You should read the following discussion of our financial condition and results of operations in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report on Form 20-F. In addition to historical information, the following discussion and analysis contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results and the timing of events could differ materially from those anticipated in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this annual report, particularly in the sections titled “Item 3.D—Risk Factors” and “Special Note Regarding Forward-Looking Statements.” Overview We are a clinical-stage biotechnology company focused on developing therapeutics that harness the body’s natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases. We focus on indications where existing treatments have left patients with significant unmet needs, and where we believe our investigational agents have the potential to be meaningfully differentiated from currently available therapies. Our initial focus is on inflammatory bowel diseases (“IBD”), chronic conditions involving inflammation of the gastrointestinal tract, of which the two most common forms are ulcerative colitis ("UC") and Crohn's disease ("CD"). We believe our lead drug candidate, obefazimod, is differentiated from competing approaches for the treatment of IBD via its novel mechanism of action. Obefazimod was demonstrated to specifically enhance the expression of a single micro-RNA, miR-124, which plays a critical role in the regulation of the inflammatory response. In the context of inflammation, miR-124 is a natural regulator of the inflammatory response, controlling progression of inflammation and restoring homeostasis of the immune system, without causing broader immunosuppression. In contrast to currently available advanced therapies, prescribed post-conventional therapies, some of which target only a single cytokine or pathway, miR-124 modulates the expression of several key cytokines and pathways. Modulating multiple inflammatory pathways simultaneously may lead to more durability of efficacy results over the long-term, which is critical in lifelong conditions such as IBD, potentially differentiating obefazimod from currently available IBD treatments. Obefazimod is currently in Phase 3 clinical development for the treatment of moderately to severely active UC. We are continuing to develop obefazimod for the treatment of CD and are evaluating additional potential inflammatory indications to pursue, subject to the availability of necessary resources and funding. In parallel, we are in the process of generating follow-on compounds based on our miR-124 platform. We were incorporated as a société anonyme on December 4, 2013 and, in 2014, we acquired Splicos, Wittycell and Zophis by means of a universal transfer of assets and liabilities (Transmission Universelle du Patrimoine (“TUP”)). We have been listed on Euronext Paris since June 26, 2015, and on the Nasdaq Global Market since October 24, 2023. On March 20, 2023, our United States-based subsidiary Abivax LLC (the “Subsidiary”) was formed as a limited liability company under the laws of the State of Delaware. The Subsidiary hosts our operations in the United States. We have prepared audited consolidated statements of financial position of the Company and the Subsidiary as of December 31, 2025, 2024 and 2023, and the related consolidated statements of income (loss), comprehensive income (loss), changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). As of December 31, 2025, the Subsidiary’s contribution to our consolidated results of operations was a net operating loss of €(246.1) million. Since our inception in 2013, we have devoted substantially all of our efforts to organizing and staffing our company, business planning, raising capital, establishing our intellectual property portfolio, acquiring or discovering drug candidates, research and development activities for obefazimod and other compounds, establishing arrangements with third parties for the manufacture of our drug candidates and component materials, and providing general and administrative support for these operations. We do not have any products approved for sale and have not generated any revenue from product sales or otherwise. We do not expect to generate significant revenue from product sales or royalties unless and until our drug candidates are approved for marketing and successfully commercialized. We have incurred significant operating losses since inception, and we expect to continue to incur significant expenses and operating losses for the foreseeable future. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of obefazimod and any future drug candidates. For the years ended December 31, 2025, 2024 and 2023 we reported net losses of €336.1 million, €176.2 million and €147.7 million, respectively. As of December 31, 2025, we carried forward accumulated tax losses of €912.9 million. We expect to continue to incur net operating losses for at least the 86 next several years, and we do not anticipate achieving profitability in the future unless we obtain regulatory approvals necessary to commercialize obefazimod and any additional drug candidates that we may pursue in the future. We expect that our research and development expenses, general and administrative expenses, and capital expenditures will increase substantially in connection with our ongoing activities, particularly if and as we: •continue to advance our existing drug candidates through clinical development; •timely and successfully complete clinical development of obefazimod, our clinical-stage drug candidate; •seek and maintain regulatory and marketing approvals for obefazimod and any future drug candidates for which we successfully complete clinical trials; •continue the preclinical and clinical development of our drug candidates; •expand the scope of our current clinical trials for our drug candidates; •begin new clinical trials for our drug candidates; •develop, scale and validate our commercial manufacturing capabilities for our drug candidates; •establish a sales, marketing and distribution infrastructure to commercialize any drugs for which we may obtain regulatory and marketing approval for which we have not entered into a collaboration with a third-party; •seek to discover, identify and validate additional drug candidates; •acquire or in-license other drug candidates and technologies; •make milestone, royalty or other payments under in-license or collaboration agreements; •obtain, maintain, protect, enforce and expand our intellectual property portfolio; •manufacture, or have manufactured, non-clinical, clinical and potentially commercial supplies of obefazimod and any future drug candidates; •attract new and retain existing clinical, scientific, operational, financial and management personnel; and •incur additional legal, accounting, and other costs associated with operating as a dual-listed French and U.S. public company. Our net losses may fluctuate significantly from period to period, depending on the timing of expenditures related to our research and development activities. We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for a drug candidate. In particular, following the issuance of royalty certificates in September 2022 and other royalties that may become payable under our royalty agreements, the payment of royalties in the event of commercialization of obefazimod would result in a decrease in cash flows generated by sales of the product, which could have an unfavorable impact on our financial position, particularly at the beginning of the commercialization phase. In addition, if we obtain regulatory approval for a drug candidate