Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2018
shares
| |
Documentand Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | ERYP |
Entity Registrant Name | ERYTECH PHARMA S.A. |
Entity Central Index Key | 0001624422 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 17,940,035 |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Document - Document and Entity Information [Abstract] No definition available.
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Consolidated Statements of Income (Loss) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Operating income | |||
Other income | € 4,447 | € 3,364 | € 4,138 |
Total operating income | 4,447 | 3,364 | 4,138 |
Operating expenses | |||
Research and development expenses | (33,468) | (25,463) | (19,720) |
General and administrative expenses | (14,600) | (8,791) | (6,808) |
Total operating expenses | (48,068) | (34,254) | (26,528) |
Operating loss | (43,621) | (30,889) | (22,390) |
Financial income | 5,427 | 539 | 558 |
Financial expenses | (29) | (3,183) | (70) |
Financial income | 5,399 | (2,644) | 488 |
Income tax | (2) | 3 | (10) |
Net loss | € (38,224) | € (33,530) | € (21,913) |
Basic / Diluted loss per share (€/share) | € (2.13) | € (2.95) | € (2.74) |
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- Definition Operating Expenses 1 [Abstract] No definition available.
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- Definition Operating Income abstract. No definition available.
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- Definition The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of income or cost associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of expense relating to general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of all operating expenses. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of operating income that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement Of Comprehensive Income [Abstract] | |||
Net loss | € (38,224) | € (33,530) | € (21,913) |
Elements that may be reclassified subsequently to income (loss) | |||
Foreign subsidiary – Currency translation adjustment | 15 | (38) | 21 |
Elements that may not be reclassified subsequently to income (loss) | |||
Actuarial gains or losses on defined benefits liability | (60) | 8 | (30) |
Tax effect | 3 | (3) | 10 |
Other comprehensive income (loss) | (42) | (33) | 1 |
Total comprehensive loss | € (38,266) | € (33,563) | € (21,912) |
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- Definition Other comprehensive income (loss). No definition available.
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- References No definition available.
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- References No definition available.
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- Definition The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income tax relating to amounts recognised in other comprehensive income in relation to remeasurements of defined benefit plans. [Refer: Other comprehensive income; Reserve of remeasurements of defined benefit plans; Defined benefit plans [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income, before tax; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of other comprehensive income, net of tax, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing the capital reserves. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of current financial liabilities. [Refer: Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current inventories. [Refer: Inventories] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The nominal value of capital issued. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of assets that do not meet the definition of current assets. [Refer: Current assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of non-current financial liabilities. [Refer: Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of non-current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current assets that the entity does not separately disclose in the same statement or note. [Refer: Current assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of non-current financial assets that the entity does not separately disclose in the same statement or note. [Refer: Other financial assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing exchange differences on translation of financial statements of foreign operations recognised in other comprehensive income and accumulated in equity. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing the entity's cumulative undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount received or receivable from the issuance of the entity's shares in excess of nominal value. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Adjustments for increase (decrease) in current provisions No definition available.
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- Definition Adjustments for non-current provisions. No definition available.
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- Definition Increase (decrease) in capital net of transaction costs. No definition available.
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- Definition Supplemental Disclosure Of Cash Flow Information [abstract] No definition available.
