Our financial risks are managed centrally. Our finance department coordinates the access to national and international financial markets and considers and manages continuously the financial risks concerning our activities. These relate to the following financial markets risks: credit risk, liquidity risk, currency and interest rate risk. Our interest rate risk is limited because we have no financial debt.. In case of decreasing interest rates we will face a reinvestment risk on our strong on our strong cash and cash equivalents and financial investments balance. We do not buy or trade financial instruments for speculative purposes. In 2025, in the scope of preparing for our intended separation, we made use of a currency exchange hedge (U.S.dollar – EUR hedge). For additional information on general risk factors, please see the section of this annual report titled “Item 3.D.—Risk Factors.” Liquidity risk Our cash and cash equivalents and financial investments amounted to respectively €87.9 million and €2,910.2 million on December 31, 2025. Cash used in operating activities amounted to €257.5 million for the year ended December 31, 2025. Management forecasts our liquidity requirements to ensure that there is sufficient cash to meet operational needs. Based upon our current expected level of operating expenditures and our existing cash and cash equivalents, we believe that we will be able to fund our operating expenses and capital expenditure requirements at least for a period of 12 months. We have no credit lines. Such forecasting is based on realistic assumptions with regards to product sales, royalties, milestone and upfront payments to be received, taking into account our past track record. All our cash and cash equivalents have only an insignificant liquidity risk as they are all convertible upon a maximum three month notice period and without incurring a significant penalty. Credit risk The term “credit risk” refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. We grant credit to our clients in the framework of our normal business activities. Usually, we require no pledge or other collateral to cover the amounts due. Management continuously evaluates the client portfolio for creditworthiness. All our receivables are considered collectable. We did not account for a provision for expected credit losses relating to all our other trade and other receivables given that there is no history of material credit losses, nor does forward looking information reveals any potential risk and due to the high quality nature of our customers. Aging balance of receivables that are due, but are still considered collectable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ (Euro, in thousands) 60 - 90 days ​ ​ ​ € 899 ​ € 552 ​ € 3 90 - 120 days ​ ​ ​ ​ — ​ ​ 24 ​ ​ 3 more than 120 days ​ ​ ​ € 302 ​ € 19 ​ € 117 ​ ​ ​ 213 Table of Contents Our cash and cash equivalents are invested primarily in current, notice and term accounts. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted at the beginning of the term. Our financial investments are also kept within different financial institutions and include term deposits, money market funds and treasury bills with an AAA rating. The money market funds are invested in a well-diversified portfolio of highly rated assets. Interest rate risk The only variable interest-bearing financial instruments are cash and cash equivalents and financial investments. Changes in interest rates may cause variations in interest income and expenses resulting from short term interest-bearing assets. Effect of interest rate fluctuation A 100 basis point increase in interest rates at balance sheet date would have increased profit or loss, and equity, by approximately €30.0 million (2024: €33.2 million, 2023: €36.8 million); a 100 basis point decrease in interest rates would have decreased profit or loss, and equity, by approximately €30.0 million (2024: €33.2 million, 2023: €36.8 million). Foreign exchange risk We are exposed to foreign exchange risk arising from various currency exposures. Our principal functional currency is euro, but we receive payments from our business partners Gilead in U.S. dollars and acquire some consumables and materials in U.S. dollars, Swiss Francs, and GB Pounds. To limit this risk, we attempt to align incoming and outgoing cash flows in currencies other than the euro. In addition, contracts closed by our different entities are mainly in the functional currencies of that entity, except for the collaboration agreements signed with Gilead for which payments are denominated in U.S. dollars. The exchange rate risk in case of a 10% change in the exchange rate amounts to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Net book value ​ ​ ​ (Euro, in thousands) Increase in Euros - U.S. Dollars ​ ​ ​ € (182,651) ​ € (70,387) ​ € (78,013) Increase in Euros - GB Pounds ​ ​ ​ ​ 62 ​ ​ 31 ​ ​ 666 Increase in Euros - CH Francs ​ ​ ​ ​ 774 ​ ​ 280 ​ ​ 385 ​ ​ The exchange rate risk on the U.S. dollar is primarily related to our cash and cash equivalents and financial investments held in U.S. dollars. Capital risk factors We manage our capital to safeguard that we will be able to continue as a going concern. At the same time, we want to ensure the return to our shareholders through the results from our R&D activities. Our capital structure consists of financial investments, cash and cash equivalents, and equity attributed to the holders of our equity instruments, such as capital, reserves and results carried forward, as mentioned in the consolidated statement of changes in equity. We manage our capital structure and make the necessary adjustments in the light of changes of economic circumstances, the risk characteristics of underlying assets and the projected cash needs of the R&D activities. ​ 214 Table of Contents The adequacy of the capital structure will depend on many factors, including any future acquisition and business development transactions, future scientific progress in the R&D programs, the magnitude of those programs, the commitments to existing and new clinical contract research organizations, the ability to establish new alliance or collaboration agreements, the capital expenditures and market developments. Neither we nor any of our subsidiaries are subject to any externally imposed capital requirements, other than those imposed by generally applicable company law requirements.