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The Netherlands
(State or other Jurisdiction of
Incorporation or Organization) |
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3711
(Primary Standard Industrial
Classification Code Number) |
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Not Applicable
(I.R.S. Employer
Identification Number) |
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Krystian M. Czerniecki
Clemens Rechberger Sullivan & Cromwell LLP Neue Mainzer Straße 52 60311 Frankfurt Germany +49 (69) 4272 5200 |
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Paul van der Bijl
NautaDutilh N.V. Beethovenstraat 400 1082 PR Amsterdam The Netherlands +31 (20) 717-1000 |
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Page
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EXPLANATORY NOTE | | | | | | | |
| | | | ii | | | |
| | | | iv | | | |
| | | | 1 | | | |
| | | | 11 | | | |
| | | | 15 | | | |
| | | | 17 | | | |
| | | | 18 | | | |
| | | | 21 | | | |
| | | | 22 | | | |
| | | | 43 | | | |
| | | | 63 | | | |
| | | | 66 | | | |
| | | | 67 | | | |
| | | | 69 | | | |
| | | | 70 | | | |
| | | | 71 | | |
| | |
For the year ended December 31,
|
| | |
For the six-month periods
ended June 30, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| | |
2022
|
| |
2021
|
| |||||||||||||||
| | |
(in € millions)
|
| | |
(in € millions)
|
| ||||||||||||||||||||||||
Revenue
|
| | | | 0.0 | | | | | | — | | | | | | — | | | | | | | 0.0 | | | | | | — | | |
Cost of sales
|
| | | | (0.0) | | | | | | — | | | | | | — | | | | | | | (0.1) | | | | | | — | | |
Gross profit
|
| | |
|
(0.0)
|
| | | |
|
—
|
| | | |
|
—
|
| | | | |
|
(0.1)
|
| | | | | — | | |
Cost of research and development
|
| | | | (40.6) | | | | | | (30.5) | | | | | | (4.9) | | | | | | | (53.1) | | | | | | (12.8) | | |
Selling and distribution expenses
|
| | | | (3.2) | | | | | | (9.1) | | | | | | (2.1) | | | | | | | (1.0) | | | | | | (1.6) | | |
General and administrative
expenses |
| | | | (15.1) | | | | | | (14.4) | | | | | | (2.4) | | | | | | | (7.6) | | | | | | (7.7) | | |
Other operating income/expenses
|
| | | | (0.2) | | | | | | (0.0) | | | | | | 0.2 | | | | | | | 1.8 | | | | | | 0.4 | | |
Impairment losses on financial
assets |
| | | | (0.0) | | | | | | (0.0) | | | | | | — | | | | | | | 0.0 | | | | | | (0.0) | | |
Operating loss
|
| | | | (59.2) | | | | | | (54.0) | | | | | | (9.3) | | | | | | | (60.1) | | | | | | (21.8) | | |
Interest and similar income
|
| | | | — | | | | | | 0.0 | | | | | | — | | | | | |
|
—
|
| | | |
|
—
|
| |
Interest and similar expense
|
| | | | (4.8) | | | | | | (2.0) | | | | | | (0.7) | | | | | | | (0.9) | | | | | | (2.6) | | |
Loss before tax
|
| | | | (63.9) | | | | | | (56.0) | | | | | | (10.0) | | | | | | | (61.0) | | | | | | (24.4) | | |
Taxes on income
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | 0.0 | | |
Deferred taxes on expense
|
| | | | 0.0 | | | | | | — | | | | | | — | | | | | | | — | | | | | | (0.0) | | |
Loss for the period
|
| | | | (64.0) | | | | | | (56.0) | | | | | | (10.0) | | | | | | | (61.0) | | | | | | (24.4) | | |
Other comprehensive income (loss)
that will not be reclassified to profit or loss |
| | | | 0.0 | | | | | | (0.0) | | | | | | — | | | | | | | — | | | | | | (0.1) | | |
Total comprehensive loss for the
period |
| | | | (63.9) | | | | | | (56.1) | | | | | | (10.0) | | | | | | | (61.0) | | | | | | (24.5) | | |
Loss per share in € | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted(1)
|
| |
(1.07)/(1.07)
|
| |
(0.97)/(0.97)
|
| |
(0.18)/(0.18)
|
| | |
(0.81)/(0.81)
|
| |
(0.76)/(0.76)
|
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Weighted average number of share for
calculation of earnings per share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted(1)
|
| | | | 59,836,824 | | | | | | 57,684,220 | | | | | | 56,860,720 | | | | | | | 75,544,645 | | | | | | 32,367,901 | | |
| | |
For the year ended
December 31, |
| | |
For the six-month periods
ended June 30, |
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| | |
2021
|
| |
2020
|
| |
2019
|
| | |
2022
|
| |
2021
|
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| | |
(in € millions)
|
| | |
(in € millions)
|
| ||||||||||||||||||||||||
Net cash used in operating activities
|
| | | | (47.1) | | | | | | (1.2) | | | | | | (8.8) | | | | | | | (59.0) | | | | | | (17.3) | | |
Net cash used in investing activities
|
| | | | (1.7) | | | | | | (0) | | | | | | (1.1) | | | | | | | (24.0) | | | | | | (0.9) | | |
Net cash from (used in) financing activities
|
| | | | 138.6 | | | | | | 44.1 | | | | | | 8.8 | | | | | | | 38.3 | | | | | | 1.2 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 89.8 | | | | | | 42.9 | | | | | | (1.1) | | | | | | | (44.7) | | | | | | (17.1) | | |
Cash and cash equivalents at the beginning of the period
|
| | | | 43.3 | | | | | | 0.4 | | | | | | 1.5 | | | | | | | 132.9 | | | | | | 43.3 | | |
Cash and cash equivalents at end of period
|
| | | | 132.9 | | | | | | 43.3 | | | | | | 0.4 | | | | | | | 89.8 | | | | | | 26.1 | | |
| | |
As of December 31,
|
| | |
As of June 30,
|
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| | |
2021
|
| |
2020
|
| | |
2022
|
| |||||||||
| | |
(in € millions)
|
| | |
(in € millions)
|
| ||||||||||||
Total non-current assets
|
| | | | 4.9 | | | | | | 4.1 | | | | | | | 28.5 | | |
Total current assets
|
| | | | 142.4 | | | | | | 49.2 | | | | | | | 106.3 | | |
Total assets
|
| | | | 147.3 | | | | | | 53.3 | | | | | | | 134.7 | | |
Total equity
|
| | | | 83.4 | | | | | | (5.0) | | | | | | | 62.1 | | |
Total liabilities
|
| | | | 63.9 | | | | | | 58.4 | | | | | | | 72.6 | | |
Total equity and liabilities
|
| | | | 147.3 | | | | | | 53.3 | | | | | | | 134.7 | | |
Name of Selling Shareholder
|
| |
Ordinary
shares beneficially owned prior to the offering |
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% of ordinary
shares owned prior to the offering |
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Maximum
number of ordinary shares to be offered by this prospectus(1) |
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Maximum
number of ordinary shares to be offered by this prospectus a % of currently outstanding ordinary shares(2) |
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Number of
ordinary shares beneficially owned following the offering |
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% of ordinary
shares beneficially owned following the offering |
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YA II PN, Ltd.(3)
|
| | | | — | | | | | | — | | | | | | 30,000,000 | | | | | | 33.1% | | | | | | 0 | | | | | | 0% | | |
| | |
As of June 30, 2022
|
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Actual
|
| |
Adjustments
for sales to the ELOC Investor |
| |
Adjustments
for issue and sale of all convertible debentures(1) |
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As
adjusted |
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| | |
(in € millions)
|
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Cash and cash equivalents
|
| | | | 89.8 | | | | | | 16.6 | | | | | | 28.5 | | | | | | 135.0 | | |
Long-term debt (including current portion)
|
| | | | 6.7 | | | | | | — | | | | | | 29.5 | | | | | | 36.2 | | |
Equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Subscribed capital
|
| | | | 9.4 | | | | | | 0.5 | | | | | | — | | | | | | 9.9 | | |
Capital and other reserves
|
| | | | 260.9 | | | | | | 16.1 | | | | | | — | | | | | | 277.0 | | |
Accumulated deficit
|
| | | | (208.1) | | | | | | — | | | | | | (1.0) | | | | | | (209.1) | | |
Total equity
|
| | | | 62.1 | | | | | | 16.6 | | | | | | (1.0) | | | | | | 77.7 | | |
Total capitalization
|
| | | | 68.8 | | | | | | 16.6 | | | | | | 28.5 | | | | | | 113.9 | | |
| | |
Amount
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SEC registration fee
|
| | | $ | 25,919.04 | | |
FINRA filing fee
|
| | | | * | | |
Printing and engraving expenses
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Accounting fees and expenses
|
| | | | * | | |
Miscellaneous costs
|
| | | | * | | |
Total
|
| | | | * | | |
|
Assumed public offering price per ordinary share
|
| | | | | | | | | $ | 1.26 | | |
|
Net tangible book value per ordinary share as of June 30, 2022
|
| | | $ | 0.80 | | | | | | | | |
|
Increase in net tangible book value per ordinary share attributable to this offering
|
| | | $ | 0.24 | | | | | | | | |
|
As adjusted net tangible book value per ordinary share as of June 30, 2022, after giving effect to this offering
|
| | | | | | | | | $ | 1.04 | | |
|
Dilution per share to new investors purchasing shares in this offering
|
| | | | | | | | | $ | 0.22 | | |