure additional funding or
distributor that could and expand the market reach.
\u2022
Market Entry Strategies: assistance in developing
e\ufb00ective plans to introduce the therapy to the
market and gain traction among healthcare
providers and patients.
\u2022
Operational E\ufb03ciency: guidance on optimizing their
internal processes for maximum e\ufb03ciency, ensuring
resources are strategically directed towards
achieving their goals.
\u2022
Investor Relations: assistance on e\ufb00ectively
communicating with potential investors and secure
future funding rounds.
\u2022
Risk mitigation
The big increase compared to last year is mainly related
to:
\u2022
a tax credit from an American State government for
the clinical development of the Alenura
TM
product
candidate of \u20ac369 thousand
\u2022
a recoverable cash advance from the Walloon region
related to a grant for the research and development
of product candidate HY-083 of \u20ac207 thousand (see
note 15\ue0012
).
\u2022
a Settlement agreement with a partner of \u20ac394
thousand resulting from long lasting discussion on
disputed costs incurred in the past.
\u2022
the increase of the R&D tax credit compared with
last year. The Group recognised R&D tax credits for
a total of \u20ac445 thousand, of which \u20ac434 thousand
as other operating income, and \u20ac11 thousand
deduction from the carrying amount of the
related assets, which are recognised in the pro\ufb01t
or loss statement in line with the amortisation or
depreciation expense of the related assets (
note 11
).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12331": { "value": "Expenses by nature represent an alternative
presentation for amounts included in the consolidated
statement of comprehensive income. They are classi\ufb01ed
under \u201cCost of sales\u201d, \u201cResearch and development
expenses\u201d, \u201cGeneral and administrative expenses\u201d and
\u201cOther operating expenses\u201d in respect of the years
ended December 31:
\n \n
(in \u20ac thousand)
2023
2022 Restated
1
Out-sourced R&D
(11,374)
(7,163)
Employee bene\ufb01t expenses
(3,761)
(3,116)
(
note 20
)
Management consultancy fees
(1,137)
(1,091)
Board related expenses
(176)
(178)
Share based payments
(539)
(560)
Legal & paralegal fees
(2,205)
(645)
Audit and related consultancy
(125)
(91)
fees
Hiring fees
(27)
(84)
O\ufb03ce equipment, rent, and
(290)
(337)
utilities
Other expenses
(78)
(433)
Amortisation expense of intan-
(93)
(94)
gible assest (
Note 7
)
Depreciation expense on PPE
(255)
(102)
and Right of Use
(Note 8
)
Total operating expenses
2
(20,060)
(13,894)
of which as
Cost of sales
(93)
(94)
Research and development
(14,421)
(10,271)
expense
General and administrative
(5,546)
(3,517)
expenses
Other operating expenses
-
(12)
1
See
note 31
regarding restated information
2
The loss in PFH is not included in the Operating expenses (\u20ac147 K)
In accordance with IAS 38, we do not capitalize our
research and development expenses until we \ufb01le for
marketing authorization for the applicable product
candidate. Research and development expenditures
incurred during the period were accounted for as
operating expenses.
The Groups\u2019 research and development expenses
increased by 40%, from \u20ac10,271 thousand in 2022 to
\u20ac14,421 thousand in 2023. The increase was principally
driven by the progress made in the development of our
existing product candidates and the related additional
out-sourced R&D expenses and the enlargement of the
R&D team.
In 2023, the Group capitalized development costs for
a total of \u20ac325 thousand (was \u20ac661 thousand in 2022).
(See
note 7
)
Hyloris\u2019 General and administrative expenses increased
by 58% (or \u20ac2,028 thousand), from \u20ac3,517 thousand
in 2022 to \u20ac5,545 thousand in 2023. The increase
was mainly driven by higher legal costs related to the
AltaThera\u2019s litigation compared to last year (see
note 26
).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12332": { "value": "Expenses by nature represent an alternative
presentation for amounts included in the consolidated
statement of comprehensive income. They are classi\ufb01ed
under \u201cCost of sales\u201d, \u201cResearch and development
expenses\u201d, \u201cGeneral and administrative expenses\u201d and
\u201cOther operating expenses\u201d in respect of the years
ended December 31:
\n \n
(in \u20ac thousand)
2023
2022 Restated
1
Out-sourced R&D
(11,374)
(7,163)
Employee bene\ufb01t expenses
(3,761)
(3,116)
(
note 20
)
Management consultancy fees
(1,137)
(1,091)
Board related expenses
(176)
(178)
Share based payments
(539)
(560)
Legal & paralegal fees
(2,205)
(645)
Audit and related consultancy
(125)
(91)
fees
Hiring fees
(27)
(84)
O\ufb03ce equipment, rent, and
(290)
(337)
utilities
Other expenses
(78)
(433)
Amortisation expense of intan-
(93)
(94)
gible assest (
Note 7
)
Depreciation expense on PPE
(255)
(102)
and Right of Use
(Note 8
)
Total operating expenses
2
(20,060)
(13,894)
of which as
Cost of sales
(93)
(94)
Research and development
(14,421)
(10,271)
expense
General and administrative
(5,546)
(3,517)
expenses
Other operating expenses
-
(12)
1
See
note 31
regarding restated information
2
The loss in PFH is not included in the Operating expenses (\u20ac147 K)
In accordance with IAS 38, we do not capitalize our
research and development expenses until we \ufb01le for
marketing authorization for the applicable product
candidate. Research and development expenditures
incurred during the period were accounted for as
operating expenses.
The Groups\u2019 research and development expenses
increased by 40%, from \u20ac10,271 thousand in 2022 to
\u20ac14,421 thousand in 2023. The increase was principally
driven by the progress made in the development of our
existing product candidates and the related additional
out-sourced R&D expenses and the enlargement of the
R&D team.
In 2023, the Group capitalized development costs for
a total of \u20ac325 thousand (was \u20ac661 thousand in 2022).
(See
note 7
)
Hyloris\u2019 General and administrative expenses increased
by 58% (or \u20ac2,028 thousand), from \u20ac3,517 thousand
in 2022 to \u20ac5,545 thousand in 2023. The increase
was mainly driven by higher legal costs related to the
AltaThera\u2019s litigation compared to last year (see
note 26
).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12333": { "value": "Expenses by nature represent an alternative
presentation for amounts included in the consolidated
statement of comprehensive income. They are classi\ufb01ed
under \u201cCost of sales\u201d, \u201cResearch and development
expenses\u201d, \u201cGeneral and administrative expenses\u201d and
\u201cOther operating expenses\u201d in respect of the years
ended December 31:
\n \n
(in \u20ac thousand)
2023
2022 Restated
1
Out-sourced R&D
(11,374)
(7,163)
Employee bene\ufb01t expenses
(3,761)
(3,116)
(
note 20
)
Management consultancy fees
(1,137)
(1,091)
Board related expenses
(176)
(178)
Share based payments
(539)
(560)
Legal & paralegal fees
(2,205)
(645)
Audit and related consultancy
(125)
(91)
fees
Hiring fees
(27)
(84)
O\ufb03ce equipment, rent, and
(290)
(337)
utilities
Other expenses
(78)
(433)
Amortisation expense of intan-
(93)
(94)
gible assest (
Note 7
)
Depreciation expense on PPE
(255)
(102)
and Right of Use
(Note 8
)
Total operating expenses
2
(20,060)
(13,894)
of which as
Cost of sales
(93)
(94)
Research and development
(14,421)
(10,271)
expense
General and administrative
(5,546)
(3,517)
expenses
Other operating expenses
-
(12)
1
See
note 31
regarding restated information
2
The loss in PFH is not included in the Operating expenses (\u20ac147 K)
In accordance with IAS 38, we do not capitalize our
research and development expenses until we \ufb01le for
marketing authorization for the applicable product
candidate. Research and development expenditures
incurred during the period were accounted for as
operating expenses.
The Groups\u2019 research and development expenses
increased by 40%, from \u20ac10,271 thousand in 2022 to
\u20ac14,421 thousand in 2023. The increase was principally
driven by the progress made in the development of our
existing product candidates and the related additional
out-sourced R&D expenses and the enlargement of the
R&D team.
In 2023, the Group capitalized development costs for
a total of \u20ac325 thousand (was \u20ac661 thousand in 2022).
(See
note 7
)
Hyloris\u2019 General and administrative expenses increased
by 58% (or \u20ac2,028 thousand), from \u20ac3,517 thousand
in 2022 to \u20ac5,545 thousand in 2023. The increase
was mainly driven by higher legal costs related to the
AltaThera\u2019s litigation compared to last year (see
note 26
).", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12582": { "value": "20. EMPLOYEE BENEFIT EXPENSES
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Wages and salaries
(3,277)
(2,562)
Social security costs
(247)
(146)
De\ufb01ned contribution costs
(37)
(20)
Other employee Bene\ufb01t
(200)
(258)
expenses
Total employee Bene\ufb01t
(3,761)
(2,987)
expense
in full-time equivalents
Average number of total em-
34.7
23.6
ployees
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12583": { "value": "20. EMPLOYEE BENEFIT EXPENSES
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Wages and salaries
(3,277)
(2,562)
Social security costs
(247)
(146)
De\ufb01ned contribution costs
(37)
(20)
Other employee Bene\ufb01t
(200)
(258)
expenses
Total employee Bene\ufb01t
(3,761)
(2,987)
expense
in full-time equivalents
Average number of total em-
34.7
23.6
ployees
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12663": { "value": "21. OTHER OPERATING INCOME \n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022 restated
*
Services rendered related to
501
1,052
co-developments
R&D tax credit
434
315
Government grants
578
-
Grants income related to
159
120
exemption on withholding taxes
Other income
455
-
Other operating income
2,127
1,487
*
See
note 31
regarding restated information
Services rendered in 2023 and 2022 primary consist
of strategic advice provided by the Group to Pleco
Therapeutics BV to support a co-developer and recharge
of services rendered. These strategic advices and
services are related to:
\u2022
Business Development: advice on strategic
partnerships, that could secure additional funding or
distributor that could and expand the market reach.
\u2022
Market Entry Strategies: assistance in developing
e\ufb00ective plans to introduce the therapy to the
market and gain traction among healthcare
providers and patients.
\u2022
Operational E\ufb03ciency: guidance on optimizing their
internal processes for maximum e\ufb03ciency, ensuring
resources are strategically directed towards
achieving their goals.
\u2022
Investor Relations: assistance on e\ufb00ectively
communicating with potential investors and secure
future funding rounds.
\u2022
Risk mitigation
The big increase compared to last year is mainly related
to:
\u2022
a tax credit from an American State government for
the clinical development of the Alenura
TM
product
candidate of \u20ac369 thousand
\u2022
a recoverable cash advance from the Walloon region
related to a grant for the research and development
of product candidate HY-083 of \u20ac207 thousand (see
note 15\ue0012
).
\u2022
a Settlement agreement with a partner of \u20ac394
thousand resulting from long lasting discussion on
disputed costs incurred in the past.
\u2022
the increase of the R&D tax credit compared with
last year. The Group recognised R&D tax credits for
a total of \u20ac445 thousand, of which \u20ac434 thousand
as other operating income, and \u20ac11 thousand
deduction from the carrying amount of the
related assets, which are recognised in the pro\ufb01t
or loss statement in line with the amortisation or
depreciation expense of the related assets (
note 11
).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12811": { "value": "22. FINANCIAL RESULT
The various items comprising the net \ufb01nance cost are as
follows:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
restated*
Realized gain on FX forward
contracts
29
525
Interest income on deposits
869
67
Exchange di\ufb00erences
-
(126)
Financial income
898
466
Interest expense on lease
liabilities
(52)
(11)
Interest expense on
shareholders loans
-
(164)
Other interest expense
-
(44)
Total interest expenses
(52)
(219)
Loss related to substan
-
tial modi\ufb01cation of the
-
(226)
shareholders loans
FV adjustment on FX for
-
ward instruments
-
(52)
Fair Value of API loan (
note
11
)
(173)
(167)
Bank fees
(48)
(38)
Exchange di\ufb00erences
(12)
-
Other
-
(28)
Total \ufb01nancial expenses
(233)
(511)
*
See
note 31
regarding restated information
Modi\ufb01cation of the shareholders loans
In 2022, the Group successfully renegotiated its
Shareholders loans. The changes in the terms of the
loan agreements quali\ufb01ed for substantial modi\ufb01cations
of the terms resulting in the derecognition of the
carrying value of former loans replaced by the carrying
value of the loans under the new terms. The loans
from shareholders, were unsecured, bear as from 1
January 2022 a \ufb01xed nominal interest rate of 0.75% (4%
previously) and were payable the earlier of December
31, 2022 or, if and when, the Group will generate a
positive EBIT.
At December 31, 2022 all Shareholders loans including
the accumulated interests were reimbursed.
Decrease of the Loans from Shareholders can be
explained by (i) the reimbursement of the principal
amount of one Shareholder, (ii) payment of incurred
interest (\u20ac 1,877 thousand), partly compensated
by (iii) the FX impact on the conversion of the loans
denominated in USD into EUR (\u20ac 256 thousand), and (iv)
the loss resulting from the derecognition of the former
carrying value of the loan (\u20ac 226 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12812": { "value": "22. FINANCIAL RESULT
The various items comprising the net \ufb01nance cost are as
follows:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
restated*
Realized gain on FX forward
contracts
29
525
Interest income on deposits
869
67
Exchange di\ufb00erences
-
(126)
Financial income
898
466
Interest expense on lease
liabilities
(52)
(11)
Interest expense on
shareholders loans
-
(164)
Other interest expense
-
(44)
Total interest expenses
(52)
(219)
Loss related to substan
-
tial modi\ufb01cation of the
-
(226)
shareholders loans
FV adjustment on FX for
-
ward instruments
-
(52)
Fair Value of API loan (
note
11
)
(173)
(167)
Bank fees
(48)
(38)
Exchange di\ufb00erences
(12)
-
Other
-
(28)
Total \ufb01nancial expenses
(233)
(511)
*
See
note 31
regarding restated information
Modi\ufb01cation of the shareholders loans
In 2022, the Group successfully renegotiated its
Shareholders loans. The changes in the terms of the
loan agreements quali\ufb01ed for substantial modi\ufb01cations
of the terms resulting in the derecognition of the
carrying value of former loans replaced by the carrying
value of the loans under the new terms. The loans
from shareholders, were unsecured, bear as from 1
January 2022 a \ufb01xed nominal interest rate of 0.75% (4%
previously) and were payable the earlier of December
31, 2022 or, if and when, the Group will generate a
positive EBIT.
At December 31, 2022 all Shareholders loans including
the accumulated interests were reimbursed.
Decrease of the Loans from Shareholders can be
explained by (i) the reimbursement of the principal
amount of one Shareholder, (ii) payment of incurred
interest (\u20ac 1,877 thousand), partly compensated
by (iii) the FX impact on the conversion of the loans
denominated in USD into EUR (\u20ac 256 thousand), and (iv)
the loss resulting from the derecognition of the former
carrying value of the loan (\u20ac 226 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12813": { "value": "22. FINANCIAL RESULT
The various items comprising the net \ufb01nance cost are as
follows:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
restated*
Realized gain on FX forward
contracts
29
525
Interest income on deposits
869
67
Exchange di\ufb00erences
-
(126)
Financial income
898
466
Interest expense on lease
liabilities
(52)
(11)
Interest expense on
shareholders loans
-
(164)
Other interest expense
-
(44)
Total interest expenses
(52)
(219)
Loss related to substan
-
tial modi\ufb01cation of the
-
(226)
shareholders loans
FV adjustment on FX for
-
ward instruments
-
(52)
Fair Value of API loan (
note
11
)
(173)
(167)
Bank fees
(48)
(38)
Exchange di\ufb00erences
(12)
-
Other
-
(28)
Total \ufb01nancial expenses
(233)
(511)
*
See
note 31
regarding restated information
Modi\ufb01cation of the shareholders loans
In 2022, the Group successfully renegotiated its
Shareholders loans. The changes in the terms of the
loan agreements quali\ufb01ed for substantial modi\ufb01cations
of the terms resulting in the derecognition of the
carrying value of former loans replaced by the carrying
value of the loans under the new terms. The loans
from shareholders, were unsecured, bear as from 1
January 2022 a \ufb01xed nominal interest rate of 0.75% (4%
previously) and were payable the earlier of December
31, 2022 or, if and when, the Group will generate a
positive EBIT.
At December 31, 2022 all Shareholders loans including
the accumulated interests were reimbursed.
Decrease of the Loans from Shareholders can be
explained by (i) the reimbursement of the principal
amount of one Shareholder, (ii) payment of incurred
interest (\u20ac 1,877 thousand), partly compensated
by (iii) the FX impact on the conversion of the loans
denominated in USD into EUR (\u20ac 256 thousand), and (iv)
the loss resulting from the derecognition of the former
carrying value of the loan (\u20ac 226 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12814": { "value": "22. FINANCIAL RESULT
The various items comprising the net \ufb01nance cost are as
follows:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
restated*
Realized gain on FX forward
contracts
29
525
Interest income on deposits
869
67
Exchange di\ufb00erences
-
(126)
Financial income
898
466
Interest expense on lease
liabilities
(52)
(11)
Interest expense on
shareholders loans
-
(164)
Other interest expense
-
(44)
Total interest expenses
(52)
(219)
Loss related to substan
-
tial modi\ufb01cation of the
-
(226)
shareholders loans
FV adjustment on FX for
-
ward instruments
-
(52)
Fair Value of API loan (
note
11
)
(173)
(167)
Bank fees
(48)
(38)
Exchange di\ufb00erences
(12)
-
Other
-
(28)
Total \ufb01nancial expenses
(233)
(511)
*
See
note 31
regarding restated information
Modi\ufb01cation of the shareholders loans
In 2022, the Group successfully renegotiated its
Shareholders loans. The changes in the terms of the
loan agreements quali\ufb01ed for substantial modi\ufb01cations
of the terms resulting in the derecognition of the
carrying value of former loans replaced by the carrying
value of the loans under the new terms. The loans
from shareholders, were unsecured, bear as from 1
January 2022 a \ufb01xed nominal interest rate of 0.75% (4%
previously) and were payable the earlier of December
31, 2022 or, if and when, the Group will generate a
positive EBIT.
At December 31, 2022 all Shareholders loans including
the accumulated interests were reimbursed.
Decrease of the Loans from Shareholders can be
explained by (i) the reimbursement of the principal
amount of one Shareholder, (ii) payment of incurred
interest (\u20ac 1,877 thousand), partly compensated
by (iii) the FX impact on the conversion of the loans
denominated in USD into EUR (\u20ac 256 thousand), and (iv)
the loss resulting from the derecognition of the former
carrying value of the loan (\u20ac 226 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12815": { "value": "22. FINANCIAL RESULT
The various items comprising the net \ufb01nance cost are as
follows:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
restated*
Realized gain on FX forward
contracts
29
525
Interest income on deposits
869
67
Exchange di\ufb00erences
-
(126)
Financial income
898
466
Interest expense on lease
liabilities
(52)
(11)
Interest expense on
shareholders loans
-
(164)
Other interest expense
-
(44)
Total interest expenses
(52)
(219)
Loss related to substan
-
tial modi\ufb01cation of the
-
(226)
shareholders loans
FV adjustment on FX for
-
ward instruments
-
(52)
Fair Value of API loan (
note
11
)
(173)
(167)
Bank fees
(48)
(38)
Exchange di\ufb00erences
(12)
-
Other
-
(28)
Total \ufb01nancial expenses
(233)
(511)
*
See
note 31
regarding restated information
Modi\ufb01cation of the shareholders loans
In 2022, the Group successfully renegotiated its
Shareholders loans. The changes in the terms of the
loan agreements quali\ufb01ed for substantial modi\ufb01cations
of the terms resulting in the derecognition of the
carrying value of former loans replaced by the carrying
value of the loans under the new terms. The loans
from shareholders, were unsecured, bear as from 1
January 2022 a \ufb01xed nominal interest rate of 0.75% (4%
previously) and were payable the earlier of December
31, 2022 or, if and when, the Group will generate a
positive EBIT.
At December 31, 2022 all Shareholders loans including
the accumulated interests were reimbursed.
Decrease of the Loans from Shareholders can be
explained by (i) the reimbursement of the principal
amount of one Shareholder, (ii) payment of incurred
interest (\u20ac 1,877 thousand), partly compensated
by (iii) the FX impact on the conversion of the loans
denominated in USD into EUR (\u20ac 256 thousand), and (iv)
the loss resulting from the derecognition of the former
carrying value of the loan (\u20ac 226 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12816": { "value": "22. FINANCIAL RESULT
The various items comprising the net \ufb01nance cost are as
follows:
\n \n
(in \u20ac thousand)
December 31,
December 31,
2023
2022
restated*
Realized gain on FX forward
contracts
29
525
Interest income on deposits
869
67
Exchange di\ufb00erences
-
(126)
Financial income
898
466
Interest expense on lease
liabilities
(52)
(11)
Interest expense on
shareholders loans
-
(164)
Other interest expense
-
(44)
Total interest expenses
(52)
(219)
Loss related to substan
-
tial modi\ufb01cation of the
-
(226)
shareholders loans
FV adjustment on FX for
-
ward instruments
-
(52)
Fair Value of API loan (
note
11
)
(173)
(167)
Bank fees
(48)
(38)
Exchange di\ufb00erences
(12)
-
Other
-
(28)
Total \ufb01nancial expenses
(233)
(511)
*
See
note 31
regarding restated information
Modi\ufb01cation of the shareholders loans
In 2022, the Group successfully renegotiated its
Shareholders loans. The changes in the terms of the
loan agreements quali\ufb01ed for substantial modi\ufb01cations
of the terms resulting in the derecognition of the
carrying value of former loans replaced by the carrying
value of the loans under the new terms. The loans
from shareholders, were unsecured, bear as from 1
January 2022 a \ufb01xed nominal interest rate of 0.75% (4%
previously) and were payable the earlier of December
31, 2022 or, if and when, the Group will generate a
positive EBIT.
At December 31, 2022 all Shareholders loans including
the accumulated interests were reimbursed.
Decrease of the Loans from Shareholders can be
explained by (i) the reimbursement of the principal
amount of one Shareholder, (ii) payment of incurred
interest (\u20ac 1,877 thousand), partly compensated
by (iii) the FX impact on the conversion of the loans
denominated in USD into EUR (\u20ac 256 thousand), and (iv)
the loss resulting from the derecognition of the former
carrying value of the loan (\u20ac 226 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13017": { "value": "23. INCOME TAX EXPENSE
23.1
AMOUNTS RECOGNIZED TO PROFIT
AND LOSS
The income tax (charged)/credited to the income
statement during the year is as follows:
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Tax (expense) / income
-
(4)
Income taxes
-
(4)
23.2
RECONCILIATION OF EFFECTIVE TAX
The income tax expense can be reconciled as follows:
\n \n
(in \u20ac thousand)
2023
2022
*
restated
Loss before income tax
(15,380)
(11,901)
Income tax expense calculated at
domestic tax rates (25%)
3,845
2,975
Tax e\ufb00ect of
Share of Loss of equity-accounted
investees reported, net of tax
(37)
(33)
Tax incentives (R&D Tax Credit)
108
79
Changes in estimates related to prior
years
-
(4)
E\ufb00ect of unused tax losses not recog
-
nized as deferred tax assets
(3,917)
(3,022)
Total tax Expenses
-
(4)
*
See
note 31
regarding restated information
23.3
CURRENT TAX ASSETS
The withholding tax on our deposits in Belgium can be
fully recovered via the corporate income tax return.