and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through equity offerings, debt financings or other capital sources, which could include collaborations, strategic alliances or additional licensing arrangements. We may be unable to raise additional funds or enter into such arrangements when needed, on favorable terms, or at all. Our failure to raise capital or enter into such agreements as, and when, needed, could have a material adverse effect on our business, results of operations and financial condition, including requiring us to have to delay, reduce or eliminate product development or future commercialization efforts. The amount and timing of our future funding requirements will depend on many factors, including the successful advancement of obefazimod or any future drug candidates. Our ability to raise additional funds may also be adversely impacted by potential worsening global economic conditions and disruptions to and volatility in the credit and financial markets in the United States and worldwide, such as those resulting from the ongoing war in Ukraine. Due to the numerous risks and uncertainties associated with development of treatment of chronic inflammatory diseases, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become 87 profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations. Principal Factors Affecting Our Results of Operations The following factors have affected, and we expect will continue to affect, our results of operations. Research and Development Activities Research and development activities are central to our business. Since our inception, most of our resources have been allocated to research and development and it accounts for the majority of our operating expenses. For the year ended December 31, 2025, research and development expenses accounted for 71% of our total operating expenses, as compared to 79% and 78% for the years ended December 31, 2024 and 2023 respectively. Drug candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. Accordingly, we expect that our research and development expenses to remain in line with current spending in the foreseeable future as we seek to advance the development of our drug candidates. The successful development of our drug candidates remains highly uncertain. At this time, we cannot accurately determine or estimate the nature, timing and costs of the research and development activities that will be necessary to complete the remainder of the development of obefazimod, and we may never succeed in obtaining regulatory approval for obefazimod or any future drug candidates we may develop. The duration, costs and timing of clinical trials and the development of our drug candidates will depend on numerous risks and uncertainties associated with clinical development, including risks and uncertainties related to: •the scope, progress, outcome and expenses of our clinical trials and other research and development activities; •the length of time required to enroll suitable patients and successful patient enrollment in, and the initiation and completion of, clinical trials; •the results of our clinical trials; •the timing, receipt and terms of any marketing approvals from applicable regulatory authorities; •the establishment of commercial manufacturing capabilities or making arrangements with third-party manufacturers; •the expense of filing, prosecuting, maintaining, defending and enforcing patent claims and other intellectual property rights; •changing government regulation; •launching commercial sales of our drug candidates, if and when approved, whether alone or in collaboration with others; •maintaining a continued acceptable safety profile of the drug candidates following regulatory approval; •the ability to market, commercialize and achieve market acceptance for obefazimod or any other drug candidate that we may develop in the future; and •significant competition and rapidly changing technologies within the biopharmaceutical industry. A change in the outcome of any of these variables with respect to the development of any of our drug candidates could significantly change the costs and timing associated with the development of that drug candidate. The actual probability of success for our drug candidates will be affected by a variety of factors, including the safety and efficacy of our drug candidates, investment in our clinical programs, manufacturing capability and competition with other products and drug candidates. As a result of these variables, we are unable to determine the duration and completion costs of our research and development projects or when and to what extent we may generate revenue from the commercialization and sale of our drug candidates. Marketing Approval and Market Acceptance of our Drug Candidates We may never succeed in achieving marketing approval for any of our drug candidates. We may obtain unexpected and/or negative results from our clinical trials. We may elect to discontinue, delay or modify the development plan and clinical trials of some drug candidates or focus on others. A change in the outcome of any of these factors with respect to the development of drug candidates that we are developing could result in a significant change in the costs and timing associated with the development of such drug candidates. For example, if the EMA or 88 the FDA or other regulatory authority were to require us to conduct non-clinical studies and clinical trials beyond those that we currently anticipate will be required for the completion of clinical development, or if we experience significant delays in enrollment in any clinical trials, we could be required to spend significant additional financial resources and time on the completion of clinical development of our drug candidates. Equity and Debt Financing At this stage, we have not generated any revenue from sales of products or otherwise, and we do not expect to do so unless and until we successfully complete development of, obtain marketing approval for, and successfully commercialize, one or more of our drug candidates. Until such time that we can generate substantial revenue from sales of products, if ever, we expect to finance our operating activities through a combination of equity offerings, debt financings and government or other third-party funding. However, we may be unable to raise additional funds or enter into such arrangements when needed on favorable terms, or at all, which would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate our development programs or commercialization efforts or grant to others the rights to develop or market drug candidates that we would otherwise prefer to develop and market ourselves. Failure to receive additional funding could cause us to cease operations, in part or in full. Acquisition of Prosynergia On April 1, 2022, we acquired 100% of the share capital of Prosynergia with the aim of strengthening our research and development portfolio, for an amount of €3.25 million. On December 12, 2022, we completed the merger with Prosynergia through a TUP and all of Prosynergia’s assets and liabilities were transferred to us. Following the merger, Prosynergia was dissolved. Accordingly, as Prosynergia was dissolved in December 2022, we did not prepare consolidated financial statements as of December 31, 2022. Impact of the Russia-Ukraine War on our Business The Russia-Ukraine war continues. The conflict has already had major implications for the global economy and the rate of inflation, particularly in relation to the supply of energy, raw materials and food products. It has also caused intense volatility on the financial markets. Given these developments, we have decided not to include Russia and Belarus in our