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- Definition Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for decrease (increase) in other current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other current assets; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Adjustments for increase (decrease) in other current liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other current liabilities; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for interest expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Interest expense; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash and cash equivalents in the statement of cash flows when different from the amount of cash and cash equivalents in the statement of financial position. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash inflow (outflow) from the entity's operations before changes in working capital. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in working capital. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for interest paid, classified as financing activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from borrowings obtained. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from sales of long-term assets that the entity does not separately disclose in the same statement or note, classified as investing activities. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow for the purchases of long-term assets that the entity does not separately disclose in the same statement or note, classified as investing activities. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Consolidated Statement of Changes in Shareholders' Equity - EUR (€) € in Thousands |
Total |
Amount |
Premiums related to the share capital |
Reserves |
Translation reserve |
Net (income) loss |
---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2015 | € 47,133 | € 792 | € 95,932 | € (34,578) | € (15,013) | |
Net loss | (21,913) | (21,913) | ||||
Other comprehensive income | 1 | 166 | € (165) | |||
Total comprehensive loss | (21,912) | 166 | (165) | (21,913) | ||
Allocation of prior period loss | (15,013) | 15,013 | ||||
Issue of ordinary shares | 81 | 81 | ||||
Additional paid in capital | 9,158 | 9,158 | ||||
Share-based payment | 1,178 | 1,178 | ||||
Ending balance at Dec. 31, 2016 | 35,638 | 873 | 105,090 | (48,247) | (165) | (21,913) |
Net loss | (33,530) | (33,530) | ||||
Other comprehensive income | (33) | 5 | (38) | |||
Total comprehensive loss | (33,563) | 5 | (38) | (33,530) | ||
Allocation of prior period loss | (21,913) | 21,913 | ||||
Issue of ordinary shares | 921 | 921 | ||||
Additional paid in capital | 176,655 | 176,655 | ||||
Share-based payment | 1,769 | 1,769 | ||||
Ending balance at Dec. 31, 2017 | 181,419 | 1,794 | 281,745 | (68,386) | (203) | (33,530) |
Net loss | (38,224) | (38,224) | ||||
Other comprehensive income | (42) | (58) | 15 | |||
Total comprehensive loss | (38,266) | (58) | 15 | (38,224) | ||
Allocation of prior period loss | (33,530) | 33,530 | ||||
Issue of ordinary shares | 0 | 0 | 0 | |||
Share-based payment | 2,449 | 2,449 | ||||
Ending balance at Dec. 31, 2018 | € 145,602 | € 1,794 | € 281,745 | € (99,524) | € (188) | € (38,224) |
X | ||||||||||
- Definition Allocation of prior period loss. No definition available.
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X | ||||||||||
- Definition The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase in equity through other contributions by owners that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2017
EUR (€)
|
Nov. 30, 2017
USD ($)
|
Apr. 30, 2017
EUR (€)
|
Dec. 31, 2016
EUR (€)
|
|
Statement Of Changes In Equity [Abstract] | ||||
Proceeds from fund rasing, net of trasaction cost | € 112 | $ 130 | € 65 | € 9 |
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- Definition The cash inflow from the issuing of ordinary shares. [Refer: Ordinary shares [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Description of the Business |
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Description of the Business |
1. Description of the business ERYTECH Pharma S.A. (“ERYTECH,” and together with its subsidiary the “Company”) is incorporated in Lyon, France, and was founded in 2004 to develop and market innovative red blood cell-based therapeutics for cancer and orphan diseases. The Company’s most advanced product candidates are being developed for the treatment of pancreatic cancer. The Company completed its initial public offering on Euronext Paris in May 2013, raising €17.7 million and a follow-on offering of €30.0 million (on a gross basis before deducting offering expenses), in October 2014. The initial public offering triggered the conversion of the totality of the convertible bonds previously issued. Two private placements of respectively 940,000 ordinary and 793,877 ordinary shares for €25.4 million and €9.9 million (on a gross basis before deducting offering expenses) were completed in December 2015 and 2016 with institutional investors in the United States and in Europe. In April 2017, the Company completed a follow-on offering of €70.5 million (on a gross basis before deducting offering expenses). The Company completed an initial public offering on the Nasdaq Global Select Market raising €124 million ($144 million on a gross basis before deducting offering expenses). The Company has incurred losses and negative cash flows from operations since its inception and had shareholders’ equity of €145,602 thousand as at December 31, 2018 as a result of several financing rounds, including an initial public offering. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates in development. Substantial additional financing will be needed by the Company to fund its operations and to commercially develop its product candidates. The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its research and development; (ii) regulatory approval and market acceptance of the Company’s proposed future products; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new debt or equity instruments. The accompanying consolidated financial statements and related notes (the “Consolidated Financial Statements”) present the operations of ERYTECH Pharma S.A. and its subsidiary, ERYTECH Pharma, Inc., incorporated in April 2014, which headquarters are in Cambridge, Massachusetts – United States of America. Major events of 2018 Business February 2018:
April 2018:
June 2018:
September 2018:
November 2018:
Management January 2018:
May 2018:
September 2018:
Major events of 2017 April 2017:
November 2017:
Major events of 2016 December 2016:
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- Definition Disclosure of description of business abstract. No definition available.
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- Definition Disclosure of description of business. No definition available.
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Basis of Preparation |
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Disclosure Of Basis Of Presentation [Abstract] | |
Basis of Preparation |
2. Basis of preparation The Consolidated Financial Statements as of December 31, 2016, 2017 and 2018 have been prepared under the responsibility of the management of the Company in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase. The general accounting conventions were applied in compliance with the principle of prudence, in accordance with the underlying assumptions namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with IFRS, as defined below. All amounts are expressed in thousands of euros, unless stated otherwise. |
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- Definition Disclosure of basis of presentation. No definition available.
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- Definition The disclosure of the basis used for the preparation of the financial statements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Statement of Compliance |
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Statement Of Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||
Statement of Compliance |
3. Statement of compliance The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”) and were approved and authorized for issuance by the Board of Directors of the Company on March 8, 2019. Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Consolidated Financial Statements of the Company are also prepared in accordance with IFRS, as adopted by the European Union (EU). As of December 31, 2018, all IFRS that the IASB had published and that are mandatory are the same as those endorsed by the EU and mandatory in the EU. As a result, the Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU. IFRS include International Financial Reporting Standards (IFRS), International Accounting Standards (“IAS”), as well as the interpretations issued by the Standing Interpretations Committee (“SIC”), and the International Financial Reporting Interpretations Committee (“IFRIC”). The main accounting methods used to prepare the Financial Statements are described below. These methods were used for all periods presented. The Company adopted the following standards, amendments and interpretations that are applicable as at January 1, 2018:
These new texts did not have any significant impact on the Company’s results or financial position. The standards and interpretations that are optionally applicable as at December 31, 2018 were not applied in advance. Recently issued accounting pronouncements that may be relevant to the Company’s operations but have not yet been adopted are as follows:
The Company does not anticipate any significant impact on its financial statements from the first-time adoption of these new standards, with the exception of IFRS 16. IFRS 16 eliminates the distinction between operating leases and finance leases and requires all leases to be recognized on the lessee’s balance sheet, in the form of an asset (representing the right to use the rented asset during the duration of the contract) and of a liability (corresponding to the future lease payments). The standard will also impact the presentation of the income statement (allocation of expense between operating loss and financial charges) and of the cash flow statement (allocation of cash outflows between cash flow from operating activities and cash flow from financing activities). The Company expects that it will apply the modified retrospective approach. Under this approach, the cumulative effect of initially applying IFRS 16 is recognized as an adjustment to equity at the transition date (January 1, 2019). At the day of approval of the consolidated financial statements, the Company estimates that the first application of IFRS 16 will lead to an increase of the financial liabilities of the Company of approximately €7 million as of January 1, 2019. These estimates may be revised in light of the ongoing changes of premises both in France and in the United States. |
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- Definition Statement of compliance. No definition available.
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- Definition The disclosure of notes and other explanatory information as part of a complete set of financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Significant Accounting Policies |
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Significant Accounting Policies |
4. Significant accounting policies 4.1 Basis of consolidation In accordance with IFRS 10 Consolidated Financial Statements (“IFRS 10”), an entity is consolidated when it is controlled by the Company. The Company controls an entity when it is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intra-company balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full. As of December 31, 2018, the Company has one subsidiary for which no non-controlling interest is recognized. Details of the Company’s subsidiary as of December 31, 2018 are as follows:
4.2 Intercompany transactions Transactions involving reciprocal assets and liabilities, as well as income and expense, between ERYTECH and ERYTECH Pharma, Inc. are eliminated in the Consolidated Financial Statements. 4.3 Foreign currencies Functional Currency and Translation of Financial Statements into Presentation Currency The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “Parent Company”). The statements of financial position of the consolidated entity having a functional currency different from the euro are translated into euros at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statements of income (loss), statements of comprehensive income (loss) and statements of cash flow of such consolidated entity are translated at the average exchange rate for the period, except if exchanges rates fluctuate significantly. The resulting translation adjustment is included in other comprehensive income (loss) as a cumulative translation adjustment. Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency (euros) at the rate of exchange applicable on the transaction date. At period-end, foreign currency monetary assets and liabilities are converted at the rate of exchange prevailing on that date. The resulting exchange gains or losses are recorded in the Consolidated Statements of Income in “Financial income (loss)”. The loan in U.S. dollars from the Parent Company to ERYTECH Pharma, Inc. is considered as part of the net investment in a foreign operation. Exchange differences on this loan are recognized in other comprehensive income. 4.4 Consolidated statements of cash flows The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities. Operating activities correspond to the Company primary income-generating activities and all the other activities that do not meet the investment or financing criteria. The Company has decided to classify grants received such as the Research Tax Credit (Credit d’Impôt Recherche) as an operating activity in the consolidated statement of cash flows. Cash flows associated with investment activities correspond to cash flows associated with the purchase of property, plant and equipment, net of asset supplier payables, and with the disposal of assets and other investments. Financing activities are operations that result in changes in the amount and composition of the share capital and borrowings of the entity. Capital increases and the obtaining or repayment of loans are classified under this category. The Company has chosen to classify the conditional advances under this category. The increases in assets and liabilities with non-cash effects are eliminated. As such, the assets financed through a finance lease are not included in the investments for the period presented. The decrease in financial liability associated with leases is therefore included under the caption ‘repayment of borrowings’ for the period. 4.5 Use of estimates and judgments Preparation of the financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 4.15 and Note 5.3). 4.6 Intangible assets Internally generated intangible assets – Research and development costs In accordance with IAS 38 Intangible Assets (“IAS 38”), research expenditures are expensed in the period during which they are incurred. An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met: (a) it is technically feasible to complete the development project; (b) intention on the part of the Company to complete the project and to utilize it; (c) capacity to utilize the intangible asset; (d) proof of the probability of future economic benefits associated with the asset; (e) availability of the technical, financial, and other resources for completing the project; and (f) reliable evaluation of the development expenses. The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria. Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented. Other intangible assets Other intangible assets are recorded at their acquisition cost plus costs directly attributable to the preparation of the asset for its intended use. Other intangible assets mainly comprised costs of modeling studies of a new production process and costs of acquisition of software licenses. As the new production process relates to equipment that is not yet constructed, the amortization will begin on the date the equipment will be available for use (i.e. when it is in the location and condition necessary for it to be capable of operating). In the meantime, an impairment test will be performed (see Note 4.8). Intangible assets with a finite life are amortized on the basis of the straight-line method over their estimated useful life.
4.7 Property, plant and equipment Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management. Property, plant, and equipment are depreciated on the basis of the straight-line method over the estimated useful life of the property. The fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter. The depreciation periods used are the following:
The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern. 4.8 Impairment tests According to IAS 36 Impairment of Assets (“IAS 36”), a loss in value must be recognized where the carrying value of an asset, or the cash generating unit to which the asset belongs (if it is not possible to estimate the recoverable amount of the individual asset), is lower than its recoverable value. The recoverable value of an asset corresponds to its fair value less costs to sell or its value in use, whichever is higher. The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. The intangible assets that are not amortized are tested for impairment at the end of the period in which they are acquired, subsequently annually and whenever there is an indication that the intangible asset may be impaired. An impairment is recognized in the Consolidated Financial Statements up to the amount of the excess of the value over the recoverable value of the asset. 4.9 Financial assets and liabilities – Measurement and Presentation The valuation and the accounting treatment of the financial assets and liabilities are defined by IFRS 9 Financial Instruments (“IFRS 9”). Receivables These instruments are initially recognized in the Consolidated Financial Statements at their fair value and then at the amortized cost calculated with the effective interest rate (“EIR”) method. Trade receivables without a significant financing component are measured at their transaction price. The Company recognizes loss allowances for expected credit losses (“ECL”), which, for trade receivables and contract assets, are measured at an amount equal to lifetime ECLs that result from all possible default events over their expected life. Loss allowances are deducted from the gross amounts of the assets. Financial liabilities at the amortized cost Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method. Presentation of financial assets and financial liabilities measured at fair value In accordance with IFRS 13 Fair Value Measurement (“IFRS 13”), financial instruments are presented in three categories based on a hierarchical method used to determine their fair value:
4.10 Inventories In compliance with the IAS 2 Inventories (“IAS 2”), inventories are recognized at their cost or at their net realizable value, whichever is lower. Cost is determined on a First-In First-Out (FIFO) cost basis. Management periodically reviews the inventory for obsolescence and adjusts as necessary. 4.11 Cash and cash equivalents The item “cash and cash equivalents” in the consolidated statement of financial position includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value. The cash equivalents classification is made if the following criteria are fulfilled:
They are recorded as assets in cash equivalents, measured at their fair value, and the changes in value are recognized through financial income or loss.
4.12 Provisions A provision is recognized where the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current liabilities. The provisions are discounted when the impact is material. Provisions recognized in the consolidated statement of financial position mainly include obligations pertaining to retirement indemnities and provisions for risks. Disclosure is made in the detailed notes on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low. Provisions for retirement indemnities—defined benefit plans The employees of the Company receive the retirement benefits stipulated by law in France:
For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits. The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses. The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable. Provisions for risks The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain. The amount recognized in the Consolidated Financial Statements as a provision is the best estimate of the expenses necessary to extinguish the obligation. 4.13 Lease agreements The leases involving property, plant, and equipment are classified as finance lease agreements when the Company bears substantially all the benefits and risks inherent in the ownership of the property. The assets that are covered under finance lease agreements are capitalized as of the beginning date of the rental agreement on the basis of the fair value of the rented asset or the discounted values of the future minimum payments, whichever is lower. Each rental payment is distributed between the debt and the financial cost in such a manner to determine a constant interest rate on the principal that remains due. The corresponding rental obligations, net of the financial expenses, are classified as financial liabilities. The property, plant, or equipment acquired within the framework of a finance lease agreement is amortized over the useful life or the term of the lease agreement, whichever is shorter. The rental agreements for which a significant portion of the risks and advantages is preserved by the lessor are classified as operating leases. The payments made for these operating leases, net of any incentive measures, are recognized as expenses on the consolidated statement of income (loss) on a straight-line basis over the term of the agreement. 4.14 Share capital Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax. 4.15 Share-based payment The Company has applied IFRS 2 Share-based payment (“IFRS 2”) to all equity instruments e.g. free shares (“AGA”), stock options (“SO”), share subscription warrants (“BSA”) and founder subscription warrants (“BSPCE”) granted since inception to its employees, members of the Board of Directors or other individuals. Pursuant to IFRS 2, the cost of the remuneration paid with equity instruments is recognized as an expense in exchange for an increase in the shareholders’ equity for the vesting period during which the rights to be enjoyed from the equity instruments are acquired. As such, changes in value subsequent to the grant date have no effect on this initial measurement. Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGA valuation) and Cox-Ross-Rubinstein valuation model (for 2016 and 2017 BSA valuation). These models allow the Company to take into account the characteristics of the plan (exercise price, vesting period), the market data at the grant date (volatility, expected dividends, repo margin), possible performance conditions attached to warrants and recipient behavior assumptions. 4.16 Presentation of the statement of income (loss) The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is the research and development. As a consequence, only “research and development expenses” and “general administrative expenses” functions are considered to be representative. This distinction reflects the analytical assignment of the personnel, external expenses and depreciation and amortization. The detail of the expenses by nature is disclosed in Note 5.2. 4.17 Operating income Research tax credit The research tax credit (Crédit d’Impôt Recherche or “CIR”) (the “Research Tax Credit”) is granted to companies by the French tax authorities in order to encourage them to conduct technical and scientific research. Companies that prove that they have expenditures that meet the required criteria (research expenditures located in France or, since January 1, 2005, within the European Union or in another State that is a party to the Agreement on the European Economic Area that has concluded a tax treaty with France that contains an administrative assistance clause) receive a tax credit that (a) can be used for the payment of the corporate tax due for the fiscal year in which the expenditures were made and the next three fiscal years, or, (b) as applicable, can be reimbursed in cash. The expenses taken into account for the calculation of the Research Tax Credit involve only research expenses. The Company benefits from the Research Tax Credit since its inception. The CIR is presented under other income in the consolidated statement of income (loss) as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). Subsidies and conditional advances Due to the innovative nature of its product candidate development programs, the Company has benefited from certain sources of financial assistance from Banque Publique d’Investissement (“BPI France”). BPI France provides financial assistance and support to emerging French enterprises to facilitate the development and commercialization of innovative technologies. The funds received by the Company are intended to finance its research and development efforts and the recruitment of specific personnel. The Company has received such funding in the form of non-refundable subsidies and conditional advances. Subsidies Subsidies received are grants that are not repayable by the Company and are recognized in the financial statements as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received. Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates. A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized in the Consolidated Financial Statements as other income when there exists reasonable assurance that the subsidies will be received. Conditional advances Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Each award of an advance is made to help fund a specific development milestone. The details concerning the conditional advances are provided in Note 6.10. Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows. The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity. The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success as described in Note 6.10 is used to determine the amount recognized annually as a finance cost. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized. The conditional advances that can be subject to this type of modification are the advances received from BPI France, presented in Note 6.10. Other income The standard IFRS 15 Revenue from contracts with customers (“IFRS 15”) is mandatory since January 1, 2018. This standard replaces IAS 18 Revenue (“IAS 18”) and related interpretations. The first application of IFRS 15 had not significantly changed the amount or the timing of revenue recognition of the Company. For each of its partnership agreements, the Company determines if it acts as a principal or as an agent. Partnership with Orphan Europe AML clinical trial As a result of its prior partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“AML”), the Company re-invoiced, with no margin, certain clinical costs incurred and invoiced to the Company by external providers. The Company considered that, within the context of this partnership, it acted as agent regarding these reinvoiced external costs, as:
Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial. Consequently, for all the years presented:
Partnership with Orphan Europe NOPHO clinical trial Within the context of this agreement, Orphan Europe agreed to finance the NOPHO study for a total amount of €600 thousand. This amount is recognized in “other income” in the statement of income (loss) for all the years presented.
4.18 Financial income and expense Financial results relate to loans, gains and losses on exchange rate variations and other financial debts (notably overdrafts and finance leases) and includes interest expenses incurred on financial liabilities and the related amortization of debt issuance costs, and income received from cash and cash equivalents. 4.19 Income taxes Current taxes Considering the level of tax loss of the Company, no current tax expense is recognized. Deferred taxes Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end. Deferred tax assets and liabilities are not discounted and are classified in the consolidated statement of financial position under non-current assets and liabilities. In addition, the Parent Company, as an entity incorporated in France, is subject to the territorial economic contribution (Contribution Economique Territoriale—CET), which combines the corporate real estate contribution (cotisation foncière des entreprises—CFE) and the corporate value-added contribution (cotisation sur la valeur ajoutée des entreprises—CVAE):
4.20 Earnings per share The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period. The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 5.3 and 6.8. Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued have been considered anti-dilutive. 4.21 Segment reporting In accordance with IFRS 8 Operating Segments, reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer and Chairman of the Board of Directors) to allocate resources and to assess performance. The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future. The assets, liabilities, and operating loss realized are primarily located in France. 4.22 Off-balance sheet commitments The Company has defined and implemented monitoring for its off-balance sheet commitments so as to know their nature and object. Off-balance sheet items identified mainly relate to:
4.23 Events After the Close of the Reporting Period The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. Modifications can be made until the date the Consolidated Financial Statements are approved and authorized for issuance by the Board of Directors. January 2019:
The Company evaluated subsequent events that occurred after December 31, 2018 through the date of approval and authorization of issuance of the Consolidated Financial Statements. The Company took into account the main remarks of the tax authorities as part of the on-going tax audit in France in the Consolidated Financial Statements as of December 31, 2018. |
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- Definition The entire disclosure for significant accounting policies applied by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Notes Related to the Consolidated Statement of Income (Loss) |
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Analysis Of Income And Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Related to the Consolidated Statement of Income (Loss) |
5. Notes related to the consolidated statement of income (loss) 5.1 Operating income Operating income consists of the following:
Research Tax Credit (“CIR”) The increase of the CIR between 2017 and 2018 is linked to the increase of the clinical trial expenses. Between 2016 and 2017, there was an increase in the Company’s clinical trial expenses, but this increase related mainly to vendors that were not eligible for the CIR. Therefore, the increase in clinical trial expenses did not result in an increase in the CIR between 2016 and 2017. Subsidies The Company received subsidies through the TEDAC project financed by BPI France in 2016. The 5th technical milestone of the TEDAC program was not reached. Therefore, the Company is not eligible to receive the subsidy for this milestone, and no income was recognized in 2017 and 2018 as part of this project. Other income Other income mainly comprised:
5.2 Operating expenses by nature
The increase in operating expenses between 2016 and 2017 is mainly due to:
The increase in operating expenses between 2017 and 2018 is mainly due to:
5.3 Personnel expenses
The increase in personnel expenses for the years presented is mainly due to an increase in employee staff. The weighted average full-time employees for the year was 66 in 2016, 98 in 2017 and 138 in 2018. Share-based payments (IFRS 2) Share-based awards have been granted to the directors, to certain employees, as well as to members of the Board of Directors in the form of share subscription warrants (“BSA”), stock options (“SO”), free shares (“AGA”) or founder subscription warrants (“BSPCE”). The Board of Directors has been authorized by the general meeting of the shareholders to grant warrants in the form of AGA, SO, BSA and BSPCE through the following plans: Founder subscription warrants (“BSPCE”) plan The type of founder subscriptions warrants issued by the Company are the following:
In the event of a beneficiary departure from the Company for any reason whatsoever, this beneficiary shall retain the BSPCE2014 to which he subscribed prior to his departure. However, in the event of a beneficiary departure from the Company, for any reason whatsoever, prior to subscription of the BSPCE2014 to which the beneficiary has a right, the BSPCE2014 will be forfeited. In this situation, the BSPCE2014 not subscribed may be re-allocated to other beneficiaries within the same category and/or replacing the person who left the Company. Following the resignation of the Company’s former chief scientific officer in January 2016, 1,000 BSPCE of the 3,000 BSPCE initially granted have been forfeited and will not be granted. The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are:
Share subscription warrants (“BSA”) plan
The main assumptions used to determine the fair value of the plans granted in 2016, 2017 and 2018 are:
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