Cash, cash equivalents and short‑term investments totaled €252.0 million at June 30, 2026, supported by the February 2026 IPO that raised approximately $208 million gross and about $188 million net.
Management expects runway into 1H29. 2025 operating cash outflow was about €51.7 million; 1H26 R&D was €23.0 million and G&A €12.2 million, consistent with a controlled burn. Balance sheet shows minimal financial debt, with liabilities primarily lease and contingent consideration related to prior acquisition.
The strong cash position relative to burn supports a multi‑year plan through key data inflections.







