Financial Highlights

First-Half 2026 Financial Results

• Total operating loss from continuing operations for the six months ended June 30, 2026, was €107.2 million, compared to an operating loss of €215.7 million for the six months ended June 30, 2025. This operating loss in 2025 was negatively impacted by the executed strategic reorganization for a total of €131.6 million. This was reflected in severance costs of €47.5 million, costs for early termination of collaborations of €45.7 million, impairment on fixed assets related to small molecules activities of €12.0 million, professional services costs of €16.6 million, €8.0 million accelerated non-cash cost recognition for subscription right plans related to good leavers and €1.8 million other expenses.

• Total net revenues for the six months ended June 30, 2026, amounted to €18.6 million, compared to €140.3 million for the six months ended June 30, 2025. The revenue recognition related to the exclusive access rights granted to Gilead for our drug discovery platform amounted to €115.1 million for the first six months of 2025. The deferred income balance allocated to our drug discovery platform was fully released in revenue at the end of 2025. We reported €14.0 million of Jyseleca® supplies revenues to Alfasigma for the first six months of 2026 (compared to €18.5 million for the same period last year). We have recognized royalty income from Gilead for Jyseleca® for €4.5 million in the first six months of 2026 (compared to €5.6 million in the same period last year).

• Cost of sales for the six months ended June 30, 2026, amounted to €13.9 million, compared to €18.4 million in the same period last year, and related to the supply of Jyseleca^® to Alfasigma under the transition agreement.

• R&D expenses in the first six months of 2026 amounted to €56.5 million, compared to €278.0 million for the first six months of 2025. This decrease was primarily explained by a decrease in subcontracting cost from €141.0 million in the first half-year of 2025 to €25.2 million in the first half-year of 2026 due to decreased costs for cell therapy and small molecule programs in oncology, and costs for early termination of collaborations recorded in the first half of 2025. Personnel costs decreased from €82.3 million in the first half of 2025 to €24.9 million for the same period this year due to severance costs in the first six months in 2025. Depreciation and impairment expenses decreased from €32.2 million in the first six months of 2025 to €1.6 million in the first six months of 2026 due to impairments on fixed assets related to small molecules activities recorded in the first half of 2025 and the lack of the amortizations on intangibles from the CellPoint acquisition in the first half of 2026 due to the impairment on the cell therapy activities booked end of 2025.

• S&M expenses amounted to €5.8 million in the first six months of 2026, compared to €1.6 million in the first six months of 2025. The increase related to the reversal of a bad debt provision on Alfasigma receivables in the first half of 2025 and higher legal and professional fees in the first half 2026 due to transaction cost related to the Ouro deal, partly offset by a decrease in personnel expenses in the first half of 2026.

• G&A expenses amounted to €52.2 million in the first six months of 2026, compared to €72.9 million in the first six months of 2025. The decrease in legal and professional fees mainly related to professional services costs recognized in the first six months of 2025, while the decrease in personnel expenses of €10.2 million (from €37.1 million in the first six months of 2025 to €26.9 million in the same period this year) was due to higher severance costs recorded in the first half-year of 2025.

• Other operating income amounted to €2.6 million in the first six months of 2026, compared to €14.9 million for the same period last year, mainly driven by a reduction of R&D incentives income.

Net financial income in the first six months of 2026 amounted to €123.2 million (as compared to net financial loss of €45.0 million in the same period last year) and consisted mainly of €25.0 million interest income (as compared to €21.8 million interest income in the same period last year). Net financial income in the first six months of 2026 also included €38.8 million of unrealized currency exchange gain on our cash and cash equivalents and current financial investments at amortized cost in U.S. dollar (as compared to €37.9 million unrealized currency exchange loss on cash and cash equivalents and current financial investments in the first six months of 2025), as a result of the fluctuation of the U.S. dollar, and €52.4 million positive changes in fair value of current financial investments (€49.9 million negative changes in the same period last year).

We had €0.1 million of tax expense for the first six months of 2026 (as compared to €1.8 million tax income for the same period last year).

Net profit from continuing operations for the first six months of 2026 was €15.8 million, compared to a net loss from continuing operations of €259.0 million for the same period last year.

Net profit from discontinued operations related to Jyseleca^® amounted to €0.8 million for the first six months of 2026, compared to a net loss amounting to €0.1 million for the first six months of 2025.

We reported a net profit for the six months ended June 30, 2026, of €16.6 million, as compared to a net loss of €259.1 million for the six months ended June 30, 2025.

Cash, Cash Equivalents and Financial Investments

Cash and cash equivalents and financial investments totaled €2,239.5 million as of June 30, 2026 (€2,998.0 million as of December 31, 2025).

On June 30, 2026, our cash and cash equivalents and current financial investments included $1,962.2 million held in U.S. dollars ($2,159.0 million on December 31, 2025) which could generate foreign exchange gains or losses in our financial results in accordance with the fluctuation of the EUR/U.S. dollar exchange rate as our functional currency is EUR (translated at a rate of 1.1394 €/$ at June 30, 2026).

A net decrease of €758.5 million in cash and cash equivalents and financial investments was recorded during the first six months of 2026, compared to a net decrease of €226.3 million during the first six months of 2025.

This net decrease was composed of (i) €63.6 million of operational cash burn, which includes cash in of €78.4 million related to the return on financial investments, (ii) €38.5 million of positive exchange rate differences, changes in fair value of current financial investments and variation in accrued interest income, (iii) €1.1 million acquisition of equity investments, (iv) €733.5 million of net cash out related to the acquisition of Ouro Medicines, (v) €2.9 million purchase of own shares, partly offset by (vi) €4.1 million of net cash in related to the sale of subsidiaries.

The operational cash burn (or operational cash flow if this liquidity measure is positive) is a financial measure that is not calculated in accordance with IFRS. Operational cash burn/cash flow is defined as the increase or decrease in our cash and cash equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus:

1. the net proceeds, if any, from share capital and share premium increases included in the net cash flows generated from/used in (–) financing activities.

2. the net proceeds or cash used, if any, in acquisitions or disposals of businesses; the acquisition of equity investments held at fair value; the movement in restricted cash and movement in financial investments, if any, the loans and advances given to third parties, if any, included in the net cash flows generated from/used in (–) investing activities.

3. the cash used for other liabilities related to the acquisition or disposal of businesses, if any, included in the net cash flows generated from/used in (–) operating activities.

4. the cash used for the purchase of own shares.

This alternative liquidity measure is in our view an important metric for a biotech company in the development stage.

The following table provides a reconciliation of the operational cash burn: