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Financial Statements — VALN
Balance Sheet
(in millions EUR)| Metric | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 109.65 | 143.46 | 161.31 | 152.99 | 168.27 | 156.34 | 131.41 | 176.64 | 126.08 | 171.25 | 204.41 | 254.49 | 289.43 | 261.04 | 336.23 | 311.26 | 346.69 |
| Inventory | 50.23 | 64.29 | 61.73 | 61.68 | 53.66 | 57.83 | 48.87 | 48.59 | 44.47 | 38.00 | 33.35 | 39.00 | 35.10 | 96.46 | 95.20 | 139.73 | 124.10 |
| Total Current Assets | 222.54 | 268.33 | 284.72 | 287.05 | 299.01 | 303.61 | 269.15 | 306.24 | 262.82 | 320.65 | 341.48 | 389.33 | 424.66 | 476.54 | 503.78 | 545.02 | 585.83 |
| Total Non-current Assets | 176.30 | 179.90 | 187.91 | 195.20 | 201.02 | 213.00 | 197.42 | 196.59 | 197.24 | 199.89 | 201.09 | 200.67 | 196.69 | 221.55 | 221.33 | 232.69 | 231.52 |
| Total Assets | 398.84 | 448.23 | 472.63 | 482.24 | 500.03 | 516.61 | 466.57 | 502.83 | 460.06 | 520.54 | 542.57 | 590.00 | 621.34 | 698.08 | 725.11 | 777.71 | 817.35 |
| Total Current Liabilities | 93.33 | 150.48 | 125.66 | 106.20 | 114.58 | 109.16 | 102.49 | 116.09 | 158.86 | 218.15 | 241.04 | 263.26 | 277.39 | 374.21 | 436.13 | 363.26 | 368.98 |
| Total Non-current Liabilities | 199.33 | 147.27 | 160.53 | 200.79 | 204.20 | 189.99 | 197.80 | 197.52 | 172.95 | 144.87 | 110.82 | 121.96 | 124.16 | 158.89 | 195.72 | 266.05 | 277.79 |
| Total Liabilities | 292.67 | 297.75 | 286.19 | 306.99 | 318.78 | 299.15 | 300.29 | 313.60 | 331.82 | 363.02 | 351.87 | 385.22 | 401.55 | 533.10 | 631.85 | 629.30 | 646.77 |
| Total Stockholder Equity | 106.17 | 150.48 | 186.43 | 175.25 | 181.25 | 217.47 | 166.28 | 189.23 | 128.25 | 157.52 | 190.71 | 204.78 | 219.80 | 164.98 | 93.26 | 148.41 | 170.58 |
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Income Statement
(in millions EUR) (except per-share rows)| Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 126.97 | 97.56 | 49.23 | 116.64 | 70.81 | 32.75 | 111.81 | 73.74 | 33.51 | 249.90 | 93.22 | 21.85 |
| Research & Development | 59.73 | 32.44 | 14.95 | 48.57 | 29.68 | 13.13 | 42.22 | 25.98 | 14.07 | 75.39 | 51.88 | 20.69 |
| Selling, General & Admin | 29.52 | 19.03 | 8.96 | 32.55 | 22.85 | 11.67 | 35.07 | 22.90 | 10.04 | 23.27 | 16.03 | 5.77 |
| Total Operating Expenses | -- | 118.95 | -- | -- | 121.34 | -- | -- | 122.72 | -- | -- | -- | -- |
| Operating Income | (53.94) | (16.83) | (5.96) | 34.21 | 46.66 | 68.21 | (57.18) | (34.97) | (16.57) | (57.09) | (150.41) | (18.42) |
| Pretax Income | (63.04) | (19.57) | (7.76) | 20.86 | 33.82 | 58.92 | (70.37) | (38.82) | (18.25) | (96.91) | (169.22) | (25.54) |
| Tax Provision | 2.13 | 1.25 | 1.47 | (3.88) | (0.16) | 0.01 | (1.10) | (3.78) | (0.12) | 2.16 | 2.27 | 0.50 |
| Net Income | (65.17) | (20.82) | (9.23) | 24.74 | 33.98 | 58.91 | (69.27) | (35.05) | (18.13) | (99.07) | (171.49) | (26.04) |
| Basic EPS | (0.39) | (0.13) | (0.06) | 0.18 | 0.25 | 0.42 | (0.50) | (0.25) | (0.13) | (0.92) | (1.58) | (0.24) |
| Diluted EPS | (0.39) | (0.13) | (0.06) | 0.17 | 0.24 | 0.41 | (0.50) | (0.25) | (0.13) | (0.92) | (1.58) | (0.24) |
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Cash Flow Statement
(in millions EUR)| Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (28.39) | (10.94) | (8.15) | (76.74) | (66.26) | (28.43) | (136.83) | (65.43) | (24.33) | (189.51) | (100.23) | (26.85) |
| Investing Cash Flow | (1.44) | (1.64) | (0.96) | 72.23 | 87.61 | 86.71 | (4.27) | (6.63) | (3.56) | (22.48) | -- | -- |
| Financing Cash Flow | 8.74 | 9.30 | (5.58) | 35.27 | (16.59) | (7.46) | 26.14 | (9.48) | (3.82) | 121.63 | -- | -- |
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