A description of quantitative and qualitative disclosures about market risk is disclosed in Note 27 to our financial statements as of and for the year ended December 31, 2025 appearing elsewhere in this Annual Report on Form 20-F. The principal financial instruments we hold are cash and cash equivalents. The purpose of holding these instruments is to finance our ongoing business activities. It is not our policy to invest in financial instruments for speculative purposes. We do not use derivative financial instruments for hedging purposes. The principal risks to which we are exposed are foreign currency exchange risk and credit risk. Foreign Currency Exchange Risk We are exposed to a risk of exchange rate fluctuations on commercial transactions performed in currencies different from our functional currency in which we record the transactions. We have not adopted any other recurring mechanism of hedging to protect against currency fluctuations. From time to time, we may nevertheless subscribe for currency term accounts in order to cover a commitment in currency. We may consider in the future using a suitable policy to hedge exchange risks in a more significant manner, if needed. 148 The following tables set forth the operating expenses we incurred in foreign currencies in the years ended December 31, 2023, 2024 and 2025. Some figures have been rounded. Accordingly, the totals in the tables may not be the exact sums of component items. Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 Currency (thousands) Foreign currency Euros Foreign currency Euros Foreign currency Euros Australian dollar . . . . . — — 6 3 — — Brazilian real . . . . . . . . — — — — — — Canadian dollar . . . . . . — — 32 22 (24) (15) Chinese yuan renminbi 61 8 — — 101 12 Czech crown . . . . . . . . — — 54 2 50 2 Danish kroner . . . . . . . 120 16 4 1 — — Hungarian forints . . . . . 3,517 9 408 1 — — Israeli shekel . . . . . . . . — — 26 7 6 2 Japanese yen . . . . . . . . — — 596 3 12,039 65 Pound sterling . . . . . . . 359 410 1,016 1,214 2,286 2,620 Swedish krona . . . . . . . 350 30 183 16 358 33 Swiss franc . . . . . . . . . . 49 50 234 243 557 598 United States dollar . . . 10,861 10,112 12,031 10,547 20,730 18,356 Total . . . . . . . . . . . . . . 15,317 10,636 14,591 12,060 36,103 21,674 For the year ended December 31, 2025, the total amount of operating expenses we incurred in foreign currencies was €21.7 million, or 9% of our total operating expenses of €250.6 million in that year. For the year ended December 31, 2024, the total amount of operating expenses we incurred in foreign currencies was €12.1 million, or 7% of our total operating expenses of €185.4 million in that year. For the year ended December 31, 2023, the total amount of operating expenses we incurred in foreign currencies was €10.6 million, or 8% of our total operating expenses of €132.0 million in that year. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, expenses in U.S. dollars totaled €18.4 million, €10.5 million and €10.1 million respectively, based on the average annual exchange rate in effect as of December 31, 2025, December 31, 2024 and December 31, 2023. As a result, an adverse 10% change in the exchange rate for the U.S. dollar against the euro would have resulted in a foreign exchange rate loss of approximately €2.0 million for 2025, €0,3 million for 2024, €0.4 million for 2023. Credit Risk The credit risk related to our cash and cash equivalents is not significant in light of the quality of our co- contracting financial institutions. As of December 31, 2025, substantially all our cash and cash equivalents were maintained with two financial institutions in France and in the United States. While our deposit accounts are insured up to the legal limit, substantially all of our bank deposit balances exceed this insured limit. As of December 31, 2025, we maintained €92.5 million in bank deposit accounts that are in excess of the legally insured limit in five legally insured financial institutions, in addition to €437.0 million invested in mutual funds and structured notes. We have not experienced any losses in such accounts and we do not believe we are exposed to any significant credit risk related to these instruments. The credit risk related to our other receivables and related account is minimal. In particular, the credit risk related to advances made to CROs is deemed insignificant due to their credit ratings. 149