The Group will get a refund for the di\ufb00erence between
on one hand the recoverable Belgian withholding tax,
and on the other hand the corporate income tax due
on the minimum taxable basis corresponding to 40% of
the bene\ufb01t in kind for the private use of company cars.
The refundable amount for 2023 is \u20ac245 thousand and
booked on Current tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13020": { "value": "23.1
AMOUNTS RECOGNIZED TO PROFIT
AND LOSS
The income tax (charged)/credited to the income
statement during the year is as follows:
(in \u20ac thousand)
December 31,
December 31,
2023
2022
Tax (expense) / income
-
(4)
Income taxes
-
(4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13173": { "value": "24. EARNINGS PER SHARE
Basic earnings per share amounts are calculated by
dividing net pro\ufb01t for the year attributable to ordinary
equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by
dividing the net pro\ufb01t attributable to ordinary equity
holders of the parent (after adjusting for the e\ufb00ects of
all dilutive potential ordinary shares) by the weighted
average number of ordinary shares outstanding during
the year plus the weighted average number of ordinary
shares that would be issued on conversion of all the
dilutive potential ordinary shares into ordinary shares.
No e\ufb00ects of dilution a\ufb00ect the net pro\ufb01t attributable to
ordinary equity holders of the Group. The table below
re\ufb02ects the income and share data used in the basic and
diluted earnings per share computations:
\n \n
(in \u20ac thousand)
December
December
31, 2023
31, 2022
restated*
Basic earnings
Pro\ufb01t (Loss) from
(15,380)
(11,906)
continuing operations
attributable to owners of the parent
Diluted earnings
Dilution e\ufb00ect of share-based payments
Pro\ufb01t from continuing operations at
-
(15,380)
(11,906)
tributable to owners of the parent, after
dilution e\ufb00ect
*
See
note 31
regarding restated information
Earnings per share based on the existing number of
ordinary shares
\n \n
Number of shares
December
December
31,
2023
31, 2022
Weighted average number of ordinary
28,000,374
27,198,925
shares outstanding during the period
Basic earnings per share
(0.55)
(0.43)
Diluted earnings per share
(0.55)
(0.43)
As the Company is su\ufb00ering operating losses, the stock
options have an anti-dilutive e\ufb00ect. As such, there is
no di\ufb00erence between basic and diluted earnings per
ordinary share. There are no other instruments that
could potentially dilute earnings per share in the future.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13314": { "value": "25. SHARE-BASED PAYMENTS
The Company has a stock option scheme for the
employees, consultants and directors of the Company
and its subsidiaries for rendered services. In accordance
with the terms of the plan, as approved by shareholders,
employees may be granted options to purchase
ordinary shares at an exercise price as mentioned below
per ordinary share.
Each employee share option converts into one ordinary
share of the Company on exercise. No amounts are paid
or payable by the recipient on receipt of the option.
The options carry neither rights to dividends nor voting
rights. Options may be exercised at any time from the
date of vesting to the date of their expiry.
The following share-based payment arrangements were
in existence during the current and prior periods, there
is no new plan in 2023:
\n \n
Total warrants authorised and
granted
Movements per year
Warrants authorised
Warrants cancelled
Warrants granted
Warrants outstanding
31/12/2019
Warrants forfeited
Warrants outstanding
31/12/2020
Warrants granted
Warrants forfeited
Warrants outstanding
31/12/2021
Warrants forfeited
Warrants exercised
Warrants outstanding
31/12/2022
Warrants forfeited
Warrants exercised
Warrants outstanding
31/12/2023
Expiry Date
Weighted Average Exercise
Price per warrant (\u20ac)
Fair value at grant date (\u20ac)
PLAN 2017
Warrants
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
(1,200,000)
0
4/05/22
2\ue00136
1\ue00111
PLAN 2019
Warrants
363,300
(10,300)
353,000
353,000
(20,000)
333,000
(20,000)
313,000
(6,875)
306,125
306,125
31/12/24
5.34
2.47
PLAN 2020
400,000
(213,500)
186,500
186,500
186,500
186,500
186,500
11.89
5\ue00140
Warrants
-
69,500
69,500
69,500
69,500
27/11/30
9.88
4.44
Warrants
-
55,000
55,000
55,000
55,000
27/11/30
12.04
5.68
Warrants
-
60,000
60,000
60,000
60,000
27/11/30
13.92
6.20
Warrants
-
2,000
2,000
2,000
2,000
27/11/30
16.64
7.39
PLAN 2022
213,500
(71,500)
142,000
142,000
(7,354)
134,646
14\ue00112
5\ue00136
Warrants
-
-
62,000
0
62,000
30/06/29
15.20
6.06
Warrants
-
-
55,000
(7,354)
47,646
30/06/29
12.92
4.76
Warrants
-
-
25,000
0
25,000
1/01/30
13.71
4.76
Total Warrants
2,176,800
(295,300)
1,881,500
1,553,000
(20,000)
1,533,000
186,500
(20,000)
1,699,500
(6,875) (1,200,000)
634,625
(7,354)
0
627,271
9.17
-
The 2017 plan was fully vested immediately as no
vesting conditions were required. The 1,200,000
Transaction warrants were exercised on 22 June 2022
(
note 14
).
On 31 December 2019, the Company issued a plan of
363,300 warrants in the context of an employee stock
ownership plan (ESOP warrants). The 2019 plan is
subject to conditions so that it will vest gradually over
the next four years (25% after 1 year, and 1/48 for every
additional month). The Company o\ufb00ered in total 353,000
warrants. For this plan, the expense in the pro\ufb01t or loss
is \u20ac23 thousand in 2023 and \u20ac67 thousand in 2022.
On 27 November 2020, the Company issued a plan of
400,000 warrants. The 2020 plan is subject to services
conditions so that it will vest gradually over the next four
years (25% after 1 year, and 1/48 for every additional
month). In the 2020 plan, 191,500 warrants were o\ufb00ered
to new employees of which 186,500 warrants were
accepted. The remaining warrants of the 2020 plan
were cancelled. For the 2020 plan, the expense is \u20ac161
thousand in 2023 and \u20ac382 thousand in 2022
On 22 June 2022, the Group issued a new plan of
213,500 warrants. The 2022 plan is subject to services
conditions so that it will vest gradually over the next
four years (25% after 1 year, and 1/48 for every
additional month). As of 31 December 2022, 142,000
warrants were accepted by new employees. In 2023
7,353 warrants additionally have forfeited hence in total
78,854 warrants have forfeited. For the 2022 plan, the
expense is \u20ac356 thousand in 2023 and \u20ac111 thousand in
2022.
The fair value of the warrants has been determined
based on the Black Scholes model. For the plans issued
in 2017 and 2019, the expected volatility is based on
the historical share price volatility over the past 5 years
of listed peer companies. For the new plan issued on
27 November 2020, the expected volatility is based
on the historical share price volatility since listing
of the Company and bench marked with listed peer
companies.
Below is an overview of all the parameters used in this
model:
\n \n
PLAN 2019
PLAN 2020
PLAN 2022
Average share price (\u20ac
)
5.34
11.73
14.84
Average exercise price (\u20ac)
5.34
11.89
15.2
Expected volatility of the
55%
40%
35%
shares (%)
Expected dividends yield
0%
0%
0%
(%)
Average risk free interest
0.10%
0.00%
2.66%
rate (%)
The Risk Free interest rate (%) is based on an OLO
with
a maturity in relation to the exercise period of each
individual plan, which goes within a range between 5
and 10 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13968": { "value": "26. CONTINGENCIES
Ongoing legal proceedings
In August 2022, AltaThera Pharmaceuticals LLC \ufb01led a
complaint before the District Court for the Northern
District of Illinois against Academic Pharmaceuticals
Inc, Dr. Somberg and Hyloris Pharmaceuticals, for (a.o.)
alleged misappropriation of AltaThera\u2019s trade secrets
and con\ufb01dential information, improper inventorship,
and breach of contract, which seeks (punitive) damages
and termination of the agreement whereby Hyloris
licenses Sotalol IV to AltaThera (the \u201cLitigation\u201d). Hyloris
moved to dismiss the complaint for improper service of
process and lack of jurisdiction.
Further, in November 2022, Hyloris initiated an
arbitration against AltaThera for breach of the same
licensing agreement between Hyloris and AltaThera in
relation to Sotalol IV, including the failure of AltaThera to
use commercially reasonable e\ufb00orts in selling Sotalol IV
as required under the licensing agreement, which seeks
damages and termination of the licensing agreement
(the \u201cArbitration\u201d). AltaThera responded and counter-
demanded, reasserting its claims from the Litigation.
At the end of August 2023, all parties agreed to stipulate
to the dismissal of the Litigation and to consolidate
the Litigation and the Arbitration before the American
Arbitration Association (\u201cAAA\u201d) in New York.
Hyloris contests the claims asserted by AltaThera and,
based upon Hyloris\u2019 assessment of the documents
and expert reports put forward to date by AltaThera to
support its claims, Hyloris is of the view that there is no
convincing evidence supporting AltaThera\u2019s claims for
liability or damages. On the other hand, Hyloris believes
strongly in the merits of its claims against AltaThera, and
that its position is well supported by its expert reports
and other documents and evidence submitted to the
arbitration panel.
After the arbitration hearings that took place in April
2024, Hyloris remains fully con\ufb01dent about the outcome
of this litigation in its favor. A \ufb01nal decision is expected
before the end of August 2024. Hyloris however cannot
guarantee that the outcome of the litigation, even if in
its favor, may not have a negative impact on future sales
of Sotalol IV. AltaThera is seeking signi\ufb01cant damages,
including for lost pro\ufb01ts related to future sales of
Dofetilide IV and Sotalol IV and for unjust enrichment
premised on a perceived value of investment tied to the
IPO raise in 2020. While these claims, if fully or partially
granted, would potentially jeopardize Hyloris as a going
concern, Hyloris believes such an outcome is improbable
and that either Hyloris will succeed in its defense or will
be subject to damages below an amount that would
impact Hyloris\u2019 ability to function as a going concern.
Conversely, Hyloris believes it has a strong case against
AltaThera for the latter\u2019s failure to exert commercially
reasonable e\ufb00orts to sell Sotalol IV and has requested
a Panel award of signi\ufb01cant damages. However, Hyloris
cannot assure that a judgment in this matter will not
adversely a\ufb00ect future Sotalol IV sales.
A \ufb01nal decision is expected before the end of August
2024.
The Group is unable to disclose the estimate of the
\ufb01nancial e\ufb00ects of the ongoing legal proceedings as
under the rules of the International Center for Dispute
Resolution and the American Arbitration Association, the
Panel in the Consolidated Arbitration has sealed these
proceeding with an Agreed Con\ufb01dentiality Order such
that information that is designated \u201cCon\ufb01dential\u201d or
\u201cHighly Con\ufb01dential\u2014Attorneys\u2019 Eyes Only\u201d and cannot
be shared with the public.
Tax expense
In 2021, The Group recognized an additional Tax
Expense of \u20ac297 thousand related to a request for
payment of Taxes related to taxable income realized
in 2017, when the Company was still located in Grand
Duchy of Luxembourg. Although the company \ufb01led
timely her Tax Return related to income year 2016, the
company did not receive any Tax Assessments prior to
the request for payment. Management protested to the
relevant Authorities and decided to adopt a cautious
approach and recognized the Tax Expense in 2021.
Payment has been done to the Authorities in 2022. The
current status is that the \ufb01rst hearing took place. The
probability criteria are not met to recognize a receivable
given the current status of the procedure.
27. COMMITMENTS AND CONTINGENT
LIABILITIES
Hyloris has contractual commitments related to asset
purchase, licenses and development agreements. The
amounts are due upon reaching certain milestones
depending on successful completion of development
stages of the di\ufb00erent product candidates (including
FDA approval) or on meeting speci\ufb01ed sales targets.
The Company disclosed as commitments the maximum
that would be paid if all milestones and sales targets
are achieved. The amounts are not risk-adjusted or
discounted.
As at December 31, 2023, Hyloris has contractual
commitments and contingent liabilities for a maximum
amount of \u20ac41,523 thousand related to asset purchase,
licenses and development agreements recorded under
intangible assets and R&D expenses.
Commitments are unconditional promises made by
the Group to other parties resulting from legal or
contractual requirements and related to R&D liabilities
(i.e. a commitment to fund R&D activities as part of a
(co-)development agreement with a partner). Contingent
liabilities are possible obligations of the Group which
are dependent on (future) sales milestones that will
occur when the product is commercialized (eg. If a
certain sales threshold is met). The table includes the
contingent liabilities if all sales milestones were reached
(maximum exposure).
The accounting treatment of the contractual
commitments and contingent liabilities will vary per
nature of triggering event. Development milestones up
until commercialization will be expensed or capitalized.
Sales related commitments such as royalties, pro\ufb01t
sharing and sales milestones will be expensed when
incurred.
The following table details the total maximum
contractual commitments and contingent liabilities
(milestone payments only) at December 31, 2023 per
product candidates if such products are successfully
marketed (in \u20ac thousand):
\n \n
Maximum
contractual
Contingent
commitments
liabilities
Product Candidate
Expected timing
In $ thousand
In \u20ac thousand
Converted in \u20ac
(in \u20ac thousand)
In $ thousand
In \u20ac thousand
Converted in \u20ac
(in \u20ac thousand)
HY-004
225
204
0
2025
125
113
2026
100
90
HY-029
300
300
0
2024
100
100
2025
100
100
2026
100
100
Atomoxetine oral
75
68
0
2024
25
23
2025
25
23
2026
25
23
Metolazone IV
325
294
1 300
1 176
2025
75
68
2026
100
90
2027
150
136
2028
100
90
2030
200
181
2032
1000
905
Dofetilide IV
300
271
0
2024
100
90
2025
50
45
2026
150
136
HY-073
7 115
6 439
28 000
25 339
2024
3376
3 055
2025
3621
3 277
2026
118
107
2027
1000
905
2029
2000
1 810
2030
2000
1 810
23000
20 814
HY-074
150
136
2024
50
45
2025
25
23
2027
75
68
\n \n
Alenura
TM
(note 29.2)
2 000
1 810
2024
2000
1 810
HY-086 (note 10)
5 285
5 285
2024
2363
2 363
2025
2422
2 422
2026
500
500
HY-088
200
200
2025
200
200
TOTAL
10 190
5 785 15 007
29 300
0
26 516
For HY-073 the contingent liability is related to future
sales milestones for which only the 3 \ufb01rst years can be
estimated that the sales threshold will be met.
Contingent liabilities attached to pro\ufb01t split and royalties
which percentage varies based on achieved pro\ufb01t and/
or sales are not considered in the above table as no
maximum amount can be determined. The company
believes that the list of these candidate products
should, in principle, generate more revenue compared
to the total value of \u20ac41,523 thousand (maximum
commitments).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13969": { "value": "26. CONTINGENCIES
Ongoing legal proceedings
In August 2022, AltaThera Pharmaceuticals LLC \ufb01led a
complaint before the District Court for the Northern
District of Illinois against Academic Pharmaceuticals
Inc, Dr. Somberg and Hyloris Pharmaceuticals, for (a.o.)
alleged misappropriation of AltaThera\u2019s trade secrets
and con\ufb01dential information, improper inventorship,
and breach of contract, which seeks (punitive) damages
and termination of the agreement whereby Hyloris
licenses Sotalol IV to AltaThera (the \u201cLitigation\u201d). Hyloris
moved to dismiss the complaint for improper service of
process and lack of jurisdiction.
Further, in November 2022, Hyloris initiated an
arbitration against AltaThera for breach of the same
licensing agreement between Hyloris and AltaThera in
relation to Sotalol IV, including the failure of AltaThera to
use commercially reasonable e\ufb00orts in selling Sotalol IV
as required under the licensing agreement, which seeks
damages and termination of the licensing agreement
(the \u201cArbitration\u201d). AltaThera responded and counter-
demanded, reasserting its claims from the Litigation.
At the end of August 2023, all parties agreed to stipulate
to the dismissal of the Litigation and to consolidate
the Litigation and the Arbitration before the American
Arbitration Association (\u201cAAA\u201d) in New York.
Hyloris contests the claims asserted by AltaThera and,
based upon Hyloris\u2019 assessment of the documents
and expert reports put forward to date by AltaThera to
support its claims, Hyloris is of the view that there is no
convincing evidence supporting AltaThera\u2019s claims for
liability or damages. On the other hand, Hyloris believes
strongly in the merits of its claims against AltaThera, and
that its position is well supported by its expert reports
and other documents and evidence submitted to the
arbitration panel.
After the arbitration hearings that took place in April
2024, Hyloris remains fully con\ufb01dent about the outcome
of this litigation in its favor. A \ufb01nal decision is expected
before the end of August 2024. Hyloris however cannot
guarantee that the outcome of the litigation, even if in
its favor, may not have a negative impact on future sales
of Sotalol IV. AltaThera is seeking signi\ufb01cant damages,
including for lost pro\ufb01ts related to future sales of
Dofetilide IV and Sotalol IV and for unjust enrichment
premised on a perceived value of investment tied to the
IPO raise in 2020. While these claims, if fully or partially
granted, would potentially jeopardize Hyloris as a going
concern, Hyloris believes such an outcome is improbable
and that either Hyloris will succeed in its defense or will
be subject to damages below an amount that would
impact Hyloris\u2019 ability to function as a going concern.
Conversely, Hyloris believes it has a strong case against
AltaThera for the latter\u2019s failure to exert commercially
reasonable e\ufb00orts to sell Sotalol IV and has requested
a Panel award of signi\ufb01cant damages. However, Hyloris
cannot assure that a judgment in this matter will not
adversely a\ufb00ect future Sotalol IV sales.
A \ufb01nal decision is expected before the end of August
2024.
The Group is unable to disclose the estimate of the
\ufb01nancial e\ufb00ects of the ongoing legal proceedings as
under the rules of the International Center for Dispute
Resolution and the American Arbitration Association, the
Panel in the Consolidated Arbitration has sealed these
proceeding with an Agreed Con\ufb01dentiality Order such
that information that is designated \u201cCon\ufb01dential\u201d or
\u201cHighly Con\ufb01dential\u2014Attorneys\u2019 Eyes Only\u201d and cannot
be shared with the public.
Tax expense
In 2021, The Group recognized an additional Tax
Expense of \u20ac297 thousand related to a request for
payment of Taxes related to taxable income realized
in 2017, when the Company was still located in Grand
Duchy of Luxembourg. Although the company \ufb01led
timely her Tax Return related to income year 2016, the
company did not receive any Tax Assessments prior to
the request for payment. Management protested to the
relevant Authorities and decided to adopt a cautious
approach and recognized the Tax Expense in 2021.
Payment has been done to the Authorities in 2022. The
current status is that the \ufb01rst hearing took place. The
probability criteria are not met to recognize a receivable
given the current status of the procedure.
27. COMMITMENTS AND CONTINGENT
LIABILITIES
Hyloris has contractual commitments related to asset
purchase, licenses and development agreements. The
amounts are due upon reaching certain milestones
depending on successful completion of development
stages of the di\ufb00erent product candidates (including
FDA approval) or on meeting speci\ufb01ed sales targets.
The Company disclosed as commitments the maximum
that would be paid if all milestones and sales targets
are achieved. The amounts are not risk-adjusted or
discounted.
As at December 31, 2023, Hyloris has contractual
commitments and contingent liabilities for a maximum
amount of \u20ac41,523 thousand related to asset purchase,
licenses and development agreements recorded under
intangible assets and R&D expenses.
Commitments are unconditional promises made by
the Group to other parties resulting from legal or
contractual requirements and related to R&D liabilities
(i.e. a commitment to fund R&D activities as part of a
(co-)development agreement with a partner). Contingent
liabilities are possible obligations of the Group which
are dependent on (future) sales milestones that will
occur when the product is commercialized (eg. If a
certain sales threshold is met). The table includes the
contingent liabilities if all sales milestones were reached
(maximum exposure).
The accounting treatment of the contractual
commitments and contingent liabilities will vary per
nature of triggering event. Development milestones up
until commercialization will be expensed or capitalized.
Sales related commitments such as royalties, pro\ufb01t
sharing and sales milestones will be expensed when
incurred.
The following table details the total maximum
contractual commitments and contingent liabilities
(milestone payments only) at December 31, 2023 per
product candidates if such products are successfully
marketed (in \u20ac thousand):
\n \n
Maximum
contractual
Contingent
commitments
liabilities
Product Candidate
Expected timing
In $ thousand
In \u20ac thousand
Converted in \u20ac
(in \u20ac thousand)
In $ thousand
In \u20ac thousand
Converted in \u20ac
(in \u20ac thousand)
HY-004
225
204
0
2025
125
113
2026
100
90
HY-029
300
300
0
2024
100
100
2025
100
100
2026
100
100
Atomoxetine oral
75
68
0
2024
25
23
2025
25
23
2026
25
23
Metolazone IV
325
294
1 300
1 176
2025
75
68
2026
100
90
2027
150
136
2028
100
90
2030
200
181
2032
1000
905
Dofetilide IV
300
271
0
2024
100
90
2025
50
45
2026
150
136
HY-073
7 115
6 439
28 000
25 339
2024
3376
3 055
2025
3621
3 277
2026
118
107
2027
1000
905
2029
2000
1 810
2030
2000
1 810
23000
20 814
HY-074
150
136
2024
50
45
2025
25
23
2027
75
68
\n \n
Alenura
TM
(note 29.2)
2 000
1 810
2024
2000
1 810
HY-086 (note 10)
5 285
5 285
2024
2363
2 363
2025
2422
2 422
2026
500
500
HY-088
200
200
2025
200
200
TOTAL
10 190
5 785 15 007
29 300
0
26 516
For HY-073 the contingent liability is related to future
sales milestones for which only the 3 \ufb01rst years can be
estimated that the sales threshold will be met.
Contingent liabilities attached to pro\ufb01t split and royalties
which percentage varies based on achieved pro\ufb01t and/
or sales are not considered in the above table as no
maximum amount can be determined. The company
believes that the list of these candidate products
should, in principle, generate more revenue compared
to the total value of \u20ac41,523 thousand (maximum
commitments).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14072": { "value": "27. COMMITMENTS AND CONTINGENT
LIABILITIES
Hyloris has contractual commitments related to asset
purchase, licenses and development agreements. The
amounts are due upon reaching certain milestones
depending on successful completion of development
stages of the di\ufb00erent product candidates (including
FDA approval) or on meeting speci\ufb01ed sales targets.
The Company disclosed as commitments the maximum
that would be paid if all milestones and sales targets
are achieved. The amounts are not risk-adjusted or
discounted.
As at December 31, 2023, Hyloris has contractual
commitments and contingent liabilities for a maximum
amount of \u20ac41,523 thousand related to asset purchase,
licenses and development agreements recorded under
intangible assets and R&D expenses.
Commitments are unconditional promises made by
the Group to other parties resulting from legal or
contractual requirements and related to R&D liabilities
(i.e. a commitment to fund R&D activities as part of a
(co-)development agreement with a partner). Contingent
liabilities are possible obligations of the Group which
are dependent on (future) sales milestones that will
occur when the product is commercialized (eg. If a
certain sales threshold is met). The table includes the
contingent liabilities if all sales milestones were reached
(maximum exposure).
The accounting treatment of the contractual
commitments and contingent liabilities will vary per
nature of triggering event. Development milestones up
until commercialization will be expensed or capitalized.
Sales related commitments such as royalties, pro\ufb01t
sharing and sales milestones will be expensed when
incurred.
The following table details the total maximum
contractual commitments and contingent liabilities
(milestone payments only) at December 31, 2023 per
product candidates if such products are successfully
marketed (in \u20ac thousand):
\n \n
Maximum
contractual
Contingent
commitments
liabilities
Product Candidate
Expected timing
In $ thousand
In \u20ac thousand
Converted in \u20ac
(in \u20ac thousand)
In $ thousand
In \u20ac thousand
Converted in \u20ac
(in \u20ac thousand)
HY-004
225
204
0
2025
125
113
2026
100
90
HY-029
300
300
0
2024
100
100
2025
100
100
2026
100
100
Atomoxetine oral
75
68
0
2024
25
23
2025
25
23
2026
25
23
Metolazone IV
325
294
1 300
1 176
2025
75
68
2026
100
90
2027
150
136
2028
100
90
2030
200
181
2032
1000
905
Dofetilide IV
300
271
0
2024
100
90
2025
50
45
2026
150
136
HY-073
7 115
6 439
28 000
25 339
2024
3376
3 055
2025
3621
3 277
2026
118
107
2027
1000
905
2029
2000
1 810
2030
2000
1 810
23000
20 814
HY-074
150
136
2024
50
45
2025
25
23
2027
75
68
\n \n
Alenura
TM
(note 29.2)
2 000
1 810
2024
2000
1 810
HY-086 (note 10)
5 285
5 285
2024
2363
2 363
2025
2422
2 422
2026
500
500
HY-088
200
200
2025
200
200
TOTAL
10 190
5 785 15 007
29 300
0
26 516
For HY-073 the contingent liability is related to future
sales milestones for which only the 3 \ufb01rst years can be
estimated that the sales threshold will be met.
Contingent liabilities attached to pro\ufb01t split and royalties
which percentage varies based on achieved pro\ufb01t and/
or sales are not considered in the above table as no
maximum amount can be determined. The company
believes that the list of these candidate products
should, in principle, generate more revenue compared
to the total value of \u20ac41,523 thousand (maximum
commitments).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14724": { "value": "28. RELATED PARTY TRANSACTIONS
As part of the business, the Company has entered into
several transactions with related parties. Balances and
transactions between the Company and its subsidiaries,
which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this
note. Details of transactions between the Group and
other related parties are disclosed below.
The related parties presented below are identi\ufb01ed as:
\u2022
Purna Female helthcare, in which the Group has a
control of 20% (
note 9
);
\u2022
Vaneltix Inc and its a\ufb03liates, in which non-executive
independent member of the Board of directors,
Carolyn Myers her partner, Dr. Dan Vickery is CEO
and over which Hyloris has signi\ufb01cant in\ufb02uence (see
note 9
);
\u2022
The shareholders; Mr Stijn Van Rompay, an
executive member of the Board of the Company,
CEO and reference shareholder of the Company;
Mr Thomas Jacobsen, an Executive Member of the
Board of the Company;
\u2022
The Executive Management Team; and
\u2022
The Board of Directors (Non-Executive Directors).
28.1 TRANSACTION WITH PURNA FEMALE
HEALTHCARE
The table below provides an overview as per December
31, 2023:
\n \n
Financial
Transactions for the period
In \u20ac thousand
Position
Pro\ufb01t Loss
Commitments
Equity accounted
investees
3.801
-
-
Other \ufb01nancial lia
-
bilities (
note 15\ue0012
)
(3.000)
-
-
Milestones revenue
-
54
-
Total
801
54
0
The table below provides an overview as per December
31, 2022:
\n \n
Transactions for the period
In \u20ac thousand
Financial
Pro\ufb01t Loss
Commitments
Equity accounted
Position
investees
3.948
-
-
Other \ufb01nancial li
-
abilities (
note 15.2)
(3.000)
-
-
Total
948
54
0
28.2
TRANSACTIONS WITH VANELTIX, INC.
In 2021 the Group entered into a strategic collaboration
with Vaneltix Pharma Inc. for the development and
commercialisation of Alenura
TM
as \ufb01rst-line drug
treatment for acute pain in interstitial cystitis /bladder
pain syndrome (IC/BPS).
See
note 3\ue0012
.
The outstanding commitment to Vaneltix as of
December 31, 2023 is $2 million:
$6,7 million commitment
- $1,6 million payment March 2022
- $1,2 million payment December 2022
- $1.9 million equity contribution October 2023
(excluding 100k for market study)
= $2 million commitment at end of 2023
The table below provides an overview as per December
31, 2023:
\n \n
Transactions for the period
Financial
Pro\ufb01t Loss
Commitments
In \u20ac thousand
Position
Optional
convertible loan
499
(
note 10
)
Shares (Non
Current)
0.001
(
note 10
)
Accounts
Receivable
174
Prepayments
155
R&D expenses
(2,744)
Interest income
47
Commitments
and Contin-
gent Liabilities
1,810
(
Note 27
)
Total
654
(2,697)
1,810
The table below provides an overview as per
December31, 2022:
\n \n
Transactions for the period
Financial
Pro\ufb01t Loss
Commitments
In \u20ac thousand
Position
Optional
convertible loan
494
(
note 10
)
Accounts
Receivable
29
Prepayments
1,108
R&D expenses
(1,422)
Interest income
25
Commitments
and Contingent
Liabilities (N
ote
3,656
27
)
Total
1,602
(1,398)
3,656
28.3
TRANSACTIONS WITH THE
SHAREHOLDERS
In 2023 there were no transactions with the
shareholders.
Capital increase dated June 22, 2022
On 22 June 2022 Hyloris increased her Capital and
accompanied her Share Premium with respectively
\u20ac6 thousand and \u20ac2,826 thousand via the exercise of
1,200,000 outstanding Transactions Warrants.
In 2022 the following number of warrants from the 2017
ESOP plan were exercised:
\n \n
Number of
Related Party
transactions
Exercise price (in \u20ac)
warrants exercised
Stijn Van Rompay
852,096
2.36
Thomas Jacobsen
163,512
2.36
Total
1,015,608
2\ue00136
28.4
TRANSACTIONS WITH THE EXECUTIVE
MANAGEMENT TEAM
Executive management team personnel include those
persons having authority and responsibility for planning,
directing and controlling the activities of the Group.
As of December 31, 2023 and December 31, 2022,
members of the Executive Management Team are:
\u2022
SVR Management BV, an entity controlled by Stijn
Van Rompay, an executive member of the Board of
the Company, CEO and reference shareholder of the
Company
\u2022
Jacobsen Management BV, an entity controlled by
Thomas Jacobsen, an executive member of the
Board of the Company and CBDO
\u2022
Finsys Management BV, an entity controlled by Jean-
Luc Vandebroek, Chief Financial O\ufb03cer
\u2022
Dr Dietmar Aichhorn, Chief Operating O\ufb03cer
\u2022
Herault BV, an entity controlled by Koenraad Van der
Elst, Chief Legal O\ufb03cer
The table below presents the compensation of all
members of Executive Management Team by type of
compensation:
\n \n
(In \u20ac thousand)
December 31,
December 31,
2023
2022
ST compensation (incl.
management fees)
1,137
1,045
Share-based payments
64
154
Total
1,201
1,199
At reporting date, there were outstanding trade
payables related to transactions with the Executive
Management Team:
\n \n
(In \u20ac thousand)
December 31,
December 31,
2023
2022
Management fees
143
160
Total
143
160
As of December 31, 2023, members of the Executive
Management Team owned the following securities of
the Company:
\n \n
Shares
Warrants
Number
Pct (%)
Number
Pct (%)
(#)
(#)
Mr. Stijn Van
Rompay
7,743,067
27.65
68,000
10.84
Mr. Thomas
Jacobsen
3,857,838
13.78
-
0.00
Mr. Jean-Luc
Vandebroek
9,000
0.03
40,000
6.38
Mr. Dietmar
Aichhorn
32,500
0.12
40,000
6.38
Mr. Koenraad
Vanderelst
17,443
0.06
50,000
7.97
TOTAL
11,659,848
41\ue00164
198,000
31.57
Compared to 31 December 2022, the members of the
Executive Management Team owned the following
securities of the Company:
\n \n
Shares
Warrants
Number
Pct (%)
Number
Pct (%)
(#)
(#)
Mr. Stijn Van
Rompay
7,676,400
27.42
68,000
10.71
Mr. Thomas
Jacobsen
3,657,505
13.06
-
0.00
Mr. Jean-Luc
Vandebroek
3,000
0.01
40,000
7.88
Mr. Dietmar
Aichhorn
20,000
0.07
40,000
6.3
Mr. Koenraad
Van der Elst
27,443
0.10
50,000
6.3
TOTAL
11,374,348
40\ue00166
198,000
31.19
Total outstanding shares and warrants existing as of
December 31, 2023 are respectively 28,000,374 and
627,271.
28.5
TRANSACTIONS WITH THE BOARD
OF DIRECTORS (NON-EXECUTIVE
DIRECTORS)
As of December 31, 2023, non-executive members of the
Board of Directors are:
\u2022
Stefan Yee, Chairman
\u2022
Leon Van Rompay
\u2022
Marc Foidart
\u2022
Carolyn Myers
\u2022
James Gale
\u2022
Chris Buyse
The table below presents the compensation of all non-
executive members of Board of directors by type of
compensation:
\n \n
December 31,
December 31,
(In \u20ac thousand)
2023
2022
Board fees
110
110
Share-based payments
7
30
Total
117
140
At reporting date, there were outstanding trade
payables related to transactions with the non- executive
members of the Board of directors:
\n \n
(In \u20ac thousand)
December 31,
December 31,
2023
2022
Board fees
110
0
Total
110
0
As of 31 December 2022 and 31 December 2023, non-
executive members of the Board of directors owned the
following securities of the Company:
\n \n
Shares
Warrants
Number
Pct (%)
Number
Pct (%)
(#)
(#)
Stefan Yee
-
-
100,000
15.94
Leon Van
Rompay
-
-
-
Mark Foidart
-
-
-
Carolyn Myers
-
-
-
James Gale
-
-
-
Chris Buysse
-
-
-
TOTAL
-
-
100,000
15.94%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15221": { "value": "28.4
TRANSACTIONS WITH THE EXECUTIVE
MANAGEMENT TEAM
Executive management team personnel include those
persons having authority and responsibility for planning,
directing and controlling the activities of the Group.
As of December 31, 2023 and December 31, 2022,
members of the Executive Management Team are:
\u2022
SVR Management BV, an entity controlled by Stijn
Van Rompay, an executive member of the Board of
the Company, CEO and reference shareholder of the
Company
\u2022
Jacobsen Management BV, an entity controlled by
Thomas Jacobsen, an executive member of the
Board of the Company and CBDO
\u2022
Finsys Management BV, an entity controlled by Jean-
Luc Vandebroek, Chief Financial O\ufb03cer
\u2022
Dr Dietmar Aichhorn, Chief Operating O\ufb03cer
\u2022
Herault BV, an entity controlled by Koenraad Van der
Elst, Chief Legal O\ufb03cer
The table below presents the compensation of all
members of Executive Management Team by type of
compensation:
\n \n
(In \u20ac thousand)
December 31,
December 31,
2023
2022
ST compensation (incl.
management fees)
1,137
1,045
Share-based payments
64
154
Total
1,201
1,199
At reporting date, there were outstanding trade
payables related to transactions with the Executive
Management Team:
\n \n
(In \u20ac thousand)
December 31,
December 31,
2023
2022
Management fees
143
160
Total
143
160
As of December 31, 2023, members of the Executive
Management Team owned the following securities of
the Company:
\n \n
Shares
Warrants
Number
Pct (%)
Number
Pct (%)
(#)
(#)
Mr. Stijn Van
Rompay
7,743,067
27.65
68,000
10.84
Mr. Thomas
Jacobsen
3,857,838
13.78
-
0.00
Mr. Jean-Luc
Vandebroek
9,000
0.03
40,000
6.38
Mr. Dietmar
Aichhorn
32,500
0.12
40,000
6.38
Mr. Koenraad
Vanderelst
17,443
0.06
50,000
7.97
TOTAL
11,659,848
41\ue00164
198,000
31.57
Compared to 31 December 2022, the members of the
Executive Management Team owned the following
securities of the Company:
\n \n
Shares
Warrants
Number
Pct (%)
Number
Pct (%)
(#)
(#)
Mr. Stijn Van
Rompay
7,676,400
27.42
68,000
10.71
Mr. Thomas
Jacobsen
3,657,505
13.06
-
0.00
Mr. Jean-Luc
Vandebroek
3,000
0.01
40,000
7.88
Mr. Dietmar
Aichhorn
20,000
0.07
40,000
6.3
Mr. Koenraad
Van der Elst
27,443
0.10
50,000
6.3
TOTAL
11,374,348
40\ue00166
198,000
31.19
Total outstanding shares and warrants existing as of
December 31, 2023 are respectively 28,000,374 and
627,271.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15805": { "value": "29. SUBSEQUENT EVENT (AFTER THE END
OF THE REPORTING PERIOD)
16.01.2024: Orphan Drug Designation granted to PTX-
252 by U.S. FDA for the treatment of Acute Myeloid
Leukaemia (AML)
This product candidate, developed in collaboration
with Pleco Therapeutics BV incorporates a novel
molecular entity that is a derivative of a known
established molecule and is designed to enhance the
responsiveness of cancer cells to chemotherapy.
Obtaining an Orphan Drug Designation provides
incentives and bene\ufb01ts to encourage the development
of treatments for rate diseases. These include \ufb01nancial
incentives, market exclusivity and support in navigating
regulatory processes. An estimate of the \ufb01nancial impact
for the Group cannot be made.
18.01.2024:
Hyloris broadens pipeline with new
product candidate for Vulvar Lichen Sclerosus (VLS)
The Group has entered into a partnership with AFT to
develop a novel mucoadhesive \ufb01lm for the treatment
of Vulvar Lichen Sclerosus. Hyloris and AFT will co-
develop HY-091 for the purpose of registration and
worldwide commercialization. Hyloris is responsible
for ensuring the product formulation, manufacturing
activities and the coordination of the commercialisation
in Europe. AFT is responsible for managing the clinical
trials, overseeing all aspects to ensure e\ufb00ective
planning, execution and monitoring throughout the trial
lifecycle, and the coordination of the commercialisation
outside of Europe. Parties are jointly responsible for
commercialisation in the United States.
Hyloris and AFT will share the net pro\ufb01t and will split all
external costs related to the collaboration. An estimate
of the \ufb01nancial impact for the Group cannot be made.
30.01.2024: Hyloris and Purna Female Healthcare
announce positive results from Phase 2 trial in
patients with Acute Vulvovaginal Candidiasis (VVC)
The phase 2 trial of product candidate Miconazole
Domiphen-Bromide (MCZ-DB) was a 12-week trial
evaluating the safety and e\ufb03cacy of two doses of
MCZ-DB. The study has been conducted in Belgium
with a total of 102 patients enrolled. Topline results are
superior e\ufb03cacy, positive safety and tolerability without
signi\ufb01cant superiority over the active control.
With these positive results, the Group is prepared to
engage in discussions with relevant authorities for
further clinical investigations. The \ufb01nancial impact for
the Group is that a \ufb01nancial liability of \u20ac3 million (see
note 9
) \u20ac1.5 million is payable after the completion
of the dose \ufb01nding study required for being able to
start a phase 3 study and another \u20ac1.5 million is due
after processing the validation report for 6 months
stability data on registration batches and completion of
enrollment of phase 3 studies
14.02.2024: Hyloris enrolls \ufb01rst patient in Phase
3 Clinical trial for its Proprietary Mouth Rinse to
control incidences of bleeding related to dental
procedures.
This Phase 3 trial is designed to demonstrate e\ufb03cacy,
safety and acceptability of the oral solution containing
tranexamic acid to prevent possible oral hemorrhaging
in patients treated with anticoagulants and undergoing
extraction of one or more teeth. This study will measure
and compare e\ufb03cacy of the proprietary oral solution
containing tranexamic acid against placebo in reducing
the number of both clinically relevant and irrelevant
bleeds in these patients.
An estimated 280 patients will be recruited at
approximately 20 clinical sites across Europe and
the United States. Recruitment of eligible patients is
expected to be completed around the end of 2024
with \ufb01nal results available in the \ufb01rst half of 2025. An
estimate of the \ufb01nancial impact for the Group cannot be
made.
27.02.2024: Hyloris announces launch of Maxigesic\u00ae
IV in the U.S. and approval in Canada
\u2022
launch in the United States: Hikma has launched
Maxigesic
\u00ae
IV in the United States under the
tradename Combogesic
\u00ae
IV. Hyloris is entitled to a
milestone payment of $2.1 million.
\u2022
approval in Canada: Maxigesic\u00ae IV has recently been
granted marketing authorization by Health Canada.
18.04.2024: Long-term incentive plan
A long-term incentive plan was approved. The long-term
variable remuneration is based on the achievement by
the Company of certain pre-set cash-based \ufb01nancial
results. For each member of the Executive Committee,
a one-time payment will be made for each \u20ac20 million
EBITDA realized annual basis, capped at \u20ac80 million or
four tranches of \u20ac20 million.
11.6.2024: Decision of the General Assembly
regarding the authorized capital.
See
Note 14\ue0013
Events after the reporting period with respect to the
QliniQ transactions
Hyloris announced on 20 January 2023 that it had
successfully concluded agreements regarding (i) the in-
licensing by Hyloris from QliniQ BV (
\u201cQliniQ
\u201d) of HY 088
and (ii) the divestment by Hyloris to QliniQ of HY 038.
These transactions and their accounting treatment were
scrutinized by the Belgian Financial Services and Markets
Authority (\u201c
FSMA
\u201d). The inquiries from and exchanges
with the FSMA initially led the Company to restate its
\ufb01scal year 2022 and \ufb01scal year 2023 results in March
2024.
In the second half of April 2024, a few days before the
annual report for the \ufb01scal year 2023 was due to be
published, KPMG replaced its permanent representative
for the Company and informed the Company\u2019s Audit
Committee that additional audit work was required.
Following further exchanges with the Company\u2019s auditor
and, subsequently, the FSMA, the Company initiated a
forensic independent review on the matter in April 2024.
On 29 April 2024 the FSMA suspended trading of the
Company\u2019s shares.
The forensic independent review was carried out by a
reputable international law \ufb01rm as independent legal
expert, appointed by and under the supervision of
an ad hoc committee of independent directors of the
Company. The work included a forensic data review
concerning the QliniQ transactions, interviews with
Hyloris\u2019 executive management team concerning the
QliniQ transactions, as well as obtaining an independent
valuation expert opinion on the purchase price paid for
HY-088.
During and after the review process, the Company
was formally informed of the executive management
team\u2019s opinion that the forensic independent review is
a\ufb00ected by procedural, methodological and substantive
de\ufb01ciencies. Management disputes the \ufb01ndings and
believes inter alia that the independent legal expert
lacked impartiality, has not considered their explanations
and comments properly, and that the \ufb01ndings give an
incomplete and distorted picture. The management
team also pointed out that there was regular interaction
with the Company\u2019s statutory auditor on the accounting
treatment of the transactions. Finally, the management
team also insisted in particular on the actual substance
of the HY-038 and HY-088 transactions and reiterated
their \ufb01rm belief that the HY-088 deal will create value for
the Company.
The forensic independent review was completed early
June 2024 and established a number of irregularities
concerning the transactions with QliniQ and the
documentation practices and communication with the
FSMA related thereto which are further described in the
FSMA communication of 5 July 2024 (see below) and the
Company\u2019s press release of 8 July 2024 containing its
reaction on the FSMA communication.
In the \ufb01rst half of June 2024, the Board has deliberated
on multiple occasions on the \ufb01ndings of the forensic
independent review, the recommendations of the
ad hoc committee (as also described in the FSMA
communication of 5 July 2024 \u2013 see below), and the
comments by the executive management team. Where
appropriate, meetings were held in closed session
with non-executive directors only. During this time,
the Board was also informed that the Company\u2019s CEO
has o\ufb00ered to step down as CEO and transition into a
dedicated strategy-focused role concentrating on long-
term company objectives and direction, and that the
Company\u2019s CFO and CLO have o\ufb00ered to resign and
leave their roles within the Company in mutual consent
after an appropriate transition period.
As a result, taking into account a.o (i) the \ufb01ndings of the
forensic independent review, (ii) the recommendations
of the ad hoc committee (as detailed in the (as detailed
in the FSMA\u2019s communication of 5 July 2024) FSMA\u2019s
communication of 5 July 2024), (iii) the views of the
executive management team (and the abovementioned
proposals by the CEO, CFO and CLO to leave their
current roles) and (iv) the Company\u2019s corporate interest,
the Board has taken the following decisions:
\u2022
The Company will initiate a transition process to
an independent CEO, with a view to the current
CEO, Mr. Stijn Van Rompay, assuming a dedicated
role focussed on driving and implementing the
Company\u2019s global strategy. During the interim
period, Mr. Thomas Jacobsen (Hyloris\u2019 Chief Business
Development O\ufb03cer and co-founder) will be
appointed as co-CEO alongside the current CEO and
all major decisions shall be made jointly by the co-
CEOs.
\u2022
Subject to a transition period, Hyloris\u2019 CFO and CLO
will leave their roles within the Company in mutual
consent in the interest of the Company (but without
acknowledging any of the principal \ufb01ndings of the
review). At the request of the Board, the CFO will
remain with the Company to \ufb01nalize the annual
accounts for the \ufb01scal year 2023 and (if needed) the
half-year results, and hand over to the new CFO.
\u2022
The Company\u2019s governance will be strengthened by
(i) having the internal control systems reviewed by an
independent third party, (ii) creating an internal audit
function, and (iii) implementing written compliance
policies and clear internal reporting lines (including
to the Audit Committee).
The Company is evaluating continuously how and when
these decisions will be implemented considering the
corporate interest and the developments in this matter.
Following the decisions of the Board, the Company
has informed the FSMA of the \ufb01ndings of the forensic
independent review, the comments of the executive
management team, and the Board\u2019s decisions. Since
then, the Company has had ongoing contacts with the
FSMA (including with regard to the content of the press
release to be issued concerning the \ufb01ndings of the
forensic independent review).
While these contacts were ongoing, on 5 July 2024,
the FSMA decided to release a public communication
regarding the Company
1
, setting out a.o. the FSMA\u2019s
1
The full text of the FSMA communication is published in French and
Dutch on the website of the FSMA.
views of the QliniQ transactions and stating that the
FSMA has serious doubts about the reliability of the
information that Hyloris has provided to the market. The
FSMA expressed the view that this information does not
allow investors to assess the risk of an investment in
Hyloris shares.
The conclusions of the FSMA\u2019s
1
warning are as follows
2
:
\u201cOn the basis of its own \ufb01ndings and the independent
forensic review, the FSMA has serious doubts as to the
economic reality of the transactions with QliniQ. The
independent forensic review indeed did not permit to
identify any objective element con\ufb01rming the economic
reality of the transactions with QliniQ.
On the contrary, the conclusions of the independent
forensic review refer, inter alia, to:
\u2022
indications that QliniQ had no interest in HY 038;
\u2022
the absence of elements demonstrating that due
diligence had been carried out in relation to HY-
088 and the lack of substance for the payment of
EUR 1 million by Hyloris to QliniQ on 13 February
2023 as compensation for internal research and
development costs already incurred by QliniQ in
relation to HY 088;
\u2022
multiple indications that the two transactions were
interrelated, which is an indication of the circular
nature of the transactions and the related payments;
\u2022
the \ufb01nding that the agreements with QliniQ were
prepared - and further amended after execution -
on the basis of accounting and market disclosure
objectives.
In addition, the independent forensic review identi\ufb01es,
among other things, the following elements
\u2022
strong indications that the documentary practices
do not re\ufb02ect reality but are intended to achieve the
desired objectives (i.e. to be able to book revenue in
2022), as well as strong indications of a deliberate
attempt to backdate the HY 038 agreement to
31/12/2022;
\u2022
evidence of multiple misrepresentations by Hyloris\u2019
management to the FSMA
\u2022
evidence of management \ufb01ltering information from
the Board of Directors and the Audit Committee.
2
Free translation of the original French/Dutch text.
The independent forensic review also contains
observations regarding the governance and corporate
culture of Hyloris
1
As a result of the \ufb01ndings of the independent forensic
review, the independent directors have recommended to
the Board of Directors of Hyloris that the internal control
systems be reviewed by an independent third party
(including with a view to establishing an internal audit
function), that the company\u2019s compliance policies be
reviewed, and that the CEO, CFO and CLO be replaced by
strong, independent and quali\ufb01ed candidates.
Hyloris\u2019 management has indicated that it strongly
opposes the conclusions of the independent forensic
review.
Trading in the shares remains suspended pending
publication of the 2023 annual \ufb01nancial report and the
accompanying report of the statutory auditor.\u201d
Further to the FSMA\u2019s communication, the Company
has issued a press release on 8 July 2024. Therein it has
stated that the Company has taken note of the FSMA\u2019s
communication. The Company is of the view that it has
made available (and intended to make available through
a press release concerning the forensic independent
review drafted in consultation with the FSMA) to the
public all information that is relevant for investors. The
Company is committed to inform the market correctly
and it will continue discussions with the FSMA in a view
to agree on a communication policy which meets the
concerns of the FSMA.
The Company\u2019s 8 July 2024 press release also contains
detail on the business rationale and development
status of HY-088. In this respect, the Company\u2019s
executive management team refers to the report of
the independent valuation expert which contributed to
the forensic independent review and which concludes
as follows with regard to the consideration paid for HY
088: \u201cBased on (i) the limited procedures performed,
as described above, on the business plan prepared by
Management as of the date of the Transaction, (ii) the
use of the generally accepted valuation methods under
the income approach, and (iii) pursuant to the conditions
and limitations contained herein,
it is our preliminary
view that nothing leads us to believe that the
Transaction Price is not within an acceptable range
of preliminary values\u201d
. The Company further notes that
the forensic independent review has not conclusively
established the absence of substance of the HY-088
and HY-038 transactions and that, even though the
forensic independent review concluded that there are
strong indications that the two QliniQ transactions were
apparently linked, both transactions were aligned with
Hyloris\u2019 strategic objectives.
The development of HY-088 remains on track for
European market access by the second half of 2026,
with the total cost of acquisition and development,
including licensing fees and external development
expenses, staying (well) under \u20ac2 million as previously
announced. After development completion, Hyloris
will not incur any further \ufb01nancial obligations to the
original developer. Development began in late 2022
and by early 2023 an external development company
identi\ufb01ed candidate formulations through product
design planning, ingredient selection activities, and
testing. Further work throughout 2023 ensured stability,
re\ufb01nement, and successful lab-scale production. GMP
batch manufacturing is anticipated for late 2024.
18.7.2024: Expansion of Maxigesic
\u00ae
IV into Brazil
See the press release.
26.7.2024: Carolyn Myers, a non Executive Director
Ms. Carolyn Myers is an independent director of the
Company since 8 June 2020. She is also a member of the
Company\u2019s Remuneration and Nomination Committee.
Directors in a listed company are considered
independent if they do not maintain a relationship
with the company or a major shareholder thereof
that compromises their independence. To determine
whether a (candidate) director satis\ufb01es this condition, at
least the criteria set out in the 2020 Belgian Corporate
Governance Code are applied.
One of these criteria is that independent directors
do not maintain, or have maintained in the past year
before their appointment, a signi\ufb01cant business
relationship with the Company or a related company
or person, either directly or as a partner, shareholder,
board member, member of the senior management (as
de\ufb01ned in article 19, 2\u00b0 of the law of 20 September 1948
regarding the organisation of the business industry) of a
company or person who maintains such a relationship.
The Company has an ongoing business relationship with
Vaneltix Pharma, Inc. (\u201cVaneltix\u201d) for the development
and commercialisation of AlenuraTM as \ufb01rst-line drug
treatment for acute pain in interstitial cystitis /bladder
pain syndrome (IC/BPS). [The Company also has a
shareholding of less than 1% in Vaneltix.]
Ms. Carolyn Myers is associated with Vaneltix due
to her relationship with Mr. Dan Vickery, CEO, board
member and shareholder of Vaneltix. Based on recent
information, Ms. Carolyn Myers also performs an
executive function within Vaneltix as Commercial Head.
Because of the business relationship between the
Company and Vaneltix on the one hand, and the
association of Ms. Carolyn Myers with Vaneltix on the
other hand, Ms. Carolyn Myers possibly no longer
ful\ufb01ls the aforementioned criterion of the 2020 Belgian
Corporate Governance Code and, consequently, the
general condition to be considered an independent
director. For this reason, Hyloris\u2019 Board of directors has
decided on 26 July 2024 that Ms. Carolyn Myers will be
considered a non-executive director (but no longer as an
independent director) for the remainder of her mandate.
Due to Ms. Carolyn Myers no longer being considered
an independent director, the Company\u2019s Remuneration
and Nomination Committee no longer meets the
requirement set out in the Company\u2019s corporate
governance charter, that a majority of the committee\u2019s
members must be independent. As previously
announced, the Company currently is in a process to
strengthen its governance. The Company will address
this as part of the ongoing evaluation, at the upcoming
annual general meeting. For the avoidance of doubt, this
change does not a\ufb00ect the validity of previous meetings
and decisions of the Remuneration and Nomination
Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16279": { "value": "30. AUDIT FEES
During 2022 and 2023, the statutory auditor provided
services for the group Hyloris which fees were as follows:
December 31,
December 31,
(In \u20ac thousand)
2023
2022
Audit services
91
82
Audit related services -
legal engagements
-
15
Tax services
28
18
Total
119
115
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16331": { "value": "31. RESTATEMENT OF 2022 STATEMENTS
31.1
QLINIQ TRANSACTION
Following discussions with the Belgian Financial
Services and Markets Authority (FSMA) and Hyloris\u2018
statutory auditor, the Board of Directors has revised the
\ufb01nancial statements due to the correction of a non-cash
accounting error regarding the divestment of HY-038 and
acquisition of HY-088.
Clari\ufb01cation on the press release of 20 January 2023 on
the transactions with Qliniq
On 20 January 2023 Hyloris announced that the
global rights of the ongoing development of HY-088
was licensed-in from a Dutch company, Qliniq, who
maintained the rights to commercialize the product
candidate in its home country, and a selected number
of Middle Eastern and developing countries. In the same
press release, Hyloris announced that it had divested
HY-038 to the same company, Qliniq, for a price of
\u20ac1 million.
As detailed in the 2022 Annual Report, HY-038 falls
under the category of high-barrier generics and thus
lies beyond Hyloris\u2019 core portfolio of assets. Limited
development activities had occurred for HY038 since
the IPO. Hyloris encountered challenges in identifying
a suitable Contract Manufacturing Organization (CMO)
capable of producing HY-038 at a desired cost.
The transaction price of \u20ac 1 million was received on
16 February 2023.
HY-088 is a ready-to-administer
oral liquid formulation designed for addressing
hypophosphatemia. Presently, physicians utilize
compounded products for treating this condition, which
have not undergone regulatory evaluation regarding
their safety, e\ufb00ectiveness, and quality. At the time of the
transaction, QliniQ held no exclusive rights to develop
the oral liquid formulation.
It is expected that Hyloris will submit HY-088 for
registration in the course of 2025. The transaction price
of \u20ac1.2 million (including \u20ac200 thousand designated as
prepaid expenses), was paid by Hyloris on 13 February
2023.
QliniQ is a Dutch company which develops and
in-licenses drugs and medical supplies in various
therapeutic domains and commercializes these in
the Netherlands. QliniQ nurtures cooperation and
long-lasting business relationships with international
companies as part of its successful market approach. At
December 31, 2022, Qliniq had a balance sheet total of
\u20ac 0.8 million, a cash balance of \u20ac 0.2 million and 2 FTE\u2019s.
Qliniq\u2019s shareholders have previously successfully build
and sold several pharmaceutical companies.
Accounting treatment of the transactions with Qliniq
Hyloris initially recognized (a) \u20ac1 million in revenue in
2022 from the divestment of HY-038, and (b) \u20ac1 million
in R&D expenses and \u20ac 0,2 million in intangible assets
in H1 2023 for the purchase of HY-088. A reassessment
determined that both transactions qualify as a non-
monetary exchange because negotiations and valuations
occurred simultaneously. Due to the development stage
of the products exchanged, the fair value of neither the
asset received, nor the asset given up can be reliably
determined. As highlighted in \u2018Note 29 \u2013 Forensic
investigation outcome\u2019, the transfer of control HY-038
occurred in 2023. As a result of this reassessment, the
restated \ufb01nancials for 2022 have reversed the \u20ac1 million
revenue from the divestment of HY-038.\u201d
The following tables present the restatements performed
on the comparative periods:
Consoldated statement of \ufb01nancial position
\n \n
Impact of correction of error
only for Qliniq
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Current assets
50,801
(1,000)
49,801
Trade and other receivables
5,127
(1,000)
4,127
Total assets
61,864
(1,000)
60,728
1
Equity
55,045
(1,000)
53,909
1
Result of the period
(10,770)
(1,000)
(11,906)
1
Total equity and liabilities
61,864
(1,000)
60,728
1
1
Including restatement of the API loan (refer to note 31.3)
Consolidated statement of pro\ufb01t or loss and other
comprehensive income
\n \n
Impact of correction of error
only for Qliniq
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Revenues
2,951
(1,000)
900
1
Gross pro\ufb01t
2,857
(1,000)
805
1
Operating pro\ufb01t/(loss) (EBIT)
(10,638)
(1,000)
(11,638)
Pro\ufb01t (loss) before taxes
(10,766)
(1,000)
(11,901)
2
PROFIT (LOSS) FOR THE PERIOD
(10,770)
(1,000)
(11,906)
2
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD
(10,770)
(1,000)
(11,906)
2
1
Including reclass from revenue towards other operating income, see
note 31.2
2
Including
restatement of the API loan, see note 31.3
Consolidated statement of cash \ufb02ows
Even though there was an actual cash in\ufb02ow of \u20ac1 million
from the divestment of HY-038 and a cash out\ufb02ow of \u20ac
1.2 million resulting from the in-licensing of HY-088, the
transactions are presented in the net consolidated cash
\ufb02ow statement for the year ended per December 31,
2023 (i.e., \u20ac200 thousand prepaid expenses), as this most
faithfully presents the substance of the transactions. The
impact on the consolidated statement of cash \ufb02ows for
the year ended on December 31, 2022 is the decrease of
the Trade and other receivables.
31.2. RECLASSIFICATION OF REVENUE FOR
SERVICES RENDERED
Revenues for services rendered in connection with
the Management Consultancy Agreement concluded
with Pleco Therapeutics (see
note 3\ue0012
) has been
reclassi\ufb01ed from Revenue to Other income as they are
not considered as part of the ordinary activities of The
Group.
The impact on the consolidated \ufb01nancial statement of
pro\ufb01t or loss and other comprehensive income:
\n \n
Per 31 December 2022
Impact of correction of error
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Revenue
2,951
(1,052)
900
1
Other operating income
315
1,052
1,487
2
1
Including restatement of Qliniq, see note 31.1
2
Including reclass for grants on payroll withholding taxes, see note
31.4B
31.3 RECLASS RELATED TO API LOAN
The loan made to third parties has been reclassi\ufb01ed
in the statement of cash \ufb02ow from Trade and other
receivables to Investing activities. In accordance with
IAS 7, par. 16(e) cash advances and loans made to
other parties are part of cash \ufb02ows from investing
activities. Furthermore, in prior year the fair value of the
outstanding loan was incorrectly calculated and not in
compliance with IFRS 9 as an appropriate risk premium
was included. The discount rate was revised impacting
the statement of \ufb01nancial position (Trade and other
receivables) and statement of pro\ufb01t and loss and other
comprehensive income (\ufb01nancial expenses).
The impact on the consolidated \ufb01nancial statement of
cash \ufb02ow:
\n \n
Impact of correction of
error
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Trade and other receivables
(2,261)
655
(921)
1
Cash generated from operations
(12,812)
655
(12,679)
2
Net cash generated from operating
activities
(13,154)
655
(13,020)
2
Loans made to third parties
-
(655)
(655)
Net cash provided by investing
activities
(1,239)
(655)
(11,373)
3
1
Including restatement for the R&D Tax Credit, see note 31.4B and
restatement for Qliniq transaction, see note 31.1
\u00b2 Including restatement for the R&D Tax Credit, see note 31.4B and
restatement for Qliniq transaction, see note
31.1 and restatement
for the API loan, see note 31.3 and the netting of the \ufb01nance result
\u00b3 Including restatement for cash and cash equivalents, see note 31.4A
and the netting of the \ufb01nance result
The impact on the consolidated \ufb01nancial statement of
\ufb01nancial position:
\n \n
Impact of correction of error
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Non Current assets
11,063
(136)
10,927
Trade and other receiv-
ables (Non current)
1,447
(136)
1,311
Total assets
61,864
(136)
60,728
1
Equity
55,045
(136)
53,909
1
Result of the period
(10,770)
(136)
(11,906)
1
Total equity and
liabilities
61,864
(136)
60,728
1
1
Including restatement of Qliniq, see note 31.1
The impact on the consolidated \ufb01nancial statement of
pro\ufb01t or loss and other comprehensive income:
\n \n
Impact of correction of error
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Financial expenses
(594)
(136)
(730)
Pro\ufb01t (loss) before taxes
(10,766)
(136)
(11,901)
1
PROFIT (LOSS) FOR THE
PERIOD
(10,770)
(136)
(11,906)
1
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD
(10,770)
(136)
(11,906)
1
1
Including restatement of Qliniq, see note 31.1
31.4
OTHER RESTATEMENTS IN THE
FINANCIAL STATEMENTS
Next to the above restatement with impact on the
income statement and statement of \ufb01nancial position
of the comparative period, the Company has also made
following reclasses without net impact on the net result.
A. Cash and cash equivalents
Two term deposits for a total amount of
\u20ac
10 million
have been reclassi\ufb01ed from \u201cCash and cash equivalents\u201d
to \u201cOther investment including derivatives\u201d as the term
deposit does not meet the de\ufb01nition of cash equivalents
in accordance with IFRS. The term of 1 deposit is from
December 13, 2022 until June 13, 2023 and the term
of the other deposit is from December 13 2022 until
September 13, 2023. They cannot be withdrawn, in
whole or part, prior to the due date of the term deposit.
See
note 13
.
The impact of the restatement on the consolidated
\ufb01nancial statement:
\n \n
Impact of correction of error
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Other investment,
including derivatives
469
10,000
10,469
Cash and cash equivalents
43,457
(10,000)
33,457
The impact of the restatement on the consolidated
\ufb01nancial statement of cash \ufb02ow:
\n \n
Impact of correction of error
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Proceeds of other \ufb01nancial
assets
-
(10,000)
(10,000)
Cash \ufb02ow from investing
activities
(1,239)
(10,000)
(11,373)
1
Net (decrease) in cash
and cash equivalents
(6,555)
(10,000)
(16,555)
Cash and cash equiva
-
lents at end of year
43,457
(10,000)
33,457
1
Including restatement of the API loan, see note 31.3
B. Grants related to payroll withholding taxes and R&D
Tax Credit
As from 2023, the grants on payroll withholding taxes for
scienti\ufb01c personnel are presented as \u2018Other operating
income\u2019 while per December 31, 2022 they were
presented as a deduction from the related employee
bene\ufb01t expenses within the \u2018Research and development
expenses\u2019. In order to guarantee comparability, the 2022
statement of pro\ufb01t and loss has been restated to re\ufb02ect
this reclass (impact of \u20ac120 thousand). This is now also
consistent with the presentation of the Half Year \ufb01gures.
The grant related to the R&D Tax Credit has been
reclassed in the 2022 statement of cash \ufb02ow from R&D
Tax Credit to Trade and other receivables.
The impact on the consolidated statement of pro\ufb01t or
loss and other comprehensive income:
Impact of correction of error
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Other operating income
315
120
1,487
1
Operating income
315
120
2,387
2
Research and development
expenses
(10,151)
(120)
(10,272)
Operating expenses
(13,905)
(120)
(14,024)
1
Including reclass from revenue towards other operating income, see
note 31.2
\u00b2 Including reclass from revenue towards other operating income, see
note 31.2 and restatement for Qliniq transaction, see note 31.1
The impact on the consolidated \ufb01nancial statement of
cash \ufb02ow:
Impact of correction of error
Per 31 December 2022
(In \u20ac thousand)
As previously
reported
Adjustment
As restated
Trade and other
receivables
(2,261)
(315)
(921)
1
R&D Tax Credit
(315)
315
-
1
Including restatement of Qliniq, see note 31.1 and restatement of the
API loan, see note 31.3
C. Other reclasses in the statement of cash \ufb02ow
In the statement of cash \ufb02ows, fair value gains and
losses on derivatives, interest expenses on shareholder\u2019s
loans and losses on the derecognition of shareholder
loans have been reclassi\ufb01ed to net \ufb01nancial result.
D Revised presentation of the consolidated statements
of Pro\ufb01t or Loss and Other Comprehensive Income in
general
In order to improve the readability of the consolidated
\ufb01nancial statement of Pro\ufb01t or Loss and Other
Comprehensive income there is a revised presentation
of the lines as from 2023 including the comparative of
2022.
In the new presentation, Other operating income is put
below Revenue. The sum of both is Operating Income.
Cost of sales is put together with Research and
development expenses, General and administrative
expenses, share of result of equity-accounted investees
and other operating expenses under the new line
Operating expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17378": { "value": "Statement of Financial Position \n \n
(In \u20ac)
2023
2022
ASSETS
FIXED ASSETS
76,097,212
76,374,779
Intangible \ufb01xed assets
121,042
112,655
Tangible \ufb01xed assets
Financial \ufb01xed assets
75,976,170
76,262,124
A\ufb03liated companies - Participations
73.161.002
73,161,002
A\ufb03liated companies - Receivables
1,815,167
2,101,122
Investment
1,000,001
1,000,000
CURRENT ASSETS
38,607,279
41,456,011
Receivables over one year
634,434
656,291
Trade receivables
-
Others amounts receivable
634,434
656,291
Amounts receivable within one year
7,054,248
3,893,442
Trade receivables
5,695,222
2,958,075
Others amounts receivables
1,359,026
935,367
VIII. Cash Investment
10,000,000
30,000,000
IX. Cash at bank and in hand
18,817,284
4,589,023
X. Deferred charges and accrued income
2,101,313
2,317,255
TOTAL ASSETS
114,704,491
117,830,790
CAPITAL AND RESERVES
102,751,874
106,154,186
\n \n
(In \u20ac)
2023
2022
Capital
140,002
140,002
Share Premium
121,513,447
121,513,447
Reserves
5,000
5,000
Accumulated pro\ufb01ts (losses)
(18,906,575)
(15,504,263)
PROVISIONS AND DEFERRED TAXES
CREDITORS
11,952,617
11,676,604
Amounts payable after more than one year
300,000
300,000
Other \ufb01nancial loans
Other debts
300,000
300,000
IX. Amounts payable within one year
10,624,769
11,153,196
Current portion of amounts payable after one year
-
-
Other \ufb01nancial loans
3,072,421
6,633,479
Suppliers
3,122,209
1,291,575
Taxes, remuneration and social charges
15,100
28,142
Other debts
4,415,039
3,200,000
X. Accrued charges and deferred income
1,027,848
223,408
TOTAL LIABILITIES
114,704,491
117,830,790
\n
Income Statement
\n\n \n
(In \u20ac thousand)
2023
2022
Operating income
(3,639,978)
1,249,949
Turnover
1,120,551
204,885
Other operating income
709,473
1,045,064
Non-recurrent income
1,809,954
-
Operating charges
(5,777,848)
(3,750,126)
Services and other goods
(5,409,842)
(3,675,309)
Other operating charges (-)
(1,859)
(5,219)
Remunerations, social charges and pensions
(346.393)
(69,598)
Depreciations
(19,754)
-
Non-recurring operating expenses
-
-
Operating pro\ufb01t (loss)
(2,137,870)
(2,500,177)
Financial income
1,159,948
1,928,732
Income from \ufb01nancial \ufb01xed assets
-
363,784
Income from current assets
1,094,291
-
Other \ufb01nancial income
65,657
1,564,948
Financial charges (-)
(2,446,796)
(482,131)
Interest on \ufb01nancial debts
(360,181)
(286,159)
Other \ufb01nancial charges
-
(195,972)
Pro\ufb01t (Loss) for the period before taxes (-)
(3,424,718)
(886,786)
Income taxes (-)
22,406
(16,659)
Pro\ufb01t (loss) for the period available for appropriation
(3,402,312)
(1,070,235)
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }