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"-168000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00264": { "value": "-131000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_0093": { "value": "-6812000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_0094": { "value": "-3051000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_0095": { "value": "30406000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_0096": { "value": "33457000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_0097": { "value": "23594000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_0098": { "value": "30406000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00131": { "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 office 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 benefit 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 offer
significant 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 Podofilox
Gel, the first drug product generic to Condylox Gel
0.5%
\u00ae
in the U.S. and Sotalol IV for the treatment
of atrial fibrillation.
The Company\u2019s development strategy primarily
focuses on the FDA\u2019s 505(b)2 regulatory pathway,
which is specifically designed for pharmaceuticals
for which safety and efficacy of the molecule has
already been established. This pathway can
reduce the clinical burden required to bring a
product to market, and significantly shorten the
development timelines and reduce costs and risks.
As mentioned in the Half Year report of 2024, the
American
Arbitration
Association
denied
all
AltaThera
claims
and
confirmed
Hyloris\u2019
ownership of its intellectual property. Hyloris is
pleased that the damages claims from AltaThera
have been rejected by the arbitration panel and
remains dedicated to safeguarding its intellectual
property rights while ensuring the continued
development and growth of its portfolio and
product candidates.
Please
refer
to
section
4.2.
of
Corporate
Governance for description of risks that may
impact the consolidated financial statements of
the Group.
The
consolidated
financial
statements
were
authorized for issue by the Board of Directors on
28 April 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00121": { "value": "Hyloris Pharmaceuticals SA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00124": { "value": "Hyloris Pharmaceuticals SA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00130": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00123": { "value": "Boulevard Patience et Beaujonc N\u00b03/1, 4000 Li\u00e8ge, Belgium.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00122": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00125": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00129": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00126": { "value": "Hyloris is a specialty biopharma company identifying and unlocking hidden potential in existing medications for the benefit of patients and the healthcare system.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00132": { "value": "The
consolidated
financial
statements
were
authorized for issue by the Board of Directors on
28 April 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00133": { "value": "2.
Summary of material
accounting policies
2.1
BASIS OF PREPARATION
The consolidated financial statements of the Group
for
the year ended December 31, 2024 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 effective as at
December
31,
2024.
No
new
standards,
amendments to standards or interpretations
were early adopted.
The
consolidated
financial
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. All references
in this Annual Report to \u201c$\u201d, \u201cUS dollars\u201d, \"U.S.
dollars\" \u201cdollar\u201d and \u201cUSD\u201d mean U.S. dollars and all
references to \u201c\u20ac\u201d, \u201cEUR\u201d and \u201ceuros\u201d mean euros,
unless otherwise noted.
Due
to rounding, numbers presented throughout
these Consolidated Financial Statements may
not add up precisely to the totals provided and
percentages may
not precisely reflect the absolute
figures.
The financial 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
3.1
).
The
preparation
of
financial
statements
in
accordance
with
IFRS
Accounting
Standards
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 significant to the
consolidated financial statements are disclosed in
Note 3
.
Relevant
IFRS
accounting
pronouncements
adopted as from 2024 onwards
Several amendments and interpretations did
apply for the first time in 2024; but did not have
any
material
impact
on
the
consolidated
financial statements of the Group.
\u2022
Amendments to IAS 1 Presentation of
Financial
Statements:
Classification
of
Liabilities as Current or Non-current and
Non-current
Liabilities
with
Covenants
(applicable for annual periods beginning on
or after January 1, 2024);
\u2022
Lease Liability in a Sale and Leaseback \u2013
Amendments to IFRS 16 Leases (issued on
22 September 2022);
\u2022
Amendments to IAS 7 Statement of Cash
Flows and IFRS 7 Financial Instruments:
Disclosures\u2013
Supplier
Finance
Arrangements (issued on 25 May 2023).
A number of new standards, amendments to
standards
and interpretations are not yet
effective for the year ended 31 December 2024,
and have not been applied in preparing these
consolidated financial statements:
Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of Exchangeability
,
issued on 15 august 2023, clarify when a currency
\u00a0
is exchangeable into another currency (and when it
\n
is not). When a currency is not exchangeable, a
\n
company needs to estimate a spot rate. The
\n
company\u2019s objective when estimating a spot rate is
\n
that it reflects the rate at which an orderly exchange
\n
transaction would take place at the measurement
\n
date
between
market
participants
under
\n
prevailing
economic
conditions.
The
\n
amendments
contain no specific requirements for
\n
estimating a spot
rate. Under the amendments,
\n
companies will need to provide new disclosures
\n
to help users assess the impact
of using an
\n
estimated
exchange
rate
on
the
financial
\n
statements. The amendments are effective for
\n
annual
reporting periods beginning on or after 1
\n
January 2025 with early adoption permitted.
\n
These amendments have been endorsed by the
\n
EU.
\n
IFRS 18 Presentation and Disclosure in Financial
\n
Statements
, issued on 9 April 2024, will replace IAS
\n
1 Presentation of Financial Statements. The new
\n
standard will improve the quality of financial
\n
reporting by:
\n
\u2022
requiring defined subtotals in the statement
\n
of profit or loss;
\n
\u2022
requiring
disclosure
about
management-
\n
defined performance measures; and adding
\n
new
principles
for
aggregation
and
\n
disaggregation of information.
\n
The standard is effective for annual reporting
\n
periods
beginning on or after 1 January 2027 with
\n
early adoption permitted. The standard has not
\n
yet been endorsed by the EU.
\n
IFRS 19 Subsidiaries without Public Accountability:
\n
Disclosures
, issued on 9 May 2024, will allow
\n
eligible subsidiaries to apply IFRS Accounting
\n
Standards with reduced disclosure requirements.
\n
A subsidiary will be to apply the new standard in
\n
its consolidated, separate
or individual financial
\n
statements provided that, at the reporting date: it
\n
does not have public accountability;
and its parent
\n
produces consolidated financial statements under
\n
IFRS Accounting Standards.
\n
The standard is effective for annual reporting
\n
periods
beginning on or after 1 January 2027 with
\n
early adoption permitted. The standard has not
\n
yet been endorsed by the EU.
\n
Amendments to the Classification and Measurement
\n
of Financial Instruments \u2013 Amendments to IFRS 9
\n
and IFRS 7
, issued on 30 May 2024, will address
\n
diversity in accounting practice by making the
\n
requirements
more
understandable
and
\n
consistent. The
amendments include: Clarifications
\n
on
the
classification
of financial assets with
\n
environmental, social and corporate governance
\n
(ESG) and similar features\u2014ESG- linked features in
\n
loans could affect whether the loans
are measured
\n
at amortized cost or fair value. To resolve any
\n
potential diversity in practice, the amendments
\n
clarify how the contractual cash flows on such loans
\n
should be assessed.
\n
Clarifications on the date on which a financial asset or
\n
financial liability is derecognized. The IASB also
\n
decided to develop an accounting policy option
\n
to allow a
company to derecognize a financial
\n
liability before it delivers cash on the settlement date
\n
if specified criteria are met.
\n
The
IASB
has
also
introduced
additional
\n
disclosure
requirements
to
enhance
\n
transparency
for
investors
regarding
\n
investments in equity instruments designated at
\n
fair value through other comprehensive income
\n
and financial instruments with contingent features,
\n
for example features tied to ESG-linked targets.
\n
The amendments are effective for annual reporting
\n
periods beginning on or after 1 January 2026 with
\n
early adoption permitted. These amendments
\n
have not yet been endorsed by the EU.
\n
Annual Improvements Volume 11
, issued on 18
\n
July 2024, include clarifications, simplifications,
\n
corrections and changes aimed at improving the
consistency of several IFRS Accounting Standards.
The amended accounting standards are:
\u2022
FRS 1 First-time Adoption of International
Financial Reporting Standards;
\u2022
IFRS 7 Financial Instruments: Disclosures and
its accompanying Guidance on implementing
IFRS 7;
\u2022
IFRS 9 Financial Instruments;
\u2022
IFRS 10 Consolidated Financial Statements;
and
\u2022
IAS 7 Statement of Cash Flows.
The amendments are effective for annual reporting
periods beginning on or after 1 January 2026 with
early adoption permitted. These amendments have
not been endorsed by the EU.
Contracts
Referencing
Nature-dependent
Electricity
\u2013
Amendments
to
IFRS
9
and
IFRS 7,
issued on 18 December 2024, will help
entities better report on the financial effects of
nature-dependent electricity contracts, which are
often structured as power purchase agreements
(PPAs). Nature-dependent electricity contracts help
companies to secure their electricity supply from
sources such as wind and solar power. The amount
of electricity generated under these contracts can
vary based on uncontrollable factors such as
weather
conditions.
Current
accounting
requirements may not adequately capture how
these contracts affect a company\u2019s performance.
The amendments include:
\u2022
clarifying the application of the \u2018own use\u2019
requirements;
\u2022
permitting hedge accounting if these contracts
are used as hedging instruments; and
\u2022
adding new disclosure requirements to enable
investors to understand the effect of these
contracts
on
a
company\u2019s
financial
performance and cash flows.
The amendments are effective for annual reporting
periods beginning on or after 1 January 2026 with
early adoption permitted. These amendments have
not been endorsed by the EU.
Except for IFRS 18, for which the analysis is ongoing,
these amendments are not expected to have any
significant impact on the consolidated financial
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 affect 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 profit 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 identifiable 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
financial statements, but adjusted for any deviations
with the accounting policies of the Group.
Any
difference
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 classified 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
financial
statements
using
the
equity
method
of
accounting,
except
when
the
investment is
classified 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 financial 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 identifiable 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, profits and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture.
Unrealized
gains
arising
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 financial 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 financial 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 currency 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
differences are generally recognised in profit or loss
and presented within
financial 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
1 EUR =
Closing Rate
Average Rate
Rate
December 31, 2024
1.0389
1.0824
December 31, 2023
1.1050
1.0813
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
classifies 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 benefits;
(v)
the availability of adequate technical, financial
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. final stage before filing for marketing
approval) of the related development project is
successfully
completed,
i.e.
when
filing
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 first 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 identifiable, 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
benefits that are attributable to the asset will flow
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
benefits from the asset will flow to the entity) is
considered to be satisfied 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 amortized 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 amortized 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 effectively 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 financial position when the following conditions are
met:
(i)
the asset is identifiable, i.e. either separable (if it
can be sold, transferred, licensed) or it results from
contractual or legal rights;
it is probable that the
expected future economic benefits that are
attributable to the asset will flow to the Group;
(ii)
the Group can control the resource; and
(iii)
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
amortization and any accumulated impairment
losses. Intangible assets are amortized on a
systematic basis over their useful life, using the
straight-line method. Amortization begins when
the asset is capable of operating in the manner
intended by management.
The estimated useful life and amortization
method are reviewed at the end of each
reporting period, with the
effect of any changes in
estimate being accounted for on
a prospective
basis.
The amortization expense is presented as part of
Cost of Sales in the Statement of Profit or Loss. The
applicable useful lives are determined based on the
period during
which the Company expects to receive
benefits 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 benefits are expected from use
or
disposal.
Gains
or
losses
arising
from
derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and
the carrying amount of the asset, are recognized in
profit or loss when the asset is derecognized.
2.6
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
fixed 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 reflects 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 effect. When adjustments to lease
payments based on an index or rate take effect, the
lease liability is reassessed and adjusted against the
right-of-use asset.
The lease liability is subsequently measured at
amortized cost under the effective interest method.
Finance expenses are recognized immediately in
profit 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, 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 indefinite useful lives and
intangible assets not yet available for use are not
subject to amortization, 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
amortization
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 flows are discounted to
their present value using a pre-tax discount rate
that reflects current market assessments of the
time value of money and the risks specific 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 profit or loss.
2.8
REVENUE RECOGNITION
Revenue is measured based on the consideration
specified 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
significant 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, as well as at year-end 2023, the Group has 3
commercialized products for which royalties are
recorded, i.e., Sotalol IV, Maxigesic
\u00ae
IV and Podofilox.
For each commercialized product specific 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 finance 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 filling 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 significant 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 assesses 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 influence 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 significant
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, 2024, 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 satisfied over time or at
a point in time. If the performance obligation is
satisfied over time, revenue is recognized based on a
pattern that best reflects 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 specified 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 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 classifies its financial assets in the following
categories: financial assets at fair value through profit
and loss (FVTPL) or through other comprehensive
income (FVOCI) and financial assets at amortized cost.
The classification depends on the entity\u2019s business
model for managing the financial assets and the
contractual terms of the cash flows. Management
determines the classification of its financial assets at
initial recognition.
A financial asset is measured at amortized cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Profit and
Loss Statement):
\u2022
It is held within a business model whose objective
is to hold assets to collect contractual cash flow;
and
\u2022
Its contractual terms give rise on specified dates
to cash flows 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 financial assets not classified as measured at
amortized costs or FVOCI, as described above, are
measured at FVTPL. In assessing whether the
contractual cash flows are solely payments of
principal and interest, the Group considers the
contractual terms of the instrument. This
includes
assessing whether the financial asset contains a
contractual term that could change the timing or
amount of contractual cash flows 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 flows;
\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 flows
from
specified
assets
(e.g.
non-recourse
features).
Trade receivables are initially recognized when
they are originated. All other financial assets are
initially recognized when the Group becomes a
party to the contractual provisions of the
instrument.
At initial recognition, the group measures a financial
asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss,
transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction
costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss. A trade
receivable
without
a
significant
financing
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 financial result in profit or loss.
Equity investments at FVOCI are subsequently
measured at fair value. Dividends are recognized
as income in profit 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 reclassified to
profit or loss.
Financial
assets
at
amortized
cost
are
subsequently
measured at amortized cost using the
effective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its financial
assets carried at amortized cost. For trade
receivables,
the group applies the simplified
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 financial asset only when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial 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 financial asset, the Group continues to
recognize the financial asset and also recognizes a
collateralized
borrowing
for
the
proceeds
received.
On de-recognition of a financial asset in its entirety,
the difference between the asset\u2019s carrying amount
and the sum of the consideration received and
receivable is recognized in profit or loss.
Financial assets and financial liabilities are offset
and the net amount presented in the statement of
financial position when, and only when, the Group
currently has a legally enforceable right to set off 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 reflects its non-performance risk.
A number of the Group\u2019s accounting policies and
disclosure require the measurement of fair values,
for
both financial and non-financial 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 sufficient 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 financial
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
differs 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 insignificant
in relation to the measurement, then the financial
instrument is initially measured at fair value,
adjusted to defer the difference between the fair
value on initial recognition and the transaction
price. Subsequently, that difference is recognized
in profit 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 financial position.
Deposits with the same level of liquidity as cash,
i.e., 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
definition 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 insignificant 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 financial
assets
in the statement of financial
position.
2.13
SHARE CAPITAL
Ordinary
shares
are
classified
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 profit 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
profit
or
loss
statement
consistently with the amortization 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
financial position, within the Other current liabilities.
In the
statement
of
comprehensive
income,
government
grants are presented as other
operating income or
financial 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 profit 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 RCAs are initially
recognized, concomitantly with the occurrence of
subsidized expense, as a financial liability at fair
value (calculated based on present value of future
repayment of grants), determined as per IFRS 9.
To determine the fair value of the cash advances
received, the Company estimates future cash
outflows considering (i) assumptions regarding the
estimation of the timing and the probability of the
future sales or (ii) the probability that the Company
will notify the Walloon Region whether it will decide
or not to use the results of the research phase and
(iii) an appropriate discount rate.
If the amount of cash received would exceed the fair
value of the liability, the difference would be
considered as a government grant, being recognized
in the income statement as operating income on a
systematic basis in order to match the expenses
incurred in accordance with IAS 20. The RCA grant
component is recognized in profit or loss under
\"Other income\" on a systematic basis over the
periods
in
which
the
entity
recognizes
the
underlying R&D expenses subsidized by the RCA.
The fair market value adjustments to the RCA
liability
are
recognized
in
the
consolidated
statement of comprehensive loss under \u201cOther
income/expense\u201d and as a non-cash adjustment in
\u201ccash flows from operating activities\u201d in the
consolidated statements of cash flows.
The RCAs liability component (RCA financial liability)
is subsequently measured at amortized cost using
the cumulative catch-up approach under which the
carrying amount of the liability is adjusted to the
present value of the future estimated revenue,
discounted at the liability\u2019s original effective interest
rate. When modifying the estimated contractual
cash flows, the Company reviews if there are
indicators, either positive or negative, influencing
the estimation of the timing and level of the future
sales of the products benefiting from the support of
the Walloon Region. The difference between the
recalculated carrying amount and the initial carrying
amount is included in the caption \u201cother operating
income/expenses\u201d in the consolidated income
statement and in the financial expenses for the
impact of the discounting .
When repayment of recoverable cash advances may
be forgiven, the liability component of recoverable
cash advances is treated as a government grant and
taken to income only when there is reasonable
assurance that the entity will meet the terms for
forgiveness of the advance
R&D Tax Credit
In
Belgium,
companies
that
invest
in
environmentally
friendly
research
and
developments activities can benefit 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 up to the year 2022,
20.5% for the year 2023 and 15.5% for the year 2024,
or (ii) if no sufficient 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 five financial
years after the tax credit application filed 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
amortized together with the underlying
assets.
Exemption payroll taxes
The Group benefits from the Belgian tax incentive
regime for companies employing researchers, which
provides af partial exemption
from payment of
withholding tax.
Under this measure, eligible companies can
retain up to 80% of the withholding tax on the
salaries of employees involved in innovation and
R&D activities.
These payroll tax rebates are recognized in the line
Other
Operating
Income
in
the
financial
statements.
2.15
EMPLOYEE BENEFITS
Short-term employee benefits
Short-term employee benefits 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 financial
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 and the vesting period. The
impact of the revision
of the original estimates, if
any, is recognized in profit or loss such that the
cumulative expense reflects 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 effects
of a transaction or other event is consistent with
the accounting for the transaction or event itself.
Therefore,
income taxes are recognized in profit 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 reflects
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 differences
arising between the tax bases of assets and
liabilities
and
their
carrying
amounts
in
the
consolidated financial statements.
However, the deferred tax is not recognized for:
\u2022
the initial recognition of goodwill (in case of
taxable temporary differences 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 affects neither
accounting nor taxable profit or loss and
\u2022
deferred
tax
is
recognized
on
temporary
differences
arising
on
investments
in
subsidiaries and associates, except for deferred
income tax liabilities where the timing of the
reversal
of
the
temporary
difference is
controlled by the Group and it is probable that
the temporary difference will not reverse in the
foreseeable future.
A deferred tax liability is recognized for all taxable
temporary differences, unless one of the above
exemptions would apply.
Deferred
tax
assets
are
recognized
for
deductible
temporary differences and unused tax
losses and tax
credits to the extent that it is
probable that taxable
profits will be available
against which they can be utilized. Future taxable
profits are determined based on the reversal of
relevant taxable temporary differences. If the
amount of taxable temporary differences is
insufficient to recognize a deferred tax asset in full,
then future taxable profits, adjusted for reversals of
existing temporary differences, 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 sufficient taxable profits 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 profits will be
available against which they can be used.
Deferred taxes are calculated at the level of each fiscal
entity in the Group. Deferred tax assets and
liabilities are offset only if certain criteria are met.
2.18
FINANCIAL LIABILITIES
Financial liabilities (including borrowings and trade
and other payables) are classified as at amortized
cost.
All financial 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
amortized
cost;
any
difference
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 effective
interest method. A borrowing is classified as
current liability if it meets any of the following
conditions:
\u2022
it is expected to be settled in the entity's normal
operating cycle;
\u2022
it is held primarily for trading purposes;
\u2022
it is due to be settled within 12 months after the
reporting date; or
\u2022
it is not subject to the entity's right at the
reporting date to defer its settlement for at least
12 months after the reporting date.
Where the loan is from a shareholder acting in
the
capacity of a shareholder, the difference
between
cash received and fair value of the loan
at initial
recognition is reflected in equity because
the substance
of the favorable terms is typically a
contribution by a shareholder.
The Group derecognizes a financial liability when
its contractual obligations are discharged or
cancelled, or expire. The Group also derecognizes
a financial liability when its terms are modified and
the cash flows of the modified liability are
substantially different, in which case a new
financial liability based on the modified terms is
recognized at fair value.
When a financial liability measured at amortized cost
is modified without this resulting in derecognition, a
gain or loss is recognized in profit or loss. The gain or
loss is calculated as the difference between the
original contractual cash flows and the modified
cash flows discounted at the original effective
interest rate.
2.19
DERIVATIVE FINANCIAL
INSTRUMENTS
The Group holds derivative financial 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 financial result in profit or
loss. A derivative with a positive fair value is recognised
as a financial asset whereas a derivative with a negative
fair value is recognised as a financial liability.
Derivatives are not offset in the financial statements
unless the Group has both legal right and intention
to offset. A derivative is presented as a non-current
asset (\u2018Other investments, including derivatives) or a
non-current liability (\u2018Other financial 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.
2.20 PROVISIONS
In accordance with IAS 37 \u2013 Provisions, contingent
liabilities and contingent assets, a provision must
be recognized when:
\u2022
A present obligation exists due to past events
\u2022
It is probable that an outflow of economic
resources will be required to settle the
obligation
\u2022
The amount of the obligation can be estimated
Provisions are determined by discounting the
expected future cash-flows at a pre-tax rate that
reflects current market assessments of the time of
money and the risks specific to the liability. The
unwinding of the discounting is recognized as
finance costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "2.1
BASIS OF PREPARATION
The consolidated financial statements of the Group
for
the year ended December 31, 2024 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 effective as at
December
31,
2024.
No
new
standards,
amendments to standards or interpretations
were early adopted.
The
consolidated
financial
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. All references
in this Annual Report to \u201c$\u201d, \u201cUS dollars\u201d, \"U.S.
dollars\" \u201cdollar\u201d and \u201cUSD\u201d mean U.S. dollars and all
references to \u201c\u20ac\u201d, \u201cEUR\u201d and \u201ceuros\u201d mean euros,
unless otherwise noted.
Due
to rounding, numbers presented throughout
these Consolidated Financial Statements may
not add up precisely to the totals provided and
percentages may
not precisely reflect the absolute
figures.
The financial 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
3.1
).
The
preparation
of
financial
statements
in
accordance
with
IFRS
Accounting
Standards
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 significant to the
consolidated financial statements are disclosed in
Note 3
.
Relevant
IFRS
accounting
pronouncements
adopted as from 2024 onwards
Several amendments and interpretations did
apply for the first time in 2024; but did not have
any
material
impact
on
the
consolidated
financial statements of the Group.
\u2022
Amendments to IAS 1 Presentation of
Financial
Statements:
Classification
of
Liabilities as Current or Non-current and
Non-current
Liabilities
with
Covenants
(applicable for annual periods beginning on
or after January 1, 2024);
\u2022
Lease Liability in a Sale and Leaseback \u2013
Amendments to IFRS 16 Leases (issued on
22 September 2022);
\u2022
Amendments to IAS 7 Statement of Cash
Flows and IFRS 7 Financial Instruments:
Disclosures\u2013
Supplier
Finance
Arrangements (issued on 25 May 2023).
A number of new standards, amendments to
standards
and interpretations are not yet
effective for the year ended 31 December 2024,
and have not been applied in preparing these
consolidated financial statements:
Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of Exchangeability
,
issued on 15 august 2023, clarify when a currency
\u00a0
\n\n
is exchangeable into another currency (and when it
\n
is not). When a currency is not exchangeable, a
\n
company needs to estimate a spot rate. The
\n
company\u2019s objective when estimating a spot rate is
\n
that it reflects the rate at which an orderly exchange
\n
transaction would take place at the measurement
\n
date
between
market
participants
under
\n
prevailing
economic
conditions.
The
\n
amendments
contain no specific requirements for
\n
estimating a spot
rate. Under the amendments,
\n
companies will need to provide new disclosures
\n
to help users assess the impact
of using an
\n
estimated
exchange
rate
on
the
financial
\n
statements. The amendments are effective for
\n
annual
reporting periods beginning on or after 1
\n
January 2025 with early adoption permitted.
\n
These amendments have been endorsed by the
\n
EU.
\n
IFRS 18 Presentation and Disclosure in Financial
\n
Statements
, issued on 9 April 2024, will replace IAS
\n
1 Presentation of Financial Statements. The new
\n
standard will improve the quality of financial
\n
reporting by:
\n
\u2022
requiring defined subtotals in the statement
\n
of profit or loss;
\n
\u2022
requiring
disclosure
about
management-
\n
defined performance measures; and adding
\n
new
principles
for
aggregation
and
\n
disaggregation of information.
\n
The standard is effective for annual reporting
\n
periods
beginning on or after 1 January 2027 with
\n
early adoption permitted. The standard has not
\n
yet been endorsed by the EU.
\n
IFRS 19 Subsidiaries without Public Accountability:
\n
Disclosures
, issued on 9 May 2024, will allow
\n
eligible subsidiaries to apply IFRS Accounting
\n
Standards with reduced disclosure requirements.
\n
A subsidiary will be to apply the new standard in
\n
its consolidated, separate
or individual financial
\n
statements provided that, at the reporting date: it
\n
does not have public accountability;
and its parent
\n
produces consolidated financial statements under
\n
IFRS Accounting Standards.
\n
The standard is effective for annual reporting
\n
periods
beginning on or after 1 January 2027 with
\n
early adoption permitted. The standard has not
\n
yet been endorsed by the EU.
\n
Amendments to the Classification and Measurement
\n
of Financial Instruments \u2013 Amendments to IFRS 9
\n
and IFRS 7
, issued on 30 May 2024, will address
\n
diversity in accounting practice by making the
\n
requirements
more
understandable
and
\n
consistent. The
amendments include: Clarifications
\n
on
the
classification
of financial assets with
\n
environmental, social and corporate governance
\n
(ESG) and similar features\u2014ESG- linked features in
\n
loans could affect whether the loans
are measured
\n
at amortized cost or fair value. To resolve any
\n
potential diversity in practice, the amendments
\n
clarify how the contractual cash flows on such loans
\n
should be assessed.
\n
Clarifications on the date on which a financial asset or
\n
financial liability is derecognized. The IASB also
\n
decided to develop an accounting policy option
\n
to allow a
company to derecognize a financial
\n
liability before it delivers cash on the settlement date
\n
if specified criteria are met.
\n
The
IASB
has
also
introduced
additional
\n
disclosure
requirements
to
enhance
\n
transparency
for
investors
regarding
\n
investments in equity instruments designated at
\n
fair value through other comprehensive income
\n
and financial instruments with contingent features,
\n
for example features tied to ESG-linked targets.
\n
The amendments are effective for annual reporting
\n
periods beginning on or after 1 January 2026 with
\n
early adoption permitted. These amendments
\n
have not yet been endorsed by the EU.
\n
Annual Improvements Volume 11
, issued on 18
\n
July 2024, include clarifications, simplifications,
\n
corrections and changes aimed at improving the
consistency of several IFRS Accounting Standards.
The amended accounting standards are:
\u2022
FRS 1 First-time Adoption of International
Financial Reporting Standards;
\u2022
IFRS 7 Financial Instruments: Disclosures and
its accompanying Guidance on implementing
IFRS 7;
\u2022
IFRS 9 Financial Instruments;
\u2022
IFRS 10 Consolidated Financial Statements;
and
\u2022
IAS 7 Statement of Cash Flows.
The amendments are effective for annual reporting
periods beginning on or after 1 January 2026 with
early adoption permitted. These amendments have
not been endorsed by the EU.
Contracts
Referencing
Nature-dependent
Electricity
\u2013
Amendments
to
IFRS
9
and
IFRS 7,
issued on 18 December 2024, will help
entities better report on the financial effects of
nature-dependent electricity contracts, which are
often structured as power purchase agreements
(PPAs). Nature-dependent electricity contracts help
companies to secure their electricity supply from
sources such as wind and solar power. The amount
of electricity generated under these contracts can
vary based on uncontrollable factors such as
weather
conditions.
Current
accounting
requirements may not adequately capture how
these contracts affect a company\u2019s performance.
The amendments include:
\u2022
clarifying the application of the \u2018own use\u2019
requirements;
\u2022
permitting hedge accounting if these contracts
are used as hedging instruments; and
\u2022
adding new disclosure requirements to enable
investors to understand the effect of these
contracts
on
a
company\u2019s
financial
performance and cash flows.
The amendments are effective for annual reporting
periods beginning on or after 1 January 2026 with
early adoption permitted. These amendments have
not been endorsed by the EU.
Except for IFRS 18, for which the analysis is ongoing,
these amendments are not expected to have any
significant impact on the consolidated financial
statements of Hyloris. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "The consolidated financial statements of the Group
for
the year ended December 31, 2024 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 effective as at
December
31,
2024.
No
new
standards,
amendments to standards or interpretations
were early adopted.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00128": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "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 affect 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 profit 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 identifiable 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
financial statements, but adjusted for any deviations
with the accounting policies of the Group.
Any
difference
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "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 affect 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 profit 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 identifiable 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
financial statements, but adjusted for any deviations
with the accounting policies of the Group.
Any
difference
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "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 affect 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "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 classified 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
financial
statements
using
the
equity
method
of
accounting,
except
when
the
investment is
classified 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 financial 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 identifiable 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, profits and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture.
Unrealized
gains
arising
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "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 classified 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
financial
statements
using
the
equity
method
of
accounting,
except
when
the
investment is
classified 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 financial 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 identifiable 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, profits and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture.
Unrealized
gains
arising
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "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 classified 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
financial
statements
using
the
equity
method
of
accounting,
except
when
the
investment is
classified 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 financial 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 identifiable 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, profits and losses are eliminated to the
extent of the Group\u2019s interest in the relevant joint
venture.
Unrealized
gains
arising
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "2.4
FOREIGN CURRENCIES
Items included in the financial 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 financial 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 currency 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
differences are generally recognised in profit or loss
and presented within
financial 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
1 EUR =
Closing Rate
Average Rate
Rate
December 31, 2024
1.0389
1.0824
December 31, 2023
1.1050
1.0813
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "2.4
FOREIGN CURRENCIES
Items included in the financial 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 financial 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 currency 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
differences are generally recognised in profit or loss
and presented within
financial 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
1 EUR =
Closing Rate
Average Rate
Rate
December 31, 2024
1.0389
1.0824
December 31, 2023
1.1050
1.0813
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "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
classifies 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 benefits;
(v)
the availability of adequate technical, financial
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. final stage before filing for marketing
approval) of the related development project is
successfully
completed,
i.e.
when
filing
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 first 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 identifiable, 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
benefits that are attributable to the asset will flow
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
benefits from the asset will flow to the entity) is
considered to be satisfied 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 amortized 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 amortized 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 effectively 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 financial position when the following conditions are
met:
(i)
the asset is identifiable, i.e. either separable (if it
can be sold, transferred, licensed) or it results from
contractual or legal rights;
it is probable that the
expected future economic benefits that are
attributable to the asset will flow to the Group;
(ii)
the Group can control the resource; and
(iii)
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
amortization and any accumulated impairment
losses. Intangible assets are amortized on a
systematic basis over their useful life, using the
straight-line method. Amortization begins when
the asset is capable of operating in the manner
intended by management.
The estimated useful life and amortization
method are reviewed at the end of each
reporting period, with the
effect of any changes in
estimate being accounted for on
a prospective
basis.
The amortization expense is presented as part of
Cost of Sales in the Statement of Profit or Loss. The
applicable useful lives are determined based on the
period during
which the Company expects to receive
benefits 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 benefits are expected from use
or
disposal.
Gains
or
losses
arising
from
derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and
the carrying amount of the asset, are recognized in
profit or loss when the asset is derecognized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Research
and
development
Internally-generated research and development
To assess whether an internally generated
intangible
asset
meets
the
criteria
for
recognition, the Company
classifies 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 benefits;
(v)
the availability of adequate technical, financial
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. final stage before filing for marketing
approval) of the related development project is
successfully
completed,
i.e.
when
filing
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 first 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 identifiable, 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
benefits that are attributable to the asset will flow
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
benefits from the asset will flow to the entity) is
considered to be satisfied 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 amortized 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 amortized 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 effectively occurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "The cost of an internally-generated intangible
asset is the sum of the expenditure incurred
from the date
when the intangible asset first 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "2.6
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
fixed 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 reflects 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 effect. When adjustments to lease
payments based on an index or rate take effect, the
lease liability is reassessed and adjusted against the
right-of-use asset.
The lease liability is subsequently measured at
amortized cost under the effective interest method.
Finance expenses are recognized immediately in
profit 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "2.7
IMPAIRMENT OF NON-
FINANCIAL ASSETS
Intangible assets with indefinite useful lives and
intangible assets not yet available for use are not
subject to amortization, 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
amortization
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 flows are discounted to
their present value using a pre-tax discount rate
that reflects current market assessments of the
time value of money and the risks specific 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 profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "2.7
IMPAIRMENT OF NON-
FINANCIAL ASSETS
Intangible assets with indefinite useful lives and
intangible assets not yet available for use are not
subject to amortization, 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
amortization
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 flows are discounted to
their present value using a pre-tax discount rate
that reflects current market assessments of the
time value of money and the risks specific 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 profit or loss. The Group assesses on a forward-looking basis the
expected credit losses associated with its financial
assets carried at amortized cost. For trade
receivables,
the group applies the simplified
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "2.8
REVENUE RECOGNITION
Revenue is measured based on the consideration
specified 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
significant 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, as well as at year-end 2023, the Group has 3
commercialized products for which royalties are
recorded, i.e., Sotalol IV, Maxigesic
\u00ae
IV and Podofilox.
For each commercialized product specific 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 finance 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 filling 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 significant 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 assesses 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 influence 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 significant
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, 2024, 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 satisfied over time or at
a point in time. If the performance obligation is
satisfied over time, revenue is recognized based on a
pattern that best reflects 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 specified 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 could become core
business activities in the future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "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. ", "dimensions": { "concept": "hyl:DescriptionOfAccountingPolicyForCostOfSalesTextBlock", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "2.10
FINANCIAL ASSETS
The Group classifies its financial assets in the following
categories: financial assets at fair value through profit
and loss (FVTPL) or through other comprehensive
income (FVOCI) and financial assets at amortized cost.
The classification depends on the entity\u2019s business
model for managing the financial assets and the
contractual terms of the cash flows. Management
determines the classification of its financial assets at
initial recognition.
A financial asset is measured at amortized cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Profit and
Loss Statement):
\u2022
It is held within a business model whose objective
is to hold assets to collect contractual cash flow;
and
\u2022
Its contractual terms give rise on specified dates
to cash flows 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 financial assets not classified as measured at
amortized costs or FVOCI, as described above, are
measured at FVTPL. In assessing whether the
contractual cash flows are solely payments of
principal and interest, the Group considers the
contractual terms of the instrument. This
includes
assessing whether the financial asset contains a
contractual term that could change the timing or
amount of contractual cash flows 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 flows;
\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 flows
from
specified
assets
(e.g.
non-recourse
features).
Trade receivables are initially recognized when
they are originated. All other financial assets are
initially recognized when the Group becomes a
party to the contractual provisions of the
instrument.
At initial recognition, the group measures a financial
asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss,
transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction
costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss. A trade
receivable
without
a
significant
financing
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 financial result in profit or loss.
Equity investments at FVOCI are subsequently
measured at fair value. Dividends are recognized
as income in profit 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 reclassified to
profit or loss.
Financial
assets
at
amortized
cost
are
subsequently
measured at amortized cost using the
effective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its financial
assets carried at amortized cost. For trade
receivables,
the group applies the simplified
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 financial asset only when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial 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 financial asset, the Group continues to
recognize the financial asset and also recognizes a
collateralized
borrowing
for
the
proceeds
received.
On de-recognition of a financial asset in its entirety,
the difference between the asset\u2019s carrying amount
and the sum of the consideration received and
receivable is recognized in profit or loss.
Financial assets and financial liabilities are offset
and the net amount presented in the statement of
financial position when, and only when, the Group
currently has a legally enforceable right to set off 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "2.10
FINANCIAL ASSETS
The Group classifies its financial assets in the following
categories: financial assets at fair value through profit
and loss (FVTPL) or through other comprehensive
income (FVOCI) and financial assets at amortized cost.
The classification depends on the entity\u2019s business
model for managing the financial assets and the
contractual terms of the cash flows. Management
determines the classification of its financial assets at
initial recognition.
A financial asset is measured at amortized cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Profit and
Loss Statement):
\u2022
It is held within a business model whose objective
is to hold assets to collect contractual cash flow;
and
\u2022
Its contractual terms give rise on specified dates
to cash flows 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 financial assets not classified as measured at
amortized costs or FVOCI, as described above, are
measured at FVTPL. In assessing whether the
contractual cash flows are solely payments of
principal and interest, the Group considers the
contractual terms of the instrument. This
includes
assessing whether the financial asset contains a
contractual term that could change the timing or
amount of contractual cash flows 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 flows;
\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 flows
from
specified
assets
(e.g.
non-recourse
features).
Trade receivables are initially recognized when
they are originated. All other financial assets are
initially recognized when the Group becomes a
party to the contractual provisions of the
instrument.
At initial recognition, the group measures a financial
asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss,
transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction
costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss. A trade
receivable
without
a
significant
financing
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 financial result in profit or loss.
Equity investments at FVOCI are subsequently
measured at fair value. Dividends are recognized
as income in profit 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 reclassified to
profit or loss.
Financial
assets
at
amortized
cost
are
subsequently
measured at amortized cost using the
effective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its financial
assets carried at amortized cost. For trade
receivables,
the group applies the simplified
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 financial asset only when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial 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 financial asset, the Group continues to
recognize the financial asset and also recognizes a
collateralized
borrowing
for
the
proceeds
received.
On de-recognition of a financial asset in its entirety,
the difference between the asset\u2019s carrying amount
and the sum of the consideration received and
receivable is recognized in profit or loss.
Financial assets and financial liabilities are offset
and the net amount presented in the statement of
financial position when, and only when, the Group
currently has a legally enforceable right to set off 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 reflects its non-performance risk.
A number of the Group\u2019s accounting policies and
disclosure require the measurement of fair values,
for
both financial and non-financial 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 sufficient 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 financial
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
differs 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 insignificant
in relation to the measurement, then the financial
instrument is initially measured at fair value,
adjusted to defer the difference between the fair
value on initial recognition and the transaction
price. Subsequently, that difference is recognized
in profit 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "2.10
FINANCIAL ASSETS
The Group classifies its financial assets in the following
categories: financial assets at fair value through profit
and loss (FVTPL) or through other comprehensive
income (FVOCI) and financial assets at amortized cost.
The classification depends on the entity\u2019s business
model for managing the financial assets and the
contractual terms of the cash flows. Management
determines the classification of its financial assets at
initial recognition.
A financial asset is measured at amortized cost if it
meets both of the following conditions and is not
designated as at FVTPL (Fair Value Through Profit and
Loss Statement):
\u2022
It is held within a business model whose objective
is to hold assets to collect contractual cash flow;
and
\u2022
Its contractual terms give rise on specified dates
to cash flows 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 financial assets not classified as measured at
amortized costs or FVOCI, as described above, are
measured at FVTPL. In assessing whether the
contractual cash flows are solely payments of
principal and interest, the Group considers the
contractual terms of the instrument. This
includes
assessing whether the financial asset contains a
contractual term that could change the timing or
amount of contractual cash flows 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 flows;
\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 flows
from
specified
assets
(e.g.
non-recourse
features).
Trade receivables are initially recognized when
they are originated. All other financial assets are
initially recognized when the Group becomes a
party to the contractual provisions of the
instrument.
At initial recognition, the group measures a financial
asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss,
transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction
costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss. A trade
receivable
without
a
significant
financing
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 financial result in profit or loss.
Equity investments at FVOCI are subsequently
measured at fair value. Dividends are recognized
as income in profit 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 reclassified to
profit or loss.
Financial
assets
at
amortized
cost
are
subsequently
measured at amortized cost using the
effective interest
method, less any impairment.
The Group assesses on a forward-looking basis the
expected credit losses associated with its financial
assets carried at amortized cost. For trade
receivables,
the group applies the simplified
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 financial asset only when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial 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 financial asset, the Group continues to
recognize the financial asset and also recognizes a
collateralized
borrowing
for
the
proceeds
received.
On de-recognition of a financial asset in its entirety,
the difference between the asset\u2019s carrying amount
and the sum of the consideration received and
receivable is recognized in profit or loss.
Financial assets and financial liabilities are offset
and the net amount presented in the statement of
financial position when, and only when, the Group
currently has a legally enforceable right to set off 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "The Group assesses on a forward-looking basis the
expected credit losses associated with its financial
assets carried at amortized cost. For trade
receivables,
the group applies the simplified
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "The Group derecognizes a financial asset only when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial 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 financial asset, the Group continues to
recognize the financial asset and also recognizes a
collateralized
borrowing
for
the
proceeds
received.
On de-recognition of a financial asset in its entirety,
the difference between the asset\u2019s carrying amount
and the sum of the consideration received and
receivable is recognized in profit or loss. The Group derecognizes a financial liability when
its contractual obligations are discharged or
cancelled, or expire. The Group also derecognizes
a financial liability when its terms are modified and
the cash flows of the modified liability are
substantially different, in which case a new
financial liability based on the modified terms is
recognized at fair value.
When a financial liability measured at amortized cost
is modified without this resulting in derecognition, a
gain or loss is recognized in profit or loss. The gain or
loss is calculated as the difference between the
original contractual cash flows and the modified
cash flows discounted at the original effective
interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "Financial assets and financial liabilities are offset
and the net amount presented in the statement of
financial position when, and only when, the Group
currently has a legally enforceable right to set off 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "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 financial position.
Deposits with the same level of liquidity as cash,
i.e., 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
definition 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 insignificant 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 financial
assets
in the statement of financial
position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "2.13
SHARE CAPITAL
Ordinary
shares
are
classified
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "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 profit 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
profit
or
loss
statement
consistently with the amortization 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
financial position, within the Other current liabilities.
In the
statement
of
comprehensive
income,
government
grants are presented as other
operating income or
financial 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 profit 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 RCAs are initially
recognized, concomitantly with the occurrence of
subsidized expense, as a financial liability at fair
value (calculated based on present value of future
repayment of grants), determined as per IFRS 9.
To determine the fair value of the cash advances
received, the Company estimates future cash
outflows considering (i) assumptions regarding the
estimation of the timing and the probability of the
future sales or (ii) the probability that the Company
will notify the Walloon Region whether it will decide
or not to use the results of the research phase and
(iii) an appropriate discount rate.
If the amount of cash received would exceed the fair
value of the liability, the difference would be
considered as a government grant, being recognized
in the income statement as operating income on a
systematic basis in order to match the expenses
incurred in accordance with IAS 20. The RCA grant
component is recognized in profit or loss under
\"Other income\" on a systematic basis over the
periods
in
which
the
entity
recognizes
the
underlying R&D expenses subsidized by the RCA.
The fair market value adjustments to the RCA
liability
are
recognized
in
the
consolidated
statement of comprehensive loss under \u201cOther
income/expense\u201d and as a non-cash adjustment in
\u201ccash flows from operating activities\u201d in the
consolidated statements of cash flows.
The RCAs liability component (RCA financial liability)
is subsequently measured at amortized cost using
the cumulative catch-up approach under which the
carrying amount of the liability is adjusted to the
present value of the future estimated revenue,
discounted at the liability\u2019s original effective interest
rate. When modifying the estimated contractual
cash flows, the Company reviews if there are
indicators, either positive or negative, influencing
the estimation of the timing and level of the future
sales of the products benefiting from the support of
the Walloon Region. The difference between the
recalculated carrying amount and the initial carrying
amount is included in the caption \u201cother operating
income/expenses\u201d in the consolidated income
statement and in the financial expenses for the
impact of the discounting .
When repayment of recoverable cash advances may
be forgiven, the liability component of recoverable
cash advances is treated as a government grant and
taken to income only when there is reasonable
assurance that the entity will meet the terms for
forgiveness of the advance
R&D Tax Credit
In
Belgium,
companies
that
invest
in
environmentally
friendly
research
and
developments activities can benefit 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 up to the year 2022,
20.5% for the year 2023 and 15.5% for the year 2024,
or (ii) if no sufficient 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 five financial
years after the tax credit application filed 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
amortized together with the underlying
assets.
Exemption payroll taxes
The Group benefits from the Belgian tax incentive
regime for companies employing researchers, which
provides af partial exemption
from payment of
withholding tax.
Under this measure, eligible companies can
retain up to 80% of the withholding tax on the
salaries of employees involved in innovation and
R&D activities.
These payroll tax rebates are recognized in the line
Other
Operating
Income
in
the
financial
statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "2.15
EMPLOYEE BENEFITS
Short-term employee benefits
Short-term employee benefits 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 financial
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "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 and the vesting period. The
impact of the revision
of the original estimates, if
any, is recognized in profit or loss such that the
cumulative expense reflects 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "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 and the vesting period. The
impact of the revision
of the original estimates, if
any, is recognized in profit or loss such that the
cumulative expense reflects 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "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 effects
of a transaction or other event is consistent with
the accounting for the transaction or event itself.
Therefore,
income taxes are recognized in profit 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 reflects
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 differences
arising between the tax bases of assets and
liabilities
and
their
carrying
amounts
in
the
consolidated financial statements.
However, the deferred tax is not recognized for:
\u2022
the initial recognition of goodwill (in case of
taxable temporary differences 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 affects neither
accounting nor taxable profit or loss and
\u2022
deferred
tax
is
recognized
on
temporary
differences
arising
on
investments
in
subsidiaries and associates, except for deferred
income tax liabilities where the timing of the
reversal
of
the
temporary
difference is
controlled by the Group and it is probable that
the temporary difference will not reverse in the
foreseeable future.
A deferred tax liability is recognized for all taxable
temporary differences, unless one of the above
exemptions would apply.
Deferred
tax
assets
are
recognized
for
deductible
temporary differences and unused tax
losses and tax
credits to the extent that it is
probable that taxable
profits will be available
against which they can be utilized. Future taxable
profits are determined based on the reversal of
relevant taxable temporary differences. If the
amount of taxable temporary differences is
insufficient to recognize a deferred tax asset in full,
then future taxable profits, adjusted for reversals of
existing temporary differences, 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 sufficient taxable profits 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 profits will be
available against which they can be used.
Deferred taxes are calculated at the level of each fiscal
entity in the Group. Deferred tax assets and
liabilities are offset only if certain criteria are met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Deferred tax is recognized on temporary differences
arising between the tax bases of assets and
liabilities
and
their
carrying
amounts
in
the
consolidated financial statements.
However, the deferred tax is not recognized for:
\u2022
the initial recognition of goodwill (in case of
taxable temporary differences 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 affects neither
accounting nor taxable profit or loss and
\u2022
deferred
tax
is
recognized
on
temporary
differences
arising
on
investments
in
subsidiaries and associates, except for deferred
income tax liabilities where the timing of the
reversal
of
the
temporary
difference is
controlled by the Group and it is probable that
the temporary difference will not reverse in the
foreseeable future.
A deferred tax liability is recognized for all taxable
temporary differences, unless one of the above
exemptions would apply.
Deferred
tax
assets
are
recognized
for
deductible
temporary differences and unused tax
losses and tax
credits to the extent that it is
probable that taxable
profits will be available
against which they can be utilized. Future taxable
profits are determined based on the reversal of
relevant taxable temporary differences. If the
amount of taxable temporary differences is
insufficient to recognize a deferred tax asset in full,
then future taxable profits, adjusted for reversals of
existing temporary differences, 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 sufficient taxable profits 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 profits will be
available against which they can be used.
Deferred taxes are calculated at the level of each fiscal
entity in the Group. Deferred tax assets and
liabilities are offset only if certain criteria are met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "2.18
FINANCIAL LIABILITIES
Financial liabilities (including borrowings and trade
and other payables) are classified as at amortized
cost.
All financial 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
amortized
cost;
any
difference
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 effective
interest method. A borrowing is classified as
current liability if it meets any of the following
conditions:
\u2022
it is expected to be settled in the entity's normal
operating cycle;
\u2022
it is held primarily for trading purposes;
\u2022
it is due to be settled within 12 months after the
reporting date; or
\u2022
it is not subject to the entity's right at the
reporting date to defer its settlement for at least
12 months after the reporting date.
Where the loan is from a shareholder acting in
the
capacity of a shareholder, the difference
between
cash received and fair value of the loan
at initial
recognition is reflected in equity because
the substance
of the favorable terms is typically a
contribution by a shareholder.
The Group derecognizes a financial liability when
its contractual obligations are discharged or
cancelled, or expire. The Group also derecognizes
a financial liability when its terms are modified and
the cash flows of the modified liability are
substantially different, in which case a new
financial liability based on the modified terms is
recognized at fair value.
When a financial liability measured at amortized cost
is modified without this resulting in derecognition, a
gain or loss is recognized in profit or loss. The gain or
loss is calculated as the difference between the
original contractual cash flows and the modified
cash flows discounted at the original effective
interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "2.18
FINANCIAL LIABILITIES
Financial liabilities (including borrowings and trade
and other payables) are classified as at amortized
cost.
All financial 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
amortized
cost;
any
difference
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 effective
interest method. A borrowing is classified as
current liability if it meets any of the following
conditions:
\u2022
it is expected to be settled in the entity's normal
operating cycle;
\u2022
it is held primarily for trading purposes;
\u2022
it is due to be settled within 12 months after the
reporting date; or
\u2022
it is not subject to the entity's right at the
reporting date to defer its settlement for at least
12 months after the reporting date.
Where the loan is from a shareholder acting in
the
capacity of a shareholder, the difference
between
cash received and fair value of the loan
at initial
recognition is reflected in equity because
the substance
of the favorable terms is typically a
contribution by a shareholder.
The Group derecognizes a financial liability when
its contractual obligations are discharged or
cancelled, or expire. The Group also derecognizes
a financial liability when its terms are modified and
the cash flows of the modified liability are
substantially different, in which case a new
financial liability based on the modified terms is
recognized at fair value.
When a financial liability measured at amortized cost
is modified without this resulting in derecognition, a
gain or loss is recognized in profit or loss. The gain or
loss is calculated as the difference between the
original contractual cash flows and the modified
cash flows discounted at the original effective
interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "All financial 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
amortized
cost;
any
difference
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 effective
interest method. A borrowing is classified as
current liability if it meets any of the following
conditions:
\u2022
it is expected to be settled in the entity's normal
operating cycle;
\u2022
it is held primarily for trading purposes;
\u2022
it is due to be settled within 12 months after the
reporting date; or
\u2022
it is not subject to the entity's right at the
reporting date to defer its settlement for at least
12 months after the reporting date.
Where the loan is from a shareholder acting in
the
capacity of a shareholder, the difference
between
cash received and fair value of the loan
at initial
recognition is reflected 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "2.19
DERIVATIVE FINANCIAL
INSTRUMENTS
The Group holds derivative financial 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 financial result in profit or
loss. A derivative with a positive fair value is recognised
as a financial asset whereas a derivative with a negative
fair value is recognised as a financial liability.
Derivatives are not offset in the financial statements
unless the Group has both legal right and intention
to offset. A derivative is presented as a non-current
asset (\u2018Other investments, including derivatives) or a
non-current liability (\u2018Other financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "2.20 PROVISIONS
In accordance with IAS 37 \u2013 Provisions, contingent
liabilities and contingent assets, a provision must
be recognized when:
\u2022
A present obligation exists due to past events
\u2022
It is probable that an outflow of economic
resources will be required to settle the
obligation
\u2022
The amount of the obligation can be estimated
Provisions are determined by discounting the
expected future cash-flows at a pre-tax rate that
reflects current market assessments of the time of
money and the risks specific to the liability. The
unwinding of the discounting is recognized as
finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00134": { "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 differ
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
significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within
the next financial year.
3.1
GOING CONCERN
The Company has incurred net losses since its
inception, and for the 12 months ended December
31, 2024, its audited consolidated statement of
profit and loss and other comprehensive income
reflects both a net loss and accumulated losses
carried forward. The Board has reviewed and
approved the 10-year strategic business plan,
which was updated
with additional out-licensing
milestones revenues following new commercial
opportunities under negotiations. Taking into
account the cash and cash equivalents position of
\u20ac23.2 million as of December 31, 2024, the
anticipated cash flows generated by revenues
from its three commercialized products, the
expected proceeds from out-licensing agreements
in 2025, 2026 and beyond, the possibility of
accelerating
the
execution
of
out-licensing
agreements initially forecasted beyond 2026, the
expected
research
and
development
expenditures, the ability to delay or defer research
and development activities if necessary, and the
Company's ability to secure additional financing if
needed
through
ongoing
discussions
with
financial counterparties, the Board is of the
opinion that the audited consolidated financial
statements should be prepared under the going
concern assumption.
Whilst the current cash position is sufficient to
meet the Company\u2019s immediate and mid-term
operational
needs
under
all
contemplated
scenarios, the Board acknowledges that, in one
scenario, where the cash runway extends at least
until July 2026, the Company may seek additional
funding to support the ongoing development of its
portfolio of new product candidates or to execute
other business opportunities. Discussions with
potential financial partners have already been
initiated to address such needs if they arise.
Accordingly, management has not identified any
material uncertainties that would cast significant
doubt on the Company\u2019s ability to continue as a
going concern for a period of at least 12 months
following the approval date of the financial
statements at the General Meeting to be held on
June 10, 2025, in compliance with IAS 1 \u00a725\u201326.
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 financial statements.
Arrangement with FHP
In February 2021, Hyloris and FHP BV (FHP) entered
into a partnership to develop and commercialise
an
innovative
combination
therapy
for the
treatment of severe and recurrent vulvovaginal
candidiasis (rVVC). FHP 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 FHP (of which EUR 1.3 million
is already paid). Hyloris holds 20% of the shares in
FHP (Class B) and is eligible to receive up to a
maximum of 45% and a minimum of 17.3% of the
net profits generated by FHP 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
FHP
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 significantly affecting the returns
\n
of the joint arrangement require the unanimous
\n
consent
of
all
shareholders.
The
joint
\n
arrangement is classified as a joint venture as the
\n
arrangement is structured through a separate
\n
vehicle and the investors do not have rights to the
\n
assets
and
obligations
for
the
liabilities.
\n
Therefore, this arrangement is accounted for via
\n
equity accounting, see
note 9.1
\n
FHP is a related party, see
note 29.1
\n
Arrangement with Pleco Therapeutics
\n
In November 2021, Hyloris and Pleco Therapeutics
\n
signed an agreement to co-develop and register
\n
HY-086, a novel combination product of chelating
\n
agents for
the treatment of Acute Myeloid
\n
Leukaemia (AML) and Small Cell Lung Cancer
\n
(SCLC).
\n
Under the arrangement, Hyloris has provided \u20ac1
\n
million that was converted into equity in June 2022
\n
(7,944 shares at \u20ac126 per share)
\n
Hyloris obtained global exclusive co-development
\n
rights and future joint commercialization to the
\n
Pleco technology in AML and SCLC. Hyloris
\n
committed to fund (as R&D contribution) up to an
\n
additional \u20ac7.7 million in pre-defined R&D activities.
\n
Pleco funds all activities that are outside the
\n
scope of the maximum \u20ac7.7 million funding
\n
commitment from Hyloris. In exchange, Hyloris will
\n
be eligible to receive up to 65% of the gross
\n
product margin generated worldwide in AML and
\n
SCLC. Hyloris became co-owner on all Pleco
\n
patents (except for patents held by MD Anderson
\n
Cancer
Center),
inventions,
co-development
\n
information
and
market
information.
The
\n
arrangement constitutes a joint operation.
\n
Hyloris agreed in May 2022 to transfer its co-
\n
ownership
rights
on the patent and patent
\n
applications to Pleco in order for Pleco to be able
\n
provide a pledge to RVO for an innovation credit
\n
(\u201cInnovatiekrediet\u201d)
it
received.
Upon
full
\n
reimbursement of
the innovation credit, the co-
\n
ownership rights of the patent and patent
\n
applications under the collaboration agreement
\n
will revert back to Hyloris. The innovation credit
\n
will be reimbursed to the authorities with the first
\n
profits of PTX-252. Payment of profit share to the
\n
shareholders
is
subordinated
until
full
\n
reimbursement of the innovation credit.
\n
At December 2024, The Group has invested \u20ac2.4
\n
million within the co-development agreement
\n
which
brings
the
outstanding
maximum
\n
commitment to \u20ac5.3 million.
\n
Furthermore,
Hyloris
entered
into
a
\n
Management Consultancy Agreement in July
\n
2022 for a total amount
of \u20ac2.5 million. Under this
\n
agreement, Hyloris has and will support Pleco
\n
Therapeutics with strategic advice until December
\n
31
\n
st
\n
2024 with the possibility of an extension as
\n
explained below. At reporting date, the Group
\n
already invoiced \u20ac1,562 thousand of which \u20ac62
\n
thousand recognized in 2024.
The nature of the
\n
strategic advice is holistic, and forward-thinking,
\n
with a focus on creating value. It covers a wide
\n
range of areas including business development,
\n
market
entry
strategies,
organisational
\n
structure,
operational
efficiency,
investor
\n
relations, and risk mitigation. After December 31st
\n
2022, in case the total amount of the invoices
\n
exceeds 50% of the amount of the innovation
\n
credit (\u201cInnovatiekrediet\u201d) made available to Pleco,
\n
further invoicing will be postponed until additional
\n
amounts are made available of the innovation
\n
credit and the agreement will be extended
\n
accordingly with the same number of months so
\n
that the total amount of invoices remains \u20ac2.5
\n
million. The services rendered are booked as
\n
Other Operating Income over time. In analogy
\n
with IFRS15.B16, as a practical expedient, if the
\n
entity has the right to invoice a customer in an
\n
amount
that
corresponds
directly
with
its
\n
performance to date, then it can recognize income
\n
for that amount.
End
of
December
2024,
Hyloris
holds
an
\n
ownership interest of 5.00% in Pleco Therapeutics
\n
(corresponding to 5.35% of the voting rights) and is
\n
entitled to one observer (\u2018waarnemer\u2019) within the
\n
Board of Directors of Pleco Therapeutics without
\n
voting rights.
\n
Based on the guidance of IAS 28 \u2013 Investments in
\n
Associates and Joint Ventures, the Company
\n
concluded that it does not have a significant
\n
influence on Pleco Therapeutics considering the
\n
following elements:
\n
\u2022
Holding of only 5.35% of the voting rights,
\n
\u2022
No voting representation in the Board of
\n
Directors,
\n
\u2022
No
participation
in
policy-making
\n
processes,
\n
\u2022
No interchange of key management
\n
\u2022
Pleco is developing other products with other
\n
3
\n
rd
\n
parties which are currently in the
\n
preclinical development stage, and
\n
\u2022
Pleco is not financially dependent of Hyloris.
\n
The arrangement between Hyloris and Pleco
\n
Therapeutics is a significant agreement for Pleco
\n
Therapeutics,
but
does
not
preclude
Pleco
\n
Therapeutics from making strategic decisions or
\n
contracting other parties or other projects.
\n
Based on these elements, Pleco is not in the
\n
consolidation scope. The investment (\u20ac1.0 million)
\n
is presented under \u201cOther financial assets\u201d.
\n
Arrangement with Vaneltix
\n
In December 2021, Hyloris entered into a strategic
\n
collaboration with Vaneltix Pharma, Inc. (\u2018Vaneltix\u2019)
\n
for the development and commercialization of
\n
Alenura
\n
TM
\n
as first-line drug treatment for acute pain
\n
in
interstitial
cystitis/bladder
pain
syndrome
\n
(IC/BPS).
\n
Hyloris has committed to provide a maximum
\n
of $6.7 million for supporting development-
\n
related activities and granted a 6% interest
\n
bearing loan of $0.5 million.
\n
Under this strategic co-development agreement
\n
Hyloris provided R&D services in the course of
\n
2023 for a total amount of \u20ac145 thousand to
\n
Vaneltix. These services were cross-charged by
\n
Vaneltix since these are linked to the do-
\n
development agreement and are in scope of the
\n
Research and Development expenses to be
\n
funded by Hyloris
\n
Hyloris will be eligible to receive a tiered
\n
percentage of the product margin generated by
\n
Vaneltix. The
arrangement constitutes a joint
\n
operation.
\n
Hyloris will be listed as co-owner on all Vaneltix
\n
patents,
inventions,
co-development
\n
information
and
market
information.
In
\n
addition, Hyloris hereby grants Vaneltix
a
\n
license on Hyloris\u2019 share of the Vaneltix patents
\n
and inventions.
\n
Hyloris also provided a loan of $0.5 million to
\n
Vaneltix.
(
note 10)
\n
In October 2023, Hyloris\u2019 initial $6.7 million R&D
\n
commitment
was
lowered
to
$4.8
million.
\n
Separately, a $2.0 million Subscription Agreement
\n
was executed to invest in Series D convertible
\n
preferred stock.
\n
Of the $2.0 million investment, $0.1 million was
\n
used to fund a market study on product pricing
\n
and positioning, the results of which were fully
\n
shared with Hyloris.
\n
As of December 2024, Hyloris had contributed $3.3
\n
million
toward
development-related
activities.
\n
Hyloris holds 4 shares of Vaneltix and is not
\n
represented on the Board of Directors of
\n
Vaneltix.
\n
Vaneltix is a related party, see
note 29.1
.
\n
Although Hyloris is holding less than 1% of the
voting rights, and has no voting representation
\n
in the Board
of Directors, the Company
\n
concluded, based on the guidance of IAS 28 -
\n
Investments in Associates and
Joint Ventures,
\n
that it does have significant influence
on Vaneltix
\n
considering the following elements: Hyloris
is
\n
currently one of the main financial contributors for
\n
Vaneltix and Vaneltix is financially depending on
\n
the
funding of Hyloris to be able to develop
\n
Alenura
\n
TM
\n
.
\n
The co-development agreement for Alenura
\n
TM
\n
is
\n
a material transaction between Hyloris and
\n
Vaneltix as
Vaneltix primarily focused of the
\n
development of this
product only (other product
\n
candidates
are
in
a
very
early
stage
of
\n
development).
\n
As a result, the Group is applying the equity method
\n
of
accounting. As the percentage of ownership
\n
interest is
very low (only 0.00053 %) the Group does
\n
not take its %
share in the loss of Vaneltix in
\n
deduction of the equity value.
\n
See
note 9
on Equity Accounted Investees.
\n
Arrangements with AFT
\n
Maxigesic IV
\n
Hyloris Pharmaceuticals SA and AFT have been
\n
collaborating
in
the
development
of
the
\n
Maxigesic IV product. AFT has now licensed the
\n
product to a number of partners covering
\n
multiple countries. Maxigesic IV is protected by
\n
several
granted
and
pending
patent
\n
applications.
Under
the
terms
of
the
\n
development collaboration agreement between
\n
Hyloris and AFT, Hyloris is eligible to receive a
\n
share on any product related revenues, such as
\n
license fees, royalties, milestone payments,
\n
received by AFT. The arrangement
constitutes a
\n
joint operation.
\n
HY-089
\n
On December 21
\n
st
\n
, 2023, Hyloris entered into a
\n
partnership with AFT to co-develop HY-089, a
\n
novel locally-acting product candidate for the
\n
treatment of Burning Mouth Syndrome (BMS).
\n
Under the terms of this equal partnership
\n
agreement,
targeting
co-development
and
\n
worldwide
commercialization,
Hyloris
is
\n
responsible for ensuring the product formulation,
\n
manufacturing activities and the coordination of
\n
the
commercialization
in
Europe.
AFT
is
\n
responsible for managing the clinical trials,
\n
overseeing
all
aspects
to
ensure
effective
\n
planning, execution and monitoring throughout
\n
the
lifecycle,
and
the
coordination
of
the
\n
commercialization outside of Europe. Parties are
\n
jointly responsible for the commercialization in
\n
the United States. The arrangement constitutes a
\n
joint operation. Hyloris and AFT will share the net
\n
profit and all external costs related to the
\n
collaboration.
\n
HY-091
\n
Hyloris has entered into a partnership with AFT on
\n
January
18
\n
th
\n
,
2024,
to
develop
a
novel
\n
mucoadhesive film for the treatment of Vulvar
\n
Lichen Sclerosus (VLS). HY-091 targets to have an
\n
extended duration release of a known molecular
\n
entity and to offer a convenient application
\n
method,
ensuring
simplicity
and
improving
\n
compliance.
\n
Under the terms of the agreement, parties will co-
\n
develop HY-091 for the purpose of registration
\n
and
worldwide
commercialization.
Hyloris
is
\n
responsible for ensuring the product formulation,
\n
manufacturing activities and the coordination of
\n
the
commercialization
in
Europe.
AFT
is
\n
responsible for managing the clinical trials,
\n
overseeing
all
aspects
to
ensure
effective
\n
planning, execution and monitoring throughout
\n
the trial life cycle, and the coordination of the
commercialization outside of Europe. Parties are
jointly responsible for commercialization in the
United States. The arrangement constitutes a joint
operation. Hyloris and AFT will share the net profit
and all external costs related to the collaboration.
HY-095
On August 19
th
, 2024, Hyloris announced the
development of HY-095, a long-acting injectable
formulation
of
a
well-known
Proton
Pump
Inhibitor (PPI) designed to treat Equine Gastric
Ulcer Syndrome (EGUS). The Group has secured a
development partner that has product specific
proprietary technology and intellectual property
under development. Under the agreement the
partner
will
manage
the
drug
and
device
development within a predefined budget. Hyloris
will manage the clinical trials and fund the
development costs which are currently projected
to remain well below \u20ac7 million. After the
development costs are recovered, the profits will
be shared, with Hyloris entitled to retain up to 90%
of the net margin. Hyloris has also obtained an
option to extend the license for development for
human use under comparable terms. A global
commercialization
will
be
pursued
through
strategic
partnerships,
targeting
all
relevant
markets. The arrangement constitutes a joint
operation.
HY-094
Hyloris and AFT have entered into a late-stage
research and development program to introduce
an innovative injectable iron deficiency therapy to
the global market. As part of this program, Hyloris
and AFT have secured an exclusive global IP
license covering human use.
Under the terms of the agreement, Hyloris and
AFT will co-develop the candidate for registration
and global commercialization. Hyloris will oversee
product formulation, manufacturing and the
commercialization efforts in Europe. AFT will
manage the clinical trials, execution and the
commercialization outside Europe. Parties are
jointly responsible for commercialization in the
United States. Development costs, as well as all
net margin from sales and licensing, will be
distributed equally between AFT and Hyloris, after
a tiered profit participation for the licensor. The
agreement constitutes a joint operation.
3.3
LOAN TO ACADEMIC
PHARMACEUTICALS
Determining the fair value of the loan to API (see
note 4.1
) is assessed to a significant estimate as the
fair value is determined on the basis of significant
unobservable inputs.
3.4
RECOUP OF US
LITIGATION COSTS
Determining the fair value of the recoup of US
litigation costs against royalties payable to API (see
note 4.1) is assessed to a significant estimate as
the fair value is determined on the basis of
significant unobservable inputs.
3.5
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 is
calculated
using
the
Black-Scholes
pricing
model.
This pricing model requires the input of subjective
assumptions, which are detailed in
note 26
.
The ESOP schemes are structured with a vesting
period of 4 years (for each warrant scheme) with
the specificity that participants lose their vested
warrants in the event of termination at the
initiative of the participant, even during the
exercise period which varies between 1 and 6
years, depending on the warrant schemes. In
light to this specificity, the length of the vesting
period is variable depending on the estimated
actual exercise date of the warrants by the
participants.
3.6
IMPAIRMENT FHP
Please refer to the Equity Accounted Investees
section. (
note 9)
3.7
PROVISIONS \u2013
DISCRETIONARY FEE
A provision related to the AltaThera arbitration for
discretionary fees to a law firm is recognized for
\u20ac581 thousand (of which \u20ac173 thousand is non-
current and \u20ac408 thousand is current).
Initial recognition (IAS 37)
\u2022
The
obligation is initially recognized based on
expected cashflows discounted using a pre-
tax rate of 13.38%.
\u2022
Measurement is based on a probability-
weighted cash flow approach (using 0.5% to
5% fee scenarios) which is detailed in
note 16
.
Sensitivity analysis
See
note 16 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00135": { "value": "3.1
GOING CONCERN
The Company has incurred net losses since its
inception, and for the 12 months ended December
31, 2024, its audited consolidated statement of
profit and loss and other comprehensive income
reflects both a net loss and accumulated losses
carried forward. The Board has reviewed and
approved the 10-year strategic business plan,
which was updated
with additional out-licensing
milestones revenues following new commercial
opportunities under negotiations. Taking into
account the cash and cash equivalents position of
\u20ac23.2 million as of December 31, 2024, the
anticipated cash flows generated by revenues
from its three commercialized products, the
expected proceeds from out-licensing agreements
in 2025, 2026 and beyond, the possibility of
accelerating
the
execution
of
out-licensing
agreements initially forecasted beyond 2026, the
expected
research
and
development
expenditures, the ability to delay or defer research
and development activities if necessary, and the
Company's ability to secure additional financing if
needed
through
ongoing
discussions
with
financial counterparties, the Board is of the
opinion that the audited consolidated financial
statements should be prepared under the going
concern assumption.
Whilst the current cash position is sufficient to
meet the Company\u2019s immediate and mid-term
operational
needs
under
all
contemplated
scenarios, the Board acknowledges that, in one
scenario, where the cash runway extends at least
until July 2026, the Company may seek additional
funding to support the ongoing development of its
portfolio of new product candidates or to execute
other business opportunities. Discussions with
potential financial partners have already been
initiated to address such needs if they arise.
Accordingly, management has not identified any
material uncertainties that would cast significant
doubt on the Company\u2019s ability to continue as a
going concern for a period of at least 12 months
following the approval date of the financial
statements at the General Meeting to be held on
June 10, 2025, in compliance with IAS 1 \u00a725\u201326. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00136": { "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 financial statements.
Arrangement with FHP
In February 2021, Hyloris and FHP BV (FHP) entered
into a partnership to develop and commercialise
an
innovative
combination
therapy
for the
treatment of severe and recurrent vulvovaginal
candidiasis (rVVC). FHP 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 FHP (of which EUR 1.3 million
is already paid). Hyloris holds 20% of the shares in
FHP (Class B) and is eligible to receive up to a
maximum of 45% and a minimum of 17.3% of the
net profits generated by FHP 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
FHP
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
\n\n
reserved matters significantly affecting the returns
\n
of the joint arrangement require the unanimous
\n
consent
of
all
shareholders.
The
joint
\n
arrangement is classified as a joint venture as the
\n
arrangement is structured through a separate
\n
vehicle and the investors do not have rights to the
\n
assets
and
obligations
for
the
liabilities.
\n
Therefore, this arrangement is accounted for via
\n
equity accounting, see
note 9.1
\n
FHP is a related party, see
note 29.1
\n
Arrangement with Pleco Therapeutics
\n
In November 2021, Hyloris and Pleco Therapeutics
\n
signed an agreement to co-develop and register
\n
HY-086, a novel combination product of chelating
\n
agents for
the treatment of Acute Myeloid
\n
Leukaemia (AML) and Small Cell Lung Cancer
\n
(SCLC).
\n
Under the arrangement, Hyloris has provided \u20ac1
\n
million that was converted into equity in June 2022
\n
(7,944 shares at \u20ac126 per share)
\n
Hyloris obtained global exclusive co-development
\n
rights and future joint commercialization to the
\n
Pleco technology in AML and SCLC. Hyloris
\n
committed to fund (as R&D contribution) up to an
\n
additional \u20ac7.7 million in pre-defined R&D activities.
\n
Pleco funds all activities that are outside the
\n
scope of the maximum \u20ac7.7 million funding
\n
commitment from Hyloris. In exchange, Hyloris will
\n
be eligible to receive up to 65% of the gross
\n
product margin generated worldwide in AML and
\n
SCLC. Hyloris became co-owner on all Pleco
\n
patents (except for patents held by MD Anderson
\n
Cancer
Center),
inventions,
co-development
\n
information
and
market
information.
The
\n
arrangement constitutes a joint operation.
\n
Hyloris agreed in May 2022 to transfer its co-
\n
ownership
rights
on the patent and patent
\n
applications to Pleco in order for Pleco to be able
\n
provide a pledge to RVO for an innovation credit
\n
(\u201cInnovatiekrediet\u201d)
it
received.
Upon
full
\n
reimbursement of
the innovation credit, the co-
\n
ownership rights of the patent and patent
\n
applications under the collaboration agreement
\n
will revert back to Hyloris. The innovation credit
\n
will be reimbursed to the authorities with the first
\n
profits of PTX-252. Payment of profit share to the
\n
shareholders
is
subordinated
until
full
\n
reimbursement of the innovation credit.
\n
At December 2024, The Group has invested \u20ac2.4
\n
million within the co-development agreement
\n
which
brings
the
outstanding
maximum
\n
commitment to \u20ac5.3 million.
\n
Furthermore,
Hyloris
entered
into
a
\n
Management Consultancy Agreement in July
\n
2022 for a total amount
of \u20ac2.5 million. Under this
\n
agreement, Hyloris has and will support Pleco
\n
Therapeutics with strategic advice until December
\n
31
\n
st
\n
2024 with the possibility of an extension as
\n
explained below. At reporting date, the Group
\n
already invoiced \u20ac1,562 thousand of which \u20ac62
\n
thousand recognized in 2024.
The nature of the
\n
strategic advice is holistic, and forward-thinking,
\n
with a focus on creating value. It covers a wide
\n
range of areas including business development,
\n
market
entry
strategies,
organisational
\n
structure,
operational
efficiency,
investor
\n
relations, and risk mitigation. After December 31st
\n
2022, in case the total amount of the invoices
\n
exceeds 50% of the amount of the innovation
\n
credit (\u201cInnovatiekrediet\u201d) made available to Pleco,
\n
further invoicing will be postponed until additional
\n
amounts are made available of the innovation
\n
credit and the agreement will be extended
\n
accordingly with the same number of months so
\n
that the total amount of invoices remains \u20ac2.5
\n
million. The services rendered are booked as
\n
Other Operating Income over time. In analogy
\n
with IFRS15.B16, as a practical expedient, if the
\n
entity has the right to invoice a customer in an
\n
amount
that
corresponds
directly
with
its
\n
performance to date, then it can recognize income
\n
for that amount.
\n\n
End
of
December
2024,
Hyloris
holds
an
\n
ownership interest of 5.00% in Pleco Therapeutics
\n
(corresponding to 5.35% of the voting rights) and is
\n
entitled to one observer (\u2018waarnemer\u2019) within the
\n
Board of Directors of Pleco Therapeutics without
\n
voting rights.
\n
Based on the guidance of IAS 28 \u2013 Investments in
\n
Associates and Joint Ventures, the Company
\n
concluded that it does not have a significant
\n
influence on Pleco Therapeutics considering the
\n
following elements:
\n
\u2022
Holding of only 5.35% of the voting rights,
\n
\u2022
No voting representation in the Board of
\n
Directors,
\n
\u2022
No
participation
in
policy-making
\n
processes,
\n
\u2022
No interchange of key management
\n
\u2022
Pleco is developing other products with other
\n
3
\n
rd
\n
parties which are currently in the
\n
preclinical development stage, and
\n
\u2022
Pleco is not financially dependent of Hyloris.
\n
The arrangement between Hyloris and Pleco
\n
Therapeutics is a significant agreement for Pleco
\n
Therapeutics,
but
does
not
preclude
Pleco
\n
Therapeutics from making strategic decisions or
\n
contracting other parties or other projects.
\n
Based on these elements, Pleco is not in the
\n
consolidation scope. The investment (\u20ac1.0 million)
\n
is presented under \u201cOther financial assets\u201d.
\n
Arrangement with Vaneltix
\n
In December 2021, Hyloris entered into a strategic
\n
collaboration with Vaneltix Pharma, Inc. (\u2018Vaneltix\u2019)
\n
for the development and commercialization of
\n
Alenura
\n
TM
\n
as first-line drug treatment for acute pain
\n
in
interstitial
cystitis/bladder
pain
syndrome
\n
(IC/BPS).
\n
Hyloris has committed to provide a maximum
\n
of $6.7 million for supporting development-
\n
related activities and granted a 6% interest
\n
bearing loan of $0.5 million.
\n
Under this strategic co-development agreement
\n
Hyloris provided R&D services in the course of
\n
2023 for a total amount of \u20ac145 thousand to
\n
Vaneltix. These services were cross-charged by
\n
Vaneltix since these are linked to the do-
\n
development agreement and are in scope of the
\n
Research and Development expenses to be
\n
funded by Hyloris
\n
Hyloris will be eligible to receive a tiered
\n
percentage of the product margin generated by
\n
Vaneltix. The
arrangement constitutes a joint
\n
operation.
\n
Hyloris will be listed as co-owner on all Vaneltix
\n
patents,
inventions,
co-development
\n
information
and
market
information.
In
\n
addition, Hyloris hereby grants Vaneltix
a
\n
license on Hyloris\u2019 share of the Vaneltix patents
\n
and inventions.
\n
Hyloris also provided a loan of $0.5 million to
\n
Vaneltix.
(
note 10)
\n
In October 2023, Hyloris\u2019 initial $6.7 million R&D
\n
commitment
was
lowered
to
$4.8
million.
\n
Separately, a $2.0 million Subscription Agreement
\n
was executed to invest in Series D convertible
\n
preferred stock.
\n
Of the $2.0 million investment, $0.1 million was
\n
used to fund a market study on product pricing
\n
and positioning, the results of which were fully
\n
shared with Hyloris.
\n
As of December 2024, Hyloris had contributed $3.3
\n
million
toward
development-related
activities.
\n
Hyloris holds 4 shares of Vaneltix and is not
\n
represented on the Board of Directors of
\n
Vaneltix.
\n
Vaneltix is a related party, see
note 29.1
.
\n
Although Hyloris is holding less than 1% of the
\n\n
voting rights, and has no voting representation
\n
in the Board
of Directors, the Company
\n
concluded, based on the guidance of IAS 28 -
\n
Investments in Associates and
Joint Ventures,
\n
that it does have significant influence
on Vaneltix
\n
considering the following elements: Hyloris
is
\n
currently one of the main financial contributors for
\n
Vaneltix and Vaneltix is financially depending on
\n
the
funding of Hyloris to be able to develop
\n
Alenura
\n
TM
\n
.
\n
The co-development agreement for Alenura
\n
TM
\n
is
\n
a material transaction between Hyloris and
\n
Vaneltix as
Vaneltix primarily focused of the
\n
development of this
product only (other product
\n
candidates
are
in
a
very
early
stage
of
\n
development).
\n
As a result, the Group is applying the equity method
\n
of
accounting. As the percentage of ownership
\n
interest is
very low (only 0.00053 %) the Group does
\n
not take its %
share in the loss of Vaneltix in
\n
deduction of the equity value.
\n
See
note 9
on Equity Accounted Investees.
\n
Arrangements with AFT
\n
Maxigesic IV
\n
Hyloris Pharmaceuticals SA and AFT have been
\n
collaborating
in
the
development
of
the
\n
Maxigesic IV product. AFT has now licensed the
\n
product to a number of partners covering
\n
multiple countries. Maxigesic IV is protected by
\n
several
granted
and
pending
patent
\n
applications.
Under
the
terms
of
the
\n
development collaboration agreement between
\n
Hyloris and AFT, Hyloris is eligible to receive a
\n
share on any product related revenues, such as
\n
license fees, royalties, milestone payments,
\n
received by AFT. The arrangement
constitutes a
\n
joint operation.
\n
HY-089
\n
On December 21
\n
st
\n
, 2023, Hyloris entered into a
\n
partnership with AFT to co-develop HY-089, a
\n
novel locally-acting product candidate for the
\n
treatment of Burning Mouth Syndrome (BMS).
\n
Under the terms of this equal partnership
\n
agreement,
targeting
co-development
and
\n
worldwide
commercialization,
Hyloris
is
\n
responsible for ensuring the product formulation,
\n
manufacturing activities and the coordination of
\n
the
commercialization
in
Europe.
AFT
is
\n
responsible for managing the clinical trials,
\n
overseeing
all
aspects
to
ensure
effective
\n
planning, execution and monitoring throughout
\n
the
lifecycle,
and
the
coordination
of
the
\n
commercialization outside of Europe. Parties are
\n
jointly responsible for the commercialization in
\n
the United States. The arrangement constitutes a
\n
joint operation. Hyloris and AFT will share the net
\n
profit and all external costs related to the
\n
collaboration.
\n
HY-091
\n
Hyloris has entered into a partnership with AFT on
\n
January
18
\n
th
\n
,
2024,
to
develop
a
novel
\n
mucoadhesive film for the treatment of Vulvar
\n
Lichen Sclerosus (VLS). HY-091 targets to have an
\n
extended duration release of a known molecular
\n
entity and to offer a convenient application
\n
method,
ensuring
simplicity
and
improving
\n
compliance.
\n
Under the terms of the agreement, parties will co-
\n
develop HY-091 for the purpose of registration
\n
and
worldwide
commercialization.
Hyloris
is
\n
responsible for ensuring the product formulation,
\n
manufacturing activities and the coordination of
\n
the
commercialization
in
Europe.
AFT
is
\n
responsible for managing the clinical trials,
\n
overseeing
all
aspects
to
ensure
effective
\n
planning, execution and monitoring throughout
\n
the trial life cycle, and the coordination of the
commercialization outside of Europe. Parties are
jointly responsible for commercialization in the
United States. The arrangement constitutes a joint
operation. Hyloris and AFT will share the net profit
and all external costs related to the collaboration.
HY-095
On August 19
th
, 2024, Hyloris announced the
development of HY-095, a long-acting injectable
formulation
of
a
well-known
Proton
Pump
Inhibitor (PPI) designed to treat Equine Gastric
Ulcer Syndrome (EGUS). The Group has secured a
development partner that has product specific
proprietary technology and intellectual property
under development. Under the agreement the
partner
will
manage
the
drug
and
device
development within a predefined budget. Hyloris
will manage the clinical trials and fund the
development costs which are currently projected
to remain well below \u20ac7 million. After the
development costs are recovered, the profits will
be shared, with Hyloris entitled to retain up to 90%
of the net margin. Hyloris has also obtained an
option to extend the license for development for
human use under comparable terms. A global
commercialization
will
be
pursued
through
strategic
partnerships,
targeting
all
relevant
markets. The arrangement constitutes a joint
operation.
HY-094
Hyloris and AFT have entered into a late-stage
research and development program to introduce
an innovative injectable iron deficiency therapy to
the global market. As part of this program, Hyloris
and AFT have secured an exclusive global IP
license covering human use.
Under the terms of the agreement, Hyloris and
AFT will co-develop the candidate for registration
and global commercialization. Hyloris will oversee
product formulation, manufacturing and the
commercialization efforts in Europe. AFT will
manage the clinical trials, execution and the
commercialization outside Europe. Parties are
jointly responsible for commercialization in the
United States. Development costs, as well as all
net margin from sales and licensing, will be
distributed equally between AFT and Hyloris, after
a tiered profit participation for the licensor. The
agreement constitutes a joint operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00137": { "value": "3.3
LOAN TO ACADEMIC
PHARMACEUTICALS
Determining the fair value of the loan to API (see
note 4.1
) is assessed to a significant estimate as the
fair value is determined on the basis of significant
unobservable inputs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00138": { "value": "4
. Financial instruments and
financial risk management
4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n \n
(in \u20ac thousand)
IFRS 9 Category
Input level
December
December
31, 2024
31, 2023
Investment in Pleco (note 10) (non-current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (note10)
At amortized cost
556
499
Loan to API (note 11)
FVTPL
3
99
317
Recoup US litigation costs from API (note 11)
FVTPL
3
292
0
Trade receivables (note 11)
At amortised cost
3,810
2,970
Cash and cash equivalents (note 13)
At amortised cost
23,594
30,406
Total financial assets
29,351
35,192
Borrowings (note 15.1)
At amortised cost
1,816
1,750
Other financial liabilities (note 15.2)
At amortised cost
3,368
3,543
Trade and other liabilities (note 16)
(1)
At amortised cost
3,166
3,195
Total financial liabilities
8,350
8,488
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities
(deferred income and employee benefit liabilities) that are not financial assets / liabilities are not included
The
table
above
summarizes
all
financial
instruments by category in accordance with IFRS
9. The fair value of the financial 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, 2024 and 2023. In 2024 and 2023
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 significant hurdles at this stage.
Loan to API: Discounted cash flows: 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 offset
by
royalties
payable
to
API
from
product
candidates
in 2042. The change compared to last
year is primarily due
to revised downward of future
cash-flows
related
to
products
which,
once
commercialized, would generate royalties payable to
API
and that the determination of
the fair value
was impacted by a change in the risk-
adjusted
rate (WACC) from 11.6% to 13.38%.
Recoup of US litigation costs: Discounted cash
flows similar to the Loan to API. The valuation
model
considers the present value of expected
payments, discounted using a WACC of 13.38%
at the reporting date. The assumption is that
the
recoup of US litigation costs will be offset by royalties
on product candidates
in 2044.
The Company considers that the carrying amounts
of financial assets and financial liabilities measured
at amortized cost in the consolidated financial
statements approximate their fair values.
4.2
FINANCIAL RISK
FACTORS
The Group\u2019s activities expose it to a variety of
financial 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 differences of the
monetary assets and monetary liabilities of the
Group at the end of the reporting period are as
follows:
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Assets
5,974
3,466
Liabilities
(2,411)
(817)
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 - \u20ac36
thousand
and
+\u20ac35
thousand
respectively.
Comparative information for 2023: 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.
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, fluctuations in exchange rates have less
impact on the overall financial position.
The Group could as well use derivative financial
instruments to manage its exposure to the U.S.
Dollar arising from operational activities in the
form of cash
flow hedges. This exposure is hedged
with foreign
exchange forward contracts. At the
end of 2024 and 2023 there are no outstanding
foreign exchange forward contracts.
4.4
INTEREST RATE RISK
The Company is currently not exposed to significant
interest rate risk as the interest-bearing financial
liabilities and assets bear a fixed 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 financial loss
to the Company.
By the end of 2024, the Company has contracted
with many different 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
financial
department reviews and sets a credit limit based
on key financial 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 profile.
Usually, the credit risk related to milestones,
royalties and profit share payment fall in one
specific group which may lead to offer extended
payments terms due to profile of the customers,
the nature of the business whereas the credit risk
related to other activities like services are classified
differently,
and
are
regularly
and
closely
monitored.
Trade accounts receivable amounted to \u20ac3,810
million as of December 31, 2024, and no allowance
for expected credit loss was recorded either in 2024
or during previous years. The increase compared to
prior year (\u20ac2,970 million as of December 31, 2023)
is mainly due to Valacyclovir milestones invoiced late
2024 and settled early 2025. During the first quarter
of 2025, about \u20ac2.5 million EUR of outstanding trade
receivables was collected.
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 specific transactions (see
note 11
).
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 definition 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\u2019s opinion
that at the above reporting date no further
provision for doubtful debts was required.
Cash and cash equivalents and current financial
assets are invested with several highly reputable
banks and financial institutions. The financial
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 inflows are
currently obtained through revenues. The liquidity
risk for the Group arises from the financial 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 financial
liabilities with agreed repayment periods. The
tables have been drawn up based
on
the
undiscounted cash flows of financial liabilities
based on the earliest date on which the Company
can be required to pay. The tables include both
interest and principal cash flows. In Other financial
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
payable after the completion of the dose finding
study required for being able to start a phase 3
study and the remaining \u20ac1.5 million is payable
after the process validation report and completion
of enrollment of the phase 3 studies.
\n \n
December 31, 2024
Within one year
>1 and <5 years
>5 and <10 years
Total
(In \u20ac thousand)
Borrowings
Lease liabilities
280
1,184
252
1,716
Borrowing of lab equipment
46
53
99
Other financial liabilities
Other loans
3,000
314
54
3,368
Provisions
408
173
581
Trade and other liabilities
3,428
3,428
Total
7,162
1,724
306
9,192
\n \n
December 31, 2023
Within one year
>1 and <5 years
>5 and <10 years
Total
(In \u20ac thousand)
Borrowings
Lease liabilities
241
871
639
1,751
Other financial liabilities
Other loans
3,200
344
3,544
Trade and other liabilities
3,318
3,318
Total
6,759
1,215
639
8,613
4.7
MARKET RISK
Market risk is the risk that changes in equity
prices
will affect the Group\u2019s income or the value
of its holdings of financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00142": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n \n
(in \u20ac thousand)
IFRS 9 Category
Input level
December
December
31, 2024
31, 2023
Investment in Pleco (note 10) (non-current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (note10)
At amortized cost
556
499
Loan to API (note 11)
FVTPL
3
99
317
Recoup US litigation costs from API (note 11)
FVTPL
3
292
0
Trade receivables (note 11)
At amortised cost
3,810
2,970
Cash and cash equivalents (note 13)
At amortised cost
23,594
30,406
Total financial assets
29,351
35,192
Borrowings (note 15.1)
At amortised cost
1,816
1,750
Other financial liabilities (note 15.2)
At amortised cost
3,368
3,543
Trade and other liabilities (note 16)
(1)
At amortised cost
3,166
3,195
Total financial liabilities
8,350
8,488
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities
(deferred income and employee benefit liabilities) that are not financial assets / liabilities are not included
The
table
above
summarizes
all
financial
instruments by category in accordance with IFRS
9. The fair value of the financial 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, 2024 and 2023. In 2024 and 2023
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 significant hurdles at this stage.
Loan to API: Discounted cash flows: 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 offset
by
royalties
payable
to
API
from
product
candidates
in 2042. The change compared to last
year is primarily due
to revised downward of future
cash-flows
related
to
products
which,
once
commercialized, would generate royalties payable to
API
and that the determination of
the fair value
was impacted by a change in the risk-
adjusted
rate (WACC) from 11.6% to 13.38%.
Recoup of US litigation costs: Discounted cash
flows similar to the Loan to API. The valuation
model
considers the present value of expected
payments, discounted using a WACC of 13.38%
at the reporting date. The assumption is that
the
recoup of US litigation costs will be offset by royalties
on product candidates
in 2044.
The Company considers that the carrying amounts
of financial assets and financial liabilities measured
at amortized cost in the consolidated financial
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
chelating agent 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 4.1
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand; of which \u20ac2,4 million has been
already funded.
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 2024 the Group had a few purchase transactions
with Pleco Therapeutics for product development
related services regarding pre-clinical, clinical and
CMC-related activities for a total amount of \u20ac297
thousand. In 2023, Hyloris had sales related to
strategic advice for an amount of \u20ac500 thousand and
purchases for product development regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2.2 million. As of 31 December 2024 the
outstanding commitment is \u20ac5.3 million (\u20ac7.7 million
- \u20ac2.4 million).
As of the reporting date, no impairment loss has
been recognized on the investment in Pleco
Therapeutics. A capital increase was completed by
Pleco in December 2024 as part of a Series B
funding round, based on an unchanged pre-
money valuation of EUR 25 million. This valuation
was confirmed by Pleco\u2019s management and served
as the basis for recent capital contributions.
Pleco
achieved
significant
progress
in
its
preclinical, technical, and regulatory development.
The phase 1a clinical study program is scheduled
to commence in 2025, marking a key milestone in
the project\u2019s advancement. Early results from the
Single Ascending Dose (SAD) portion of the study
are expected approximately three months after
initiation and will provide critical insights into the
therapy\u2019s safety and tolerability.
In parallel, a portion of the targeted Series B
funding has already been secured, with additional
commitments
in
place.
Pleco\u2019s
management
remains confident in its ability to attract a lead
investor as soon as the initial clinical results
become available.
These elements support and justify the conclusion
that no impairment of the investment is required
at this stage.API loan
A loan to API of $700 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 a discounting rate of 13.38% (11.6% in
2023) resulting in the recognition of a loss of \u20ac241
thousand, excluding FX effect, recognized as
financial expenses in 2024. For comparative
information, the financial expense in 2023 was
\u20ac173 thousand. The decrease of the fair value in
comparison to 2023 is mainly due to revision of
business cases used that now foresee a generation
of excess royalties (used to reimburse the loan) by
2042, instead of 2029, and the increase of the
discount rate.
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. (see note 4.1).
A sensitivity analysis shows that when the year of
reimbursement differs 1 year earlier or later than
the estimated calendar year of reimbursement,
the fair value increases by \u20ac13 thousand or
decreases by \u20ac12 thousand. When the discount
rate increases or decreases by 1%, the fair value of
the loan decreases by \u20ac12 thousand or increases
by \u20ac14 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00141": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n \n
(in \u20ac thousand)
IFRS 9 Category
Input level
December
December
31, 2024
31, 2023
Investment in Pleco (note 10) (non-current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (note10)
At amortized cost
556
499
Loan to API (note 11)
FVTPL
3
99
317
Recoup US litigation costs from API (note 11)
FVTPL
3
292
0
Trade receivables (note 11)
At amortised cost
3,810
2,970
Cash and cash equivalents (note 13)
At amortised cost
23,594
30,406
Total financial assets
29,351
35,192
Borrowings (note 15.1)
At amortised cost
1,816
1,750
Other financial liabilities (note 15.2)
At amortised cost
3,368
3,543
Trade and other liabilities (note 16)
(1)
At amortised cost
3,166
3,195
Total financial liabilities
8,350
8,488
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities
(deferred income and employee benefit liabilities) that are not financial assets / liabilities are not included
The
table
above
summarizes
all
financial
instruments by category in accordance with IFRS
9. The fair value of the financial 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, 2024 and 2023. In 2024 and 2023
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 significant hurdles at this stage.
Loan to API: Discounted cash flows: 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 offset
by
royalties
payable
to
API
from
product
candidates
in 2042. The change compared to last
year is primarily due
to revised downward of future
cash-flows
related
to
products
which,
once
commercialized, would generate royalties payable to
API
and that the determination of
the fair value
was impacted by a change in the risk-
adjusted
rate (WACC) from 11.6% to 13.38%.
Recoup of US litigation costs: Discounted cash
flows similar to the Loan to API. The valuation
model
considers the present value of expected
payments, discounted using a WACC of 13.38%
at the reporting date. The assumption is that
the
recoup of US litigation costs will be offset by royalties
on product candidates
in 2044.
The Company considers that the carrying amounts
of financial assets and financial liabilities measured
at amortized cost in the consolidated financial
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
chelating agent 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 4.1
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand; of which \u20ac2,4 million has been
already funded.
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 2024 the Group had a few purchase transactions
with Pleco Therapeutics for product development
related services regarding pre-clinical, clinical and
CMC-related activities for a total amount of \u20ac297
thousand. In 2023, Hyloris had sales related to
strategic advice for an amount of \u20ac500 thousand and
purchases for product development regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2.2 million. As of 31 December 2024 the
outstanding commitment is \u20ac5.3 million (\u20ac7.7 million
- \u20ac2.4 million).
As of the reporting date, no impairment loss has
been recognized on the investment in Pleco
Therapeutics. A capital increase was completed by
Pleco in December 2024 as part of a Series B
funding round, based on an unchanged pre-
money valuation of EUR 25 million. This valuation
was confirmed by Pleco\u2019s management and served
as the basis for recent capital contributions.
Pleco
achieved
significant
progress
in
its
preclinical, technical, and regulatory development.
The phase 1a clinical study program is scheduled
to commence in 2025, marking a key milestone in
the project\u2019s advancement. Early results from the
Single Ascending Dose (SAD) portion of the study
are expected approximately three months after
initiation and will provide critical insights into the
therapy\u2019s safety and tolerability.
In parallel, a portion of the targeted Series B
funding has already been secured, with additional
commitments
in
place.
Pleco\u2019s
management
remains confident in its ability to attract a lead
investor as soon as the initial clinical results
become available.
These elements support and justify the conclusion
that no impairment of the investment is required
at this stage.API loan
A loan to API of $700 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 a discounting rate of 13.38% (11.6% in
2023) resulting in the recognition of a loss of \u20ac241
thousand, excluding FX effect, recognized as
financial expenses in 2024. For comparative
information, the financial expense in 2023 was
\u20ac173 thousand. The decrease of the fair value in
comparison to 2023 is mainly due to revision of
business cases used that now foresee a generation
of excess royalties (used to reimburse the loan) by
2042, instead of 2029, and the increase of the
discount rate.
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. (see note 4.1).
A sensitivity analysis shows that when the year of
reimbursement differs 1 year earlier or later than
the estimated calendar year of reimbursement,
the fair value increases by \u20ac13 thousand or
decreases by \u20ac12 thousand. When the discount
rate increases or decreases by 1%, the fair value of
the loan decreases by \u20ac12 thousand or increases
by \u20ac14 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00140": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n \n
(in \u20ac thousand)
IFRS 9 Category
Input level
December
December
31, 2024
31, 2023
Investment in Pleco (note 10) (non-current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (note10)
At amortized cost
556
499
Loan to API (note 11)
FVTPL
3
99
317
Recoup US litigation costs from API (note 11)
FVTPL
3
292
0
Trade receivables (note 11)
At amortised cost
3,810
2,970
Cash and cash equivalents (note 13)
At amortised cost
23,594
30,406
Total financial assets
29,351
35,192
Borrowings (note 15.1)
At amortised cost
1,816
1,750
Other financial liabilities (note 15.2)
At amortised cost
3,368
3,543
Trade and other liabilities (note 16)
(1)
At amortised cost
3,166
3,195
Total financial liabilities
8,350
8,488
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities
(deferred income and employee benefit liabilities) that are not financial assets / liabilities are not included
The
table
above
summarizes
all
financial
instruments by category in accordance with IFRS
9. The fair value of the financial 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, 2024 and 2023. In 2024 and 2023
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 significant hurdles at this stage.
Loan to API: Discounted cash flows: 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 offset
by
royalties
payable
to
API
from
product
candidates
in 2042. The change compared to last
year is primarily due
to revised downward of future
cash-flows
related
to
products
which,
once
commercialized, would generate royalties payable to
API
and that the determination of
the fair value
was impacted by a change in the risk-
adjusted
rate (WACC) from 11.6% to 13.38%.
Recoup of US litigation costs: Discounted cash
flows similar to the Loan to API. The valuation
model
considers the present value of expected
payments, discounted using a WACC of 13.38%
at the reporting date. The assumption is that
the
recoup of US litigation costs will be offset by royalties
on product candidates
in 2044.
The Company considers that the carrying amounts
of financial assets and financial liabilities measured
at amortized cost in the consolidated financial
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
chelating agent 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 4.1
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand; of which \u20ac2,4 million has been
already funded.
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 2024 the Group had a few purchase transactions
with Pleco Therapeutics for product development
related services regarding pre-clinical, clinical and
CMC-related activities for a total amount of \u20ac297
thousand. In 2023, Hyloris had sales related to
strategic advice for an amount of \u20ac500 thousand and
purchases for product development regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2.2 million. As of 31 December 2024 the
outstanding commitment is \u20ac5.3 million (\u20ac7.7 million
- \u20ac2.4 million).
As of the reporting date, no impairment loss has
been recognized on the investment in Pleco
Therapeutics. A capital increase was completed by
Pleco in December 2024 as part of a Series B
funding round, based on an unchanged pre-
money valuation of EUR 25 million. This valuation
was confirmed by Pleco\u2019s management and served
as the basis for recent capital contributions.
Pleco
achieved
significant
progress
in
its
preclinical, technical, and regulatory development.
The phase 1a clinical study program is scheduled
to commence in 2025, marking a key milestone in
the project\u2019s advancement. Early results from the
Single Ascending Dose (SAD) portion of the study
are expected approximately three months after
initiation and will provide critical insights into the
therapy\u2019s safety and tolerability.
In parallel, a portion of the targeted Series B
funding has already been secured, with additional
commitments
in
place.
Pleco\u2019s
management
remains confident in its ability to attract a lead
investor as soon as the initial clinical results
become available.
These elements support and justify the conclusion
that no impairment of the investment is required
at this stage.
Vaneltix loan
On 13 December 2021, the Group entered into a
collaboration with Vaneltix Pharma, Inc. (a related
party
of
Hyloris)
for
the
development
and
commercialization of Alenura
TM
as first-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 unaffiliated third
parties for financing 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 a new Amendment dated 13
January 2025, the reimbursement date has been
extended till 31 March 2025. If at that point, the
loan has not repaid, Hyloris may offset the amount
against
R&D
fundings
amounts
under
the
Agreement that become due.
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
28.2
)
upon which $5,313 thousand has
already been provided.
In 2024, Hyloris incurred 789 thousand of R&D
expenses compared to 2,744 thousand in 2023.
Management identified Vaneltix Pharma, Inc as a
related party of Hyloris (see
note 28.2
).API loan
A loan to API of $700 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 a discounting rate of 13.38% (11.6% in
2023) resulting in the recognition of a loss of \u20ac241
thousand, excluding FX effect, recognized as
financial expenses in 2024. For comparative
information, the financial expense in 2023 was
\u20ac173 thousand. The decrease of the fair value in
comparison to 2023 is mainly due to revision of
business cases used that now foresee a generation
of excess royalties (used to reimburse the loan) by
2042, instead of 2029, and the increase of the
discount rate.
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. (see note 4.1).
A sensitivity analysis shows that when the year of
reimbursement differs 1 year earlier or later than
the estimated calendar year of reimbursement,
the fair value increases by \u20ac13 thousand or
decreases by \u20ac12 thousand. When the discount
rate increases or decreases by 1%, the fair value of
the loan decreases by \u20ac12 thousand or increases
by \u20ac14 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00139": { "value": "4.1
OVERVIEW OF FINANCIAL INSTRUMENTS
\n \n
(in \u20ac thousand)
IFRS 9 Category
Input level
December
December
31, 2024
31, 2023
Investment in Pleco (note 10) (non-current)
FVOCI
3
1,000
1,000
Loan to Vaneltix (note10)
At amortized cost
556
499
Loan to API (note 11)
FVTPL
3
99
317
Recoup US litigation costs from API (note 11)
FVTPL
3
292
0
Trade receivables (note 11)
At amortised cost
3,810
2,970
Cash and cash equivalents (note 13)
At amortised cost
23,594
30,406
Total financial assets
29,351
35,192
Borrowings (note 15.1)
At amortised cost
1,816
1,750
Other financial liabilities (note 15.2)
At amortised cost
3,368
3,543
Trade and other liabilities (note 16)
(1)
At amortised cost
3,166
3,195
Total financial liabilities
8,350
8,488
1
Trade and Other receivables (VAT / R&D tax credit receivables and other receivables), prepayments and trade and other liabilities
(deferred income and employee benefit liabilities) that are not financial assets / liabilities are not included
The
table
above
summarizes
all
financial
instruments by category in accordance with IFRS
9. The fair value of the financial 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, 2024 and 2023. In 2024 and 2023
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 significant hurdles at this stage.
Loan to API: Discounted cash flows: 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 offset
by
royalties
payable
to
API
from
product
candidates
in 2042. The change compared to last
year is primarily due
to revised downward of future
cash-flows
related
to
products
which,
once
commercialized, would generate royalties payable to
API
and that the determination of
the fair value
was impacted by a change in the risk-
adjusted
rate (WACC) from 11.6% to 13.38%.
Recoup of US litigation costs: Discounted cash
flows similar to the Loan to API. The valuation
model
considers the present value of expected
payments, discounted using a WACC of 13.38%
at the reporting date. The assumption is that
the
recoup of US litigation costs will be offset by royalties
on product candidates
in 2044.
The Company considers that the carrying amounts
of financial assets and financial liabilities measured
at amortized cost in the consolidated financial
statements approximate their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00143": { "value": "4.2
FINANCIAL RISK
FACTORS
The Group\u2019s activities expose it to a variety of
financial 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 differences of the
monetary assets and monetary liabilities of the
Group at the end of the reporting period are as
follows:
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Assets
5,974
3,466
Liabilities
(2,411)
(817)
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 - \u20ac36
thousand
and
+\u20ac35
thousand
respectively.
Comparative information for 2023: 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.
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, fluctuations in exchange rates have less
impact on the overall financial position.
The Group could as well use derivative financial
instruments to manage its exposure to the U.S.
Dollar arising from operational activities in the
form of cash
flow hedges. This exposure is hedged
with foreign
exchange forward contracts. At the
end of 2024 and 2023 there are no outstanding
foreign exchange forward contracts.
4.4
INTEREST RATE RISK
The Company is currently not exposed to significant
interest rate risk as the interest-bearing financial
liabilities and assets bear a fixed 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 financial loss
to the Company.
By the end of 2024, the Company has contracted
with many different 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
financial
department reviews and sets a credit limit based
on key financial 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 profile.
Usually, the credit risk related to milestones,
royalties and profit share payment fall in one
specific group which may lead to offer extended
payments terms due to profile of the customers,
the nature of the business whereas the credit risk
related to other activities like services are classified
differently,
and
are
regularly
and
closely
monitored.
Trade accounts receivable amounted to \u20ac3,810
million as of December 31, 2024, and no allowance
for expected credit loss was recorded either in 2024
or during previous years. The increase compared to
prior year (\u20ac2,970 million as of December 31, 2023)
is mainly due to Valacyclovir milestones invoiced late
2024 and settled early 2025. During the first quarter
of 2025, about \u20ac2.5 million EUR of outstanding trade
receivables was collected.
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 specific transactions (see
note 11
).
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 definition 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\u2019s opinion
that at the above reporting date no further
provision for doubtful debts was required.
Cash and cash equivalents and current financial
assets are invested with several highly reputable
banks and financial institutions. The financial
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 inflows are
currently obtained through revenues. The liquidity
risk for the Group arises from the financial 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 financial
liabilities with agreed repayment periods. The
tables have been drawn up based
on
the
undiscounted cash flows of financial liabilities
based on the earliest date on which the Company
can be required to pay. The tables include both
interest and principal cash flows. In Other financial
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
payable after the completion of the dose finding
study required for being able to start a phase 3
study and the remaining \u20ac1.5 million is payable
after the process validation report and completion
of enrollment of the phase 3 studies.
\n \n
December 31, 2024
Within one year
>1 and <5 years
>5 and <10 years
Total
(In \u20ac thousand)
Borrowings
Lease liabilities
280
1,184
252
1,716
Borrowing of lab equipment
46
53
99
Other financial liabilities
Other loans
3,000
314
54
3,368
Provisions
408
173
581
Trade and other liabilities
3,428
3,428
Total
7,162
1,724
306
9,192
\n \n
December 31, 2023
Within one year
>1 and <5 years
>5 and <10 years
Total
(In \u20ac thousand)
Borrowings
Lease liabilities
241
871
639
1,751
Other financial liabilities
Other loans
3,200
344
3,544
Trade and other liabilities
3,318
3,318
Total
6,759
1,215
639
8,613
4.7
MARKET RISK
Market risk is the risk that changes in equity
prices
will affect the Group\u2019s income or the value
of its holdings of financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00144": { "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 differences of the
monetary assets and monetary liabilities of the
Group at the end of the reporting period are as
follows:
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Assets
5,974
3,466
Liabilities
(2,411)
(817)
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 - \u20ac36
thousand
and
+\u20ac35
thousand
respectively.
Comparative information for 2023: 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.
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, fluctuations in exchange rates have less
impact on the overall financial position.
The Group could as well use derivative financial
instruments to manage its exposure to the U.S.
Dollar arising from operational activities in the
form of cash
flow hedges. This exposure is hedged
with foreign
exchange forward contracts. At the
end of 2024 and 2023 there are no outstanding
foreign exchange forward contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00146": { "value": "4.4
INTEREST RATE RISK
The Company is currently not exposed to significant
interest rate risk as the interest-bearing financial
liabilities and assets bear a fixed interest rate, which
are not subject to revision. ", "dimensions": { "concept": "hyl:DisclosureOfInterestRateRiskExplanatoryTextBlock", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00145": { "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 financial loss
to the Company.
By the end of 2024, the Company has contracted
with many different 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
financial
department reviews and sets a credit limit based
on key financial 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 profile.
Usually, the credit risk related to milestones,
royalties and profit share payment fall in one
specific group which may lead to offer extended
payments terms due to profile of the customers,
the nature of the business whereas the credit risk
related to other activities like services are classified
differently,
and
are
regularly
and
closely
monitored.
Trade accounts receivable amounted to \u20ac3,810
million as of December 31, 2024, and no allowance
for expected credit loss was recorded either in 2024
or during previous years. The increase compared to
prior year (\u20ac2,970 million as of December 31, 2023)
is mainly due to Valacyclovir milestones invoiced late
2024 and settled early 2025. During the first quarter
of 2025, about \u20ac2.5 million EUR of outstanding trade
receivables was collected.
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 specific transactions (see
note 11
).
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 definition 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\u2019s opinion
that at the above reporting date no further
provision for doubtful debts was required.
Cash and cash equivalents and current financial
assets are invested with several highly reputable
banks and financial institutions. The financial
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00147": { "value": "4.6
LIQUIDITY RISK
The Company\u2019s main sources of cash inflows are
currently obtained through revenues. The liquidity
risk for the Group arises from the financial 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 financial
liabilities with agreed repayment periods. The
tables have been drawn up based
on
the
undiscounted cash flows of financial liabilities
based on the earliest date on which the Company
can be required to pay. The tables include both
interest and principal cash flows. In Other financial
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
payable after the completion of the dose finding
study required for being able to start a phase 3
study and the remaining \u20ac1.5 million is payable
after the process validation report and completion
of enrollment of the phase 3 studies.
\n \n
December 31, 2024
Within one year
>1 and <5 years
>5 and <10 years
Total
(In \u20ac thousand)
Borrowings
Lease liabilities
280
1,184
252
1,716
Borrowing of lab equipment
46
53
99
Other financial liabilities
Other loans
3,000
314
54
3,368
Provisions
408
173
581
Trade and other liabilities
3,428
3,428
Total
7,162
1,724
306
9,192
\n \n
December 31, 2023
Within one year
>1 and <5 years
>5 and <10 years
Total
(In \u20ac thousand)
Borrowings
Lease liabilities
241
871
639
1,751
Other financial liabilities
Other loans
3,200
344
3,544
Trade and other liabilities
3,318
3,318
Total
6,759
1,215
639
8,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00148": { "value": "4.7
MARKET RISK
Market risk is the risk that changes in equity
prices
will affect the Group\u2019s income or the value
of its holdings of financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00149": { "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
identified
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 financial reporting to the chief
operating decision maker.
The
financial
information
is
organized
and
reported to CODM under one management
reporting covering all activities of the Company.
There is no specific component in the financial
information that would as such represent a specific
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.
In 2024, total revenue surged to \u20ac8,458 thousand,
a fourfold increase compared to 2023 (\u20ac2,087
thousand). This impressive growth was primarily
driven by substantial royalties from Maxigesic
\u00ae
IV
and Podofilox, as well as a USD 2.1 million
milestone payment related to the commercial
launch of Maxigesic
\u00ae
IV in the U.S. Additionally,
upfront and regulatory milestones payments
related to the licensing and supply agreement on
Valacyclovir Oral Suspension, signed in December
2024, contributed to the
growth. In 2023, the
revenue related to royalties for \u20ac1,9 million for
Sotalol IV, Maxigesic IV and Padagis/Podofilox gel,
out-license agreements that provide a right to use
for \u20ac104 thousand and milestone billings for \u20ac54
thousand.
In \u20ac thousand
2024
2023
Royalties
4,901
1,929
Out-license agreements
247
104
Milestones
3,310
54
Total
revenues
8,458
2,087
In 2024, there are 4 customers (three in 2023)
individually exceeding 10% of total revenues, with
respective amounts of \u20ac3,191 thousand (\u20ac804
thousand
in
2023),
\u20ac2,785
thousand
(\u20ac244
thousand in 2023), \u20ac1,320 thousand and \u20ac914
thousand
(\u20ac881
thousand
in
2023).
Those
customers represent 97% of the total recognized
revenues (92% in 2023).
In the revenue recognition there are no material
contingencies nor amounts which are subject to
significant estimation uncertainty. In some cases,
the payment terms extended to our partners such
as AFT, which have a low liquidity risk profile,
exceed
12
months.
See
note 11
for
trade
receivables.
5.1
GEOGRAPHICAL
INFORMATION
Revenues reported in the consolidated statement
of profit or loss and other comprehensive income
are mainly generated in the United States: \u20ac 5,588
thousand (\u20ac1,125 thousand in 2023); but also in
EMEA and Asia-Pacific regions. Non-current assets
recorded in the consolidated statement of financial
position are mainly located in Belgium, the country
of domicile of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00150": { "value": "6
. List of consolidated companies
(AS AT DECEMBER 31, 2024)
\n \n
Company
name
Company
number
Location
% financial 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 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%
The voting rights equal the percentage of financial interest held.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00151": { "value": "7
. Intangible assets
\n \n
(in \u20ac thousand)
Development
costs
Assets
Purchase
License
fees
Prepayments
Total
Year
ended
December
31,
2024
Opening carrying amount
2,060
642
1,126
-
3,828
Additions
229
23
252
R&D Tax Credit
(15)
(1)
(16)
Amortization expense
(194)
(32)
(226)
Closing carrying amount
2,080
610
1,148
-
3,838
At
December
31,
2024
Cost
2,854
4,247
1,171
8,272
Accumulated amortization and
(774)
(3,637)
(23)
-
(4,434)
impairment
Carrying amount
2,080
610
1,148
-
3,838
\n \n
(in \u20ac thousand)
Development
Costs
Assets
Purchase
License
fees
Prepayments
Total
Year
ended
December
31,
2023
Opening carrying amount
1,678
685
1,125
119
3,607
Additions
325
325
R&D Tax Credit
(11)
(11)
Amortization expense
119
(119)
-
Impairment losses
(50)
(43)
(93)
Closing carrying amount
2,061
642
1,125
-
3,828
At
December
31,
2023
Cost
2,640
4,247
1,148
8,036
Accumulated amortization and
(580)
(3,605)
(23)
-
(4,208)
impairment
Carrying amount
2,060
642
1,126
-
3,828
In 2024, the Company acquired intangible assets
for a total of \u20ac252 thousand, of which (i) \u20ac125
thousand related to the development costs of
Maxigesic
\u00ae
IV, (ii) \u20ac56 thousand related to the
development costs of HY-039, \u20ac48 thousand
related to the development costs of HY-078 and
\u20ac23 thousand related in-licensing HY-087.
Grouping of intangible assets of a similar nature and
use:
\u2022
Capitalized
development
costs:
external
incurred
development
costs:
Maxigesic
IV,
Podofilox 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, Milrinone, HY-087 and HY-088.
The 4 largest product or product (candidates) in
terms of
intangible assets are Maxigesic
\u00ae
IV
(carrying amount: \u20ac1,175 thousand), Aspirine IV U.S.
(carrying amount: \u20ac623 thousand) Podofilox gel
(carrying amount: \u20ac568 thousand) and Tranexamic
Acid
Mouth
Rinse
(carrying
amount:
\u20ac433
thousand). Only for Maxigesic
\u00ae
IV, the intangible
assets are amortized.
The intangible assets are not amortized until the
moment they are available for use as intended by
management, i.e. ready for commercialization.
The company has amortized since 2014 the
development costs of Sotalol IV, an asset for which
regulatory approval had been obtained. The useful
life of the development costs of Sotalol IV has
ended.
In 2022 the Company began amortising the
development costs of Maxigesic
\u00ae
IV for markets
outside the United States of America where market
approval had been obtained, currently totaling 64
countries. In 2024, as the product is available for use
in the United States of America, the amortization
has started for this market as well. Since the
commercial sales for Podofilox gel started late-
December 2023, the amortization started in 2024.
The amortization expenses are included in \u201cCost
of sales\u201d in the consolidated statement of profit or
loss and other comprehensive income. The
applied amortization rate for all classes of assets
is 10%.
As long as the assets are not fully amortized, they
are tested for impairment if specific indicators are
identified.
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
flows discounted to their present value using a pre-
tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. The time horizon used for
the impairment testing is based on the period
during which the Company expects to generate
cash flows 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 different
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 defined in
Note 2.8
, the discount
rate reflecting current market assessments of the
time value of money and the risks specific to the
asset, and which was used for the impairment test,
is estimated at 13.38% (was 11.85% in 2023).
The main input that lead to a discount rate of
13.38% are:
\u2022
a risk free rate of 2.97% corresponding to the 10-
year OLO rate as of December 31, 2024 (2.58% last
year)
\u2022
a beta factor of 0.99 (0.96 last year)
\u2022
a market risk rate of 2.28% (2.77% last year);
\u2022
a Company specific risk premium of 8.15% (6.6%
last year)
\u2022
a cost of debt before tax of 6% (no change
compared to 2023)
We
tested
the
sensitivity
analysis
of
the
impairment tests by increasing the discount
rate by 4%, leading the discount rate to 17.38%.
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 financial liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00152": { "value": "7
. Intangible assets
\n \n
(in \u20ac thousand)
Development
costs
Assets
Purchase
License
fees
Prepayments
Total
Year
ended
December
31,
2024
Opening carrying amount
2,060
642
1,126
-
3,828
Additions
229
23
252
R&D Tax Credit
(15)
(1)
(16)
Amortization expense
(194)
(32)
(226)
Closing carrying amount
2,080
610
1,148
-
3,838
At
December
31,
2024
Cost
2,854
4,247
1,171
8,272
Accumulated amortization and
(774)
(3,637)
(23)
-
(4,434)
impairment
Carrying amount
2,080
610
1,148
-
3,838
\n \n
(in \u20ac thousand)
Development
Costs
Assets
Purchase
License
fees
Prepayments
Total
Year
ended
December
31,
2023
Opening carrying amount
1,678
685
1,125
119
3,607
Additions
325
325
R&D Tax Credit
(11)
(11)
Amortization expense
119
(119)
-
Impairment losses
(50)
(43)
(93)
Closing carrying amount
2,061
642
1,125
-
3,828
At
December
31,
2023
Cost
2,640
4,247
1,148
8,036
Accumulated amortization and
(580)
(3,605)
(23)
-
(4,208)
impairment
Carrying amount
2,060
642
1,126
-
3,828
In 2024, the Company acquired intangible assets
for a total of \u20ac252 thousand, of which (i) \u20ac125
thousand related to the development costs of
Maxigesic
\u00ae
IV, (ii) \u20ac56 thousand related to the
development costs of HY-039, \u20ac48 thousand
related to the development costs of HY-078 and
\u20ac23 thousand related in-licensing HY-087.
Grouping of intangible assets of a similar nature and
use:
\u2022
Capitalized
development
costs:
external
incurred
development
costs:
Maxigesic
IV,
Podofilox 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, Milrinone, HY-087 and HY-088.
The 4 largest product or product (candidates) in
terms of
intangible assets are Maxigesic
\u00ae
IV
(carrying amount: \u20ac1,175 thousand), Aspirine IV U.S.
(carrying amount: \u20ac623 thousand) Podofilox gel
(carrying amount: \u20ac568 thousand) and Tranexamic
Acid
Mouth
Rinse
(carrying
amount:
\u20ac433
thousand). Only for Maxigesic
\u00ae
IV, the intangible
assets are amortized.
The intangible assets are not amortized until the
moment they are available for use as intended by
management, i.e. ready for commercialization.
The company has amortized since 2014 the
development costs of Sotalol IV, an asset for which
regulatory approval had been obtained. The useful
life of the development costs of Sotalol IV has
ended.
In 2022 the Company began amortising the
development costs of Maxigesic
\u00ae
IV for markets
outside the United States of America where market
approval had been obtained, currently totaling 64
countries. In 2024, as the product is available for use
in the United States of America, the amortization
has started for this market as well. Since the
commercial sales for Podofilox gel started late-
December 2023, the amortization started in 2024.
The amortization expenses are included in \u201cCost
of sales\u201d in the consolidated statement of profit or
loss and other comprehensive income. The
applied amortization rate for all classes of assets
is 10%.
As long as the assets are not fully amortized, they
are tested for impairment if specific indicators are
identified.
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
flows discounted to their present value using a pre-
tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. The time horizon used for
the impairment testing is based on the period
during which the Company expects to generate
cash flows 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 different
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 defined in
Note 2.8
, the discount
rate reflecting current market assessments of the
time value of money and the risks specific to the
asset, and which was used for the impairment test,
is estimated at 13.38% (was 11.85% in 2023).
The main input that lead to a discount rate of
13.38% are:
\u2022
a risk free rate of 2.97% corresponding to the 10-
year OLO rate as of December 31, 2024 (2.58% last
year)
\u2022
a beta factor of 0.99 (0.96 last year)
\u2022
a market risk rate of 2.28% (2.77% last year);
\u2022
a Company specific risk premium of 8.15% (6.6%
last year)
\u2022
a cost of debt before tax of 6% (no change
compared to 2023)
We
tested
the
sensitivity
analysis
of
the
impairment tests by increasing the discount
rate by 4%, leading the discount rate to 17.38%.
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 financial liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00153": { "value": "\n \n
(in \u20ac thousand)
Development
costs
Assets
Purchase
License
fees
Prepayments
Total
Year
ended
December
31,
2024
Opening carrying amount
2,060
642
1,126
-
3,828
Additions
229
23
252
R&D Tax Credit
(15)
(1)
(16)
Amortization expense
(194)
(32)
(226)
Closing carrying amount
2,080
610
1,148
-
3,838
At
December
31,
2024
Cost
2,854
4,247
1,171
8,272
Accumulated amortization and
(774)
(3,637)
(23)
-
(4,434)
impairment
Carrying amount
2,080
610
1,148
-
3,838
\n \n
(in \u20ac thousand)
Development
Costs
Assets
Purchase
License
fees
Prepayments
Total
Year
ended
December
31,
2023
Opening carrying amount
1,678
685
1,125
119
3,607
Additions
325
325
R&D Tax Credit
(11)
(11)
Amortization expense
119
(119)
-
Impairment losses
(50)
(43)
(93)
Closing carrying amount
2,061
642
1,125
-
3,828
At
December
31,
2023
Cost
2,640
4,247
1,148
8,036
Accumulated amortization and
(580)
(3,605)
(23)
-
(4,208)
impairment
Carrying amount
2,060
642
1,126
-
3,828
\n \n
(in \u20ac thousand)
Land
and
buildings
Vehicles
and
equipment
Total
Year
ended
December
31,
2024
Opening carrying amount
1,486
238
1,724
Additions
89
141
230
Depreciation expense
(192)
(109)
(302)
Closing carrying amount
1,382
270
1,652
At
December
31,
2024
Cost
1,736
536
2,514
Accumulated depreciation and impairment
(353)
(266)
(862)
Carrying amount
1,382
270
1,652
Year
ended
December
31,
2023
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
Cost
1,647
395
2,284
Accumulated depreciation and impairment
(161)
(157)
(560)
Carrying amount
1,486
238
1,724
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00154": { "value": "8
. Right-of-use assets
\n \n
(in \u20ac thousand)
Land
and
buildings
Vehicles
and
equipment
Total
Year
ended
December
31,
2024
Opening carrying amount
1,486
238
1,724
Additions
89
141
230
Depreciation expense
(192)
(109)
(302)
Closing carrying amount
1,382
270
1,652
At
December
31,
2024
Cost
1,736
536
2,514
Accumulated depreciation and impairment
(353)
(266)
(862)
Carrying amount
1,382
270
1,652
Year
ended
December
31,
2023
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
Cost
1,647
395
2,284
Accumulated depreciation and impairment
(161)
(157)
(560)
Carrying amount
1,486
238
1,724
The depreciation expenses are all presented as
\u201cGeneral and administrative expenses\u201d.
The Group rents its headquarter building and leases
all company cars. In 2023 the Group started with a
new lease contract for the labs. These 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 flexibility 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 amounts recognized in profit or loss can be
summarized as follows:
\n \n
(in \u20ac thousand)
2024
2023
Depreciation expense of right-of-use
(302)
(194)
assets
Interest expense on lease liabilities
(70)
(52)
Total amount recognized in profit or
loss
(372)
(246)
of which as:
General
and
administrative
expenses
(302)
(194)
(note 19)
Financial expenses (note 22)
(70)
(52)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "8
. Right-of-use assets
\n \n
(in \u20ac thousand)
Land
and
buildings
Vehicles
and
equipment
Total
Year
ended
December
31,
2024
Opening carrying amount
1,486
238
1,724
Additions
89
141
230
Depreciation expense
(192)
(109)
(302)
Closing carrying amount
1,382
270
1,652
At
December
31,
2024
Cost
1,736
536
2,514
Accumulated depreciation and impairment
(353)
(266)
(862)
Carrying amount
1,382
270
1,652
Year
ended
December
31,
2023
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
Cost
1,647
395
2,284
Accumulated depreciation and impairment
(161)
(157)
(560)
Carrying amount
1,486
238
1,724
The depreciation expenses are all presented as
\u201cGeneral and administrative expenses\u201d.
The Group rents its headquarter building and leases
all company cars. In 2023 the Group started with a
new lease contract for the labs. These 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 flexibility 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 amounts recognized in profit or loss can be
summarized as follows:
\n \n
(in \u20ac thousand)
2024
2023
Depreciation expense of right-of-use
(302)
(194)
assets
Interest expense on lease liabilities
(70)
(52)
Total amount recognized in profit or
loss
(372)
(246)
of which as:
General
and
administrative
expenses
(302)
(194)
(note 19)
Financial expenses (note 22)
(70)
(52)
15.1
BORROWINGS
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Lease liabilities
1,717
1,751
Borrowing lab equipment
99
-
Total
borrowings
1,816
1,751
of which as:
Non-current borrowings
1,489
1,510
Current
borrowings
326
241
For more details on the leases, we refer to
note 8
on \u201cRight-of-use assets\u201d.
The increase in lease liabilities, largely offset by
reimbursements, is due to
new cars for a value of
\u20ac141 thousand and the index effect of \u20ac89 thousand
on the leasing of the building and lab offices.
Borrowing of lab equipment represents the financing
arrangements (duration of 36 months starting in
February 2024 for an amount of \u20ac139 thousand with
an annual interest rate of 6.05%) contracted in 2024
with a financial partner for equipment acquired for
the lab.
The sale and lease back agreement, for an amount of
\u20ac139
thousand,
is
considered
a
financing
arrangement. To determine how to account for a
sale-and-lease back transaction, the Group first
considered whether the initial transfer of the
underlying asset from the Group to the buyer-lessor
was a sale. IFRS 15 was applied to determine whether
a sale had taken place. Based upon the facts and
circumstances, i.e. the lessor did not obtain control
over the asset, there was no sale in accordance with
IFRS 15. As a result, the Group continued to recognize
the underlying asset and recognized a financial
liability under IFRS 9 for the amount received from the
buyer-lessor. The financial liability is presented in the
line borrowings (
note 15.1
) and is measured at
amortized cost.
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
3.16%. The Group is not subject to financial
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "9
. Equity accounted investees
FHP
On 5 February 2021, the Group entered into a
partnership with FHP, located in Belgium, a spin-off
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 FHP were limited to the
available cash in the company hence no fair value
adjustment has been identified and as a result a
goodwill of 4,3 million was included in the carrying
amount, justified by the potential of the product
candidate. Hyloris committed to an investment of
\u20ac4,270 thousand, of which \u20ac1,270 thousand was
paid at acquisition date. The unpaid balance of
\u20ac3,000 thousand is recognized against a current
financial liability for \u20ac3,000 thousand (see
note
15.2
).
Hyloris owns 20% of FHP (later payments done
under the current contract) will not result in a higher
percentage of ownership) and is eligible, based on
contractual variables driven by the profitability of
the company, to receive up to a maximum of 45%
and a minimum of 17.3% of the net profits
generated by FHP. As long as there is no
commercialization of the product candidate, 20%
presents the Group\u2019s economic interest in FHP\u2019s net
assets. Hence the future economic interest of
Hyloris in FHP will be changed and will be driven by
the profitability of the company.
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Opening carrying value
3,801
3948
Impairment on financial assets
(972)
-
Loss of the period
(81)
(147)
Carrying amount at
December 31
2,748
3,801
The following tables summarize the financial
information of FHP as included in its own financial
statements, adjusted for fair value and differences
in accounting policies, if needed.
\n \n
(in \u20ac thousand)
December
December
31, 2024
31, 2024
Fixed Assets
-
-
Currents Assets
388
834
Amounts receivable within one
year
14
36
Cash at bank and in hand
374
798
TOTAL ASSETS
388
834
Capital and reserves
351
758
Capital
6,103
6,103
Uncalled capital contribution
-3,000
-3,000
Accumulated profits (losses)
-2,752
-2,345
Provisions and deferred taxes
-
-
Creditors
37
76
Amounts payable within one year
37
76
TOTAL LIABILITIES
388
834
\n \n
December
December
(in \u20ac thousand)
31, 2024
31, 2024
Operating income
Operating charges
-407
-737
Services and other goods
-407
-736
Other operating charges (-)
0
-1
Operating profit (loss)
-407
-737
Profit (Loss) for the period
before taxes (-)
-407
-737
Profit (loss) for the period
available for appropriation
-407
-737
Hyloris % of interest
20
20
Profit (loss) for the period
available for appropriation
-81
-147
(20%)
\n
Reconciliation between (a) the 20% of rights to net
\n
assets applied to FHP\u2019s equity/net assets and (b) the
\n
carrying amount of Hyloris\u2019 interest in FHP:
\n
(a)
20% of 4,200 shares: 840 shares
\n
The capital of FHP amounts to \u20ac6,103 thousand
\n
represented by 4,200 registered shares without
\n
nominal value, of which 2,100 A1 shares, 1,260 A2
\n
shares and 840 B shares (held by Hyloris).
\n
Hyloris acquired 840 B shares. In exchange for the
\n
840 B shares, Hyloris Pharmaceuticals (\u201cHyloris\u201d)
\n
made a contribution in cash of \u20ac4,270 thousand,
\n
which was paid-up immediately for an amount of
\n
\u20ac1,270 thousand. The remaining \u20ac3,000 thousand
\n
will need to be paid when certain milestones are
\n
reached. The first milestone of \u20ac1,500 thousand,
\n
which
is
payable
\u201cupon
completion
of
the
\n
dosefinding study required to initiate a Phase 3
\n
trial\u201d. The second milestone, \u20ac1,500 thousand,
\n
payable \u201cupon the process validation report, six-
\n
month stability data on registration batches and
\n
completion of Phase 3 enrollment\u201d remains not
\n
due.(see
note 4.6
).
\n
(b)
2,748 thousand
\n
Committed investment of Hyloris: \u20ac4,270 thousand
\n
- 20% of Retained earnings of FHP (loss): \u20ac550
\n
thousand
\n
- Impairment of financial asset : \u20ac972 thousand
\n
= Hyloris\u2019 carrying amount in FHP : \u20ac2,748 thousand
\n
All shares are entitled to profit distribution.
\n
However,
the
interest
in
the
profits
is
not
\n
necessarily equal to the ownership interest and may
\n
vary depending on the performance of FHP. Before
\n
a
commercial
launch
no
dividends
will
be
\n
distributed. As of the point in time of a commercial
\n
launch
profits
will
be
distributed
to
the
\n
shareholders
according
to
the
distribution
\n
mechanism
set
forth
in
the
shareholders\u2019
\n
agreement. When FHP is exactly reaching its net
\n
profit target established in the shareholder\u2019s
\n
agreement class B shares will be entitled to 20% and
\n
class A (A1 + A2) shares will be entitled to 80% of the
\n
net profits. If FHP does not reach its net profit target,
\n
a higher interest in these net profits will be allocated
\n
to the Class B shares (preferential class). As such,
\n
the interest of the Class B shares in the net profits
\n
may increase to 45%. On the other hand, if FHP
\n
exceeds its net profit target, Class A shareholders
\n
will be entitled to a higher interest in the net profits
\n
(and Class B shareholders to a lower interest).
\n
Impairment testing
\n
Based on the revised business case (which does not
\n
take
into
account
any
potential
revised
\n
developments strategy) it is very likely that the net
\n
profit
target
set
in
the
Subscription
and
\n
Shareholders\u2019 Agreement will not be achieved,
\n
leading to the conclusion that Hyloris\u2019 current 20%
\n
stake in FHP could increase to 45% of the company\u2019s
\n
value upon sale or alternatively entitle Hyloris to
\n
45% of the annual profits in accordance with the
\n
agreement
mechanism
as
explained
above.
\n
Multiple discussions took place with the FHP BV
\n
shareholders until a clear development pathway
\n
was identified and presented to the Board on March
\n
13, 2025. As a result, the weighing of each NPV could
\n
only be assessed at that time.
The future cash flows of the Miconazole-Domiphen
\n
Bromide asset were re-assessed and led to a result
\n
of \u20ac2,748 thousand for the Value in Use of FHP,
\n
reflecting a reduction of \u20ac1,053 thousand, taken
\n
into account the result of \u20ac81 thousand share of
\n
result of equity-accounted investees and thus
\n
resulting in a \u20ac972 thousand impairment of the
\n
equity-accounted investee. This re-assessment was
\n
done using a discount rate of 13.38%, a forecasting
\n
period of 15 years and risk-weighted cashflows
\n
versus non-weighted cashflows.
\n
The discount rate is based on a risk free rate of
\n
2.97%, a risk premium of more than 10.00% and a
\n
cost of debt after tax of 4.50%. Risk weighted
\n
cashflows
were
used
to
reflect
the
actual
\n
circumstances. The result of \u20ac2,748 thousand is a
\n
weighted average of a risk adjusted valuation (2/3
\n
rd
\n
weight) and a non-adjusted valuation (1/3
\n
rd
\n
weight).
\n
In accordance with IAS 36, the Group considered the
\n
higher of VIU (Value in Use) and FVLCS (Fair Value
\n
Less Cost to Sell).
\n
A sensitivity analysis shows that when the timing of
\n
the underlying expected annual profits differs one
\n
year earlier or later than the calendar used, the
\n
impairment would decrease by \u20ac368 thousand or
\n
increase by \u20ac324 thousand. When the discount rate
\n
increases or decreases by 1%, the impairment
\n
would increase by \u20ac196 thousand or decrease by
\n
\u20ac217 thousand. A change in weight to 50/50 for
\n
calculating
the
average
would
decrease
the
\n
impairment by \u20ac458 thousand. Using a stake of 35%
\n
instead of 45% in the calculation would increase the
\n
impairment by \u20ac610 thousand.
\n
The investment balance of \u20ac3,000 thousand, to be
\n
paid upon achievement of certain milestones was
\n
accounted as a \u201cCurrent Other Financial Liability\u201d at
\n
31
December,
2023.
The
Subscription
and
\n
Shareholders\u2019 Agreement clarifies that any unpaid
\n
balance at the time of the first dividend distribution,
\n
an Exit or Exit Liquidation, shall be paid-up in full
\n
immediately prior to such dividend distribution, Exit
\n
or Exit Liquidation. As such, the \u20ac3,000 thousand
\n
liability stays under \u201cOther Financial Liability at 31
\n
December 2024 and is reported as \u201cCurrent\u201d.
\n
Hyloris and FHP are currently considering a revised
\n
development
plan
with
adjusted
milestone
\n
payments.
\n
Transactions with FHP
\n
In 2024, there are no transactions with FHP. In 2023
\n
Hyloris invoiced FHP for a total amount of \u20ac55
\n
thousand related to PIND/IND services (\u20ac45k) and
\n
CRO selection and qualification services (\u20ac9k).
\n
Vaneltix
\n
On 13 December 2021, the Group entered into a
\n
Collaboration Agreement with Vaneltix Pharma Inc.
\n
for the development and commercialization of
\n
\u201cAlenura\u201d, a first line drug treatment for acute pain
\n
in
interstitial
cystitis/bladder
pain
syndrome
\n
(IC/BPS). Under the terms of the Agreement, the
\n
Group provides staged investments of maximum
\n
$6,700 thousand relating to R&D activities incurred
\n
under the Agreement. An amount of $2,000
\n
thousand was invested in an equity raise through a
\n
Subscription Agreement signed on 17 October 2023
\n
against 4 fully paid and non-assessable shares
\n
(series D preferred stock) at $500 thousand per
\n
share. This capital increase (part of the maximum
\n
investment of $6,700 thousand) was provided to
\n
cover R&D costs and has been recognized in 2023
\n
as R&D expenses.
\n
The Group applies the equity method in the
\n
consolidated financial statements as the Group has
\n
significant influence over Vaneltix (see note 3.2). As
\n
the percentage of ownership is very low (only
\n
0.00053%) the Group does not take its % share in
\n
the loss of Vaneltix in deduction of the equity value.
\n
In addition, the investor\u2019s share of losses of an
\n
equity-accounted investee is recognized only until
\n
the carrying amount of the investor\u2019s equity interest
\n
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) under the terms of the Collaboration
Agreement), the carrying amount would be zero.
In an Addendum signed on 13 January 2025 parties
confirmed that the agreed investment amount of
$6,700 thousand, was allocated across distinct
activity \u201cbuckets\u201d, each having a capped limit. Any
expenditures exceeding those individual caps are
not
covered
by
Hyloris.
Each
quarter,
all
expenditures incurred by Vaneltix, supported by an
invoice or similar proof and approved by Hyloris,
are allocated to the appropriate bucket. Hyloris is
only required to fund expenditures within buckets
that still have available financial reserves. The
Addendum also includes the agreement to offset
the
trade
receivables
outstanding
as
at
31
December 2024 (\u20ac137 thousand) with R&D funding.
Under the Agreement, The Group also granted a 6%
interest bearing loan of $500 thousand. In the
Amendment of 13 January 2025, the loan is
extended till 31 March 2025. If at that point,
principal amount and interest are not paid, Hyloris
may offset the amount against R&D fundings
amounts under the Agreement that become due.
Transactions with Vaneltix
In 2024 no services were provided to Vaneltix. In
2023 services for a total amount of \u20ac145 thousand
were provided under this co-development with
Vaneltix. These services were cross-charged by
Vaneltix
since
these
are
linked
to
the
co-
development agreement 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "10
. Other financial assets
The other financial assets can be detailed as
follows:
\n \n
(in \u20ac thousand)
December
December
31,
2024
31,
2023
Shares Pleco
1,000
1,000
Therapeutics BV
Vaneltix loan
556
499
Other financial
1,556
1,499
assets
of which as:
Non-
current
1,000
1,000
Current
556
499
Shares: Pleco Therapeutics BV
In 2021, the Group entered into a partnership with
Pleco Therapeutics to develop PTX-252, a novel
chelating agent 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 4.1
for the valuation.
The Group is committed to fund up to an additional
\u20ac7,700 thousand; of which \u20ac2,4 million has been
already funded.
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 2024 the Group had a few purchase transactions
with Pleco Therapeutics for product development
related services regarding pre-clinical, clinical and
CMC-related activities for a total amount of \u20ac297
thousand. In 2023, Hyloris had sales related to
strategic advice for an amount of \u20ac500 thousand and
purchases for product development regarding pre-
clinical, clinical and CMC-related activities for a total
amount of \u20ac2.2 million. As of 31 December 2024 the
outstanding commitment is \u20ac5.3 million (\u20ac7.7 million
- \u20ac2.4 million).
As of the reporting date, no impairment loss has
been recognized on the investment in Pleco
Therapeutics. A capital increase was completed by
Pleco in December 2024 as part of a Series B
funding round, based on an unchanged pre-
money valuation of EUR 25 million. This valuation
was confirmed by Pleco\u2019s management and served
as the basis for recent capital contributions.
Pleco
achieved
significant
progress
in
its
preclinical, technical, and regulatory development.
The phase 1a clinical study program is scheduled
to commence in 2025, marking a key milestone in
the project\u2019s advancement. Early results from the
Single Ascending Dose (SAD) portion of the study
are expected approximately three months after
initiation and will provide critical insights into the
therapy\u2019s safety and tolerability.
In parallel, a portion of the targeted Series B
funding has already been secured, with additional
commitments
in
place.
Pleco\u2019s
management
remains confident in its ability to attract a lead
investor as soon as the initial clinical results
become available.
These elements support and justify the conclusion
that no impairment of the investment is required
at this stage.
Vaneltix loan
On 13 December 2021, the Group entered into a
collaboration with Vaneltix Pharma, Inc. (a related
party
of
Hyloris)
for
the
development
and
commercialization of Alenura
TM
as first-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 unaffiliated third
parties for financing 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 a new Amendment dated 13
January 2025, the reimbursement date has been
extended till 31 March 2025. If at that point, the
loan has not repaid, Hyloris may offset the amount
against
R&D
fundings
amounts
under
the
Agreement that become due.
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
28.2
)
upon which $5,313 thousand has
already been provided.
In 2024, Hyloris incurred 789 thousand of R&D
expenses compared to 2,744 thousand in 2023.
Management identified Vaneltix Pharma, Inc as a
related party of Hyloris (see
note 28.2
). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00158": { "value": "11
. Trade receivables and other
receivables
\n \n
(in \u20ac thousand)
December
December
31,
2024
31,
2023
Trade receivables
3,710
2,970
Contract assets
100
-
API loan
99
317
Recoup US litigation costs from API
292
-
R&D Tax Credits
1,774
1,256
Tax Credit - Alenura
TM
581
368
VAT
329
218
Other amounts receivable
23
26
Total
trade
and
other
receivables
6,908
5,156
of which as:
Current
4,858
3,565
Non Current
2,050
1,591
At 53%, the greater part of the carrying amount of
the Group\u2019s trade receivables (gross) is still
denominated in USD; the remaining portion of
outstanding trade receivable being denominated
in EUR. In 2023, it was mainly denominated in USD.
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.
A contract assets of \u20ac100 thousand, relating to a
regulatory
milestone
for
Valacyclovir
Oral
Suspension, has been recognized as the underlying
performance obligation has largely been satisfied.
Other
amounts
receivable
mainly
includes
guarantees.
API loan
A loan to API of $700 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 a discounting rate of 13.38% (11.6% in
2023) resulting in the recognition of a loss of \u20ac241
thousand, excluding FX effect, recognized as
financial expenses in 2024. For comparative
information, the financial expense in 2023 was
\u20ac173 thousand. The decrease of the fair value in
comparison to 2023 is mainly due to revision of
business cases used that now foresee a generation
of excess royalties (used to reimburse the loan) by
2042, instead of 2029, and the increase of the
discount rate.
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. (see note 4.1).
A sensitivity analysis shows that when the year of
reimbursement differs 1 year earlier or later than
the estimated calendar year of reimbursement,
the fair value increases by \u20ac13 thousand or
decreases by \u20ac12 thousand. When the discount
rate increases or decreases by 1%, the fair value of
the loan decreases by \u20ac12 thousand or increases
by \u20ac14 thousand.
Recoup US litigation costs from API.
In the context of its now concluded US arbitration
proceedings against Alta Thera Pharmaceuticals
LLC, Hyloris is contractually entitled to recover
from API 50% of all litigation costs incurred. As of
end 2024, total litigation costs incurred and
supported
by
Hyloris
amounted
to
$4,755
thousand; out of which $2,377 thousand can be
recovered from royalties payable to API.
Same mechanism of excess royalties as for the API
loan (see above) will be used to recover those
expenses and reimbursement will start once the
loan has been repaid. Business cases used foresee
a reimbursement by 2044.
The receivable has been measured at FVTPL using
a discounting rate of 13.38% resulting in the first
time recognition of a receivable of \u20ac292 thousand.
This amount is sensibly lower than the one
previously disclosed in the Subsequent Events
section of our 2024 Half-year Report (\u20ac0.9 million)
as a result of downward revision of underlying
future forecasts and increased discounting rate.
The
reimbursement
of
these
expenses
is
depending
on
the
success
of
the
product
candidates being developed by the Group and not
depending on any action from the counterparty.
(see
note 4.1
). A sensitivity analysis shows that
when the year of reimbursement differs 1 year
earlier or later than the estimated calendar year of
reimbursement, the fair value increases by \u20ac39
thousand or decreases by \u20ac34 thousand. When the
discount rate increases or decreases by 1%, the fair
value of the loan decreases by \u20ac38 thousand or
increases by \u20ac45 thousand.
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 \u20ac499 thousand in Other
Operating Income (see
note 21
) and \u20ac15 thousand
in Intangible assets (see
note 7
). Also, in 2024, the
company corrected the Belgian R&D tax credit
calculation for 2023 by applying the correct
deduction rate of 20.5% instead of the 13.5% rate
that had been incorrectly used, representing an
additional other income of \u20ac225 thousands. Based
on
applicable
tax
regulations,
a
first
cash
reimbursement of \u20ac130 thousand under the
Belgian tax credit regime is expected in 2025 .
Tax Credit - Alenura
TM
A Tax Credit of \u20ac576 thousand was granted from
an American state government for the clinical
development costs of the Alenura
TM
product
candidate which were incurred in 2023. The Tax
Credit is recognized when the approval of the grant
request has been confirmed by the authorities.
As of December 31, 2024, there are no outstanding
requests for Tax Credit related to development
costs of the Alenura
TM
being assessed by the
American state authorities. The amount of \u20ac368
thousand, recognized in 2023, has been paid in full
in November 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00159": { "value": "11
. Trade receivables and other
receivables
\n \n
(in \u20ac thousand)
December
December
31,
2024
31,
2023
Trade receivables
3,710
2,970
Contract assets
100
-
API loan
99
317
Recoup US litigation costs from API
292
-
R&D Tax Credits
1,774
1,256
Tax Credit - Alenura
TM
581
368
VAT
329
218
Other amounts receivable
23
26
Total
trade
and
other
receivables
6,908
5,156
of which as:
Current
4,858
3,565
Non Current
2,050
1,591
At 53%, the greater part of the carrying amount of
the Group\u2019s trade receivables (gross) is still
denominated in USD; the remaining portion of
outstanding trade receivable being denominated
in EUR. In 2023, it was mainly denominated in USD.
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.
A contract assets of \u20ac100 thousand, relating to a
regulatory
milestone
for
Valacyclovir
Oral
Suspension, has been recognized as the underlying
performance obligation has largely been satisfied.
Other
amounts
receivable
mainly
includes
guarantees.
API loan
A loan to API of $700 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 a discounting rate of 13.38% (11.6% in
2023) resulting in the recognition of a loss of \u20ac241
thousand, excluding FX effect, recognized as
financial expenses in 2024. For comparative
information, the financial expense in 2023 was
\u20ac173 thousand. The decrease of the fair value in
comparison to 2023 is mainly due to revision of
business cases used that now foresee a generation
of excess royalties (used to reimburse the loan) by
2042, instead of 2029, and the increase of the
discount rate.
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. (see note 4.1).
A sensitivity analysis shows that when the year of
reimbursement differs 1 year earlier or later than
the estimated calendar year of reimbursement,
the fair value increases by \u20ac13 thousand or
decreases by \u20ac12 thousand. When the discount
rate increases or decreases by 1%, the fair value of
the loan decreases by \u20ac12 thousand or increases
by \u20ac14 thousand.
Recoup US litigation costs from API.
In the context of its now concluded US arbitration
proceedings against Alta Thera Pharmaceuticals
LLC, Hyloris is contractually entitled to recover
from API 50% of all litigation costs incurred. As of
end 2024, total litigation costs incurred and
supported
by
Hyloris
amounted
to
$4,755
thousand; out of which $2,377 thousand can be
recovered from royalties payable to API.
Same mechanism of excess royalties as for the API
loan (see above) will be used to recover those
expenses and reimbursement will start once the
loan has been repaid. Business cases used foresee
a reimbursement by 2044.
The receivable has been measured at FVTPL using
a discounting rate of 13.38% resulting in the first
time recognition of a receivable of \u20ac292 thousand.
This amount is sensibly lower than the one
previously disclosed in the Subsequent Events
section of our 2024 Half-year Report (\u20ac0.9 million)
as a result of downward revision of underlying
future forecasts and increased discounting rate.
The
reimbursement
of
these
expenses
is
depending
on
the
success
of
the
product
candidates being developed by the Group and not
depending on any action from the counterparty.
(see
note 4.1
). A sensitivity analysis shows that
when the year of reimbursement differs 1 year
earlier or later than the estimated calendar year of
reimbursement, the fair value increases by \u20ac39
thousand or decreases by \u20ac34 thousand. When the
discount rate increases or decreases by 1%, the fair
value of the loan decreases by \u20ac38 thousand or
increases by \u20ac45 thousand.
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 \u20ac499 thousand in Other
Operating Income (see
note 21
) and \u20ac15 thousand
in Intangible assets (see
note 7
). Also, in 2024, the
company corrected the Belgian R&D tax credit
calculation for 2023 by applying the correct
deduction rate of 20.5% instead of the 13.5% rate
that had been incorrectly used, representing an
additional other income of \u20ac225 thousands. Based
on
applicable
tax
regulations,
a
first
cash
reimbursement of \u20ac130 thousand under the
Belgian tax credit regime is expected in 2025 .
Tax Credit - Alenura
TM
A Tax Credit of \u20ac576 thousand was granted from
an American state government for the clinical
development costs of the Alenura
TM
product
candidate which were incurred in 2023. The Tax
Credit is recognized when the approval of the grant
request has been confirmed by the authorities.
As of December 31, 2024, there are no outstanding
requests for Tax Credit related to development
costs of the Alenura
TM
being assessed by the
American state authorities. The amount of \u20ac368
thousand, recognized in 2023, has been paid in full
in November 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "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 profit and loss when
incurred.
At reporting date, the outstanding prepayments
(\u20ac191
thousand)
have
decreased
by
\u20ac403
thousand compared to December 31
st
2023 (594
thousand). The change in prepayments was mainly
determined by the collaboration with Vaneltix. Under
this collaboration, prepayments became payables,
presented as Trade Payable on the balance sheet, as
incurred R&D costs for this project exceeded the
project funding.
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 Profit
or Loss when they are incurred up until the
moment that the recognition criteria under IAS 38
are met, i.e. upon filing 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00161": { "value": "13
. Cash and cash equivalent
The net cash position as presented in the consolidated statement of cash flows is as follows:
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Cash at bank
23,594
20,196
Short-term deposit
-
10,210
Total
cash
23,594
30,406
and cash
equivalents
There are no outstanding short-term deposit as of year-end 2024 as the latest one(s) had maturity date(s) in
late December, 2024.
The term of the only deposit at year-end 2023 was from January 3, 2023 to January 3, 2024. It was classified
as cash equivalent as the nominal value of \u20ac10 million could be withdrawn considering a notice period of 32
days. A penalty was due if the amounts were withdrawn during the entire term. The penalty due depended
on when the deposit was withdrawn, during the initial 180 days the penalty would have amounted to 50% of
the already earned interest and after the initial 180 days the penalty would have amounted to 25% of the
already earned interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00162": { "value": "14
. Equity
14.1
OVERVIEW
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Share capital
140
140
Share premium
121,513
121,513
Retained earnings
(86,470)
(80,761)
Other reserves
(3,070)
(1,823)
Total Equity attributable to
owners of the parent
32,143
39,069
14.2
CAPITAL MANAGEMENT
The Group manages its capital with the objective
of maintaining a solid equity position to support
the long-term development of the business and
reinforce the confidence of current and potential
investors and partners.
This approach aims to ensure that the Group can
continue as a going concern while preserving
strategic flexibility to finance its research and
development
pipeline
and
future
growth
opportunities. Also refer to
note 3.1
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 financing
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.
14.3
SHARE CAPITAL AND
SHARE PREMIUM
Share Capital
As per December 31, 2023 and December 31,
2024, 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.
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).
As
per
December
31,
2024,
the
remaining
authorized
capital
amounted
to
\u20ac140,001.87
(compared to \u20ac110,920.13 as per December 31,
2023).
The following capital transactions have taken place since January 1, 2017:
\n \n
Increase of share
Number
Issue price / share
Number
Date
Transaction
capital (incl. share
of
(rounded, incl.
of
shares after
premium) (\u20ac)
securitie
share
premium)
(\u20ac)
the
transaction
s
issues
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
-
17,801,768
to 4)
30
June
2020
IPO on Euronext
61,821,500
5,750,000
10.75
23,551,768
shares
30
June
2020
Conversion
of
convertible
15,358,025
2,040,864
10.75
25,592,632
bonds
shares
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
2,832,000
1,200,000
2.36
28,000,374
exercised
shares
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, 2023 and December 31, 2024, the share premium of the Group amounts to \u20ac121,513
thousand.
Other reserves
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Share based payment
944
2,161
Cost of Capital
(4,460)
(4,460)
Other
476
476
Total Other reserves
(3,040)
(1,824)
The movement of the other reserves over the period can be explained by the decrease of \u20ac1,217 thousand
resulting from the share based payment expenses associated with the ESOP warrants (see
note 26
).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00163": { "value": "14.2
CAPITAL MANAGEMENT
The Group manages its capital with the objective
of maintaining a solid equity position to support
the long-term development of the business and
reinforce the confidence of current and potential
investors and partners.
This approach aims to ensure that the Group can
continue as a going concern while preserving
strategic flexibility to finance its research and
development
pipeline
and
future
growth
opportunities. Also refer to
note 3.1
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 financing
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "Share Capital
As per December 31, 2023 and December 31,
2024, 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.
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).
As
per
December
31,
2024,
the
remaining
authorized
capital
amounted
to
\u20ac140,001.87
(compared to \u20ac110,920.13 as per December 31,
2023).
The following capital transactions have taken place since January 1, 2017:
\n \n
Increase of share
Number
Issue price / share
Number
Date
Transaction
capital (incl. share
of
(rounded, incl.
of
shares after
premium) (\u20ac)
securitie
share
premium)
(\u20ac)
the
transaction
s
issues
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
-
17,801,768
to 4)
30
June
2020
IPO on Euronext
61,821,500
5,750,000
10.75
23,551,768
shares
30
June
2020
Conversion
of
convertible
15,358,025
2,040,864
10.75
25,592,632
bonds
shares
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
2,832,000
1,200,000
2.36
28,000,374
exercised
shares
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "Other reserves \n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Share based payment
944
2,161
Cost of Capital
(4,460)
(4,460)
Other
476
476
Total Other reserves
(3,040)
(1,824)
The movement of the other reserves over the period can be explained by the decrease of \u20ac1,217 thousand
resulting from the share based payment expenses associated with the ESOP warrants (see
note 26
).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00166": { "value": "15
. BORROWINGS AND OTHER
FINANCIAL LIABILITIES
15.1
BORROWINGS
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Lease liabilities
1,717
1,751
Borrowing lab equipment
99
-
Total
borrowings
1,816
1,751
of which as:
Non-current borrowings
1,489
1,510
Current
borrowings
326
241
For more details on the leases, we refer to
note 8
on \u201cRight-of-use assets\u201d.
The increase in lease liabilities, largely offset by
reimbursements, is due to
new cars for a value of
\u20ac141 thousand and the index effect of \u20ac89 thousand
on the leasing of the building and lab offices.
Borrowing of lab equipment represents the financing
arrangements (duration of 36 months starting in
February 2024 for an amount of \u20ac139 thousand with
an annual interest rate of 6.05%) contracted in 2024
with a financial partner for equipment acquired for
the lab.
The sale and lease back agreement, for an amount of
\u20ac139
thousand,
is
considered
a
financing
arrangement. To determine how to account for a
sale-and-lease back transaction, the Group first
considered whether the initial transfer of the
underlying asset from the Group to the buyer-lessor
was a sale. IFRS 15 was applied to determine whether
a sale had taken place. Based upon the facts and
circumstances, i.e. the lessor did not obtain control
over the asset, there was no sale in accordance with
IFRS 15. As a result, the Group continued to recognize
the underlying asset and recognized a financial
liability under IFRS 9 for the amount received from the
buyer-lessor. The financial liability is presented in the
line borrowings (
note 15.1
) and is measured at
amortized cost.
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
3.16%. The Group is not subject to financial
covenants. The underlying leased assets act as
pledge in the context of the lease liabilities.
15.2
OTHER FINANCIAL
LIABILITIES
The other financial liabilities can be detailed as follows:
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Recoverable cash advance
68
44
Other financial liabilities
3,300
3,500
Other
financial
liabilities
3,368
3,544
of which as:
Non-current other financial
368
344
liabilities
Current other financial
3,000
3,200
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 fixed 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 fix part of the advance has to be
reimbursed and the financial liability
will be
derecognized.
Of the \u20ac169 thousand, 30% is fixed (\u20ac51 thousand)
and is, in accordance with the accounting
policies, considered a financial liability measured at
fair value (with changes in fair value recognised in
profit and loss) and 70% (\u20ac118 thousand) is
variable and accounted for as a government grant
and recognised in profit and loss on a systematic
basis over the period in which the related costs
which the grant is intended to compensate are
recognized as expenses. The variable part of the
refundable advance will be reimbursed via
royalties to be paid as of commercialization. In
2023 the variable part of the refundable advance
has been fully
recognized as Other income since
sufficient related costs
have
been
incurred
during the year. In 2024, Hyloris has incurred
sufficient costs to recognize additional grants but
decided not to proceed with any additional
recognition as the project has now a different
approach than the original development plan.
The indication of the product remains the same
and
this
new
approach
enhances
the
patentability which is an important factor for the
Walloon Region. A recall of the received cash
advance is unlikely. At a minimum, this evolution
might
necessitate
an
amendment
to
the
Convention with the Walloon Region.
Other financial Liabilities
The Group has license agreements with A.forall
Group (formerly Alter Pharma Group), including a
current financial liability of \u20ac200 thousand, which
became payable upon the first commercial launch
of Maxigesic IV in the US in early 2024 and a non-
current financial liability of \u20ac300 thousand, which will
become payable when worldwide annual sales for
Maxigesic IV reach \u20ac50 million. In a separate
agreement, A.forall Group had agreed to carry out
certain R&D activities (related to a specific product)
for Hyloris through a development partner. Hyloris
agreed to prepay and fund these R&D activities.
After reviewing the related costs incurred, Hyloris
sought reimbursement for the excess amount
funded. In August 2024, both parties reached a
final agreement on a repayment of \u20ac0.4 million.
Hyloris and A.forall Group agreed to offset this
amount against the outstanding \u20ac0.2 million
financial liability for the commercial launch of
Maxigesic
IV
(presented
as
Other
non-cash
movements in table in
note 15.3
). A.forall Group
paid the remaining balance to Hyloris in August
2024.
Committed to milestone related investments
(contributions to the equity) in FHP (see
note 9
) the
Group has a current other financial liability of \u20ac3
million.
15.3
LIQUIDITY AND CASH
FLOW RECONCILIATION
The maturity table of the borrowings and the other
financial liabilities is presented in
note 4.6
on the
liquidity risk.
The following tables reconcile the movements of the financial liabilities to the cash flows arising from
financing activities:
\n \n
Non-cash movements
31/12/2024
Accrued
(in \u20ac thousand)
interests
Opening
Change
and
Closing
carrying
Cash
Acqui-
Interest
Modifi-
Re-
in fair
exchange
carrying
amount
flows
sition
expenses
cation
Other
classes
value
differences
amount
Non-current financial liabilities
Lease liabilities
1,509
141
70
89
-374
1,435
Borrowing lab equipment
139
-85
54
Other financial liabilities
343
22
3
368
Current financial liabilities
Lease liabilities
241
-337
374
3
281
Borrowing lab equipment
-47
7
85
45
Other financial liabilities
3,200
-200
3,000
Total liabilities from
financing activities
5,294
-245
141
77
89
-200
0
22
6
5,184
Presented in the statement
of cash flows as follows:
Operating activities \u2013
interests paid
-77
Financing activities -
reimbursement of borrowings
-40
Financing activities -
reimbursement of lease
-267
liabilities
Financing activities \u2013
proceeds from borrowings
139
\n \n
Non-cash movements
31/12/2023
Accrued
(in \u20ac thousand)
interests
Opening
Interest
and
Closing
carrying
Cash
Acqui-
expenses
Modifi-
Re-
exchange
carrying
amount
flows
sition
leases
cation
Other
classes
differences
amount
Non-current financial liabilities
Lease liabilities
747
-
903
-1
-149
9
1,509
Other financial liabilities
300
51
-8
343
Current financial liabilities
Lease liabilities
134
-223
130
52
149
241
Other financial liabilities
3,212
-12
0
0
3,200
Total liabilities from
financing activities
4,394
-184
1,033
52
-1
0
0
1
5,295
Presented in the statement
of cash flows as follows:
Financing activities \u2013
interests paid
-12
Financing activities -
reimbursement of lease
-170
liabilities
Financing activities \u2013
proceeds from borrowings
51
Operating activities \u2013
interest paid
-52
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00167": { "value": "15.2
OTHER FINANCIAL
LIABILITIES
The other financial liabilities can be detailed as follows:
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Recoverable cash advance
68
44
Other financial liabilities
3,300
3,500
Other
financial
liabilities
3,368
3,544
of which as:
Non-current other financial
368
344
liabilities
Current other financial
3,000
3,200
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 fixed 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 fix part of the advance has to be
reimbursed and the financial liability
will be
derecognized.
Of the \u20ac169 thousand, 30% is fixed (\u20ac51 thousand)
and is, in accordance with the accounting
policies, considered a financial liability measured at
fair value (with changes in fair value recognised in
profit and loss) and 70% (\u20ac118 thousand) is
variable and accounted for as a government grant
and recognised in profit and loss on a systematic
basis over the period in which the related costs
which the grant is intended to compensate are
recognized as expenses. The variable part of the
refundable advance will be reimbursed via
royalties to be paid as of commercialization. In
2023 the variable part of the refundable advance
has been fully
recognized as Other income since
sufficient related costs
have
been
incurred
during the year. In 2024, Hyloris has incurred
sufficient costs to recognize additional grants but
decided not to proceed with any additional
recognition as the project has now a different
approach than the original development plan.
The indication of the product remains the same
and
this
new
approach
enhances
the
patentability which is an important factor for the
Walloon Region. A recall of the received cash
advance is unlikely. At a minimum, this evolution
might
necessitate
an
amendment
to
the
Convention with the Walloon Region.
Other financial Liabilities
The Group has license agreements with A.forall
Group (formerly Alter Pharma Group), including a
current financial liability of \u20ac200 thousand, which
became payable upon the first commercial launch
of Maxigesic IV in the US in early 2024 and a non-
current financial liability of \u20ac300 thousand, which will
become payable when worldwide annual sales for
Maxigesic IV reach \u20ac50 million. In a separate
agreement, A.forall Group had agreed to carry out
certain R&D activities (related to a specific product)
for Hyloris through a development partner. Hyloris
agreed to prepay and fund these R&D activities.
After reviewing the related costs incurred, Hyloris
sought reimbursement for the excess amount
funded. In August 2024, both parties reached a
final agreement on a repayment of \u20ac0.4 million.
Hyloris and A.forall Group agreed to offset this
amount against the outstanding \u20ac0.2 million
financial liability for the commercial launch of
Maxigesic
IV
(presented
as
Other
non-cash
movements in table in
note 15.3
). A.forall Group
paid the remaining balance to Hyloris in August
2024.
Committed to milestone related investments
(contributions to the equity) in FHP (see
note 9
) the
Group has a current other financial liability of \u20ac3
million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00168": { "value": "15.3
LIQUIDITY AND CASH
FLOW RECONCILIATION
The maturity table of the borrowings and the other
financial liabilities is presented in
note 4.6
on the
liquidity risk.
The following tables reconcile the movements of the financial liabilities to the cash flows arising from
financing activities:
\n \n
Non-cash movements
31/12/2024
Accrued
(in \u20ac thousand)
interests
Opening
Change
and
Closing
carrying
Cash
Acqui-
Interest
Modifi-
Re-
in fair
exchange
carrying
amount
flows
sition
expenses
cation
Other
classes
value
differences
amount
Non-current financial liabilities
Lease liabilities
1,509
141
70
89
-374
1,435
Borrowing lab equipment
139
-85
54
Other financial liabilities
343
22
3
368
Current financial liabilities
Lease liabilities
241
-337
374
3
281
Borrowing lab equipment
-47
7
85
45
Other financial liabilities
3,200
-200
3,000
Total liabilities from
financing activities
5,294
-245
141
77
89
-200
0
22
6
5,184
Presented in the statement
of cash flows as follows:
Operating activities \u2013
interests paid
-77
Financing activities -
reimbursement of borrowings
-40
Financing activities -
reimbursement of lease
-267
liabilities
Financing activities \u2013
proceeds from borrowings
139
\n \n
Non-cash movements
31/12/2023
Accrued
(in \u20ac thousand)
interests
Opening
Interest
and
Closing
carrying
Cash
Acqui-
expenses
Modifi-
Re-
exchange
carrying
amount
flows
sition
leases
cation
Other
classes
differences
amount
Non-current financial liabilities
Lease liabilities
747
-
903
-1
-149
9
1,509
Other financial liabilities
300
51
-8
343
Current financial liabilities
Lease liabilities
134
-223
130
52
149
241
Other financial liabilities
3,212
-12
0
0
3,200
Total liabilities from
financing activities
4,394
-184
1,033
52
-1
0
0
1
5,295
Presented in the statement
of cash flows as follows:
Financing activities \u2013
interests paid
-12
Financing activities -
reimbursement of lease
-170
liabilities
Financing activities \u2013
proceeds from borrowings
51
Operating activities \u2013
interest paid
-52
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": { "value": "16
. Provisions
On September 2022, an engagement letter was
signed with the law firm for the defense of Hyloris
joint clients against AltaThera Pharmaceuticals.
Discussions
are
ongoing
for
payment
of
discretionary fees to a law firm related to the
AltaThera arbitration. Final terms and conditions
are not yet agreed but a provision is recognized for
\u20ac581 thousand (of which \u20ac173 thousand is non-
current and \u20ac408 thousand is current) because of
existing present obligation at reporting date as a
result of past event based upon facts and
circumstances
available,
with
estimation
uncertainty on the amount and timing.
These
amounts represent a best estimation. These
discretionary fees consist of a fixed part and a
variable part which is partially current and partially
non current. The payment structure for the non
current portion is variable and based on a % share
of the future profits generated by a product
candidate. The % share is currently estimated
between 0.5% and 5%. The number of years that
the payments will occur is depending on the %
share
and
if
Hyloris
will
out-license
the
commercialization or does the commercialization
of the product candidate by itself. The payment
schedule is different between the 2 scenarios
because the estimated sales profits are different. In
the scenario of out-licensing the payments of the
non current part will occur between 2025 and 2035
when 0.5% share is applied. When 5% share is
applied the payment will occur in 2025 till 2027
since the amounts are much higher. In the scenario
of self-commercialization the payments will occur
between 2026 and 2033 if 0.5% share is applied and
between 2026 and 2028 if 5% is applied.
Although
uncertainties
remain
regarding
the
commercialization
timeline
of
the
product
candidate,
the
regulatory
approval
process
(FDA/EMA) and the final percentage to be applied
for future profits, the discretionary fees meet the
criteria of IAS 37 hence a provision must be
recognized:
\u2022
The present obligation is a result of past events
\u2022
The settlement is expected to result in an
outflow of resources (payment)
These uncertainties primarily affect timing and
amount of payment, rather than the existence of an
obligation. The expected timing of the payment is
between 2025 and 2035 if the commercialization of
the product candidate is out-licensed and between
2026 and 2033 if the commercialization is done by
Hyloris.
Valuation approach
The current portion of the provision is a fixed
amount and will be paid in the short term.
The non-current portion for the discretionary fee is
related to the variable part and the fair value is
determined by applying a discounted cash flow
approach with a discount rate of 13.38% and using
the business case of a product candidate which is
not yet commercialized.
This discretionary fee will be part the US litigation
costs to be recovered from API (see note 11). The
fair value of the receivable recognized as other
receivable for the discretionary fee amounts to
\u20ac196
thousand.
Sensitivity analysis
A sensitivity analysis shows that when the discount
rate increases or decreases by 1%, the non current
part of the provision would decrease by \u20ac5 thousand
or increase by \u20ac6 thousand. There is no material
impact on the current part of the provision. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": { "value": "17
. Trade and other liabilities
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Trade payables
3,166
3,195
Employee benefit liabilities
262
116
Deferred income
-
7
Trade
and
other
liabilities
3,428
3,318
- Current
The trade payables relate mainly to the R&D
activities, payables for lawyers for the litigation case
(
note 27
) and remuneration of different 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": { "value": "18
. Deferred taxes
Deferred tax assets are recognized only if
management
assesses that these tax assets can be
offset
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
identified and significant profits 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 profit in the
futur
e against which the tax losses or tax credits
can be utilized, no deferred tax asset has been
recognized as of 31 December 2024.
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
profit will be available, against
which the unused
tax losses, unused tax credits and
deductible
temporary differences can be utilised.
Deferred tax assets and liabilities are offset
when there is a legally enforceable right to
offset and when the deferred taxes relate to
the same fiscal authority. The deferred tax
assets and liabilities are attributable to the
following items:
\n \n
December 31, 2024
December 31, 2023
in \u20ac thousand
Deferred tax
Deferred tax
Deferred tax
Deferred tax
asset
liability
asset
liability
Intangible assets
67
67
17
17
RoU Assets
413
431
Financial liabilities
413
431
Total deferred tax assets & liabilities
480
480
448
448
Offsetting
-480
-480
-448
-448
Total deferred tax assets & liabilities
0
0
0
0
Deferred tax assets have not been recognized in respect of the following items, because it is not probable
that future taxable profits are available against which the Group can use the benefits of therefrom:
\n \n
In \u20ac thousand
2024
2023
Deductible temporary differences
15,074
16,673
Deductible temporary differences
related to investment in associates
550
469
Tax losses
56,097
53,155
Total
71,721
70,297
The deductible temporary differences disclosed above would reverse over a period ranging between 5 to 10
years. The tax losses carried forward, however, are available indefinitely. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "19
. Revenue
The revenue can be detailed as follows:
\n \n
(in \u20ac thousand)
2024
2023
Royalties
4,901
1,929
Out-license agreements
247
104
Milestones
3,310
54
Total revenues
8,458
2,087
Currently, more than half of the revenue of the Group consists of sales-based royalties. The increasing sales-
based royalties is income from the Group\u2019s launched products, Sotalol IV, Maxigesic IV and Podofilox gel,
launched in December 2023, which had the biggest impact. Revenue from sales-based royalties is recognized
when the subsequent sale occurs
A USD 2.1 million milestone related to the commercial launch of Maxigesic IV in the U.S. as well as, amongst
others, upfront and regulatory milestones payments related to the licensing and supply agreement on
Valacyclovir Oral Suspension, signed with Rosemont Pharmaceuticals in December 2024, contributed to the
strong growth of milestones revenue. Revenue from milestones is recognized when the performance obligation
has been met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "20
. Expenses by nature
Expenses by nature represent an alternative presentation for amounts included in the consolidated statement
of comprehensive income. They are classified 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
2024
2023
Out-sourced R&D
(6,186)
(11,070)
Employee benefit expenses (Note 21)
(4,110)
(3,761)
Management consultancy fees
(1,092)
(1,137)
Board related expenses
(171)
(176)
Share based payments
584
(539)
Legal & paralegal fees
(2,561)
(2,205)
Audit and related consultancy fees
(853)
(125)
Hiring fees
(64)
(27)
Office equipment, rent and utilities
(433)
(290)
Travel expenses
(300)
(304)
Other expenses
(287)
(78)
Amortisation expense of intangible assets (Note 8)
(227)
(93)
Depreciation expense on PPE and Right-of Use
(421)
(255)
Total operating expenses
(16,119)
(20,060)
of which as:
Cost of sales
(227)
(93)
Research and development expenses
(10,265)
(14,421)
General and administrative expenses
(5,627)
(5,546)
1
The loss and the impairment on the investment in FHP are not included in the Operating expenses (\u20ac81 thousand and \u20ac972 thousand)
2
In the financial statements of 2023 Travel expenses were presented under Out-sourced R&D
In accordance with IAS 38, we do not capitalize our research and development expenses until we file 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 decreased by 29%, from \u20ac14,421 thousand in 2023 to \u20ac10,265
thousand in 2024. The decrease was principally driven by the timing and phasing of development projects.
Additionally, a $2 million investment (provided to cover R&D costs) in Vaneltix was booked as R&D expenses in
2023, whereas no additional investment was made in 2024 outside of contractual R&D funding, further
contributing to the overall reduction.
In 2024, the Group capitalized development costs for a total of \u20ac229 thousand (was \u20ac325 thousand in
2023).
(See
note 7
)
Hyloris\u2019 General and administrative expenses remained elevated, totaling \u20ac5,627 thousand in 2024, compared
to \u20ac5,546 thousand in 2023. This was primarily driven by high legal and investigation costs of \u20ac 2,172 thousand,
including AltaThera arbitration costs, provisions for lawyers\u2019 discretionary fees and forensic audit fees. This
amount of \u20ac5,627 thousand includes the reversal of share-based payments costs for 2019, 2020 and 2022
Warrants Plans (-\u20ac584 thousand), which is a non-cash item. Excluding shared based payments adjustments,
General and Administrative expenses would have amounted to \u20ac6,211, compared to \u20ac5,006 thousand in 2023.
With the arbitration now concluded, and all else being equal, General and Administrative expenses are expected
to be lower going forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "20
. Expenses by nature
Expenses by nature represent an alternative presentation for amounts included in the consolidated statement
of comprehensive income. They are classified 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
2024
2023
Out-sourced R&D
(6,186)
(11,070)
Employee benefit expenses (Note 21)
(4,110)
(3,761)
Management consultancy fees
(1,092)
(1,137)
Board related expenses
(171)
(176)
Share based payments
584
(539)
Legal & paralegal fees
(2,561)
(2,205)
Audit and related consultancy fees
(853)
(125)
Hiring fees
(64)
(27)
Office equipment, rent and utilities
(433)
(290)
Travel expenses
(300)
(304)
Other expenses
(287)
(78)
Amortisation expense of intangible assets (Note 8)
(227)
(93)
Depreciation expense on PPE and Right-of Use
(421)
(255)
Total operating expenses
(16,119)
(20,060)
of which as:
Cost of sales
(227)
(93)
Research and development expenses
(10,265)
(14,421)
General and administrative expenses
(5,627)
(5,546)
1
The loss and the impairment on the investment in FHP are not included in the Operating expenses (\u20ac81 thousand and \u20ac972 thousand)
2
In the financial statements of 2023 Travel expenses were presented under Out-sourced R&D
In accordance with IAS 38, we do not capitalize our research and development expenses until we file 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 decreased by 29%, from \u20ac14,421 thousand in 2023 to \u20ac10,265
thousand in 2024. The decrease was principally driven by the timing and phasing of development projects.
Additionally, a $2 million investment (provided to cover R&D costs) in Vaneltix was booked as R&D expenses in
2023, whereas no additional investment was made in 2024 outside of contractual R&D funding, further
contributing to the overall reduction.
In 2024, the Group capitalized development costs for a total of \u20ac229 thousand (was \u20ac325 thousand in
2023).
(See
note 7
)
Hyloris\u2019 General and administrative expenses remained elevated, totaling \u20ac5,627 thousand in 2024, compared
to \u20ac5,546 thousand in 2023. This was primarily driven by high legal and investigation costs of \u20ac 2,172 thousand,
including AltaThera arbitration costs, provisions for lawyers\u2019 discretionary fees and forensic audit fees. This
amount of \u20ac5,627 thousand includes the reversal of share-based payments costs for 2019, 2020 and 2022
Warrants Plans (-\u20ac584 thousand), which is a non-cash item. Excluding shared based payments adjustments,
General and Administrative expenses would have amounted to \u20ac6,211, compared to \u20ac5,006 thousand in 2023.
With the arbitration now concluded, and all else being equal, General and Administrative expenses are expected
to be lower going forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "Expenses by nature represent an alternative presentation for amounts included in the consolidated statement
of comprehensive income. They are classified 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
2024
2023
Out-sourced R&D
(6,186)
(11,070)
Employee benefit expenses (Note 21)
(4,110)
(3,761)
Management consultancy fees
(1,092)
(1,137)
Board related expenses
(171)
(176)
Share based payments
584
(539)
Legal & paralegal fees
(2,561)
(2,205)
Audit and related consultancy fees
(853)
(125)
Hiring fees
(64)
(27)
Office equipment, rent and utilities
(433)
(290)
Travel expenses
(300)
(304)
Other expenses
(287)
(78)
Amortisation expense of intangible assets (Note 8)
(227)
(93)
Depreciation expense on PPE and Right-of Use
(421)
(255)
Total operating expenses
(16,119)
(20,060)
of which as:
Cost of sales
(227)
(93)
Research and development expenses
(10,265)
(14,421)
General and administrative expenses
(5,627)
(5,546)
1
The loss and the impairment on the investment in FHP are not included in the Operating expenses (\u20ac81 thousand and \u20ac972 thousand)
2
In the financial statements of 2023 Travel expenses were presented under Out-sourced R&D
In accordance with IAS 38, we do not capitalize our research and development expenses until we file 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 decreased by 29%, from \u20ac14,421 thousand in 2023 to \u20ac10,265
thousand in 2024. The decrease was principally driven by the timing and phasing of development projects.
Additionally, a $2 million investment (provided to cover R&D costs) in Vaneltix was booked as R&D expenses in
2023, whereas no additional investment was made in 2024 outside of contractual R&D funding, further
contributing to the overall reduction.
In 2024, the Group capitalized development costs for a total of \u20ac229 thousand (was \u20ac325 thousand in
2023).
(See
note 7
)
Hyloris\u2019 General and administrative expenses remained elevated, totaling \u20ac5,627 thousand in 2024, compared
to \u20ac5,546 thousand in 2023. This was primarily driven by high legal and investigation costs of \u20ac 2,172 thousand,
including AltaThera arbitration costs, provisions for lawyers\u2019 discretionary fees and forensic audit fees. This
amount of \u20ac5,627 thousand includes the reversal of share-based payments costs for 2019, 2020 and 2022
Warrants Plans (-\u20ac584 thousand), which is a non-cash item. Excluding shared based payments adjustments,
General and Administrative expenses would have amounted to \u20ac6,211, compared to \u20ac5,006 thousand in 2023.
With the arbitration now concluded, and all else being equal, General and Administrative expenses are expected
to be lower going forward. 22
. OTHER OPERATING INCOME
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Services rendered related
to co-developments
63
501
R&D tax credit
499
434
Government grants
576
578
Grants income related to exemption
on withholding taxes
164
159
Recoup US litigation costs
292
-
Other income
(10)
455
Other
operating
income
1,584
2,127
The decrease compared to last year is mainly
related to:
1) services rendered which 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
advice and services are related to:
Business Development: advice on strategic
\u2022
partnerships,
that
could
secure
additional
funding or distributor that could and expand the
market reach.
Market Entry Strategies: assistance in developing
\u2022
effective plans to introduce the therapy to the
market and gain traction among healthcare
providers and patients.
Operational Efficiency: guidance on optimizing
\u2022
their internal processes for maximum efficiency,
ensuring resources are strategically directed
towards achieving their goals.
Investor Relations: assistance on effectively
\u2022
communicating with potential investors and
secure future funding rounds.
Risk mitigation
\u2022
2) a settlement agreement in 2023 with a partner of
\u20ac394
thousand
resulting
from
a
long-lasting
discussion on disputed costs incurred in the past
that was presented as Other income.
Furthermore the Other Operating Income consists
of:
the R
&D tax credit for a total of \u20ac515
\u2022
thousand,
of
which
\u20ac499
thousand
is
recognised as other operating income, and
\u20ac15 thousand is recognised as a deduction
from the carrying amount of the related
assets, which are recognized in the profit or
loss statement in line with the amortization
or depreciation expense of the related assets
(note 11). In 2023 the Group recognized 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.
a
tax
credit
from
an
American
State
\u2022
government for the clinical development of
TM
the Alenura
product
candidate of \u20ac576
thousand (note 11). In 2023 the tax credit from
an American State government for this product
candidate was \u20ac369 thousand.
\u2022
an exemption of withholding taxes on the
employee\u2019s wages for \u20ac164 thousand. In 2023
the amount was \u20ac159 thousand.
\u2022
the first-time recognition of the fair value (\u20ac292
thousand) of AltaThera litigation costs (classified
as financial assets under IFRS), which are to be
recouped from royalties payable to API once
several cardio assets are commercialized (
note
11
).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "Expenses by nature represent an alternative presentation for amounts included in the consolidated statement
of comprehensive income. They are classified 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
2024
2023
Out-sourced R&D
(6,186)
(11,070)
Employee benefit expenses (Note 21)
(4,110)
(3,761)
Management consultancy fees
(1,092)
(1,137)
Board related expenses
(171)
(176)
Share based payments
584
(539)
Legal & paralegal fees
(2,561)
(2,205)
Audit and related consultancy fees
(853)
(125)
Hiring fees
(64)
(27)
Office equipment, rent and utilities
(433)
(290)
Travel expenses
(300)
(304)
Other expenses
(287)
(78)
Amortisation expense of intangible assets (Note 8)
(227)
(93)
Depreciation expense on PPE and Right-of Use
(421)
(255)
Total operating expenses
(16,119)
(20,060)
of which as:
Cost of sales
(227)
(93)
Research and development expenses
(10,265)
(14,421)
General and administrative expenses
(5,627)
(5,546)
1
The loss and the impairment on the investment in FHP are not included in the Operating expenses (\u20ac81 thousand and \u20ac972 thousand)
2
In the financial statements of 2023 Travel expenses were presented under Out-sourced R&D
In accordance with IAS 38, we do not capitalize our research and development expenses until we file 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 decreased by 29%, from \u20ac14,421 thousand in 2023 to \u20ac10,265
thousand in 2024. The decrease was principally driven by the timing and phasing of development projects.
Additionally, a $2 million investment (provided to cover R&D costs) in Vaneltix was booked as R&D expenses in
2023, whereas no additional investment was made in 2024 outside of contractual R&D funding, further
contributing to the overall reduction.
In 2024, the Group capitalized development costs for a total of \u20ac229 thousand (was \u20ac325 thousand in
2023).
(See
note 7
)
Hyloris\u2019 General and administrative expenses remained elevated, totaling \u20ac5,627 thousand in 2024, compared
to \u20ac5,546 thousand in 2023. This was primarily driven by high legal and investigation costs of \u20ac 2,172 thousand,
including AltaThera arbitration costs, provisions for lawyers\u2019 discretionary fees and forensic audit fees. This
amount of \u20ac5,627 thousand includes the reversal of share-based payments costs for 2019, 2020 and 2022
Warrants Plans (-\u20ac584 thousand), which is a non-cash item. Excluding shared based payments adjustments,
General and Administrative expenses would have amounted to \u20ac6,211, compared to \u20ac5,006 thousand in 2023.
With the arbitration now concluded, and all else being equal, General and Administrative expenses are expected
to be lower going forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "Expenses by nature represent an alternative presentation for amounts included in the consolidated statement
of comprehensive income. They are classified 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
2024
2023
Out-sourced R&D
(6,186)
(11,070)
Employee benefit expenses (Note 21)
(4,110)
(3,761)
Management consultancy fees
(1,092)
(1,137)
Board related expenses
(171)
(176)
Share based payments
584
(539)
Legal & paralegal fees
(2,561)
(2,205)
Audit and related consultancy fees
(853)
(125)
Hiring fees
(64)
(27)
Office equipment, rent and utilities
(433)
(290)
Travel expenses
(300)
(304)
Other expenses
(287)
(78)
Amortisation expense of intangible assets (Note 8)
(227)
(93)
Depreciation expense on PPE and Right-of Use
(421)
(255)
Total operating expenses
(16,119)
(20,060)
of which as:
Cost of sales
(227)
(93)
Research and development expenses
(10,265)
(14,421)
General and administrative expenses
(5,627)
(5,546)
1
The loss and the impairment on the investment in FHP are not included in the Operating expenses (\u20ac81 thousand and \u20ac972 thousand)
2
In the financial statements of 2023 Travel expenses were presented under Out-sourced R&D
In accordance with IAS 38, we do not capitalize our research and development expenses until we file 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 decreased by 29%, from \u20ac14,421 thousand in 2023 to \u20ac10,265
thousand in 2024. The decrease was principally driven by the timing and phasing of development projects.
Additionally, a $2 million investment (provided to cover R&D costs) in Vaneltix was booked as R&D expenses in
2023, whereas no additional investment was made in 2024 outside of contractual R&D funding, further
contributing to the overall reduction.
In 2024, the Group capitalized development costs for a total of \u20ac229 thousand (was \u20ac325 thousand in
2023).
(See
note 7
)
Hyloris\u2019 General and administrative expenses remained elevated, totaling \u20ac5,627 thousand in 2024, compared
to \u20ac5,546 thousand in 2023. This was primarily driven by high legal and investigation costs of \u20ac 2,172 thousand,
including AltaThera arbitration costs, provisions for lawyers\u2019 discretionary fees and forensic audit fees. This
amount of \u20ac5,627 thousand includes the reversal of share-based payments costs for 2019, 2020 and 2022
Warrants Plans (-\u20ac584 thousand), which is a non-cash item. Excluding shared based payments adjustments,
General and Administrative expenses would have amounted to \u20ac6,211, compared to \u20ac5,006 thousand in 2023.
With the arbitration now concluded, and all else being equal, General and Administrative expenses are expected
to be lower going forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "Expenses by nature represent an alternative presentation for amounts included in the consolidated statement
of comprehensive income. They are classified 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
2024
2023
Out-sourced R&D
(6,186)
(11,070)
Employee benefit expenses (Note 21)
(4,110)
(3,761)
Management consultancy fees
(1,092)
(1,137)
Board related expenses
(171)
(176)
Share based payments
584
(539)
Legal & paralegal fees
(2,561)
(2,205)
Audit and related consultancy fees
(853)
(125)
Hiring fees
(64)
(27)
Office equipment, rent and utilities
(433)
(290)
Travel expenses
(300)
(304)
Other expenses
(287)
(78)
Amortisation expense of intangible assets (Note 8)
(227)
(93)
Depreciation expense on PPE and Right-of Use
(421)
(255)
Total operating expenses
(16,119)
(20,060)
of which as:
Cost of sales
(227)
(93)
Research and development expenses
(10,265)
(14,421)
General and administrative expenses
(5,627)
(5,546)
1
The loss and the impairment on the investment in FHP are not included in the Operating expenses (\u20ac81 thousand and \u20ac972 thousand)
2
In the financial statements of 2023 Travel expenses were presented under Out-sourced R&D
In accordance with IAS 38, we do not capitalize our research and development expenses until we file 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 decreased by 29%, from \u20ac14,421 thousand in 2023 to \u20ac10,265
thousand in 2024. The decrease was principally driven by the timing and phasing of development projects.
Additionally, a $2 million investment (provided to cover R&D costs) in Vaneltix was booked as R&D expenses in
2023, whereas no additional investment was made in 2024 outside of contractual R&D funding, further
contributing to the overall reduction.
In 2024, the Group capitalized development costs for a total of \u20ac229 thousand (was \u20ac325 thousand in
2023).
(See
note 7
)
Hyloris\u2019 General and administrative expenses remained elevated, totaling \u20ac5,627 thousand in 2024, compared
to \u20ac5,546 thousand in 2023. This was primarily driven by high legal and investigation costs of \u20ac 2,172 thousand,
including AltaThera arbitration costs, provisions for lawyers\u2019 discretionary fees and forensic audit fees. This
amount of \u20ac5,627 thousand includes the reversal of share-based payments costs for 2019, 2020 and 2022
Warrants Plans (-\u20ac584 thousand), which is a non-cash item. Excluding shared based payments adjustments,
General and Administrative expenses would have amounted to \u20ac6,211, compared to \u20ac5,006 thousand in 2023.
With the arbitration now concluded, and all else being equal, General and Administrative expenses are expected
to be lower going forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "21
. Employee benefit expenses
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Wages and salaries
(3,588)
(3,277)
Social security costs
(274)
(247)
Defined contribution costs
(35)
(37)
Other employee Benefit
expenses
(213)
(200)
Total employee Benefit
expense
(4,110)
(3,761)
Average number of total employees
in full-time equivalents
40.46
34.70
Long-Term variable remuneration
A long-term variable remuneration will be rolled out starting January 1, 2025. This long-term variable
remuneration scheme will replace the long-term incentive plan that was approved in 2024 but is now
cancelled. (see note 3.3.4 in Corporate Governance)", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "21
. Employee benefit expenses
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Wages and salaries
(3,588)
(3,277)
Social security costs
(274)
(247)
Defined contribution costs
(35)
(37)
Other employee Benefit
expenses
(213)
(200)
Total employee Benefit
expense
(4,110)
(3,761)
Average number of total employees
in full-time equivalents
40.46
34.70
Long-Term variable remuneration
A long-term variable remuneration will be rolled out starting January 1, 2025. This long-term variable
remuneration scheme will replace the long-term incentive plan that was approved in 2024 but is now
cancelled. (see note 3.3.4 in Corporate Governance)", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "22
. OTHER OPERATING INCOME
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Services rendered related
to co-developments
63
501
R&D tax credit
499
434
Government grants
576
578
Grants income related to exemption
on withholding taxes
164
159
Recoup US litigation costs
292
-
Other income
(10)
455
Other
operating
income
1,584
2,127
The decrease compared to last year is mainly
related to:
1) services rendered which 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
advice and services are related to:
Business Development: advice on strategic
\u2022
partnerships,
that
could
secure
additional
funding or distributor that could and expand the
market reach.
Market Entry Strategies: assistance in developing
\u2022
effective plans to introduce the therapy to the
market and gain traction among healthcare
providers and patients.
Operational Efficiency: guidance on optimizing
\u2022
their internal processes for maximum efficiency,
ensuring resources are strategically directed
towards achieving their goals.
Investor Relations: assistance on effectively
\u2022
communicating with potential investors and
secure future funding rounds.
Risk mitigation
\u2022
2) a settlement agreement in 2023 with a partner of
\u20ac394
thousand
resulting
from
a
long-lasting
discussion on disputed costs incurred in the past
that was presented as Other income.
Furthermore the Other Operating Income consists
of:
the R
&D tax credit for a total of \u20ac515
\u2022
thousand,
of
which
\u20ac499
thousand
is
recognised as other operating income, and
\u20ac15 thousand is recognised as a deduction
from the carrying amount of the related
assets, which are recognized in the profit or
loss statement in line with the amortization
or depreciation expense of the related assets
(note 11). In 2023 the Group recognized 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.
a
tax
credit
from
an
American
State
\u2022
government for the clinical development of
TM
the Alenura
product
candidate of \u20ac576
thousand (note 11). In 2023 the tax credit from
an American State government for this product
candidate was \u20ac369 thousand.
\u2022
an exemption of withholding taxes on the
employee\u2019s wages for \u20ac164 thousand. In 2023
the amount was \u20ac159 thousand.
\u2022
the first-time recognition of the fair value (\u20ac292
thousand) of AltaThera litigation costs (classified
as financial assets under IFRS), which are to be
recouped from royalties payable to API once
several cardio assets are commercialized (
note
11
).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "23
. FINANCIAL RESULT
The various items comprising the net finance cost are as follows:
\n \n
(in \u20ac thousand)
2024
2023
Realized gain on FX forward contracts
-
29
Interest income on deposits
901
869
Exchange differences
259
-
Other
6
-
Total financial income
1,166
898
Interest expense on lease liabilities
(70)
(52)
Interest expense on other financial liabilities
(7)
-
Total interest expenses
(77)
(52)
Fair Value of API loan (note 11)
(241)
(173)
Bank fees
(58)
(48)
Exchange differences
-
(12)
Total financial expenses
(378)
(285)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "23
. FINANCIAL RESULT
The various items comprising the net finance cost are as follows:
\n \n
(in \u20ac thousand)
2024
2023
Realized gain on FX forward contracts
-
29
Interest income on deposits
901
869
Exchange differences
259
-
Other
6
-
Total financial income
1,166
898
Interest expense on lease liabilities
(70)
(52)
Interest expense on other financial liabilities
(7)
-
Total interest expenses
(77)
(52)
Fair Value of API loan (note 11)
(241)
(173)
Bank fees
(58)
(48)
Exchange differences
-
(12)
Total financial expenses
(378)
(285)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "23
. FINANCIAL RESULT
The various items comprising the net finance cost are as follows:
\n \n
(in \u20ac thousand)
2024
2023
Realized gain on FX forward contracts
-
29
Interest income on deposits
901
869
Exchange differences
259
-
Other
6
-
Total financial income
1,166
898
Interest expense on lease liabilities
(70)
(52)
Interest expense on other financial liabilities
(7)
-
Total interest expenses
(77)
(52)
Fair Value of API loan (note 11)
(241)
(173)
Bank fees
(58)
(48)
Exchange differences
-
(12)
Total financial expenses
(378)
(285)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "23
. FINANCIAL RESULT
The various items comprising the net finance cost are as follows:
\n \n
(in \u20ac thousand)
2024
2023
Realized gain on FX forward contracts
-
29
Interest income on deposits
901
869
Exchange differences
259
-
Other
6
-
Total financial income
1,166
898
Interest expense on lease liabilities
(70)
(52)
Interest expense on other financial liabilities
(7)
-
Total interest expenses
(77)
(52)
Fair Value of API loan (note 11)
(241)
(173)
Bank fees
(58)
(48)
Exchange differences
-
(12)
Total financial expenses
(378)
(285)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "23
. FINANCIAL RESULT
The various items comprising the net finance cost are as follows:
\n \n
(in \u20ac thousand)
2024
2023
Realized gain on FX forward contracts
-
29
Interest income on deposits
901
869
Exchange differences
259
-
Other
6
-
Total financial income
1,166
898
Interest expense on lease liabilities
(70)
(52)
Interest expense on other financial liabilities
(7)
-
Total interest expenses
(77)
(52)
Fair Value of API loan (note 11)
(241)
(173)
Bank fees
(58)
(48)
Exchange differences
-
(12)
Total financial expenses
(378)
(285)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "23
. FINANCIAL RESULT
The various items comprising the net finance cost are as follows:
\n \n
(in \u20ac thousand)
2024
2023
Realized gain on FX forward contracts
-
29
Interest income on deposits
901
869
Exchange differences
259
-
Other
6
-
Total financial income
1,166
898
Interest expense on lease liabilities
(70)
(52)
Interest expense on other financial liabilities
(7)
-
Total interest expenses
(77)
(52)
Fair Value of API loan (note 11)
(241)
(173)
Bank fees
(58)
(48)
Exchange differences
-
(12)
Total financial expenses
(378)
(285)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "24
. Income tax expense
24.1
AMOUNTS RECOGNIZED TO PROFIT AND LOSS
The income tax (charged)/credited to the income statement during the year is as follows:
\n \n
(in \u20ac thousand)
2024
2023
Tax
(expense)
/
income
-
-
Income
taxes
-
-
24.2
RECONCILIATION OF EFFECTIVE TAX
The income tax expense can be reconciled as follows:
\n \n
(in \u20ac thousand)
2024
2023
Loss before income tax
(6,342)
(15,380)
Income tax expense calculated at
domestic tax rates (25%)
1,585
3,845
Tax
effect
of :
Share of Loss of equity-accounted investees
reported, net of tax
(20)
(37)
Tax incentives (R&D Tax Credit)
125
109
Non-deductible expenses
(413)
-
Effect of unused tax losses not recognized
as deferred tax assets
(1,277)
(3,916)
Total tax Expenses
0
0
24.3
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 difference 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 benefit in kind for the private use of company cars. The refundable amount for 2024 is \u20ac508
thousand and booked on Current tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "24.1
AMOUNTS RECOGNIZED TO PROFIT AND LOSS
The income tax (charged)/credited to the income statement during the year is as follows:
\n \n
(in \u20ac thousand)
2024
2023
Tax
(expense)
/
income
-
-
Income
taxes
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "25
. Earnings per share
Basic earnings per share amounts are calculated by
dividing net profit 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 profit attributable to ordinary equity
holders of the parent (after adjusting for the effects 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 effects of dilution affect the net profit attributable to ordinary equity holders of the Group. The
table below reflects the income and share data used in the basic and diluted earnings per share
computations:
\n \n
Number of shares
December
31,
2024
December
31,
2023
Weighted average number of ordinary
28,000,374
28,000,374
shares outstanding
during the period
Basic earnings per share
(0.23)
(0.55)
Diluted earnings per share
(0.23)
(0.55)
Earnings per share based on the existing number of ordinary shares:
\n \n
(in \u20ac thousand)
December
31,
December
31,
2024
2023
Basic earnings
Profit
(Loss)
from
(6,342)
(15,380)
continuing operations
attributable to owners of the parent
Diluted earnings
Dilution effect of share-based payments
Profit from continuing operations at-
(6,342)
(15,380)
tributable to owners of the parent,
after dilution effect
As the Company is suffering operating losses, the stock options have an anti-dilutive effect. As such,
there is no difference 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "26
. 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 emitted in 2024:
\n \n
Warrants
Warrants
Warrants
Warrants
Warrants
Warrants
outstanding
Warrants
outstanding
Warrants
Warrants
outstanding
Warrants
Warrants
authorised
cancelled
granted
31/12/2019
forfeited
31/12/2020
granted
forfeited
31/12/2021
forfeited
exercised
PLAN 2017
Warrants
1.200.000
1.200.000
1.200.000
1.200.000
1.200.000
-1.200.000
PLAN 2019
Warrants
363.300
-10.300
353.000
353.000
-20.000
333.000
-20.000
313.000
-6.875
PLAN 2020
400.000
-213.500
186.500
186.500
186.500
Warrants
-
69.500
69.500
Warrants
-
55.000
55.000
Warrants
-
60.000
60.000
Warrants
-
2.000
2.000
PLAN 2022
213.500
-71.500
142.000
Warrants
-
-
Warrants
-
-
Warrants
-
-
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
\n \n
Weighted
Warrants
Warrants
Warrants
Average
Fair value at
outstanding
Warrants
Warrants
outstanding
Warrants
Warrants
outstanding
Expiry Date
Exercise Price
grant date
31/12/2022
forfeited
exercised
31/12/2023
forfeited
exercised
31/12/2024
per warrant
(\u20ac)
(\u20ac)
PLAN 2017
Warrants
0
0
0
04-05-22
2,36
1,11
PLAN 2019
Warrants
306.125
306.125
-306.125
0
31-12-24
5,34
2,47
PLAN 2020
186.500
186.500
185.500
11,89
5,40
Warrants
69.500
69.500
69.500
27-11-30
9,88
4,44
Warrants
55.000
55.000
55.000
27-11-30
12,04
5,68
Warrants
60.000
60.000
60.000
27-11-30
13,92
6,20
Warrants
2.000
2.000
-1.000
1.000
27-11-30
16,64
7,39
PLAN 2022
142.000
-7.354
134.646
123.813
14,12
5,36
Warrants
62.000
0
62.000
-10.833
51.167
30-06-29
15,20
6,06
Warrants
55.000
-7.354
47.646
47.646
30-06-29
12,92
4,76
Warrants
25.000
0
25.000
25.000
01-01-30
13,71
4,76
Total
Warrants
634.625
-7.354
0
627.271
-317.958
0
309.313
12,78
-
\n
On 31 December 2019, the Company issued a plan
\n
of 363,300 warrants in the context of an employee
\n
stock ownership plan (ESOP warrants). The 2019
\n
plan is subject to conditions so that it will vest
\n
gradually over the next four years (25% after 1 year,
\n
and 1/48 for every additional month during 3 years).
\n
The Company offered in total 353,000 warrants. For
\n
this plan, the expense in the profit or loss is \u20ac23
\n
thousand in 2023. The plan expired on 31 December
\n
2024 with no exercise of the (vested) ESOP warrants.
\n
As a result, the expired warrants of this plan were
\n
transferred from Other reserves to Retained
\n
earnings for an amount of \u20ac633 thousand. The P&L
\n
impact of the cancellation related to the resignation
\n
of the CLO is -\u20ac124 thousand.
\n
On 27 November 2020, the Company issued a plan
\n
of 400,000 warrants. The 2020 plan is subject to
\n
services conditions so that it will vest gradually
\n
over the next four years (25% after 1 year, and 1/48
\n
for every additional month during 3 years). In the
\n
2020 plan, 191,500 warrants were offered to new
\n
employees of which 186,500 warrants were
\n
accepted. The remaining warrants of the 2020
\n
plan
were cancelled. In 2024
1,000 warrants
\n
additionally have forfeited due to the leave of a
\n
participant. For the 2020 plan, the expense is \u20ac161
\n
thousand in 2023 and -\u20ac282 thousand in 2024.
\n
Reason for this credit amount in 2024 is the
\n
revision of the vesting period. (see explanation
\n
below)
\n
On 22 June 2022, the Group issued a new plan of
\n
213,500 warrants. The 2022 plan is subject to
\n
services conditions so that it will vest gradually
\n
over the next four years (25% after 1 year, and 1/48
\n
for every additional month during 3 years). As of 31
\n
December 2022, 142,000 warrants were accepted
by new employees. In 2023, 7,353 warrants and in
2024, 10,833 warrants additionally have forfeited
due to the leave of a participant hence in total
89,687 warrants have forfeited. For the 2022 plan,
the expense is \u20ac356 thousand in 2023 and -\u20ac178
thousand in 2024. Reason for this credit amount in
2024 is the revision of the vesting period. (see
explanation below).
The ESOP schemes are structured with a vesting
period of 4 years (same for all warrant schemes)
with the specificity that participants lose their
vested warrants in the event of termination at the
initiative of the participant, even during the exercise
period which varies between 1 and 6 years,
depending on the warrant schemes. In light to this
specificity, the length of the vesting period is
variable depending on the estimated actual exercise
date of the warrants by the participants.
Until 31
December 2023, the Board of Directors had no
historical experience regarding the timing by which
the participants would exercise their warrants and
took the assumption that the participant would
exercise their warrant as soon as possible (just after
the end of the vesting period of 4 years) so that the
fair value at grant date was expensed over the 4
years. 2024 was the first year that warrants became
exercisable for one of the warrants schemes.
The Board of Directors noted that none of the
warrants have been exercised by the participants
which triggers a need to revise the assumption
regarding the length of the vesting period as
defined under IFRS2.
As included in the 2024 half year report, Hyloris\u2019 CFO
and CLO have left their roles within the Company:
the CLO resigned and the CFO\u2019s agreement was
terminated. The warrants accepted by the CLO
become null and void as a result of the resignation.
The fair value of the warrants has been determined
based on the Black Scholes model. For the plan
issued in 2019, the expected volatility is based on
the historical share price volatility over the past 5
years of listed peer companies. For the 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.
The warrants of the CFO which are vested, can be
exercised. As a result of this, in accordance with the
stipulations as included in the Plan(s) and IFRS 2
Share-based payments, the previously recognized
expense for the granted warrants was reversed for
an amount of \u20ac124 thousand (credit P&L).
In the 2024 year end report, the estimate of the
length of the expected vesting period has been
revised to the mid-range of the exercise period of
each plan. The cumulative share-based payment
costs with this new assumption (as it had always
been used) is significantly lower than the cumulative
cost recorded under \u2018Other reserves\u2019 so far and the
impact of the revision of the original estimate (\u20ac460
thousand) has been recognized in profit or loss
(deduction of \u2018General and administrative costs\u2019)
such that cumulative expense reflects the revised
estimate, with a corresponding adjustment to
equity-settled share-based payment reserve.
The total P&L impact in 2024 is a deduction in
expenses of \u20ac584 thousand:
Revised vesting period ESOP 2020 plan (including
\u2022
forfeiture effect): \u20ac282 thousand
Revised vesting period ESOP 2022 plan (including
\u2022
forfeiture effect): \u20ac178 thousand
CLO resignation: \u20ac124 thousand
\u2022
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 shares (%)
55%
40%
35%
Expected dividends
yield (%)
0%
0%
0%
Average risk free
interest rate (%)
0.10%
0.00%
2.66%
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "27
. Contingencies
Ongoing
legal
proceedings
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 filed
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 first hearing took place
before the Administrative Tribunal in first instance
in December 2024 and the ruling was confirmed in
early 2025 determining that the tax administration
should resume handling our case. The probability
criteria are still not met to recognize a receivable
given the current status of the procedure.
Concluded legal proceedings
In August 2022, AltaThera filed a lawsuit against
Hyloris and its development partner centered
around alleged misappropriation of trade secrets,
improper inventorship, unjust enrichment, and
breach of the licensing agreement governing the
distribution of Sotalol IV, a cardiovascular drug
licensed to AltaThera by Hyloris. AltaThera made
significant
claims
for
damages
and
rights
specifically relating to Hyloris\u2019 intellectual property.
Hyloris
responded
by
initiating
arbitration
proceedings against AltaThera for breach of the
same licensing agreement, including the failure of
AltaThera to use commercially reasonable efforts
in selling Sotalol IV and sought damages and
termination of the licensing agreement.
The American Arbitration Association denied all
AltaThera claims, except for a limited use of
confidential information, and imposed no financial
liabilities
on
Hyloris.
This
decision
was
an
endorsement of Hyloris\u2019 position and a clear
rejection of the damages claims. In addition,
Hyloris\u2019 ownership of its intellectual property was
confirmed.
The
arbitration
panel
confirmed
termination of the license agreement as requested
by AltaThera, confirming a perpetual survival of the
Sotalol IV license allowing AltaThera to continue
commercialization. Hyloris' claims were denied but
Hyloris will continue to receive sales related
royalties, as defined in the license agreement in
accordance with the royalty structure already
applied. Hyloris is pleased that the damages claims
from
AltaThera
have
been
rejected
by
the
arbitration
panel
and
remains
dedicated
to
safeguarding its intellectual property rights while
ensuring the continued development and growth
of its portfolio and product candidates.
28
. 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 different product candidates (including FDA
approval) or on meeting specified 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, 2024, Hyloris has contractual
commitments and contingent liabilities for a
maximum amount of \u20ac45,902 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, profit
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, 2024 per product candidates if such products are successfully
marketed (in \u20ac thousand):
\n \n
Maximum contractual commitments
Contingent Liabilities
Expected
Product Candidate
timing
In k$
In k\u20ac
Converted in k\u20ac
In k$
In k\u20ac
Converted in k\u20ac
HY-004
225
217
0
2025
125
120
2026
100
96
HY-029
300
300
0
2025
200
200
2026
100
100
Atomoxetine oral
75
71
0
2025
50
48
2026
25
24
Metolazone IV
325
313
1,300
1,251
2025
75
72
2026
100
96
2027
150
144
2028
100
96
2030
200
193
2032
1,000
963
Dofetilide IV
200
193
0
2025
50
48
2026
150
144
HY-073
6,940
6,680
28,000
26,952
2025
6,822
6,567
2026
118
114
2027
1,000
963
2029
2,000
1,925
2030
2,000
1,925
23,000
22,139
HY-074
100
96
2025
25
24
2027
75
72
Alenura (note 29.2)
1.780
1,713
2025
1,780
1,713
\n \n
HY-086 (note 10)
5,313
5,313
2025
4,813
4,813
2026
500
500
HY-088
200
200
2025
200
200
HY-095
2,705
2,603
2025
131
126
2026
1,123
1,081
2027
676
650
2028
625
602
2029
50
48
2030
100
96
TOTAL
12,350
5,813
17,699
29,300
0
28,203
For HY-073 the contingent liability is related to future sales milestones for which only the 3 first years can be estimated
that the sales threshold will be met.
Contingent liabilities attached to profit split and royalties which percentage varies based on achieved profit 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
\u20ac45,902 thousand (maximum commitments). ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "27
. Contingencies
Ongoing
legal
proceedings
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 filed
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 first hearing took place
before the Administrative Tribunal in first instance
in December 2024 and the ruling was confirmed in
early 2025 determining that the tax administration
should resume handling our case. The probability
criteria are still not met to recognize a receivable
given the current status of the procedure.
Concluded legal proceedings
In August 2022, AltaThera filed a lawsuit against
Hyloris and its development partner centered
around alleged misappropriation of trade secrets,
improper inventorship, unjust enrichment, and
breach of the licensing agreement governing the
distribution of Sotalol IV, a cardiovascular drug
licensed to AltaThera by Hyloris. AltaThera made
significant
claims
for
damages
and
rights
specifically relating to Hyloris\u2019 intellectual property.
Hyloris
responded
by
initiating
arbitration
proceedings against AltaThera for breach of the
same licensing agreement, including the failure of
AltaThera to use commercially reasonable efforts
in selling Sotalol IV and sought damages and
termination of the licensing agreement.
The American Arbitration Association denied all
AltaThera claims, except for a limited use of
confidential information, and imposed no financial
liabilities
on
Hyloris.
This
decision
was
an
endorsement of Hyloris\u2019 position and a clear
rejection of the damages claims. In addition,
Hyloris\u2019 ownership of its intellectual property was
confirmed.
The
arbitration
panel
confirmed
termination of the license agreement as requested
by AltaThera, confirming a perpetual survival of the
Sotalol IV license allowing AltaThera to continue
commercialization. Hyloris' claims were denied but
Hyloris will continue to receive sales related
royalties, as defined in the license agreement in
accordance with the royalty structure already
applied. Hyloris is pleased that the damages claims
from
AltaThera
have
been
rejected
by
the
arbitration
panel
and
remains
dedicated
to
safeguarding its intellectual property rights while
ensuring the continued development and growth
of its portfolio and product candidates.
28
. 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 different product candidates (including FDA
approval) or on meeting specified 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, 2024, Hyloris has contractual
commitments and contingent liabilities for a
maximum amount of \u20ac45,902 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, profit
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, 2024 per product candidates if such products are successfully
marketed (in \u20ac thousand):
\n \n
Maximum contractual commitments
Contingent Liabilities
Expected
Product Candidate
timing
In k$
In k\u20ac
Converted in k\u20ac
In k$
In k\u20ac
Converted in k\u20ac
HY-004
225
217
0
2025
125
120
2026
100
96
HY-029
300
300
0
2025
200
200
2026
100
100
Atomoxetine oral
75
71
0
2025
50
48
2026
25
24
Metolazone IV
325
313
1,300
1,251
2025
75
72
2026
100
96
2027
150
144
2028
100
96
2030
200
193
2032
1,000
963
Dofetilide IV
200
193
0
2025
50
48
2026
150
144
HY-073
6,940
6,680
28,000
26,952
2025
6,822
6,567
2026
118
114
2027
1,000
963
2029
2,000
1,925
2030
2,000
1,925
23,000
22,139
HY-074
100
96
2025
25
24
2027
75
72
Alenura (note 29.2)
1.780
1,713
2025
1,780
1,713
\n \n
HY-086 (note 10)
5,313
5,313
2025
4,813
4,813
2026
500
500
HY-088
200
200
2025
200
200
HY-095
2,705
2,603
2025
131
126
2026
1,123
1,081
2027
676
650
2028
625
602
2029
50
48
2030
100
96
TOTAL
12,350
5,813
17,699
29,300
0
28,203
For HY-073 the contingent liability is related to future sales milestones for which only the 3 first years can be estimated
that the sales threshold will be met.
Contingent liabilities attached to profit split and royalties which percentage varies based on achieved profit 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
\u20ac45,902 thousand (maximum commitments). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "28
. 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 different product candidates (including FDA
approval) or on meeting specified 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, 2024, Hyloris has contractual
commitments and contingent liabilities for a
maximum amount of \u20ac45,902 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, profit
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, 2024 per product candidates if such products are successfully
marketed (in \u20ac thousand):
\n \n
Maximum contractual commitments
Contingent Liabilities
Expected
Product Candidate
timing
In k$
In k\u20ac
Converted in k\u20ac
In k$
In k\u20ac
Converted in k\u20ac
HY-004
225
217
0
2025
125
120
2026
100
96
HY-029
300
300
0
2025
200
200
2026
100
100
Atomoxetine oral
75
71
0
2025
50
48
2026
25
24
Metolazone IV
325
313
1,300
1,251
2025
75
72
2026
100
96
2027
150
144
2028
100
96
2030
200
193
2032
1,000
963
Dofetilide IV
200
193
0
2025
50
48
2026
150
144
HY-073
6,940
6,680
28,000
26,952
2025
6,822
6,567
2026
118
114
2027
1,000
963
2029
2,000
1,925
2030
2,000
1,925
23,000
22,139
HY-074
100
96
2025
25
24
2027
75
72
Alenura (note 29.2)
1.780
1,713
2025
1,780
1,713
\n \n
HY-086 (note 10)
5,313
5,313
2025
4,813
4,813
2026
500
500
HY-088
200
200
2025
200
200
HY-095
2,705
2,603
2025
131
126
2026
1,123
1,081
2027
676
650
2028
625
602
2029
50
48
2030
100
96
TOTAL
12,350
5,813
17,699
29,300
0
28,203
For HY-073 the contingent liability is related to future sales milestones for which only the 3 first years can be estimated
that the sales threshold will be met.
Contingent liabilities attached to profit split and royalties which percentage varies based on achieved profit 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
\u20ac45,902 thousand (maximum commitments). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "29
. 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 identified as:
\u2022
FHP, in which the Group has a control of 20% (
note 9
);
\u2022
Vaneltix Inc and its affiliates, in which former non-executive independent member of the Board of directors,
Carolyn Myers her partner, Dr. Dan Vickery is CEO and over which Hyloris has significant influence (see
note9
);
\u2022
The shareholders; Mr. Stijn Van Rompay, and
executive member of the Board of the Company, Co-
\n
CEO and reference shareholder of the Company;
Mr. Thomas Jacobsen, an Executive Member of the
\n
Board of the Company and co-CEO;
\n
\u2022
The Executive Management Team; and
\n
\u2022
The Board of Directors (Non-Executive Directors).
\n
29.1
TRANSACTIONS WITH FHP
\n
The table below provides an overview as per December 31, 2024:
\n\n \n
Transactions for the period
2024
Financial
Profit
\u20ac thousand
position
Loss
Commitments
Equity accounted investees
2,748
Impairment on financial assets
(972)
Other financial liabilities
(note 15.2.)
(3,000)
Total
(252)
(972)
0
\n
The table below provides an overview as per December 31, 2023:
\n\n \n
2023
Transactions for the period
Financial
Profit
Commitments
\u20ac thousand
position
Loss
Equity accounted investees
3,801
Impairment on financial assets
(3,000)
Other financial liabilities
(note 15.2.)
54
Total
801
54
0
\n
29.2
TRANSACTIONS WITH VANELTIX, INC.
\n
In 2021 the Group entered into a strategic collaboration with Vaneltix Pharma Inc. for the development
\n
and commercialization of Alenura
\n
TM
\n
as first-line drug treatment for acute pain in interstitial cystitis
\n
/bladder pain syndrome (IC/BPS). See note 3.2. and note 9
\n
At 31 December 2024, , the costs incurred exceeded the current funding resulting in a trade payable
\n
position of \u20ac421 thousand, presented as \u201cTrade Payable\u201d (current). The R&D expenses incurred during
\n
the past year reached \u20ac789 thousand. Hyloris invested a total amount of \u20ac5,114 thousand since the
\n
signing of the Collaboration Agreement, bringing the remaining commitment to \u20ac1,713 thousand
\n
compared to \u20ac1,810 thousand last year.
\n \n
2024
Transactions for the period
Financial
(in \u20ac thousand)
Position
Profit / Loss
Commitments
Convertible loan
556
Shares (Equity investee)
(see
note 9)
0.0001
Accounts receivable
178
Trade payables
-421
R&D Expenses
(789)
Interest income
28
Commitments and
Contingent Liabilities (see
1,713
note 28
)
Total
313
(761)
1,713
\n\n \n
2023
Transactions for the period
Financial
(in \u20ac thousand)
Position
Profit / Loss
Commitments
Convertible loan
499
Shares (Equity-investee)
(see
note 9
)
0.0001
Accounts receivable
174
Prepayments
155
R&D Expenses
(2,744)
Interest income
47
Commitments and
Contingent Liabilities
1,810
(see
note 28
)
Total
828
(2.697)
1,810
\n
29.3
TRANSACTIONS WITH THE SHAREHOLDERS
\n
In 2024 and 2023 there were no transactions
\n
with the shareholders as defined in this section.
29.5
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
Members of the Executive Management Team
at 31 December 2024 are:
\u2022
SVR Management BV, an entity controlled by Stijn Van Rompay, an executive member of the Board of the
Company, co-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 co-CEO
\u2022
CMM&C BV, an entity controlled by Christophe Mar\u00e9chal, Chief Financial Officer
\u2022
D
r Dietmar Aichhorn, Chief Operating Officer
Finsys Management, represented by Jean-Luc Vandebroek, and Herault BV, represented by Koenraad
Vanderelst are no longer members of the Executive Committee.
The table below presents the compensation of all members of Executive Management Team by type of
compensation
1
.
\n \n
In
\u20ac
thousand)
2024
2023
ST compensation (incl.
management fees)
1,092
1,137
Share-based payments
(238)
64
Total
854
1,201
At reporting date, there were outstanding trade payables related to transactions with the Executive
Management Team:
\n \n
In
\u20ac
thousand)
2024
2023
Management fees
104
143
Total
104
143
1
The remuneration of Herault BV is included till August 2024, Finsys till November 2024
As of December 31, 2024, members of the Executive Management Team owned the following securities of
the Company
2
:
December 31, 2024
Shares
Warrants
Number (#)
Pct
(%)
Number (#)
Pct
(%)
Mr. Van Rompay
7,743,400
27.65
-
0.00
Mr. Jacobsen
3,857,838
13.78
-
0.00
Mr. Mar\u00e9chal
-
-
-
0.00
Mr. Aichorn
32,500
0.12
40,000
12.93
TOTAL
11,633,405
41.55
40,000
12.93
At 31 December 2023, members of the Executive Management Team owned the following securities of the
Company
3
:
December 31, 2023
Shares
Warrants
Number (#)
Pct
(%)
Number (#)
Pct
(%)
Mr. Van Rompay
7,743,400
27.65
68.000
10.84
Mr. Jacobsen
3,857,838
13.78
-
0.00
Mr. Vandebroek
9,000
0.03
40,000
6.38
Mr. Aichorn
32,500
0.12
40,000
6.38
Mr. Vanderelst
17,443
0.06
50,000
7.97
TOTAL
11,659,848
41.55
198,000
31.57
Compared to 31 December 2023, at reporting date there were 28,000,374 shares (unchanged) and 309,313
warrants (627,271 in 2023). During 2024, 306,125 warrants from the 2019 plan expired without any
exercised and 11,833 were forfeited because of participants leaving the Company (1,000 from 2020 plan,
10,833 from the 2022 plan). This makes a total of 317,958 warrants.
2
In the new warrant plan 2025,see note 30, the Management team accepted following number of warrants : Mr. Van
Rompay : 45,000; Mr. Jacobsen : 30,000; Mr. Mar\u00e9chal : 60,000; Mr. Aichorn : 60,000.
3
Mr. Vandebroek kept his warrants, the warrants of Mr. Vanderelst were cancelled.
29.6
TRANSACTIONS WITH THE BOARD OF DIRECTORS (NON-
EXECUTIVE DIRECTORS)
As of December 31, 2024, non-executive members of the Board of Directors are:
\u2022
Stefan Yee, Chairman
\u2022
Leon Van Rompay
\u2022
Marc Foidart
\u2022
Revital Rattenbach
\u2022
Vincent Van Dessel
At September 30, 2024, the mandate of Chris Buyse, Jim Gale and Carolin Myers ended. They were
replaced by Vincent Van Dessel and Revital Rattenbach for a period of 4 years.
At December 31,2023, Stefan Yee held 100,000 warrants of the 2019 plan. As explained in note 29.4, all
of these expired at December 31, 2024, none were exercised
4
.
The table below presents the compensation of all non-executive members of the Board of directors by
type of compensation:
\n \n
2024
2023
(In
\u20ac
thousand)
Board fees
112
110
Share-based payments
(247)
7
Total
(135)
117
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,
2024
2023
Board fees
50
110
Total
50
110
4
In the 2025 warrant plan, Stefan Yee was offered and accepted 60,000 warrants", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "29.5
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
Members of the Executive Management Team
at 31 December 2024 are:
\u2022
SVR Management BV, an entity controlled by Stijn Van Rompay, an executive member of the Board of the
Company, co-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 co-CEO
\u2022
CMM&C BV, an entity controlled by Christophe Mar\u00e9chal, Chief Financial Officer
\u2022
D
r Dietmar Aichhorn, Chief Operating Officer
Finsys Management, represented by Jean-Luc Vandebroek, and Herault BV, represented by Koenraad
Vanderelst are no longer members of the Executive Committee.
The table below presents the compensation of all members of Executive Management Team by type of
compensation
1
.
\n \n
In
\u20ac
thousand)
2024
2023
ST compensation (incl.
management fees)
1,092
1,137
Share-based payments
(238)
64
Total
854
1,201
At reporting date, there were outstanding trade payables related to transactions with the Executive
Management Team:
\n \n
In
\u20ac
thousand)
2024
2023
Management fees
104
143
Total
104
143
1
The remuneration of Herault BV is included till August 2024, Finsys till November 2024
As of December 31, 2024, members of the Executive Management Team owned the following securities of
the Company
2
:
December 31, 2024
Shares
Warrants
Number (#)
Pct
(%)
Number (#)
Pct
(%)
Mr. Van Rompay
7,743,400
27.65
-
0.00
Mr. Jacobsen
3,857,838
13.78
-
0.00
Mr. Mar\u00e9chal
-
-
-
0.00
Mr. Aichorn
32,500
0.12
40,000
12.93
TOTAL
11,633,405
41.55
40,000
12.93
At 31 December 2023, members of the Executive Management Team owned the following securities of the
Company
3
:
December 31, 2023
Shares
Warrants
Number (#)
Pct
(%)
Number (#)
Pct
(%)
Mr. Van Rompay
7,743,400
27.65
68.000
10.84
Mr. Jacobsen
3,857,838
13.78
-
0.00
Mr. Vandebroek
9,000
0.03
40,000
6.38
Mr. Aichorn
32,500
0.12
40,000
6.38
Mr. Vanderelst
17,443
0.06
50,000
7.97
TOTAL
11,659,848
41.55
198,000
31.57
Compared to 31 December 2023, at reporting date there were 28,000,374 shares (unchanged) and 309,313
warrants (627,271 in 2023). During 2024, 306,125 warrants from the 2019 plan expired without any
exercised and 11,833 were forfeited because of participants leaving the Company (1,000 from 2020 plan,
10,833 from the 2022 plan). This makes a total of 317,958 warrants.
2
In the new warrant plan 2025,see note 30, the Management team accepted following number of warrants : Mr. Van
Rompay : 45,000; Mr. Jacobsen : 30,000; Mr. Mar\u00e9chal : 60,000; Mr. Aichorn : 60,000.
3
Mr. Vandebroek kept his warrants, the warrants of Mr. Vanderelst were cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "30
. SUBSEQUENT EVENT (AFTER
THE END OF THE REPORTING
PERIOD)
22.01.2025: New warrant plan
Cancellation of 2020 and 2022 plan
Pursuant to the ESOP Warrants plan 2020:
124,500
subscription
rights
cancelled
and
61,000 remaining subscription rights giving right
to 61,000 ordinary shares. Pursuant to the ESOP
Warrants plan 2022: 99,000 subscription rights
cancelled and 28,813 remaining subscription
rights giving right to 24,813 ordinary shares.
The financial impact in 2025 related to the
partial cancellation of 2020 and 2022 plan is a
transfer from Other Reserves to Retained
Earnings for \u20ac507 thousand.
New warrant plan
Following the expiry of 306,125 warrants under
the ESOP Warrants plan 2019 on December 31,
2024, Hyloris announced that the Board of
Directors approved the issuance of 650,000
warrants on 20 January 2025. These new
warrants, issued under the ESOP Warrant plan
2025
are
intended
for
key
employees,
consultants, members of the management team
and certain directors. These new warrants were
issued on 20 January 2025 concomitantly with
the cancellation of 223,500 existing warrants.
The warrants issued under the ESOP Warrant
plan 2025 have a duration of six years as of the
date of issuance.
The warrants are subject to vesting conditions
over a four-year period. They are generally not
transferable
and,
in
principle,
cannot
be
exercised prior to the fourth anniversary of the
grant date (i.e. 20 January 2029). Each warrant
gives the right to subscribe to one new share of
Hyloris. Should the warrants be exercised,
Hyloris will apply for the listing of the resulting
new shares on Euronext Brussels. The warrants
as such will not be listed on any stock exchange
market.
The
Company
offered
626.500
warrants.
611.500 warrants were accepted of which
195.000 from the Executive Management Team
and 60.000 from the chairman of the Board of
Directors.
Parameters used in
this model:
\n \n
TOTAL
611.500,00
Average Share price (\u20ac)
\u20ac 5
.76
Average Exercise Price (\u20ac)
\u20ac 5
.58
Expected volatility of the shares (%)
65,0%
Expected dividends yield (%)
0,00%
Risk free interest rate (%)
2.76%
Fair Value (\u20ac)
\u20ac 3
.55
This new warrant plan is not considered as a
replacement as:
\u2022
The
old
plans
are
formally
partially
cancelled
\u2022
There
is
no
clear
link
between
the
employees' cancellation of participation in
the old plan and acceptance of the share-
based payment under the new plan, eg.
\n
number of offered warrants is not the same
\n
for some participants
\n
The financial impact in 2025 of the cancellation
\n
is \u20ac506thousand in Other Reserves and the
\n
Profit or Loss. The financial impact in 2025 of the
\n
new warrant plan is \u20ac802 thousand.
\n
03.02.2025: Hyloris Announces Partnership
\n
with Colonis Pharma for XTRAZA in the UK
\n
An exclusive licence and distribution agreement
\n
has been signed with Colonis Pharma Limited
\n
(\u201cColonis\u201d) for XTRAZA.
\n
XTRAZA
\n
TM
\n
is a proprietary oral rinse designed to
\n
deliver
tranexamic
acid
(an
antifibrinolytic
\n
agent) to patients on anticoagulant therapies
\n
(blood thinners) undergoing dental procedures
\n
with bleeding risks, such as tooth extractions.
\n
Tranexamic acid has a long history of use in
\n
other dosage forms to reduce or prevent
\n
postoperative bleeding. XTRAZA represents a
\n
novel application in a localised format for
\n
optimal coagulation during or after dental
\n
interventions.
\n
Under the terms of the agreement Hyloris will
\n
receive milestone payments, primarily tied to
\n
regulatory achievements, and will exclusively
\n
supply XTRAZA in the UK to Colonis.
\n
Financial impact: under the terms of the
\n
agreement, Hyloris is entitled to receive a total
\n
of four milestone payments: at signature, upon
\n
regulatory events, and in connection with
\n
commercial launch events.
\n
13.02.2025: Hyloris Broadens Pipeline with
\n
Ready-To-Use Pantoprazole IV
\n
Hyloris has entered into an exclusive licensing
\n
agreement
to
develop
a
ready-to-use
\n
formulation for intravenous (IV) administration
\n
of pantoprazole, a molecule used to treat gastric
\n
acid-related conditions.
The new ready-to-use
\n
pantoprazole
formulation
represents
a
\n
substantial
advancement
over the existing
\n
lyophilized
(freeze-dried)
version,
which
\n
requires reconstitution prior to administration.
\n
Reconstitution is a more complex and resource-
\n
intensive
process
that
adds
unnecessary
\n
preparation
time,
effort,
and
cost
for
\n
administration. In contrast, the ready-to use
\n
formulation
eliminates
the
need
for
\n
reconstitution,
offering
an
immediate
and
\n
efficient solution for healthcare professionals.
\n
Financial impact: under the terms of the
\n
agreement,
Hyloris
shall
pay
development
\n
milestones and a portion of any licensing fees
\n
received from commercial partners.
\n
25.02.2025: Hyloris Broadens Pipeline with
\n
RedHill\u2019s Ondansetron Extended-Release
\n
Hyloris has entered into an exclusive licensing,
\n
development and commercialization agreement
\n
with RedHill Biopharma (Nasdaq: RDHL) for a
\n
once-daily,
proprietary,
bimodal
extended-
\n
release oral tablet formulation of ondansetron1.
\n
The agreement grants Hyloris exclusive global
\n
rights outside of North America. This extended-
\n
release formulation of the 5-HT3 antagonist
\n
ondansetron is designed to provide prolonged
\n
relief from nausea and vomiting associated with
\n
chemotherapy, radiotherapy (also known as
\n
CINV/RINV), and post-operative recovery. It aims
\n
to enhance patient convenience and facilitate
\n
better
management
of
symptoms
during
\n
intensive treatments. The global CINV/RINV 5-
\n
HT3 antagonist market was estimated at USD 1.5
\n
billion in 2024 and is growing at a compounded
\n
annual growth rate (CAGR) of approximately
\n
5.3%.
\n
Hyloris
will
be
responsible
for
further
\n
development and regulatory activities in its
territories while leveraging RedHill\u2019s clinical data
from its U.S. development program.
Financial impact: under the terms of the
agreement, Hyloris shall pay RedHill a fixed
license fee upon achievement of milestones and
a royalty of Hyloris\u2019 share of any downpayments.
31.03.2025: Hyloris Announces a New Product
Candidate Targeting Iron Deficiency
Hyloris has entered into a late-stage research
and development program in collaboration with
AFT Pharmaceuticals (AFT) to introduce an
innovative injectable iron deficiency therapy
(HY-094) to the global market. As part of this
program, Hyloris and AFT have secured an
exclusive global IP license covering human use.
Iron deficiency remains a common condition
that affects 15% of the world population. The
global
intravenous
iron
drug
market
is
forecasted to grow from around USD 3.2 billion
in 2023 to more than USD 7.41 billion by 2033
2
.
Existing
iron
treatments
often
present
significant challenges and frequently require
multiple infusions. The new innovative product
candidate, which has completed Phase 2b trials,
aims to address limitations of current options by
offering a more patient\u2013friendly treatment.
Under the terms of the agreement, Hyloris and
AFT
will
co-develop
the
candidate
for
registration
and
global
commercialization.
Hyloris
will
oversee
product
formulation,
manufacturing,
and
the
commercialization
efforts in Europe. AFT will manage the clinical
trials, execution and the commercialization
outside Europe. Parties are jointly responsible
for commercialization in the United States. A
Phase 3 clinical trial(s) involving approximately
1,000 or more patients will be conducted for
investigation of efficacy and safety.
Development costs, as well as all net margin
from sales and licensing, will be distributed
equally between AFT and Hyloris, after a tiered
profit participation for the licensor.
An estimate of the financial impact for the Group
cannot be made.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "31
. AUDIT FEES
During 2023 and 2024, the statutory auditor provided services for the group Hyloris which fees were as
follows:
\n \n
(In
\u20ac
thousand)
2024
2023
Audit services
104
91
Audit related services - legal
engagements
7
-
Tax services
-
28
Total
111
119
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "Statement of Financial Position \n \n
(In
\u20ac)
2024
2023
ASSETS
FIXED
ASSETS
62,839,120
76,097,212
Intangible
fixed
assets
178,117
121,042
Tangible
fixed
assets
Financial
fixed
assets
62,661,003
75,976,170
Affiliated companies - Participations
61,661,002
73,161,002
Affiliated companies - Receivables
-
1,815,167
Investment
1,000,001
1,000,001
CURRENT
ASSETS
32,824,107
38,607,279
Receivables
over
one
year
664,387
634,434
Trade receivables
-
0
Others amounts receivable
664,387
634,434
Amounts
receivable
within
one
year
9,652,523
7,054,248
Trade receivables
3,595,091
5,695,222
Others amounts receivables
6,057,472
1,359,026
VIII. Cash Investment
0
10,000,000
IX. Cash at bank and in hand
22,390,031
18,817,284
X. Deferred charges and accrued income
117,166
2,101,313
TOTAL
ASSETS
95,663,227
114,704,491
\n \n
(In
\u20ac)
2024
2023
CAPITAL
AND
RESERVES
88,360,668
102,751,874
Capital
140,002
140,002
Share Premium
121,513,447
121,513,447
Reserves
5,000
5,000
Accumulated profits (losses)
(33,297,781)
(18,906,575)
PROVISIONS AND DEFERRED TAXES
385,023
0
CREDITORS
6,917,536
11,952,617
Amounts
payable
after
more
than
one
year
300,000
300,000
Other financial loans
Other debts
300,000
300,000
IX.
Amounts
payable
within
one
year
6,585,530
10,624,769
Current portion of amounts payable after one year
-
-
Other financial loans
-
3,072,421
Suppliers
3,108,840
3,122,209
Taxes, remuneration and social charges
44,917
15,100
Other debts
3,431,773
4,415,039
X. Accrued charges and deferred income
32,006
1,027,848
TOTAL
LIABILITIES
95,663,227
114,704,491
\n
Income
Statement
\n\n \n
(In
\u20ac)
2024
2023
Operating
income
6,219,903
3,639,978
Turnover
5,966,698
1,120,551
Other operating income
253,205
709,473
Non-recurrent income
-
1,809,954
Operating
charges
(10,778,311)
(5,777,848)
Services and other goods
(10,083,206)
(5,409,842)
Other operating charges (-)
(5,956)
(1,859)
Remunerations, social charges and pensions
(189,483)
(346,393)
Depreciations
(114,643)
(19,754)
Provisions for liabilities and charges
(385,023)
-
Non-recurring operating expenses
-
-
Operating
profit
(loss)
(4,558,408)
(2,137,870)
Financial
income
1,831,611
1,159,948
Income from financial fixed assets
-
-
Income from current assets
1,521,112
1,094,291
Other financial income
310,499
65,657
\n \n
Financial
charges
(-)
(11,671,555)
(2,446,796)
Interest on financial debts
(145,699)
(360,181)
Other financial charges
(25,856)
(276,661)
Non-recurring financial charges
(11,500,000)
(1,809,954)
Profit (Loss) for the period before taxes (-)
(14,398,352)
(3,424,718)
Income
taxes
(-)
7,146
22,406
Profit
(loss)
for
the
period
available
for
appropriation
(14,391,206)
(3,402,312)
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:875500LZIWS7QEQE0I73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }