0001564590-21-020254 | 20-F | XBRL Viewer

Current trade and others receivables

€ 171,029

€ 276,748

€ 207,240

11,919

12,033

8,794

Other current assets

1,765

1,968

2,078

Inventories

Total - Current assets

184,717

290,753

218,116

Non-current assets

Intangible assets

791

920

796

Other non-current financial assets

11,648

16,453

7,764

1,458

1,727

1,313

Total - Non-current assets

13,897

19,099

11,362

Total - Assets

198,614

309,853

229,478

Current liabilities

Current convertible loans

1,313

1,312

Current trade and other payables

3,035

3,226

1,848

25,564

36,917

35,974

Current deferred income and revenue

124

139

Current provisions

1,031

2,061

112

Total - Current liabilities

31,067

43,657

39,248

Non-current liabilities

Non-current convertible loans

169,470

164,142

159,176

Non-current trade and other payables

11,873

14,939

7,255

451

450

Non-current employee benefits

1,148

1,408

1,085

Total - Non-current liabilities

767

1,193

1,773

183,709

182,132

169,291

Shareholders' equity

Share capital

9,722

9,715

7,796

Share premium

379,057

377,821

251,554

Retained earnings (accumulated deficit)

(303,629)

(238,340)

(158,897)

Currency translation adjustment

(92)

Total shareholders' equity - Group share

(101,221)

(65,144)

(79,521)

(16,162)

84,065

20,939

Total - Shareholders' equity

(16,162)

84,065

20,939

Total - Shareholders' equity & liabilities

€ 198,614

€ 309,853

€ 229,478

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Consolidated Statements of Operations - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

Revenues and other income

Revenue

€ 765

€ 30,839

€ 69

Other income

6,993

10,122

7,425

Revenues and other income

7,758

40,961

7,494

Operating expenses and other operating income (expenses)

(59,097)

(66,170)

(67,024)

(14,270)

(17,265)

(9,076)

(11,216)

(13,708)

(717)

(5,308)

Net profit (loss) before tax

(764)

(1,649)

(162)

Operating income (loss)

(82,897)

(57,832)

(69,484)

Financial income

6,544

5,221

728

Financial expenses

(25,296)

(13,110)

(11,118)

Financial profit (loss)

(18,752)

(7,889)

(10,391)

(101,649)

(65,721)

(79,875)

Income tax benefit (expense)

428

576

354

Attributable to owners of the Company

(101,221)

(65,144)

(79,521)

^[2]

€ (101,221)

€ (65,144)

€ (79,521)

Basic and diluted earnings (loss) per share

Basic and diluted earnings (loss) per share (€/share)

€ (2.60)

€ (1.76)

€ (2.55)

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7
[2]	The Group applied IFRS16 ”leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of the application is presented in note 4.7

Consolidated Statements of Other Comprehensive Loss - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[2]

Statement Of Comprehensive Income [Abstract]

Actuarial gains and losses net of tax

€ (101,221)

€ (65,144)

€ (79,521)

^[1]

196

(168)

(31)

Other comprehensive income (loss) that will never be reclassified to profit or loss

196

(168)

(31)

Exchange differences on translation of foreign operations

(106)

Other comprehensive income (loss) that are or may be reclassified to profit or loss

(106)

Attributable to owners of the Company

(101,131)

(65,304)

(79,537)

€ (101,131)

€ (65,304)

€ (79,537)

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7
[2]	The Group applied IFRS16 ”leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of the application is presented in note 4.7

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.

+ References + Details

Cash flows from operating activities

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2020-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2020-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2020-01-01

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2020-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2020-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2020-01-01

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2020-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2020-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2020-01-01

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2020-01-01

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2020-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2020-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2020-01-01

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_23&doctype=Standard
-URIDate 2020-01-01

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2020-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2020-01-01

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2020-01-01

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2020-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2020-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2020-01-01

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2020-01-01

+ Details

Consolidated Statements of Cash Flows - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

+ Depreciation and amortization on tangible and intangible assets

€ (101,221)

€ (65,144)

€ (79,521)

^[1],[2]

Adjustments for:

3,559

3,263

+ Impairment and provision for litigation

3,015

357

1,236

1,657

- Gain on disposal of property, plant and equipment

(19)

+ Net finance expenses (revenue)

10,335

11,437

+ Income tax expense (benefit)

(428)

(576)

+ Other non-cash items including Research Tax Credit litigation

(1,818)

1,702

Operating cash flows before change in working capital

(85,242)

(47,324)

Change in:

Decrease (increase) in trade receivables and other assets

318

(1,640)

(Decrease) increase in trade payables and other liabilities

(11,447)

1,284

Change in working capital

(11,129)

(356)

Net cash flows used in operating activities

(96,371)

(47,680)

Cash flows from investment activities

- Acquisition of property, plant and equipment

(900)

(2,030)

+ Proceeds from disposal of / reimbursement of property, plant and equipment

2,517

- Acquisition of financial instruments

(66)

(160)

Net cash flows provided by (used in ) investment activities

(966)

327

Cash flows from financing activities

+ Proceeds from issue of share capital (net)

126,486

+ Proceeds from subscription / exercise of share warrants

- Repayments of loans and borrowings

207

(6)

- Payments of lease debts

(2,150)

(1,877)

- Financial interests paid (including finance lease)

(7,762)

(7,785)

+ Financial interests received

1,442

Net cash flows provided by (used in ) financing activities

(8,256)

116,860

Increase (decrease) in cash and cash equivalents

(105,593)

69,508

Cash and cash equivalents at the beginning of the period

276,748

207,240

^[3]

Effects of exchange rate changes on cash

(126)

Cash and cash equivalents at the end of the period

€ 171,029

276,748

207,240

^[3]

Previously stated

Cash flows from operating activities

+ Depreciation and amortization on tangible and intangible assets

(79,521)

Adjustments for:

1,819

+ Impairment and provision for litigation

(208)

787

- Gain on disposal of property, plant and equipment

(2)

+ Net finance expenses (revenue)

10,971

+ Income tax expense (benefit)

(354)

+ Other non-cash items including Research Tax Credit litigation

Operating cash flows before change in working capital

(66,507)

Change in:

Decrease (increase) in trade receivables and other assets

(724)

(Decrease) increase in trade payables and other liabilities

11,056

Change in working capital

10,332

Income tax paid

Net cash flows used in operating activities

(56,081)

Cash flows from investment activities

- Acquisition of property, plant and equipment

(2,938)

+ Proceeds from disposal of / reimbursement of property, plant and equipment

- Acquisition of financial instruments

(1,050)

Net cash flows provided by (used in ) investment activities

(3,986)

Cash flows from financing activities

+ Proceeds from subscription / exercise of share warrants

+ Proceeds from new loans and borrowings net of issue costs

1,800

- Repayments of loans and borrowings

(2,000)

- Financial interests paid (including finance lease)

(6,351)

Net cash flows provided by (used in ) financing activities

(6,514)

Increase (decrease) in cash and cash equivalents

(66,580)

Cash and cash equivalents at the beginning of the period

€ 207,240

273,820

Cash and cash equivalents at the end of the period

€ 207,240

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7
[2]	The Group applied IFRS16 ”leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of the application is presented in note 4.7
[3]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Consolidated Statements of Changes in Equity - EUR (€)
€ in Thousands

Total

Share Capital

Share Premium

Treasury Shares

Retained Earnings (Accumulated Deficit)

Currency Translation Adjustment

Net Profit (Loss)

Total Shareholders' Equity Group Share

Balance at Dec. 31, 2017

€ 101,457

€ 7,792

€ 251,932

€ (127)

€ (102,404)

€ (8)

€ (55,728)

€ 101,457

Balance, shares at Dec. 31, 2017

31,166,437

Other comprehensive income (loss)

(79,521)

^[1],[2]

(79,521)

(17)

(31)

(17)

Allocation of prior period profit (loss)

(79,537)

^[2]

(31)

(79,521)

(79,537)

(55,728)

55,728

Capital increase

(1,201)

€ 4

(1,201)

(4)

(1,201)

Capital increase, shares

17,484

Balance, shares at Dec. 31, 2018

787

Treasury shares

(603)

Other movements

Balance at Dec. 31, 2018

20,939

^[3]

€ 7,796

251,554

(730)

(158,167)

(79,521)

20,939

31,183,921

Other comprehensive income (loss)

(65,144)

(160)

(168)

(160)

Allocation of prior period profit (loss)

(65,304)

(168)

(65,144)

(65,304)

(79,521)

79,521

Capital increase

126,479

€ 1,919

124,567

(7)

126,479

Capital increase, shares

7,674,696

Balance, shares at Dec. 31, 2019

1,657

Treasury shares

252

Other movements

Balance at Dec. 31, 2019

€ 84,065

€ 9,715

377,821

(478)

(237,862)

(65,144)

84,065

38,858,617

Other comprehensive income (loss)

€ (101,221)

(101,221)

196

(106)

Allocation of prior period profit (loss)

(101,131)

196

(106)

(101,221)

(101,131)

(65,144)

65,144

Capital increase

€ 7

(7)

Capital increase, shares

29,762

Balance, shares at Dec. 31, 2020

1,236

Treasury shares

(333)

Balance at Dec. 31, 2020

€ (16,162)

€ 9,722

€ 379,057

€ (811)

€ (302,818)

€ (92)

€ (101,221)

€ (16,162)

38,888,379

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7
[2]	The Group applied IFRS16 ”leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of the application is presented in note 4.7
[3]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

The Company

12 Months Ended

Dec. 31, 2020

Company Information [Abstract]

The Company

1.	THE COMPANY

Founded in 1999 under the laws of France, GENFIT S.A. (the "Company") is a late-stage biopharmaceutical company dedicated to the discovery and development of innovative drugs and diagnostic tools in therapeutic areas of high unmet need due in particular to the lack of effective treatments or diagnostic solutions and/or the increase in patients worldwide.

The Company focuses its research and development (R&D) efforts on the potential marketing of therapeutic and diagnostic solutions to combat certain metabolic, inflammatory, autoimmune and fibrotic diseases affecting in particular the liver (such as Primary Biliary Cholangitis or PBC) and more generally gastroenterological diseases. The head office address is : 885 Avenue Eugène Avinée – 59120 Loos FRANCE

The consolidated financial statements of the Company include the financial statements of GENFIT S.A. and those of its wholly-owned subsidiaries: GENFIT CORP (U.S. subsidiary) and GENFIT PHARMACEUTICALS SAS (French subsidiary) (together referred to in these notes to the consolidated financial statements as "GENFIT" or the "Group" or “we “ or “us”).

Major Events In The Period And Events After The Period

12 Months Ended

Dec. 31, 2020

Disclosure Of Major Events In The Period And Events After The Period [Abstract]

Major Events In The Period And Events After The Period

2.	MAJOR EVENTS IN THE PERIOD AND EVENTS AFTER THE PERIOD

2.1	Termination of RESOLVE IT and the development program of elafibranor in NASH

In May 2020, the Company announced the results from the interim analysis of the RESOLVE-IT Phase 3 trial in adult patients with NASH. Elafibranor did not meet the predefined primary efficacy endpoint of NASH resolution without worsening of fibrosis, nor the secondary endpoints in the ITT population of 1,070 patients.

For the primary efficacy endpoint, the response rate in the 717 patients enrolled on the study drug was 19.2% for patients who received elafibranor 120mg compared to 14.7% for patients in the placebo arm, which was not statistically significant (N.S.). On the fibrosis key secondary endpoint, 24.5% of patients who received elafibranor 120mg achieved fibrosis improvement of at least one stage compared to 22.4% in the placebo arm (N.S.).

While the topline results do not support an application for accelerated approval of elafibranor by the FDA under Subpart H or conditional approval by the European Medicines Agency (“EMA”), the Company announced, also in May 2020, its intention to review in detail the full dataset and conduct additional analyses in order to understand why the placebo response rate was higher than what was expected before making a decision regarding continuation of the RESOLVE-IT trial.

On July 22, 2020, following the detailed review of the full RESOLVE-IT interim efficacy dataset, the Company determined that the investment needed to continue the trial was not justified, as it was unlikely to provide results that would be sufficient to support elafibranor for registration in NASH in the United States and Europe. The Company made an informed decision to prematurely terminate the study due to lack of efficacy but not due to safety concerns and announced that it would engage with the RESOLVE-IT investigators to expedite the trial termination process.

Following this decision, some of the studies that had been put on hold since the inception of the COVID-19 pandemic have not resumed. These decisions are unrelated to the COVID-19 pandemic nor to any concern with the safety of the Company’s drug candidate.

More specifically, the Phase 1 trials of the development program of elafibranor in NASH have been terminated early as sufficient data was available for the research goals, the only exception being the bioequivalence section of the bioequivalence and food interaction study, which has continued.

The Phase 2 trials of this program have also been terminated early, including the PK/PD trial in pediatric NASH and the hepatic lipid composition trial.

As such, the termination process of the RESOLVE-IT study, and more broadly, the termination of the development program of elafibranor in NASH, as analyzed under IAS37 and detailed hereafter, have had very significant impacts on the results of the 2020 period and will continue to impact those of the 2021 period (contracts). Besides, the termination of this development program has led the company to define a new strategy in September 2020 and to implement a series of financial measures, most significant of which are reduction in force plan, rationalization of building occupancy and renegotiation of the Company’s convertible bonds, which are discussed below.

Impact on subcontracting costs

The termination of the development program of elafibranor in NASH and the closing of the RESOLVE-IT study in particular involve external costs notably due to regulatory activities, expenses related to final patient visits, site closures, clinical data recording, finalizing the Clinical Study Report, updating the Trial Master File, and invoking a supply contract termination clause, etc.

Overall, the amount of contracting costs recognized in 2020 for the termination is €9.7 million, with a further €8 to 10 million estimated to be recognized in 2021.

The Company has completed an analysis of these costs to be incurred in 2021 (see estimate above) under IAS 37 and reached the following conclusion:

•

If the RESOLVE-IT study had not been initiated, Genfit would have needed to complete similar work (preparation of a drug safety file for elafibranor) to the work that will be completed in 2021 as part of the closing of the RESOLVE-IT study and bear the related costs for the needs of elafibranor in the PBC project (ELATIVE).

•

Therefore, and after detailed review, these costs can be tied to elafibranor in the PBC project, which, insofar as Genfit intends to complete it, may not be designated as onerous contract under IAS 37, and therefore were not provisioned in the 2020 accounts.

In keeping with this analysis, administrative fees and fees for the destruction of drug tablets were provisioned for €378 (see Note 15 “Provisions”) as they cannot be linked to the elafibranor program in PBC.

Impact on scientific equipment leased and owned

The Group has analyzed the impact of the closing of RESOLVE-IT and its decision to reorganize its activities on its scientific equipment. An inventory of the equipment that may be sold, kept as a spare, or disposed of, was completed.

Leased equipment

As the Group received the agreement of the lessor to purchase this equipment as well as an offer for its sale, an impairment loss of €503 has been recognized in 2020 in order to account for the estimated loss in comparison to the net book value of the rights of use of the asset.

Owned equipment

As the Group received an offer for the sale of some of this equipment, an impairment loss of €363 has been recognized in 2020 in order to account for the estimated loss in comparison to the net book value.

For the impact on the fixed assets, which included analyzing which equipment will continue to be used and which equipment will be disposed of or sold, we have identified an impairment loss of € 866 Please see Note.8 “Property, Plant and Equipment”.

Premises

Part of the premises that we rent is no longer in use (offices in Paris and some laboratories at our headquarters in Loos); As part of the review under IAS 36, and since neither use nor sublease was under consideration in the near future, an impairment loss of the right of use €1,275 has been recognized (see Note 8 “Property, Plant and Equipment”). This amount includes an impairment loss for fixtures, fittings and improvements of €93.

Event after the reporting period related to leased premises: on March 29, 2021, we signed a negotiated agreement for early termination of our commercial lease for part of the office space we lease in Paris. This agreement took effect on March 31, 2021, and in 2021, the lease liability will be adjusted.

Reorganization and reduction in force

At June 30, 2020 the Group had 203 employees on our sites based in Lille and Paris (France) and Cambridge (Massachusetts, USA). Following the disappointing results of the RESOLVE-IT trial, the Company has initiated a reorganization and reduction in force plan (plan de sauvegarde de l’emploi or “PSE”) in France, subject to the information and consultation procedure with the Economic and Social Committee of the Company, and reached an agreement with the representative Union, which was approved by the DIRECCTE in November 2020.

In total for the Group, this reorganization results in reducing the number of employees to a headcount of 130 employees as of December 31, 2020, with most departures taking place on December 28, 2020.

The costs related to this PSE are estimated at €1,850 and were the object of provisions (for support measures such as return-to-work bonuses, trainings, business start-up assistance and other such costs) and accruals (for notice periods, severance pay, and compensation for voluntary departure) in the 2020 accounts. They will be disbursed starting in January 2021 (see Notes 19.1 “Employee Expenses” and 15 “Provisions”).

2.2	Renegotiation of the convertible bond debt (OCEANEs)

OCEANEs buyback and amendments of terms

On November 23, 2020, GENFIT presented to all OCEANE bondholders its renegotiation offer involving two interdependent facets:

•

A partial buyback of the outstanding OCEANEs for a maximum amount of 3,048,780 OCEANEs at €16.40 per bond; and

•

An amendment of the terms of the remaining OCEANEs allowing to extend their maturity (by 3 years) and increase the conversion ratio (to 5.5 common shares per bond).

The objectives of this renegotiation were:

•

Liquidity preservation for GENFIT’s operational functionality;

•

Reduction of the nominal amount of financial debt to be redeemed;

•

Deferment of the remaining debt maturity date in line with the next milestones in GENFIT’s priority programs (Phase 3 development program of elafibranor in PBC and development of an IVD test in NASH based on NIS4 technology for diagnosis).

Within the context of this offer, GENFIT announced on December 7, 2020 that it had signed a bond repurchase agreements with OCEANEs holders to buyback a total of 2,895,260 OCEANEs (representing 47.6% of the outstanding OCEANEs and €85.7 million in nominal amount), for a total repurchase price of €47.48 million. The settlement of the OCEANEs partial buyback remained entirely contingent on the approval of the new terms of the OCEANEs by GENFIT shareholders and bondholders at meetings held in January 2021.

At December 31, 2020, GENFIT continues to categorize the debt component of the OCEANE under “Non-current loans and borrowings” corresponding to the contingent buyback commitment since GENFIT is under no obligation to payout the OCEANE within twelve months after the closing date.

The fees related to this renegotiation (financial advising, counsel fees, meeting costs, etc) are estimated at €2,400 of which €745 were incurred in 2020 and recognized in 2020. The other fees incurred in January 2021 will be recognized in the 2021 period.

Events after the reporting period, not affecting the financial statements closed at December 31, 2020

For the purposes of this part of the Note 2.2, amounts are provided in millions, or thousands of euros, as indicated, except for numbers of shares, per shares amounts and share capital.

Both the Shareholders’ and Bondholders’ Meetings took place on January 25, 2021, and approved the bond renegotiation offer described above.

Following the shareholders’ and bondholders’ decisions, GENFIT completed the partial buyback of 2,895,260 OCEANEs at a price of €16.40 (including accrued interest of €0.30) for a total buyback cost of €47.48 million. The settlement operations occurred on January 29, 2021. The repurchased OCEANEs were then cancelled by GENFIT.

For the non-cancelled, renegotiated OCEANEs (i.e. 3,185,821 remaining OCEANEs), the maturity was extended to October 16, 2025 and the conversion ratio changed from 1 OCEANE for 1 share to 1 OCEANE for 5.5 shares. The nominal amount and the payout value of the remaining OCEANEs remains unchanged at €29.60 per bond.

This renegotiation operation of the OCEANE will be recognized in the 2021 consolidated accounts, as will be the derecognition of the full initial OCEANE as of January 25, 2021 against a payment of €47.48 million and the issuance at its fair value of 3,185,821 new amended OCEANEs.

As the conversion option for the new OCEANEs (2025 maturity) fits the definition of an equity instrument under IAS 32 (Financial Instruments: Presentation), the components of this new OCEANE (debt vs. equity) will be recognized separately on January 25, 2021, in accordance with the accounting rules and methods presented in Note 4.15 “Loans and Borrowings”. The fair value of a new amended OCEANE and its debt component have been estimated at January 25, 2021 respectively at €27.80 and €24.12. The difference between these two values results in the value of the conversion option that will be recognized in equity, i.e. €3.68 per OCEANE.

On the basis of fair values (of the OCEANE and its debt component) as explained above, a reduction of the amortized cost of the financial debt (OCEANE) of €94.8 million is expected at January 25, 2021 (removal of the initial debt of €171.6 million and recognition of the new debt of €76.8 million) in return for:

•

An increase in equity of €11.7 million before deferred taxes (corresponding to the recognition of the value of the conversion option of the amended OCEANE);

•

The payment of €47.5 million for the OCEANEs partial buyback; and

•

The recognition of financial gain (buyback bonus) of €35.6 million before tax.

Following the implementation of the partial buyback operation and the approval of the amendment of the terms of the OCEANEs, 552,238 of the new OCEANEs were subject to a request for share conversion at the end of January 2021. On February 4, 2021, given these conversion requests, a capital increase of €759,327.25 has been recognized, corresponding to the creation of 3,037,309 new shares. This conversion of 552,238 new OCEANEs will result in a reduction in financial debt for the Group of €13.32 million.

Following the implementation of the partial buyback operation and the approval of the amendment of the terms of the OCEANEs, 483,330 of the new OCEANEs were subject to a request for share conversion at the end of February 2021. On March 12, 2021, given these conversion requests, a capital increase of €664,578.75 has been recognized, corresponding to the creation of 2,658,312 new shares. This conversion of 483,330 new OCEANEs will result in a reduction in financial debt for the Group of €11.66 million.

Following the implementation of the partial buyback operation and the approval of the amendment of the terms of the OCEANEs, 216,591 of the new OCEANEs were subject to a request for share conversion at the end of March 2021. On April 13, 2021, given these conversion requests, a capital increase of €297,812.50 has been recognized, corresponding to the creation of 1,191,250 new shares. This conversion of 216,591 new OCEANEs will result in a reduction in financial debt for the Group of €5.22 million.

2.3	Signature of a second license agreement with Labcorp in September 2020

In September 2020, the Company has announced a new exclusive license agreement with Labcorp to allow them to develop and commercialize an LDT (Laboratory Diagnostic Test) powered by NIS4™ technology for use in routine clinical diagnostic testing in the United States and Canada.

The main provisions of the contract include a transfer of technology and a right to use of its intellectual property.

Within the scope of the contract, the Company has received or may receive:

An initial payment at the first anniversary date of the contract;

Payments depending on the achievement of certain milestones; and

Royalties on the sales.

2.4

COVID-19

Major events in the period

A new coronavirus strain, COVID-19, was identified in Wuhan, China in December 2019. Since then, the COVID-19 coronavirus has spread to several countries, including countries where the Company is headquartered, countries in which the Company has clinical trials in progress, countries where it plans to conduct clinical trials and countries in which major subcontractors for carrying out its clinical trials and the production units of the active ingredient suppliers and therapeutic units of elafibranor, its most advanced drug candidate, are located.

The most significant impact of this unprecedented spread of COVID-19 has affected the Phase 3 clinical trial in PBC (ELATIVE^TM) and the deployment of the NIS4^TM technology in NASH diagnostics:

•

Delay in launching Phase 3 in PBC, with the first patient recruitment in late 2020 instead of early 2020;

•

Likely impact on the recruitment speed for this Phase 3 trial, since a reinforced protocol has been established in order to protect patients and healthcare professionals;

•

Likely impact on the deployment speed of NIS4^TM technology by our partner Labcorp/Covance, in the field of clinical research due to the potential delays in the relevant clinical trials.

Even though the COVID-19 pandemic has evolved rapidly, the plans of the Company were adjusted accordingly and the Company did not experience supply disruptions for its current or upcoming clinical trials.

All support activities related to the continuation of current studies or the inception of the planned new studies have been maintained in order to minimize potential delays when the COVID-19 pandemic crisis subsides.

2.5	Phase 3 trial evaluating elafibranor in PBC

In September 2020, the Company announced the completion of the first patient first visit in the ELATIVE Phase 3 trial in patients with PBC. Appropriate measures have been implemented, including virtual appointments, biological evaluations performed by local laboratories and delivery of the drug candidate to the patients’ home, to ensure the safety of participants in the study. As of the date of the approval of the financials statements , enrolment is continuing, and new clinical research centers have been opened. We estimate that the recruitment period will span over 18 months instead of the 12 months that were expected before the COVID-19 pandemic.

Basis of Presentation

12 Months Ended

Dec. 31, 2020

Disclosure Of Basis Of Presentation [Abstract]

Basis of Presentation

3.	BASIS OF PRESENTATION

The Consolidated Financial Statements of GENFIT have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and in accordance with IFRS as adopted by the European Union at December 31, 2020. The comparative information presented reflect the year ended December 31, 2019 and the year ended December 31, 2020.

The consolidated financial statements have been prepared using the historical cost measurement basis except for certain assets and liabilities that are measured at fair value in accordance with the IFRS general principles of fair presentation, going concern, accrual basis of accounting, consistency of presentation, materiality and aggregation

These consolidated financial statements for the year ended December 31, 2020 were prepared under the responsibility of the Board of Directors that approved such statements on April 1, 2021.

The term IFRS includes International Financial Reporting Standards ("IFRS"), International Accounting Standards (the "IAS"), as well as the Interpretations issued by the Standards Interpretation Committee (the "SIC"), and the International Financial Reporting Interpretations Committee ("IFRIC").

The principal accounting methods used to prepare the Consolidated Financial Statements are described below.

All financial information (unless indicated otherwise) is presented in thousands of euros (€).

3.1.	Changes in accounting policies and new standards or amendments

The Group adopted IFRS 16 Leases on January 1, 2019.

With the exception of those mentioned below, the accounting policies applicable for the present consolidated annual financial statements are the same as those applied to the last consolidated annual financial statements.

The following new standards are applicable from January 1, 2020, but do not have any material effect on the Group’s financial statements for the year ended December 31, 2020.

•

Updating a Reference to the Conceptual Framework (Amendments to IFRS 3),,

•

Amendment to IFRS 3: Definition of a Business,

•

Amendment to IAS 1 and IAS 8: Definition of the term “material”,

•

Amendment to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark reform– Phase 1

It should also be noted that the amendment to IFRS 16 related to rent concessions is not applicable, as no rent concession nor free rent has been requested by GENFIT for its lease agreements.

It must be noted that, following the release of the final decision by IFRS IC on December 16, 2019 related to the duration of lease agreements and its relation with the depreciation period for fixtures, fittings and improvements, the Group conducted an impact analysis regarding the implementation of this decision. This analysis mainly focused on the identification of possibly affected agreements, the collection of relevant information, notably regarding existing fixtures, fittings and improvements, and the determination of estimates to define the applicable duration, then the lease duration.

The IFRS IC decision was therefore applied, the analysis that was conducted concluding that there was no impact, and, as such, no significant consequences on the Group’s accounts.

3.2.	Standards, interpretations and amendments issued but not yet effective

The Group has not identified any standards or amendments issued and in force and anticipated as of January 1, 2020 that may have a significant impact on the Group's consolidated financial statements, notably:

Amendments to IAS 37 Onerous contracts – Cost of fulfilling a contract will become effective in 2022,

Amendment to IAS 1 Classification of Liabilities as Current or Non-current will become effective in 2023,

Amendment to IAS 1 Disclosure of Accounting Policies will become effective in 2023,

Amendment to IAS 8 Definition of Accounting Estimates will become effective in 2023,

Annual improvements,

Amendments to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 is effective in 2021

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 related to Interest Rate Benchmark Reform (phase 2) are effective in 2021

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Disclosure Of Voluntary Change In Accounting Policy [Abstract]

Summary of Significant Accounting Policies

4.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

4.1.	Use of estimates and judgments

In preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The estimates and underlying assumptions mainly relate to research tax credits (see Note 4.19.2, "Research tax credit", employee benefits (see Note 4.18, "Employee benefits"), leases (see Note 4.6 “Property, plant and equipment” and Note 4.7 “Leases”), share-based payments (see Note 20, "Share-based compensation"), accruals related to clinical trials (see Note 19, "Operating expenses", Note 2.1 “Termination of RESOLVE IT and the development program of elafibranor in NASH”) and convertible loans (see Note 12.1 "Breakdown of convertible loan").

When assessing going concern, the Group’s Board of Directors considers mainly the following factors:

The liquidity available at the statement of financial position date, the cash spend projections for next 12-month period as from the date of the financial statements are issued and the availability of other funding.

4.2.	Consolidation

The Group controls an entity when it is exposed to variable returns from its involvement with the entity, and it has the ability to affect those returns through its power over the entity.

The Group controls all the entities included in the scope of consolidation.

4.3.	Foreign currency

4.3.1.

Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of the entities of the Group at the exchange rates applicable at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the reporting date.

The resulting exchange gains or losses are recognized in the statements of operations.

4.3.2.

Translation of foreign subsidiary financial statements

The assets and liabilities of foreign operations having a functional currency different from the euro are translated into euros at the closing exchange rate. The income and expenses of foreign operations are translated into euros at the exchange rates effective at the transaction dates or using the average exchange rate for the reporting period unless this method cannot be applied due to significant exchange rate fluctuations.

Gains and losses arising from foreign operations are recognized in the statement of other comprehensive loss. When a foreign operation is partly or fully divested, the associated share of gains and losses recognized in the currency translation reserve is transferred to the statements of operations.

The Group’s presentation currency is the euro, which is also the functional currency of GENFIT S.A. The functional currency of GENFIT CORP is the U.S. dollar. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows:

	As of
Ratio : 1 US dollars (USD) = x euros (EUR)	2018/12/31		2019/12/31		2020/12/31
Exchange rate at period end		0.87336		0.89015		0.81493
Average exchange rate for the period		0.84758		0.89341		0.87755

4.4	Revenues from ongoing activities under client agreements

The Group’s accounting policies associated with revenue are as follows:

4.4.1.

IFRS 15

Under IFRS 15, revenue is recognized when the Company fulfills a performance obligation by providing separate goods or services to a customer, i.e., when the customer obtains control of those goods or services. An asset is transferred when the customer obtains control of that asset or service.

Under this standard, each contract must be analyzed, on a case-by-case basis, in order to verify whether it contains performance obligations towards third parties, and, if applicable, to identify their nature in order to determine the appropriate accounting of amounts that the Company has received or is entitled to receive from third parties, for example:

•

The transfer of control over the intellectual property, via a license granted by the Company, as it exists at the time of the sale, the date of which will determine that of the revenue recognition;

•

If the license is considered as a right of access to the intellectual property of the Company over the life of the license, the revenue would be recognized over this lifetime;

•

The supply of products whose revenues would be recognized at the time of transfer of control of the delivered products,

•

Potential revenue from milestones, or from royalties or royalties based on sales, would not be recognized until the achievement of the milestone or completion of the sale.

The Group signed an agreement with Terns Pharmaceuticals on June 24, 2019. The Group’s accounting policies associated with this agreement are as follows:

4.4.2

Application to the Terns Pharmaceuticals license agreement

The Company identified three performance obligations under the license agreement with Terns:

•

An exclusive license, with the right to sub-license, to develop, manufacture, distribute and promote elafibranor in NASH and PBC in Greater China;

•

A transfer to Terns Pharmaceuticals of the Company’s Licensed Know-How and data regarding elafibranor and related support until the Marketing Authorization Application by Terns Pharmaceuticals; and

•

Supply by the Company to Terns Pharmaceuticals of drug product to carry out its clinical trials in Greater China. The supply of drug product following the market authorization would be subject to a separate agreement if applicable.

Under the terms of the licensing agreement, the Company has received or could potentially receive:

•

A $35 million non-refundable Upfront Payment payable within 10 business days from June 24, 2019 upon the transfer of the existing Company’s Licensed Know-How. This Upfront Payment was received on July 3, 2019;

•

Development Milestone Payments upon the achievement of the development milestones for the licensed product;

•

Commercial Milestone Payments upon the achievement of commercial milestones depending on reaching certain aggregate thresholds;

•

Mid-teen percentage Royalties based on sales by Terns Pharmaceuticals in Greater China; and

•

Compensation for the supply of drug product for the clinical trials on a cost-plus basis.

The potential Development and Commercial Milestone payments may represent up to $193 million.

Under IFRS 15, the allocation and recognition of revenue was determined as follows based on the fair value of each of the performance obligations:

•

The $35 million upfront payment was allocated to the license and the transfer of the existing know-how and related support to Terns Pharmaceuticals based on an estimate of the latter measured as the maximum estimated value to be incurred by the Company’s employees and management for the support given to Terns Pharmaceuticals. On this basis, $34.9 million was recognized as revenue in 2019 and $0.1 million was deferred to future periods. No such revenue was recognized in 2020.

•

Development and Commercial Milestones Payments whose payment depends on the achievement of certain scientific, regulatory or commercial objectives, as provided in the contract, are variable compensation that will be recognized as revenue when the milestones are met. No amounts were recognized in 2019 and 2020.

•

Royalties on commercial sales by Terns Pharmaceuticals will be recognized as revenue pursuant to information given to the Company by Terns Pharmaceuticals, under the terms and timeframes set out in the agreement. No amounts were recognized in 2019 and 2020.

•

Revenue on Supply for drug product will be recognized based on the delivery of drug product to Terns Pharmaceuticals. No amounts were recognized in 2019 and revenue in 2020 is immaterial.

As part of this agreement, Genfit and Terns Pharmaceuticals will also undertake joint research and development projects in liver disease, including the development of elafibranor in combination with Terns Pharmaceuticals’ proprietary compounds. This collaboration agreement is only potential at the date of signing the license agreement and does not yet constitute a reciprocal commitment at December 31, 2020. It therefore has no accounting impact at this time.

This contract contains several delivery obligations. As a result, the Company has ensured, as required by IFRS 15, that the revenue allocation of the transaction corresponds to the fair value of each obligation.

4.5.	Intangible assets

Intangible assets mainly consist of software and operating licenses acquired by the Group. They are recognized at cost less accumulated amortization and impairment. Amortization expense is recorded on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of both software and license agreements are between 1 and 8 years.

4.6.	Property, plant and equipment

Property, plant and equipment are initially recognized at cost. Cost includes expenditures that are directly attributable to the acquisition of the asset. Routine maintenance costs are expensed as incurred.

Subsequently, depreciation expense is recognized on a straight-line basis over the estimated useful lives of the assets. If components of property, plant and equipment have different useful lives, they are accounted for separately. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate.

Estimated useful lives are as follows:


Building on non-freehold land		10 years
Fittings and fixtures		Between 9 and 25 years
Scientific equipment		Between 2 and 12 years
Computer equipment		Between 2 and 5 years
Furniture		Between 4 and 10 years
Vehicles		Between 4 and 6 years

Any gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of the item. The net amount is recognized in the consolidated statements of operations under the line item "Other operating income (expenses)."

4.7.

Leases

IFRS 16 introduces for the lessee a single model of accounting on the balance sheet for leases. The lessee recognizes a "right of use" asset which represents its right to use the underlying asset, and a lease liability for its obligation to pay the rent.

The Group recognizes a "right of use" asset and a lease liability at the start of the lease term. The "right of use" asset is initially measured at cost and then at cost less any amortization and accumulated impairment losses. The amount can be adjusted based on certain revaluations of the lease liability.

The lease liability is initially measured at the discounted value of the rents owed and not yet paid at the start date of the contract. The discount rate used is the implicit interest rate of the contract or, if it cannot be easily determined, the Company’s incremental borrowing rate. The Group generally uses the latter as the discount rate.

The lease liability is then adjusted by the interest expense minus the amounts of rent paid. It is revalued in the event of a change in future rents following a change in the index or rate, a new estimate of the amount to be paid under a residual value guarantee or, where applicable, a revaluation of the exercise of an option to purchase or to extend, or the non-exercise of an option to terminate (which then becomes reasonably certain).

The Group has exercised its judgment in determining the term of the lease agreements that provide for extension options. The fact that the Group has determined that it is reasonably certain to exercise such options has an impact on the lease term used and has a significant impact on the amount of lease debt and the "right of use" asset in the accounts. The amount of short term or low value leases which are not included in the IFRS 16 model is not material .

4.8.	Impairment of tangible assets, intangible assets and goodwill

The Company does not have any goodwill.

If indicators of impairment are identified, amortizable intangible assets and depreciable tangible assets are subject to an impairment test under the provisions of IAS 36, Impairment of Assets.

The Group has considered that the discontinued use of some equipment following the termination of RESOLVE-IT as well as the decision to no longer use part of the leased premises were indicative of an impairment loss requiring the completion of an impairment test of property, plant and equipment or of the rights of use recognized in the statement of financial position for this equipment and lease agreements.

The recovery value of an asset is the higher value between the value in use and the fair value less costs of divestment. The value in use is evaluated in relation to the future forecasted cash flows, discounted at current interest rates, before tax, which reflects the current market appreciation of the time value of money and the risks specific to the asset. In the present case, the recovery value of the tested assets corresponds to their fair value less costs of divestments.

The impacts related to the impairment of tangible assets and rights of use related to equipment and premises that are no longer in use due to the discontinuation of the RESOLVE-IT study are recognized in the consolidated statement of operations under “Reorganization and restructuring costs”.

4.9.Financial instruments

IFRS 9 “Financial Instruments” takes into account the following three aspects of booking financial instruments:

•

Classification and measurement;

•

Impairment and;

•

Hedge accounting.

Loans and borrowings are initially measured at fair value and subsequently recorded at amortized cost.

4.10.

Inventories

The Company recognizes inventories of laboratory consumables in connection with its former co-research agreements.

These inventories are measured at the lower of cost and net realizable value. Cost is determined using the weighted average cost method.

4.11.

Trade and other receivables

Trade and other receivables are recognized at fair value, which is the nominal value of invoices unless payment terms require a material adjustment for the time value discounting effect at market interest rates. Trade receivables are subsequently measured at amortized cost. Impairment losses on trade accounts receivable are estimated using the expected loss method, in order to take account of the risk of payment default throughout the lifetime of the receivables .

Receivables are classified as current assets, except for those with a maturity exceeding 12 months after the reporting date.

4.12.

Other financial assets

Loans and receivables are financial assets with fixed or determinable payments that are not listed on an active market and are valued using the amortized cost method.

A gain or loss arising from a change in the fair value of a financial asset is recognized in other comprehensive income (loss) except for impairment losses and foreign exchange gains and losses, until the financial asset is derecognized. At that time the cumulative gain or loss previously recognized in other comprehensive income (loss) is reclassified from equity to profit or loss as a reclassification adjustment.

4.13.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, bank accounts and term deposits, together with short-term deposits and highly liquid investments. They are readily convertible to a known amount of cash and thus present a negligible risk of a change in value. They also include Undertakings for Collective Investments in Transferable Securities (UCITs) whose characteristics allow them to be classified as cash and cash equivalents.

Initially recognized at their purchase cost at the transaction date, investments are subsequently measured at fair value. Changes in fair value are recognized in net financial income (expenses).

4.14.

Equity

Share capital comprises ordinary shares and ordinary shares with double voting rights classified in equity. Costs directly attributable to the issue of ordinary shares or share options are recognized as a reduction in the share premium.

The liquidity agreement consists of a share buyback program contracted to an investment service provider. Purchases and sales of the Company's shares carried out under the contract are recognized directly in shareholders’ equity under treasury shares. See note 10 “Other financial income”.

4.15.

Loans and borrowings

Financial liabilities are initially recognized at fair value, net of directly attributable transaction costs, and are subsequently measured at amortized cost using the effective interest rate method.

The Group derecognizes financial liabilities when the contractual obligations are discharged, cancelled or expire.

The bonds convertible or exchangeable into new or existing shares (OCEANE—see Section 12.1, "Breakdown of convertible loan") are recognized as follows: in accordance with IAS 32, Financial Instruments—Presentation , if a financial instrument has different components and the characteristics indicate that some should be classified as liabilities and others as equity, the issuer must recognize the different components separately.

The liability component is measured, at the date of issuance, at its fair value on the basis of future contractual cash flows discounted at market rates (taking into consideration the issuer's credit risk) of a debt having similar characteristics but without the conversion option.

The value of the conversion option is measured by the difference between the bond's issue price and the fair value of the liability component. After deduction of the pro rata portion of expenses related to the transaction, this amount is recognized in the line item "Share premium" under shareholders' equity and is subject to a calculation of deferred tax according to IAS 12.28.

The liability component (after deduction of the pro rata portion of the transaction expenses attributed to the liability and the conversion option) is measured at amortized cost. A non-monetary interest expense, recorded in net loss is calculated using an effective interest rate to progressively bring the debt component up to the amount which will be repaid (or converted) at maturity. A deferred tax liability is calculated on the basis of this amount. The shareholders' equity component is not remeasured. See Note 2.2 “Renegotiation of the convertible bond debt (OCEANEs)” for the accounting to be applied in 2021 following the renegotiation.

4.16.

Trade and other payables

Trade and other payables are initially recognized at the fair value of the amount due. This value is usually the nominal value, due to the relatively short period of time between the recognition of the instrument and its repayment.

4.17.

Provisions

In accordance with IAS 37, Provisions Contingent Liabilities and Contingent Assets, provisions are recognized when the Group has a present obligation (legal, regulatory, contractual or constructive) as a result of a past event, for which it is probable that an outflow of resources will be required to settle the obligation, and of which the amount can be estimated reliably.

The amount recognized as a provision is the best estimate at the reporting date of the expenditure required to settle the present obligation.

Provisions are discounted when the time value effect is material.

A provision for reorganization is recognized when the Group has approved a formal and detailed plan for its reorganization and has either started to implement it or publicly disclosed it.

A provision for onerous contract is estimated at the actual value of the lowest expected cost of either the cancellation or the execution of the contract, the latter being established on the basis of the additional costs required to fulfill the obligations stipulated by the contract. Before a provision is established, the Group recognizes any impairment loss that occurred on the assets dedicated to this contract (see Note 2.1 “Termination of RESOLVE IT and the development program of elafibranor in NASH”).

4.18.

Employee benefits

The Group's pension schemes and other post-employment benefits consist of defined benefit plans and defined contribution plans.

4.18.1.

Defined benefit plans

Defined benefit plans relate to French retirement benefit plans under which the Group is committed to guaranteeing a specific amount or level of contractually defined benefits. The obligation arising from these plans is measured on an actuarial basis using the projected unit credit method. The method consists of measuring the obligation based on a projected end-of-career salary and vested rights at the measurement date, according to the provisions of the collective bargaining agreement, corporate agreements and applicable law.

Actuarial assumptions are used to determine the benefit obligations. The amount of future payments is determined on the basis of demographic and financial assumptions such as mortality, staff turnover, pay increases and age at retirement, and then discounted to their present value. The discount rate used is the yield at the reporting date on AA credit-rated bonds with maturity dates that approximate the expected payments for the Group's obligations.

Re-measurements of the net defined benefit liability which comprise actuarial gains and losses are recognized in the statements of other comprehensive loss.

The Group determines the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments.

4.18.2.

Defined contribution plans

Under defined contribution plans, the management of plans is performed by an external organization, to which the Group pays regular contributions. Payments made by the Group in respect of these plans are recognized as an expense for the period in the statements of operations.

4.18.3.

Short-term employee benefits

A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay the amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

4.19.

Other income

4.19.1.

Government grants

The Group received until 2016 various forms of government grants. This government aid is provided for and managed by French state-owned entities, and specifically "BPI France" (" Banque Publique d'Investissement "), formerly named "OSEO Innovation".

Subsidies received are non-refundable. Conditional advances received are interest-free or are subject to low interest rates depending on contractual provisions.

Conditional advances related to research programs

Conditional advances that are interest-free or subject to low interest rates are intended to finance research program’s needs.

In accordance with IAS 20, Accounting for Government Grants and Disclosure of Government Assistance , the advantage resulting from interest-free or low interest rates as compared to a market interest rate is considered and accounted for as a government grant. A financial liability is recognized for proceeds received from the advance less the grant, and interest expense is subsequently recorded under the effective interest rate method using a market interest rate.

The grant portion of conditional advances is treated as a grant related to income.

For advances granted by BPI France, repayment is required in the event of commercial success. In addition, if the Group decides to stop the research program, the conditional advance may be required to be repaid. If a program is unsuccessful, a pre-determined amount may be repayable. The remaining amount, if any, is then considered as a grant and written off in the line item "Other income" in the statements of operations.

4.19.2.

Research tax credit

The Research Tax Credit (" Crédit d'Impôt Recherche ", or "CIR") is granted to entities by the French tax authorities in order to encourage them to conduct technical and scientific research. Entities that demonstrate that their research expenditures meet the required CIR criteria receive a tax credit that may be used for the payment of their income tax due for the fiscal year in which the expenditures were incurred, as well as in the next three years. If taxes due are not sufficient to cover the full amount of tax credit at the end of the three-year period, the difference is paid in cash to the entity by the tax authorities. If a company meets certain criteria in terms of sales, headcount or assets to be considered a small/mid-size company, immediate payment of the Research Tax Credit can be requested. The Group meets such criteria.

The Group applies for CIR for research expenditures incurred in each fiscal year and recognizes the amount claimed in the line item "Other income" in the statements of operations in the same fiscal year. In the notes to the financial statements, the amount claimed is recognized under the heading "Research tax credit" (see Note 9, "Trade and other receivables" and Note 18, "Revenue and other income").

4.20.

Research and development expenses

Research expenses are recorded in the financial statements as expenses (see Note 19, "Operating expense").

In accordance with IAS 38, Intangible Assets , development expenses are recognized as intangible assets only if all the following criteria are met:

•

Technical feasibility necessary for the completion of the development project;

•

Intention on the Group's part to complete the project and to utilize it;

•

Capacity to utilize the intangible asset;

•

Proof of the probability of future economic benefits associated with the asset;

•

Availability of the technical, financial, and other resources for completing the project; and

•

Reliable evaluation of the expenses attributed to the intangible asset during its development.

As of the date of these financial statements none of these criteria have been met.

4.21.

Classification of operating expenses

Research and development expenses include:

•

employee-related costs;

•

costs related to external employees seconded to the Company (such as clinical development, biometrics and IT…);

•

lab supplies and facility costs;

•

fees paid to scientific advisers and contracted research and development activities conducted by third parties;

•

intellectual property fees corresponding to the filing of the Group's patents and,

•

provision and reversals of provisions in relation to the Research Tax Credit dispute.

Contracted research and development activities conducted by third parties include services subcontracted to research partners for technical and/or regulatory reasons. In particular, this includes the production of active ingredients and therapeutic units, all or a part of clinical trials and pre-clinical trials that are necessary to the development of GENFIT's drug candidates and biomarker candidates.

General and administrative expenses include:

•

employee-related costs for executive, business development, intellectual property, finance, legal and human resources and communications functions;

•

facility-related costs;

•

marketing, legal, audit and accounting fees;

•

press relations and communications firm fees;

•

the cost of external employees seconded to the Company (such as security, reception, and accounting..);

•

other service costs (recruitment, etc.);

•

intellectual property fees corresponding to the maintenance of the Group's patents.

Marketing and market access expenses include:

•

employee-related costs for marketing and business development functions;

•

marketing, and market access firm fees;

Extraordinary reorganization and restructuring expenses include:

•

the accruals and provisions recognized within the scope of the reduction in force plan;

•

the extraordinary amortization, loss of value and impairment of fixed assets recognized within the scope of the reorganization of GENFIT;

•

the impairment of the right of use of the leased equipment and premises,

•

the portion of the OCEANE renegotiation expenses recognized in 2020;

•

the provision recognized for some of the costs of the closing process for the RESOLVE-IT study, which, after detailed analysis, do not have any future economic advantage for the PBC program.

4.22.

Share-based compensation

The fair value of equity-settled share-based compensation granted to employees, officers, board members and consultants as determined on the grant date is recognized as a compensation expense with a corresponding increase in equity, over the vesting period. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met.

The fair values of equity-settled share-based compensation granted to employees are measured using the Black-Scholes model with respect to the share warrants (BSA) and redeemable share warrants (BSAAR) and using the Monte Carlo model for the stock options (SO) and free shares (AGA). Measurement inputs include share price on the measurement date, the exercise price of the instrument, expected volatility, expected maturity of the instruments, expected dividends, and the risk-free interest rate (based on government bonds). With respect to the redeemable share warrants, service and non-market performance conditions attached to the transactions are not taken into consideration in determining fair value but are taken into consideration related to recognition of expense. Regarding the stock options and free shares, market conditions are taken into account in the determination of the fair value of the plans award. For share-based compensation awards with non-vesting conditions, the grant date fair value of the share-based compensation is measured to reflect such conditions and there is no adjustment for differences between expected and actual outcomes.

GENFIT may also grant equity-settled share-based compensation in exchange for services to consultants who are not considered employees. In such cases, the value of the services is measured when they are rendered by the consultants and the share-based compensation exchanged for the services is measured at an equal amount. If the value of the services cannot be measured reliably, then such value is measured with reference to the fair value of the equity instruments granted.

Share-based compensation granted to consultants consists of share warrants, some of which may be redeemed at GENFIT's discretion.

Share-based compensation granted to employees consists of redeemable share warrants, stock options and free shares.

4.23.

Income tax

Income tax expense (or benefit) comprises current tax expense (or benefit) and deferred tax expense (or benefit), as applicable.

Deferred taxes are recognized for all the temporary differences arising from the difference between the tax basis and the accounting basis of assets and liabilities.

Deferred tax assets are recognized for unused tax losses, unused tax credits and temporary deductible differences to the extent that:

•

it is probable that future taxable profit will be available against which they can be used; or

•

if there are deferred tax liabilities for the same entity in the same tax jurisdiction on which they can be applied.

4.24.

Earnings (loss) per share

Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares).

4.25.

Operating segments

The Board of Directors and Chief Executive Officer are the chief operating decision makers.

The Board of Directors and the Chief Executive Officer oversee the operations and manage the business as one segment with a single activity; namely, the research and development of innovative medicines and diagnostic solutions, the marketing of which depends on the success of the clinical development phase.

Financial Risks Management

12 Months Ended

Dec. 31, 2020

Foreign Exchange Rates [Abstract]

Financial Risks Management

5.	FINANCIAL RISKS MANAGEMENT

The Group may be exposed to the following risks arising from financial instruments: foreign exchange risk, interest rate risk, liquidity risk and credit risk.

5.1.	Foreign exchange risk

The nature and exposure of the Group to currency risk has evolved. It had been anticipated that a growing portion of its operations would be denominated in US dollars, and the Group decided not to convert into euros the US dollar denominated cash it raised in its March 2019 IPO. The Company expected to use cash held in US dollars to meet expenses denominated in this currency over the next few years.

Because of the decision to initiate the termination of the RESOLVE-IT trial (see note 2“Major Events in the Period and Events after the Reporting Period”), the Group has started to implement a cost savings plan in the second half of 2020 and will manage a smaller number of transactions denominated in foreign currencies or indirectly exposed to currency risk.

The increase in the overall exposure of the Company to this risk will depend, in particular, on:

•

the currencies in which the Group receives its revenues;

•

the currencies chosen when agreements are entered into, such as licensing agreements, or co-marketing or co-development agreements;

•

the location of clinical trials on drug or biomarker candidates;

•

the ability, for its co-contracting parties to indirectly transfer foreign exchange risk to the Company;

•

the Group’s foreign exchange risk policy; and

•

the fluctuation of foreign currencies against the euro.

During 2020, the Company did not use any specific hedging arrangements in light of the Company’s decision to leave a significant part of its cash and cash equivalents in US dollars.

The following table shows the sensitivity of the Group's cash and cash equivalent and expenses in U.S. dollars to a variation of 10% of the U.S. dollar against the euro in 2018, 2019 and 2020:

Sensitivity of the Group's cash and cash equivalents to a variation of +/- 10% of the US dollar against the euro	As of
(in € thousands or in US dollar thousands, as applicable)	2018/12/31		2019/12/31		2020/12/31
Cash and cash equivalents denominated in US dollars		1,188		153,438		111,221
Equivalent in euros, on the basis of the exchange rate described below		1,038		136,582		90,637
Equivalent in euros, in the event of an increase of 10% of US dollar vs euro		1,153		151,758		100,708
Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro		944		124,166		82,398

Sensitivity of the Group's expenses to a variation of +/- 10% of the US dollar against the euro	Year ended
(in € thousands or in US dollar thousands, as applicable)	2018/12/31		2019/12/31		2020/12/31
Expenses denominated in US dollars		9,613		40,355		47,277
Equivalent in euros, on the basis of the exchange rate described below		8,396		35,922		38,528
Equivalent in euros, in the event of an increase of 10% of US dollar vs euro		9,328		39,914		42,808
Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro		7,632		32,657		35,025

2020/12/31 : Equivalent in euros, on the basis of a 1 euro = 1,2271 US dollar ratio
2019/12/31 : Equivalent in euros, on the basis of a 1 euro = 1,12341 US dollar ratio
2018/12/31 : Equivalent in euros, on the basis of a 1 euro = 1,145 US dollar ratio

Cash, cash equivalents and financial assets	As of
(in € thousands or in US dollar thousands, as applicable)	2018/12/31		2019/12/31		2020/12/31
At origin, denominated in EUR
Cash and cash equivalents		206,199		139,863		80,391
Current and non current financial assets		1,303		1,614		1,391
Total		207,502		141,477		81,782
At origin, denominated in USD
Cash and cash equivalents		1,041		136,884		90,637
Current and non current financial assets		10		113		67
Total		1,051		136,997		90,704
Total, in EUR
Cash and cash equivalents		207,240		276,748		171,029
Current and non current financial assets		1,313		1,727		1,458
Total		208,553		278,474		172,486

5.2.	Interest rate risk

As of December 31, 2020, the Group was only liable for governmental advances or conditional advances with no interest or interest at a fixed rate, generally below market rate, and for fixed-rate bank loans (the only variable-rate loan was repaid in 2017).

As of December 31, 2018, 2019 and 2020, the Group's financial liabilities totaled €169,593, €183,619, and €185,691 respectively (net of the equity component of the convertible loan and debt issue costs). Current borrowings are at a fixed rate. The Group's exposure to interest rate risk through its financial assets is also insignificant due to low market rates and since these assets are mainly euro-denominated Undertakings for the Collective Investment of Transferable Securities (UCITs), medium-term negotiable notes or term deposits with progressive rates denominated in euros or US dollars..

5.3.	Liquidity risk

The Group's loans and borrowings mainly consist of bonds convertible or exchangeable into new or existing shares (OCEANE), initially repayable for an nominal amount of €180 million on October 16, 2022 (see Note 12.1 “Breakdown of convertible loan”), government advances for research projects and bank loans. For conditional advances, reimbursement of the principal is subject to the commercial success of the related research project (see Note 12.2.1 “Refundable and conditional advances”).

The Company has conducted a specific review of its liquidity risk and considers that it is able to meet its future maturities. On December 31, 2018, 2019 and 2020, the Group had €208,553, €278,474, and €172,486 respectively in cash and cash equivalents and other financial assets. The Company does not believe it is exposed to short-term liquidity risk. The Company believes that the Group's cash and cash equivalents and current financial instruments are sufficient to ensure its financing, in light of its current projects and obligations and of the renegotiation, effective in 2021, of its obligations pertaining to the OCEANE debt, including the extension of the maturity date, for at least the next twelve months.

If the Group's funds are insufficient to cover any additional financing needs, the Group would require additional financing. The conditions and arrangements for any such new financing would depend, among other factors, on economic and market conditions that are beyond the Group's control.

5.4.	Credit risk

Credit risk is the risk of financial loss if a customer or counterparty to a financial asset defaults on their contractual commitments. The Group is exposed to credit risk due to trade receivables and other financial assets.

The Group's policy is to manage this risk by transacting with third parties with good credit standards.

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2020

Cash And Cash Equivalents [Abstract]

Cash and Cash Equivalents

6.	CASH AND CASH EQUIVALENTS

The main components of cash equivalents were:

•

UCITS and interest-bearing current accounts, available immediately;

•

Term accounts, available within the contractual maturities or by the way of early exit with no penalty; and

•

Negotiable medium-term notes, available with a quarterly maturity or by the way of early exit with no penalty.

These investments, summarized in the tables below, are short-term, highly liquid and subject to insignificant risk of changes in value.

Cash and cash equivalents	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Short-term deposits		201,522		263,147		166,034
Cash on hand and bank accounts		5,718		13,601		4,995
TOTAL		207,240		276,748		171,029

Short-term deposits	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
UCITS		29,189		3,096		2,060
TERM ACCOUNTS		124,316		215,018		143,827
INTEREST-BEARING CURRENT ACCOUNT		48,017		45,033		20,147
TOTAL		201,522		263,147		166,034

Intangible Assets

12 Months Ended

Dec. 31, 2020

Disclosure Of Intangible Assets [Abstract]

Intangible Assets

7.	INTANGIBLE ASSETS

Intangible assets consist mainly of office and administrative software as well as scientific software purchased by the Group.

The following tables show the variations in intangible assets for the years ended December 31, 2018, 2019 and 2020:

Intangible assets—Variations	As of									Translation				As of
(in € thousands)	1/1/2018			Increase			Decrease			adjustments		Reclassification		2018/12/31
Gross
Software		1,900			216			(67	)		—		—		2,049
Patents		21			—			—			—		—		21
Other intangibles		—			313			—			—		—		313
TOTAL - Gross		1,921			529			(67	)		—		—		2,384
Accumulated depreciation and impairment
Software		(1,264	)		(370	)		67			—		—		(1,567	)
Patents		(21	)		—			—			—		—		(21	)
Other intangibles		—			—			—			—		—		—
TOTAL - Accumulated depreciation and impairment		(1,285	)		(370	)		67			—		—		(1,588	)
TOTAL - Net		636			159			—			—		—		796

Intangible assets—Variations	As of									Translation					As of
(in € thousands)	1/1/2019			Increase			Decrease			adjustments		Reclassification			2019/12/31
Gross
Software		2,049			340			(29	)		—		378			2,739
Patents		21			70			—			—		—			91
Other intangibles		313			65			—			—		(378	)		—
TOTAL—Gross		2,384			475			(29	)		—		—			2,830
Accumulated depreciation and impairment
Software		(1,567	)		(350	)		29			—		—			(1,888	)
Patents		(21	)		—			—			—		—			(21	)
Other intangibles		—			—			—			—		—			—
TOTAL - Accumulated depreciation and impairment		(1,588	)		(350	)		29			—		—			(1,910	)
TOTAL - Net		796			125			—			—		—			920

Intangible assets - Variations	As of									Translation					As of
(in € thousands)	1/1/2020			Increase			Decrease			adjustments		Reclassification			2020/12/31
Gross
Software		2,739			231			(691	)		—		(48	)		2,231
Patents		91			—			—			—		—			91
Other intangibles		—			(24	)		(25	)		—		48			—
TOTAL - Gross		2,830			207			(715	)		—		—			2,322
Accumulated depreciation and impairment
Software		(1,888	)		(309	)		688			—		—			(1,510	)
Patents		(21	)		—			—			—		—			(21	)
Other intangibles		—			—			—			—		—			—
TOTAL - Accumulated depreciation and impairment		(1,910	)		(309	)		688			—		—			(1,531	)
TOTAL - Net		920			(102	)		(27	)		—		—			791

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Disclosure Of Property Plant And Equipment [Abstract]

Trade And Other Receivables [Abstract]

8.	PROPERTY, PLANT AND EQUIPMENT

The following tables show the variations in tangible assets for the years ended December 31, 2018, 2019 and 2020:

Property, plant and equipment - Variations	As of									Translation					As of
(in € thousands)	1/1/2018			Increase			Decrease			adjustments		Reclassification			2018/12/31
Gross
Buildings on non-freehold land		11			—			—			—		1,447			1,458
Scientific equipment		9,576			1,484			(235	)		—		54			10,879
Fittings		1,126			443			(43	)		—		5			1,531
Vehicles		99			—			—			—		—			99
Computer equipment		1,954			200			(5	)		—		(702	)		1,446
Furniture		357			8			(4	)		—		—			361
In progress		(0	)		805			—			—		(804	)		0
TOTAL - Gross		13,123			2,940			(288	)		—		—			15,774
Accumulated depreciation and impairment
Buildings on non-freehold land		(0	)		(1	)		—			—		—			(1	)
Scientific equipment		(5,063	)		(1,142	)		218			—		—			(5,988	)
Fittings		(722	)		(91	)		43			—		—			(769	)
Vehicles		(24	)		(21	)		—			—		—			(45	)
Computer equipment		(703	)		(216	)		4			—		—			(915	)
Furniture		(285	)		(11	)		4			—		—			(292	)
In progress		—			—			—			—		—			—
TOTAL - Depreciation and impairment		(6,798	)		(1,481	)		270			—		—			(8,010	)
TOTAL - Net		6,324			1,459			(18	)		—		—			7,764

Property, plant and equipment - Variations	As of									Translation					As of
(in € thousands)	1/1/2019			Increase			Decrease			adjustments		Reclassification			2019/12/31
Gross
Buildings on non-freehold land		1,458			12,218			—			—		(1,447	)		12,229
Scientific equipment		10,879			556			(120	)		—		(54	)		11,260
Fittings		1,531			66			—			—		(5	)		1,592
Vehicles		99			—			—			—		—			99
Computer equipment		1,446			227			(15	)		—		11			1,669
Furniture		361			31			(3	)		—		—			389
In progress		0			241			(1,737	)		—		1,496			—
TOTAL - Gross		15,774			13,339			(1,875	)		—		—			27,238
Accumulated depreciation and impairment
Buildings on non-freehold land		(1	)		(1,215	)		—			—		—			(1,216	)
Scientific equipment		(5,988	)		(1,303	)		119			—		—			(7,172	)
Fittings		(769	)		(105	)		—			—		—			(875	)
Vehicles		(45	)		(21	)		—			—		—			(66	)
Computer equipment		(915	)		(252	)		12			—		—			(1,155	)
Furniture		(292	)		(13	)		3			—		—			(303	)
In progress		—			—			—			—		—			—
TOTAL - Depreciation and impairment		(8,010	)		(2,909	)		133			—		—			(10,785	)
TOTAL - Net		7,764			10,429			(1,741	)		—		—			16,453

Property, plant and equipment - Variations	As of									Translation						As of
(in € thousands)	1/1/2020			Increase			Decrease			adjustments			Reclassification			2020/12/31
Gross
Buildings on non-freehold land		12,229			—			—			—			(62	)		12,167
Scientific equipment		11,260			450			(2,630	)		—			—			9,080
Fittings		1,592			233			(113	)		—			(10	)		1,703
Vehicles		99			—			—			—			—			99
Computer equipment		1,669			69			(194	)		—			(11	)		1,534
Furniture		389			8			(68	)		—			—			329
In progress		—			15			(17	)		—			2			—
TOTAL - Gross		27,238			775			(3,022	)		—			(80	)		24,911
Accumulated depreciation
Buildings on non-freehold land		(1,216	)		(1,398	)		10			—			—			(2,603	)
Scientific equipment		(7,172	)		(1,368	)		2,588			0			—			(5,952	)
Fittings		(875	)		(218	)		107			4			—			(982	)
Vehicles		(66	)		(20	)		—			—			—			(85	)
Computer equipment		(1,155	)		(260	)		193			4			—			(1,217	)
Furniture		(303	)		(15	)		68			(1	)		—			(251	)
In progress		—			—			—			—			—			—
TOTAL - Depreciation		(10,785	)		(3,279	)		2,967			7			—			(11,090	)
Impairment
Buildings on non-freehold land		—			(1,182	)		—			—			—			(1,182	)
Scientific equipment		—			(866	)		—			—			—			(866	)
Fittings		—			(93	)		—			—			—			(93	)
Vehicles		—			—			—			—			—			—
Computer equipment		—			(27	)		—			—			—			(27	)
Furniture		—			(3	)		—			—			—			(3	)
In progress		—			—			—			—			—			—
TOTAL - Impairment		—			(2,172	)		—			—			—			(2,172	)
TOTAL - Net		16,453			(4,676	)		(56	)		7			(80	)		11,648

Assets related to contracts that were classified as finance leases under IAS 17 are scientific equipment. These contracts are accounted for in the same manner under IFRS 16. Their net carrying value as of December 31, 2018, 2019 and 2020 amounted to €1,889, €1,413 and €873 respectively.