global Phase 3 clinical trials for obefazimod in UC. However, the global scale of this conflict cannot be predicted at this stage. We, therefore, cannot rule out an adverse impact of this conflict on our business, including in terms of access to raw materials, logistics, the performance of clinical trials and in relation to any future financing we may seek. The long-term safety and efficacy extension of the Phase 2b maintenance trial of obefazimod in moderately to severely active UC is our only clinical trial with patients currently enrolled in Ukraine. The Phase 2b 12-month assessment was carried out in all the Ukrainian patients before the war broke out and these patients are therefore included in the one-year maintenance results that were reported on April 6, 2022. Ukrainian patients who completed the two-year Phase 2b maintenance trial have been transitioned to the long-term safety and efficacy trial that is still on-going. None of these sites are located in the Crimea Region of Ukraine, the so-called Donetsk People’s Republic, or the so-called Luhansk People’s Republic. We have a few sites active in the western part of Ukraine in the ABTECT Phase 3 clinical trials. Together with our CRO, we are making considerable efforts to ensure the follow-up of patients who are unable to come to the study centers. Monitoring takes place through a remote monitoring system that was established and used successfully during the COVID-19 pandemic. 89 A.Operating Results Comparison of Years Ended December 31, 2023, 2024 and 2025 The following table sets forth our results of operations for the years ended December 31, 2023, 2024 and 2025. (In thousands of euros) . . . . . . . . . . Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 2024 vs 2023 Change 2025 vs 2024 Change Other operating income . . . . 4,621 12,449 4,570 169% (63)% Total operating income . . . . 4,621 12,449 4,570 169% (63)% Sales and marketing expenses (6,431) (5,954) (5,194) (7)% (13)% Research and development expenses . . . . . . . . . . . . . . . . (103,176) (146,532) (177,761) 42% 21% General and administrative expenses . . . . . . . . . . . . . . . . (22,390) (32,946) (67,670) 47% 105% Total Operating expenses . . (131,997) (185,433) (250,626) 40% 35% Operating loss . . . . . . . . . . . (127,376) (172,984) (246,056) 36% 42% Financial expenses . . . . . . . . (27,875) (16,991) (112,307) (39)% 561% Financial income . . . . . . . . . 7,511 13,732 28,110 83% 105% Financial loss . . . . . . . . . . . . (20,364) (3,258) (84,198) (84)% 2484% Net loss before tax . . . . . . . . (147,740) (176,242) (330,254) 19% 87% Income Tax . . . . . . . . . . . . . . — — (5,848) —% —% Net loss for the period . . . . . (147,740) (176,242) (336,102) 19% 91% Total Operating Income For the year ended December 31, 2025, our total operating income was €4.6 million, as compared to €12.4 million for the year ended December 31, 2024, a decrease of €(7.9) million, or (63)%, as detailed below. For the year ended December 31, 2024, our total operating income was €12.4 million, as compared to €4.6 million for the year ended December 31, 2023, an increase of €7.8 million, or 169%, as detailed below. Other Operating Income The following table sets forth our other operating income for the years ended December 31, 2023, 2024 and 2025. (In thousands of euros) . . . . . Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 2024 vs 2023 Change 2025 vs 2024 Change CIR (Research Tax Credits) . . . 4,493 6,651 3,061 48% (54)% Subsidies . . . . . . . . . . . . . . . . . 81 4,140 — 5017% (100)% Depositary service fees . . . . . . . — 1,634 1,509 —% (8)% Other . . . . . . . . . . . . . . . . . . . . . 47 23 — (52)% (100)% Total other operating income 4,621 12,449 4,570 169% (63)% For the year ended December 31, 2025, our other operating income was €4.6 million, as compared to €12.4 million for the year ended December 31, 2024, a decrease of €(7.9) million, or (63)%. This variation is primarily due to a decrease in subsidies by €(4.1) million and a decrease in research tax credits by €(3.6) million or (54)%. 90 For the year ended December 31, 2024, our other operating income was €12.4 million, as compared to €4.6 million for the year ended December 31, 2023, an increase of €7.8 million, or 169%. This increase was primarily due to an increase in subsidies of €4.1 million or 5,017%, an increase in research tax credits of €2.2 million or 48%, and an increase in depositary service fees of €1.63 million. Research Tax Credits ("CIR") For the year ended December 31, 2025, we recognized research tax credits for our research and development projects of €3.1 million, as compared to €6.7 million for the year ended December 31, 2024, a decrease of €(3.6) million, or (54)%. Although research and development expenses for the year ended December 31, 2025 increased by 21% as compared to the year ended December 31, 2024, the €(3.6) million decrease in research tax credits was mainly driven by (i) the maximum amount of eligible outsourced research and development expenses being capped, (ii) a decrease in internal research and development costs (for €2.6 million), (iii) the reimbursement of the CARENA and RNP-VIR conditional advances, deducted from the 2024 CIR calculation (for €0.6 million) and (iv) a change in the CIR regulation related to eligible expenses (for €0.4 million). For the year ended December 31, 2024, we recognized research tax credits for our research and development projects of €6.7 million, as compared to €4.5 million for the year ended December 31, 2023, an increase of €2.2 million, or 48%. The increase corresponds to an additional CIR payment received in 2024 related to the 2021 tax year, for an amount of €1.0 million, and an increase in the CIR for the tax year 2024 as compared to the tax year 2023 of €1.1 million, or 26%. This increase is mainly due to the reimbursements of conditional advances and overpayment of conditional advances made to Bpifrance in relation to the RNP-VIR and CARENA projects, following the termination of both projects (see Bpifrance - Conditional Advances and Subsidies within the "Liquidity and Capital Resources" section). Subsidies For the year ended December 31, 2025, our subsidy income was nil, as compared to €4.1 million for the year ended December 31, 2024. The subsidy income recognized in 2024 was related to the RNP-VIR and CARENA conditional advances granted by Bpifrance between 2013 and 2019. Following the termination of both projects, in June 2024, Bpifrance agreed to waive 60% of the remaining conditional advances and accrued interests, resulting in a non-cash subsidy income of €4.1 million (see Bpifrance - Conditional Advances and Subsidies within the "Liquidity and Capital Resources" section). For the year ended December 31, 2024, our subsidy income was €4.1 million as compared to €0.1 million for the year ended December 31, 2023. The increase is related to the RNP-VIR and CARENA conditional advances granted by Bpifrance between 2013 and 2019, as explained above. Depositary Service Fees As part of our depositary agreement with Citibank (which is acting as our exclusive depositary for our publicly listed ADSs), we are entitled to receive a portion of the fees collected by Citibank on ADS transactions (e.g., issuance, cancellation and depositary service fees). For the year ended December 31, 2025, our income related to depositary service fees was €1.5 million, as compared to €1.6 million for the year ended December 31, 2024, a decrease of €(0.1) million, or (8)%. The 2025 fees mainly reflect the large number of transactions that occurred over the second half of 2025, following the announcement of the results from our Phase 3 ABTECT trials and the completion of our follow-on offering of ordinary shares in the form of ADSs on the Nasdaq Global Market in July 2025 (the “July 2025 Nasdaq Offering”). The 2024 fees were related to the higher number of transactions following our U.S. initial public offering on the Nasdaq Global Market completed in October 2023. We did not recognize any income related to depositary service fees for the year ended December 31, 2023. Total Operating Expenses For the year ended December 31, 2025, our total operating expenses were €250.6 million, as compared to €185.4 million for the year ended December 31, 2024, an increase of €65.2 million, or 35%. This increase was primarily due to an increase in research and development expenses of €31.2 million, or 21.3% and an increase in general and administrative expenses of €34.7 million, or 105.4%, each as described below. For the year ended December 31, 2024, our total operating expenses were €185.4 million, as compared to €132.0 million for the year ended December 31, 2023, an increase of €53.4 million, or 40%. This increase was primarily due to an increase in research and development expenses of €43.4 million, or 42% and an increase in general and administrative expenses of €11 million, or 47%, each as described below. 91 Sales and Marketing Expenses Sales and marketing expenses consist primarily of personnel expenses, including share-based compensation expenses, for employees engaged in sales and marketing activities, as well as consulting costs associated with market research in preparation for our potential future sales and commercialization efforts in the U.S. For the year ended December 31, 2025, our total sales and marketing expenses were €5.2 million, as compared to €6.0 million for the year ended December 31, 2024, a decrease of €(0.8) million, or (13)%. The decrease is driven by one-time costs of €1.8 million that were incurred in 2024 for our corporate re-branding, including its new website, largely offset by an increase in personnel costs of €1.0 million, of which €0.3 million relate to employer taxes and social contributions related to our AGAs, resulting predominantly from the increase in our share price during the second half of 2025. For the year ended December 31, 2024, our total sales and marketing expenses were €6.0 million as compared to €6.4 million for the year ended December 31, 2023, a decrease of €(0.5) million, or (7)%. The decrease was primarily driven by the reduction in the headcount of our Sales and Marketing department part-way through 2024. Research and Development Expenses The following table sets forth our research and development expenses by drug candidate and therapeutic indication for the years ended December 31, 2025, 2024 and 2023. (In thousands of euros) . . . . . . . . . Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 2024 vs 2023 Change 2025 vs 2024 Change OBEFAZIMOD . . . . . . . . . 97,490 142,678 171,574 46% 20% Ulcerative Colitis . . . . . 83,788 115,818 117,405 38% 1% Crohn's Disease . . . . . . 2,735 7,354 17,554 169% 139% Obefazimod Other Indications . . . . . . . . . . 169 474 4,596 181% 870% Transversal Activities . . 10,798 19,032 32,018 76% 68% Others . . . . . . . . . . . . . . . . . 5,686 3,854 6,187 (32)% 61% Research and Development expenses. . . . . . . . . . . . . . . . 103,176 146,532 177,761 42% 21% For the year ended December 31, 2025, our research and development expenses were €177.8 million, as compared to €146.5 million for the year ended December 31, 2024, an increase of €31.2 million, or 21%. This increase was primarily due to a €13.0 million, or 68%, increase in transversal activities related to increased chemistry, manufacturing and controls ("CMC") and supply chain costs related to the progression of clinical trials and anticipation of future commercial launch, a €10.2 million, or 139%, increase in expenses related to our CD clinical program, resulting from the progression of our Phase 2b CD trial, a €1.6 million, or 1%, increase in expenses related to our UC clinical program resulting from our continued progression of our UC clinical program and the Phase 3 induction trials data read-out during the second half of 2025, and a €4.1 million, or 870%, increase in expenses related to new indications (including the combination therapy) for obefazimod. In addition, a sharp rise in employer tax and social contributions related to our stock-based compensation ("AGAs"), in turn predominantly attributable to the increase in our share price during the second half of 2025, contributed to the overall increase in research and development expenses across all destinations for the year ended December 31, 2025 as compared to year ended December 31, 2024, in an amount of €20.1 million. For the year ended December 31, 2024, our research and development expenses were €146.5 million, as compared to €103.2 million for the year ended December 31, 2023, an increase of €43.4 million, or 42%. This increase was primarily due to a €32.0 million, or 38%, increase in expenses related to our UC clinical program, driven by the progression of Phase 3 clinical trials for obefazimod in UC (where Phase 3 clinical trial costs were significantly higher than in Phase 2), a €8.2 million, or 76%, increase in transversal activities related to the overall expansion of the research and development headcount to support our organizational growth and the issuance of new equity awards to officers and employees in research and development and a €4.6 million increase in expenses related to our CD clinical program, driven by planning costs incurred for the Phase 2b CD trial. 92 General and Administrative Expenses The following table sets forth our operating expenses for the years ended December 31, 2023, 2024 and 2025. (In thousands of euros) Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 2024 vs 2023 Change 2025 vs 2024 Change Personnel costs . . . . . . . . . . . 13,104 19,434 52,817 48% 172% Consulting and professional fees . . . . . . . . . . . . . . . . . . . . 6,393 7,990 9,984 25% 25% Other general and administrative expenses . . . . 2,893 5,522 4,870 91% (12)% General and administrative expenses . . . 22,390 32,946 67,670 47% 105% For the year ended December 31, 2025, our general and administrative expenses were €67.7 million, as compared to €32.9 million for the year ended December 31, 2024, an increase of €34.7 million, or 105%. This increase was primarily due to an increase in personnel costs of €33.4 million, or 172%, mainly explained by the increase in employer taxes and social contributions related to our AGAs by €27.3 million resulting predominantly from the increase in our share price during the second half of 2025 and to a lesser degree by an increase in consulting and professional fees of €2.0 million, or 25%, driven by an increase in legal and professional fees and costs associated with building our infrastructure to support future growth in our operations. For the year ended December 31, 2024, our general and administrative expenses were €32.9 million, as compared to €22.4 million for the year ended December 31, 2023, an increase of €10.6 million, or 47%. This increase was primarily due to an increase in personnel costs of €6.3 million, or 48%. This increase in personnel costs represents the full year impact of the build out of our G&A organization (increased headcount and equity-based compensation costs) which started in late 2023 to support the expansion of the company, as well as increased legal and professional fees and other costs associated with operating as a dual-listed public company. Operating Income (Loss) For the year ended December 31, 2025, our operating loss was €246.1 million, as compared to an operating loss of €173.0 million for the year ended December 31, 2024, an increase of €73.1 million, or 42%. This increase was primarily due to an increase of €31.2 million in research and development expenses and an increase of €34.7 million in general and administrative expenses. There expenses were offset, to a lesser degree, by a €(0.8) million decrease in sales and marketing expenses. For the year ended December 31, 2024, our operating loss was €173.0 million, as compared to an operating loss of €127.4 million for the year ended December 31, 2023, an increase of €45.6 million, or 36%. This increase was primarily due to an increase of €43.4 million in research and development expenses and an increase of €10.6 million in general and administrative expenses. These expenses were offset, to a lesser degree, by a €(0.5) million decrease in sales and marketing expenses. Financial Income (Loss) For the year ended December 31, 2025, our financial loss was €84.2 million, as compared to a financial loss of €3.3 million and a €20.4 million for the years ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2025, our financial loss was mainly driven by (i) increases in the fair values of the senior convertible notes (the "Heights Convertible Notes") issued pursuant to the subscription agreement entered into in August 2023 with entities affiliated with Heights Capital Management (the "Heights Financing") and the warrants issued in August 2023 to Kreos Capital and Claret European Growth Capital (the “Kreos / Claret BSA") of €36.0 million and €29.9 million, respectively (predominantly driven by the increase in our share price and the remeasurement of these instruments prior to their conversion into ordinary shares), (ii) foreign exchange losses of €13.4 million (including the €9.6 million non-cash impact of the revaluation of U.S. dollar-denominated cash and cash equivalents as of December 31, 2025), (iii) interests of €17.2 million in relation to our royalty certificates, (iv) interest expenses of €11.1 million in relation to the first tranche of senior secured convertible bonds with warrants attached in the Kreos / Claret Financing (the “Kreos / Claret OCABSA”), the second and third tranches of senior secured bonds in the Kreos / Claret Financing and the senior convertible notes in the Heights Financing (the "Heights Convertible Notes") and (v) a €3.8 million loss on derecognition on the Kreos / Claret Tranches B and C. 93 These costs were partially offset mainly by (i) foreign exchange gains of €11.9 million (including the €10.7 million gain related to our July 2025 Nasdaq Offering), (ii) interest income of €5.6 million and fair value changes of €4.7 million in relation to the invested proceeds from our U.S. initial public offering and listing on Nasdaq and (iii) a decrease in derivatives fair value by €3.6 million. For the year ended December 31, 2024, our financial loss was mainly driven by (i) interest expenses of €11.5 million in relation to the first tranche of senior secured convertible bonds with warrants attached in the Kreos / Claret Financing (the “Kreos / Claret OCABSA”), the second and third tranches of senior secured bonds in the Kreos / Claret Financing (drawn on March 28, 2024 and June 21, 2024, respectively) and the senior convertible notes in the Heights Financing (the "Heights Convertible Notes"), (ii) a €1.5 million increase in the fair value of the Kreos / Claret Minimum Return Indemnifications and (iii) transaction costs amounting to €1.6 million. These costs were partially offset mainly by (i) an interest income of €8.2 million in relation to the invested proceeds from our U.S. initial public offering and listing on Nasdaq, and (ii) foreign exchange gains of €2.7 million (including the €1.7 million non-cash impact of the revaluation of U.S. dollar-denominated cash and cash equivalents as of December 31, 2024). For the year ended December 31, 2023, our net financial loss was mainly driven by (i) interest expenses of €3.9 million in relation to the Kreos / Claret OCABSA and the Heights Convertible Notes, (ii) a €8.9 million expense in relation to our royalty certificates, a (iii) €3.0 million increase in the fair value of derivatives, transaction costs amounting to €1.9 million, (iv) a net €3.2 million loss on derecognition of the OCEANE bonds and the recognition of the Heights convertible notes, and (v) and foreign exchange losses of €5.6 million (including the €3.2 million non-cash impact of the year-end revaluation of U.S. dollar-denominated cash and cash equivalents). These costs were partially offset by (i) an interest income of €2.4 million in relation to the invested proceeds from our U.S. initial public offering and listing on Nasdaq, (ii) a decrease in the fair value of the Heights Convertible Notes by €3.2 million and a (iii) decrease in derivatives fair value by €1.0 million. Income Taxes For the year ended December 31, 2025, our deferred income tax charge was €(5.8) million, as compared to €— for the years ended December 31, 2024 and 2023. This increase is explained by the net deferred tax liability of €5.8 million recognized in our consolidated statements of financial position as of December 31, 2025. The deferred tax liability resulted from the significant taxable temporary difference arising from our royalty certificates as of December 31, 2025, which in turn resulted from the difference between (i) the amount already deducted from our taxable income as of December 31, 2025 (based on the certificates' fair value minus their subscription price) and (ii) the amount of the related financial liability recognized in our Statements of Financial Position at that date (measured at amortized cost using the original effective interest rate). Further explanation on the calculation of the deferred tax liability is disclosed in Note 22 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 deferred tax expense is non-cash for the year ended December 31, 2025. Net Loss For the year ended December 31, 2025, our net loss for the period was €336.1 million, as compared to €176.2 million for the year ended December 31, 2024, an increase of €159.9 million, or 91%. For the year ended December 31, 2024, our net loss for the period was €176.2 million, as compared to €147.7 million for the year ended December 31, 2023, an increase of €28.5 million, or 19%. B.Liquidity and Capital Resources Sources of Liquidity We have incurred substantial operating losses since inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. For the years ended December 31, 94 2025, 2024 and 2023, we reported net losses of €336.1 million, €176.2 million and €147.7 million, respectively. As of December 31, 2025, we carried forward accumulated tax losses of €912.9 million. Since inception, we have financed our operations primarily through the issuance of ordinary shares, as well as bank borrowings and loans, receipt of research tax credits and subsidiaries, and sales of royalty certificates, for gross aggregate proceeds of €1,194.7 million, of which €130.0 million of gross proceeds were from our offerings of ordinary shares on Euronext Paris in February 2023, €223.3 million of gross proceeds were from our offering of ordinary shares in the form of ADSs on the Nasdaq Global Market in our U.S. initial public offering as well as ordinary shares in Europe (including France) and countries outside of the United States in a concurrent private placement in October 2023, €637.5 million of gross proceeds were from our offering of ordinary shares in the form of ADSs on the Nasdaq Global Market in the July 2025 Nasdaq Offering, bank borrowings and structured loans of €175.0 million, reimbursements of CIR in an amount of €41.2 million, subsidies received from Bpifrance (including €21.3 million of subsidies and €1.8 million of conditional advances) and royalty certificates in an amount of €2.9 million. In addition, on November 19, 2024, we entered into an equity distribution agreement with Piper Sandler & Co. (“Piper Sandler”) allowing us to issue and sell from time to time, in one or more "at the market" offerings through Piper Sandler acting as sales agent, ordinary shares in the form of ADSs, with aggregate gross sales proceeds of up to $150.0 million (the "ATM Program"). To date, we have not sold any ADSs pursuant to the ATM Program. Based on our existing cash and cash equivalents and other short-term investments of €530.4 million as of December 31, 2025, we expect, as of the date of issuance of the consolidated financial statements included in this Annual Report on Form 20-F, to be able to fund our forecasted cash flow requirements into the fourth quarter of 2027, allowing us to reach 12 months of expected cash runway following the planned new drug application ("NDA") submission of obefazimod for UC, assuming positive results from its Phase 3 maintenance trial. Our forecasted cash flow requirements take into account our assumption of continued R&D expenditure related to the continuation of the Phase 3 clinical trials of obefazimod in UC, progression of the Phase 2b clinical trials for CD and the initial stages of the scale up of the commercial organization as we prepare for a potential launch of obefazimod in UC. Based on the above, management has concluded that its existing cash, cash equivalents and other short-term investments are sufficient to fund its operating and capital expenditure requirements for a period greater than 12 months from the date of issuance of the financial statements accompanying this annual report, and the accompanying financial statements have been prepared on a going concern basis. Capital Increases Our operations have been financed primarily by capital increases from our founders and investors, net proceeds from the initial public offering of our ordinary shares on Euronext Paris in France in 2015, and additional follow-on capital increases, including the initial public offering of our ordinary shares in the form of ADSs on the Nasdaq Global Market in 2023 and our July 2025 Nasdaq Offering. We have not yet commercialized any of our drug candidates, which are in various phases of clinical development, and we do not expect to generate revenue from sales of any products in 2026, if at all. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through the sale of equity, debt financings or other capital sources, including potential collaborations with other companies or other strategic transactions. The following table sets forth our main capital increases carried out during the years ended December 31, 2023, 2024 and 2025: (In thousands of euros) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross proceeds amount Capital increase from issuance of ordinary shares - February 23, 2023 . . . . . . . . . . . . . . . . . . . . 130,000 Initial Public Offering (Nasdaq) - October 24, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,300 Capital increase from issuance of ordinary shares - July 24, 2025 . . . . . . . . . . . . . . . . . . . . . . . . 637,500 On March 1, 2023, we received gross proceeds of €130.0 million from the issuance of 20,000,000 ordinary shares at a subscription price of €6.50 per share. The proceeds were primarily used to finance the progress of obefazimod clinical trials in chronic inflammatory diseases and for general corporate purposes (research and development expenses and loans maturities payments). On October 24, 2023, we received gross proceeds of €223.3 million from the issuance of 20,325,500 ordinary shares (including ordinary shares in the form of ADSs) at a price of €10.99 per share in connection with our U.S. initial public offering. The proceeds were primarily used to finance the progress of obefazimod clinical trials in 95 chronic inflammatory diseases and for general corporate purposes (research and development expenses and loans maturities payments). On July 28, 2025, we received gross proceeds of €637.5 million from the issuance of 11,679,400 ADSs at a price of $64.00 per ADS (corresponding to €54.58 per ordinary share, based on the exchange rate of €1.00 = $1.1726 as published by the European Central Bank on July 23, 2025) in connection with our July 2025 Nasdaq Offering. The proceeds were primarily used to finance the progress of obefazimod clinical trials in chronic inflammatory diseases and for general corporate purposes (research and development expenses and loans maturities payments). Research Tax Credits From our inception to December 31, 2025, we have benefited from refunds of CIRs in a total amount of €41.2 million. In November 2024, we received CIRs of €4.5 million with respect to the year ended December 31, 2023. In June 2025, we received CIRs of €5.7 million with respect to the year ended December 31, 2024. Bpifrance—Conditional Advances and Subsidies We have received several conditional advances and subsidies from Bpifrance since our inception. Funds received from Bpifrance in the form of conditional advances are recognized as financial liabilities, as we have a contractual obligation to reimburse Bpifrance for such conditional advances in cash based on a repayment schedule. Each award of an advance is made to help fund a specific development milestone. Subsidies are non-repayable grants, which are recognized in the financial statements when there exists reasonable assurance that we will comply with the conditions attached to the subsidies and the subsidies will be received. The following table sets forth the funds received from Bpifrance as of December 31, 2025, in relation to contracts that were ongoing or terminated during the years ended December 31, 2023 and 2024: As of December 31, 2025 (In thousands of euros) Contract status Amount collected Conditional advances ....................... €1,802 Carena (1) .......................................... Stopped €234 RNP-VIR (2) ....................................... Stopped €1,178 Ebola ................................................. Stopped €390 Subsidies ............................................ €5,875 Carena (1) .......................................... Stopped €3,140 RNP-VIR (2) ....................................... Stopped €2,735 Ebola .................................................. Stopped €— Total ................................................... €7,677 (1)Following termination of the project due to technical failure in June 2024, the repayment of an amount of conditional advance of €2.0 million (excluding accrued interests) was waived by Bpifrance and therefore reclassified as a subsidy. (2)Following the termination of the project due to technical failure in June 2024, the repayment of an amount of conditional advance of €1.8 million (excluding accrued interests) was waived by Bpifrance and therefore reclassified as a subsidy. Bpifrance—CARENA Contract As part of the development of therapeutic and diagnostic solutions targeting alternative splicing and RNA interference in the fields of virology (HIV-AIDS, HTLV-1) and metabolism (obesity), SPLICOS, which we acquired in October 2014, entered into a Master Support Agreement and a conditional advance contract on December 2013 for the “CARENA” Strategic Industrial Innovation Project (“CARENA project”), with Bpifrance. Under this contract, we were eligible to receive up to €3.8 million in conditional advances to develop a therapeutic HIV treatment program with obefazimod. As of December 31, 2024, we had received €3.4 million of conditional advances and subsidies. 96 In June 2024, the Company and Bpifrance agreed to terminate the project due to technical failure. Bpifrance granted an additional amount of €1.1 million payable to the Company to reimburse additional expenses incurred as part of the project, and agreed to waive 60% of the remaining conditional advance of €3.3 million and accrued interests, for which we recognized a subsidy income of €2.3 million in the aggregate. We repaid the outstanding amounts during the second half of 2024. Bpifrance—RNP-VIR Contract As part of the CARENA project, focused on the clinical development of a drug molecule and demonstrating the validity of an innovative therapeutic approach targeting viral RNPs, we entered into a Master Support Agreement with Bpifrance, as well as a beneficiary agreement dated March 21, 2017, with conditional advances for the “RNP-VIR” structuring research and development project for competitiveness. Under the RNP-VIR contract, we were eligible to receive up to €6.3 million in conditional advances to develop methods for the discovery of new molecules for the treatment of viral infectious diseases through the development of the “Modulation of RNA biogenesis” platform. As of December 31, 2024, we had received €3.9 million of conditional advances and subsidies. In June 2024, the Company and Bpifrance agreed to terminate the project due to technical failure. Bpifrance claimed the reimbursement of €1.2 million corresponding to overpayments of conditional advances and subsidies (for which we had not incurred the corresponding R&D expenses) and agreed to waive 60% of the remaining advances of €3.0 million and accrued interests, for which the we recognized a subsidy income of €1.9 million in the aggregate. We repaid the outstanding amounts during the second half of 2024. Bpifrance—Ebola The Bpifrance and Occitanie Region joint support agreement was entered into on June 2, 2017 and provides for conditional advances for a total amount of €0.4 million (€0.1 million from the Languedoc Roussillon Midi Pyrénées Region and €0.3 million from Bpifrance) for the Ebola program. All funds under this contract were received. In September 2019, we terminated this program due to the imminent licensing of a competing vaccine for this indication, as well as changes in the macroeconomic climate for public funding. The reimbursement of the conditional advance was spread over the period from September 2019 to June 2024. Indebtedness For a description of material financing agreements, see "Item 10.C. Material Contracts." 97 Historical Changes in Cash Flows The following table sets forth our cash inflows and outflows for the years ended December 31, 2023, 2024 and 2025. (In thousands of euros) . . . . . . . . . . . . . . . . . . . . . . Year ended December 31, 2023 Year ended December 31, 2024 Year ended December 31, 2025 2024 vs 2023 Change 2025 vs 2024 Change Net cash flows used in operating activities . . . . . . . . . . . . . . . . . . . . . . . . . (97,130) (154,072) (161,129) 59% 5% Net cash flows (used in) provided by investing activities . . . . . . . . . . . . . . . . . . (8,095) 15,762 (8,193) (295)% (152)% Net cash flows provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . 335,290 28,207 547,307 (92)% 1840% Effect of movements in exchange rates on cash held . . . . . . . . . . . . . . . . . . . . . . . (5,072) 2,382 (10,251) (147)% (530)% Revaluation of cash equivalents measured at fair value . . . . . . . . . . . . . . . — — 4,730 —% —% Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . 224,992 (107,720) 372,464 (148)% (446)% Cash and cash equivalents at the beginning of the period . . . . . . . . . . . . 26,950 251,942 144,221 835% (43)% Cash and cash equivalents at the end of the period . . . . . . . . . . . . . . . . . . . . . 251,942 144,221 516,685 (43)% 258% Operating Activities For the year ended December 31, 2025, cash used in operating activities was €(161.1) million, as compared to €(154.1) million for the year ended December 31, 2024, a decrease of €7.1 million, or 5%. For the year ended December 31, 2024, cash used in operating activities was €(154.1) million, as compared to €(97.1) million for the year ended December 31, 2023, an increase of €(56.9) million, or 59%. For the year ended December 31, 2025, cash used in operating activities was predominantly related to payments for the progression of our UC and CD trials and personnel, legal, professional and infrastructure costs associated with operating as a dual-listed public company. The increase was mostly driven by the increase in our operating loss (as explained above), partly offset by changes in our working capital requirements, from €0.5 million for the year ended December 31, 2024 to €4.1 million for the year ended December 31, 2025. For the year ended December 31, 2024, cash used in operating activities is attributable to increased R&D spend driven by the progression of the UC Phase 3 clinical trial and the initiation of the Phase 2b CD trial, the full year impact of increased legal and professional fees and other infrastructure costs associated with operating as a dual-listed public company and changes in working capital. For the year ended December 31, 2023, cash used in operating activities is attributable to increased R&D spend driven by the progression of the UC Phase 3 clinical trial, increased headcount to support the expansion of the overall organization, including a newly created sales and marketing department, increased legal and professional fees and other infrastructure costs associated with operating as a dual-listed public company and changes in working capital. Investing Activities For the year ended December 31, 2025, cash used in investing activities was €8.2 million and was mainly due to an investment in 9- and 12-month term deposits, partially offset by the interests received from our cash and cash equivalents and short-term investments of €5.5 million. 98 For year ended December 31, 2024, cash from investing activities was €15.8 million and was mainly due to the payment of the our 6-month term deposit of €9.0 million and from interests received from cash, cash equivalents and short-term investments of €8.2 million. For the year ended December 31, 2023, cash used in investing activities was €8.1 million and was mainly due to a €9.0 million investment in a 6-month term deposit and the payment of additional long-term CRO advances amounting to €1.6 million, partially offset by interests received amounting to €2.4 million. Financing Activities For the year ended December 31, 2025, cash from financing activities was €547.3 million, which mainly consisted of net proceeds from our July 2025 Nasdaq Offering of €607.2 million as well as cash received from exercises of share warrants of €5.8 million, partially offset by debt repayments of €59.6 million (of which €2.1 million related to tranche A of the Kreos / Claret Financing and €53.9 million related to tranches B and C (of which €33.8 million correspond to the full prepayment of the outstanding balance and related fees as of December 23, 2025), €2.2 million related to the Heights convertible notes and €2.5 million related to the State-guaranteed loan (Prêt garanti par l'Etat, or "PGE")), and interest payments of €6.5 million. For the year ended December 31, 2024, cash from financing activities was €28.2 million, which mainly consisted of drawdowns on tranche B (in an amount of €25 million) and tranche C (in an amount of €25 million) of the senior secured non-convertible bonds from the Kreos / Claret Financing, net of disbursed transaction costs and deposits (in an amount of €2.6 million in the aggregate), partially offset by repayments of €13.2 million (of which €8.8 million related to the Heights convertible notes and €2.7 million related to conditional advances) and interest payments of €7.7 million. For the year ended December 31, 2023, cash from financing activities was €335.3 million, which consisted of net proceeds from our offering of ordinary shares on Euronext Paris of €123.3 million (after deducting transaction costs of €6.7 million), net proceeds from our offering of ordinary shares and ADSs of €202.0 million (after deducting transaction costs of €21.3 million) from our U.S. initial public offering and listing on Nasdaq and concurrent private placement (after deducting transaction costs and underwriting commissions of €28.1 million), net proceeds from the August 2023 drawdown of the first tranches of the Kreos / Claret Financing and the Heights Financing, collectively amounting to €27.2 million (net of repayments of all outstanding amounts that remained due under the 2018 venture loan agreement with Kreos Capital ("First KC Agreement"), the 2020 bonds issue agreement with Kreos Capital ("Second KC Agreement") and the OCEANE bonds), partially offset by repayments under the notes issued under the First KC Agreement and Second KC Agreement (in an amount of €5.0 million), PGE (in an amount of €1.3 million) and interest paid (in an amount of €5.3 million). Material Cash Requirements Contractual Obligations and Loans The following table sets forth aggregate information about material contractual obligations as of December 31, 2025. The commitment amounts in the table below are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, fixed, minimum or variable price provisions, and the approximate timing of the actions under the contracts. Future events could cause actual payments to differ from these estimates. All amounts except the retirement benefits in the table below are presented gross and are undiscounted. As of December 31, 2025 As of December 31, 2025 As of December 31, 2025 Less than More than (In thousands of euros) . . . . . . . . . . . . . . . . . . . . . 1 year 1 year Total Lease obligations . . . . . . . . . . . . . . . . . . 1,340 566 1,906 Retirement benefits . . . . . . . . . . . . . . . . . — 627 627 Off-balance sheet obligations . . . . . . . . . 205,131 — 205,131 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,471 1,193 207,664 In the ordinary course of our business, we regularly use the services of subcontractors and enter into research and partnership arrangements with various CROs and with public-sector partners or subcontractors, who conduct clinical trials and studies in relation to the drug candidates. Off-balance sheet obligations in the table above are commitments related to these research and partnership agreements. They are classified at less than one year maturity in the absence of a fixed schedule in contracts, in case of multiple-year contracts, such as CRO contracts. CRO 99 contracts include payments that are conditional to the completion of future development milestones. The majority of the commitments with our CROs are cancellable under certain circumstances such as insolvency, study put on hold by competent authorities, breach in regulations or negligence in the provision of the services. Our material cash requirements in the above table do not include potential future royalty payments related to the royalty certificates, amounting to 2% of the future net sales of obefazimod (worldwide and for all indications). The amount of royalties that may be paid under the royalty certificates is capped at €172.0 million in the aggregate. Royalty payments are expected to take place before the expiry date of the certificates, which is 15 years after their issuance date (September 2, 2037). As of December 31, 2025, our contractual obligations were €207.7 million comprising off-balance sheet obligations of €205.1 million with respect to purchase obligations, lease obligations of €1.9 million and retirement benefits obligations of €0.6 million. Operating Capital and Capital Expenditures Requirements We have incurred substantial operating losses since inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. For the year ended December 31, 2025, we recorded a net loss of €336.1 million. Until such time as we can generate significant revenue from product sales, if ever, we expect to continue to finance our operations from the sale of additional equity or debt financings, or other capital which comes in the form of strategic collaborations, licensing, or other arrangements. Our present and future funding requirements will depend on many factors, including, among other things: •the size, progress, timing, and completion of our preclinical studies and clinical trials; •the number of potential new drug candidates we identify and decide to develop; •the costs involved in filing patent applications and maintaining and enforcing patents or defending against claims or infringements raised by third parties; •the time and costs involved in obtaining regulatory approval for our drug candidates and any delays we may encounter as a result of evolving regulatory requirements or adverse results with respect to any of these drug candidates; •selling and marketing activities undertaken in connection with the anticipated commercialization of obefazimod and any other current or future drug candidates and costs involved in the creation of an effective sales and marketing organization; •the amount of revenue, if any, we may derive either directly or in the form of milestones or royalty payments from our existing or future partnership or collaboration agreements; and •the severity, duration and impact of the Russia/Ukraine war, which may continue to adversely impact our business and clinical trials. See “Risk Factors—Risks Related to our Financial Position and Need for Additional Capital” for additional risks associated with our substantial capital requirements. C.Research and Development, Patents and Licenses, Etc. For a discussion of our research and development activities, see “Item 4.B—Business Overview” and “Item 5.A—Operating Results.” D.Trend Information For a discussion of trends, see “Item 4.B—Business Overview,” “Item 5.A—Operating Results” and “Item 5.B—Liquidity and Capital Resources.” E.Critical Accounting Estimates 100 Our audited financial statements as of, and for the years ended, December 31, 2025, 2024 and 2023 were prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), and IFRS as adopted by the European Union ("EU") regulation n°1606/2022 of July 19, 2022. A description of accounting policies and estimates along with a description of the recently-issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Notes 4 and 2 respectively to our financial statements as of and for the year ended December 31, 2025, appearing elsewhere in this Annual Report on Form 20-F. We applied the amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability that is effective as of December 31, 2025. We did not have to change our accounting policies or make retrospective adjustments as a result of adopting this standard. The impacts resulting from the application of this amendment are described in Note 2 to our financial statements as of and for the year ended December 31, 2025, appearing elsewhere in this Annual Report on Form 20- F. We did not elect for early application of the new standards, amendments and interpretations, which were issued but not mandatory as of December 31, 2025. Our assessment of the impacts resulting from the application of these recently issued accounting pronouncements is described in Note 2 to our financial statements as of and for the year ended December 31, 2025, appearing elsewhere in this Annual Report on Form 20-F. 101