Impairment test of assets under IAS 36

Some equipment belonging to the Group and others under a leasing agreement will no longer be used following the reorganization of the group’s activities and the termination of the RESOLVE-IT trial.

This indication of loss of value led the Group to conduct an impairment test over owned and leased equipment.

These impairment tests account for the value at which this equipment should be divested (on the basis of the agreement of the lessors for the early purchase of the equipment) and a purchase offer that should be fulfilled in the near term) in order to determine the recovery value.

The tests resulted in the recognition of an impairment of €990 (of which €363 related to owned equipment, €503 of leased equipment, €96 related to premises and €30 related to furniture and IT equipment).

Parts of the leased premises (a portion of the office space in Paris and of the former laboratories at headquarters) will no longer be used. The vacant space is segmented and separate from the premises that will continue to be occupied. An impairment test of the rights of use of this space has also been performed.

At this stage, the recovery value has been estimated to be null considering that subleasing is prohibited for the office space in Paris and that the COVID-19 related health situation creates significant uncertainty on the potential to sublease the space in Loos. Subleasing is therefore not under consideration for the foreseeable future.

The test of the rights of use pertaining to these premises resulted in the recognition of an impairment of €1,182.

In accordance with IFRS 16, the Group has chosen not to present the right of use separately from other assets and has added them to the fixed assets of the same nature as the underlying leased assets.

Therefore, the rights of use and related amortization as of December 31, 2020 included in the table affect:

•

The item “Buildings on non-freehold land”, for respectively €11,911 and €2,558,

•

The item “Scientific equipment” for respectively €2,906 and €2,033.

Fixtures and fittings were also depreciated (see above).

Reminders

On January 1,2019, upon adoption of IFRS 16, the right of use asset and liability related to the existing headquarters were recognized for an amount of €7.8 million. In May 2019, the right of use asset and lease liability related to a new building were recognized for an amount of €2.2 million.

GENFIT CORP signed a new lease agreement as of July 1, 2019.

The right of use asset and depreciation as of December 31, 2019 in the table above are related to :

•

The line item “Building on non freehold land”, of €11,974 and €1,196, respectively;

•

The line item "Scientific equipment", at €4,346 and €2,933, respectively.

Trade and Other Receivables

12 Months Ended

Dec. 31, 2020

Trade and Other Receivables

9.	TRADE AND OTHER RECEIVABLES

Trade and other receivables consisted of the following:

Trade and other receivables - Total	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade receivables, net		25			207		793
Research tax credit		8,785			9,585		7,911
Social security costs receivables		10			5		24
VAT receivables		1,103			1,814		2,766
Grants receivables		(0	)		3		3
Other receivables		361			420		422
TOTAL		10,284			12,033		11,919

Trade and other receivables - Current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade receivables, net		25			207		793
Research tax credit		7,295			9,585		7,911
Social security costs receivables		10			5		24
VAT receivables		1,103			1,814		2,766
Grants receivables		(1	)		3		3
Other receivables		361			420		422
TOTAL		8,794			12,033		11,919

Trade and other receivables - Non-current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade receivables, net		—			—		—
Research tax credit		1,489			—		—
Social security costs receivables		—			—		—
VAT receivables		—			—		—
Grants receivables		—			—		—
Other receivables		—			0		—
TOTAL		1,489			0		—

Trade receivables : see note 18 “ other income”

Research tax credit

The research tax credit due for 2018 was received on November 18, 2019.

The research tax credit due for 2019 was received in June 2020.

The research tax credit receivable for the year 2020 amounts to €7,911.

VAT receivables

The increase in VAT receivables is notably due to an audit on the basis of documents, by the French revenue services, of the VAT refund requests since August 2020, which increases the time for a refund from the French revenue services.

Other receivables

The line item “other receivables” primarily consists of credit notes from suppliers for €406, €408, and €235 respectively as of December 31, 2020, December 31, 2019 and December 31, 2018.

Other Financial Assets

12 Months Ended

Dec. 31, 2020

Disclosure Of Other Financial Assets [Abstract]

Other Financial Assets

10.	OTHER FINANCIAL ASSETS

Other financial assets consisted of the following:

Financial assets - Total	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Loans		259		307		352
Deposits and guarantees		284		396		418
Liquidity contract		770		1,023		688
TOTAL		1,313		1,727		1,458

Financial assets - Current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Loans		—		—		—
Deposits and guarantees		—		—		—
Liquidity contract		—		—		—
TOTAL		—		—		—

Financial assets - Non current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Loans		259		307		352
Deposits and guarantees		284		396		418
Liquidity contract		770		1,023		688
TOTAL		1,313		1,727		1,458

The liquidity contract consists of a share buyback program contracted to an investment service provider in order to facilitate the listing of the Group's shares.

As of December 31, 2020, the liquidity account had a cash balance of €688.

As of December 31, 2020, CMC-CIC Market Solutions holds on behalf of Genfit 88,929 shares, recorded as a deduction from equity.

As of December 31, 2019, the liquidity account had a cash balance of €1,023.

As of December 31, 2019, CMC-CIC Market Solutions holds on behalf of Genfit 18,132 shares, recorded as a deduction from equity.

As of December 31, 2018, the liquidity account had a cash balance of € 770.

As of December 31, 2018, CMC-CIC Market Solutions holds on behalf of Genfit 27,911 shares, recorded as a deduction from equity. During that period, Genfit made an additional contribution of €1.0 million to the liquidity agreement with CM-CIC Market Solutions.

Other Assets

12 Months Ended

Dec. 31, 2020

Miscellaneous Assets [Abstract]

Other Assets

11.	OTHER ASSETS

Other assets of €1,765 at December 31, 2020, €1,968 at December 31, 2019, €2,078 at December 31, 2018 and respectively, consisted of prepaid expenses related to current operating expenses.

Loans and Borrowings

12 Months Ended

Dec. 31, 2020

Borrowing Costs [Abstract]

Loans and Borrowings

12.	LOANS AND BORROWINGS

12.1.

Breakdown of convertible loan

On October 16, 2017, the Company issued 6,081,081 OCEANEs at par with a nominal unit value of €29.60 per bond for an aggregate nominal amount of €180 million. The exchange or conversion premium is 30% of the reference share price of €22.77. Annual nominal interest rate is a fixed 3.5% payable semi-annually in arrears. The effective interest rate is 7.2%. The OCEANEs are due October 16, 2022. Redemption prior to maturity is at the option of the Company from November 6, 2020 if the arithmetic volume-weighted average price of the Company's share price and the then-prevailing conversion ratio (over a 20-day trading period) exceeds 150% of the nominal value of the OCEANEs.

As of December 31, 2018, 2019 and 2020, the Group recorded a liability of €160,489, €165,454 and €170,782 respectively, related to the OCEANEs net of the equity portion and debt issue costs. Of this amount €1,312, €1,312 and €1,312 respectively, was classified as current and €159,176, €164,142 and €169,470 respectively, was classified as non-current.

As indicated in Note 2.2 “Renegotiation of the convertible bond debt (OCEANEs), these convertible bonds were renegotiated subsequent to December 31,2020.

12.2.

Breakdown of other loans and borrowings

Other loans and borrowings consisted of the following:

Other loans and borrowings - Total	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Refundable and conditional advances		3,229		3,229		3,229
Bank loans		3,964		2,645		1,540
Obligations under leases		1,900		12,281		10,131
Accrued interests		3		1		1
Other financial loans and borrowings		7		7		7
TOTAL		9,104		18,165		14,908

Other loans and borrowings - Current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Refundable and conditional advances		—		—		—
Bank loans		1,319		1,105		942
Obligations under leases		520		2,112		2,085
Accrued interests		3		1		1
Other financial loans and borrowings		7		7		7
TOTAL		1,848		3,226		3,035

Other loans and borrowings - Non current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Refundable and conditional advances		3,229		3,229		3,229
Bank loans		2,645		1,540		598
Obligations under leases		1,381		10,169		8,046
Accrued interests		—		—		—
Other financial loans and borrowings		—		—		—
TOTAL		7,255		14,939		11,873

12.2.1.

Refundable and conditional advances

The following table summarizes advances outstanding at December 31, 2020, 2019 and 2018.

Total

Net book value

Refundable and conditional advances - general overview

Grant

amount

Effects of

As of

(in € thousands)

date

allocated

Receipts

Repayments

discounting

2020/12/31

BPI FRANCE - IT-DIAB

12/23/2008

3,229

—

3,229

Development of a global strategy for the prevention and management of type 2 diabetes

TOTAL

3,229

Total

Net book value

Refundable and conditional advances—general overview

amount

Effects of

As of

(in thousands of euros)

Grant date

allocated

Receipts

Repayments

discounting

2019/12/31

BPI FRANCE—IT-DIAB

12/23/2008

3,229

—

3,229

Development of a global strategy for the prevention and management of type 2 diabetes

TOTAL

3,229

Total

Net book value

Refundable and conditional advances—general overview

amount

Effects of

As of

(in € thousands)

Grant date

allocated

Receipts

Repayments

discounting

2018/12/31

BPI FRANCE—IT-DIAB

12/23/2008

3,229

—

3,229

Development of a global strategy for the prevention and management of type 2 diabetes

TOTAL

3,407

BPI FRANCE IT-DIAB		On December 23, 2008, the Group received an advance from BPI France (the BPI France IT-DIAB) as part of a framework innovation aid agreement involving several scientific partners and for which the Group was the lead partner. The contribution expected at each stage by each of the partners in respect of work carried out and results achieved is defined in the framework agreement. With respect to the Group, the aid consisted of a €3,229 conditional advance and a €3,947 non-repayable government grant.

		The conditional advance is not refundable except in the event of success. The program ended on December 31, 2014. In the event of success, defined as the commercial spin-offs of the IT-Diab program which involves products for the treatment or diagnosis of type 2 diabetes, in that case, the financial returns generated will be used initially to repay the €3,229 conditional advance and the agreement stipulates that the conditional advance will be regarded as repaid in full when the total payments made in this regards by the recipient, discounted at the rate of 5.19%, equal the total amount, discounted at the same rate, of the aid paid. Any further amounts will be classified as additional payments, up to a maximum amount of €14,800.

As provided in the project assistance contract, we sent a letter to BPI in December 2019 in order to notify it of our LabCorp and Terns contracts while indicating that elafibranor was now aimed at treating hepatic diseases and no longer type 2 diabetes as provided for in the aid agreement. We proposed to BPI to establish a statement of abandonment of the IT DIAB project on which the above advance is based. Following this letter, the parties met in March 2020 for the presentation of our arguments, and in June 2020 following the publication of the results of the RESOLVE-IT study, and a new letter was sent in November 2020. In this context, we are awaiting a proposal from BPI on new financial terms related to this situation and a draft amendment to the repayable advance agreement.

12.2.2.

Bank loans

The Group did not take any new bank loan in 2020.

Bank loans are primarily used to finance research and laboratory equipment. Bank loans consisted of the following as of December 31, 2018:

							Available			Outstanding
Bank loans	Loan	Facility		Interest			As of			As of
(in € thousands)	date	size		rate			2018/12/31		Installments	2018/12/31
CDN 5	November 2018		500		0.46	%		—	48 monthly		490
CIC 5	July 2017		1,000		0.69	%		—	60 monthly		753
CDN 4	June 2017		600		0.36	%		—	48 monthly		376
BNP 4	April 2017		800		0.87	%		—	60 monthly		695
CIC 4	December 2016		265		0.69	%		—	60 monthly		164
BNP 3	October 2016		1,050		0.80	%		—	20 quarterly		735
NEUFLIZE 2	June 2016		500		1.10	%		—	12 quarterly		84
BNP 2	June 2016		500		0.80	%		—	20 quarterly		277
CDN 3	April 2016		500		0.72	%		—	60 monthly		236
CIC 3	March 2015		500		0.85	%		—	16 quarterly		32
BNP	December 2014		500		2.00	%		—	20 quarterly		103
Other			—					—			19
TOTAL			6,715								3,964

Bank loans consisted of the following as of December 31, 2019:

							Available			Outstanding
Bank loans	Loan	Facility		Interest			As of			As of
(in € thousands)	date	size		rate			2019/12/31		Installments	2019/12/31
CDN 5	November 2018		500		0.00	%		—	48 monthly		365
CIC 5	July 2017	1000			0.00	%	0		60 monthly		554
CDN 4	June 2017	600			0.00	%	0		48 monthly		226
BNP 4	April 2017	800			0.00	%	0		60 monthly		537
CIC 4	December 2016		265		0.00	%		—	60 monthly		111
BNP 3	October 2016	1050			0.00	%	0		20 quarterly		525
NEUFLIZE 2	June 2016	500			0.00	%	0		12 quarterly		0
BNP 2	June 2016	500			0.00	%	0		20 quarterly		177
CDN 3	April 2016		500		0.00	%		—	60 monthly		135
CIC 3	March 2015	500			0.00	%	0		16 quarterly		0
BNP	December 2014	500			0.00	%	0		20 quarterly		0
Other		0					0				14
TOTAL			6,715								2,645

Bank loans consisted of the following as of December 31, 2020:

							Available			Outstanding
Bank loans	Loan	Facility		Interest			As of			As of
(in € thousands)	date	size		rate			2020/12/31		Installments	2020/12/31
CDN 5	November 2018		500		0.00	%		—	48 monthly		241
CIC 5	July 2017	1000			0.00	%	0		60 monthly		354
CDN 4	June 2017	600			0.00	%	0		48 monthly		75
BNP 4	April 2017	800			0.00	%	0		60 monthly		377
CIC 4	December 2016		265		0.00	%		—	60 monthly		58
BNP 3	October 2016	1050			0.00	%	0		20 quarterly		315
NEUFLIZE 2	June 2016	500			0.00	%	0		12 quarterly		0
BNP 2	June 2016	500			0.00	%	0		20 quarterly		76
CDN 3	April 2016		500		0.00	%		—	60 monthly		34
CIC 3	March 2015	500			0.00	%	0		16 quarterly		0
BNP	December 2014	500			0.00	%	0		20 quarterly		0
Other		0					0				9
TOTAL			6,715					—			1,540

12.4.

Maturities of financial liabilities

Maturity of financial liabilities	As of		Less than		Less than		Less than		Less than		Less than		More than
(in € thousands)	2020/12/31		1 year		2 years		3 years		4 years		5 years		5 years
BPI FRANCE - IT-DIAB		3,229		—		—		—		—		—		3,229
TOTAL - Refundable and conditional advances		3,229		—		—		—		—		—		3,229
Convertible loans		170,782		1,313		169,470		—		—		—		—
Bank loans		1,540		942		544		54		—		—		—
Leases		10,131		2,085		1,564		1,150		1,109		1,039		3,184
Accrued interests		1		1		—		—		—		—		—
Other financial loans and borrowings		7		7		—		—		—		—		—
TOTAL - Other loans and borrowings		182,461		4,348		171,577		1,205		1,109		1,039		3,184
TOTAL		185,691		4,348		171,577		1,205		1,109		1,039		6,413

Under the initial terms, the convertible bond results in the payment of yearly interest of €6,300 and a reimbursement at par in October 2022. The nominal amount of the convertible loan of €180 million is due in less than 2 years. Regarding the renegotiation of this bond debt, please see Note 2.2 “Renegotiation of the convertible bond debt (OCEANEs)”.

Regarding the IT-DIAB advance, please see Note 12.2.1 “Refundable and conditional advances”.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Disclosure Of Financial Instruments [Abstract]

Fair Value of Financial Instruments

13.	FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables provide the financial assets and liabilities carrying values by category and fair values as of December 31, 2020, December 31, 2019 and December 31, 2018:

	As of December 31, 2018
	Carrying value								Fair value
(in thousands of euros)	As per statement of financial position		Assets at fair value through profit & loss		Loans & receivables		Debt at amortized cost		Level 1		Level 2		Level 3
Assets
Financial investments
Loans		259				259						259
Deposits and guarantees		284				284						284
Trade receivables		25				25						25
Cash and cash equivalents		207,240		207,240						207,240
TOTAL—Assets		207,808		207,240		568				207,240		568
Liabilities
Conditional advances		3,229						3,229						3,229
Convertible loans		160,489						160,489				160,489
Bank loans		3,964						3,964				3,964
Obligations under finance leases		1,900						1,900				1,900
Accrued interests		3						3				3
Other financial loans and borrowings		7						7				7
Trade payables		32,649						32,649				32,649
Other payables		71						71				71
TOTAL—Liabilities		202,313						202,313				199,084		3,229

	As of December 31, 2019
	Carrying value								Fair value
(in thousands of euros)	As per statement of financial position		Assets at fair value through profit & loss		Loans & receivables		Debt at amortized cost		Level 1		Level 2		Level 3
Assets
Financial investments
Loans		307				307						307
Deposits and guarantees		396				396						396
Trade receivables		207				207						207
Cash and cash equivalents		276,748		276,748						276,748
TOTAL - Assets		277,658		276,748		911				276,748		911
Liabilities
Conditional advances		3,229						3,229						3,229
Convertible loans		165,454						165,454				165,454
Bank loans		2,645						2,645				2,645
Obligations under finance leases		12,281						12,281				12,281
Accrued interests		1						1				1
Other financial loans and borrowings		7						7				7
Trade payables		32,753						32,753				32,753
Other payables		527						527				527
TOTAL - Liabilities		216,898						216,898				213,669		3,229

	As of December 31, 2020
	Carrying value								Fair value
(in thousands of euros)	As per statement of financial position		Assets at fair value through profit & loss		Loans & receivables		Debt at amortized cost		Level 1		Level 2		Level 3
Assets
Financial investments
Loans		352				352						352
Deposits and guarantees		418				418						418
Trade receivables		793				793						793
Cash and cash equivalents		171,029		171,029						171,029
TOTAL - Assets		172,592		171,029		1,563				171,029		1,563
Liabilities
Conditional advances		3,229						3,229						3,229
Convertible loans		170,782						170,782				170,782
Bank loans		1,540						1,540				1,540
Obligations under finance leases		10,131						10,131				10,131
Other financial loans and borrowings		7						7				7
Trade payables		20,337						20,337				20,337
Other payables		569						569				569
TOTAL - Liabilities		206,596						206,596				203,367		3,229

Trade and Other Payables

12 Months Ended

Dec. 31, 2020

Disclosure Of Trade And Other Payables [Abstract]

Trade and Other Payables

14.	TRADE AND OTHER PAYABLES

Trade and other payables consisted of the following:

Trade and other payables - Total	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade payables (*)		32,649			32,753		20,337
Social security costs payables		2,967			3,598		4,477
VAT payables		1			2		314
Taxes payables		286			487		319
Other payables		71			527		569
TOTAL		35,974			37,368		26,015

Trade and other payables - Current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade payables		32,649			32,753		20,337
Social security costs payables		2,967			3,598		4,477
VAT payables		1			2		314
Taxes payables		286			487		319
Other payables		71			76		118
TOTAL		35,974			36,917		25,564

Trade and other payables - Non current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade payables		—			—		—
Social security costs payables		—			—		—
VAT payables		—			—		—
Taxes payables		—			—		—
Other payables		(0	)		450		451
TOTAL		(0	)		450		451

(*) Of which : Accrued expenses		19,395			18,682		13,809

A very significant part of the accrued expenses reflects the estimation of the expected invoicing by the clinical trial sites via the Clinical Research Organization in charge of the RESOLVE-IT study ($9.6 million and €2.3 million, i.e. a total of €10.1 million based on the exchange rate at December 31, 2020). The timeframe in which those invoices will be received by the Company is unknown and may be spread out over a long period after the services have been performed.

In 2019, the CRO ( Clinical Research Organization) commissioned as part of the RESOLVE IT trial updated its investigators costs estimation model by referring certain assumptions on the basis of historical data. These changes constitute a change in accounting estimate within the meaning of IAS 8 and have led in 2019 to a reduction in the amount recognized for invoices not received related to this specific costs in an amount of €6,994 compared to the previous model.

Provisions

12 Months Ended

Dec. 31, 2020

Provisions [Abstract]

Provisions

15.	PROVISIONS

At December 31, 2020, 2019 and 2018, this line item amounted to €1,031, €2,061, and €112, respectively.

The provisions recorded as of December 31, 2020 are mainly related to:

•

The closing those costs of RESOLVE-IT for (€378)that, following a detailed review, do not have any economic benefit under IAS 37 ;

•

The estimated support costs related to the reduction in force plan implemented in late 2020, such as return-to-work bonuses for €178, trainings for €264, business start-up assistance for €30 and various other benefits for €51 (i.e. a total of €523).

The accruals as of December 31, 2019 related to the research tax credit dispute (€1,892) have been reversed during the year as the dispute has been resolved following the payment of the 2014 research tax credit balance following the receipt of the assessment notice in July 2020.

Employee Benefits

12 Months Ended

Dec. 31, 2020

Disclosure Of Information About Defined Benefit Plans [Abstract]

Employee Benefits

16.	EMPLOYEE BENEFITS

In France, pension funds are generally financed by employer and employee contributions and are accounted for as a defined contribution plan with the employer contributions recognized as expense as incurred. The Group has no actuarial liabilities in connection with these plans. Expenses recorded for the years ended December 31, 2020, 2019 and 2018 amounted to €923, €927, and €765 respectively.

French law also requires payment of a lump sum retirement indemnity to employees based on years of service and annual compensation at retirement, which are accounted for as a defined benefit plan. Benefits do not vest prior to retirement. The liability is calculated as the present value of estimated future benefits to be paid, applying the projected unit credit method whereby each period of service is seen as giving rise to an additional unit of benefit entitlement, each unit being measured separately to build up the final liability. At December 31, 2020, 2019 and 2018 pension provisions recorded were €1,148, €1,408, and €1,085 respectively.

As part of the measurement of the retirement indemnity to employees, the following assumptions were used for all categories of employees in 2018, 2019 and 2020:

Population	Permanent staff
Retirement age		65
Terms of retirement	Initiated by the employee
Life expectancy	On the basis of the INSEE table
Probability of continued presence in the company at retirement age	On the basis of the DARES table

(1)	INSEE is the French National Institute of Statistics; DARES is the French Bureau of Studies and Statistics

Rate	As of
(in € thousands)	2018/12/31			2019/12/31			2020/12/31
Salary growth rate - in 2021		5.80	%		5.80	%		3.00	%
Salary growth rate - beyond		3.00	%		3.00	%		3.00	%
Discount rate		1.53	%		0.75	%		0.50	%

The discount rates are based on the market yield at December 31, 2018, 2019 and 2020 on high-quality corporate bonds.

The following table presents the changes in the present value of the defined benefit obligation:

Changes in the present value of the defined benefit obligation	As of
(in € thousands)	2020/12/31
Defined benefit obligation as of January 1, 2018		936
Current service cost		104
Interest cost on benefit obligation		14
Past service costs / amendment or settlement of plan		—
Actuarial losses on obligation		31
Past service costs		—
Defined benefit obligation as of December 31, 2018		1,085
Current service cost		138
Interest cost on benefit obligation		17
Past service costs / amendment or settlement of plan		—
Actuarial losses on obligation		168
Past service costs		—
Defined benefit obligation as of December 31, 2019		1,408
Current service cost		181
Interest cost on benefit obligation		11
Past service costs / amendment or settlement of plan		(255	)
Actuarial losses / (gains) on obligation		(196	)
Past service costs		—
Defined benefit obligation as of December 31, 2020		1,148

The reduction of €255 is explained by €450 of settlement of the employee’s rights less €196 of actuarial losses .

Sensitivity of the Group’s retirement and post-employment benefits to a variation of the discount rate :

	Retirement and post-employment benefits
Sensitivity of the Group's retirement and post-employment benefits	Changes in			Impact /
to a variation of the discount rate	assumptions			present value of
(in € thousands)	/ discount rate			the undertaking
		0.25	%		(42	)
		-0.25	%		45

Equity

12 Months Ended

Dec. 31, 2020

Disclosure Of Classes Of Share Capital [Abstract]

Equity

17.

EQUITY

Ordinary shares are classified under shareholders' equity. Any shareholder, regardless of nationality, whose shares are fully paid-in and registered for at least two years, is entitled to double voting rights under the conditions prescribed by law (Article 32 of the Company's bylaws)

At December 31, 2020, 2,332,647 shares have been held for more than two years and entitle their holders to double voting rights (6% of the issued share capital).

As of December 31, 2020, the share capital amounts to €9,714,654.25 represented by 38,888,379 fully authorized, subscribed and paid-up shares with a nominal value of €0.25 per share. This number does not include instruments granting access to share capital which have been issued by the Company and granted to certain directors, employees and consultants of the Group including stock options, free shares (AGA) that have not fully vested and share warrants (BSA) or the shares underlying our OCEANE convertible bonds.

The remaining unused authorizations to issue additional share-based compensation or other share-based instruments (stock options, free shares and share warrants) represent a total of 407,900 shares.

Changes in share capital in 2020

The Chief Executive Officer, acting on a decision and delegation from the Board of Directors on November 27, 2019, determined on January 26, 2021, with retroactive effect to December 31, 2020, that some of the performance and attendance conditions of the AGA D 2017-2 and AGA D 2018 and all of the AGA S 2017-2 and AGA S 2018 free shares had been satisfied as of December 31, 2020. 29,762 free shares were thus definitively vested and the same number of new shares were created. The share capital was increased accordingly.

At December 31, 2020, the total number of shares comprising the share capital, taking into account the above, was 38,888,379 shares

Changes in share capital in 2019

The Chairman and CEO, acting on a decision and delegation from the Board of Directors on March 13, 2019, decided on March 26, 2019, in accordance with the 17th and 18th resolutions of the Shareholders Meeting of June 15, 2018, to proceed with a capital increase by offering ordinary shares in the form of American Depositary Shares in the United States and a private placement of ordinary shares in Europe and other countries outside the United States. This transaction led to the issuance of 7,647,500 new shares representing a subscription of a gross amount of €137.6 million. Settlement-delivery took place on March 29, 2019 and the share capital has been increased accordingly. See note 2.1 “Initial Public Offering on the Nasdaq Global Select Market”.

In addition, the Chief Executive Officer, acting on a decision and delegation from the Board of Directors on November 27, 2019, determined on December 16, 2019, with retroactive effect to December 15, 2019, that some of the performance and attendance conditions of the AGA D 2016-1 and AGA D 2016-2 and all of the AGA S 2016-2 free shares had been satisfied as of December 15, 2019. 7,796 free shares were thus definitively vested and the same number of new shares were created. The share capital was increased accordingly.

Finally, the Chief Executive Officer, acting on a decision and delegation from the Board of Directors on November 21, 2017, determined on January 2, 2020, with retroactive effect to December 31, 2019, that some of the performance and attendance conditions of the AGA D 2017-1 and all of the AGA S 2017-1 free shares has been satisfied. As a result, 19,400 free shares definitively vested and the same number of new shares were created and the share capital was increased accordingly.

At December 31, 2019, the total number of shares comprising the share capital, taking into account the above, was 38,858,617 shares.

Changes in share capital in 2018

On December 27, 2018, the Board of Directors of the Company determined that some of the performance conditions for the AGA D 2016-1 and all of the performance conditions for the AGA S 2016-1 were met, and therefore 17,484 ordinary shares were definitively acquired by their beneficiaries, and the share capital was increased by the nominal amount.

Other Income

12 Months Ended

Dec. 31, 2020

Disclosure Of Other Income [Abstract]

Other Income

18.	OTHER INCOME

The industrial income recognized in 2020 for €765 pertains to a one-time transaction and relates to the income recognized within the scope of the license agreement with Labcorp ( see Note 2.3).

Other income consisted of the following:

Other income	Year ended
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
CIR tax credit		7,295		8,125		6,020
Other operating income (including CICE tax credit)		130		1,992		968
Government grants and subsidies		—		5		5
TOTAL		7,425		10,122		6,993

The research tax credit (CIR) amount of €6,020 comprises:

•

The 2020 Research Tax Credit for the amount of €7,911,

•

the accrual corresponding to the resolution of the dispute on the 2010, 2011, 2012 and 2014 Research Tax Credit balanced with the reversal of the operating provision recognized in 2019 (€1,892).( see note 19 ).

During 2020, the Group recognized in “Other operating income” €951 for exchange gains on trade receivables (€1,985 were recognized for exchange gains on trade receivables in 2019 and €38 were recognized as financial income in 2018).

Operating Expense

12 Months Ended

Dec. 31, 2020

Operating Expense [Abstract]

Operating Expense

19.	OPERATING EXPENSE

Year Ended December 31, 2018

	Of which:
							Contracted												Gain /
				Raw			research and						Other			Depreciation,			(loss) on
				materials			development						expenses			amortization			disposal of
				and			activities						(maintenance,			and			property,
Operating expenses and other operating income (expenses)	Year ended			consumables			conducted by			Employee			fees, travel,			impairment			plant and
(in € thousands)	2018/12/31			used			third parties			expenses			taxes…)			charges			equipment
Research and development expenses		(67,024	)		(1,724	)		(47,659	)		(9,431	)		(6,502	)		(1,707	)		—
General and administrative expenses		(9,076	)		(126	)		(2	)		(3,778	)		(5,451	)		283			—
Marketing and market access expenses		(717	)		(4	)		—			(416	)		(287	)		(11	)		—
Reorganization and restructuring expenses		—			—			—			—			—			—			—
Other operating income and (expenses)		(162	)		—			—			—			(164	)		—			2
TOTAL		(76,979	)		(1,855	)		(47,662	)		(13,625	)		(12,403	)		(1,435	)		2

	Of which:
							Contracted												Gain /
				Raw			research and						Other			Depreciation,			(loss) on
				materials			development						expenses			amortization			disposal of
				and			activities						(maintenance,			and			property,
Operating expenses and other operating income (expenses)	Year ended			consumables			conducted by			Employee			fees, travel,			impairment			plant and
(in € thousands)	2019/12/31			used			third parties			expenses			taxes…)			charges			equipment
Research and development expenses		(66,170	)		(2,017	)		(41,509	)		(11,740	)		(6,188	)		(4,716	)		—
General and administrative expenses		(17,265	)		(177	)		(59	)		(7,598	)		(8,972	)		(458	)		—
Marketing and market access expenses		(13,708	)		(8	)		(0	)		(1,645	)		(11,979	)		(76	)		—
Reorganization and restructuring expenses		—			—			—			—			—			—			—
Other operating income and (expenses)		(1,649	)		—			—			—			(1,668	)		—			19
TOTAL		(98,793	)		(2,202	)		(41,568	)		(20,984	)		(28,807	)		(5,251	)		19

The depreciation, amortization and impairment charges totaled €4.7million, consists of a provision of €1.8 million with respect to the research tax credit litigation and due to additional depreciation due to the adoption of IFRS 16. The reversal of this provision of €1.8 million with respect to the research tax credit litigation was booked in 2020 (see above ) .

	Of which:
							Contracted												Gain /
				Raw			research and						Other			Depreciation,			(loss) on
				materials			development						expenses			amortization			disposal of
				and			activities						(maintenance,			and			property,
Operating expenses and other operating income (expenses)	Year ended			consumables			conducted by			Employee			fees, travel,			impairment			plant and
(in € thousands)	2020/12/31			used			third parties			expenses			taxes…)			charges			equipment
Research and development expenses		(59,097	)		(1,876	)		(39,216	)		(11,554	)		(5,465	)		(985	)		—
General and administrative expenses		(14,270	)		(202	)		(92	)		(6,936	)		(6,545	)		(495	)		—
Marketing and market access expenses		(11,216	)		(7	)		(2	)		(1,298	)		(9,818	)		(90	)		—
Reorganization and restructuring expenses		(5,308	)		—			—			8			(2,141	)		(3,175	)		—
Other operating income (expenses)		(764	)		—			—			—			(684	)		—			(80	)
TOTAL		(90,655	)		(2,085	)		(39,310	)		(19,779	)		(24,655	)		(4,746	)		(80	)

Research and development expenses at each reporting date take into account estimates for ongoing activities subcontracted as part of the clinical trials and not yet invoiced, on the basis of detailed information provided by subcontractors and reviewed by the Group’s internal departments. The accuracy of these estimates for some types of expenses improves with the progression of the trials and the review of their determination methods.

The decrease in “Contracted Operating Expense” in 2020 is related to the suspension or the discontinuation of some studies. See Note 2 “Major events in the period and events after the reporting period”.

Employee-related costs decreased due to the progressive reduction in headcount due to voluntary resignations during the second half of 2020 (employees totaled 130 at December 31, 2020 compared to 194 at December 31, 2019) and the reduction applied to bonuses paid in 2020 within the scope of the agreement signed during the reduction in force plan (PSE) and the absence of incentive bonuses, partially compensated by the accrual recognized as employee related cost due to the PSE and the evolution of employee profiles.

The change in “Other Expenses” is attributed notably to the costs pertaining to the renegotiation of the OCEANEs and related costs, the facilities and their maintenance, the intellectual property costs, and most particularly the reduction in expenses pertaining to pre-marketing of elafibranor in NASH and expenses related to the specific insurance policy required for the first year of listing on the Nasdaq in 2019 (only one D&O insurance policy is recurrent) .

The change in “Net amortization, depreciation and provisions” is mainly due to the impairment recorded following the closing of RESOLVE-IT and the costs resulting from the implementation of the PSE.

The other operating income and expense are mainly currency exchange loss due to trades receivables.

The reorganization and restructuration costs of €5,308 in 2020 mainly include:

•

accruals and provisions recognized within the scope of the PSE (€1,850);

•

extraordinary amortizations, impairment losses and depreciation of fixed assets recognized within the scope of the reorganization of GENFIT (€363);

•

the impairment loss of the rights of use of leased premised, fittings and fixtures and leased equipment (€1,275 and €503);

•

the OCEANE renegotiation costs recognized in 2020 (€745);

•

the provision recognized for some closing costs of the RESOLVE-IT study, which, after detailed analysis, do not have any economic advantage (€378).

19.1.

Employee expenses

The 2020 employee expenses include the costs pertaining to the reduction in force (PSE), notably the notice periods for €712, severance pay for €459, voluntary departure compensation for €135, totaling €1,327.

Employee expenses and number of employees were as follows:

Employee expenses	Year ended
(in € thousands)	2018/12/31			2019/12/31			2020/12/31
Wages and salaries		(9,012	)		(14,018	)		(13,570	)
Social security costs		(3,722	)		(5,171	)		(5,047	)
Changes in pension provision		(104	)		(138	)		74
Share-based compensation		(787	)		(1,657	)		(1,236	)
TOTAL		(13,625	)		(20,984	)		(19,779	)

	Year ended
Number of employees at year-end - detail	2018/12/31		2019/12/31		2020/12/31
Average number of employees		135		175		193
Average age of employees	38 years 11 months		37 years 1 month		38 years 8 months
Number of employees
Research and development		84		108		66
Services related to research and development		16		19		16
Administration and management		48		60		43
Marketing and commercial		—		7		5
TOTAL		148		194		130
Number of employees
Senior staff		115		144		105
Staff		30		45		23
Others (apprentices)		3		5		2
TOTAL		148		194		130
Number of employees
Male		57		78		52
Female		91		116		78
TOTAL		148		194		130

The reduction of the workforce took place at the end of December 2020 which explain the average number of employees in 2020.

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Share-Based Compensation

20.	SHARE-BASED COMPENSATION

Share-based compensation is granted by the Group to employees, executive officers, board members and consultants.

Share-based compensation granted to employees and executive officers in 2014 through 2020 corresponds to redeemable share warrants (" Bons de Souscriptions et/ou d'Acquisition d'Actions " or "BSAAR"), stock options ("SO") and free shares (" actions gratuites " or "AGA")

Share-based compensation granted to board members and consultants in 2014, 2015, 2017 and 2019 corresponds to share warrants (" Bons de Souscriptions d'Actions " or "BSA").

For the measurement of this share-based compensation, the Group has determined that under IFRS its consultants were not equivalent to employees.

Under these programs, holders of vested instruments are entitled to subscribe to shares of the Company at a pre-determined exercise price. All of the plans are equity settled.

No instruments were exercised during 2020, 2019 and 2018.

New plans were put in place in 2020 under the terms and conditions discussed below.

The expense recognized during 2020 pursuant to IFRS 2 was €1,236 (compared to €1,656 at December 31, 2019 and €787 at December 31, 2018).

In 2019, the Group revised its estimate of the number of equity instruments expected to be vested taking into account the number of lapsed instruments noted after 4 years of successive plans. As a result, Genfit revised the turnover rate assumption, which was estimated at 15%, to a rate of 0%, taking into account recent observations and the actual number of lapsed instruments at each closing.

The table below shows the share-based compensation under each plan according to the change in estimate mentioned above .

	Year ended
Share-based compensation - Annual expense	2018/12/31		2019/12/31			2020/12/31
AGA S 2016-1		151		—			—
AGA S 2016-2		22		44			—
AGA D 2016-1		127		21			21
AGA D 2016-2		17		39			6
SO 2016-1		83		213			49
SO 2016-2		38		93			13
SO US 2016-1		12		(24	)		—
SO US 2016-2		5		(11	)		—
AGA S 2017-1		—		209			—
AGA S 2017-2		24		45			13
AGA D 2017-1		17		190			—
AGA D 2017-2		29		56			4
SO 2017-1		28		27			335
SO 2017-2		48		2			110
SO US 2017-1		3		(4	)		—
SO US 2017-2		5		(6	)		—
BSA-2017-A		63		—			—
BSA-2017-B		66		—			—
AGA S 2018		12		148			62
AGA D 2018		10		135			65
SO 2018		24		285			225
SO US 2018		3		25			24
AGA S 2019		—		41			55
AGA D 2019		—		35			63
SO 2019		—		70			123
SO 2019 - US		—		16			35
BSA 2019		—		7			20
SO US 2019		—		1			14
SO D 2020		—		—			—
SO C 2020		—		—			—
SO US 2020		—		—			—
TOTAL		787		1,656			1,236

20.1.

Share warrants ( bons de souscription d'actions or BSA)

The key terms and conditions related to each program are detailed in the following tables:

Share-based compensation	2019	2017		2015		2014
Share warrants ( BSA )
		BSA 2017-A	BSA 2017-B	BSA 2015-A	BSA 2015-B	BSA 2014-A	BSA 2014-B

Date of the Shareholders meeting	06/15/2018	06/16/2017		04/02/2014		04/02/2014
Date of the Management Board meeting				01/09/2015		07/24/2014
Date of the decision and delegation of the Board of Directors to the CEO	10/18/2019	11/21/2017
Date of the CEO decision	10/31/2019	12/06/2017
Beneficiaries	Consultants	Consultants and officers		Consultants and officers		Consultants and officers
Total number of BSAAR subscribed	35,070	18,345	18,345	12,860	12,860	46,765	46,765
Total number of BSAAR voided	0	0	0	12,860	12,860	46,765	46,765
Total number of BSAAR remaining	35,070	18,345	18,345	0	0	0	0
Issue Price	€1.23	€2.00		€0.01		€0.01
Excercise price	€12.32	€19.97		€35.95		€23.50
Estimated fair value - according to IFRS 2	€0.75	€3.78	€3.81	€25.33 /€26.89	€25.33 /€26.31	€15.61 /€24.84	€15.61 /€24.85
End of exercise period	05/31/2024	06/30/2022	07/15/2022	05/31/2019	11/30/2019	09/30/2018	02/28/2019
Valuation method used	Black & Scholes
Expected dividends	0%	0%		0%		0%
Expected volatility	40.0%	36.4%	35.7%	74.9%		74.9%
Risk-free interest rate	0%	0.0%		0.4%		0.4%
Expected life	0.7 years	6 years		4 years		4 years

The services performed by the consultants are mainly:

•

to evaluate product development plans and propose, if necessary, changes to strategic or technical approaches;

•

to advise the Company's management and the Scientific Board in identifying strategies and selecting drug candidates, based in particular on the scientific results obtained by the Group (new therapeutic targets, new compounds); and

•

to assist and advise the Group in its alliance strategies, such as external growth-supporting synergies (acquisition of new competencies and the purchase of operating rights, drug candidates and innovative technologies, etc.).

20.2.

Redeemable warrants ( bons de souscription et/ou d'acquisition d'actions remboursables or BSAAR)


Share-Based compensation	2016	2014
Redeemable share subscription warrants (BSAAR)	BSAAR 2016-A and B	BSAAR 2014-A - B and C
	Employees	Employees and Officers

Date of the Shareholders’ meeting	02/24/2015	04/02/2014
Date of the Management Board meeting	07/22/2016	09/16/2014
Date of the decision and delegation of the Board of Directors to the CEO
Date of the CEO decision
Total number of BSAAR subscribed	10,800	62,717
Total number of BSAAR voided	10,800	61,484
Total number of BSAAR exercised	0	1,233
Total of BSAAR remaining	0	0
Issue Price	€23.50	€23.50
Subscription period	From 01/01/2018 to 07/27/2020	voided on 09/2018 - 05/2019 and 07/2019
Estimated fair value - valued by expert opinion	€4.60	From €8.44 to €11.29
Valuation method used	Black & Scholes	Black & Scholes
Expected dividends	0%	0%
Expected volatility	75.4%	75.4%
Risk-free interest rate	0.0%	0.4%
Expected life	4 years	4 years

As of December 31, 2020, all of the non-exercised BSAAR 2016 became void.

20.3.

Free shares ( actions gratuites attribuées or AGA)

The key terms and conditions related to each program are detailed in the following tables:


Share-based compensation	2 019		2 019		2 018	2 017	2 016
Free shares (AGA)	AGA D		AGA S
	Officers(1)	Employees	Officers(1)	Employees	AGA D and S	AGA D and S 2017-1 and 2017-2	AGA D and S 2016-1 and 2016-2
					AGA D and S	AGA D and S 2017-1 and 2017-2	AGA D and S 2016-1 and 2016-2
Date of the Shareholders meeting	06/15/2018				06/15/2018	06/16/2017	06/21/2016
Date of the Management Board meeting							12/15/2016
Date of the decision and delegation of the Board of Directors to the CEO	07/18/2019				11/07/2018	11/22/2017
Date of the Executive Board Meeting	07/18/2019				11/22/2018	12/06/2017
Total number of AGA subscribed	3,000	16,070	0	17,556	35,800	41,196	30,709
Total number of AGA voided	0	450	0	702	1,872	9,846	5,429
Total number of AGA definitively vested	0	0	0	0	0	19,403	25,280
Total number of AGA remaining	3,000	15,620	0	16,854	33,928	11,947	0
Acquisition period	From 07/18/2019 to 09/16/2022				From 07/18/2019 to 09/16/2022	From 12/06/2017 to 12/31/2020	From 12/15/2016 to 12/15/2019
Valuation method used	Monte Carlo
Price of the share at the time of allocation	€17.06				€20.02	€21.95	€20.78
Expected dividends	0%				0%	0%	0%
Expected volatility	40.2%				38.0%	53.7%	63.0%
Risk-free interest rate	0.0%				0.0%	0.0%	0.0%
Turnover rate	0.00%				15.00%	15.00%	15.00%
(1) : Chairman and CEO

The final allocation of free shares is subject to continued employment with the Group and performance conditions.

20.4.

Stock options ( options de souscription d'actions or SO)

The key terms and conditions related to each program are detailed in the following tables:


Share-based compensation	2020			2019			2018		2017		2016
Stock option SO	SO		SO US	SO 2019	SO US 1	SO US 2	SO 2018	SO US 2018	SO 1 and 2 2017	SO US 2017	SO 1 and 2 2016	SO US 2016
	Officers (1)	Employees	Employees	Employees and Officers	Employees	Employees	Employees and Officers	Employees	Employees and Offices	Employees	Employees and Offices	Employees
				Employees and Officers			Employees and Officers	Employees	Employees and Offices	Employees	Employees and Offices	Employees
Date of the Shareholders meeting	11/27/2019			06/15/2018	11/27/2019		06/15/2018		06/16/2017		06/21/2016
Date of the Management Board meeting											12/15/2016
Date of the decision and delegation of the Board of Directors to the CEO	12/11/2020			07/18/2019		11/27/2019	11/07/2018		11/21/2017
Date of the CEO decision	12/11/2020			07/18/2019		11/27/2019	11/07/2018		12/06/2017
Total number of SO subscribed	35,000	103,750	56,250	107,880	30,620	13,350	122,000	17,500	96,250	13,000	62,875	10,500
Total number of SO voided	0	0	0	13,350	7,000	4,450	50,322	7,787	35,273	13,000	13,169	10,500
Total number of SO definitively vested	0	0	0	0	0	0	0	0	60,977	0	49,706	0
Total number of SO remaining	35,000	103,750	48,750	94,530	23,620	8,900	71,678	9,713	0	0	0	0
Exercice price	€4.38	€3.50	€4.52	€13.99	€16.90	€14.31	€16.00	€21.65	€17.91	€22.54	€15.79	€21.12
Vesting period	From 12/31/2020 to 12/31/2023			From 07/18/2019 to 09/16/2022 and From 11/27/2019 to 01/16/2023			From 11/07/2018 to 12/31/2021		From 12/06/2017 to 12/31/2020		From 12/15/2016 to 12/15/2019
Exercice period	From 01/01/2024 to 12/31/2027			From 09/17/2022 to 09/17/2029 and From 01/17/2023 to 01/17/2030			From 01/01/2022 to 12/31/2028		From 01/01/2021 to 12/31/2027		From 12/16/2019 to 12/16/2026
Fair value	€1.16	€1.46	€1.12 €	€4.59	€3.67	€3.23	€9.32	€6.90	€9.32		€10.30	€8.52
Valuation method used	Black-Scholes
Price of the share at the time of allocation	€3.99		€3.99	€17.06		€14.50	€22.12		€21.95		€20.79
Expected dividends	0%		0%	0%		0%	0%		0%		0%
Expected volativity	49.0%		49.0%			40.0%	44.1%		53.7%		63.0%
Risk-free interest rate	-0.7%		-0.7%	0.0%		0.0%	0.0%		0.0%		0.0%
Turnover rate	0.00%		0.00%	0.00%		0.00%	15.00%		15.00%		15.00%

(1)

Chief Executive Officer

Volatility assumptions in the above tables are determined by reference to the Company's historical share price observed on the grant date over a two- and three-year period prior to the grant date, adjusted for extreme variations, if any.

Definitive vesting is subject to continued employment with the Group and performance conditions.

20.5.

Performance conditions

The SO and SO US stock option plans as well as certain free share plans (AGA "D") implemented in 2016, 2017, 2018 and 2019 are subject to internal performance conditions related to the progress of the Group's research and development programs, and to external performance conditions related to the evolution of the Company's stock price.

The other free share plans (AGA "S") are subject only to internal performance conditions.

20.5.1.

Performance conditions of the 2020 plans


Plans	Evaluation date for performance conditions	Nature of conditions
SO D 2020 SO C 2020 SO US 2020	31/12/2023	50% of the 2020 instruments will be exercisable, if at least one of the three following conditions relating to the development of elafibranor in PBC and the ELATIVE clinical is fulfilled: (i) “Last Patient Visit” in ELATIVE in Q4 2022 or earlier; (ii) ELATIVE results are communicated to the market during or before the first half of 2023; (iii) if a registration application for elafibranor in PBC is filed with the Food and Drug Administration (FDA) or the European Medicines Agency (EMA) in 2023.
		25% of the 2020 instruments will be exercisable if at least if at least one of the two following conditions relating to the NI4 diagnostics technology is fulfilled: (i) a partnership agreement in research and development for the development of an IVD test integrating NIS4 technology with at least on major player in NASH (“big pharma, biotechnologies company, institution, etc.) is entered into by the Company; (ii) NIS4 technology has been used in at least 20 clinical trials..
		25% of the 2020 instruments will be exercisable if at least if at least one of the two following conditions relating to the development of the Company’s pipeline is fulfilled: (i) a new clinical trial for a new indication with elafibranor or NTZ in ongoing or complete; (ii) the Company has developed or acquired the rights of a new molecule.

		The exercise of 2020 instruments is also conditional to the presence of their beneficiaries at December 31, 2022, unless an exception usually provided for in the terms of conditions of the stock options granting plans applies. The granting of stock options D2020 to the CEO has been conditioned to the granting by the Company, in accordance with article L225-186-1 of the French Commercial Code, of free shares, existing or to be issued, to the benefit of the employees of the Company during the first half of 2021.

Financial Income and Expenses

12 Months Ended

Dec. 31, 2020

Financial Income And Expenses [Abstract]

Financial Income and Expenses

21.	FINANCIAL INCOME AND EXPENSES

Financial income and expenses	Year ended
(in € thousands)	2018/12/31			2019/12/31			2020/12/31
Financial income
Interest income		202			2,626			1,442
Foreign exchange gain		101			2,272			4,983
Other financial income		425			324			119
TOTAL - Financial income		728			5,221			6,544
Financial expenses
Interest expenses		(10,955	)		(11,289	)		(11,643	)
Interest expenses for leases		(21	)		(148	)		(134	)
Foreign exchange losses		(127	)		(1,657	)		(13,508	)
Other financial expenses		(14	)		(17	)		(11	)
TOTAL - Financial expenses		(11,118	)		(13,110	)		(25,296	)
FINANCIAL GAIN (LOSS)		(10,391	)		(7,889	)		(18,752	)

The financial expenses are related to the interest of the OCEANE and they mainly relate to the payment of coupons at the rate of 3.5% and the amortization of the discount of the bond debt at the effective interest rate of 7.2%. to accrete the bond debt up to the amount that will be repaid (or converted) at maturity, recognizing a theoretical annual interest accrual as a result of the accretion on the period of an amount equivalent to the equity component at an effective interest rate.

The interest income recognized are almost exclusively related to investments in US dollars; the income generated has however been significantly reduced in 2020.

The financial result related to currency exchange is a loss of €8,525 in 2020 notably due to the difference in currency exchange recognized on the cash investments in US dollars, as GENFIT has decided to keep some of its cash in US dollars. See Note 6 “Cash and cash equivalents”. These cash investments in US dollars are to be used to pay directly expenses in US dollars (natural currency hedge).

Income Tax

12 Months Ended

Dec. 31, 2020

Deferred Tax Expense Income [Abstract]

Income Tax

22.	INCOME TAX

22.1.

Losses available for offsetting against future taxable income

At December 31, 2018, 2019 and 2020, the tax loss carry forwards for the Company amounted to €305,530, €384,471, and €483,356, respectively.

Such carry forwards can be offset against future taxable profit within a limit of €1.0 million per year plus 50% of the profit exceeding this limit. Remaining unused losses will continue to be carried forward indefinitely.

22.2	Deferred tax assets and liabilities

The Group's main sources of deferred tax assets and liabilities as of December 31, 2018 and 2019 related to:

Tax loss carry forwards: €305,530 and €384,471 respectively;

•

Temporary differences:

•

related to the OCEANE: a net deferred tax liability for €1,773 and €1,193 as of December 31, 2018 and 2019, respectively and

•

related to post-employment benefits: €1,085 and €352, respectively, or an impact on deferred tax assets of €304 and €352, respectively.

The Group's main sources of deferred tax assets and liabilities as of December 31, 2020 related to:

•

Tax loss carry forwards: €483,356 (compared to €384,471 at December 31, 2019);

•

Temporary differences related to:

the OCEANE: a deferred tax liability of €2,050 and an asset of €1,282, i.e., a net deferred tax liability of €767; and

post-employment benefits: a deferred tax liability of €287 offset by an asset of the same amount;

The Company offsets its deferred tax assets and liabilities (€1,282 and €2,050, respectively), as permitted by IAS 12, resulting in a net deferred tax liability of €767 as of December 31, 2020..

The income tax benefit for the period is mainly due to the decrease in the net deferred tax liability over the period.

Oher than as it relates to deferred tax assets recognized based on the available deferred tax liabilities, no other deferred tax asset has been recognized as it is not probable that taxable profit will be available to offset deductible temporary differences and tax loss carry forwards.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

23.	EARNINGS (LOSS) PER SHARE

The components of the earnings (loss) per share computation are as follows:

Basic loss per share is equal to diluted loss per share.

	Year ended
Earnings per share	2018/12/31			2019/12/31			2020/12/31
Profit (loss) for the period (in € thousands)		(79,521	)		(65,144	)		(101,221	)
Weighted average number of ordinary shares for the period		31,167,203			36,987,982			38,858,617
Profit (loss) per share (in €)		(2.55	)		(1.76	)		(2.60	)

Litigation and Contingent Liabilities

12 Months Ended

Dec. 31, 2020

Disclosure Of Contingent Liabilities [Abstract]

Litigation and Contingent Liabilities

24.	LITIGATION AND CONTINGENT LIABILITIES

Class Action

In May 2020, following the Group announcement on the interim results of our RESOLVE-IT Phase 3 clinical trial in which elafibranor had not achieved the primary or key secondary endpoints, a purported shareholder class action complaint was filed in state court in the Commonwealth of Massachusetts, naming the Group, the board of directors and certain members of the senior management as defendants, alleging that defendants made materially misleading statements about the development of elafibranor in connection with our U.S. initial public offering in violation of U.S. federal securities laws.

In October 2020, the plaintiff voluntarily dismissed the Commonwealth of Massachusetts action, but in December 2020, the same plaintiff filed a purported shareholder class action complaint in state court in the State of New York, alleging claims substantially similar to those in the previous complaint against the same defendants, as well as the underwriters of our U.S. initial public offering. In March 2021, the Company and the other defendants filed a motion to dismiss and intend to vigorously defend this action.

Related Parties

12 Months Ended

Dec. 31, 2020

Disclosure Of Transactions Between Related Parties [Abstract]

Related Parties

25.	RELATED PARTIES

Biotech Avenir SAS and The NASH Epidemiology Institute^TM , an endowment fund set up by the Company, are related parties within the meaning of IAS 24.9.

The registered office of Biotech Avenir SAS and that of The NASH Epidemiology Institute^TM are located at the same address as the Company. These domiciliations are provided without charge.

Biotech Avenir

Biotech Avenir SAS is a holding company incorporated in 2001 by the Company's founders. Most of its share capital is currently held by individuals, i.e. the four co-founders of the Company and twelve Company employees.

Jean-François Mouney, the Chairman of the Company, is also the Chairman of Biotech Avenir SAS.

At December 31, 2020, Biotech Avenir SAS held 4.86% of the share capital of the Company.

The Company did not carry out any transactions with Biotech Avenir in 2020, 2019 or 2018, with the exception of the domiciliation without charge.

The NASH Epidemiology Institute^TM

The NASH Education Program ^TM (which became The NASH Epidemiology Institute^TM ) endowment fund was created in November 2016 at the initiative of the Group to develop and finance disease awareness activities targeting medical professionals and the general public. It has been dissolved on December 31, 2020, and in that context, before the final bank fees related to its dissolution, the endowment fund has a positive balance of €17. These funds will be transferred to the benefit of the Fondation de France or any other association in the field healthcare and registered as a charity.

PCAS Group

Mr. Frédéric Desdouits, member of the Genfit Board of Directors since June 2014 , was appointed CEO of PCAS Group in March 2019. Elafibranor’s principal active ingredient has been made by a PCAS Group production unit since 2013, and as Mr. Frédéric Desdouits became PCAS Group’s CEO, he temporarily became a related party as defined by IAS 24.9 until his resignation from this position in March 2020.

In January 2020, the Company signed a Memorandum of Understanding with PCAS settings out the conditions under which the PCAS Group would set up a second manufacturing source for the active ingredient used in the composition of elafibranor, as part of initiatives to secure the supply chain, and undertake the necessary investments to carry out this goal and to increase the production capacity of the active ingredient in view of a potential future marketing authorization. The cost to carry out technology transfers between the current manufacturing unit and the second source, €255, was to be borne by PCAS, except in case of termination of the RESOLVE-IT program. Due to the termination decision enacted on July 22, 2020, these costs were included in the closing costs of the study that were recognized in 2020. See note 2 “Major events in the period and events after the reporting period”.

Compensation of Corporate Officers

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Of Corporate Officers [Abstract]

Disclosure of Compensation of Corporate Officers Explanatory

26.	COMPENSATION OF CORPORATE OFFICERS

On September 2, 2019, the Board of Directors accepted the resignation of the Chairman and Chief Executive Officer of the Company and decided to separate the roles of Chairman of the Board of Directors and Chief Executive Officer of Genfit SA with effect from September 16, 2019.

At the same meeting, the Board of Directors appointed the Chief Executive Officer of the Company and confirmed the former Chairman and Chief Executive Officer in his functions as Chairman of the Board of Directors and member of certain committees of the Company's Board of Directors.

Under these conditions, the following table details the compensation paid to the Chairman and Chief Executive Officer in 2018 and during the period from January 1, 2019 to September 16, 2019, and the compensation paid to the Chief Executive Officer in 2020 and during the period from September 16 to December 31, 2019 (after the change in governance) and the years in which the amounts were recognized in the statement of operations.

Compensation paid to the Chairman	Year ended
during the period from January 1, 2019 to September 16, 2019	2018/12/31		2019/12/31		2020/12/31
Short-term employee benefits (gross + employer's social contributions, paid)		1,569		1,338		—
Post-employment pension & medical benefits		—		—		—
Share-based payment transactions		104		109		—
Director fees Genfit Corp (net)		30		22		—
TOTAL		1,703		1,469		—

Compensation paid to the Chief Executive Officer	Year ended
for the period beginning on September 16, 2019	2018/12/31		2019/12/31		2020/12/31
Short-term employee benefits (gross + employer's social contributions, paid)		—		140		534
Post-employment pension & medical benefits		—		—		—
Share-based payment transactions		—		—		41
Director fees Genfit Corp (net)		—		—		—
TOTAL		—		140		575

⁽¹⁾

Within this total, only the portion of the amounts paid in 2019 to the Chairman and Chief Executive Officer pursuant to the 13th resolution of the Annual General Meeting of June 13, 2019, for the part of the Incentive Plan corresponding to that portion of work on the initial public offering of the Company on the Nasdaq Global Select Market carried out in 2018, i.e., ¾ of the amount due, i.e. a gross amount of €562,893. However, the Chairman of the Board of Directors decided to forgo the balance amount of €187,631, which had been recorded in 2019.

The Chairman of the Board of Directors, Jean-François Mouney, receives a fixed compensation. He also has use of a company vehicle and the Group’s insurance and disability plan. These benefits are totaled in the tablebelow in the "Other remuneration" line. The Chairman of the Board of Directors also receives attendance fees granted for his participation in the work of some of the committees of the Board of Directors.

The Chief Executive Officer’s corporate contract contains a clause whereby, in the event of termination, he would receive a non-compete indemnity equal to:

(i)

twelve (12) months of fixed compensation, calculated on the basis of the gross amounts due for the past twelve months ended and

(ii)

increased, where applicable, by the amount of the annual variable compensation due for the previous year. This compensation is intended to compensate the prohibition made to the Chief Executive Officer, for a period of 12 months following the termination of his functions, for whatever reason, to work in any way whatsoever with certain companies carrying out a directly competitive activity of the Company.

In addition, the Chief Executive Officer, except in the event of gross negligence within the meaning of labor law, shall receive severance pay equal to:

(i)

twelve (12) months of fixed compensation, calculated on the basis of the gross amounts due for the twelve past completed months and

(ii)

increased, where applicable, by the amount of annual variable compensation due for the previous year. This compensation will be paid one month after his effective termination of activity within the Group. The compensation will not be paid if, on his initiative, the Chief Executive Officer leaves the Company to exercise new functions or changes functions within the Group, or even if he has the possibility of asserting in the short term his retirement rights. It is also specified that any sum paid under the non-competition clause will be deducted from the sums due under the severance pay and vice versa. The total and maximum commitment represented by this indemnity (gross, employer charges and payroll tax) as of December 31, 2020 would amount to €415.

The directors' fees and other compensation due and paid to the non executive directors are as follows:

	Amounts due*		Amounts paid*		Amounts due*		Amounts paid*		Amounts due*		Amounts paid*
Attendance fees and other forms of remuneration payable to each of the non executive officer	During the year ended December 31,
(in euros)	2018				2019				2020
Jean-François MOUNEY (1)
Attendance fees		—		—		14,791		633		49,937		49,939
Other remuneration (outside compensation as CEO)		—		—		88,874		88,874		286,469		286,469
Total		—		—		103,665		89,507		336,406		336,408
Xavier GUILLE DES BUTTES
Attendance fees		53,330		41,311		68,016		67,580		85,020		80,660
Other remuneration		—		—		—		—		—		—
Total		53,330		41,311		68,016		67,580		85,020		80,660
Frédéric DESDOUITS
Attendance fees		21,174		17,113		33,136		30,302		53,360		44,640
Other remuneration		—		—		—		—		—		—
Total		21,174		17,113		33,136		30,302		53,360		44,640
BIOTECH AVENIR
Represented by Florence Séjourné
Attendance fees		—		—		—		—		—		—
Other remuneration		—		—		—		—		—		—
Total		—		—		—		—		—		—
Philippe MOONS
Attendance fees		29,704		22,345		36,188		41,202		45,780		41,420
Other remuneration		—		—		—		—		—		—
Total		29,704		22,345		36,188		41,202		45,780		41,420
Anne-Hélène MONSELLATO
Attendance fees		37,075		24,307		44,472		53,410		50,140		45,780
Other remuneration		—		—		—		—		—		—
Total		37,075		24,307		44,472		53,410		50,140		45,780
Catherine LARUE
Attendance fees		21,256		17,985		33,136		28,122		43,600		43,600
Other remuneration		—		—		—		—		—		—
Total		21,256		17,985		33,136		28,122		43,600		43,600
Katherine KALIN
Attendance fees		—		—		—		—		15,805		4,360
Other remuneration		—		—		—		—		—		—
Total		—		—		—		—		15,805		4,360
Eric BACLET
Attendance fees		—		—		—		—		20,165		6,540
Other remuneration		—		—		—		—		—		—
Total		—		—		—		—		20,165		6,540
TOTAL		162,539		123,061		318,613		310,123		650,276		603,408

(1)

The attendance fees and other remuneration for Jean-François Mouney above correspond to amounts due for the period from September 16, 2019 to December 31, 2019 and the full year 2020.

In addition, the Company has provided corporate officers, directors and members of the Executive Committee a “directors and officers” insurance against claims relating to certain actions they may take in the performance of their duties. For the 12 month of the calendar year 2020, the insurance premium for the implementation of this insurance coverage amounted to €1,316 ( €3,146 for 2019)

Commitments

12 Months Ended

Dec. 31, 2020

Disclosure Of Commitments [Abstract]

Commitments

27.	COMMITMENTS

Subcontracting agreements

The Group enters into contracts for its business needs with clinical research organizations (CROs) for clinical trials, as well as with Contract Manufacturing Organizations (CMOs) for clinical and commercial supply manufacturing, commercial and pre-commercial activities, research and development activities and other services and products for operating purposes. The Group’s agreements generally provide for termination with specified periods of advance notice.

Such agreements are generally cancelable contracts and not included in the description of the Group’s contractual obligations and commitments.

Deposits and guarantees

The Company has guaranteed its rental payment obligation under the lease agreement for the headquarters in Loos, France in the amount of €600 at December 31, 2020, €542 at December 31, 2019 and €455 at December 31, 2018.

Obligations in respect of the co-ownership of intellectual property rights

To date, the Company has not been required to license any third-party intellectual property to develop drug candidates and biomarker candidates that comprise its portfolio of proprietary programs and products.

The Company ensures, with regard to these programs, that the collaboration or subcontracting agreements that it is required to enter into, systematically stipulate that the results of the research are the Company's property. This is particularly the case for research consortia, in which the Group is associated with university laboratories and other biotechnology companies. It therefore holds all the intellectual property rights over its portfolio of proprietary programs and products.

On the other hand, the agreements signed in the framework of the Company's historical co-research alliances with partners in the pharmaceutical industry provided that the intellectual property rights of the drug candidates developed under these alliances belonged to the partners. These agreements also provided that the Company had intellectual property rights over the innovative technologies discovered on this occasion, even if it had to grant a royalty free and non-exclusive license to the industrial partner for the purpose of developing drug candidates discovered under the co-research programs.

To date, Sanofi remains the only industrial partner likely to still have exploitation rights on a drug candidate developed as part of its historical co-research alliance with the Company and therefore able to use on a royalty-free basis, but not exclusively, technologies developed by the Company under this program. The other historic partners have informed the Company of their decision not to exploit or stop exploiting the results of joint research. Nevertheless, to date, Sanofi has not communicated to the Company its desire to continue the development of this program despite the last research phase shared with the Company's teams having ended in May 2015.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Disclosure Of Voluntary Change In Accounting Policy [Abstract]

Use of estimates and judgments

4.1.	Use of estimates and judgments

When assessing going concern, the Group’s Board of Directors considers mainly the following factors:

Consolidation

4.2.	Consolidation

The Group controls an entity when it is exposed to variable returns from its involvement with the entity, and it has the ability to affect those returns through its power over the entity.

The Group controls all the entities included in the scope of consolidation.

Foreign currency

4.3.	Foreign currency

4.3.1.

Foreign currency transactions

The resulting exchange gains or losses are recognized in the statements of operations.

4.3.2.

Translation of foreign subsidiary financial statements

	As of
Ratio : 1 US dollars (USD) = x euros (EUR)	2018/12/31		2019/12/31		2020/12/31
Exchange rate at period end		0.87336		0.89015		0.81493
Average exchange rate for the period		0.84758		0.89341		0.87755

Revenues

4.4	Revenues from ongoing activities under client agreements

The Group’s accounting policies associated with revenue are as follows:

4.4.1.

IFRS 15

•

The transfer of control over the intellectual property, via a license granted by the Company, as it exists at the time of the sale, the date of which will determine that of the revenue recognition;

•

If the license is considered as a right of access to the intellectual property of the Company over the life of the license, the revenue would be recognized over this lifetime;

•

The supply of products whose revenues would be recognized at the time of transfer of control of the delivered products,

•

Potential revenue from milestones, or from royalties or royalties based on sales, would not be recognized until the achievement of the milestone or completion of the sale.

The Group signed an agreement with Terns Pharmaceuticals on June 24, 2019. The Group’s accounting policies associated with this agreement are as follows:

4.4.2

Application to the Terns Pharmaceuticals license agreement

The Company identified three performance obligations under the license agreement with Terns:

•

An exclusive license, with the right to sub-license, to develop, manufacture, distribute and promote elafibranor in NASH and PBC in Greater China;

•

A transfer to Terns Pharmaceuticals of the Company’s Licensed Know-How and data regarding elafibranor and related support until the Marketing Authorization Application by Terns Pharmaceuticals; and

•

Under the terms of the licensing agreement, the Company has received or could potentially receive:

•

Development Milestone Payments upon the achievement of the development milestones for the licensed product;

•

Commercial Milestone Payments upon the achievement of commercial milestones depending on reaching certain aggregate thresholds;

•

Mid-teen percentage Royalties based on sales by Terns Pharmaceuticals in Greater China; and

•

Compensation for the supply of drug product for the clinical trials on a cost-plus basis.

The potential Development and Commercial Milestone payments may represent up to $193 million.

Under IFRS 15, the allocation and recognition of revenue was determined as follows based on the fair value of each of the performance obligations:

•

Revenue on Supply for drug product will be recognized based on the delivery of drug product to Terns Pharmaceuticals. No amounts were recognized in 2019 and revenue in 2020 is immaterial.

Intangible assets

4.5.	Intangible assets

Impairment of tangible assets, intangible assets and goodwill

4.6.	Property, plant and equipment

Estimated useful lives are as follows:


Building on non-freehold land		10 years
Fittings and fixtures		Between 9 and 25 years
Scientific equipment		Between 2 and 12 years
Computer equipment		Between 2 and 5 years
Furniture		Between 4 and 10 years
Vehicles		Between 4 and 6 years

Leases

4.7.

Leases

4.8.	Impairment of tangible assets, intangible assets and goodwill

The Company does not have any goodwill.

If indicators of impairment are identified, amortizable intangible assets and depreciable tangible assets are subject to an impairment test under the provisions of IAS 36, Impairment of Assets.

Financial instruments

4.9.Financial instruments

IFRS 9 “Financial Instruments” takes into account the following three aspects of booking financial instruments:

•

Classification and measurement;

•

Impairment and;

•

Hedge accounting.

Loans and borrowings are initially measured at fair value and subsequently recorded at amortized cost.

Inventories

4.10.

Inventories

The Company recognizes inventories of laboratory consumables in connection with its former co-research agreements.

These inventories are measured at the lower of cost and net realizable value. Cost is determined using the weighted average cost method.

Trade and other receivables

4.11.

Trade and other receivables

Receivables are classified as current assets, except for those with a maturity exceeding 12 months after the reporting date.

Other financial assets

4.12.

Other financial assets

Loans and receivables are financial assets with fixed or determinable payments that are not listed on an active market and are valued using the amortized cost method.

4.13.

Cash and cash equivalents

Initially recognized at their purchase cost at the transaction date, investments are subsequently measured at fair value. Changes in fair value are recognized in net financial income (expenses).

Equity

4.14.

Equity

Loans and borrowings

4.15.

Loans and borrowings

Financial liabilities are initially recognized at fair value, net of directly attributable transaction costs, and are subsequently measured at amortized cost using the effective interest rate method.

The Group derecognizes financial liabilities when the contractual obligations are discharged, cancelled or expire.

Trade and other payables

4.16.

Trade and other payables

Provisions

4.17.

Provisions

The amount recognized as a provision is the best estimate at the reporting date of the expenditure required to settle the present obligation.

Provisions are discounted when the time value effect is material.

A provision for reorganization is recognized when the Group has approved a formal and detailed plan for its reorganization and has either started to implement it or publicly disclosed it.

Employee benefits

4.18.

Employee benefits

The Group's pension schemes and other post-employment benefits consist of defined benefit plans and defined contribution plans.

4.18.1.

Defined benefit plans

Re-measurements of the net defined benefit liability which comprise actuarial gains and losses are recognized in the statements of other comprehensive loss.

4.18.2.

Defined contribution plans

4.18.3.

Short-term employee benefits

Other income

4.19.

Other income

4.19.1.

Government grants

Subsidies received are non-refundable. Conditional advances received are interest-free or are subject to low interest rates depending on contractual provisions.

Conditional advances related to research programs

Conditional advances that are interest-free or subject to low interest rates are intended to finance research program’s needs.

The grant portion of conditional advances is treated as a grant related to income.

4.19.2.

Research tax credit

Classification of operating expenses

4.20.

Research and development expenses

Research expenses are recorded in the financial statements as expenses (see Note 19, "Operating expense").

In accordance with IAS 38, Intangible Assets , development expenses are recognized as intangible assets only if all the following criteria are met:

•

Technical feasibility necessary for the completion of the development project;

•

Intention on the Group's part to complete the project and to utilize it;

•

Capacity to utilize the intangible asset;

•

Proof of the probability of future economic benefits associated with the asset;

•

Availability of the technical, financial, and other resources for completing the project; and

•

Reliable evaluation of the expenses attributed to the intangible asset during its development.

As of the date of these financial statements none of these criteria have been met.

4.21.

Classification of operating expenses

Research and development expenses include:

•

employee-related costs;

•

costs related to external employees seconded to the Company (such as clinical development, biometrics and IT…);

•

lab supplies and facility costs;

•

fees paid to scientific advisers and contracted research and development activities conducted by third parties;

•

intellectual property fees corresponding to the filing of the Group's patents and,

•

provision and reversals of provisions in relation to the Research Tax Credit dispute.

General and administrative expenses include:

•

employee-related costs for executive, business development, intellectual property, finance, legal and human resources and communications functions;

•

facility-related costs;

•

marketing, legal, audit and accounting fees;

•

press relations and communications firm fees;

•

the cost of external employees seconded to the Company (such as security, reception, and accounting..);

•

other service costs (recruitment, etc.);

•

intellectual property fees corresponding to the maintenance of the Group's patents.

Marketing and market access expenses include:

•

employee-related costs for marketing and business development functions;

•

marketing, and market access firm fees;

Extraordinary reorganization and restructuring expenses include:

•

the accruals and provisions recognized within the scope of the reduction in force plan;

•

the extraordinary amortization, loss of value and impairment of fixed assets recognized within the scope of the reorganization of GENFIT;

•

the impairment of the right of use of the leased equipment and premises,

•

the portion of the OCEANE renegotiation expenses recognized in 2020;

•

the provision recognized for some of the costs of the closing process for the RESOLVE-IT study, which, after detailed analysis, do not have any future economic advantage for the PBC program.

Earnings (loss) per share

4.22.

Share-based compensation

Share-based compensation granted to consultants consists of share warrants, some of which may be redeemed at GENFIT's discretion.

Share-based compensation granted to employees consists of redeemable share warrants, stock options and free shares.

Income tax

4.23.

Income tax

Income tax expense (or benefit) comprises current tax expense (or benefit) and deferred tax expense (or benefit), as applicable.

Deferred taxes are recognized for all the temporary differences arising from the difference between the tax basis and the accounting basis of assets and liabilities.

Deferred tax assets are recognized for unused tax losses, unused tax credits and temporary deductible differences to the extent that:

•

it is probable that future taxable profit will be available against which they can be used; or

•

if there are deferred tax liabilities for the same entity in the same tax jurisdiction on which they can be applied.

4.24.

Earnings (loss) per share

Operating segments

4.25.

Operating segments

The Board of Directors and Chief Executive Officer are the chief operating decision makers.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Voluntary Change In Accounting Policy [Abstract]

Summary of Functional Currency

	As of
Ratio : 1 US dollars (USD) = x euros (EUR)	2018/12/31		2019/12/31		2020/12/31
Exchange rate at period end		0.87336		0.89015		0.81493
Average exchange rate for the period		0.84758		0.89341		0.87755

Summary of Estimated Useful Lives

Estimated useful lives are as follows:


Building on non-freehold land		10 years
Fittings and fixtures		Between 9 and 25 years
Scientific equipment		Between 2 and 12 years
Computer equipment		Between 2 and 5 years
Furniture		Between 4 and 10 years
Vehicles		Between 4 and 6 years

Financial Risks Management (Tables)

12 Months Ended

Dec. 31, 2020

Foreign Exchange Rates [Abstract]

Summary of Sensitivity of Cash and Cash Equivalents and Expenses to Variation of Ten Percent of the US Dollars Against the Euro

The following table shows the sensitivity of the Group's cash and cash equivalent and expenses in U.S. dollars to a variation of 10% of the U.S. dollar against the euro in 2018, 2019 and 2020:

Sensitivity of the Group's cash and cash equivalents to a variation of +/- 10% of the US dollar against the euro	As of
(in € thousands or in US dollar thousands, as applicable)	2018/12/31		2019/12/31		2020/12/31
Cash and cash equivalents denominated in US dollars		1,188		153,438		111,221
Equivalent in euros, on the basis of the exchange rate described below		1,038		136,582		90,637
Equivalent in euros, in the event of an increase of 10% of US dollar vs euro		1,153		151,758		100,708
Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro		944		124,166		82,398

Sensitivity of the Group's expenses to a variation of +/- 10% of the US dollar against the euro	Year ended
(in € thousands or in US dollar thousands, as applicable)	2018/12/31		2019/12/31		2020/12/31
Expenses denominated in US dollars		9,613		40,355		47,277
Equivalent in euros, on the basis of the exchange rate described below		8,396		35,922		38,528
Equivalent in euros, in the event of an increase of 10% of US dollar vs euro		9,328		39,914		42,808
Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro		7,632		32,657		35,025

2020/12/31 : Equivalent in euros, on the basis of a 1 euro = 1,2271 US dollar ratio
2019/12/31 : Equivalent in euros, on the basis of a 1 euro = 1,12341 US dollar ratio
2018/12/31 : Equivalent in euros, on the basis of a 1 euro = 1,145 US dollar ratio

Summary of Cash, Cash Equivalents and Financial Assets

Cash, cash equivalents and financial assets	As of
(in € thousands or in US dollar thousands, as applicable)	2018/12/31		2019/12/31		2020/12/31
At origin, denominated in EUR
Cash and cash equivalents		206,199		139,863		80,391
Current and non current financial assets		1,303		1,614		1,391
Total		207,502		141,477		81,782
At origin, denominated in USD
Cash and cash equivalents		1,041		136,884		90,637
Current and non current financial assets		10		113		67
Total		1,051		136,997		90,704
Total, in EUR
Cash and cash equivalents		207,240		276,748		171,029
Current and non current financial assets		1,313		1,727		1,458
Total		208,553		278,474		172,486

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2020

Cash And Cash Equivalents [Abstract]

Summary of Cash and Cash Equivalents

These investments, summarized in the tables below, are short-term, highly liquid and subject to insignificant risk of changes in value.

Cash and cash equivalents	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Short-term deposits		201,522		263,147		166,034
Cash on hand and bank accounts		5,718		13,601		4,995
TOTAL		207,240		276,748		171,029

Short-term deposits	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
UCITS		29,189		3,096		2,060
TERM ACCOUNTS		124,316		215,018		143,827
INTEREST-BEARING CURRENT ACCOUNT		48,017		45,033		20,147
TOTAL		201,522		263,147		166,034

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Intangible Assets [Abstract]

Schedule of Variations in Intangible Assets

The following tables show the variations in intangible assets for the years ended December 31, 2018, 2019 and 2020:

Intangible assets—Variations	As of									Translation				As of
(in € thousands)	1/1/2018			Increase			Decrease			adjustments		Reclassification		2018/12/31
Gross
Software		1,900			216			(67	)		—		—		2,049
Patents		21			—			—			—		—		21
Other intangibles		—			313			—			—		—		313
TOTAL - Gross		1,921			529			(67	)		—		—		2,384
Accumulated depreciation and impairment
Software		(1,264	)		(370	)		67			—		—		(1,567	)
Patents		(21	)		—			—			—		—		(21	)
Other intangibles		—			—			—			—		—		—
TOTAL - Accumulated depreciation and impairment		(1,285	)		(370	)		67			—		—		(1,588	)
TOTAL - Net		636			159			—			—		—		796

Intangible assets—Variations	As of									Translation					As of
(in € thousands)	1/1/2019			Increase			Decrease			adjustments		Reclassification			2019/12/31
Gross
Software		2,049			340			(29	)		—		378			2,739
Patents		21			70			—			—		—			91
Other intangibles		313			65			—			—		(378	)		—
TOTAL—Gross		2,384			475			(29	)		—		—			2,830
Accumulated depreciation and impairment
Software		(1,567	)		(350	)		29			—		—			(1,888	)
Patents		(21	)		—			—			—		—			(21	)
Other intangibles		—			—			—			—		—			—
TOTAL - Accumulated depreciation and impairment		(1,588	)		(350	)		29			—		—			(1,910	)
TOTAL - Net		796			125			—			—		—			920

Intangible assets - Variations	As of									Translation					As of
(in € thousands)	1/1/2020			Increase			Decrease			adjustments		Reclassification			2020/12/31
Gross
Software		2,739			231			(691	)		—		(48	)		2,231
Patents		91			—			—			—		—			91
Other intangibles		—			(24	)		(25	)		—		48			—
TOTAL - Gross		2,830			207			(715	)		—		—			2,322
Accumulated depreciation and impairment
Software		(1,888	)		(309	)		688			—		—			(1,510	)
Patents		(21	)		—			—			—		—			(21	)
Other intangibles		—			—			—			—		—			—
TOTAL - Accumulated depreciation and impairment		(1,910	)		(309	)		688			—		—			(1,531	)
TOTAL - Net		920			(102	)		(27	)		—		—			791

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Property Plant And Equipment [Abstract]

Summary of Variations in Tangible Assets

The following tables show the variations in tangible assets for the years ended December 31, 2018, 2019 and 2020:

Property, plant and equipment - Variations	As of									Translation					As of
(in € thousands)	1/1/2018			Increase			Decrease			adjustments		Reclassification			2018/12/31
Gross
Buildings on non-freehold land		11			—			—			—		1,447			1,458
Scientific equipment		9,576			1,484			(235	)		—		54			10,879
Fittings		1,126			443			(43	)		—		5			1,531
Vehicles		99			—			—			—		—			99
Computer equipment		1,954			200			(5	)		—		(702	)		1,446
Furniture		357			8			(4	)		—		—			361
In progress		(0	)		805			—			—		(804	)		0
TOTAL - Gross		13,123			2,940			(288	)		—		—			15,774
Accumulated depreciation and impairment
Buildings on non-freehold land		(0	)		(1	)		—			—		—			(1	)
Scientific equipment		(5,063	)		(1,142	)		218			—		—			(5,988	)
Fittings		(722	)		(91	)		43			—		—			(769	)
Vehicles		(24	)		(21	)		—			—		—			(45	)
Computer equipment		(703	)		(216	)		4			—		—			(915	)
Furniture		(285	)		(11	)		4			—		—			(292	)
In progress		—			—			—			—		—			—
TOTAL - Depreciation and impairment		(6,798	)		(1,481	)		270			—		—			(8,010	)
TOTAL - Net		6,324			1,459			(18	)		—		—			7,764

Property, plant and equipment - Variations	As of									Translation					As of
(in € thousands)	1/1/2019			Increase			Decrease			adjustments		Reclassification			2019/12/31
Gross
Buildings on non-freehold land		1,458			12,218			—			—		(1,447	)		12,229
Scientific equipment		10,879			556			(120	)		—		(54	)		11,260
Fittings		1,531			66			—			—		(5	)		1,592
Vehicles		99			—			—			—		—			99
Computer equipment		1,446			227			(15	)		—		11			1,669
Furniture		361			31			(3	)		—		—			389
In progress		0			241			(1,737	)		—		1,496			—
TOTAL - Gross		15,774			13,339			(1,875	)		—		—			27,238
Accumulated depreciation and impairment
Buildings on non-freehold land		(1	)		(1,215	)		—			—		—			(1,216	)
Scientific equipment		(5,988	)		(1,303	)		119			—		—			(7,172	)
Fittings		(769	)		(105	)		—			—		—			(875	)
Vehicles		(45	)		(21	)		—			—		—			(66	)
Computer equipment		(915	)		(252	)		12			—		—			(1,155	)
Furniture		(292	)		(13	)		3			—		—			(303	)
In progress		—			—			—			—		—			—
TOTAL - Depreciation and impairment		(8,010	)		(2,909	)		133			—		—			(10,785	)
TOTAL - Net		7,764			10,429			(1,741	)		—		—			16,453

Property, plant and equipment - Variations	As of									Translation						As of
(in € thousands)	1/1/2020			Increase			Decrease			adjustments			Reclassification			2020/12/31
Gross
Buildings on non-freehold land		12,229			—			—			—			(62	)		12,167
Scientific equipment		11,260			450			(2,630	)		—			—			9,080
Fittings		1,592			233			(113	)		—			(10	)		1,703
Vehicles		99			—			—			—			—			99
Computer equipment		1,669			69			(194	)		—			(11	)		1,534
Furniture		389			8			(68	)		—			—			329
In progress		—			15			(17	)		—			2			—
TOTAL - Gross		27,238			775			(3,022	)		—			(80	)		24,911
Accumulated depreciation
Buildings on non-freehold land		(1,216	)		(1,398	)		10			—			—			(2,603	)
Scientific equipment		(7,172	)		(1,368	)		2,588			0			—			(5,952	)
Fittings		(875	)		(218	)		107			4			—			(982	)
Vehicles		(66	)		(20	)		—			—			—			(85	)
Computer equipment		(1,155	)		(260	)		193			4			—			(1,217	)
Furniture		(303	)		(15	)		68			(1	)		—			(251	)
In progress		—			—			—			—			—			—
TOTAL - Depreciation		(10,785	)		(3,279	)		2,967			7			—			(11,090	)
Impairment
Buildings on non-freehold land		—			(1,182	)		—			—			—			(1,182	)
Scientific equipment		—			(866	)		—			—			—			(866	)
Fittings		—			(93	)		—			—			—			(93	)
Vehicles		—			—			—			—			—			—
Computer equipment		—			(27	)		—			—			—			(27	)
Furniture		—			(3	)		—			—			—			(3	)
In progress		—			—			—			—			—			—
TOTAL - Impairment		—			(2,172	)		—			—			—			(2,172	)
TOTAL - Net		16,453			(4,676	)		(56	)		7			(80	)		11,648

Trade and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2020

Trade And Other Receivables [Abstract]

Summary of Trade and Other Receivables

Trade and other receivables consisted of the following:

Trade and other receivables - Total	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade receivables, net		25			207		793
Research tax credit		8,785			9,585		7,911
Social security costs receivables		10			5		24
VAT receivables		1,103			1,814		2,766
Grants receivables		(0	)		3		3
Other receivables		361			420		422
TOTAL		10,284			12,033		11,919

Trade and other receivables - Current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade receivables, net		25			207		793
Research tax credit		7,295			9,585		7,911
Social security costs receivables		10			5		24
VAT receivables		1,103			1,814		2,766
Grants receivables		(1	)		3		3
Other receivables		361			420		422
TOTAL		8,794			12,033		11,919

Trade and other receivables - Non-current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade receivables, net		—			—		—
Research tax credit		1,489			—		—
Social security costs receivables		—			—		—
VAT receivables		—			—		—
Grants receivables		—			—		—
Other receivables		—			0		—
TOTAL		1,489			0		—

Other Financial Assets (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Other Financial Assets [Abstract]

Summary of Other Financial Assets

Other financial assets consisted of the following:

Financial assets - Total	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Loans		259		307		352
Deposits and guarantees		284		396		418
Liquidity contract		770		1,023		688
TOTAL		1,313		1,727		1,458

Financial assets - Current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Loans		—		—		—
Deposits and guarantees		—		—		—
Liquidity contract		—		—		—
TOTAL		—		—		—

Financial assets - Non current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Loans		259		307		352
Deposits and guarantees		284		396		418
Liquidity contract		770		1,023		688
TOTAL		1,313		1,727		1,458

Loans and Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Borrowing Costs [Abstract]

Summary of Other Loans and Borrowings

Other loans and borrowings consisted of the following:

Other loans and borrowings - Total	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Refundable and conditional advances		3,229		3,229		3,229
Bank loans		3,964		2,645		1,540
Obligations under leases		1,900		12,281		10,131
Accrued interests		3		1		1
Other financial loans and borrowings		7		7		7
TOTAL		9,104		18,165		14,908

Other loans and borrowings - Current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Refundable and conditional advances		—		—		—
Bank loans		1,319		1,105		942
Obligations under leases		520		2,112		2,085
Accrued interests		3		1		1
Other financial loans and borrowings		7		7		7
TOTAL		1,848		3,226		3,035

Other loans and borrowings - Non current	As of
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
Refundable and conditional advances		3,229		3,229		3,229
Bank loans		2,645		1,540		598
Obligations under leases		1,381		10,169		8,046
Accrued interests		—		—		—
Other financial loans and borrowings		—		—		—
TOTAL		7,255		14,939		11,873

Summary of Refundable and Conditional Advances

The following table summarizes advances outstanding at December 31, 2020, 2019 and 2018.

Total

Net book value

Refundable and conditional advances - general overview

Grant

amount

Effects of

As of

(in € thousands)

date

allocated

Receipts

Repayments

discounting

2020/12/31

BPI FRANCE - IT-DIAB

12/23/2008

3,229

—

3,229

Development of a global strategy for the prevention and management of type 2 diabetes

TOTAL

3,229

Total

Net book value

Refundable and conditional advances—general overview

amount

Effects of

As of

(in thousands of euros)

Grant date

allocated

Receipts

Repayments

discounting

2019/12/31

BPI FRANCE—IT-DIAB

12/23/2008

3,229

—

3,229

Development of a global strategy for the prevention and management of type 2 diabetes

TOTAL

3,229

Total

Net book value

Refundable and conditional advances—general overview

amount

Effects of

As of

(in € thousands)

Grant date

allocated

Receipts

Repayments

discounting

2018/12/31

BPI FRANCE—IT-DIAB

12/23/2008

3,229

—

3,229

Development of a global strategy for the prevention and management of type 2 diabetes

TOTAL

3,407

Summary of Bank Loans

Bank loans are primarily used to finance research and laboratory equipment. Bank loans consisted of the following as of December 31, 2018:

							Available			Outstanding
Bank loans	Loan	Facility		Interest			As of			As of
(in € thousands)	date	size		rate			2018/12/31		Installments	2018/12/31
CDN 5	November 2018		500		0.46	%		—	48 monthly		490
CIC 5	July 2017		1,000		0.69	%		—	60 monthly		753
CDN 4	June 2017		600		0.36	%		—	48 monthly		376
BNP 4	April 2017		800		0.87	%		—	60 monthly		695
CIC 4	December 2016		265		0.69	%		—	60 monthly		164
BNP 3	October 2016		1,050		0.80	%		—	20 quarterly		735
NEUFLIZE 2	June 2016		500		1.10	%		—	12 quarterly		84
BNP 2	June 2016		500		0.80	%		—	20 quarterly		277
CDN 3	April 2016		500		0.72	%		—	60 monthly		236
CIC 3	March 2015		500		0.85	%		—	16 quarterly		32
BNP	December 2014		500		2.00	%		—	20 quarterly		103
Other			—					—			19
TOTAL			6,715								3,964

Bank loans consisted of the following as of December 31, 2019:

							Available			Outstanding
Bank loans	Loan	Facility		Interest			As of			As of
(in € thousands)	date	size		rate			2019/12/31		Installments	2019/12/31
CDN 5	November 2018		500		0.00	%		—	48 monthly		365
CIC 5	July 2017	1000			0.00	%	0		60 monthly		554
CDN 4	June 2017	600			0.00	%	0		48 monthly		226
BNP 4	April 2017	800			0.00	%	0		60 monthly		537
CIC 4	December 2016		265		0.00	%		—	60 monthly		111
BNP 3	October 2016	1050			0.00	%	0		20 quarterly		525
NEUFLIZE 2	June 2016	500			0.00	%	0		12 quarterly		0
BNP 2	June 2016	500			0.00	%	0		20 quarterly		177
CDN 3	April 2016		500		0.00	%		—	60 monthly		135
CIC 3	March 2015	500			0.00	%	0		16 quarterly		0
BNP	December 2014	500			0.00	%	0		20 quarterly		0
Other		0					0				14
TOTAL			6,715								2,645

Bank loans consisted of the following as of December 31, 2020:

							Available			Outstanding
Bank loans	Loan	Facility		Interest			As of			As of
(in € thousands)	date	size		rate			2020/12/31		Installments	2020/12/31
CDN 5	November 2018		500		0.00	%		—	48 monthly		241
CIC 5	July 2017	1000			0.00	%	0		60 monthly		354
CDN 4	June 2017	600			0.00	%	0		48 monthly		75
BNP 4	April 2017	800			0.00	%	0		60 monthly		377
CIC 4	December 2016		265		0.00	%		—	60 monthly		58
BNP 3	October 2016	1050			0.00	%	0		20 quarterly		315
NEUFLIZE 2	June 2016	500			0.00	%	0		12 quarterly		0
BNP 2	June 2016	500			0.00	%	0		20 quarterly		76
CDN 3	April 2016		500		0.00	%		—	60 monthly		34
CIC 3	March 2015	500			0.00	%	0		16 quarterly		0
BNP	December 2014	500			0.00	%	0		20 quarterly		0
Other		0					0				9
TOTAL			6,715					—			1,540

Summary of Maturities of Financial Liabilities

Maturity of financial liabilities	As of		Less than		Less than		Less than		Less than		Less than		More than
(in € thousands)	2020/12/31		1 year		2 years		3 years		4 years		5 years		5 years
BPI FRANCE - IT-DIAB		3,229		—		—		—		—		—		3,229
TOTAL - Refundable and conditional advances		3,229		—		—		—		—		—		3,229
Convertible loans		170,782		1,313		169,470		—		—		—		—
Bank loans		1,540		942		544		54		—		—		—
Leases		10,131		2,085		1,564		1,150		1,109		1,039		3,184
Accrued interests		1		1		—		—		—		—		—
Other financial loans and borrowings		7		7		—		—		—		—		—
TOTAL - Other loans and borrowings		182,461		4,348		171,577		1,205		1,109		1,039		3,184
TOTAL		185,691		4,348		171,577		1,205		1,109		1,039		6,413

Regarding the IT-DIAB advance, please see Note 12.2.1 “Refundable and conditional advances”.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Financial Instruments [Abstract]

Summary of Financial Assets And Liabilities Carrying Values By Category And Fair Values

The following tables provide the financial assets and liabilities carrying values by category and fair values as of December 31, 2020, December 31, 2019 and December 31, 2018:

	As of December 31, 2018
	Carrying value								Fair value
(in thousands of euros)	As per statement of financial position		Assets at fair value through profit & loss		Loans & receivables		Debt at amortized cost		Level 1		Level 2		Level 3
Assets
Financial investments
Loans		259				259						259
Deposits and guarantees		284				284						284
Trade receivables		25				25						25
Cash and cash equivalents		207,240		207,240						207,240
TOTAL—Assets		207,808		207,240		568				207,240		568
Liabilities
Conditional advances		3,229						3,229						3,229
Convertible loans		160,489						160,489				160,489
Bank loans		3,964						3,964				3,964
Obligations under finance leases		1,900						1,900				1,900
Accrued interests		3						3				3
Other financial loans and borrowings		7						7				7
Trade payables		32,649						32,649				32,649
Other payables		71						71				71
TOTAL—Liabilities		202,313						202,313				199,084		3,229

	As of December 31, 2019
	Carrying value								Fair value
(in thousands of euros)	As per statement of financial position		Assets at fair value through profit & loss		Loans & receivables		Debt at amortized cost		Level 1		Level 2		Level 3
Assets
Financial investments
Loans		307				307						307
Deposits and guarantees		396				396						396
Trade receivables		207				207						207
Cash and cash equivalents		276,748		276,748						276,748
TOTAL - Assets		277,658		276,748		911				276,748		911
Liabilities
Conditional advances		3,229						3,229						3,229
Convertible loans		165,454						165,454				165,454
Bank loans		2,645						2,645				2,645
Obligations under finance leases		12,281						12,281				12,281
Accrued interests		1						1				1
Other financial loans and borrowings		7						7				7
Trade payables		32,753						32,753				32,753
Other payables		527						527				527
TOTAL - Liabilities		216,898						216,898				213,669		3,229

	As of December 31, 2020
	Carrying value								Fair value
(in thousands of euros)	As per statement of financial position		Assets at fair value through profit & loss		Loans & receivables		Debt at amortized cost		Level 1		Level 2		Level 3
Assets
Financial investments
Loans		352				352						352
Deposits and guarantees		418				418						418
Trade receivables		793				793						793
Cash and cash equivalents		171,029		171,029						171,029
TOTAL - Assets		172,592		171,029		1,563				171,029		1,563
Liabilities
Conditional advances		3,229						3,229						3,229
Convertible loans		170,782						170,782				170,782
Bank loans		1,540						1,540				1,540
Obligations under finance leases		10,131						10,131				10,131
Other financial loans and borrowings		7						7				7
Trade payables		20,337						20,337				20,337
Other payables		569						569				569
TOTAL - Liabilities		206,596						206,596				203,367		3,229

Trade and Other Payables (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Trade And Other Payables [Abstract]

Schedule of Trade and Other Payables

Trade and other payables consisted of the following:

Trade and other payables - Total	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade payables (*)		32,649			32,753		20,337
Social security costs payables		2,967			3,598		4,477
VAT payables		1			2		314
Taxes payables		286			487		319
Other payables		71			527		569
TOTAL		35,974			37,368		26,015

Trade and other payables - Current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade payables		32,649			32,753		20,337
Social security costs payables		2,967			3,598		4,477
VAT payables		1			2		314
Taxes payables		286			487		319
Other payables		71			76		118
TOTAL		35,974			36,917		25,564

Trade and other payables - Non current	As of
(in € thousands)	2018/12/31			2019/12/31		2020/12/31
Trade payables		—			—		—
Social security costs payables		—			—		—
VAT payables		—			—		—
Taxes payables		—			—		—
Other payables		(0	)		450		451
TOTAL		(0	)		450		451

(*) Of which : Accrued expenses		19,395			18,682		13,809

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Information About Defined Benefit Plans [Abstract]

Summary of Assumptions Used for Employees for the Measurement of Retirement Indemnity to Employees

As part of the measurement of the retirement indemnity to employees, the following assumptions were used for all categories of employees in 2018, 2019 and 2020:

Population	Permanent staff
Retirement age		65
Terms of retirement	Initiated by the employee
Life expectancy	On the basis of the INSEE table
Probability of continued presence in the company at retirement age	On the basis of the DARES table

(1)	INSEE is the French National Institute of Statistics; DARES is the French Bureau of Studies and Statistics

Rate	As of
(in € thousands)	2018/12/31			2019/12/31			2020/12/31
Salary growth rate - in 2021		5.80	%		5.80	%		3.00	%
Salary growth rate - beyond		3.00	%		3.00	%		3.00	%
Discount rate		1.53	%		0.75	%		0.50	%

Summary of Changes in Present Value of Defined Benefit Obligation

The following table presents the changes in the present value of the defined benefit obligation:

Changes in the present value of the defined benefit obligation	As of
(in € thousands)	2020/12/31
Defined benefit obligation as of January 1, 2018		936
Current service cost		104
Interest cost on benefit obligation		14
Past service costs / amendment or settlement of plan		—
Actuarial losses on obligation		31
Past service costs		—
Defined benefit obligation as of December 31, 2018		1,085
Current service cost		138
Interest cost on benefit obligation		17
Past service costs / amendment or settlement of plan		—
Actuarial losses on obligation		168
Past service costs		—
Defined benefit obligation as of December 31, 2019		1,408
Current service cost		181
Interest cost on benefit obligation		11
Past service costs / amendment or settlement of plan		(255	)
Actuarial losses / (gains) on obligation		(196	)
Past service costs		—
Defined benefit obligation as of December 31, 2020		1,148

Summary of Sensitivity of the Retirement and Post-Employment Benefits to a Variation of the Discount Rate

	Retirement and post-employment benefits
Sensitivity of the Group's retirement and post-employment benefits	Changes in			Impact /
to a variation of the discount rate	assumptions			present value of
(in € thousands)	/ discount rate			the undertaking
		0.25	%		(42	)
		-0.25	%		45

Other Income (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Other Income [Abstract]

Schedule of Other Income

Other income consisted of the following:

Other income	Year ended
(in € thousands)	2018/12/31		2019/12/31		2020/12/31
CIR tax credit		7,295		8,125		6,020
Other operating income (including CICE tax credit)		130		1,992		968
Government grants and subsidies		—		5		5
TOTAL		7,425		10,122		6,993

Operating Expense (Tables)

12 Months Ended

Dec. 31, 2020

Operating Expense [Abstract]

Summary of Operating Expenses and Other Operating Income

	Of which:
							Contracted												Gain /
				Raw			research and						Other			Depreciation,			(loss) on
				materials			development						expenses			amortization			disposal of
				and			activities						(maintenance,			and			property,
Operating expenses and other operating income (expenses)	Year ended			consumables			conducted by			Employee			fees, travel,			impairment			plant and
(in € thousands)	2018/12/31			used			third parties			expenses			taxes…)			charges			equipment
Research and development expenses		(67,024	)		(1,724	)		(47,659	)		(9,431	)		(6,502	)		(1,707	)		—
General and administrative expenses		(9,076	)		(126	)		(2	)		(3,778	)		(5,451	)		283			—
Marketing and market access expenses		(717	)		(4	)		—			(416	)		(287	)		(11	)		—
Reorganization and restructuring expenses		—			—			—			—			—			—			—
Other operating income and (expenses)		(162	)		—			—			—			(164	)		—			2
TOTAL		(76,979	)		(1,855	)		(47,662	)		(13,625	)		(12,403	)		(1,435	)		2

	Of which:
							Contracted												Gain /
				Raw			research and						Other			Depreciation,			(loss) on
				materials			development						expenses			amortization			disposal of
				and			activities						(maintenance,			and			property,
Operating expenses and other operating income (expenses)	Year ended			consumables			conducted by			Employee			fees, travel,			impairment			plant and
(in € thousands)	2019/12/31			used			third parties			expenses			taxes…)			charges			equipment
Research and development expenses		(66,170	)		(2,017	)		(41,509	)		(11,740	)		(6,188	)		(4,716	)		—
General and administrative expenses		(17,265	)		(177	)		(59	)		(7,598	)		(8,972	)		(458	)		—
Marketing and market access expenses		(13,708	)		(8	)		(0	)		(1,645	)		(11,979	)		(76	)		—
Reorganization and restructuring expenses		—			—			—			—			—			—			—
Other operating income and (expenses)		(1,649	)		—			—			—			(1,668	)		—			19
TOTAL		(98,793	)		(2,202	)		(41,568	)		(20,984	)		(28,807	)		(5,251	)		19

	Of which:
							Contracted												Gain /
				Raw			research and						Other			Depreciation,			(loss) on
				materials			development						expenses			amortization			disposal of
				and			activities						(maintenance,			and			property,
Operating expenses and other operating income (expenses)	Year ended			consumables			conducted by			Employee			fees, travel,			impairment			plant and
(in € thousands)	2020/12/31			used			third parties			expenses			taxes…)			charges			equipment
Research and development expenses		(59,097	)		(1,876	)		(39,216	)		(11,554	)		(5,465	)		(985	)		—
General and administrative expenses		(14,270	)		(202	)		(92	)		(6,936	)		(6,545	)		(495	)		—
Marketing and market access expenses		(11,216	)		(7	)		(2	)		(1,298	)		(9,818	)		(90	)		—
Reorganization and restructuring expenses		(5,308	)		—			—			8			(2,141	)		(3,175	)		—
Other operating income (expenses)		(764	)		—			—			—			(684	)		—			(80	)
TOTAL		(90,655	)		(2,085	)		(39,310	)		(19,779	)		(24,655	)		(4,746	)		(80	)

Summary of Employee Expenses and Number of Employees

Employee expenses and number of employees were as follows:

Employee expenses	Year ended
(in € thousands)	2018/12/31			2019/12/31			2020/12/31
Wages and salaries		(9,012	)		(14,018	)		(13,570	)
Social security costs		(3,722	)		(5,171	)		(5,047	)
Changes in pension provision		(104	)		(138	)		74
Share-based compensation		(787	)		(1,657	)		(1,236	)
TOTAL		(13,625	)		(20,984	)		(19,779	)

	Year ended
Number of employees at year-end - detail	2018/12/31		2019/12/31		2020/12/31
Average number of employees		135		175		193
Average age of employees	38 years 11 months		37 years 1 month		38 years 8 months
Number of employees
Research and development		84		108		66
Services related to research and development		16		19		16
Administration and management		48		60		43
Marketing and commercial		—		7		5
TOTAL		148		194		130
Number of employees
Senior staff		115		144		105
Staff		30		45		23
Others (apprentices)		3		5		2
TOTAL		148		194		130
Number of employees
Male		57		78		52
Female		91		116		78
TOTAL		148		194		130

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Share-based Compensation Under Each Plan According to Change in Estimate

The table below shows the share-based compensation under each plan according to the change in estimate mentioned above .

	Year ended
Share-based compensation - Annual expense	2018/12/31		2019/12/31			2020/12/31
AGA S 2016-1		151		—			—
AGA S 2016-2		22		44			—
AGA D 2016-1		127		21			21
AGA D 2016-2		17		39			6
SO 2016-1		83		213			49
SO 2016-2		38		93			13
SO US 2016-1		12		(24	)		—
SO US 2016-2		5		(11	)		—
AGA S 2017-1		—		209			—
AGA S 2017-2		24		45			13
AGA D 2017-1		17		190			—
AGA D 2017-2		29		56			4
SO 2017-1		28		27			335
SO 2017-2		48		2			110
SO US 2017-1		3		(4	)		—
SO US 2017-2		5		(6	)		—
BSA-2017-A		63		—			—
BSA-2017-B		66		—			—
AGA S 2018		12		148			62
AGA D 2018		10		135			65
SO 2018		24		285			225
SO US 2018		3		25			24
AGA S 2019		—		41			55
AGA D 2019		—		35			63
SO 2019		—		70			123
SO 2019 - US		—		16			35
BSA 2019		—		7			20
SO US 2019		—		1			14
SO D 2020		—		—			—
SO C 2020		—		—			—
SO US 2020		—		—			—
TOTAL		787		1,656			1,236

Share Warrants

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Key Terms and Conditions of Share-Based Compensation Based

The key terms and conditions related to each program are detailed in the following tables:

Share-based compensation	2019	2017		2015		2014
Share warrants ( BSA )
		BSA 2017-A	BSA 2017-B	BSA 2015-A	BSA 2015-B	BSA 2014-A	BSA 2014-B

Date of the Shareholders meeting	06/15/2018	06/16/2017		04/02/2014		04/02/2014
Date of the Management Board meeting				01/09/2015		07/24/2014
Date of the decision and delegation of the Board of Directors to the CEO	10/18/2019	11/21/2017
Date of the CEO decision	10/31/2019	12/06/2017
Beneficiaries	Consultants	Consultants and officers		Consultants and officers		Consultants and officers
Total number of BSAAR subscribed	35,070	18,345	18,345	12,860	12,860	46,765	46,765
Total number of BSAAR voided	0	0	0	12,860	12,860	46,765	46,765
Total number of BSAAR remaining	35,070	18,345	18,345	0	0	0	0
Issue Price	€1.23	€2.00		€0.01		€0.01
Excercise price	€12.32	€19.97		€35.95		€23.50
Estimated fair value - according to IFRS 2	€0.75	€3.78	€3.81	€25.33 /€26.89	€25.33 /€26.31	€15.61 /€24.84	€15.61 /€24.85
End of exercise period	05/31/2024	06/30/2022	07/15/2022	05/31/2019	11/30/2019	09/30/2018	02/28/2019
Valuation method used	Black & Scholes
Expected dividends	0%	0%		0%		0%
Expected volatility	40.0%	36.4%	35.7%	74.9%		74.9%
Risk-free interest rate	0%	0.0%		0.4%		0.4%
Expected life	0.7 years	6 years		4 years		4 years

Redeemable Warrants

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Key Terms and Conditions of Share-Based Compensation Based


Share-Based compensation	2016	2014
Redeemable share subscription warrants (BSAAR)	BSAAR 2016-A and B	BSAAR 2014-A - B and C
	Employees	Employees and Officers

Date of the Shareholders’ meeting	02/24/2015	04/02/2014
Date of the Management Board meeting	07/22/2016	09/16/2014
Date of the decision and delegation of the Board of Directors to the CEO
Date of the CEO decision
Total number of BSAAR subscribed	10,800	62,717
Total number of BSAAR voided	10,800	61,484
Total number of BSAAR exercised	0	1,233
Total of BSAAR remaining	0	0
Issue Price	€23.50	€23.50
Subscription period	From 01/01/2018 to 07/27/2020	voided on 09/2018 - 05/2019 and 07/2019
Estimated fair value - valued by expert opinion	€4.60	From €8.44 to €11.29
Valuation method used	Black & Scholes	Black & Scholes
Expected dividends	0%	0%
Expected volatility	75.4%	75.4%
Risk-free interest rate	0.0%	0.4%
Expected life	4 years	4 years

Free Shares

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Key Terms and Conditions of Share-Based Compensation Based

The key terms and conditions related to each program are detailed in the following tables:


Share-based compensation	2 019		2 019		2 018	2 017	2 016
Free shares (AGA)	AGA D		AGA S
	Officers(1)	Employees	Officers(1)	Employees	AGA D and S	AGA D and S 2017-1 and 2017-2	AGA D and S 2016-1 and 2016-2
					AGA D and S	AGA D and S 2017-1 and 2017-2	AGA D and S 2016-1 and 2016-2
Date of the Shareholders meeting	06/15/2018				06/15/2018	06/16/2017	06/21/2016
Date of the Management Board meeting							12/15/2016
Date of the decision and delegation of the Board of Directors to the CEO	07/18/2019				11/07/2018	11/22/2017
Date of the Executive Board Meeting	07/18/2019				11/22/2018	12/06/2017
Total number of AGA subscribed	3,000	16,070	0	17,556	35,800	41,196	30,709
Total number of AGA voided	0	450	0	702	1,872	9,846	5,429
Total number of AGA definitively vested	0	0	0	0	0	19,403	25,280
Total number of AGA remaining	3,000	15,620	0	16,854	33,928	11,947	0
Acquisition period	From 07/18/2019 to 09/16/2022				From 07/18/2019 to 09/16/2022	From 12/06/2017 to 12/31/2020	From 12/15/2016 to 12/15/2019
Valuation method used	Monte Carlo
Price of the share at the time of allocation	€17.06				€20.02	€21.95	€20.78
Expected dividends	0%				0%	0%	0%
Expected volatility	40.2%				38.0%	53.7%	63.0%
Risk-free interest rate	0.0%				0.0%	0.0%	0.0%
Turnover rate	0.00%				15.00%	15.00%	15.00%
(1) : Chairman and CEO

Stock Options

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Key Terms and Conditions of Share-Based Compensation Based

The key terms and conditions related to each program are detailed in the following tables:


Share-based compensation	2020			2019			2018		2017		2016
Stock option SO	SO		SO US	SO 2019	SO US 1	SO US 2	SO 2018	SO US 2018	SO 1 and 2 2017	SO US 2017	SO 1 and 2 2016	SO US 2016
	Officers (1)	Employees	Employees	Employees and Officers	Employees	Employees	Employees and Officers	Employees	Employees and Offices	Employees	Employees and Offices	Employees
				Employees and Officers			Employees and Officers	Employees	Employees and Offices	Employees	Employees and Offices	Employees
Date of the Shareholders meeting	11/27/2019			06/15/2018	11/27/2019		06/15/2018		06/16/2017		06/21/2016
Date of the Management Board meeting											12/15/2016
Date of the decision and delegation of the Board of Directors to the CEO	12/11/2020			07/18/2019		11/27/2019	11/07/2018		11/21/2017
Date of the CEO decision	12/11/2020			07/18/2019		11/27/2019	11/07/2018		12/06/2017
Total number of SO subscribed	35,000	103,750	56,250	107,880	30,620	13,350	122,000	17,500	96,250	13,000	62,875	10,500
Total number of SO voided	0	0	0	13,350	7,000	4,450	50,322	7,787	35,273	13,000	13,169	10,500
Total number of SO definitively vested	0	0	0	0	0	0	0	0	60,977	0	49,706	0
Total number of SO remaining	35,000	103,750	48,750	94,530	23,620	8,900	71,678	9,713	0	0	0	0
Exercice price	€4.38	€3.50	€4.52	€13.99	€16.90	€14.31	€16.00	€21.65	€17.91	€22.54	€15.79	€21.12
Vesting period	From 12/31/2020 to 12/31/2023			From 07/18/2019 to 09/16/2022 and From 11/27/2019 to 01/16/2023			From 11/07/2018 to 12/31/2021		From 12/06/2017 to 12/31/2020		From 12/15/2016 to 12/15/2019
Exercice period	From 01/01/2024 to 12/31/2027			From 09/17/2022 to 09/17/2029 and From 01/17/2023 to 01/17/2030			From 01/01/2022 to 12/31/2028		From 01/01/2021 to 12/31/2027		From 12/16/2019 to 12/16/2026
Fair value	€1.16	€1.46	€1.12 €	€4.59	€3.67	€3.23	€9.32	€6.90	€9.32		€10.30	€8.52
Valuation method used	Black-Scholes
Price of the share at the time of allocation	€3.99		€3.99	€17.06		€14.50	€22.12		€21.95		€20.79
Expected dividends	0%		0%	0%		0%	0%		0%		0%
Expected volativity	49.0%		49.0%			40.0%	44.1%		53.7%		63.0%
Risk-free interest rate	-0.7%		-0.7%	0.0%		0.0%	0.0%		0.0%		0.0%
Turnover rate	0.00%		0.00%	0.00%		0.00%	15.00%		15.00%		15.00%

(1)

Chief Executive Officer

Performance Conditions

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Key Terms and Conditions of Share-Based Compensation Based

20.5.1.

Performance conditions of the 2020 plans


Plans	Evaluation date for performance conditions	Nature of conditions
SO D 2020 SO C 2020 SO US 2020	31/12/2023	50% of the 2020 instruments will be exercisable, if at least one of the three following conditions relating to the development of elafibranor in PBC and the ELATIVE clinical is fulfilled: (i) “Last Patient Visit” in ELATIVE in Q4 2022 or earlier; (ii) ELATIVE results are communicated to the market during or before the first half of 2023; (iii) if a registration application for elafibranor in PBC is filed with the Food and Drug Administration (FDA) or the European Medicines Agency (EMA) in 2023.
		25% of the 2020 instruments will be exercisable if at least if at least one of the two following conditions relating to the NI4 diagnostics technology is fulfilled: (i) a partnership agreement in research and development for the development of an IVD test integrating NIS4 technology with at least on major player in NASH (“big pharma, biotechnologies company, institution, etc.) is entered into by the Company; (ii) NIS4 technology has been used in at least 20 clinical trials..
		25% of the 2020 instruments will be exercisable if at least if at least one of the two following conditions relating to the development of the Company’s pipeline is fulfilled: (i) a new clinical trial for a new indication with elafibranor or NTZ in ongoing or complete; (ii) the Company has developed or acquired the rights of a new molecule.

		The exercise of 2020 instruments is also conditional to the presence of their beneficiaries at December 31, 2022, unless an exception usually provided for in the terms of conditions of the stock options granting plans applies. The granting of stock options D2020 to the CEO has been conditioned to the granting by the Company, in accordance with article L225-186-1 of the French Commercial Code, of free shares, existing or to be issued, to the benefit of the employees of the Company during the first half of 2021.

Financial Income and Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Financial Income And Expenses [Abstract]

Summary of Financial Income and Expenses

Financial income and expenses	Year ended
(in € thousands)	2018/12/31			2019/12/31			2020/12/31
Financial income
Interest income		202			2,626			1,442
Foreign exchange gain		101			2,272			4,983
Other financial income		425			324			119
TOTAL - Financial income		728			5,221			6,544
Financial expenses
Interest expenses		(10,955	)		(11,289	)		(11,643	)
Interest expenses for leases		(21	)		(148	)		(134	)
Foreign exchange losses		(127	)		(1,657	)		(13,508	)
Other financial expenses		(14	)		(17	)		(11	)
TOTAL - Financial expenses		(11,118	)		(13,110	)		(25,296	)
FINANCIAL GAIN (LOSS)		(10,391	)		(7,889	)		(18,752	)

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Summary of Earnings (Loss) Per Share

The components of the earnings (loss) per share computation are as follows:

Basic loss per share is equal to diluted loss per share.

	Year ended
Earnings per share	2018/12/31			2019/12/31			2020/12/31
Profit (loss) for the period (in € thousands)		(79,521	)		(65,144	)		(101,221	)
Weighted average number of ordinary shares for the period		31,167,203			36,987,982			38,858,617
Profit (loss) per share (in €)		(2.55	)		(1.76	)		(2.60	)

Compensation of Corporate Officers (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Of Corporate Officers [Abstract]

Summary of Compensation Paid to Officers

Compensation paid to the Chairman	Year ended
during the period from January 1, 2019 to September 16, 2019	2018/12/31		2019/12/31		2020/12/31
Short-term employee benefits (gross + employer's social contributions, paid)		1,569		1,338		—
Post-employment pension & medical benefits		—		—		—
Share-based payment transactions		104		109		—
Director fees Genfit Corp (net)		30		22		—
TOTAL		1,703		1,469		—

Compensation paid to the Chief Executive Officer	Year ended
for the period beginning on September 16, 2019	2018/12/31		2019/12/31		2020/12/31
Short-term employee benefits (gross + employer's social contributions, paid)		—		140		534
Post-employment pension & medical benefits		—		—		—
Share-based payment transactions		—		—		41
Director fees Genfit Corp (net)		—		—		—
TOTAL		—		140		575

Schedule of Director's Fees and Other Compensation Due and Paid to Non Executive Directors

The directors' fees and other compensation due and paid to the non executive directors are as follows:

	Amounts due*		Amounts paid*		Amounts due*		Amounts paid*		Amounts due*		Amounts paid*
Attendance fees and other forms of remuneration payable to each of the non executive officer	During the year ended December 31,
(in euros)	2018				2019				2020
Jean-François MOUNEY (1)
Attendance fees		—		—		14,791		633		49,937		49,939
Other remuneration (outside compensation as CEO)		—		—		88,874		88,874		286,469		286,469
Total		—		—		103,665		89,507		336,406		336,408
Xavier GUILLE DES BUTTES
Attendance fees		53,330		41,311		68,016		67,580		85,020		80,660
Other remuneration		—		—		—		—		—		—
Total		53,330		41,311		68,016		67,580		85,020		80,660
Frédéric DESDOUITS
Attendance fees		21,174		17,113		33,136		30,302		53,360		44,640
Other remuneration		—		—		—		—		—		—
Total		21,174		17,113		33,136		30,302		53,360		44,640
BIOTECH AVENIR
Represented by Florence Séjourné
Attendance fees		—		—		—		—		—		—
Other remuneration		—		—		—		—		—		—
Total		—		—		—		—		—		—
Philippe MOONS
Attendance fees		29,704		22,345		36,188		41,202		45,780		41,420
Other remuneration		—		—		—		—		—		—
Total		29,704		22,345		36,188		41,202		45,780		41,420
Anne-Hélène MONSELLATO
Attendance fees		37,075		24,307		44,472		53,410		50,140		45,780
Other remuneration		—		—		—		—		—		—
Total		37,075		24,307		44,472		53,410		50,140		45,780
Catherine LARUE
Attendance fees		21,256		17,985		33,136		28,122		43,600		43,600
Other remuneration		—		—		—		—		—		—
Total		21,256		17,985		33,136		28,122		43,600		43,600
Katherine KALIN
Attendance fees		—		—		—		—		15,805		4,360
Other remuneration		—		—		—		—		—		—
Total		—		—		—		—		15,805		4,360
Eric BACLET
Attendance fees		—		—		—		—		20,165		6,540
Other remuneration		—		—		—		—		—		—
Total		—		—		—		—		20,165		6,540
TOTAL		162,539		123,061		318,613		310,123		650,276		603,408

(1)

The attendance fees and other remuneration for Jean-François Mouney above correspond to amounts due for the period from September 16, 2019 to December 31, 2019 and the full year 2020.

Major Events in the Period and Events After the Period - Additional Information (Details)										1 Months Ended			12 Months Ended
	Apr. 13, 2021 EUR (€) shares	Mar. 31, 2021 EUR (€) Bond	Mar. 12, 2021 EUR (€) shares	Feb. 04, 2021 EUR (€) shares	Jan. 29, 2021 EUR (€) Bond € / shares	Jan. 25, 2021 EUR (€) Bond € / shares	Dec. 07, 2020 EUR (€) Bond	Nov. 23, 2020 Bond € / shares	Oct. 16, 2017 EUR (€) DebtInstrument	Feb. 28, 2021 EUR (€) Bond	Jan. 31, 2021 EUR (€) Bond	May 31, 2020 Patient	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€) Employee	Dec. 31, 2019 EUR (€)	Jun. 30, 2020 Employee	Dec. 31, 2018 EUR (€)
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Number of patients \| Patient												1,070
Primary and secondary endpoint description														For the primary efficacy endpoint, the response rate in the 717 patients enrolled on the study drug was 19.2% for patients who received elafibranor 120mg compared to 14.7% for patients in the placebo arm, which was not statistically significant (N.S.). On the fibrosis key secondary endpoint, 24.5% of patients who received elafibranor 120mg achieved fibrosis improvement of at least one stage compared to 22.4% in the placebo arm (N.S.).
Contract costs recognized														€ 9,700,000
Non-current provision closing cost														€ 378,000
Entity number of employees \| Employee														130		203
Reorganization costs														€ 1,850,000
New debt recognized														14,908,000	€ 18,165,000		€ 9,104,000
Increase in capital														11,129,000	356,000
OCEANEs
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Buyback instrument \| Bond							2,895,260
Buyback price per bond \| € / shares								€ 16.40
Extension of maturity								3 years
Conversion ratio (Shares per bond)								5.5
Buyback amount (percent)							47.60%
Buyback (nominal amount)							€ 85,700,000
Buyback amount							€ 47,480,000
Renegotiation costs estimated														2,400,000
Renegotiation costs recognized														€ 745,000
Number of debt instruments issued \| DebtInstrument									6,081,081
Debt maturity date														October 16, 2022
Buyback (nominal amount)									29.60
New debt recognized														€ 170,782,000	€ 165,454,000		€ 160,489,000
OCEANEs \| Renegotiation
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Buyback instrument \| Bond		216,591			2,895,260					483,330	552,238
Buyback price per bond \| € / shares					€ 16.40
Conversion ratio (Shares per bond)						5.5
Buyback amount					€ 47,480,000	€ 47,480,000
Accrued interest portion of buyback amount \| € / shares					€ 0.30
Number of debt instruments issued \| Bond						3,185,821
Debt maturity date						October 16, 2025
Buyback (nominal amount)						29.60
Fair value of a new amended OCEANE \| € / shares						€ 27.80
Debt component of a new amended OCEANE \| € / shares						24.12
Conversion option of a new amended OCEANE \| € / shares						€ 3.68
Amortized cost of financial debt						€ 94,800,000
Initial debt						171,600,000
New debt recognized						76,800,000
Increase in equity						11,700,000
Payment for partial buyback						47,500,000
Buyback bonus						€ 35,600,000
Increase in capital	€ 297,812,500		€ 664,578,750	€ 759,327,250
New shares created \| shares	1,191,250		2,658,312	3,037,309
Reduction in financial debt		€ 5,220,000								€ 11,660,000	€ 13,320,000
Leased Equipment
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Impairment loss														503,000
Owned Equipment
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Impairment loss														363,000
Fixed Assets
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Impairment loss														866,000
Rights of Use of Leased Premised
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Impairment loss														1,275,000
Fittings, Fittings and Improvements
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Impairment loss														€ 93,000
Bottom of Range \| Forecast
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Contract costs recognized													€ 8,000,000
Top of Range \| OCEANEs
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Buyback instrument \| Bond								3,048,780
Top of Range \| Forecast
Disclosure Of Major Events In The Period And Events After The Period [Line Items]
Contract costs recognized													€ 10,000,000

Summary of Significant Accounting Policies - Summary of Applicable Exchange Rates Used to Translate Financial Statements (Details)	12 Months Ended
	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 EUR (€) USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 EUR (€) USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 EUR (€) USD ($)
Foreign Exchange Rates [Abstract]
Exchange rate at period end	0.81493	0.81493	0.89015	0.89015	0.87336	0.87336
Average exchange rate for the period	0.87755	0.012271	0.89341	0.0112341	0.84758	0.01145

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 EUR (€) Segment	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 USD ($)
Disclosure Of Voluntary Change In Accounting Policy [Line Items]
Development and commercial milestones payments recognized \| €			€ 0
Number of segment \| Segment	1	1
Software and License Agreements \| Bottom of Range
Disclosure Of Voluntary Change In Accounting Policy [Line Items]
Estimated useful lives of software and license agreements	1 year	1 year
Software and License Agreements \| Top of Range
Disclosure Of Voluntary Change In Accounting Policy [Line Items]
Estimated useful lives of software and license agreements	8 years	8 years
Terns Pharmaceuticals
Disclosure Of Voluntary Change In Accounting Policy [Line Items]
Non-refundable upfront payment		$ 35.0
Milestone payment		193.0
Upfront payment		35.0
Revenue from upfront upfront payment		0.0		$ 34.9
Deferred upfront payment		$ 0.1
Royalties on commercial sales recognized \| €	€ 0		0
Revenue on supply of drug product recognized \| €			€ 0

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Building on Non-Freehold Land
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	10 years
Fittings and Fixtures \| Bottom of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	9 years
Fittings and Fixtures \| Top of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	25 years
Scientific Equipment \| Bottom of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	2 years
Scientific Equipment \| Top of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	12 years
Computer Equipment \| Bottom of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	2 years
Computer Equipment \| Top of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	5 years
Furniture \| Bottom of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	4 years
Furniture \| Top of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	10 years
Vehicles \| Bottom of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	4 years
Vehicles \| Top of Range
Disclosure Of Intangible Assets With Indefinite Useful Life [Line Items]
Estimated useful lives for property, plant and equipment	6 years

Financial Risks Management - Sensitivity of Group's Cash and Cash Equivalents and Expenses to Variation 10% of US Dollar against Euro (Details)

12 Months Ended

Dec. 31, 2020

EUR (€)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

EUR (€)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

EUR (€)

Dec. 31, 2018

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Euros equivalent to US dollar

€ 171,029,000

€ 276,748,000

€ 207,240,000

^[1]

0.87755

0.012271

0.89341

0.0112341

0.84758

0.01145

10% Increase Decrease in US Dollar vs Euro

10% Increase of US Dollar vs Euro

€ 90,637,000

€ 136,582,000

€ 1,038,000

$ 111,221,000

$ 153,438,000

$ 1,188,000

Expenses

38,528,000

$ 47,277,000

35,922,000

$ 40,355,000

8,396,000

$ 9,613,000

10% Decrease of US Dollar vs Euro

100,708,000

151,758,000

1,153,000

Expenses

42,808,000

39,914,000

9,328,000

Disclosure Of Cash Cash Equivalents And Financial Assets [Line Items]

82,398,000

124,166,000

944,000

Expenses

€ 35,025,000

€ 32,657,000

€ 7,632,000

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Financial Risks Management - Summary of Cash, Cash Equivalents and Financial Assets (Details)
€ in Thousands, $ in Thousands

Dec. 31, 2020

EUR (€)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

EUR (€)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

EUR (€)

Dec. 31, 2018

USD ($)

Current and non current financial assets

€ 171,029

€ 276,748

€ 207,240

^[1]

1,458

1,727

1,313

Total

172,486

278,474

208,553

Denominated in EUR

Disclosure Of Cash Cash Equivalents And Financial Assets [Line Items]

Current and non current financial assets

80,391

139,863

206,199

1,391

1,614

1,303

Total

€ 81,782

€ 141,477

€ 207,502

Denominated in USD

Disclosure Of Cash Cash Equivalents And Financial Assets [Line Items]

Cash and cash equivalents | $

$ 90,637

$ 136,884

$ 1,041

Current and non current financial assets | $

113

Total | $

$ 90,704

$ 136,997

$ 1,051

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Financial Risks Management - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 16, 2017
Foreign Exchange Rates [Line Items]
Cash and cash equivalents and other financial assets	€ 172,486	€ 278,474	€ 208,553
OCEANEs
Foreign Exchange Rates [Line Items]
Aggregate nominal amount	€ 180,000			€ 180,000
Debt maturity date	October 16, 2022
Interest Rate Risk
Foreign Exchange Rates [Line Items]
Financial liabilities	€ 185,691	€ 183,619	€ 169,593

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Cash on hand and bank accounts

€ 166,034

€ 263,147

€ 201,522

4,995

13,601

5,718

171,029

276,748

207,240

^[1]

UCITS

2,060

3,096

29,189

TERM ACCOUNTS

INTEREST-BEARING CURRENT ACCOUNT

143,827

215,018

124,316

€ 20,147

€ 45,033

€ 48,017

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Intangible Assets - Schedule of Variations in Intangible Assets (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

€ 920

€ 796

^[1]

€ 636

(102)

125

159

(27)

791

920

796

^[1]

Gross

2,830

2,384

1,921

207

475

529

(715)

(29)

(67)

2,322

2,830

2,384

Gross | Software

2,739

2,049

1,900

231

340

216

(691)

(29)

(67)

(48)

378

Gross | Other Intangibles

2,231

2,739

2,049

313

313

313

Gross | Other Intangibles

Accumulated Depreciation and Impairment

313

(24)

(25)

(378)

313

(1,910)

(1,588)

(1,285)

(309)

(350)

(370)

688

Accumulated Depreciation and Impairment | Software

(1,531)

(1,910)

(1,588)

(1,888)

(1,567)

(1,264)

(309)

(350)

(370)

688

Accumulated Depreciation and Impairment | Patents

(1,510)

(1,888)

(1,567)

(21)

Disclosure Of Property Plant And Equipment [Line Items]

€ (21)

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Property, Plant and Equipment - Summary of Variations in Tangible Assets (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

€ 16,453

€ 7,764

^[1]

€ 6,324

(4,676)

10,429

1,459

(56)

(1,741)

(18)

(80)

Disclosure Of Property Plant And Equipment [Line Items]

11,648

16,453

7,764

^[1]

Gross

27,238

15,774

13,123

775

13,339

2,940

(3,022)

(1,875)

(288)

(80)

Gross | Buildings on Non-freehold Land

24,911

27,238

15,774

Disclosure Of Property Plant And Equipment [Line Items]

12,229

1,458

12,218

(62)

(1,447)

1,447

Gross | Scientific Equipment

12,167

12,229

1,458

Disclosure Of Property Plant And Equipment [Line Items]

11,260

10,879

9,576

450

556

1,484

(2,630)

(120)

(235)

(54)

Gross | Fittings and Fixtures

9,080

11,260

10,879

Disclosure Of Property Plant And Equipment [Line Items]

1,592

1,531

1,126

233

443

(113)

(43)

(10)

(5)

Disclosure Of Property Plant And Equipment [Line Items]

1,703

1,592

1,531

Gross | Vehicles

Gross | Computer Equipment

Disclosure Of Property Plant And Equipment [Line Items]

1,669

1,446

1,954

227

200

(194)

(15)

(5)

(11)

(702)

Disclosure Of Property Plant And Equipment [Line Items]

1,534

1,669

1,446

Gross | Furniture

389

361

357

(68)

(3)

(4)

Disclosure Of Property Plant And Equipment [Line Items]

329

389

361

Gross | In progress

241

805

(17)

(1,737)

1,496

(804)

Accumulated Depreciation and Impairment

Disclosure Of Property Plant And Equipment [Line Items]

(10,785)

(8,010)

(6,798)

(2,909)

(1,481)

133

270

Accumulated Depreciation and Impairment | Buildings on Non-freehold Land

(10,785)

(8,010)

Disclosure Of Property Plant And Equipment [Line Items]

(1,216)

(1)

(1,215)

(1)

Accumulated Depreciation and Impairment | Scientific Equipment

(1,216)

(1)

Disclosure Of Property Plant And Equipment [Line Items]

(7,172)

(5,988)

(5,063)

(1,303)

(1,142)

119

218

Accumulated Depreciation and Impairment | Fittings and Fixtures

(7,172)

(5,988)

Disclosure Of Property Plant And Equipment [Line Items]

(875)

(769)

(722)

(105)

(91)

Accumulated Depreciation and Impairment | Vehicles

(875)

(769)

Disclosure Of Property Plant And Equipment [Line Items]

(66)

(45)

(24)

(21)

Accumulated Depreciation and Impairment | Computer Equipment

(66)

(45)

Disclosure Of Property Plant And Equipment [Line Items]

(1,155)

(915)

(703)

(252)

(216)

Accumulated Depreciation and Impairment | Furniture

(1,155)

(915)

Disclosure Of Property Plant And Equipment [Line Items]

(303)

(292)

(285)

(13)

(11)

Disclosure Of Property Plant And Equipment [Line Items]

(303)

€ (292)

Accumulated Depreciation

(10,785)

(3,279)

2,967

Accumulated Depreciation | Buildings on Non-freehold Land

(11,090)

(10,785)

Disclosure Of Property Plant And Equipment [Line Items]

(1,216)

(1,398)

(2,603)

(1,216)

Accumulated Depreciation | Scientific Equipment

Disclosure Of Property Plant And Equipment [Line Items]

(7,172)

(1,368)

2,588

Accumulated Depreciation | Fittings and Fixtures

(5,952)

(7,172)

Disclosure Of Property Plant And Equipment [Line Items]

(875)

(218)

107

Accumulated Depreciation | Vehicles

(982)

(875)

Disclosure Of Property Plant And Equipment [Line Items]

(66)

(20)

Accumulated Depreciation | Computer Equipment

(85)

(66)

Disclosure Of Property Plant And Equipment [Line Items]

(1,155)

(260)

193

Accumulated Depreciation | Furniture

(1,217)

(1,155)

Disclosure Of Property Plant And Equipment [Line Items]

(303)

(15)

(1)

Disclosure Of Property Plant And Equipment [Line Items]

(251)

€ (303)

Impairment

(2,172)

Impairment | Buildings on Non-freehold Land

(2,172)

Disclosure Of Property Plant And Equipment [Line Items]

(1,182)

Impairment | Scientific Equipment

(1,182)

Disclosure Of Property Plant And Equipment [Line Items]

(866)

Impairment | Fittings and Fixtures

(866)

Disclosure Of Property Plant And Equipment [Line Items]

(93)

Impairment | Computer Equipment

(93)

Disclosure Of Property Plant And Equipment [Line Items]

(27)

Disclosure Of Property Plant And Equipment [Line Items]

(27)

Impairment | Furniture

(3)

Disclosure Of Property Plant And Equipment [Line Items]

€ (3)

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Property, Plant and Equipment - Additional Information (Details) - EUR (€)
€ in Thousands

1 Months Ended

12 Months Ended

Jan. 01, 2019

May 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

€ 11,648

€ 16,453

€ 7,764

^[1]

€ 6,324

Disclosure Of Property Plant And Equipment [Line Items]

990

Scientific Equipment

Rights of use and related amortization

2,906

2,033

Right of use asset

4,346

Depreciation

2,933

Premises

Disclosure Of Property Plant And Equipment [Line Items]

Building on Non-Freehold Land

1,182

Disclosure Of Property Plant And Equipment [Line Items]

Rights of use and related amortization

11,911

2,558

Right of use asset

11,974

Depreciation

1,196

Existing Headquarters

Disclosure Of Property Plant And Equipment [Line Items]

Rights of use asset and liability

€ 7,800

New Building

Disclosure Of Property Plant And Equipment [Line Items]

Rights of use asset and liability

€ 2,200

Assets Under Finance Lease Contracts | Scientific Equipment

Disclosure Of Property Plant And Equipment [Line Items]

Disclosure Of Property Plant And Equipment [Line Items]

873

€ 1,413

€ 1,889

Owned Equipment

Disclosure Of Property Plant And Equipment [Line Items]

363

Leased Equipment

Disclosure Of Property Plant And Equipment [Line Items]

503

Premises

Furniture and IT Equipment

Disclosure Of Property Plant And Equipment [Line Items]

Trade And Other Receivables [Abstract]

€ 30

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Trade and Other Receivables - Summary of Trade and Other Receivables (Details) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Trade receivables, net

€ 793

€ 207

€ 25

Social security costs receivables

7,911

9,585

8,785

VAT receivables

2,766

1,814

1,103

Grants receivables

Other receivables

422

420

361

11,919

12,033

10,284

Trade receivables, net

793

207

Social security costs receivables

7,911

9,585

7,295

VAT receivables

2,766

1,814

1,103

Grants receivables

(1)

Other receivables

422

420

361

€ 11,919

12,033

8,794

^[1]

1,489

Other receivables

Disclosure Of Other Financial Assets [Abstract]

€ 0

€ 1,489

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Trade and Other Receivables - Additional Information (Details) - EUR (€) € in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trade And Other Receivables [Abstract]
Research tax credit	€ 7,911	€ 9,585	€ 8,785
Credit notes from suppliers	€ 406	€ 408	€ 235

Other Financial Assets - Summary of Other Financial Assets (Details) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Loans

€ 352

€ 307

€ 259

Deposits and guarantees

418

396

284

Liquidity contract

688

1,023

770

Other financial assets

1,458

1,727

1,313

Loans

352

307

259

Deposits and guarantees

418

396

284

Other non-current financial assets

€ 1,458

€ 1,727

€ 1,313

^[1]

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Other Financial Assets - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Other Financial Assets [Abstract]
Liquidity account, cash balance	€ 688	€ 1,023	€ 770
Number of shares recorded as deduction from equity	88,929	18,132	27,911
Liquidity agreement additional contribution			€ 1,000

Other Assets - Additional Information (Details) - EUR (€) € in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Miscellaneous Assets [Abstract]
Other assets	€ 1,765	€ 1,968	€ 2,078

Loans and Borrowings - Additional Information (Details)

12 Months Ended

Oct. 16, 2017

EUR (€)

DebtInstrument

€ / shares

Dec. 31, 2014

EUR (€)

Dec. 31, 2020

EUR (€)

Dec. 31, 2019

EUR (€)

Dec. 31, 2018

EUR (€)

Dec. 23, 2008

EUR (€)

Disclosure Of Detailed Information About Borrowings [Line Items]

€ 14,908,000

€ 18,165,000

€ 9,104,000

Disclosure Of Detailed Information About Borrowings [Line Items]

11,873,000

14,939,000

7,255,000

^[1]

Convertible Loans

Convertible bond, yearly interest

6,300,000

Convertible loan nominal amount

180,000,000

BPI FRANCE - IT-DIAB

Disclosure Of Detailed Information About Borrowings [Line Items]

Discounted rate

5.19%

BPI FRANCE - IT-DIAB | Conditional

Disclosure Of Detailed Information About Borrowings [Line Items]

Advances received

€ 3,229,000

BPI FRANCE - IT-DIAB | Non-repayable

Disclosure Of Detailed Information About Borrowings [Line Items]

Government grants

€ 3,947,000

OCEANEs

Disclosure Of Detailed Information About Borrowings [Line Items]

Number of debt instruments issued | DebtInstrument

6,081,081

Buyback (nominal amount)

29.60

Aggregate nominal amount

€ 180,000,000

Exchange or conversion premium

30.00%

Reference share price | € / shares

€ 22.77

Interest rate

7.20%

Debt maturity date

October 16, 2022

Trading period

20 days

Redemption prior to maturity terms

Redemption prior to maturity is at the option of the Company from November 6, 2020 if the arithmetic volume-weighted average price of the Company's share price and the then-prevailing conversion ratio (over a 20-day trading period) exceeds 150% of the nominal value of the OCEANEs.

€ 170,782,000

165,454,000

160,489,000

Liability, current

1,312,000

OCEANEs | Annual Nominal Interest Rate

€ 169,470,000

€ 164,142,000

€ 159,176,000

Disclosure Of Detailed Information About Borrowings [Line Items]

Interest rate

3.50%

Conditional Advances | BPI FRANCE - IT-DIAB | Additional Payments

Disclosure Of Detailed Information About Borrowings [Line Items]

Maximum amount to be paid if any further amounts to be paid as conditional advance

€ 14,800,000

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Loans and Borrowings - Summary of Other Loans and Borrowings (Details) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disclosure Of Detailed Information About Borrowings [Line Items]

€ 14,908

€ 18,165

€ 9,104

3,035

3,226

1,848

^[1]

Refundable and Conditional advances

11,873

14,939

7,255

^[1]

Disclosure Of Detailed Information About Borrowings [Line Items]

3,229

Disclosure Of Detailed Information About Borrowings [Line Items]

3,229

Bank Loans

1,540

2,645

3,964

942

1,105

1,319

Disclosure Of Detailed Information About Borrowings [Line Items]

598

1,540

2,645

Obligations Under Leases

10,131

12,281

1,900

2,085

2,112

520

Disclosure Of Detailed Information About Borrowings [Line Items]

8,046

10,169

1,381

Accrued Interests

Other Financial Loans and Borrowings

Disclosure Of Detailed Information About Borrowings [Line Items]

Social security costs payables

€ 7

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Loans and Borrowings - Summary of Refundable and Conditional Advances (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Borrowings [Line Items]
Refundable and conditional advances, Net book value	€ 3,229	€ 3,229	€ 3,407
BPI FRANCE - IT-DIAB
Disclosure Of Detailed Information About Borrowings [Line Items]
Refundable and conditional advances, Grant date	Dec. 23, 2008	Dec. 23, 2008	Dec. 23, 2008
Refundable and conditional advances, Total amount allocated	€ 3,229	€ 3,229	€ 3,229
Refundable and conditional advances, Receipts	3,229	3,229	3,229
Refundable and conditional advances, Net book value	€ 3,229	€ 3,229	€ 3,229

Loans and Borrowings - Summary of Bank Loans (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€) Facility Size	Dec. 31, 2019 EUR (€) Facility Size	Dec. 31, 2018 EUR (€) Facility Size
Disclosure Of Detailed Information About Borrowings [Line Items]
New debt recognized	€ 14,908	€ 18,165	€ 9,104
Bank Loans
Disclosure Of Detailed Information About Borrowings [Line Items]
New debt recognized	€ 1,540	€ 2,645	€ 3,964
Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Facility Size \| Facility Size	6,715	6,715	6,715
Bank Loan Outstanding	€ 1,540	€ 2,645	€ 3,964
CDN 5 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	November 2018	November 2018	November 2018
Facility Size \| Facility Size	500	500	500
Interest rate	0.00%	0.00%	0.46%
Installments	48 monthly	48 monthly	48 monthly
Bank Loan Outstanding	€ 241	€ 365	€ 490
CIC 5 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	July 2017	July 2017	July 2017
Facility Size \| Facility Size	1,000	1,000	1,000
Interest rate	0.00%	0.00%	0.69%
New debt recognized	€ 0	€ 0
Installments	60 monthly	60 monthly	60 monthly
Bank Loan Outstanding	€ 354	€ 554	€ 753
CDN 4 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	June 2017	June 2017	June 2017
Facility Size \| Facility Size	600	600	600
Interest rate	0.00%	0.00%	0.36%
New debt recognized	€ 0	€ 0
Installments	48 monthly	48 monthly	48 monthly
Bank Loan Outstanding	€ 75	€ 226	€ 376
BNP 4 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	April 2017	April 2017	April 2017
Facility Size \| Facility Size	800	800	800
Interest rate	0.00%	0.00%	0.87%
New debt recognized	€ 0	€ 0
Installments	60 monthly	60 monthly	60 monthly
Bank Loan Outstanding	€ 377	€ 537	€ 695
CIC 4 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	December 2016	December 2016	December 2016
Facility Size \| Facility Size	265	265	265
Interest rate	0.00%	0.00%	0.69%
Installments	60 monthly	60 monthly	60 monthly
Bank Loan Outstanding	€ 58	€ 111	€ 164
BNP 3 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	October 2016	October 2016	October 2016
Facility Size \| Facility Size	1,050	1,050	1,050
Interest rate	0.00%	0.00%	0.80%
New debt recognized	€ 0	€ 0
Installments	20 quarterly	20 quarterly	20 quarterly
Bank Loan Outstanding	€ 315	€ 525	€ 735
NEUFLIZE 2 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	June 2016		June 2016
Facility Size \| Facility Size	500		500
Interest rate	0.00%		1.10%
New debt recognized	€ 0
Installments	12 quarterly		12 quarterly
Bank Loan Outstanding	€ 0		€ 84
BNP 2 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	June 2016	June 2016	June 2016
Facility Size \| Facility Size	500	500	500
Interest rate	0.00%	0.00%	0.80%
New debt recognized	€ 0	€ 0
Installments	20 quarterly	20 quarterly	20 quarterly
Bank Loan Outstanding	€ 76	€ 177	€ 277
CDN 3 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	April 2016	April 2016	April 2016
Facility Size \| Facility Size	500	500	500
Interest rate	0.00%	0.00%	0.72%
Installments	60 monthly	60 monthly	60 monthly
Bank Loan Outstanding	€ 34	€ 135	€ 236
CIC 3 \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	March 2015	March 2015	March 2015
Facility Size \| Facility Size	500	500	500
Interest rate	0.00%	0.00%	0.85%
New debt recognized	€ 0	€ 0
Installments	16 quarterly	16 quarterly	16 quarterly
Bank Loan Outstanding	€ 0	€ 0	€ 32
BNP \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date	December 2014	December 2014	December 2014
Facility Size \| Facility Size	500	500	500
Interest rate	0.00%	0.00%	2.00%
New debt recognized	€ 0	€ 0
Installments	20 quarterly	20 quarterly	20 quarterly
Bank Loan Outstanding	€ 0	€ 0	€ 103
Other \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Facility Size \| Facility Size	0	0
New debt recognized	€ 0	€ 0
Bank Loan Outstanding	€ 9	€ 14	€ 19
NEUFLIZE \| Bank Loans \| Research and Laboratory Equipment
Disclosure Of Detailed Information About Borrowings [Line Items]
Debt maturity date		June 2016
Facility Size \| Facility Size		500
Interest rate		0.00%
New debt recognized		€ 0
Installments		12 quarterly
Bank Loan Outstanding		€ 0

Fair Value of Financial Instruments - Summary of Financial Assets And Liabilities Carrying Values By Category And Fair Values (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Disclosure Of Detailed Information About Borrowings [Line Items]
Carrying value as per statement of financial position	€ 1,458	€ 1,727	€ 1,313
Level 1 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	171,029	276,748	207,240
Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	1,563	911	568
Fair value	203,367		199,084	€ 213,669
Level 3 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	3,229		3,229	3,229
Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Carrying value as per statement of financial position	172,592	277,658	207,808
Carrying value of Assets at fair value through profit and loss	171,029	276,748	207,240
Carrying value loans and receivables	1,563	911	568
Financial liabilities	206,596		202,313	216,898
Aggregate nominal amount	206,596		202,313	216,898
Loans \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	352	307	259
Loans \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Carrying value as per statement of financial position	352	307	259
Carrying value loans and receivables	352	307	259
Deposits and guarantees \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	418	396	284
Deposits and guarantees \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Carrying value as per statement of financial position	418	396	284
Carrying value loans and receivables	418	396	284
Trade receivables \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	793	207	25
Trade receivables \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Carrying value as per statement of financial position	793	207	25
Carrying value loans and receivables	793	207	25
Cash and cash equivalents \| Level 1 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	171,029	276,748	207,240
Cash and cash equivalents \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Carrying value as per statement of financial position	171,029	276,748	207,240
Carrying value of Assets at fair value through profit and loss	171,029	€ 276,748	207,240
Conditional Advances \| Level 3 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	3,229		3,229	3,229
Conditional Advances \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities	3,229		3,229	3,229
Aggregate nominal amount	3,229		3,229	3,229
Convertible Loans \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	170,782		160,489	165,454
Convertible Loans \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities	170,782		160,489	165,454
Aggregate nominal amount	170,782		160,489	165,454
Bank Loans \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	1,540		3,964	2,645
Bank Loans \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities	1,540		3,964	2,645
Aggregate nominal amount	1,540		3,964	2,645
Obligations under finance leases \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	10,131		1,900	12,281
Obligations under finance leases \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities	10,131		1,900	12,281
Aggregate nominal amount	10,131		1,900	12,281
Accrued Interests \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value			3	1
Accrued Interests \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities			3	1
Aggregate nominal amount			3	1
Other Financial Loans and Borrowings \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	7		7	7
Other Financial Loans and Borrowings \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities	7		7	7
Aggregate nominal amount	7		7	7
Trade payables \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	20,337		32,649	32,753
Trade payables \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities	20,337		32,649	32,753
Aggregate nominal amount	20,337		32,649	32,753
Other payables \| Level 2 \| Fair value
Disclosure Of Detailed Information About Borrowings [Line Items]
Fair value	569		71	527
Other payables \| Gross
Disclosure Of Detailed Information About Borrowings [Line Items]
Financial liabilities	569		71	527
Aggregate nominal amount	€ 569		€ 71	€ 527

Trade and Other Payables - Schedule of Trade and Other Payables (Details) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Trade and other payables - Total

Trade payables

€ 20,337

€ 32,753

€ 32,649

4,477

3,598

2,967

VAT payables

314

Taxes payables

319

487

286

Other payables

569

527

Social security costs payables

26,015

37,368

35,974

Trade and other payables - Current

Trade payables

20,337

32,753

32,649

4,477

3,598

2,967

VAT payables

314

Taxes payables

319

487

286

Other payables

118

Trade and other payables - Non current

25,564

36,917

35,974

^[1]

Other payables

451

450

€ 451

€ 450

€ 0

^[1]

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Trade and Other Payables - Schedule of Trade and Other Payables (Parenthetical) (Details) - EUR (€) € in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Trade And Other Payables [Abstract]
Accrued expenses	€ 13,809	€ 18,682	€ 19,395

Trade and Other Payables - Additional Information (Details) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)	Dec. 31, 2020 USD ($)
Disclosure Of Trade And Other Payables [Abstract]
Accrued expenses	€ 2,300		$ 9.6
Accrued expenses based on the exchange rate, net	€ 10,100
Reduction in the amount recognized for invoices not received		€ 6,994

Provisions - Additional Information (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

Non-current provision closing cost

Current provisions

€ 1,031

€ 2,061

€ 112

(378)

Support costs related to reduction in force plan implemented

523

Research tax credit dispute reversal

(1,892)

Return-to-Work Bonuses

Support costs related to reduction in force plan implemented

178

Trainings

Support costs related to reduction in force plan implemented

264

Business Start-up Assistance

Support costs related to reduction in force plan implemented

Various Other Benefits

Support costs related to reduction in force plan implemented

€ 51

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Employee Benefits - Additional Information (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disclosure Of Information About Defined Benefit Plans [Abstract]

Defined contribution plan expense

€ 923

€ 927

€ 765

Pension provisions

1,148

1,408

1,085

^[1]

Past service costs / amendment or settlement of plan

255

Actuarial losses / (gains) on obligation

196

€ (168)

€ (31)

Settlement of employee's rights

€ 450

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Employee Benefits - Summary of Assumptions Used for Employees for the Measurement of Retirement Indemnity to Employees (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Defined Benefit Plans [Line Items]
Population	Permanent staff	Permanent staff	Permanent staff
Retirement age	65 years	65 years	65 years
Terms of retirement	Initiated by the employee	Initiated by the employee	Initiated by the employee
Life expectancy	On the basis of the INSEE table	On the basis of the INSEE table	On the basis of the INSEE table
Probability of continued presence in the company at retirement age	On the basis of the DARES table	On the basis of the DARES table	On the basis of the DARES table
Discount rate	0.50%	0.75%	1.53%
Within 1 Year
Disclosure Of Defined Benefit Plans [Line Items]
Salary growth rate	3.00%	5.80%	5.80%
Beyond
Disclosure Of Defined Benefit Plans [Line Items]
Salary growth rate	3.00%	3.00%	3.00%

Employee Benefits - Summary of Changes in Present Value of Defined Benefit Obligation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Information About Defined Benefit Plans [Abstract]
Defined benefit obligation, beginning balance	€ 1,408	€ 1,085	€ 936
Current service cost	181	138	104
Interest cost on benefit obligation	11	17	14
Past service costs / amendment or settlement of plan	(255)
Actuarial losses / (gains) on obligation	(196)	168	31
Defined benefit obligation, ending balance	€ 1,148	€ 1,408	€ 1,085

Employee Benefits - Summary of Sensitivity of the Retirement and Post-Employment Benefits to a Variation of the Discount Rate (Details) € in Thousands	Dec. 31, 2020 EUR (€)
Disclosure Of Information About Defined Benefit Plans [Abstract]
Changes in assumptions/discount rate	0.25%
Impact/present value of the undertaking	€ (42)
Changes in assumptions/discount rate	(0.25%)
Impact/present value of the undertaking	€ 45

Equity - Additional Information (Details)		12 Months Ended
Equity - Additional Information (Details)	Dec. 27, 2018 shares	Dec. 31, 2020 EUR (€) shares	Dec. 31, 2019 EUR (€) shares	Dec. 31, 2020 $ / shares shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares in entity held to entitle double voting rights				2,332,647
Percentage of double voting rights				6.00%
Share capital amount \| €		€ 9,714,654.25
Shares authorized		38,888,379
Shares subscribed		38,888,379
Paid up shares		38,888,379
Nominal value per share \| $ / shares				$ 0.25
Additional share based instruments issued		407,900
Total number of shares comprising the share capital			38,858,617	38,888,379
Number of shares issued upon performance condition change on compensation	17,484
Initial Public Offering
Disclosure Of Classes Of Share Capital [Line Items]
Issuance of new shares			7,647,500
Gross amount received from issuance of shares \| €			€ 137,600,000
AGA S 2018
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares vested		29,762
AGA S 2016-2
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares vested			7,796
AGA S 2017-1
Disclosure Of Classes Of Share Capital [Line Items]
Number of shares vested			19,400

Other Income - Additional Information (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disclosure Of Other Income [Line Items]

Industrial income recognized

€ 765

€ 30,839

€ 69

^[1]

Research tax credit (CIR)

6,993

10,122

7,425

Research tax credit dispute reversal

7,911

9,585

8,785

(1,892)

Exchange gains on trade receivables

951

1,985

CIR Tax Credit

Disclosure Of Other Income [Line Items]

Research tax credit (CIR)

€ 6,020

€ 8,125

€ 7,295

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7

Other Income - Schedule of Other Income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Other Income [Line Items]
Other income	€ 6,993	€ 10,122	€ 7,425
CIR Tax Credit
Disclosure Of Other Income [Line Items]
Other income	6,020	8,125	7,295
CICE Tax Credit
Disclosure Of Other Income [Line Items]
Other income	968	1,992	€ 130
Government Grants and Subsidies
Disclosure Of Other Income [Line Items]
Other income	€ 5	€ 5

Operating Expense - Summary of Operating Expenses and Other Operating Income (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items]

€ (59,097)

€ (66,170)

€ (67,024)

^[1]

(14,270)

(17,265)

(9,076)

^[1]

(11,216)

(13,708)

(717)

^[1]

(5,308)

(764)

(1,649)

(162)

^[1]

Raw materials & consumables used

(90,655)

(98,793)

(76,979)

Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items]

(1,876)

(2,017)

(1,724)

(202)

(177)

(126)

(7)

(8)

(4)

Contracted research & development activities conducted by third parties

(2,085)

(2,202)

(1,855)

Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items]

(39,216)

(41,509)

(47,659)

(92)

(59)

(2)

(2)

Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items]

(39,310)

(41,568)

(47,662)

Employee expenses

(11,554)

(11,740)

(9,431)

(6,936)

(7,598)

(3,778)

(1,298)

(1,645)

(416)

Other expenses (maintenance, fees, travel, taxes)

(19,779)

(20,984)

(13,625)

Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items]

(5,465)

(6,188)

(6,502)

(6,545)

(8,972)

(5,451)

(9,818)

(11,979)

(287)

(2,141)

(684)

(1,668)

(164)

Depreciation, amortization & impairment charges

(24,655)

(28,807)

(12,403)

Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items]

(985)

(4,716)

(1,707)

(495)

(458)

283

(90)

(76)

(11)

(3,175)

Gain / (loss) on disposal of property, plant & equipment

(4,746)

(5,251)

(1,435)

Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items]

(80)

Financial Income And Expenses [Abstract]

€ (80)

€ 19

€ 2

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7

Operating Expense - Additional Information (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€) Employee	Dec. 31, 2019 Employee	Dec. 31, 2018 Employee
Disclosure Of Operating Expense [Line Items]
Depreciation, amortization and impairment charges	€ 4,700
Provision to research tax credit litigation	1,800
Reversal of provision of tax control on tax credit	€ 1,800
Number of employees \| Employee	130	194	148
Reorganization and restructuration costs	€ 5,308
Accruals and provisions recognized within the scope of the PSE	1,850
Employee expenses related to work force reduction	1,327
Rights of Use of Leased Premised
Disclosure Of Operating Expense [Line Items]
Impairment loss	1,275
Rights of Use of Fittings and Fixtures and Leased Equipment
Disclosure Of Operating Expense [Line Items]
Impairment loss	503
Reorganization of GENFIT
Disclosure Of Operating Expense [Line Items]
Depreciation, amortization and impairment charges	363
OCEANE Renegotiation
Disclosure Of Operating Expense [Line Items]
Renegotiation costs recognized	745
RESOLVE-IT Study
Disclosure Of Operating Expense [Line Items]
Provision recognized for closing costs	378
Notice Period Costs
Disclosure Of Operating Expense [Line Items]
Employee expenses related to work force reduction	712
Severance Pay
Disclosure Of Operating Expense [Line Items]
Employee expenses related to work force reduction	459
Voluntary Departure Compensation
Disclosure Of Operating Expense [Line Items]
Employee expenses related to work force reduction	€ 135

Operating Expense - Summary of Employee Expenses and Number of Employees (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€) Employee	Dec. 31, 2019 EUR (€) Employee	Dec. 31, 2018 EUR (€) Employee
Disclosure Of Operating Expense [Line Items]
Wages and salaries \| €	€ (13,570)	€ (14,018)	€ (9,012)
Social security costs \| €	(5,047)	(5,171)	(3,722)
Changes in pension provision \| €	74	(138)	(104)
Share-based compensation \| €	(1,236)	(1,657)	(787)
TOTAL \| €	€ (19,779)	€ (20,984)	€ (13,625)
Average number of employees	193	175	135
Average age of employees	38 years 8 months	37 years 1 month	38 years 11 months
Number of employees	130	194	148
Research and Development
Disclosure Of Operating Expense [Line Items]
Number of employees	66	108	84
Services Related to Research and Development
Disclosure Of Operating Expense [Line Items]
Number of employees	16	19	16
Administration and Management
Disclosure Of Operating Expense [Line Items]
Number of employees	43	60	48
Marketing and Commercial
Disclosure Of Operating Expense [Line Items]
Number of employees	5	7
Senior Staff
Disclosure Of Operating Expense [Line Items]
Number of employees	105	144	115
Staff
Disclosure Of Operating Expense [Line Items]
Number of employees	23	45	30
Apprentices
Disclosure Of Operating Expense [Line Items]
Number of employees	2	5	3
Male
Disclosure Of Operating Expense [Line Items]
Number of employees	52	78	57
Female
Disclosure Of Operating Expense [Line Items]
Number of employees	78	116	91

Share-Based Compensation - Additional Information (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€) shares	Dec. 31, 2019 EUR (€) shares	Dec. 31, 2018 EUR (€) shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of instruments exercised \| shares	0	0	0
Number of years of successive plan		4 years
Existing turnover rate		15.00%
Revised turnover rate		0.00%
Share Price Period To Determine Volatility Assumptions Prior to Grant Date	3 years
IFRS 2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expenses recognized \| €	€ 1,236	€ 1,656	€ 787

Share-Based Compensation - Summary of Share-based Compensation Under Each Plan According to Change in Estimate (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	€ 1,236	€ 1,656	€ 787
AGA S 2016-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense			151
AGA S 2016-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense		44	22
AGA D 2016-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	21	21	127
AGA D 2016-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	6	39	17
SO 2016-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	49	213	83
SO 2016-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	13	93	38
SO US 2016-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense		(24)	12
SO US 2016-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense		(11)	5
AGA S 2017-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense		209
AGA S 2017-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	13	45	24
AGA D 2017-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense		190	17
AGA D 2017-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	4	56	29
SO 2017-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	335	27	28
SO 2017-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	110	2	48
SO US 2017-1
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense		(4)	3
SO US 2017-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense		(6)	5
BSA 2017-A
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense			63
BSA 2017-B
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense			66
AGA S 2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	62	148	12
AGA D 2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	65	135	10
SO 2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	225	285	24
SO US 2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	24	25	€ 3
AGA S 2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	55	41
AGA D 2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	63	35
SO 2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	123	70
SO 2019 - US
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	35	16
BSA 2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	20	7
SO US 2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation annual expense	€ 14	€ 1

Share-Based Compensation - Summary of Key Terms and Conditions of Share-Based Compensation Based on Share Warrants (Details)	12 Months Ended
	Dec. 31, 2019 shares € / shares	Dec. 31, 2017 shares € / shares	Dec. 31, 2015 shares € / shares	Dec. 31, 2014 shares € / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting	Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO	Oct. 18, 2019
Date of the CEO decision	Oct. 31, 2019
Beneficiaries	Consultants
Total number of BSAAR subscribed	35,070
Total number of BSAAR voided	0
Total number of BSAAR remaining	35,070
Issue Price \| € / shares	€ 1.23
Excercise price \| € / shares	12.32
Estimated fair value - according to IFRS 2 \| € / shares	€ 0.75
End of exercise period	05/31/2024
Valuation method used	Black & Scholes
Expected dividends	0.00%
Expected volatility	40.00%
Risk-free interest rate	0.00%
Expected life	8 months 12 days
BSA 2017-A
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 16, 2017
Date of the decision and delegation of the Board of Directors to the CEO		Nov. 21, 2017
Date of the CEO decision		Dec. 06, 2017
Beneficiaries		Consultants and officers
Total number of BSAAR subscribed		18,345
Total number of BSAAR voided		0
Total number of BSAAR remaining		18,345
Issue Price \| € / shares		€ 2.00
Excercise price \| € / shares		19.97
Estimated fair value - according to IFRS 2 \| € / shares		€ 3.78
End of exercise period		06/30/2022
Valuation method used		Black & Scholes
Expected dividends		0.00%
Expected volatility		36.40%
Risk-free interest rate		0.00%
Expected life		6 years
BSA 2017-B
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 16, 2017
Date of the decision and delegation of the Board of Directors to the CEO		Nov. 21, 2017
Date of the CEO decision		Dec. 06, 2017
Beneficiaries		Consultants and officers
Total number of BSAAR subscribed		18,345
Total number of BSAAR voided		0
Total number of BSAAR remaining		18,345
Issue Price \| € / shares		€ 2.00
Excercise price \| € / shares		19.97
Estimated fair value - according to IFRS 2 \| € / shares		€ 3.81
End of exercise period		07/15/2022
Valuation method used		Black & Scholes
Expected dividends		0.00%
Expected volatility		35.70%
Risk-free interest rate		0.00%
Expected life		6 years
BSA 2015-A
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting			Apr. 02, 2014
Date of the Management Board meeting			Jan. 09, 2015
Beneficiaries			Consultants and officers
Total number of BSAAR subscribed			12,860
Total number of BSAAR voided			12,860
Total number of BSAAR remaining			0
Issue Price \| € / shares			€ 0.01
Excercise price \| € / shares			€ 35.95
End of exercise period			05/31/2019
Valuation method used			Black & Scholes
Expected dividends			0.00%
Expected volatility			74.90%
Risk-free interest rate			0.40%
Expected life			4 years
BSA 2015-B
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting			Apr. 02, 2014
Date of the Management Board meeting			Jan. 09, 2015
Beneficiaries			Consultants and officers
Total number of BSAAR subscribed			12,860
Total number of BSAAR voided			12,860
Total number of BSAAR remaining			0
Issue Price \| € / shares			€ 0.01
Excercise price \| € / shares			€ 35.95
End of exercise period			11/30/2019
Valuation method used			Black & Scholes
Expected dividends			0.00%
Expected volatility			74.90%
Risk-free interest rate			0.40%
Expected life			4 years
BSA 2014-A
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting				Apr. 02, 2014
Date of the Management Board meeting				Jul. 24, 2014
Beneficiaries				Consultants and officers
Total number of BSAAR subscribed				46,765
Total number of BSAAR voided				46,765
Total number of BSAAR remaining				0
Issue Price \| € / shares				€ 0.01
Excercise price \| € / shares				€ 23.50
End of exercise period				09/30/2018
Valuation method used				Black & Scholes
Expected dividends				0.00%
Expected volatility				74.90%
Risk-free interest rate				0.40%
Expected life				4 years
BSA 2014-B
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting				Apr. 02, 2014
Date of the Management Board meeting				Jul. 24, 2014
Beneficiaries				Consultants and officers
Total number of BSAAR subscribed				46,765
Total number of BSAAR voided				46,765
Total number of BSAAR remaining				0
Issue Price \| € / shares				€ 0.01
Excercise price \| € / shares				€ 23.50
End of exercise period				02/28/2019
Valuation method used				Black & Scholes
Expected dividends				0.00%
Expected volatility				74.90%
Risk-free interest rate				0.40%
Expected life				4 years

Share-Based Compensation - Summary of Key Terms and Conditions of Share-Based Compensation Based on Redeemable Warrants (Details)	12 Months Ended
	Dec. 31, 2020 shares € / shares	Dec. 31, 2019 shares € / shares	Dec. 31, 2018 shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Oct. 18, 2019
Date of the CEO decision		Oct. 31, 2019
Total number of BSAAR voided		0
Total number of BSAAR exercised	0	0	0
Total of BSAAR remaining		35,070
Issue Price \| € / shares		€ 1.23
Valuation method used		Black & Scholes
Expected dividends		0.00%
Expected volatility		40.00%
Risk-free interest rate		0.00%
Expected life		8 months 12 days
BSAAR 2016-A and B \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting	Feb. 24, 2015
Date of the Management Board meeting	Jul. 22, 2016
Total number of BSAAR subscribed	10,800
Total number of BSAAR voided	10,800
Total number of BSAAR exercised	0
Total of BSAAR remaining	0
Issue Price \| € / shares	€ 23.50
Subscription period	From 01/01/2018 to 07/27/2020
Estimated fair value - valued by expert opinion \| € / shares	€ 4.60
Valuation method used	Black & Scholes
Expected dividends	0.00%
Expected volatility	75.40%
Risk-free interest rate	0.00%
Expected life	4 years
BSAAR 2014-A - B and C \| Employees and Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting	Apr. 02, 2014
Date of the Management Board meeting	Sep. 16, 2014
Total number of BSAAR subscribed	62,717
Total number of BSAAR voided	61,484
Total number of BSAAR exercised	1,233
Total of BSAAR remaining	0
Issue Price \| € / shares	€ 23.50
Subscription period	voided on 09/2018 - 05/2019 and 07/2019
Valuation method used	Black & Scholes
Expected dividends	0.00%
Expected volatility	75.40%
Risk-free interest rate	0.40%
Expected life	4 years
BSAAR 2014-A - B and C \| Employees and Officers \| Bottom of Range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Estimated fair value - valued by expert opinion \| € / shares	€ 8.44
BSAAR 2014-A - B and C \| Employees and Officers \| Top of Range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Estimated fair value - valued by expert opinion \| € / shares	€ 11.29

Share-Based Compensation - Summary of Key Terms and Conditions of Share-Based Compensation Based on Free Shares (Details)	12 Months Ended
	Dec. 31, 2020 shares	Dec. 31, 2019 shares € / shares	Dec. 31, 2018 shares € / shares	Dec. 31, 2017 shares € / shares	Dec. 31, 2016 shares € / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Oct. 18, 2019
Total number of AGA voided		0
Total number of AGA definitively vested	0	0	0
Total number of AGA remaining		35,070
Valuation method used		Black & Scholes
Expected dividends		0.00%
Expected volatility		40.00%
Risk-free interest rate		0.00%
AGA D \| Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Jul. 18, 2019
Date of the Executive Board Meeting		Jul. 18, 2019
Total number of AGA subscribed		3,000
Total number of AGA voided		0
Total number of AGA definitively vested		0
Total number of AGA remaining		3,000
Acquisition period		From 07/18/2019 to 09/16/2022
Valuation method used		Monte Carlo
Price of the share at the time of allocation \| € / shares		€ 17.06
Expected dividends		0.00%
Expected volatility		40.20%
Risk-free interest rate		0.00%
Turnover rate		0.00%
AGA D \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Jul. 18, 2019
Date of the Executive Board Meeting		Jul. 18, 2019
Total number of AGA subscribed		16,070
Total number of AGA voided		450
Total number of AGA definitively vested		0
Total number of AGA remaining		15,620
Acquisition period		From 07/18/2019 to 09/16/2022
Valuation method used		Monte Carlo
Price of the share at the time of allocation \| € / shares		€ 17.06
Expected dividends		0.00%
Expected volatility		40.20%
Risk-free interest rate		0.00%
Turnover rate		0.00%
AGA S \| Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Jul. 18, 2019
Date of the Executive Board Meeting		Jul. 18, 2019
Total number of AGA subscribed		0
Total number of AGA voided		0
Total number of AGA definitively vested		0
Total number of AGA remaining		0
Acquisition period		From 07/18/2019 to 09/16/2022
Valuation method used		Monte Carlo
Price of the share at the time of allocation \| € / shares		€ 17.06
Expected dividends		0.00%
Expected volatility		40.20%
Risk-free interest rate		0.00%
Turnover rate		0.00%
AGA S \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Jul. 18, 2019
Date of the Executive Board Meeting		Jul. 18, 2019
Total number of AGA subscribed		17,556
Total number of AGA voided		702
Total number of AGA definitively vested		0
Total number of AGA remaining		16,854
Acquisition period		From 07/18/2019 to 09/16/2022
Valuation method used		Monte Carlo
Price of the share at the time of allocation \| € / shares		€ 17.06
Expected dividends		0.00%
Expected volatility		40.20%
Risk-free interest rate		0.00%
Turnover rate		0.00%
AGA D and S
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting			Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO			Nov. 07, 2018
Date of the Executive Board Meeting			Nov. 22, 2018
Total number of AGA subscribed			35,800
Total number of AGA voided			1,872
Total number of AGA definitively vested			0
Total number of AGA remaining			33,928
Acquisition period			From 07/18/2019 to 09/16/2022
Valuation method used			Monte Carlo
Price of the share at the time of allocation \| € / shares			€ 20.02
Expected dividends			0.00%
Expected volatility			38.00%
Risk-free interest rate			0.00%
Turnover rate			15.00%
AGA D and S 2017-1 and 2017-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting				Jun. 16, 2017
Date of the decision and delegation of the Board of Directors to the CEO				Nov. 22, 2017
Date of the Executive Board Meeting				Dec. 06, 2017
Total number of AGA subscribed				41,196
Total number of AGA voided				9,846
Total number of AGA definitively vested				19,403
Total number of AGA remaining				11,947
Acquisition period				From 12/06/2017 to 12/31/2020
Valuation method used				Monte Carlo
Price of the share at the time of allocation \| € / shares				€ 21.95
Expected dividends				0.00%
Expected volatility				53.70%
Risk-free interest rate				0.00%
Turnover rate				15.00%
AGA D and S 2016-1 and 2016-2
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting					Jun. 21, 2016
Date of the Management Board meeting					Dec. 15, 2016
Total number of AGA subscribed					30,709
Total number of AGA voided					5,429
Total number of AGA definitively vested					25,280
Total number of AGA remaining					0
Acquisition period					From 12/15/2016 to 12/15/2019
Valuation method used					Monte Carlo
Price of the share at the time of allocation \| € / shares					€ 20.78
Expected dividends					0.00%
Expected volatility					63.00%
Risk-free interest rate					0.00%
Turnover rate					15.00%

Share-Based Compensation - Summary of Key Terms and Conditions of Share-Based Compensation Based on Stock Options (Details)	12 Months Ended
	Dec. 31, 2020 shares € / shares	Dec. 31, 2019 shares € / shares	Dec. 31, 2018 shares € / shares	Dec. 31, 2017 shares € / shares	Dec. 31, 2016 shares € / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Oct. 18, 2019
Date of the CEO decision		Oct. 31, 2019
Excercise price \| € / shares		€ 12.32
Valuation method used		Black & Scholes
Expected dividends		0.00%
Expected volatility		40.00%
Risk-free interest rate		0.00%
S O \| Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting	Nov. 27, 2019
Date of the decision and delegation of the Board of Directors to the CEO	Dec. 11, 2020
Date of the CEO decision	Dec. 11, 2020
Total number of SO subscribed	35,000
Total number of SO voided	0
Total number of SO definitively vested	0
Total number of SO remaining	35,000
Excercise price \| € / shares	€ 4.38
Vesting period	From 12/31/2020 to 12/31/2023
Exercice period	From 01/01/2024 to 12/31/2027
Fair value \| € / shares	€ 1.16
Valuation method used	Black-Scholes
Price of the share at the time of allocation \| € / shares	€ 3.99
Expected dividends	0.00%
Expected volatility	49.00%
Risk-free interest rate	(0.70%)
Turnover rate	0.00%
S O \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting	Nov. 27, 2019
Date of the decision and delegation of the Board of Directors to the CEO	Dec. 11, 2020
Date of the CEO decision	Dec. 11, 2020
Total number of SO subscribed	103,750
Total number of SO voided	0
Total number of SO definitively vested	0
Total number of SO remaining	103,750
Excercise price \| € / shares	€ 3.50
Vesting period	From 12/31/2020 to 12/31/2023
Exercice period	From 01/01/2024 to 12/31/2027
Fair value \| € / shares	€ 1.46
Valuation method used	Black-Scholes
Price of the share at the time of allocation \| € / shares	€ 3.99
Expected dividends	0.00%
Expected volatility	49.00%
Risk-free interest rate	(0.70%)
Turnover rate	0.00%
SO US \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting	Nov. 27, 2019
Date of the decision and delegation of the Board of Directors to the CEO	Dec. 11, 2020
Date of the CEO decision	Dec. 11, 2020
Total number of SO subscribed	56,250
Total number of SO voided	0
Total number of SO definitively vested	0
Total number of SO remaining	48,750
Excercise price \| € / shares	€ 4.52
Vesting period	From 12/31/2020 to 12/31/2023
Exercice period	From 01/01/2024 to 12/31/2027
Fair value \| € / shares	€ 1.12
Valuation method used	Black-Scholes
Price of the share at the time of allocation \| € / shares	€ 3.99
Expected dividends	0.00%
Expected volatility	49.00%
Risk-free interest rate	(0.70%)
Turnover rate	0.00%
SO 1 et 2 2017 \| Employees and Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting				Jun. 16, 2017
Date of the decision and delegation of the Board of Directors to the CEO				Nov. 21, 2017
Date of the CEO decision				Dec. 06, 2017
Total number of SO subscribed				96,250
Total number of SO voided				35,273
Total number of SO definitively vested				60,977
Total number of SO remaining				0
Excercise price \| € / shares				€ 17.91
Vesting period				From 12/06/2017 to 12/31/2020
Exercice period				From 01/01/2021 to 12/31/2027
Fair value \| € / shares				€ 9.32
Valuation method used				Black-Scholes
Price of the share at the time of allocation \| € / shares				€ 21.95
Expected dividends				0.00%
Expected volatility				53.70%
Risk-free interest rate				0.00%
Turnover rate				15.00%
SO 2019 \| Employees and Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO		Jul. 18, 2019
Date of the CEO decision		Jul. 18, 2019
Total number of SO subscribed		107,880
Total number of SO voided		13,350
Total number of SO definitively vested		0
Total number of SO remaining		94,530
Excercise price \| € / shares		€ 13.99
Vesting period		From 07/18/2019 to 09/16/2022 and From 11/27/2019 to 01/16/2023
Exercice period		From 09/17/2022 to 09/17/2029 and From 01/17/2023 to 01/17/2030
Fair value \| € / shares		€ 4.59
Valuation method used		Black-Scholes
Price of the share at the time of allocation \| € / shares		€ 17.06
Expected dividends		0.00%
Risk-free interest rate		0.00%
Turnover rate		0.00%
SO US 2017 \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting				Jun. 16, 2017
Date of the decision and delegation of the Board of Directors to the CEO				Nov. 21, 2017
Date of the CEO decision				Dec. 06, 2017
Total number of SO subscribed				13,000
Total number of SO voided				13,000
Total number of SO definitively vested				0
Total number of SO remaining				0
Excercise price \| € / shares				€ 22.54
Vesting period				From 12/06/2017 to 12/31/2020
Exercice period				From 01/01/2021 to 12/31/2027
Fair value \| € / shares				€ 9.32
Valuation method used				Black-Scholes
Price of the share at the time of allocation \| € / shares				€ 21.95
Expected dividends				0.00%
Expected volatility				53.70%
Risk-free interest rate				0.00%
Turnover rate				15.00%
SO US 1 \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Nov. 27, 2019
Total number of SO subscribed		30,620
Total number of SO voided		7,000
Total number of SO definitively vested		0
Total number of SO remaining		23,620
Excercise price \| € / shares		€ 16.90
Vesting period		From 07/18/2019 to 09/16/2022 and From 11/27/2019 to 01/16/2023
Exercice period		From 09/17/2022 to 09/17/2029 and From 01/17/2023 to 01/17/2030
Fair value \| € / shares		€ 3.67
Valuation method used		Black-Scholes
SO US 2016 \| Employees and Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting					Jun. 21, 2016
Date of the Management Board meeting					Dec. 15, 2016
Total number of SO subscribed					62,875
Total number of SO voided					13,169
Total number of SO definitively vested					49,706
Total number of SO remaining					0
Excercise price \| € / shares					€ 15.79
Vesting period					From 12/15/2016 to 12/15/2019
Exercice period					From 12/16/2019 to 12/16/2026
Fair value \| € / shares					€ 10.30
Valuation method used					Black-Scholes
Price of the share at the time of allocation \| € / shares					€ 20.79
Expected dividends					0.00%
Expected volatility					63.00%
Risk-free interest rate					0.00%
Turnover rate					15.00%
SO US 2 \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting		Nov. 27, 2019
Date of the decision and delegation of the Board of Directors to the CEO		Nov. 27, 2019
Date of the CEO decision		Nov. 27, 2019
Total number of SO subscribed		13,350
Total number of SO voided		4,450
Total number of SO definitively vested		0
Total number of SO remaining		8,900
Excercise price \| € / shares		€ 14.31
Vesting period		From 07/18/2019 to 09/16/2022 and From 11/27/2019 to 01/16/2023
Exercice period		From 09/17/2022 to 09/17/2029 and From 01/17/2023 to 01/17/2030
Fair value \| € / shares		€ 3.23
Valuation method used		Black-Scholes
Price of the share at the time of allocation \| € / shares		€ 14.50
Expected dividends		0.00%
Expected volatility		40.00%
Risk-free interest rate		0.00%
Turnover rate		0.00%
SO US 2016 \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting					Jun. 21, 2016
Date of the Management Board meeting					Dec. 15, 2016
Total number of SO subscribed					10,500
Total number of SO voided					10,500
Total number of SO definitively vested					0
Total number of SO remaining					0
Excercise price \| € / shares					€ 21.12
Vesting period					From 12/15/2016 to 12/15/2019
Exercice period					From 12/16/2019 to 12/16/2026
Fair value \| € / shares					€ 8.52
Valuation method used					Black-Scholes
Price of the share at the time of allocation \| € / shares					€ 20.79
Expected dividends					0.00%
Expected volatility					63.00%
Risk-free interest rate					0.00%
Turnover rate					15.00%
SO 2018 \| Employees and Officers
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting			Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO			Nov. 07, 2018
Date of the CEO decision			Nov. 07, 2018
Total number of SO subscribed			122,000
Total number of SO voided			50,322
Total number of SO definitively vested			0
Total number of SO remaining			71,678
Excercise price \| € / shares			€ 16.00
Vesting period			From 11/07/2018 to 12/31/2021
Exercice period			From 01/01/2022 to 12/31/2028
Fair value \| € / shares			€ 9.32
Valuation method used			Black-Scholes
Price of the share at the time of allocation \| € / shares			€ 22.12
Expected dividends			0.00%
Expected volatility			44.10%
Risk-free interest rate			0.00%
Turnover rate			15.00%
SO US 2018 \| Employees
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Date of the Shareholders meeting			Jun. 15, 2018
Date of the decision and delegation of the Board of Directors to the CEO			Nov. 07, 2018
Date of the CEO decision			Nov. 07, 2018
Total number of SO subscribed			17,500
Total number of SO voided			7,787
Total number of SO definitively vested			0
Total number of SO remaining			9,713
Excercise price \| € / shares			€ 21.65
Vesting period			From 11/07/2018 to 12/31/2021
Exercice period			From 01/01/2022 to 12/31/2028
Fair value \| € / shares			€ 6.90
Valuation method used			Black-Scholes
Price of the share at the time of allocation \| € / shares			€ 22.12
Expected dividends			0.00%
Expected volatility			44.10%
Risk-free interest rate			0.00%
Turnover rate			15.00%

Share-Based Compensation - Summary of Key Terms and Conditions of Share-Based Compensation Based on Performance Conditions (Details)	12 Months Ended
	Dec. 31, 2020
SOD 2020 SOC2020 SOUS2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Evaluation date for performance conditions	31/12/2023
Nature of conditions	50% of the 2020 instruments will be exercisable, if at least one of the three following conditions relating to the development of elafibranor in PBC and the ELATIVE clinical is fulfilled: (i) “Last Patient Visit” in ELATIVE in Q4 2022 or earlier; (ii) ELATIVE results are communicated to the market during or before the first half of 2023; (iii) if a registration application for elafibranor in PBC is filed with the Food and Drug Administration (FDA) or the European Medicines Agency (EMA) in 2023.
Performance Conditions Plan Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Nature of conditions	25% of the 2020 instruments will be exercisable if at least if at least one of the two following conditions relating to the NI4 diagnostics technology is fulfilled: (i) a partnership agreement in research and development for the development of an IVD test integrating NIS4 technology with at least on major player in NASH (“big pharma, biotechnologies company, institution, etc.) is entered into by the Company; (ii) NIS4 technology has been used in at least 20 clinical trials..
Performance Conditions Plan Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Nature of conditions	25% of the 2020 instruments will be exercisable if at least if at least one of the two following conditions relating to the development of the Company’s pipeline is fulfilled: (i) a new clinical trial for a new indication with elafibranor or NTZ in ongoing or complete; (ii) the Company has developed or acquired the rights of a new molecule.
Performance Conditions Plan Four
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Nature of conditions	The exercise of 2020 instruments is also conditional to the presence of their beneficiaries at December 31, 2022, unless an exception usually provided for in the terms of conditions of the stock options granting plans applies. The granting of stock options D2020 to the CEO has been conditioned to the granting by the Company, in accordance with article L225-186-1 of the French Commercial Code, of free shares, existing or to be issued, to the benefit of the employees of the Company during the first half of 2021.

Share-Based Compensation - Summary of Key Terms and Conditions of Share-Based Compensation Based on Performance Conditions (Parenthetical) (Details) - SOD 2020 SOC2020 SOUS2020	12 Months Ended
	Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Percentage of exercisable instruments relating to the development of elafibranor in pbc and elative clinical	50.00%
Percentage of exercisable instruments relating to NI4 diagnostics technology	25.00%
Percentage of exercisable instruments relating to the development of company pipeline	25.00%

Financial Income and Expenses - Summary of Financial Income and Expenses (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Interest income

€ 1,442

€ 2,626

€ 202

Foreign exchange gain

4,983

2,272

101

Other financial income

119

324

425

TOTAL - Financial income

6,544

5,221

728

^[1]

Interest expenses

(11,643)

(11,289)

(10,955)

Interest expenses for leases

(134)

(148)

(21)

Foreign exchange losses

(13,508)

(1,657)

(127)

Other financial expenses

(11)

(17)

(14)

TOTAL - Financial expenses

(25,296)

(13,110)

(11,118)

^[1]

Financial profit (loss)

€ (18,752)

€ (7,889)

€ (10,391)

^[1]

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7

Financial Income and Expenses - Additional Information (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€)
Disclosure Of Financial Income And Expenses [Line Items]
Foreign currency exchange loss	€ 8,525
OCEANEs
Disclosure Of Financial Income And Expenses [Line Items]
Percentage of payment of coupons rate	3.50%
Percentage of discount of bond debt at effective interest rate	7.20%

Income Tax - Additional Information (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]

Tax loss carry forwards

€ 483,356

€ 384,471

€ 305,530

Taxable profit limit

€ 1,000

Percentage of profit exceeding limit offsetting taxable profit

50.00%

Post-employment benefit expense, defined benefit plans impact on deferred tax assets

352

304

€ 2,050

1,282

Temporary Difference From Postemployments

767

1,193

1,773

^[1]

Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]

Temporary differences

352

1,085

287

Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]

287

OCEANEs

Temporary differences

€ 1,193

€ 1,773

OCEANEs | Temporary Differences

Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]

2,050

1,282

Profit (loss) for the period (in € thousands)

€ 767

[1]	The Group applied IFRS 16 “Leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of this application is presented in note 4.7 Application of the new IFRS 16 standard.

Earnings (Loss) Per Share - Summary of Earnings (Loss) Per Share (Details) - EUR (€)
€ / shares in Units, € in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Earnings Per Share [Abstract]

€ (101,221)

€ (65,144)

€ (79,521)

^[1],[2]

Weighted average number of ordinary shares for the period

38,858,617

36,987,982

31,167,203

Profit (loss) per share (in €)

€ (2.60)

€ (1.76)

€ (2.55)

[1]	The Group applied IFRS16 ”Leases” from January 1, 2019 using the modified retrospective method and therefore, the comparative information for 2018 has not been restated . The impact of this application is presented in note 4.7
[2]	The Group applied IFRS16 ”leases” from January 1, 2019 using the modified retrospective method, and therefore, the comparative information for 2018 has not been restated. The impact of the application is presented in note 4.7