20-F/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F/A

Amendment No. 1

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission File Number 001-38281

ERYTECH Pharma S.A.

(Exact name of registrant as specified in its charter and translation of registrant’s name into English)

France

(Jurisdiction of incorporation or organization)

Bâtiment Adénine, 60 Avenue Rockefeller

69008 Lyon France

(Address of principal executive offices)

Gil Beyen

Chairman and Chief Executive Officer

ERYTECH Pharma S.A.

Bâtiment Adénine, 60 Avenue Rockefeller

69008 Lyon France

Tel: +33 4 78 74 44 38 Fax: +33 4 78 75 56 29

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class	Name of each exchange on which registered
American Depositary Shares, each representing one ordinary share, nominal value €0.10 per share	The Nasdaq Global Select Market
Ordinary shares, nominal value €0.10 per share*	The Nasdaq Global Select Market*

* Not for trading, but only in connection with the registration of the American Depositary Shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act. None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

Ordinary shares, nominal value €0.10 per share: 17,937,559 as of December 31, 2017

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☐  Yes    ☒  No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    ☐  Yes    ☒  No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☐  Yes    ☒  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Emerging growth company	☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP  ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board  ☒ Other  ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    ☐  Item 17    ☐  Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No

EXPLANATORY NOTE

This Amendment No. 1 (“Amendment No. 1”) to the Annual Report on Form 20-F of ERYTECH Pharma S.A. for the year ended December 31, 2017 (the “2017 Annual Report”), which was originally filed with the U.S. Securities and Exchange Commission on April 24, 2018, is being filed solely to furnish Exhibit 101 in accordance with Rule 405 of Regulation S-T. Exhibit 101, which contains interactive data files in eXtensible Business Reporting Language (XBRL), was omitted from the 2017 Annual Report in accordance with the 30-day grace period provided under Rule 405(a)(2)(ii) of Regulation S-T.

Except as described above, this Amendment No. 1 speaks as of the original filing date of the 2017 Annual Report and does not amend, update or restate any information set forth in the 2017 Annual Report or reflect any events that occurred subsequent to the original filing date of the 2017 Annual Report.

Item 19. Exhibits.

The exhibits listed below are furnished as exhibits to this Amendment No. 1 to the Annual Report on Form 20-F.

Exhibit	Description
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Linkbase Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the Annual Report on Form 20-F on its behalf.

	ERYTECH Pharma S.A.
	/s/ Gil Beyen
	By:	Gil Beyen
	Title:	Chief Executive Officer
		(Principal Executive Officer)
Date: May 23, 2018

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document Information [Line Items]
Document Type	20-F/A
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	ERYP
Entity Registrant Name	ERYTECH PHARMA S.A.
Entity Central Index Key	0001624422
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	17,937,559

XML

Consolidated Statements of Income (Loss) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating income
Revenues	€ 0	€ 0	€ 0
Other income	3,364	4,138	2,929
Total operating income	3,364	4,138	2,929
Operating expenses
Research and development expenses	(25,463)	(19,720)	(10,776)
General and administrative expenses	(8,791)	(6,808)	(7,736)
Total operating expenses	(34,254)	(26,528)	(18,512)
Operating loss	(30,889)	(22,390)	(15,583)
Financial income	539	558	631
Financial expenses	(3,183)	(70)	(64)
Financial income	(2,644)	488	567
Income tax	3	(10)	3
Net loss	€ (33,530)	€ (21,913)	€ (15,013)
Basic / Diluted loss per share (€/share)	€ (2.95)	€ (2.74)	€ (2.16)

XML

Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net loss	€ (33,530)	€ (21,913)	€ (15,013)
Elements that may be reclassified subsequently to income (loss)
Foreign subsidiary - Currency translation adjustment	(38)	21	(9)
Elements that may not be reclassified subsequently to income (loss)
Actuarial gains on defined benefits liability	8	(30)	8
Tax effect	(3)	10	(3)
Other comprehensive income (loss)	(33)	1	(3)
Total comprehensive loss	€ (33,563)	€ (21,912)	€ (15,017)

XML

Consolidated Statements of Financial Position - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current assets
Intangible assets	€ 53	€ 57	€ 61
Property, plant and equipment, net	3,406	2,245	918
Other non-current financial assets	234	132	97
Total non-current assets	3,693	2,434	1,076
Current assets
Inventories	176	145	166
Trade and other receivables	76	218	424
Other current assets	5,791	4,524	5,705
Cash and cash equivalents	185,525	37,646	45,634
Total current assets	191,568	42,533	51,929
TOTAL ASSETS	195,261	44,967	53,004
Shareholders' equity
Share capital	1,794	873	792
Premiums related to share capital	281,745	105,090	95,931
Reserves	(68,386)	(48,247)	(34,578)
Translation reserve	(203)	(165)
Net loss for the period	(33,530)	(21,913)	(15,013)
Total shareholders' equity	181,419	35,638	47,132
Non-current liabilities
Long-term provisions	214	163	100
Financial liabilities - Non-current portion	2,019	2,816	151
Deferred tax	3	3
Total Non-current liabilities	2,236	2,982	251
Current liabilities
Provisions - current portion			81
Financial liabilities - current portion	824	50	557
Trade and other payables	8,076	4,832	3,672
Other current liabilities	2,706	1,465	1,311
Total current liabilities	11,606	6,347	5,621
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	€ 195,261	€ 44,967	€ 53,004

XML

Consolidated Statements of Cash Flow - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net loss	€ (33,530)	€ (21,913)	€ (15,013)
Reconciliation of net loss and the cash used for operating activities
Loss on exchange	3,159
Amortization and depreciation	532	425	288
Provision - non-current portion	57	31	20
Expense related to share-based payments	1,769	1,178	2,716
Interest expense	23	13	30
Income tax expense	(3)	10	(3)
Change in trade and payables in foreign currency	(38)
Operating cash flow before change in working capital	(28,031)	(20,255)	(11,962)
Increase in inventories	(31)	21	32
Increase in trade and other receivables	142	206	(319)
Increase in other current assets	(1,266)	1,181	(3,470)
Increase in trade and other payables	3,243	1,160	1,588
Increase in other current liabilities	1,241	154	(528)
Increase in provision - current portion		(81)	81
Change in working capital	3,329	2,641	(2,616)
Net cash flow used in operating activities	(24,702)	(17,614)	(14,578)
Cash flows from investing activities
Acquisition of property, plant and equipment	(1,664)	(1,726)	(220)
Acquisitions of intangible assets	(25)	(25)	(49)
Acquisition of other non-current financial assets	(102)	(40)	(15)
Disposal of property, plant and equipment	0	0	0
Disposal of non-current financial assets		5
Net cash flow used in investing activities	(1,791)	(1,786)	(284)
Cash flows from financing activities
Capital increases, net of transaction costs	177,576	9,239	23,544
Proceeds from borrowings	421	2,717
Repayment of borrowings	(452)	(563)	(85)
Treasury shares			64
Net cash flow from financing activities	177,545	11,393	23,524
Change rate effect on cash in foreign currency	(3,183)	19	(16)
Increase / Decrease in cash and cash equivalents	147,869	(7,988)	8,646
Net Cash and cash equivalents at the beginning of the period	37,646	45,634	36,988
Bank overdraft	11
Net Cash and cash equivalents at the closing of the period	185,525	37,646	45,634
Supplemental disclosure of cash flows information
Cash paid for interest	115	72	34
Cash paid for income tax	€ 0	€ 0	€ 0

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Description of the Business

12 Months Ended

Dec. 31, 2017

Description of the Business

1. DESCRIPTION OF THE BUSINESS

ERYTECH Pharma S.A. (“ERYTECH” together with its subsidiary the “Company”) is incorporated in Lyon, France, and was founded in 2004 to develop and market innovative therapies for acute leukemia and other orphan diseases. The Company’s most advanced product candidates are being developed for the treatment of pancreatic cancer, acute lymphoblastic leukemia, or ALL, and acute myeloid leukemia, or AML.

The Company completed its initial public offering on Euronext Paris in May 2013, raising €17.7 million and a follow-on offering of €30.0 million (on a gross basis before deducting offering expenses), in October 2014. The initial public offering triggered the conversion of the totality of the convertible bonds previously issued. Two private placements of respectively 940,000 ordinary and 793,877 ordinary shares for €25.4 million and €9.9 million (on a gross basis before deducting offering expenses) were completed in December 2015 and 2016 with institutional investors in the United States and in Europe. In April 2017, the Company completed a follow-on offering of €70.5 million (on a gross basis before deducting offering expenses). The Company completed an initial public offering on the Nasdaq Global Select Market raising €124 million ($144 million on a gross basis before deducting offering expenses) (see below “Major events of 2017”).

The Company has incurred losses and negative cash flows from operations since its inception and had shareholders’ equity of €181,419 thousand as at December 31, 2017 as a result of several financing rounds, including an initial public offering.

The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates in development. Substantial additional financing will be needed by the Company to fund its operations and to commercially develop its product candidates.

The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its research and development; (ii) regulatory approval and market acceptance of the Company’s proposed future products; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new equity instruments.

The accompanying consolidated financial statements and related notes (the “Consolidated Financial Statements”) present the operations of ERYTECH Pharma S.A. and its subsidiary, ERYTECH Pharma, Inc., incorporated in April 2014, which headquarters are in Cambridge, Massachusetts – United States of America. The activity of this subsidiary had no material impact on any of the years presented.

Major events of 2017

Eryaspase

The Company announced positive topline results from its Phase 2b clinical study evaluating its product candidate, eryaspase (GRASPA^®), in combination with chemotherapy for the treatment of second-line metastatic pancreatic cancer.

The multicenter, randomized Phase 2b study met its prespecified co-primary endpoints, and showed improvement in both progression-free survival (PFS) and overall survival (OS) in patients treated with eryaspase combined with chemotherapy compared to chemotherapy alone.

The Phase 2b study evaluated eryaspase, L-asparaginase encapsulated in red blood cells, as a second-line treatment in combination with chemotherapy in patients with metastatic pancreatic cancer. In this 141patient study, conducted in France, eryaspase was added to the standard of care (gemcitabine or FOLFOX) and compared to the standard of care alone in a 2-to-1 randomization.

The Company has resubmitted to the European Medicine Agency (EMA) its Marketing Authorization Application (MAA) for eryaspase (GRASPA^®) for the treatment of patients with relapsed or refractory (R/R) acute lymphoblastic leukemia (ALL). The MAA resubmission includes the data from ERYTECH’s GRASPALL 2009-06 Phase 2/3 clinical trial in children and adults with R/R ALL as well as additional data to address the outstanding questions of the Committee for Medicinal Products for Human Use (CHMP) of the EMA.

An investigator-initiated clinical trial has been launched to evaluate eryaspase, also known by the trade name GRASPA^®, in patients with acute lymphoblastic leukemia (ALL). The study takes place in seven Nordic countries and is being conducted in collaboration with the Nordic Society of Pediatric Hematology and Oncology (NOPHO). This clinical trial is co-financed by ERYTECH Pharma and Orphan Europe.

The open-label, randomized, multi-center clinical study, evaluated eryaspase in newly diagnosed AML patients over the age of 65 and unfit for intensive chemotherapy. The study enrolled a total of 123 patients at 30 European sites. The median age of the patients was 78 years. Patients were randomized two-to-one to receive eryaspase in combination with low-dose cytarabine (LDAC) versus LDAC alone. The primary endpoint in this proof-of concept study was overall survival (OS). The key secondary endpoints included progression free survival, overall response and toxicity. The study was performed in collaboration with Orphan Europe (Recordati Group), ERYTECH’s partner for the anticipated commercialization of GRASPA^® for the treatment of ALL and AML in Europe. The study did not meet its primary endpoint of overall survival (OS).

The recommended pivotal Phase 3 dosing from its U.S. Phase 1 dose escalation study with eryaspase (GRASPA^®) has been determined in first line treatment of adult ALL patients.

Erymethionase

The Company pursues the development of its second product-candidate erymethionase also based on the ERYCAPS technology and with methioninase as the active drug substance.

The Company presented preclinical data on its erymethionase product candidate at the American Society of Clinical Oncology’s Gastrointestinal Cancers Symposium in January 2017 and at the American Association for Cancer Research’s Annual Meeting in April 2017. Based on these preclinical studies, we believe that erymethionase represents a promising new treatment approach against a broad range of cancers that rely on methionine metabolism. We expect to commence a Phase 1 clinical trial in Europe by the end of 2018.

The development of this product-candidate is part of the TEDAC research program and reached the milestone n°4 in 2016 which allowed the payment of subsidies and conditional advances.

The Company has initiated a project of change in manufacturing process. The project has reached the milestone n°3 of the development and capitalized €766 thousand which amounted to a cumulated total asset of €1,596 thousand as of December 31, 2017.

Funds raised and Global Offering

In April 2017, the Company issued an aggregate of 3,000,000 ordinary shares in an offering to institutional investors in the United States and in Europe, at an issue price of €23.50 per share, including share premium, for a total amount subscribed of €70.5 million (gross amount before deducting offering expenses), representing approximately 25.55% of the share capital of the Company. The issue price of the new shares represented a discount of 5.62% from the closing price on April 12, 2017 and 6.37% from the weighted average share price of the Company’s shares on the regulated market of Euronext Paris during the 20 trading days preceding the determination of the issue price on April 12, 2017.

The Company completed an offering in November 2017 on the Nasdaq Global Select Market and Euronext Paris for an aggregate gross proceeds of 144 million (€124 million), in the context of an initial public and a follow-on offering to specified categories of investors of an aggregate of 5,374,033 new ordinary shares, comprising an offer of 4,686,106 ordinary shares in the form of American Depositary Shares, each representing one ordinary share (“ADSs”), in the United States at an offering price of $23.26 (€20) per ADS and a concurrent private placement in Europe (including France) and other countries outside of the United States and Canada of 687,927 ordinary shares at the corresponding offering price of $23.26 (€20) per ordinary share (together, the “Global Offering”), for aggregate gross proceeds of $124 million (€108 million) before deducting underwriting commissions and estimated expenses payable by the Company. By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Board at a meeting held on November 6, 2017 approved the offering which was executed by the CEO on November 9, 2017. In addition, ERYTECH had granted the underwriters a 30-day option to purchase up to 806,104 additional ADSs and/or ordinary shares on the same terms and conditions, representing 15% of the ADSs and/or ordinary shares to be issued by the Company in the Global Offering. The gross proceeds of the additional offering amounted to $19 million (€16 million).

The offering price per ADS in the U.S. offering corresponds to the offering price of €20 per ordinary share (based on the November 9, 2017 exchange rate of €1.00 = $1.163). The offering price represented a discount of 9.79% from the volume-weighted average price of the Company’s ordinary shares on the regulated market of Euronext Paris during the three trading days preceding the date of determination of the offering price on November 9, 2017 (i.e. November 7, 8 and 9, 2017).

Following the additional closing, aggregate net proceeds to ERYTECH, after deducting underwriting commissions and estimated offering expenses payable by ERYTECH, were $130 million (€112 million).

Management

The Board of Directors held on January 8, 2017 and the Chief Executive Officer granted share-based payments as follows:

• 15,000 AGA₂₀₁₆ to Alexander Scheer;

• 15,000 BSA₂₀₁₆ (share warrants) to Allene Diaz; and

• 3,000 SO₂₀₁₆ to an ERYTECH Pharma, Inc. employee.

The Board of Directors held on June 27, 2017 and the Chief Executive Officer granted share-based payments as follows:

• 8,652 AGA₂₀₁₆ to ERYTECH Pharma S.A employees; and

• 18,000 SO₂₀₁₆ to ERYTECH Pharma, Inc. employees.

By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Board at a meeting held on June 27, 2017 approved the following share-based payments:

• 55,000 BSA₂₀₁₇ to independent members of the Board of Directors

• 74,475 AGA₂₀₁₇ to ERYTECH Pharma S.A employees; and

• 22,200 SO₂₀₁₇ to ERYTECH Pharma, Inc. employees.

By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Chief Executive Officer on October 3, 2017 approved the following share-based payments:

• 16,650 AGA₂₀₁₆ to ERYTECH Pharma S.A employees; and

• 30,000 SO₂₀₁₆ to ERYTECH Pharma, Inc. employees.

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Basis of Preparation

12 Months Ended

Dec. 31, 2017

Basis of Preparation

2. BASIS OF PREPARATION

The Consolidated Financial Statements as of December 31, 2015, 2016 and 2017 have been prepared under the responsibility of the management of the Company in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase.

The general accounting conventions were applied in compliance with the principle of prudence, in accordance with the underlying assumptions namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with IFRS, as defined below.

All amounts are expressed in thousands of euros, unless stated otherwise.

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Statement of Compliance

12 Months Ended

Dec. 31, 2017

Statement of Compliance

3. STATEMENT OF COMPLIANCE

The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”) and were approved and authorized for issuance by the Board of Directors of the Company on March 9, 2018.

Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Consolidated Financial Statements of the Company are also prepared in accordance with IFRS, as adopted by the European Union (EU).

As of December 31, 2017, all IFRS that the IASB had published and that are mandatory are the same as those endorsed by the EU and mandatory in the EU, with the exception of IAS 39 Financial Instruments: Recognition and Measurement (revised December 2003), which the EU only partially adopted. The part not adopted by the EU has no impact on the Consolidated Financial Statements of the Company. As a result, the Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU.

IFRS include International Financial Reporting Standards (IFRS), International Accounting Standards (“IAS”), as well as the interpretations issued by the Standing Interpretations Committee (“SIC”), and the International Financial Reporting Interpretations Committee (“IFRIC”). The main accounting methods used to prepare the Financial Statements are described below. These methods were used for all periods presented.

The Group adopted the following standards, amendments and interpretations that are applicable as at January 1, 2017:

• Amendments to IAS 7 – Disclosure initiative;

• Amendments to IAS 12 – Income taxes; and

• Amendments to IFRSs 2014-2016 Cycle, for amendments effective for annual periods beginning on or after January 1, 2017.

These new texts did not have any significant impact on the Group’s results or financial position.

The standards and interpretations that are optionally applicable as at December 31, 2017 were not applied in advance.

Recently issued accounting pronouncements that may be relevant to the Company’s operations but have not yet been adopted are as follows:

• IFRS 2 Classification and measurement of share-based payment transactions et Amendments to IFRSs 2014-2016 Cycle, effective for annual periods beginning on or after January 1, 2018 (IAS 28).

• IFRS 9 Financial Instruments will be effective for the Group on January 1, 2018, with early adoption permitted. The Group does not expect its adoption to have a material impact on its consolidated financial statements.

• IFRS 15—Revenue from Contracts with Customers will be effective for the Group on January 1, 2018 with early adoption permitted. The Group does not expect its adoption to have a material impact on its consolidated financial statements. Revenue is generated mainly by the Research Tax Credit.

• IFRS 16—Leases will be effective for the Group on January 1, 2019, with early adoption permitted if applied at the same time as IFRS 15. The Group does not plan to early adopt this standard and does not expect its adoption to have a material impact on its consolidated financial statements.

• IAS 40 – Transfers of investment property.

• IFRIC 22 – Foreign currency transactions and advance consideration.

• IFRIC 23 – Uncertainty over income tax treatments.

• Amendments to IFRSs 2014-2016 Cycle, for amendments effective for annual periods beginning on or after January 1, 2018.

These new texts are not expected to have any significant impact on the Group’s results or financial position.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Significant Accounting Policies

4. SIGNIFICANT ACCOUNTING  POLICIES

4.1 Basis of consolidation

In accordance with IFRS 10 Consolidated Financial Statements, an entity is consolidated when it is controlled by the Company. The Company controls an entity when it is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intra-company balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full. As of December 31, 2017, the Company has one subsidiary for which no non-controlling interest is recognized.

Details of the Company’s subsidiary as of December 31, 2017 are as follows:

	Date of Incorporation	Percent of Ownership Interest			Accounting Method
ERYTECH Pharma, Inc.	April 2014		100	%	Fully consolidated

4.2 Intercompany transactions

Transactions involving reciprocal assets and liabilities, as well as income and expense, between ERYTECH and ERYTECH Pharma, Inc. are eliminated in the Consolidated Financial Statements.

4.3 Foreign currencies

Functional Currency and Translation of Financial Statements in Presentation Currency

The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “Parent Company”). The statements of financial position of the consolidated entity having a functional currency different from the euro are translated into euros at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statements of income (loss), statements of comprehensive income (loss) and statements of cash flow of such consolidated entity are translated at the average exchange rate for the period, except if exchanges rates fluctuate significantly. The resulting translation adjustment is included in other comprehensive income (loss) as a cumulative translation adjustment.

Conversion of Foreign Currency Transactions

Foreign currency transactions are converted to functional currency (euros) at the rate of exchange applicable on the transaction date. At period-end, foreign currency monetary assets and liabilities are converted at the rate of exchange prevailing on that date. The resulting exchange gains or losses are recorded in the Consolidated Statements of Income in “Financial income (loss)”.

The loan in U.S. dollars from ERYTECH Pharma S.A. to ERYTECH Pharma, Inc. is considered as part of the net investment in a foreign operation. Exchange differences on this loan are recognized in other comprehensive income.

4.4 Consolidated statements of cash flows

The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities.

Operating activities correspond to the Company primary income-generating activities and all the other activities that do not meet the investment or financing criteria. The Company has decided to classify grants received such as the Research Tax Credit (Credit d’Impôt Recherche) as an operating activity in the consolidated statement of cash flows.

Cash flows associated with investment activities correspond to cash flows associated with the purchase of property, plant and equipment, net of asset supplier payables, and with the disposal of assets and other investments.

Financing activities are operations that result in changes in the amount and composition of the share capital and borrowings of the entity. Capital increases and the obtaining or repayment of loans are classified under this category. The Company has chosen to classify the conditional advances under this category.

The increases in assets and liabilities with non-cash effects are eliminated. As such, the assets financed through a finance lease are not included in the investments for the period presented. The decrease in financial liability associated with leases is therefore included under the caption ‘repayment of borrowings’ for the period.

4.5 Use of estimates and judgments

Preparation of the financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 4.15 and Note 5.3) and accruals of hospital costs. Hospital costs are estimated using revised budgets of clinical studies currently being completed, and also using information collected from hospital centers included in the clinical study.

4.6 Intangible assets

Internally generated intangible assets – Research and development costs

In accordance with IAS 38 Intangible Assets (“IAS 38”), research expenditures are expensed in the period during which they are incurred.

An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met:

(a) it is technically feasible to complete the development project;

(b) intention on the part of the Company to complete the project and to utilize it;

(c) capacity to utilize the intangible asset;

(d) proof of the probability of future economic benefits associated with the asset;

(e) availability of the technical, financial, and other resources for completing the project; and

(f) reliable evaluation of the development expenses.

The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria.

Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented.

Other intangible assets

The costs related to the acquisition of software licenses are recognized as assets on the basis of the costs incurred to acquire and to implement the software.

They are amortized using the straight-line method over a period of one to five years depending on the anticipated period of use.

An impairment is recorded when the asset’s carrying amount is greater than its recoverable value (see Note 4.8).

4.7 Property, plant and equipment

Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management.

Property, plant, and equipment are depreciated on the basis of the straight-line method over the estimated useful life of the property. The fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter.

The depreciation periods used are the following:

PROPERTY, PLANT, AND EQUIPMENT ITEM	DEPRECIATION PERIOD
Industrial equipment Fixtures and improvements in structures	1 to 5 years 3 to 10 years
Office equipment	3 years
Furniture	3 to 5 years

The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern.

4.8 Impairment tests

According to IAS 36 Impairment of Assets (“IAS 36”), a loss in value must be recognized where the carrying value of an asset, or the cash generating unit to which the asset belongs (if it is not possible to estimate the recoverable amount of the individual asset), is lower than its recoverable value.

The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. An impairment is recognized in the Consolidated Financial Statements up to the amount of the excess of the value over the recoverable value of the asset. The recoverable value of an asset corresponds to its fair value less costs to sell or its value in use, whichever is higher.

4.9 Financial assets and liabilities – Measurement and Presentation

The valuation and the accounting treatment of the financial assets and liabilities are defined by IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”). The Company does not use derivative instruments to hedge its currency exposure.

Loans and receivables

These instruments are initially recognized in the Consolidated Financial Statements at their fair value and then at the amortized cost calculated with the effective interest rate (“EIR”) method. The short-term receivables without an interest rate are valued at the amount of the original invoice, unless the application of an implicit interest rate has a material effect.

The loans and receivables are monitored for any objective indication of impairment. A financial asset is impaired if its carrying value is greater than its recoverable amount. The impairment is recognized in the statement of income (loss).

Financial liabilities at the amortized cost

Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method.

Presentation of financial assets and financial liabilities measured at fair value

In accordance with IFRS 13 Fair Value Measurement, financial instruments are presented in three categories based on a hierarchical method used to determine their fair value:

• level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities;

• level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market;

• level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities.

4.10 Inventories

In compliance with the IAS 2 Inventories, inventories are recognized at their cost or at their net realizable value, whichever is lower. Cost is determined on a First-In First-Out (FIFO) cost basis. Management periodically reviews the inventory for obsolescence and adjusts as necessary.

4.11 Cash and cash equivalents

The item “cash and cash equivalents” in the consolidated statement of financial position includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value.

They are recorded as assets in Cash equivalents, measured at their fair value, and the changes in value are recognized through financial income or loss.

The cash equivalents classification is made if the following criteria are fulfilled:

• held for the purpose of meeting short term cash commitments rather than for investment or other purposes.

• exit options exist:

• exercisable at any time at least every three months

• initially included in the contract and this exit option is always provided in the initial contract

• exercisable without exit penalty and without significant risk of change in the amount received as cash reimbursement

• there is no value risk related to the level of minimum compensation acquired (i.e. that obtained in the event of early exit) because over the entire duration and at each moment this remuneration will be identical to that obtained from an investment of no more than three months that meets the definition of a cash equivalent. This can be the case when the rate is variable or revisable.

4.12 Provisions

A provision is recognized where the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current liabilities. The provisions are discounted when the impact is material.

Provisions recognized in the consolidated statement of financial position mainly include obligations pertaining to retirement indemnities and provisions for risks.

Disclosure is made in the detailed notes on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low.

Provisions for retirement indemnities—defined benefit plans

The employees of the Company receive the retirement benefits stipulated by law in France:

• a compensation paid by the Company to employees upon their retirement (defined-benefit plan) and;

• a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France).

For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits.

The Company appoints external actuaries to conduct an annual review of the valuation of these plans.

The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses.

The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable.

Provisions for risks

The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain.

The amount recognized in the Consolidated Financial Statements as a provision is the best estimate of the expenses necessary to extinguish the obligation.

4.13 Lease agreements

The leases involving property, plant, and equipment are classified as finance lease agreements when the Company bears substantially all the benefits and risks inherent in the ownership of the property. The assets that are covered under finance lease agreements are capitalized as of the beginning date of the rental agreement on the basis of the fair value of the rented asset or the discounted values of the future minimum payments, whichever is lower. Each rental payment is distributed between the debt and the financial cost in such a manner to determine a constant interest rate on the principal that remains due. The corresponding rental obligations, net of the financial expenses, are classified as financial liabilities. The property, plant, or equipment acquired within the framework of a finance lease agreement is amortized over the useful life or the term of the lease agreement, whichever is shorter.

The rental agreements for which a significant portion of the risks and advantages is preserved by the lessor are classified as operating leases. The payments made for these operating leases, net of any incentive measures, are recognized as expenses on the consolidated statement of income (loss) on a straight-line basis over the term of the agreement.

4.14 Share capital

Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax.

4.15 Share-based payment

The Company has applied IFRS 2 Share-based payment (“IFRS 2”) to all equity instruments e.g. free shares (“AGAP”), stock options (“SO”), share subscription warrants (“BSA”) and founder subscription warrants (“BSPCE”) granted since inception to its employees, members of the Board of Directors or other individuals. Pursuant to IFRS 2, the cost of the remuneration paid with equity instruments is recognized as an expense in exchange for an increase in the shareholders’ equity for the vesting period during which the rights to be enjoyed from the equity instruments are acquired. As such, changes in value subsequent to the grant date have no effect on this initial measurement.

Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGAP valuation) and Cox-Ross-Rubinstein valuation model (for 2016 and 2017 BSA valuation). These models allow the Company to take into account the characteristics of the plan (vesting price, vesting period), the market data at the grant date (volatility, expected dividends, repo margin), possible performance conditions attached to warrants and recipient behavior assumptions.

4.16 Other income

Research tax credit

The research tax credit (Crédit d’Impôt Recherche or “CIR”) (the “Research Tax Credit”) is granted to companies by the French tax authorities in order to encourage them to conduct technical and scientific research. Companies that prove that they have expenditures that meet the required criteria (research expenditures located in France or, since January 1, 2005, within the European Union or in another State that is a party to the Agreement on the European Economic Area that has concluded a tax treaty with France that contains an administrative assistance clause) receive a tax credit that can be used for the payment of the corporate tax due for the fiscal year in which the expenditures were made and the next three fiscal years, or, as applicable, can be reimbursed in cash. The expenses taken into account for the calculation of the Research Tax Credit involve only research expenses.

The Company has received the Research Tax Credit since its inception.

The receivable in the consolidated statement of financial position as at December 31, 2017 includes the CIR for 2017 (see Note 6.6).

The CIR is presented under other income in the consolidated statement of income (loss) as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.

Subsidies and conditional advances

Due to the innovative nature of its product candidate development programs, the Company has benefited from certain sources of financial assistance from Banque Publique d’Investissement (“BPI France”). BPI France provides financial assistance and support to emerging French enterprises to facilitate the development and commercialization of innovative technologies.

The funds received by the Company are intended to finance its research and development efforts and the recruitment of specific personnel. The Company has received such funding in the form of non-refundable subsidies and conditional advances.

Subsidies

Subsidies received are grants that are not repayable by the Company and are recognized in the financial statements as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received.

Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates.

A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized in the Consolidated Financial Statements as other income when there exists reasonable assurance that the subsidies will be received.

Conditional advances

Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Each award of an advance is made to help fund a specific development milestone. The details concerning the conditional advances are provided in Note 6.10.

Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows.

The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity.

The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success as described in Note 6.10 is used to determine the amount recognized annually as a finance cost.

In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized.

The conditional advances that can be subject to this type of modification are the advances received from BPI France, presented in Note 6.10.

Partnership with Orphan Europe AML clinical trial

As a result of its partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“AML”), the Company re-invoices, with no margin, certain clinical costs incurred and invoiced to the Company by external providers.

In application of IAS 18 Revenue, the Company considers that, within the context of this partnership, it acts as agent regarding these reinvoiced external costs, as:

• The Company does not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“CRO”), directly invoices Orphan Europe. The Company is directly invoiced only for the secondary services.

• The Company bears no inventory risk,

• The Company has no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it is not affected by any price changes applied by the suppliers.

• The Company bears a credit risk considered to be not significant.

Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial together with internal costs related to the AML clinical trial.

Consequently, the re-invoicing of these external costs to Orphan Europe is presented as a decrease in corresponding research and development expenses incurred by the Company. For the year ended December 31, 2017 there was no re-invoicing in the context of the AML clinical trial.

Partnership with Orphan Europe NOPHO clinical trial

These invoiced external costs are classified by the Company as “other income” in the consolidated statement of income (loss) and within the context of this agreement, amounted to €177.5 thousand for the year ended December 31, 2017.

4.17 Financial income and expense

Financial results relate to loans, gains and losses on exchange rate variations and other financial debts (notably overdrafts and finance leases) and includes interest expenses incurred on financial liabilities and the related amortization of debt issuance costs, and income received from cash and cash equivalents. For the year ended December 31, 2017 financial expenses are mainly composed of currency exchange losses.

4.18 Income taxes

Current taxes

Considering the level of tax loss carryforwards not recognized, no current tax expense is recognized.

Deferred taxes

Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end.

Deferred tax assets and liabilities are not discounted and are classified in the consolidated statement of financial position under non-current assets and liabilities.

In addition, the Parent Company, as an entity incorporated in France, is subject to the territorial economic contribution (Contribution Economique Territoriale—CET), which combines the corporate real estate contribution (cotisation foncière des entreprises—CFE) and the corporate value-added contribution (cotisation sur la valeur ajoutée des entreprises—CVAE):

• the corporate real estate contribution, the amount of which depends on property rental values and which can, where applicable, have a ceiling at a percentage of the value added, presents significant similarities to the former business tax and is recognized under operating expenses;

• the corporate value-added contribution meets, based on the Company’s analysis, the definition of an income tax as established under IAS 12 Income Taxes (“IAS 12”) paragraph 2 (“taxes owing based on taxable income”). To enter within the scope of IAS 12, a tax must be calculated based on a net amount of income and expenses, and this net amount can be different from the net book results. The Company has judged that the corporate value-added contribution satisfies the characteristics outlined in this conclusion, insofar as the value added constitutes the intermediate level of income that systematically serves as the basis, according to French tax law, for determining the amount owing in relation to the corporate value-added contribution.

In conformity with the provisions of IAS 12, qualification of the corporate value-added contribution as an income tax leads to the recognition of deferred taxes relative to temporary differences existing at year end, with a contra-entry of a net expense in that year’s statement of net income (loss). Where applicable, this deferred tax expense is presented on the line income tax. For the moment, the Company does not pay the CVAE.

4.19 Earnings per share

The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period.

The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 5.3 and 6.8.

Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued, representing 865,760 potential additional ordinary shares, have been considered anti-dilutive.

4.20 Segment reporting

In accordance with IFRS 8 Operating Segments, reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer and Chairman of the Board of Directors) to allocate resources and to assess performance.

The Company operates in a single operating segment: the conducting of research and development in the area of treatment of acute leukemia and other orphan diseases in order to market them in the future. The assets, liabilities, and operating loss realized are primarily located in France.

4.21 Off-balance sheet commitments

The Company has defined and implemented monitoring for its off-balance sheet commitments so as to know their nature and object. Off-balance sheet items identified mainly relate to:

• future costs relate to clinical trials for which recruitment has begun,

• operating leases, purchase and investment commitments.

4.22 Events After the Close of the Reporting Period

The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. Modifications can be made until the date the Consolidated Financial Statements are approved and authorized for issuance by the Board of Directors.

By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Board at a meeting held on January 7, 2018 approved the following share-based payments:

• 40,500 AGA₂₀₁₆ to ERYTECH Pharma S.A. executive officers;

• 40,500 BSA₂₀₁₇ to independent members of the Board of Directors;

• 27,000 AGA₂₀₁₇ to ERYTECH Pharma S.A. employees; and

• 40,500 SO₂₀₁₇ to ERYTECH Pharma, Inc. employees.

By virtue of the delegation of authority granted by Board of Directors held on June 27, 2017, the Chief Executive Officer at a meeting held on January 7, 2018 approved the following share-based payments:

• 86,940 AGA₂₀₁₇ to ERYTECH Pharma S.A. executive officers; and

• 56,703 SO₂₀₁₇ to ERYTECH Pharma, Inc. employees.

This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements.

ERYTECH conducted a comprehensive evaluation to determine other potential solid-tumor indications for developing eryaspase. Metastatic Triple-Negative Breast Cancer (TNBC) has now been selected as the next indication to expand the potential use of eryaspase in solid tumors. TNBC is an aggressive and metabolically active form of breast cancer with high rates of symptomatic metastases. This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements.

The Company evaluated subsequent events that occurred after December 31, 2017 through the date of approval and authorization of issuance of the Consolidated Financial Statements and determined that there are no significant events that require adjustments in such Consolidated Financial Statements.

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Notes Related to the Consolidated Statement of Income (Loss)

12 Months Ended

Dec. 31, 2017

Notes Related to the Consolidated Statement of Income (Loss)

5. NOTES RELATED  TO THE CONSOLIDATED STATEMENT OF INCOME (LOSS)

5.1 Operating income

Operating income consists of the following:

	For the year ended December 31,
	2015		2016		2017
	(in thousands of euros)
Research Tax Credit		2,219		3,347		3,187
Subsidies		368		463		—
Other income		341		327		178
Total		2,929		4,138		3,364

The operating income was primarily generated by the CIR (research tax credit), and the subsidies associated with the pre-clinical research programs in partnership with BPI France.

Other income totaled €341 thousand, €327 thousand and €178 thousand in 2015, 2016 and 2017, respectively, representing the re-invoicing of the internal costs incurred by the Company within the context of the AML study in 2015 and 2016 and within the context of the NOPHO study in 2017. The global amount financed by Orphan Europe is €600 thousand for the NOPHO study.

The Research Tax Credit and the subsidies decreased in 2017 as compared to 2016. Clinical study expenses increased in 2017, but this increase is mainly related to vendors that are not eligible for the research tax credit, and therefore the increase in clinical study expenses does not result in an increase in the research tax credit in 2017.

The increase in the research tax credit between 2015 and 2016 is related to the increase in clinical study expenses.

The Company receives subsidies through the TEDAC project financed by BPI France; the decrease in subsidies is related to the technical milestone of the TEDAC program which is not reached as at December 31, 2017 and therefore the Company is not eligible to receive the subsidy for the 5^th milestone of the project.

5.2 Operating expenses by nature

For the year ended December 31, 2015 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Consumables		1,040		244		796		—		36		1,076
Rental and maintenance		462		204		259		—		304		767
Services, subcontracting and fees		4,475		1,539		2,570		366		3,022		7,497
Personnel expenses		3,977		1,506		2,384		87		1,627		5,603
Other		572		56		513		3		2,627		3,200
Depreciation and amortization		250		26		224		—		120		369
Total général		10,776		3,575		6,745		456		7,736		18,512

For the year ended December 31, 2016 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Consumables		2,071		917		1,153		—		66		2,136
Rental and maintenance		645		161		484		—		511		1,156
Services, subcontracting and fees		11,409		2,547		8,410		453		2,793		14,203
Personnel expenses		5,282		1,173		4,070		39		2,713		7,995
Other		35		8		27		—		577		613
Depreciation and amortization		277		25		252		—		148		425
Total		19,720		4,831		14,397		491		6,808		26,528

For the year ended December 31, 2017 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Consumables		2,391		1,859		532		—		148		2,539
Rental and maintenance		636		140		496		—		894		1,531
Services, subcontracting and fees		14,175		1,423		12,407		345		2,867		17,042
Personnel expenses		7,916		2,023		5,828		66		3,688		11,604
Other		81		20		44		17		927		1,008
Depreciation and amortization		263		94		169		—		266		530
Total		25,463		5,559		19,476		428		8,791		34,254

The increase in research and development expenses in 2017 for €5,743 thousand is primarily related to:

• the increase of external services by €2,766 thousand related to the MAA re-submission, the phase 2 of the AML study and the phase 2 of the pancreatic cancer clinical trial.

• the increase of personnel expenses for €2,634 thousand (see below note 5.3)

The increase in general and administrative expenses by €1,983 thousand is due to:

• The increase in personnel expenses for an amount of €975 thousand, +36% following the staff hiring plan (see below note 5.3)

• The increase of rental and maintenance costs for €383 thousand, +75%, the Company has a new building lease related to its development; the Company’s development required new office space in Lyon and IT service costs as well.

• The increase of “Other” costs including an increase of €325 thousand related to warrants allocated to Directors and Board fees.

The increase in research and development expenses from 2015 to 2016 of €8,944 thousand is primarily related to

• The increase in external services amounting to €6,934 thousand for the development of the TEDAC program and costs incurred in relation with the MAA submission; and

• The increase of personnel expenses by €1,305 thousand.

The decrease in General and Administrative expenses for an amount of €928 thousand between 2015 and 2016 is mainly due to a decrease in “Other” of €2,050 thousand, which is mainly related to warrants (BSA₂₀₁₄) granted to the Board of Directors, which amounted to €1,593 thousand in 2015.

5.3 Personnel expenses

The personnel expenses are detailed as follows:

For the year ended December 31, 2015 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Wages and salaries		2,235		953		1,238		43		896		3,131
Share-based payments		822		126		678		19		302		1,124
Social security expenses		920		427		468		25		429		1,348
Total personnel expenses		3,977		1,506		2,384		87		1,627		5,604

For the year ended December 31, 2016 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrati ve expenses		Total
Wages and salaries		3,371		688		2,670		13		1,486		4,857
Share-based payments		688		136		532		6		490		1,178
Social security expenses		1,224		350		868		19		736		1,960
Total personnel expenses		5,282		1,173		4,070		39		2,713		7,995

For the year ended December 31, 2017 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Wages and salaries		5,229		1,166		4,028		34		1,990		7,218
Share-based payments		833		279		541		13		642		1,475
Social security expenses		1,854		578		1,259		18		1,057		2,911
Total personnel expenses		7,916		2,023		5,828		66		3,688		11,604

The increase in personnel expenses of €3,609 thousand between 2016 and 2017 is mainly due to:

• the increase in share-based compensation expenses for an amount of €297 thousand

• the increase in personnel expenses (wages and salaries) of research and development for €2,488 thousand following the staffing for the launching of the new phase 2 and 3 clinical trials

• the increase in wages and salaries of general and administrative for an amount of €824 thousand to support the increase in operating research and development activities

The increase in personnel expenses of €2,392 thousand between 2015 and 2016 is mainly due to the increase in wages and salaries of the subsidiary ERYTECH Pharma Inc. in the amount of €1,194 thousand and the Parent Company in the amount of €1,198 thousand following the increase in headcount (73 employees in 2016 and 49 employees in 2015).

The employee staff increased from 44 (weighted average full-time employees for the year) in 2015 to 66 into 2016 and to 98 into 2017.

Share-based payments (IFRS 2)

Share-based awards have been granted to the directors, to certain employees, as well as to members of the Board of Directors in the form of share subscription warrants (“BSA”), stock options (“SO”), free shares (“AGAP”) or founder subscription warrants (“BSPCE”). The Board of Directors has been authorized by the general meeting of the shareholders to grant warrants in the form of AGAP, SO, BSA and BSPCE through the following plans:

“2012 Plan”

Within the scope of the BSA₂₀₁₂ plan, the Board of Directors meeting of April 29, 2015 and August 3, 2015 allocated respectively 2,150 and 3,585 BSA₂₀₁₂ to the directors without acquisition conditions.

Allocation of 2,150 BSA on April 29, 2015

The main assumptions used to determine the fair value are:

• Price of the underlying share: €31.19 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSA)

• Risk-free rate: between (0.07) % (in line with the zero-coupon government bond rates curve);

• Expected dividends: 0%;

• Volatility: 20.5% based on the historical volatility observed on the NextBiotech index;

• Expected maturity: 2.5 years.

The fair value of warrants allocated in April 2015 in relation to the 2012 plan was valued at €512 thousand and was fully recognized in the consolidated statement of income (loss) for 2015 (G&A expenses) in the absence of vesting conditions.

Allocation of 3,585 BSA on August 31, 2015.

The main assumptions used to determine the fair value are:

• Price of the underlying share: €37.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSA)

• Risk-free rate: between (0.08) % (in line with the zero-coupon government bond rates curve);

• Expected dividends: 0%;

• Volatility: 22.5% based on the historical volatility observed on the NextBiotech index;

• Expected maturity: 2.36 years.

The fair value of warrants allocated in April 2015 in relation to the 2012 plan was valued at €1,081 thousand and was fully recognized in the consolidated statement of income (loss) for 2015 (G&A expenses) in the absence of vesting conditions.

At the end of 2015, the subscription warrants for the 2012 plan are as follows:

Types of securities	BSPCE2012	BSA2012
Number of warrants that the company is authorized to issue, for all types of warrants	45,500
Number of warrants granted	33,788		10,760
Number of warrants exercised	16,352		5,525
Date of General Meeting	May 21, 2012
Exercise price per new share subscribed (in €)	€7,362
Final date for exercising warrants	May 20, 2020
Parity	1 warrant for 10 shares		1 warrant for 10 shares
General conditions of exercise	The warrants are exercisable as of their acquisition date
Maximum number of new shares that can be issued	231,730

“2014 Plan”

On January 22, 2014, the Board of Directors used the delegation granted by the mixed general shareholders meeting of April 2, 2013, to grant a free allocation of 22,500 founder share subscription warrants (hereinafter entitled BSPCE₂₀₁₄) to ERYTECH senior management (12,000) and to certain employees (10,500). 3,000 BSPCE₂₀₁₄ were converted to BSA₂₀₁₄.

Within the scope of the BSPCE₂₀₁₄ / BSA₂₀₁₄ plan, the Board of Directors meeting of May 6, 2016 allocated 5,000 BSPCE₂₀₁₄ to the employees.

At the end of 2017, the subscription warrants for the 2014 plan are as follows:

Types of securities	BSPCE2014	BSA2014
Number of warrants that the company is authorized to issue, for all types of warrants	22,500
Number of warrants granted	19,500	3,000
Number of warrants exercised	1,500	100
Number of obsolete warrants	1,090	0
Date of General Meeting	January 22, 2014
Exercise price per new share subscribed (in €)	€12,250
Final date for exercising warrants	January 22, 2024
Parity	1 warrant for 10 shares	1 warrant for 10 shares
General conditions of exercise	The warrants are exercisable as of their acquisition date
Maximum number of new shares that can be issued	198,100

In the event of a beneficiary departure from the Company for any reason whatsoever, this beneficiary shall retain the BSPCE₂₀₁₄ to which he subscribed prior to his departure. However, in the event of a beneficiary departure from the Company, for any reason whatsoever, prior to subscription of the BSPCE₂₀₁₄ to which the beneficiary has a right, the BSPCE₂₀₁₄ will be forfeited. In this situation, the BSPCE₂₀₁₄ not subscribed may be re-allocated to other beneficiaries within the same category and/or replacing the person who left the Company.

Following the resignation of Yann Godfrin in January 2016, 1,000 BSPCE of the 3,000 BSPCE initially allocated have been forfeited and will not be granted.

The main assumptions used to determine the fair value of the 5,000 BSPCE₂₀₁₄ allocated to employees are:

• Price of the underlying share: €24.75 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSPCE)

• Risk-free rate: between -0.18% and -0.11% according to the tranches (according to the zero-coupon government bond rates curve);

• Expected dividends: 0%;

• Volatility: 21.25% to 22.27% based on the historical volatility observed on the NextBiotech index;

• Expected maturity: between 5 and 5.51 years in function of the tranches allocated.

The residual fair value of the plan was estimated at €636 thousand. This expense will be recorded gradually over the duration of the 2-year plan in accordance with IFRS 2 (graded vesting method). A personnel expense of €245 thousand was recognized in the consolidated statement of income (loss) (R&D for €165 thousand and G&A for €81 thousand), for the year ended December 31, 2017, €498 thousand for the year ended December 31, 2016. €1,133 thousand were recognized for the year ended December 31, 2015 for the previous allocation.

“2016 Plan”

On October 3, 2016, the Board of Directors used the delegation granted by the mixed general shareholders meeting of June 24, 2016, to grant a free allocation including on a service condition of 111,261 free shares (hereinafter entitled AGAP₂₀₁₆) to ERYTECH Pharma S.A senior management and employees, 44,499 stock options (hereinafter entitled SO₂₀₁₆) to ERYTECH Pharma, Inc. and 45,000 share subscription warrants (hereinafter entitled BSA₂₀₁₆) to members of the Board of Directors.

At the end of 2017, the subscription warrants for the 2016 plan are as follows:

Types of securities	AGAP2016	SO2016	BSA2016
Number of shares that the company is authorized to issue	350 000
Number of free shares / stock options / warrants granted	151,563	95,499	60,000
Date of General Meeting	03-oct-16 8-jan-17 27-jun-17 03-oct-17	03-oct-16 8-jan-17 27-jun-17 03-oct-17	03-oct-16 8-jan-17 27-jun-17 03-oct-17
Number of tranches	3	2	2
Vesting period	Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years	Tranche 1: 2 years Tranche 2: 3 years	Tranche 1: 1 year Tranche 2: 2 years
General conditions of exercise	Tranche 1 : 1 year Tranche 2 and 3 : NA	NA	NA
Maximum number of new shares that can be issued	142,972	95,499	60,000

Allocation of 111,261 free shares (AGAP₂₀₁₆) on October 3, 2016

The assumptions used to determine the fair value of these instruments are:

• Price of the underlying share: €18.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 45% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

• Performance criteria: progression of the quoted market share price between the allocation date and the tranche acquisition date

• ERYP2017: average price of the 40-quoted market share price days before the allocation date, which was €24.48

• ERYPi : average price of the 40-quoted market share price days before the acquisition date,

• Tri: ERYPi / (ERYP2017-1)

• If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired

• If 0%<TRi<100% shares granted are acquired following the TRi percentage

The fair value of the plan was estimated at €974 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year and 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €533 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €217 thousand and under G&A personnel expenses for €316 thousand, for the year ended December 31, 2017. For 2016 an expense of €151 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €61 thousand and under G&A personnel expense for €90 thousand.

Allocation of 44,499 stock options (SO₂₀₁₆) on October 3, 2016

The assumptions used to determine the fair value of these instruments are:

• Exercise price: €18.52

• Price of the underlying share: €18.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the SO)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 45% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €202 thousand. This expense will be recorded gradually over the duration of the 2-year and 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €90 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for the year ended December 31, 2017. An expense of €22 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for the year ended December 31, 2016.

Allocation of 45,000 share subscription warrants (BSA₂₀₁₆) on October 3, 2016

The assumptions used to determine the fair value of these instruments are:

• Exercise price: €18.52

• Price of the underlying share: €18.52 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the BSA)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 45% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €198 thousand. This expense will be recorded gradually over the duration of the 2-year plan in accordance with IFRS 2 (graded vesting method). An expense of €126 thousand was recognized in the consolidated statement of income (loss) under G&A expenses for the year ended December 31, 2017. An expense of €37 thousand was recognized in the consolidated statement of income (loss) under G&A expenses for the year ended December 31, 2016.

Allocation of 16,650 free shares (AGAP₂₀₁₆) on October 3, 2017

The assumptions used to determine the fair value of these instruments are:

• Price of the underlying share: €24.48 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 48% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €180 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year and 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €27 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €22 thousand and under G&A personnel expenses for €5 thousand, for the year ended December 31, 2017.

Allocation of 30,000 stock options (SO₂₀₁₆) on October 3, 2017

The assumptions used to determine the fair value of these instruments are:

• Exercise price: €23.59

• Price of the underlying share: €24.70 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the SO)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 48% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €208 thousand. This expense will be recorded gradually over the duration of the 2-year and 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €23 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €9 thousand and under G&A personnel expenses for €14 thousand, for the year ended December 31, 2017.

Allocation of 16,650 free shares (AGA₂₀₁₆) on October 3, 2017

The assumptions used to determine the fair value of these instruments are:

• Price of the underlying share: €24.48 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGA)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 48% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €180 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year and 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €27 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €22 thousand and under G&A personnel expenses for €5 thousand, for the year ended December 31, 2017.

Allocation of 30,000 stock options (SO₂₀₁₆) on October 3, 2017

The assumptions used to determine the fair value of these instruments are:

• Exercise price: €23.59

• Price of the underlying share: €23.59 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 48% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €208 thousand. This expense will be recorded gradually over the duration of the 2-year and 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €23 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €9 thousand and under G&A personnel expenses for €14 thousand, for the year ended December 31, 2017.

“2017 Plan”

On June 27, 2017 and on October 3, 2017, the Board of Directors used the delegation granted by the mixed general shareholders meeting of June 27, 2017, to grant a free allocation including a service condition of 83,127 free shares (hereinafter entitled AGAP₂₀₁₇) to ERYTECH Pharma S.A senior management and employees, 40,200 stock options (hereinafter entitled SO₂₀₁₇) to ERYTECH Pharma, Inc. and 55,000 share subscription warrants (hereinafter entitled BSA₂₀₁₇) to members of the Board of Directors.

At the end of 2017, the subscription warrants for the 2017 plan are as follows:

Types of securities	AGAP2017	SO2017	BSA2017
Number of shares that the company is authorized to issue	420,000
Number of free shares / stock options / warrants granted	74,475	22,200	55,000
Date of General Meeting	27-June-17	27-June-17	27-June-17
Number of tranches	3	2	3
Vesting period	Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years	Tranche 1: 2 years Tranche 2: 3 years	Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years
General conditions of exercise	NA	NA	NA
Maximum number of new shares that can be issued	74,475	22,200	55,000

Allocation of 74,475 free shares (AGA₂₀₁₇) on June 27, 2017

The assumptions used to determine the fair value of these instruments are:

• Price of the underlying share: €26.47 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGAP)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 48% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

• Performance criteria: progression of the quoted market share price between the allocation date and the tranche acquisition date

• ERYP2017: average price of the 40-quoted market share price days before the allocation date, which was €24.48

• ERYPi: average price of the 40-quoted market share price days before the acquisition date,

• Tri: ERYPi / (ERYP2017-1)

• If TRi <=0 % no shares granted are acquired

• If Tri>100% all the shares granted are acquired

• If 0%<TRi<100% shares granted are acquired following the TRi percentage

The fair value of the plan was estimated at €1,081 thousand. This expense will be recorded gradually over the duration of the 1-year, 2-year and 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €348 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €180 thousand and under G&A personnel expenses for €168 thousand, for the year ended December 31, 2017.

Allocation of 22,200 stock options (SO₂₀₁₇) on June 27, 2017

The assumptions used to determine the fair value of these instruments are:

• Exercise price: €26.47

• Price of the underlying share: €26.47 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the SO)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 48% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €308 thousand. This expense will be recorded gradually over the duration of the 3-year plan in accordance with IFRS 2 (graded vesting method). An expense of €65 thousand was recognized in the consolidated statement of income (loss) under R&D personnel expenses for €50 thousand and under G&A personnel expenses for €15 thousand, for the year ended December 31, 2017.

Allocation of 55,000 share subscription warrants (BSA₂₀₁₇) on June 27, 2017

The assumptions used to determine the fair value of these instruments are:

• Exercise price: €26.47

• Price of the underlying share: €26.47 (based on the quoted market price of the ordinary shares of the Company as of the date of the Board of Directors that granted the AGA)

• Attrition rate: 0%;

• Expected dividends: 0%;

• Volatility: 48% based on the historical volatility observed on the ERYP index;

• Repo margin: 5%

• Maturity: 3 years

The fair value of the plan was estimated at €394 thousand. This expense will be recorded gradually over the duration of the 2-year plan in accordance with IFRS 2 (graded vesting method). An expense of €165 thousand was recognized in the consolidated statement of income (loss) under G&A expenses for the year ended December 31, 2017.

Breakdown of allocations plan

Plan name	Amount in P&L in euros thousands as of December 31, 2017		of which employees		of which Executive		of which Directors
Allocation of AGAP on 3 October 2016		533		250		283		—
Allocation of SO on 3 October 2016		90		45		44		—
Allocation of BSA on 3 October 2016		126		—		—		126
Allocation of AGAP on 7 January 2017		92		—		92		—
Allocation of SO on 7 January 2017		46		46		—		—
Allocation of BSA on 7 January 2017		10		—		—		10
Total allocation October, 2016		896		341		419		135
Allocation of BSPCE on 6 May 2016		138		94		44		—
Allocation of BSPCE on 22 January 2014		7		—		7		—
Allocation of BSPCE on 1 September 2015		51		—		51		—
Allocation of BSA on 23 June 2015		50		—		50		—
Total allocation 2014		245		94		152		—
Allocation of AGAP on 26 June 2017		348		156		192		—
Allocation of SO on 26 June 2017		65		44		21		—
Allocation of BSA on 26 June 2017		165		—		—		165
Total allocation June, 2017		578		200		213		165
Allocation of AGAP on 3 October 2017		27		27		—		—
Allocation of SO on 3 October 2017		23		23		—		—
Total allocation October, 2017		49		49		—		—
TOTAL IFRS 2 EXPENSES		1,769		685		784		300
Plan name	Amount in P&L in euros thousands as of December 31, 2016		of which employees		of which Executive		of which Directors
Allocation of AGAP on 3 October 2016		151		71		80		—
Allocation of SO on 3 October 2016		22		11		11		—
Allocation of BSA on 3 October 2016		37		—		—		37
Allocation of AGAP on 7 January 2017		—		—		—		—
Allocation of SO on 7 January 2017		—		—		—		—
Allocation of BSA on 7 January 2017		—		—		—		—
Total allocation 10.2016		210		82		91		37
Allocation of BSPCE on 6 May 2016		498		339		159
Allocation of BSPCE on 22 January 2014		21		—		21		—
Allocation of BSPCE on 1 September 2015		261		—		261		—
Allocation of BSA on 23 June 2015		187		—		187		—
Total allocation 2014		968		339		629		—
Allocation of AGAP on 26 June 2017		—		—		—		—
Allocation of SO on 26 June 2017		—		—		—		—
Allocation of BSA on 26 June 2017		—		—		—		—
Total allocation 06.2017		—		—		—		—
Allocation of AGAP on 3 October 2017		—		—		—		—
Allocation of SO on 3 October 2017		—		—		—		—
Total allocation 10.2017		—		—		—		—
TOTAL IFRS 2 EXPENSES		1,178		421		720		37

Plan name	Amount in P&L in euros thousands as of December 31, 2015		of which employees		of which Executive		of which Directors
Allocation of BSPCE on 22 January 2014		12		—		12		—
Allocation of BSPCE on 23 June 2015		517		517		—		—
Allocation of BSPCE on 1 September 2015		209		—		209		—
Allocation of BSA on 23 June 2015		385		—		385		—
Total plan 2014		1,124		517		607		—
Allocation of BSA on 29 April 2015		512		—		—		512
Allocation of BSA on 31 August 2015		1,081		—		—		1,081
Total plan 2012		1,593		—		—		1,593
TOTAL IFRS 2 EXPENSES		2,716		517		607		1,593

5.4 Depreciation and amortization expense

	For the year ended December 31,
	2015		2016		2017
(in thousands of euros)
Clinical studies		224		252		169
Other research and development expenses		26		26		94
Research and development expenses		250		277		263
General and administrative expenses		39		148		266
Total		288		425		530

5.5 Financial income and expense

	For the year ended December 31,
	2015			2016			2017
(in thousands of euros)
Interest expense on finance leases		(5	)		(4	)		(8	)
Interest expense related to borrowings		—			—			(7	)
Interest expense on repayable loan		(25	)		—			—
Other finance expenses		(34	)		(66	)		(3,168	)
Total finance expense		(64	)		(70	)		(3,183	)
Income from short term deposits		523			545			405
Other finance income		108			13			134
Total finance income		631			558			539
		567			488			(2,644	)

Other finance expenses are related to foreign currency exchange losses related to the bank account in U.S. dollars and purchases of services in U.S. dollars.

Finance income consists of interest accrued on short term deposits as well as foreign exchange gains related to purchases of services in U.S. dollars.

Financial expenses increased significantly by €3,113 thousand as at December 31, 2017. These financial expenses are related mainly to the conversion into euros of the USD bank account as at December 31, 2017. The impact in the financial result is the difference of the exchange rate between the date of the global offering in the United States and a listing on Nasdaq (1€=1.1630$ on November 9, 2017) and the closing of the period (1€=1.1993$ on December 31, 2017).

5.6 Deferred tax balances

Reconciliation of effective tax rate

	For the year ended December 31,
	2015			2016			2017
(in thousands of euros)
Loss before tax		(15,016	)		(21,902	)		(33,533	)
Theoretical tax expense or income		5,170			7,541			11,545
Current year loss not capitalized		(5,001	)		(8,303	)		(12,071	)
CICE (employment and competitiveness tax credit) not included in taxable income		18			24			34
Research tax credits		764			1,144			1,097
Tax rate differences		(7	)		(51	)		0
Share-based compensation expense		(935	)		(398	)		(592	)
Permanent differences								(10	)
Other differences		(6	)		33			0
Effective tax (loss)/income		3			(10	)		3

As of December 31, 2015, 2016 and 2017, the amount of accumulated tax loss carryforwards since inception was €59,682 thousand, €80,281 thousand and €128,802 thousand respectively with no expiration date. The tax proof has been calculated based on the French tax rate which is 34.43%.

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Notes Related to the Consolidated Statements of Financial Position

12 Months Ended

Dec. 31, 2017

Notes Related to the Consolidated Statements of Financial Position

6 NOTES RELATED TO THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

6.1 Intangible assets

	As of December 31,
(in thousands of euros)	2015			2016			2017
Other intangible assets		184			209			234
Total historical cost		184			209			234
Accumulated amortization of other intangible assets		(122	)		(152	)		(180	)
Total accumulated amortization and depreciation		(122	)		(152	)		(180	)
Total, net		61			57			53

6.2 Property, plant and equipment

At December 31, 2017, property, plant and equipment are composed as follows:

(in thousands of euros)	As of January 1, 2017			Increase			Decrease		As of December 31, 2017
Laboratory equipment		974								974
Assets under construction		862			868					1,730
Plant, equipment, and tooling		850			270			—		1,121
General equipment, fixtures and fittings		1,466			389			—		1,855
Office equipment and computers		531			137			—		668
Total gross value		4,684			1,664			—		6,349
Accumulated depreciation of laboratory equipment		(882	)		(48	)		—		(930	)
Accumulated depreciation of plant, equipment and tooling		(523	)		(118	)		—		(641	)
Accumulated depreciation of general equipment, fixtures and fittings		(909	)		(207	)		—		(1,116	)
Accumulated depreciation of office equipment and computers		(125	)		(129	)		—		(255	)
Total accumulated depreciation		(2,439	)		(503	)		—		(2,439	)
Total net value		2,245			1,161			—		3,407

Property, plant and equipment held under finance leases amounts to €203 thousand and €116 thousand as of December 31, 2016 and 2017, respectively.

At December 31, 2016, property, plant and equipment are composed as follows:

(in thousands of euros)	As of January 1, 2016			Increase			Decrease			As of December 31, 2016
Laboratory equipment		974									974
Assets under construction		44			862			(44	)		862
Plant, equipment, and tooling		727			123			—			850
General equipment, fixtures and fittings		1,079			387			—			1,466
Office equipment and computers		134			397			—			531
Total gross value		2,958			1,770			(44	)		4,684
Accumulated depreciation of laboratory equipment		(831	)		(51	)		—			(882	)
Accumulated depreciation of plant, equipment and tooling		(426	)		(98	)		—			(523	)
Accumulated depreciation of general equipment, fixtures and fittings		(733	)		(175	)		—			(909	)
Accumulated depreciation of office equipment and computers		(51	)		(74	)		—			(125	)
Total accumulated depreciation		(2,041	)		(398	)					(2,439	)
Total net value		918			1,372			(44	)		2,245

Property, plant and equipment held under finance leases amounts to €143 thousand and €203 thousand as of December 31, 2015 and 2016, respectively.

At December 31, 2015, property, plant and equipment are composed as follows:

(in thousands of euros)	As of January 1, 2015			Increase			Decrease			As of December 31, 2015
Laboratory equipment		974			—			—			974
Assets under construction		112			29			(98	)		44
Plant, equipment, and tooling		617			110			—			727
General equipment, fixtures and fittings		959			120			—			1,079
Office equipment and computers		76			59			—			134
Total gross value		2,738			318			(98	)		2,958
Accumulated depreciation of laboratory equipment		(753	)		(78	)		—			(831	)
Accumulated depreciation of plant, equipment and tooling		(346	)		(79	)		—			(426	)
Accumulated depreciation of general equipment, fixtures and fittings		(636	)		(98	)		—			(733	)
Accumulated depreciation of office equipment and computers		(36	)		(15	)		—			(51	)
Total accumulated depreciation		(1,771	)		(270	)		—			(2,041	)
Total net value		967			48			(98	)		918

6.3 Other non-current financial assets

The other non-current financial assets correspond mainly to deposits paid in relation to the rental of our premises for €97 thousand, €132 thousand and €168 thousand as of December 31, 2015, 2016 and 2017, respectively.

6.4 Inventories

	As of December 31,
	2015		2016		2017
(in thousands of euros)
Production inventory		79		71		104
Laboratory inventory		87		74		72
Total inventory		166		145		176

6.5 Trade and other receivables

The receivables relate mainly to the receivables on Orphan Europe as regards the re-invoicing of the clinical studies AML 2012-10 and NOPHO, and amounted to €424 thousand, €218 thousand and €76 thousand as of December 31, 2015, 2016 and 2017, respectively.

6.6 Other current assets

	As of December 31,
	2015		2016		2017
(in thousands of euros)
Research Tax Credit		3,743		3,321		3,326
Tax receivables (e.g. VAT) and other receivables		1,190		863		1,114
Cash to be received from bank related to exercise of warrants		553		—		23
Prepayments		220		339		1,327
Total		5,705		4,524		5,791

Research Tax Credit

The Company benefits from the provisions in Articles 244 quater B and 49 septies F of the French Tax Code related to the Research Tax Credit. In compliance with the principles described in Note 4.16, the Research Tax Credit is recognized in the consolidated statement of income (loss) in “other income” during the year in which the eligible research expenditures are incurred.

The amount as of December 31, 2017 is mainly the CIR receivable for the 2017 period.

Prepayments as at December 31, 2017 relate to the building leases for 2018 first quarter, the D&O insurance for one-year period amounting to €373 thousand and an invoice received for a payment in advance for purchase ordered from MEDAC for an amount of €570 thousand, for which the payment in advance occurred in January 2018.

6.7 Cash and cash equivalents

	As of December 31,
(in thousands of euros)	2015		2016		2017
Cash and cash equivalents		45,634		37,646		185,525
Total cash and cash equivalents as reported in statement of financial position		45,634		37,646		185,525
Bank overdrafts		—		—		10
Total cash and cash equivalents as reported in statement of cash flow		45,634		37,646		185,515

At December 31, 2015, the cash position is composed of the following items: (i) €20.2 million in current accounts and (ii) €25.4 million in term deposits, with maturities of 1 month to 3 years, but readily available without penalty subject to a 32-day notice.

At December 31, 2016, the cash position is composed of the following items: (i) €10.6 million in current accounts and (ii) €27.0 million in term deposits, with maturities of 1 month to 3 years, but readily available without penalty subject to a 32-day notice.

At December 31, 2017, the cash position is composed of the following items: (i) €174.5 million in current accounts and (ii) €11.0 million in term deposits, with a maturity as of January 1, 2019, but readily available without penalty subject to a 32-day notice.

6.8 Shareholders’ equity

We manage our capital to ensure that the Company will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. Our capital structure consists of financial liabilities as detailed in Notes 6.10 offset by cash and bank balances and equity (comprising issued capital, reserves and retained earnings). We are not subject to any externally imposed capital requirements.

As of December 31, 2016, the capital of the Parent Company consisted of 8,732,648 shares, fully paid up, with a nominal value of 0.10 euro. Following the private placement completed in April 2017 and the IPO in November 2017, as well as the exercise of subscription warrants, the capital was increased to 17,937,559 shares with a nominal value of 0.10 euro as at December 31, 2017.

Nature of transactions	Number of shares
Balance as of January 1, 2015		6,882,761
Exercise of share warrants		101,850
Private placement with institutional investors		940,000
Balance as of January 1, 2016		7,924,611
Follow-on offering		793,877
Exercise of share warrants		14,160
Balance as of January 1, 2017		8,732,648
Exercise of share warrants		17,200
Free shares / Stock options / Share warrants		7,574
Private placement with institutional investors in April		3,000,000
Initial Public Offering (including 5,389,021 ordinary shares in the form of ADSs)		6,180,137
Total as of December 31, 2017		17,937,559

The costs of issuing ordinary shares amounted to €16,722 thousand and were deducted from the share premium increase. These costs were related to bank fees, legal counsels, advisors and auditors’ fees.

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

	For the year ended December 31,
(in thousands of euros)	2015			2016			2017
Net loss (in thousands of euros)		(15,013	)		(21,913	)		(33,530	)
Weighted number of shares for the period		6,957,654			7,983,642			11,370,557
Basic loss per share (€/share)		(2,16	)		(2.74	)		(2.95	)
Diluted loss per share (€/share)		(2.16	)		(2.74	)		(2.95	)

At December 31, 2015, 2016 and 2017, the potential shares that could be issued within the context of exercising warrants issued (455,330, 626,000 and 858,186 as at December 31, 2015, 2016 and 2017, respectively) were not taken into consideration in the calculation of the diluted earnings, as their effect would be anti-dilutive.

2,500 shares are held by the Company as treasury shares (and recognized as a deduction of shareholders’ equity) and will be cancelled.

6.9 Provisions

The provisions can be detailed as follows:

	As of December 31,
(in thousands of euros)	2015		2016		2017
Provision for retirement indemnities		100		163		214
Provisions for disputes		81		—		—
Total		181		163		214

The regime for retirement indemnities applicable at the Parent Company, is defined by the collective agreement for the pharmaceutical industry in France.

The Company recognizes actuarial differences in other comprehensive income. The pension commitments are not covered by plan assets. The portion of the provision for which the maturity is less than one year is not significant.

As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees:

	2015			2016			2017
Discount rate		2.03	%		1.36	%		1.30	%
Wage increase		2	%		2	%		2	%
Social welfare contribution rate		Non-executive 44	%		Non-executive 44	%		Non-executive 44	%
		Executive 54	%		Executive 54	%		Executive 54	%
Expected staff turnover		0-10	%		0-10	%		0-10	%
Age of retirement:		65-67 years			65-67 years			65-67 years
Mortality table		INSEE 2014			INSEE 2014			INSEE 2014

The Company has settled the dispute with BPI France related to the GR-SIL subsidy for €81 thousand as well as the residual conditional advance for €23 thousand. The reimbursement was made in January 2016 for €104 thousand.

The breakdown of provisions is as follows:

In thousands of euros	Opening		Other (1)			Provisions		Reversals		Closing
Period from January 1 to December 31, 2015
Retirement indemnity provision		89		(8	)		20		—		100
Provision for disputes		—		—			81		—		81
Net closing balance		89		(8	)		101		—		181
Period from January 1 to December 31, 2016
Retirement indemnity provision		100		30			33		—		163
Provision for disputes		81		—			—		81		—
Net closing balance		181		30			33		81		163
Period from January 1 to December 31, 2017
Retirement indemnity provision		163		(8	)		59		—		214
Provision for disputes		—		—			—		—		—
Net closing balance		163		(8	)		59		—		214

(1) The “Other” differences relate to actuarial gains and losses

6.10 Financial liabilities

Financial liabilities by type

	As of December 31,
(in thousands of euros)	2015		2016		2017
Financial liabilities related to finance leases		144		204		117
Bank overdrafts		—		—		11
Conditional advances		563		1,182		1,182
Bank loans		—		1,480		1,534
Total financial liabilities		707		2,865		2,843

Financial liabilities by maturity

Maturity dates of financial liabilities as of December 31, 2015 are as follows:

(in thousands of euros)	Less than one year		One to three years		Three to five years		More than five years		Total
Financial liabilities
Bank loans		—		—		—		—		—
Conditional advances		501		—		—		63		563
Liabilities related to leases		56		88		—		—		144
Total financial liabilities		556		88		—		63		707

Maturity dates of financial liabilities as of December 31, 2016 are as follows:

(in thousands of euros)	Less than one year		One to three years		Three to five years		More than five years		Total
Financial liabilities
Bank loans		—		1,480		—		—		1,480
Conditional advances		—		—		—		1,182		1,182
Liabilities related to leases		50		154		—		—		204
Total financial liabilities		50		1,634		—		1,182		2,865

Maturity dates of financial liabilities as of December 31, 2017 are as follows:

(in thousands of euros)	Less than one year		One to three years		Three to five years		More than five years		Total
Financial liabilities
Bank loans		735		799		—		—		1,534
Conditional advances		—		—		—		1,182		1,182
Liabilities related to leases		79		39		—		—		117
Bank overdrafts		11		—		—		—		11
Total financial liabilities		824		838		—		1,182		2,843

The company has received a bank loan amounting to €1.900 thousand with Société Générale with a 0.4% interest rate and 36 monthly repayment terms to finance its investments.

The conditional advances from public authorities relate to contracts with BPI France. The Company has three contracts related to conditional advances with BPI France. These advances are not interest-bearing and are 100% repayable (nominal value) in the event of technical and/or commercial success.

Under IFRS, the fact that a conditional advance does not require an annual interest payment is akin to obtaining a zero-interest loan, i.e., more favorable than market conditions. The difference between the amount of the advance at its historical cost and that of the advance discounted at the risk-free rate (10 year forward bonds) increased by an estimated credit spread is considered to be a grant received from the State. These grants are recognized in the consolidated statement of net income (loss) over the estimated duration of the projects financed by these advances.

The portion of the conditional advances due in more than one year is recorded under financial debts—non-current portion, while the portion due in less than one year is recorded under financial debts—current portion.

Since its creation, the Company has received 3 conditional advances from BPI France, repayable under certain conditions. The main terms of the agreements as well as the balances as of December 31, 2016 and 2017 respectively are presented below:

Conditional advances (amounts received/paid)	€ ‘000
Conditional advance granted by BPI France / Pancreas project		735
Conditional advance granted by BPI France / GR-SIL project		81
Conditional advance granted by BPI France / Tedac project		63
Total conditional advances granted by BPI France as of 31 December 2012 (nominal value)		879
Effect of the discount		(122	)
Total conditional advances granted by BPI France as of 31 December 2012 (present value)		757
Repayment in 2013		(115	)
Of which BPI France / Pancreas project		(100	)

Of which GR-SIL project	(15	)
Interest capitalized in 2013	52
Financial liabilities as of December 31, 2013	694
Repayment in 2014	(184	)
Of which BPI France / Pancreas project	(150	)
Of which GR-SIL project	(34	)
Interest capitalized in 2014	39
Financial liabilities as of December 31, 2014	549
Repayment in 2015	(9	)
Interest capitalized in 2015	23
Financial liabilities as of December 31, 2015	563
Repayment in 2016	(508	)
Of which BPI France / Pancreas project	(485	)
Of which GR-SIL project	(23	)
Conditional advance granted by BPI France / Tedac project	1,118
Interest capitalized in 2016	7
Financial liabilities as of December 31, 2016	1,181
Repayment in 2017	—
Interest capitalized in 2017	—
Financial liabilities as of December 31, 2017	1,181

• BPI FRANCE / PANCREAS

The first conditional advance, granted by BPI France for a total amount of €735,000, related to the development of a new treatment against pancreatic cancer through the administration of allogenic red blood cells incorporating L-asparaginase program.

The repayment of this conditional advance was according to a fixed payment schedule that ended on June 30, 2016 following the last payment of €260,000.

As at December 31, 2017, all the payment due had been reimbursed (see below).

• BPI FRANCE / GR-SIL

The second conditional advance, granted by BPI France, which provided for a total amount of €135,000, concerns a program for the preclinical validation of the encapsulation of interfering RNA for therapeutic use in red blood cells, notably to limit inflammation of the cirrhotic liver and/or prevent the development of hepatocellular carcinomas.

The Company has reimbursed the entire amount of the conditional advance in January 2016 for €23 thousand (representing the balance) and also reimbursed the related subsidy of €81 thousand to settle the dispute with BPI France.

• BPI FRANCE / TEDAC:

The third conditional advance, granted by BPI France within the scope of the TEDAC project, is for a total amount of €4,895,052. This conditional advance is paid upon completion of the following key milestones:

• €62,607 upon signature of the agreement (paid in 2012)

• €1,118,735 upon the milestones n°4

• the remainder upon calls for funds when key milestones are reached (not yet received)

• as at December 31, 2017, the Company has reached milestone n°4; the Company has received €1,181 thousand of reimbursable advances and €1,455 thousand of cumulated subsidies.

The Company undertakes to repay BPI France initially:

a) an amount of €5,281,000 upon achieving cumulative sales (excluding VAT) equal to or greater than €10 million, according to the following payment schedule:

• €500,000 at the latest on June 30 of the first year in which the cumulative sales condition is achieved,

• €750,000 at the latest on June 30 of the second year,

• €1,500,000 at the latest on June 30 of the third year,

• €2,531,000 at the latest on June 30 of the fourth year,

b) and, where applicable, an annuity equal to 50% of the income generated through the sale of intellectual property rights resulting from the project, within the limit of a total repayment of €5.3 million.

In a second phase, when the cumulative sales reach €60,000,000, the Company undertakes to pay BPI France 2.5% of sales generated by the products developed within the project, limited to a total amount of €15 million over 15 years once sales begin.

6.11 Trade and other payables

	As of December 31,
(in thousands of euros)	2015			2016			2017
Domestic vendors		1,904			2,802			2,335
Foreign vendors		1,371			745			2,631
Vendors—Accruals		498			1,292			3,211
Other		(101	)		(7	)		(101	)
Total trade and other payables		3,672			4,832			8,076

Trades and other payables have increased by €3,244 thousand as of December 31, 2017 of which €1,919 thousand relate to accruals. This trade and other payables increase is related to the increase in research and development activities in 2017.

The increase between 2015 and 2016 of €1,160 thousand is due to the same reason.

6.12 Other current liabilities

	As of December 31,
(in thousands of euros)	2015		2016		2017
Social liabilities, taxation and social security		1,241		1,465		2,706
Deferred revenue				—		—
Other payables		71		—		—
Total other current liabilities		1,311		1,465		2,706

The increase in other current liabilities between 2016 and 2017 is mainly due to the increase of accruals for bonuses and social tax on bonuses. The increase is related to the increase of wages and headcounts over the two periods.

6.13 Related parties

Related parties include the Chief Executive Officer of the Company Gil Beyen, members of the Board of Directors (6 Board members) and members of the executive committee (5 members).

The remuneration of directors and other members of the executive committee during the year amounted to €2,402 thousand for wages and €1,120 thousand for share based-payments (see Note 5.3).

	2017						2016						2015
In thousand of euros	Salary / Fees		Retirement benefits		Share based payments		Salary / Fees		Retirement benefits		Share based payments		Salary / Fees		Retirement benefits		Share based payments
Executive officers / VP and Qualified person		654		19		306		498		15		226		825		6		241
Executive committee		1,519		25		478		818		10		495		279		1		554
Board of directors		229		—		336		184		—		37		172		—		1,593
Total		2,402		44		1,120		1,500		25		758		1,276		7		2,387

The Company has no other related parties.

6. 14 Financial instruments recognized in the consolidated statement of financial position and effect on net income (loss)

As of December 31, 2015 (in thousands of euros)	Carrying amount on the statement of financial position (1)		Fair value through profit and loss		Loans and receivables		Debt at amortized cost		Fair value
Non-current financial assets		97		—		97		—		97
Trade and other receivables		424		—		424		—		424
Other current assets		5,705		—		5,705		—		5,705
Cash and cash equivalents (2)		45,634		45,634		—		—		45,634
Total financial assets		51,860		45,634		6,226		—		51,860
Financial liabilities – Non-current portion (3)		151		—		—		151		151
Financial liabilities – Current portion (3)		557		—		—		557		557
Trade payables and related accounts		3,672		—		—		3,672		3,672
Total financial liabilities		4,380		—		—		4,380		4,380

As of December 31, 2016 (in thousands of euros)	Carrying amount on the statement of financial position (1)		Fair value through profit and loss		Loans and receivables		Debt at amortized cost		Fair value
Non-current financial assets		132		—		132		—		132
Trade and other receivables		218		—		218		—		218
Other current assets		4,524		—		4,524		—		4,524
Cash and cash equivalents (2)		37,646		37,646		—		—		37,646
Total financial assets		42,520		37,646		4,874		—		42,520
Financial liabilities – Non-current portion (3)		2,816		—		—		2,816		2,816
Financial liabilities – Current portion (3)		50		—		—		50		50
Trade payables and related accounts		4,832		—		—		4,832		4,832
Total financial liabilities		7,697		—		—		7,697		7,697

As of December 31, 2017 (in thousands of euros)	Carrying amount on the statement of financial position (1)		Fair value through profit and loss		Loans and receivables		Debt at amortized cost		Fair value
Non-current financial assets		234		—		234		—		234
Trade and other receivables		76		—		76		—		76
Other current assets		5,790		—		5,790		—		5,790
Cash and cash equivalents (2)		185,525		185,525		—		—		185,525
Total financial assets		191,626		185,525		6,100		—		191,626
Financial liabilities – Non-current portion		2,019		—		—		2,019		2,019
Financial liabilities – Current portion (3)		824		—		—		824		824
Trade payables and related accounts (3)		8,076		—		—		8,076		8,076
Total financial liabilities		10,919		—		—		10,919		10,919

(1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value.

(2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 and level 2 measurements, respectively.

(3) The fair value of financial liabilities is determined using level 2 measurements.

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Management of Financial Risks

12 Months Ended

Dec. 31, 2017

Management of Financial Risks

7 MANAGEMENT OF FINANCIAL RISKS

The principal financial instruments held by the Company are securities that are classified as cash and cash equivalents. The purpose of holding these instruments is to finance the ongoing business activities of the Company. It is not the Company’s policy to invest in financial instruments for speculative purposes. The Company does not utilize derivatives.

The principal risks to which the Company is exposed are liquidity risk, foreign currency exchange risk, interest rate risk and credit risk.

Liquidity risk

The Company has been structurally loss-generating since its creation. The net cash flows used by the Company’s operating activities were respectively €14.6 million, €17.6 million and €24.7 million for the years ended December 31, 2015, 2016 and 2017, respectively.

The Company does not believe that it is exposed to short-term liquidity risk, considering the cash and cash equivalents that it had available as of December 31, 2017, amounting to €185.5 million which was primarily cash at hand and term deposits that are convertible into cash immediately without penalty. Management believes that the amount of cash and cash equivalents available is sufficient to fund the Company’s planned operations through the next twenty-four months.

Historically, the Company has financed its growth by strengthening its shareholders’ equity in the form of capital increases and the issue of convertible bonds. The Company believes that the capital increase associated with its initial public offering completed in May 2013, as well as the capital increases completed in 2014, 2015, 2016 and a private placement and an initial public offering in 2017, enable the Company to continue as a going concern for at least the twenty-four-month period starting in January 1, 2018.

The contractual cash flows of the financial liabilities as at December 31, 2015, 2016 and 2017 are as follows:

(in thousands of euros)			Contractual cash flows
As of December 31, 2015	Book value		Total			Less than one year			One to five years
Financial liabilities
Bank loans		—		—			—			—
Conditional advances		563		(570	)		(507	)		(63	)
Liabilities related to finance leases		144		(149	)		(59	)		(91	)
Trade payables and related accounts		3,672		(3,672	)		(3,672	)		—
Total financial liabilities		4,380		(4,392	)		(4,238	)		(153	)

(in thousands of euros)			Contractual cash flows
As of December 31, 2016	Book value		Total			Less than one year			One to five years
Financial liabilities
Bank loans		1,480		(1,480	)					(1,480	)
Conditional advances		1,182		(1,182	)					(1,182	)
Liabilities related to finance leases		204		(149	)		(59	)		(91	)
Trade payables and related accounts		4,832		(4,832	)		(4,832	)		—
Total financial liabilities		7,697		(7,644	)		(4,891	)		(2,753	)

(in thousands of euros)			Contractual cash flows
As of December 31, 2017	Book value		Total			Less than one year			One to five years
Financial liabilities
Bank loans		1,534		(1,534	)		(735	)		(799	)
Conditional advances		1,182		(1,182	)					(1,182	)
Liabilities related to finance leases		117		(117	)		(79	)		(39	)
Bank overdrafts		11		(11	)		(11	)
Trade payables and related accounts		8,076		(8,076	)		(8,076	)		—
Total financial liabilities		10,919		(10,919	)		(8,900	)		(2,020	)

Foreign currency exchange risk

The Company’s functional currency is the Euro. However, a significant portion of about 30% of its operating expenses is denominated in U.S. dollars (agency office in Cambridge, MA, cooperation relating to the production of clinical batches with the American Red Cross, business development consultants, consultants for the development of clinical trials in the United States, and various collaborations relating to tests and clinical projects in the United States). As a result, the Company is exposed to foreign exchange risk inherent in operating expenses incurred. The Company does not currently have revenues in euros, dollars nor in any other currency. Due to the relatively low level of these expenditures, the exposure to foreign exchange risk is unlikely to have a material adverse impact on the results of operations or financial position of the Company. However, this dependency is expected to increase, as the Company expects to perform clinical trials in the United States and, in the longer term, sell on this market. The Company will opt to use exchange rate hedging techniques. Expenses in U.S. Dollars totaled $11,620 thousand during 2017. However, the EUR/USD rate rose considerably at the period end, reaching $1.1993 per €1.00 at December 29, 2017, the last business day of 2017. As noted in Note 4.9, the Company does not use derivative financial instruments to hedge the foreign currency exchange risk.

Change in exchange rate (decrease) from 1% would have an impact as of December 31, 2017 of €102 thousand.

Change in exchange rate (decrease) from 5% would have an impact as of December 31, 2017 of €490 thousand.

Change in exchange rate (decrease) from 10% would have an impact as of December 31, 2017 of €935 thousand.

The bank account position held in USD amounted to $113,385 thousand.

Change in exchange rate (decrease) from 1% would have an impact as of December 31, 2017 of €936 thousand.

Change in exchange rate (decrease) from 5% would have an impact as of December 31, 2017 of €4,502 thousand.

Change in exchange rate (decrease) from 10% would have an impact as of December 31, 2017 of €8,595 thousand.

As the Company further increases its business, particularly in the United States, the Company expects to face greater exposure to exchange rate risk.

Interest rate risk

The Company has very low exposure to interest rate risk. Such exposure primarily involves money market funds and time deposit accounts. Changes in interest rates have a direct impact on the rate of return on these investments and the cash flows generated.

The Company’s currently outstanding bank loan bears interest at a fixed rate, and therefore the company is not subject to interest rate risk with respect to this loan.

The repayment flows of the conditional advances from BPI France are not subject to interest rate risk.

Credit risk

The credit risk related to the Company’s cash and cash equivalents is not significant in light of the quality of the co-contracting financial institutions.

Inflation Risk

We do not believe that inflation has had a material effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.

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Off-Balance Sheet Commitments

12 Months Ended

Dec. 31, 2017

Off-Balance Sheet Commitments

8 OFF-BALANCE SHEET COMMITMENTS

Operating leases

The off-balance sheet commitments relating to operating leases amount to €726 thousand and essentially correspond to the lease of buildings. The maturities on these expenses are as follows:

Less than 1 year: €484 thousand

Between 1 year and 5 years: €242 thousand

More than 5 years: €0

Collaborative arrangements

Agreement with Orphan Europe

In November 2012, the Company entered into a marketing agreement with Orphan Europe, a subsidiary of Recordati Group, to market and distribute GRASPA^® for the treatment of ALL and AML in 38 countries in Europe, including all of the countries in the European Union. The Company received a payment of €5 million on signing the agreement, which provides for sharing in the development costs for GRASPA^® in AML. The Company may be entitled to receive future payments of up to €37.5 million, subject to the achievement of specified clinical, regulatory and commercial milestones. Orphan Europe will invest in the development costs for GRASPA^® in AML, and we will receive a payment for product delivered and royalties on the sales for a total of up to 45% of the sale price. The agreement provides that Orphan Europe may automatically terminate the agreement, recoup certain expenses, and reduce milestone payments in the event that the intellectual property the Company would license to them under the agreement is deemed to be counterfeited or invalid.

Agreement with the Teva Group

In March 2011, the Company entered into a partnership agreement with the Teva Group (through Abic Marketing Limited), or Teva, to distribute GRASPA^® in Israel. Under the terms of the agreement, Teva will submit the request for approval of GRASPA^® for ALL in Israel and is responsible for the marketing and distribution of GRASPA^® in Israel. Teva will pay interim payments to the Company and will share net earnings of product sales in Israel with us. Early termination of the agreement may be requested by either party in the event of a change in control in the other party.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Basis of consolidation

4.1 Basis of consolidation

In accordance with IFRS 10 Consolidated Financial Statements, an entity is consolidated when it is controlled by the Company. The Company controls an entity when it is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intra-company balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full. As of December 31, 2017, the Company has one subsidiary for which no non-controlling interest is recognized.

Details of the Company’s subsidiary as of December 31, 2017 are as follows:

	Date of Incorporation	Percent of Ownership Interest			Accounting Method
ERYTECH Pharma, Inc.	April 2014		100	%	Fully consolidated

Intercompany transactions

4.2 Intercompany transactions

Transactions involving reciprocal assets and liabilities, as well as income and expense, between ERYTECH and ERYTECH Pharma, Inc. are eliminated in the Consolidated Financial Statements.

Foreign currencies

4.3 Foreign currencies

Functional Currency and Translation of Financial Statements in Presentation Currency

The Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A. (the “Parent Company”). The statements of financial position of the consolidated entity having a functional currency different from the euro are translated into euros at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statements of income (loss), statements of comprehensive income (loss) and statements of cash flow of such consolidated entity are translated at the average exchange rate for the period, except if exchanges rates fluctuate significantly. The resulting translation adjustment is included in other comprehensive income (loss) as a cumulative translation adjustment.

Conversion of Foreign Currency Transactions

Foreign currency transactions are converted to functional currency (euros) at the rate of exchange applicable on the transaction date. At period-end, foreign currency monetary assets and liabilities are converted at the rate of exchange prevailing on that date. The resulting exchange gains or losses are recorded in the Consolidated Statements of Income in “Financial income (loss)”.

The loan in U.S. dollars from ERYTECH Pharma S.A. to ERYTECH Pharma, Inc. is considered as part of the net investment in a foreign operation. Exchange differences on this loan are recognized in other comprehensive income.

Consolidated statements of cash flows

4.4 Consolidated statements of cash flows

The consolidated statements of cash flows are prepared using the indirect method and separately present the cash flows associated with operating, investment, and financing activities.

Operating activities correspond to the Company primary income-generating activities and all the other activities that do not meet the investment or financing criteria. The Company has decided to classify grants received such as the Research Tax Credit (Credit d’Impôt Recherche) as an operating activity in the consolidated statement of cash flows.

Cash flows associated with investment activities correspond to cash flows associated with the purchase of property, plant and equipment, net of asset supplier payables, and with the disposal of assets and other investments.

Financing activities are operations that result in changes in the amount and composition of the share capital and borrowings of the entity. Capital increases and the obtaining or repayment of loans are classified under this category. The Company has chosen to classify the conditional advances under this category.

The increases in assets and liabilities with non-cash effects are eliminated. As such, the assets financed through a finance lease are not included in the investments for the period presented. The decrease in financial liability associated with leases is therefore included under the caption ‘repayment of borrowings’ for the period.

Use of estimates and judgments

4.5 Use of estimates and judgments

Preparation of the financial statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The use of estimates and judgment relate primarily to the measurement of share-based payments (Note 4.15 and Note 5.3) and accruals of hospital costs. Hospital costs are estimated using revised budgets of clinical studies currently being completed, and also using information collected from hospital centers included in the clinical study.

Intangible assets

4.6 Intangible assets

Internally generated intangible assets – Research and development costs

In accordance with IAS 38 Intangible Assets (“IAS 38”), research expenditures are expensed in the period during which they are incurred.

An internally generated intangible asset relating to a development project is recorded as an asset if, and only if, the following criteria are met:

(a) it is technically feasible to complete the development project;

(b) intention on the part of the Company to complete the project and to utilize it;

(c) capacity to utilize the intangible asset;

(d) proof of the probability of future economic benefits associated with the asset;

(e) availability of the technical, financial, and other resources for completing the project; and

(f) reliable evaluation of the development expenses.

The initial measurement of the asset is the sum of expenses incurred starting on the date on which the development project meets the above criteria.

Because of the risks and uncertainties related to regulatory authorizations and to the research and development process, the Company believes that the six criteria stipulated by IAS 38 have not been fulfilled to date and the application of this principle has resulted in all development costs being expensed as incurred in all periods presented.

Other intangible assets

The costs related to the acquisition of software licenses are recognized as assets on the basis of the costs incurred to acquire and to implement the software.

They are amortized using the straight-line method over a period of one to five years depending on the anticipated period of use.

An impairment is recorded when the asset’s carrying amount is greater than its recoverable value (see Note 4.8).

Property, plant and equipment

4.7 Property, plant and equipment

Property, plant and equipment are recorded at their acquisition cost, comprised of their purchase price and all the direct costs incurred to bring the asset to the location and working condition for its use as intended by the company’s management.

Property, plant, and equipment are depreciated on the basis of the straight-line method over the estimated useful life of the property. The fixtures of property rented are depreciated over the term of their own lifetime or of the term of the rental agreement, whichever is shorter.

The depreciation periods used are the following:

PROPERTY, PLANT, AND EQUIPMENT ITEM	DEPRECIATION PERIOD
Industrial equipment Fixtures and improvements in structures	1 to 5 years 3 to 10 years
Office equipment	3 years
Furniture	3 to 5 years

The useful lives of property, plant and equipment as well as any residual values are reviewed at each year end and, in the event of a significant change, result in a prospective revision of the depreciation pattern.

Impairment tests

4.8 Impairment tests

According to IAS 36 Impairment of Assets (“IAS 36”), a loss in value must be recognized where the carrying value of an asset, or the cash generating unit to which the asset belongs (if it is not possible to estimate the recoverable amount of the individual asset), is lower than its recoverable value.

The property, plant, and equipment and intangible assets that have a finite life are subject to an impairment test when the recoverability of their carrying value is called into question by the existence of indications of impairment. An impairment is recognized in the Consolidated Financial Statements up to the amount of the excess of the value over the recoverable value of the asset. The recoverable value of an asset corresponds to its fair value less costs to sell or its value in use, whichever is higher.

Financial assets and liabilities - Measurement and Presentation

4.9 Financial assets and liabilities – Measurement and Presentation

The valuation and the accounting treatment of the financial assets and liabilities are defined by IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”). The Company does not use derivative instruments to hedge its currency exposure.

Loans and receivables

These instruments are initially recognized in the Consolidated Financial Statements at their fair value and then at the amortized cost calculated with the effective interest rate (“EIR”) method. The short-term receivables without an interest rate are valued at the amount of the original invoice, unless the application of an implicit interest rate has a material effect.

The loans and receivables are monitored for any objective indication of impairment. A financial asset is impaired if its carrying value is greater than its recoverable amount. The impairment is recognized in the statement of income (loss).

Financial liabilities at the amortized cost

Loans and other financial liabilities are initially measured at their fair value less transaction costs directly attributable, and then at the amortized cost, calculated using the EIR method.

Presentation of financial assets and financial liabilities measured at fair value

In accordance with IFRS 13 Fair Value Measurement, financial instruments are presented in three categories based on a hierarchical method used to determine their fair value:

• level 1: fair value calculated using quoted prices in an active market for identical assets and liabilities;

• level 2: fair value calculated using valuation techniques based on observable market data such as prices of similar assets and liabilities or parameters quoted in an active market;

• level 3: fair value calculated using valuation techniques based wholly or partly on unobservable inputs such as prices in an inactive market or a valuation based on multiples for unlisted securities.

Inventories

4.10 Inventories

In compliance with the IAS 2 Inventories, inventories are recognized at their cost or at their net realizable value, whichever is lower. Cost is determined on a First-In First-Out (FIFO) cost basis. Management periodically reviews the inventory for obsolescence and adjusts as necessary.

Cash and cash equivalents

4.11 Cash and cash equivalents

The item “cash and cash equivalents” in the consolidated statement of financial position includes bank accounts and highly liquid securities. They are readily convertible into a known amount of cash and are subject to a negligible risk of change in value.

They are recorded as assets in Cash equivalents, measured at their fair value, and the changes in value are recognized through financial income or loss.

The cash equivalents classification is made if the following criteria are fulfilled:

• held for the purpose of meeting short term cash commitments rather than for investment or other purposes.

• exit options exist:

• exercisable at any time at least every three months

• initially included in the contract and this exit option is always provided in the initial contract

• exercisable without exit penalty and without significant risk of change in the amount received as cash reimbursement

• there is no value risk related to the level of minimum compensation acquired (i.e. that obtained in the event of early exit) because over the entire duration and at each moment this remuneration will be identical to that obtained from an investment of no more than three months that meets the definition of a cash equivalent. This can be the case when the rate is variable or revisable.

Provisions

4.12 Provisions

A provision is recognized where the Company has a current or implicit legal obligation resulting from a past event, where the obligation can be reliably estimated, and where it is probable that an outflow of resources representing economic benefits will be necessary to settle the obligation. The portion of a provision that become due in less than one year is recorded under current liabilities, and the balance under non-current liabilities. The provisions are discounted when the impact is material.

Provisions recognized in the consolidated statement of financial position mainly include obligations pertaining to retirement indemnities and provisions for risks.

Disclosure is made in the detailed notes on any contingent assets and liabilities where the impact is expected to be material, except where the probability of occurrence is low.

Provisions for retirement indemnities—defined benefit plans

The employees of the Company receive the retirement benefits stipulated by law in France:

• a compensation paid by the Company to employees upon their retirement (defined-benefit plan) and;

• a payment of retirement pensions by the social security agencies, which are financed by the contributions made by companies and employees (defined contribution plans in France).

For the defined-benefit plans, the costs of the retirement benefits are estimated by using the projected credit unit method. According to this method, the cost of the retirement benefit is recognized in the statement of income (loss) so that it is distributed uniformly over the term of the services of the employees. The retirement benefit commitments are valued at the current value of the future payments estimated using, for discounting, the market rate for high quality corporate bonds with a term that corresponds to the estimated term for the payment of the benefits.

The Company appoints external actuaries to conduct an annual review of the valuation of these plans.

The difference between the amount of the provision at the beginning of a period and at the close of that period is recognized through profit or loss for the portion representing the costs of services rendered and the net interest costs, and through other comprehensive income for the portion representing the actuarial gains and losses.

The Company’s payments for the defined-contribution plans are recognized as expenses on the statement of income (loss) of the period in which they become payable.

Provisions for risks

The provisions for risks correspond to the commitments resulting from litigations and various risks whose due dates and amounts are uncertain.

The amount recognized in the Consolidated Financial Statements as a provision is the best estimate of the expenses necessary to extinguish the obligation.

Lease agreements

4.13 Lease agreements

The leases involving property, plant, and equipment are classified as finance lease agreements when the Company bears substantially all the benefits and risks inherent in the ownership of the property. The assets that are covered under finance lease agreements are capitalized as of the beginning date of the rental agreement on the basis of the fair value of the rented asset or the discounted values of the future minimum payments, whichever is lower. Each rental payment is distributed between the debt and the financial cost in such a manner to determine a constant interest rate on the principal that remains due. The corresponding rental obligations, net of the financial expenses, are classified as financial liabilities. The property, plant, or equipment acquired within the framework of a finance lease agreement is amortized over the useful life or the term of the lease agreement, whichever is shorter.

The rental agreements for which a significant portion of the risks and advantages is preserved by the lessor are classified as operating leases. The payments made for these operating leases, net of any incentive measures, are recognized as expenses on the consolidated statement of income (loss) on a straight-line basis over the term of the agreement.

Share capital

4.14 Share capital

Common shares are classified under shareholders’ equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recognized in shareholders’ equity as a deduction from the proceeds from the issue, net of tax.

Share-based payment

4.15 Share-based payment

The Company has applied IFRS 2 Share-based payment (“IFRS 2”) to all equity instruments e.g. free shares (“AGAP”), stock options (“SO”), share subscription warrants (“BSA”) and founder subscription warrants (“BSPCE”) granted since inception to its employees, members of the Board of Directors or other individuals. Pursuant to IFRS 2, the cost of the remuneration paid with equity instruments is recognized as an expense in exchange for an increase in the shareholders’ equity for the vesting period during which the rights to be enjoyed from the equity instruments are acquired. As such, changes in value subsequent to the grant date have no effect on this initial measurement.

Fair value is estimated using the Black & Scholes valuation model (for BSA, SO and BSPCE valuation), Monte-Carlo valuation model (for AGAP valuation) and Cox-Ross-Rubinstein valuation model (for 2016 and 2017 BSA valuation). These models allow the Company to take into account the characteristics of the plan (vesting price, vesting period), the market data at the grant date (volatility, expected dividends, repo margin), possible performance conditions attached to warrants and recipient behavior assumptions.

Other income

4.16 Other income

Research tax credit

The research tax credit (Crédit d’Impôt Recherche or “CIR”) (the “Research Tax Credit”) is granted to companies by the French tax authorities in order to encourage them to conduct technical and scientific research. Companies that prove that they have expenditures that meet the required criteria (research expenditures located in France or, since January 1, 2005, within the European Union or in another State that is a party to the Agreement on the European Economic Area that has concluded a tax treaty with France that contains an administrative assistance clause) receive a tax credit that can be used for the payment of the corporate tax due for the fiscal year in which the expenditures were made and the next three fiscal years, or, as applicable, can be reimbursed in cash. The expenses taken into account for the calculation of the Research Tax Credit involve only research expenses.

The Company has received the Research Tax Credit since its inception.

The receivable in the consolidated statement of financial position as at December 31, 2017 includes the CIR for 2017 (see Note 6.6).

The CIR is presented under other income in the consolidated statement of income (loss) as it meets the definition of government grant as defined in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.

Subsidies and conditional advances

Due to the innovative nature of its product candidate development programs, the Company has benefited from certain sources of financial assistance from Banque Publique d’Investissement (“BPI France”). BPI France provides financial assistance and support to emerging French enterprises to facilitate the development and commercialization of innovative technologies.

The funds received by the Company are intended to finance its research and development efforts and the recruitment of specific personnel. The Company has received such funding in the form of non-refundable subsidies and conditional advances.

Subsidies

Subsidies received are grants that are not repayable by the Company and are recognized in the financial statements as operating income where there exists reasonable assurance that the Company will comply with the conditions attached to the subsidies and the subsidies will be received.

Subsidies that are upfront payments are presented as deferred revenue and recognized ratably through income over the duration of the research program to which the subsidy relates.

A public subsidy that is to be received either as compensation for expenses or for losses already incurred, or for immediate financial support of the Company without associated future costs, is recognized in the Consolidated Financial Statements as other income when there exists reasonable assurance that the subsidies will be received.

Conditional advances

Funds received from BPI France in the form of conditional advances are recognized as financial liabilities, as the Company has a contractual obligation to reimburse BPI France for such conditional advances in cash based on a repayment schedule provided the conditions are complied with. Each award of an advance is made to help fund a specific development milestone. The details concerning the conditional advances are provided in Note 6.10.

Receipts or reimbursements of conditional advances are reflected as financing transactions in the statement of cash flows.

The amount resulting from the benefit of conditional advances that do not bear interest at market rates is considered a subsidy. This benefit is determined by applying a discount rate equal to the rate the Company would have to pay for a bank borrowing over a similar maturity.

The implicit interest rate resulting from taking into account all the repayments plus the additional payments due in case of commercial success as described in Note 6.10 is used to determine the amount recognized annually as a finance cost.

In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company recalculates the net book value of the debt resulting from the discounting of the anticipated new future cash flows at the initial effective interest rate. The adjustment that results therefrom is recognized in the consolidated statement of income (loss) for the period during which the modification is recognized.

The conditional advances that can be subject to this type of modification are the advances received from BPI France, presented in Note 6.10.

Partnership with Orphan Europe AML clinical trial

As a result of its partnership agreement with Orphan Europe related to the development of Acute Myeloid Leukemia (“AML”), the Company re-invoices, with no margin, certain clinical costs incurred and invoiced to the Company by external providers.

In application of IAS 18 Revenue, the Company considers that, within the context of this partnership, it acts as agent regarding these reinvoiced external costs, as:

• The Company does not have primary responsibility for provision of the goods or service, the majority of services being provided by third parties, the most significant of which, the Contract Research Organization (“CRO”), directly invoices Orphan Europe. The Company is directly invoiced only for the secondary services.

• The Company bears no inventory risk,

• The Company has no capacity to determine prices, all of the external costs being reinvoiced for the exact amount of the initial invoice, with no margin, and it is not affected by any price changes applied by the suppliers.

• The Company bears a credit risk considered to be not significant.

Within the context of this same agreement, the Company also invoiced certain internal clinical costs, such as personnel costs associated with the management of clinical trials, or personnel involved in the production of batches necessary for the AML clinical trial together with internal costs related to the AML clinical trial.

Consequently, the re-invoicing of these external costs to Orphan Europe is presented as a decrease in corresponding research and development expenses incurred by the Company. For the year ended December 31, 2017 there was no re-invoicing in the context of the AML clinical trial.

Partnership with Orphan Europe NOPHO clinical trial

These invoiced external costs are classified by the Company as “other income” in the consolidated statement of income (loss) and within the context of this agreement, amounted to €177.5 thousand for the year ended December 31, 2017.

Financial income and expense

4.17 Financial income and expense

Financial results relate to loans, gains and losses on exchange rate variations and other financial debts (notably overdrafts and finance leases) and includes interest expenses incurred on financial liabilities and the related amortization of debt issuance costs, and income received from cash and cash equivalents. For the year ended December 31, 2017 financial expenses are mainly composed of currency exchange losses.

Income taxes

4.18 Income taxes

Current taxes

Considering the level of tax loss carryforwards not recognized, no current tax expense is recognized.

Deferred taxes

Except in specific cases, deferred taxes are calculated for the temporary differences between the carrying value of an asset or a liability and its tax value. Changes in the tax rates are recorded in the results of the financial year during which the rate change is decided. Deferred tax assets resulting from temporary differences or tax losses carried forward are limited to the deferred tax liabilities with the same maturity, except where their allocation on future taxable income is probable. Deferred taxes are calculated based on the most recent tax rates adopted at the date of each financial year-end.

Deferred tax assets and liabilities are not discounted and are classified in the consolidated statement of financial position under non-current assets and liabilities.

In addition, the Parent Company, as an entity incorporated in France, is subject to the territorial economic contribution (Contribution Economique Territoriale—CET), which combines the corporate real estate contribution (cotisation foncière des entreprises—CFE) and the corporate value-added contribution (cotisation sur la valeur ajoutée des entreprises—CVAE):

• the corporate real estate contribution, the amount of which depends on property rental values and which can, where applicable, have a ceiling at a percentage of the value added, presents significant similarities to the former business tax and is recognized under operating expenses;

• the corporate value-added contribution meets, based on the Company’s analysis, the definition of an income tax as established under IAS 12 Income Taxes (“IAS 12”) paragraph 2 (“taxes owing based on taxable income”). To enter within the scope of IAS 12, a tax must be calculated based on a net amount of income and expenses, and this net amount can be different from the net book results. The Company has judged that the corporate value-added contribution satisfies the characteristics outlined in this conclusion, insofar as the value added constitutes the intermediate level of income that systematically serves as the basis, according to French tax law, for determining the amount owing in relation to the corporate value-added contribution.

In conformity with the provisions of IAS 12, qualification of the corporate value-added contribution as an income tax leads to the recognition of deferred taxes relative to temporary differences existing at year end, with a contra-entry of a net expense in that year’s statement of net income (loss). Where applicable, this deferred tax expense is presented on the line income tax. For the moment, the Company does not pay the CVAE.

Earnings per share

4.19 Earnings per share

The basic earnings per share are calculated by dividing the Company’s net income (loss) by the weighted average number of shares in circulation during the corresponding period.

The diluted earnings per share are calculated by dividing the results by the weighted average number of common shares in circulation, increased by all dilutive potential common shares. The dilutive potential common shares include, in particular, the share subscription warrants, stock options, free shares and founder subscription warrants as detailed in note 5.3 and 6.8.

Dilution is defined as a reduction of earnings per share or an increase of loss per share. When the exercise of outstanding share options and warrants decreases loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. Thus, basic and diluted loss per share are equal as all equity instruments issued, representing 865,760 potential additional ordinary shares, have been considered anti-dilutive.

Segment reporting

4.20 Segment reporting

In accordance with IFRS 8 Operating Segments, reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer and Chairman of the Board of Directors) to allocate resources and to assess performance.

The Company operates in a single operating segment: the conducting of research and development in the area of treatment of acute leukemia and other orphan diseases in order to market them in the future. The assets, liabilities, and operating loss realized are primarily located in France.

Off-balance sheet commitments

4.21 Off-balance sheet commitments

The Company has defined and implemented monitoring for its off-balance sheet commitments so as to know their nature and object. Off-balance sheet items identified mainly relate to:

• future costs relate to clinical trials for which recruitment has begun,

• operating leases, purchase and investment commitments.

Events After the Close of the Reporting Period

4.22 Events After the Close of the Reporting Period

The consolidated statement of financial position and the consolidated statement of income (loss) of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that exist as of the closing date. Modifications can be made until the date the Consolidated Financial Statements are approved and authorized for issuance by the Board of Directors.

By virtue of the delegation of authority granted by the Company’s annual general meeting of June 27, 2017, the Board at a meeting held on January 7, 2018 approved the following share-based payments:

• 40,500 AGA₂₀₁₆ to ERYTECH Pharma S.A. executive officers;

• 40,500 BSA₂₀₁₇ to independent members of the Board of Directors;

• 27,000 AGA₂₀₁₇ to ERYTECH Pharma S.A. employees; and

• 40,500 SO₂₀₁₇ to ERYTECH Pharma, Inc. employees.

By virtue of the delegation of authority granted by Board of Directors held on June 27, 2017, the Chief Executive Officer at a meeting held on January 7, 2018 approved the following share-based payments:

• 86,940 AGA₂₀₁₇ to ERYTECH Pharma S.A. executive officers; and

• 56,703 SO₂₀₁₇ to ERYTECH Pharma, Inc. employees.

This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements.

ERYTECH conducted a comprehensive evaluation to determine other potential solid-tumor indications for developing eryaspase. Metastatic Triple-Negative Breast Cancer (TNBC) has now been selected as the next indication to expand the potential use of eryaspase in solid tumors. TNBC is an aggressive and metabolically active form of breast cancer with high rates of symptomatic metastases. This event after the close of the reporting period did not lead to an adjustment of the consolidated financial statements.

The Company evaluated subsequent events that occurred after December 31, 2017 through the date of approval and authorization of issuance of the Consolidated Financial Statements and determined that there are no significant events that require adjustments in such Consolidated Financial Statements.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Details of the Company's Subsidiary

Details of the Company’s subsidiary as of December 31, 2017 are as follows:

	Date of Incorporation	Percent of Ownership Interest			Accounting Method
ERYTECH Pharma, Inc.	April 2014		100	%	Fully consolidated

Summary of Depreciation Periods of Property, Plant, and Equipment Item

The depreciation periods used are the following:

PROPERTY, PLANT, AND EQUIPMENT ITEM	DEPRECIATION PERIOD
Industrial equipment Fixtures and improvements in structures	1 to 5 years 3 to 10 years
Office equipment	3 years
Furniture	3 to 5 years

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Notes Related to the Consolidated Statement of Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Detailed Information of Operating Income

Operating income consists of the following:

	For the year ended December 31,
	2015		2016		2017
	(in thousands of euros)
Research Tax Credit		2,219		3,347		3,187
Subsidies		368		463		—
Other income		341		327		178
Total		2,929		4,138		3,364

Summary of Operating Expense by Nature

Operating expenses by nature

For the year ended December 31, 2015 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Consumables		1,040		244		796		—		36		1,076
Rental and maintenance		462		204		259		—		304		767
Services, subcontracting and fees		4,475		1,539		2,570		366		3,022		7,497
Personnel expenses		3,977		1,506		2,384		87		1,627		5,603
Other		572		56		513		3		2,627		3,200
Depreciation and amortization		250		26		224		—		120		369
Total général		10,776		3,575		6,745		456		7,736		18,512

For the year ended December 31, 2016 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Consumables		2,071		917		1,153		—		66		2,136
Rental and maintenance		645		161		484		—		511		1,156
Services, subcontracting and fees		11,409		2,547		8,410		453		2,793		14,203
Personnel expenses		5,282		1,173		4,070		39		2,713		7,995
Other		35		8		27		—		577		613
Depreciation and amortization		277		25		252		—		148		425
Total		19,720		4,831		14,397		491		6,808		26,528

For the year ended December 31, 2017 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Consumables		2,391		1,859		532		—		148		2,539
Rental and maintenance		636		140		496		—		894		1,531
Services, subcontracting and fees		14,175		1,423		12,407		345		2,867		17,042
Personnel expenses		7,916		2,023		5,828		66		3,688		11,604
Other		81		20		44		17		927		1,008
Depreciation and amortization		263		94		169		—		266		530
Total		25,463		5,559		19,476		428		8,791		34,254

Summary of Personal Expenses

The personnel expenses are detailed as follows:

For the year ended December 31, 2015 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Wages and salaries		2,235		953		1,238		43		896		3,131
Share-based payments		822		126		678		19		302		1,124
Social security expenses		920		427		468		25		429		1,348
Total personnel expenses		3,977		1,506		2,384		87		1,627		5,604

For the year ended December 31, 2016 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrati ve expenses		Total
Wages and salaries		3,371		688		2,670		13		1,486		4,857
Share-based payments		688		136		532		6		490		1,178
Social security expenses		1,224		350		868		19		736		1,960
Total personnel expenses		5,282		1,173		4,070		39		2,713		7,995

For the year ended December 31, 2017 (amounts in thousands of euros)	Research and development expenses		of which other R&D expenses		of which clinical studies		of which intellectual property		General and administrative expenses		Total
Wages and salaries		5,229		1,166		4,028		34		1,990		7,218
Share-based payments		833		279		541		13		642		1,475
Social security expenses		1,854		578		1,259		18		1,057		2,911
Total personnel expenses		7,916		2,023		5,828		66		3,688		11,604

Summary of Breakdown of Plan Allocations

Breakdown of allocations plan

Plan name	Amount in P&L in euros thousands as of December 31, 2017		of which employees		of which Executive		of which Directors
Allocation of AGAP on 3 October 2016		533		250		283		—
Allocation of SO on 3 October 2016		90		45		44		—
Allocation of BSA on 3 October 2016		126		—		—		126
Allocation of AGAP on 7 January 2017		92		—		92		—
Allocation of SO on 7 January 2017		46		46		—		—
Allocation of BSA on 7 January 2017		10		—		—		10
Total allocation October, 2016		896		341		419		135
Allocation of BSPCE on 6 May 2016		138		94		44		—
Allocation of BSPCE on 22 January 2014		7		—		7		—
Allocation of BSPCE on 1 September 2015		51		—		51		—
Allocation of BSA on 23 June 2015		50		—		50		—
Total allocation 2014		245		94		152		—
Allocation of AGAP on 26 June 2017		348		156		192		—
Allocation of SO on 26 June 2017		65		44		21		—
Allocation of BSA on 26 June 2017		165		—		—		165
Total allocation June, 2017		578		200		213		165
Allocation of AGAP on 3 October 2017		27		27		—		—
Allocation of SO on 3 October 2017		23		23		—		—
Total allocation October, 2017		49		49		—		—
TOTAL IFRS 2 EXPENSES		1,769		685		784		300
Plan name	Amount in P&L in euros thousands as of December 31, 2016		of which employees		of which Executive		of which Directors
Allocation of AGAP on 3 October 2016		151		71		80		—
Allocation of SO on 3 October 2016		22		11		11		—
Allocation of BSA on 3 October 2016		37		—		—		37
Allocation of AGAP on 7 January 2017		—		—		—		—
Allocation of SO on 7 January 2017		—		—		—		—
Allocation of BSA on 7 January 2017		—		—		—		—
Total allocation 10.2016		210		82		91		37
Allocation of BSPCE on 6 May 2016		498		339		159
Allocation of BSPCE on 22 January 2014		21		—		21		—
Allocation of BSPCE on 1 September 2015		261		—		261		—
Allocation of BSA on 23 June 2015		187		—		187		—
Total allocation 2014		968		339		629		—
Allocation of AGAP on 26 June 2017		—		—		—		—
Allocation of SO on 26 June 2017		—		—		—		—
Allocation of BSA on 26 June 2017		—		—		—		—
Total allocation 06.2017		—		—		—		—
Allocation of AGAP on 3 October 2017		—		—		—		—
Allocation of SO on 3 October 2017		—		—		—		—
Total allocation 10.2017		—		—		—		—
TOTAL IFRS 2 EXPENSES		1,178		421		720		37

Plan name	Amount in P&L in euros thousands as of December 31, 2015		of which employees		of which Executive		of which Directors
Allocation of BSPCE on 22 January 2014		12		—		12		—
Allocation of BSPCE on 23 June 2015		517		517		—		—
Allocation of BSPCE on 1 September 2015		209		—		209		—
Allocation of BSA on 23 June 2015		385		—		385		—
Total plan 2014		1,124		517		607		—
Allocation of BSA on 29 April 2015		512		—		—		512
Allocation of BSA on 31 August 2015		1,081		—		—		1,081
Total plan 2012		1,593		—		—		1,593
TOTAL IFRS 2 EXPENSES		2,716		517		607		1,593

Summary of Depreciation and Amortization Expense

5.4 Depreciation and amortization expense

	For the year ended December 31,
	2015		2016		2017
(in thousands of euros)
Clinical studies		224		252		169
Other research and development expenses		26		26		94
Research and development expenses		250		277		263
General and administrative expenses		39		148		266
Total		288		425		530

Summary of Financial Income and Expense

5.5 Financial income and expense

	For the year ended December 31,
	2015			2016			2017
(in thousands of euros)
Interest expense on finance leases		(5	)		(4	)		(8	)
Interest expense related to borrowings		—			—			(7	)
Interest expense on repayable loan		(25	)		—			—
Other finance expenses		(34	)		(66	)		(3,168	)
Total finance expense		(64	)		(70	)		(3,183	)
Income from short term deposits		523			545			405
Other finance income		108			13			134
Total finance income		631			558			539
		567			488			(2,644	)

Summary of Financial Income and Expense

Reconciliation of effective tax rate

	For the year ended December 31,
	2015			2016			2017
(in thousands of euros)
Loss before tax		(15,016	)		(21,902	)		(33,533	)
Theoretical tax expense or income		5,170			7,541			11,545
Current year loss not capitalized		(5,001	)		(8,303	)		(12,071	)
CICE (employment and competitiveness tax credit) not included in taxable income		18			24			34
Research tax credits		764			1,144			1,097
Tax rate differences		(7	)		(51	)		0
Share-based compensation expense		(935	)		(398	)		(592	)
Permanent differences								(10	)
Other differences		(6	)		33			0
Effective tax (loss)/income		3			(10	)		3

2014 plan [member]

Summary of Subscription Warrants

At the end of 2017, the subscription warrants for the 2014 plan are as follows:

Types of securities	BSPCE2014	BSA2014
Number of warrants that the company is authorized to issue, for all types of warrants	22,500
Number of warrants granted	19,500	3,000
Number of warrants exercised	1,500	100
Number of obsolete warrants	1,090	0
Date of General Meeting	January 22, 2014
Exercise price per new share subscribed (in €)	€12,250
Final date for exercising warrants	January 22, 2024
Parity	1 warrant for 10 shares	1 warrant for 10 shares
General conditions of exercise	The warrants are exercisable as of their acquisition date
Maximum number of new shares that can be issued	198,100

2016 plan [member]

Summary of Subscription Warrants

At the end of 2017, the subscription warrants for the 2016 plan are as follows:

Types of securities	AGAP2016	SO2016	BSA2016
Number of shares that the company is authorized to issue	350 000
Number of free shares / stock options / warrants granted	151,563	95,499	60,000
Date of General Meeting	03-oct-16 8-jan-17 27-jun-17 03-oct-17	03-oct-16 8-jan-17 27-jun-17 03-oct-17	03-oct-16 8-jan-17 27-jun-17 03-oct-17
Number of tranches	3	2	2
Vesting period	Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years	Tranche 1: 2 years Tranche 2: 3 years	Tranche 1: 1 year Tranche 2: 2 years
General conditions of exercise	Tranche 1 : 1 year Tranche 2 and 3 : NA	NA	NA
Maximum number of new shares that can be issued	142,972	95,499	60,000

2017 plan [member]

Summary of Subscription Warrants

At the end of 2017, the subscription warrants for the 2017 plan are as follows:

Types of securities	AGAP2017	SO2017	BSA2017
Number of shares that the company is authorized to issue	420,000
Number of free shares / stock options / warrants granted	74,475	22,200	55,000
Date of General Meeting	27-June-17	27-June-17	27-June-17
Number of tranches	3	2	3
Vesting period	Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years	Tranche 1: 2 years Tranche 2: 3 years	Tranche 1: 1 year Tranche 2: 2 years Tranche 3: 3 years
General conditions of exercise	NA	NA	NA
Maximum number of new shares that can be issued	74,475	22,200	55,000

2012 Plan [member]

Summary of Subscription Warrants

At the end of 2015, the subscription warrants for the 2012 plan are as follows:

Types of securities	BSPCE2012	BSA2012
Number of warrants that the company is authorized to issue, for all types of warrants	45,500
Number of warrants granted	33,788		10,760
Number of warrants exercised	16,352		5,525
Date of General Meeting	May 21, 2012
Exercise price per new share subscribed (in €)	€7,362
Final date for exercising warrants	May 20, 2020
Parity	1 warrant for 10 shares		1 warrant for 10 shares
General conditions of exercise	The warrants are exercisable as of their acquisition date
Maximum number of new shares that can be issued	231,730

XML

Notes Related to the Consolidated Statements of Financial Position (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Intangible Assets

	As of December 31,
(in thousands of euros)	2015			2016			2017
Other intangible assets		184			209			234
Total historical cost		184			209			234
Accumulated amortization of other intangible assets		(122	)		(152	)		(180	)
Total accumulated amortization and depreciation		(122	)		(152	)		(180	)
Total, net		61			57			53

Schedule of Property, Plant and Equipment

At December 31, 2017, property, plant and equipment are composed as follows:

(in thousands of euros)	As of January 1, 2017			Increase			Decrease		As of December 31, 2017
Laboratory equipment		974								974
Assets under construction		862			868					1,730
Plant, equipment, and tooling		850			270			—		1,121
General equipment, fixtures and fittings		1,466			389			—		1,855
Office equipment and computers		531			137			—		668
Total gross value		4,684			1,664			—		6,349
Accumulated depreciation of laboratory equipment		(882	)		(48	)		—		(930	)
Accumulated depreciation of plant, equipment and tooling		(523	)		(118	)		—		(641	)
Accumulated depreciation of general equipment, fixtures and fittings		(909	)		(207	)		—		(1,116	)
Accumulated depreciation of office equipment and computers		(125	)		(129	)		—		(255	)
Total accumulated depreciation		(2,439	)		(503	)		—		(2,439	)
Total net value		2,245			1,161			—		3,407

Property, plant and equipment held under finance leases amounts to €203 thousand and €116 thousand as of December 31, 2016 and 2017, respectively.

At December 31, 2016, property, plant and equipment are composed as follows:

(in thousands of euros)	As of January 1, 2016			Increase			Decrease			As of December 31, 2016
Laboratory equipment		974									974
Assets under construction		44			862			(44	)		862
Plant, equipment, and tooling		727			123			—			850
General equipment, fixtures and fittings		1,079			387			—			1,466
Office equipment and computers		134			397			—			531
Total gross value		2,958			1,770			(44	)		4,684
Accumulated depreciation of laboratory equipment		(831	)		(51	)		—			(882	)
Accumulated depreciation of plant, equipment and tooling		(426	)		(98	)		—			(523	)
Accumulated depreciation of general equipment, fixtures and fittings		(733	)		(175	)		—			(909	)
Accumulated depreciation of office equipment and computers		(51	)		(74	)		—			(125	)
Total accumulated depreciation		(2,041	)		(398	)					(2,439	)
Total net value		918			1,372			(44	)		2,245

Property, plant and equipment held under finance leases amounts to €143 thousand and €203 thousand as of December 31, 2015 and 2016, respectively.

At December 31, 2015, property, plant and equipment are composed as follows:

(in thousands of euros)	As of January 1, 2015			Increase			Decrease			As of December 31, 2015
Laboratory equipment		974			—			—			974
Assets under construction		112			29			(98	)		44
Plant, equipment, and tooling		617			110			—			727
General equipment, fixtures and fittings		959			120			—			1,079
Office equipment and computers		76			59			—			134
Total gross value		2,738			318			(98	)		2,958
Accumulated depreciation of laboratory equipment		(753	)		(78	)		—			(831	)
Accumulated depreciation of plant, equipment and tooling		(346	)		(79	)		—			(426	)
Accumulated depreciation of general equipment, fixtures and fittings		(636	)		(98	)		—			(733	)
Accumulated depreciation of office equipment and computers		(36	)		(15	)		—			(51	)
Total accumulated depreciation		(1,771	)		(270	)		—			(2,041	)
Total net value		967			48			(98	)		918

Schedule of Inventories

6.4 Inventories

	As of December 31,
	2015		2016		2017
(in thousands of euros)
Production inventory		79		71		104
Laboratory inventory		87		74		72
Total inventory		166		145		176

Schedule of Other Current Assets

6.6 Other current assets

	As of December 31,
	2015		2016		2017
(in thousands of euros)
Research Tax Credit		3,743		3,321		3,326
Tax receivables (e.g. VAT) and other receivables		1,190		863		1,114
Cash to be received from bank related to exercise of warrants		553		—		23
Prepayments		220		339		1,327
Total		5,705		4,524		5,791

Summary of Cash and Cash Equivalents

Cash and cash equivalents

	As of December 31,
(in thousands of euros)	2015		2016		2017
Cash and cash equivalents		45,634		37,646		185,525
Total cash and cash equivalents as reported in statement of financial position		45,634		37,646		185,525
Bank overdrafts		—		—		10
Total cash and cash equivalents as reported in statement of cash flow		45,634		37,646		185,515

Summary of Shareholders' Equity

Following the private placement completed in April 2017 and the IPO in November 2017, as well as the exercise of subscription warrants, the capital was increased to 17,937,559 shares with a nominal value of 0.10 euro as at December 31, 2017.

Nature of transactions	Number of shares
Balance as of January 1, 2015		6,882,761
Exercise of share warrants		101,850
Private placement with institutional investors		940,000
Balance as of January 1, 2016		7,924,611
Follow-on offering		793,877
Exercise of share warrants		14,160
Balance as of January 1, 2017		8,732,648
Exercise of share warrants		17,200
Free shares / Stock options / Share warrants		7,574
Private placement with institutional investors in April		3,000,000
Initial Public Offering (including 5,389,021 ordinary shares in the form of ADSs)		6,180,137
Total as of December 31, 2017		17,937,559

Basic Earnings per Share and Diluted Earnings (Loss) per Share

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

	For the year ended December 31,
(in thousands of euros)	2015			2016			2017
Net loss (in thousands of euros)		(15,013	)		(21,913	)		(33,530	)
Weighted number of shares for the period		6,957,654			7,983,642			11,370,557
Basic loss per share (€/share)		(2,16	)		(2.74	)		(2.95	)
Diluted loss per share (€/share)		(2.16	)		(2.74	)		(2.95	)

Summary of Details of Provisions

The provisions can be detailed as follows:

	As of December 31,
(in thousands of euros)	2015		2016		2017
Provision for retirement indemnities		100		163		214
Provisions for disputes		81		—		—
Total		181		163		214

Estimate of the Retirement Commitments

As part of the estimate of the retirement commitments, the following assumptions were used for all categories of employees:

	2015			2016			2017
Discount rate		2.03	%		1.36	%		1.30	%
Wage increase		2	%		2	%		2	%
Social welfare contribution rate		Non-executive 44	%		Non-executive 44	%		Non-executive 44	%
		Executive 54	%		Executive 54	%		Executive 54	%
Expected staff turnover		0-10	%		0-10	%		0-10	%
Age of retirement:		65-67 years			65-67 years			65-67 years
Mortality table		INSEE 2014			INSEE 2014			INSEE 2014

Summary of breakdown of provisions

The breakdown of provisions is as follows:

In thousands of euros	Opening		Other (1)			Provisions		Reversals		Closing
Period from January 1 to December 31, 2015
Retirement indemnity provision		89		(8	)		20		—		100
Provision for disputes		—		—			81		—		81
Net closing balance		89		(8	)		101		—		181
Period from January 1 to December 31, 2016
Retirement indemnity provision		100		30			33		—		163
Provision for disputes		81		—			—		81		—
Net closing balance		181		30			33		81		163
Period from January 1 to December 31, 2017
Retirement indemnity provision		163		(8	)		59		—		214
Provision for disputes		—		—			—		—		—
Net closing balance		163		(8	)		59		—		214

(1) The “Other” differences relate to actuarial gains and losses

Summary of Financial Liabilities by Type

Financial liabilities by type

	As of December 31,
(in thousands of euros)	2015		2016		2017
Financial liabilities related to finance leases		144		204		117
Bank overdrafts		—		—		11
Conditional advances		563		1,182		1,182
Bank loans		—		1,480		1,534
Total financial liabilities		707		2,865		2,843

Summary of Financial Liabilities by Maturity

Maturity dates of financial liabilities as of December 31, 2015 are as follows:

(in thousands of euros)	Less than one year		One to three years		Three to five years		More than five years		Total
Financial liabilities
Bank loans		—		—		—		—		—
Conditional advances		501		—		—		63		563
Liabilities related to leases		56		88		—		—		144
Total financial liabilities		556		88		—		63		707

Maturity dates of financial liabilities as of December 31, 2016 are as follows:

(in thousands of euros)	Less than one year		One to three years		Three to five years		More than five years		Total
Financial liabilities
Bank loans		—		1,480		—		—		1,480
Conditional advances		—		—		—		1,182		1,182
Liabilities related to leases		50		154		—		—		204
Total financial liabilities		50		1,634		—		1,182		2,865

Maturity dates of financial liabilities as of December 31, 2017 are as follows:

(in thousands of euros)	Less than one year		One to three years		Three to five years		More than five years		Total
Financial liabilities
Bank loans		735		799		—		—		1,534
Conditional advances		—		—		—		1,182		1,182
Liabilities related to leases		79		39		—		—		117
Bank overdrafts		11		—		—		—		11
Total financial liabilities		824		838		—		1,182		2,843

Summary of Main Terms of Agreements

The main terms of the agreements as well as the balances as of December 31, 2016 and 2017 respectively are presented below:

Conditional advances (amounts received/paid)	€ ‘000
Conditional advance granted by BPI France / Pancreas project		735
Conditional advance granted by BPI France / GR-SIL project		81
Conditional advance granted by BPI France / Tedac project		63
Total conditional advances granted by BPI France as of 31 December 2012 (nominal value)		879
Effect of the discount		(122	)
Total conditional advances granted by BPI France as of 31 December 2012 (present value)		757
Repayment in 2013		(115	)
Of which BPI France / Pancreas project		(100	)

Of which GR-SIL project	(15	)
Interest capitalized in 2013	52
Financial liabilities as of December 31, 2013	694
Repayment in 2014	(184	)
Of which BPI France / Pancreas project	(150	)
Of which GR-SIL project	(34	)
Interest capitalized in 2014	39
Financial liabilities as of December 31, 2014	549
Repayment in 2015	(9	)
Interest capitalized in 2015	23
Financial liabilities as of December 31, 2015	563
Repayment in 2016	(508	)
Of which BPI France / Pancreas project	(485	)
Of which GR-SIL project	(23	)
Conditional advance granted by BPI France / Tedac project	1,118
Interest capitalized in 2016	7
Financial liabilities as of December 31, 2016	1,181
Repayment in 2017	—
Interest capitalized in 2017	—
Financial liabilities as of December 31, 2017	1,181

Summary of Trade and Other Payables

	As of December 31,
(in thousands of euros)		2015			2016			2017
Domestic vendors			1,904			2,802			2,335
Foreign vendors			1,371			745			2,631
Vendors—Accruals			498			1,292			3,211
Other			(101	)		(7	)		(101	)
Total trade and other payables			3,672			4,832			8,076

Disclosure of Other Current Liabilities

Other current liabilities

	As of December 31,
(in thousands of euros)	2015		2016		2017
Social liabilities, taxation and social security		1,241		1,465		2,706
Deferred revenue				—		—
Other payables		71		—		—
Total other current liabilities		1,311		1,465		2,706

Summary of Transactions Between Related Parties

2017							2016							2015
In thousand of euros	Salary / Fees		Retirement benefits		Share based payments			Salary / Fees		Retirement benefits		Share based payments			Salary / Fees		Retirement benefits		Share based payments
Executive officers / VP and Qualified person		654		19		306			498		15		226			825		6		241
Executive committee		1,519		25		478			818		10		495			279		1		554
Board of directors		229		—		336			184		—		37			172		—		1,593
Total		2,402		44		1,120			1,500		25		758			1,276		7		2,387

Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss)

As of December 31, 2015 (in thousands of euros)	Carrying amount on the statement of financial position (1)		Fair value through profit and loss		Loans and receivables		Debt at amortized cost		Fair value
Non-current financial assets		97		—		97		—		97
Trade and other receivables		424		—		424		—		424
Other current assets		5,705		—		5,705		—		5,705
Cash and cash equivalents (2)		45,634		45,634		—		—		45,634
Total financial assets		51,860		45,634		6,226		—		51,860
Financial liabilities – Non-current portion (3)		151		—		—		151		151
Financial liabilities – Current portion (3)		557		—		—		557		557
Trade payables and related accounts		3,672		—		—		3,672		3,672
Total financial liabilities		4,380		—		—		4,380		4,380

As of December 31, 2016 (in thousands of euros)	Carrying amount on the statement of financial position (1)		Fair value through profit and loss		Loans and receivables		Debt at amortized cost		Fair value
Non-current financial assets		132		—		132		—		132
Trade and other receivables		218		—		218		—		218
Other current assets		4,524		—		4,524		—		4,524
Cash and cash equivalents (2)		37,646		37,646		—		—		37,646
Total financial assets		42,520		37,646		4,874		—		42,520
Financial liabilities – Non-current portion (3)		2,816		—		—		2,816		2,816
Financial liabilities – Current portion (3)		50		—		—		50		50
Trade payables and related accounts		4,832		—		—		4,832		4,832
Total financial liabilities		7,697		—		—		7,697		7,697

As of December 31, 2017 (in thousands of euros)	Carrying amount on the statement of financial position (1)		Fair value through profit and loss		Loans and receivables		Debt at amortized cost		Fair value
Non-current financial assets		234		—		234		—		234
Trade and other receivables		76		—		76		—		76
Other current assets		5,790		—		5,790		—		5,790
Cash and cash equivalents (2)		185,525		185,525		—		—		185,525
Total financial assets		191,626		185,525		6,100		—		191,626
Financial liabilities – Non-current portion		2,019		—		—		2,019		2,019
Financial liabilities – Current portion (3)		824		—		—		824		824
Trade payables and related accounts (3)		8,076		—		—		8,076		8,076
Total financial liabilities		10,919		—		—		10,919		10,919

(1) The carrying amount of these assets and liabilities is a reasonable approximation of their fair value.

(2) Cash and cash equivalents are comprised of money market funds and time deposit accounts, which are measured using level 1 and level 2 measurements, respectively.

(3) The fair value of financial liabilities is determined using level 2 measurements.

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Management of Financial Risks (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Contractual Cash Flows of the Financial Liabilities

The contractual cash flows of the financial liabilities as at December 31, 2015, 2016 and 2017 are as follows:

(in thousands of euros)			Contractual cash flows
As of December 31, 2015	Book value		Total			Less than one year			One to five years
Financial liabilities
Bank loans		—		—			—			—
Conditional advances		563		(570	)		(507	)		(63	)
Liabilities related to finance leases		144		(149	)		(59	)		(91	)
Trade payables and related accounts		3,672		(3,672	)		(3,672	)		—
Total financial liabilities		4,380		(4,392	)		(4,238	)		(153	)

(in thousands of euros)			Contractual cash flows
As of December 31, 2016	Book value		Total			Less than one year			One to five years
Financial liabilities
Bank loans		1,480		(1,480	)					(1,480	)
Conditional advances		1,182		(1,182	)					(1,182	)
Liabilities related to finance leases		204		(149	)		(59	)		(91	)
Trade payables and related accounts		4,832		(4,832	)		(4,832	)		—
Total financial liabilities		7,697		(7,644	)		(4,891	)		(2,753	)

(in thousands of euros)			Contractual cash flows
As of December 31, 2017	Book value		Total			Less than one year			One to five years
Financial liabilities
Bank loans		1,534		(1,534	)		(735	)		(799	)
Conditional advances		1,182		(1,182	)					(1,182	)
Liabilities related to finance leases		117		(117	)		(79	)		(39	)
Bank overdrafts		11		(11	)		(11	)
Trade payables and related accounts		8,076		(8,076	)		(8,076	)		—
Total financial liabilities		10,919		(10,919	)		(8,900	)		(2,020	)

XML

Description of the Business - Additional Information (Detail)												1 Months Ended			12 Months Ended
	Nov. 09, 2017	Nov. 07, 2017 € / shares	Oct. 03, 2017 shares	Jun. 27, 2017 shares	Apr. 30, 2017 EUR (€) shares	Apr. 30, 2017 USD ($) shares	Apr. 12, 2017	Jan. 08, 2017 shares	Dec. 31, 2016 EUR (€)	Dec. 31, 2015 EUR (€)	Oct. 31, 2014 EUR (€)	Nov. 30, 2017 EUR (€) € / shares shares	Nov. 30, 2017 USD ($) $ / shares shares	Apr. 30, 2017 EUR (€) € / shares shares	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)	Nov. 08, 2017
Disclosure of description of business [line items]
Initial public offering completion date											May 30, 2017
Initial public offering amount | €					€ 70,500,000						€ 17,700,000
Follow on offering amount before deducting offering expenses					€ 124,000,000	$ 144,000,000					€ 30,000,000	€ 124,000,000	$ 144,000,000
Ordinary shares issued | $													$ 5,374,033
Shareholders' equity | €									€ 35,638,000	€ 47,132,000					€ 181,419,000
Assets | €									44,967,000	53,004,000					195,261,000
Number of shares issued					3,000,000	3,000,000								3,000,000
Share placement price per share | € / shares														€ 23.50
Share subscription | €														€ 70,500,000
Percentage of share capital														25.55%
Percentage of discount on share price							5.62%
Weighted average share price percentage	9.79%						6.37%
Trading period							20
Offering price per ordinary share | (per share)		€ 20										€ 20.00	$ 23.26
Gross proceeds from offering												€ 108	$ 124
Option purchase period												30 days	30 days
Exchange rate																	1.1630
AGA 2016 [member] | Alexander Scheer [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation								15,000
AGA 2016 [member] | ERYTECH Pharma S.A employees [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation				8,652
BSA [member] | Allene Diaz [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation								15,000
BSA [member] | Board of directors [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation				55,000
SO2016 [member] | ERYTECH Pharma Inc employees [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation								3,000
SO2016 [member] | ERYTECH Pharma Inc employees [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation			30,000	18,000
SO2016 [member] | ERYTECH Pharma S.A employees [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation			16,650
SO2017 [member] | ERYTECH Pharma Inc employees [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation				22,200
AGA 2017 [member] | ERYTECH Pharma S.A employees [member]
Disclosure of description of business [line items]
Key management shares granted in share based compensation				74,475
Erymethionase [member]
Disclosure of description of business [line items]
Capitalized development cost | €															766,000
Assets | €															1,596,000
Ordinary shares [member] | Written put options [member]
Disclosure of description of business [line items]
Offering expenses payable															€ 112,000,000	$ 130,000,000
American depository scheme [member]
Disclosure of description of business [line items]
Ordinary shares offered												4,686,106	4,686,106
Offering price per ordinary share | (per share)												€ 20.00	$ 23.26
Percentage of ordinary shares issued												15.00%	15.00%
Gross proceeds from additional offering												€ 16,000,000	$ 19,000,000
American depository scheme [member] | Ordinary shares [member]
Disclosure of description of business [line items]
Additional shares issued												806,104	806,104
Private placements [member]
Disclosure of description of business [line items]
Ordinary shares issued									793,877	940,000			$ 687,927
Shares issued | €									€ 9,900,000	€ 25,400,000

XML

Significant Accounting Policies - Additional Information (Detail)			12 Months Ended
	Jan. 07, 2018 shares	Jun. 27, 2017 shares	Dec. 31, 2017 EUR (€) shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares
Disclosure of subsidiaries [line items]
Number of subsidiary			1
Potential additional ordinary shares			865,760	626,000	455,330
Orphan Europe [member]
Disclosure of subsidiaries [line items]
Re-invoicing of external costs | €			€ 0
Other income [member]
Disclosure of subsidiaries [line items]
Invoiced internal costs | €			€ 177,500
AGA 2016 [member] | ERYTECH Pharma S.A employees [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation		8,652
AGA 2016 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH pharma SA executive officers [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation	40,500
BSA [member] | Board of directors [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation		55,000
BSA [member] | Announcing or commencing implementation of major restructuring [member] | Board of directors [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation	40,500
AGA 2017 [member] | ERYTECH Pharma S.A employees [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation		74,475
AGA 2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH pharma SA executive officers [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation	86,940
AGA 2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH Pharma S.A employees [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation	27,000
SO2017 [member] | ERYTECH Pharma Inc employees [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation		22,200
SO2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH Pharma Inc employees [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation	40,500
SO2017 [member] | Announcing or commencing implementation of major restructuring [member] | ERYTECH Pharma Inc employees [member]
Disclosure of subsidiaries [line items]
Key management shares granted in share based compensation	56,703
Software licenses [member]
Disclosure of subsidiaries [line items]
Useful lives or depreciation rates property plant and equipment			5
Bottom of range [member] | Software licenses [member]
Disclosure of subsidiaries [line items]
Useful lives or depreciation rates property plant and equipment			1

XML

Significant Accounting Policies - Summary of Details of the Company's subsidiary (Detail)	12 Months Ended
	Dec. 31, 2017
Disclosure of subsidiaries [line items]
Date of Incorporation	Apr. 30, 2014
Percent of Ownership Interest	100.00%
Accounting Method	Fully consolidated

XML

Significant Accounting Policies - Summary of Depreciation Periods of Property, Plant, and Equipment Item (Detail)	12 Months Ended
	Dec. 31, 2017
Bottom of range [member] | Industrial [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful economic lives estimates	1 year
Bottom of range [member] | General equipment, fixtures and fittings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful economic lives estimates	3 years
Bottom of range [member] | Laboratory equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful economic lives estimates	3 years
Bottom of range [member] | Furniture [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful economic lives estimates	3 years
Top of range [member] | Industrial [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful economic lives estimates	5 years
Top of range [member] | General equipment, fixtures and fittings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful economic lives estimates	10 years
Top of range [member] | Furniture [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful economic lives estimates	5 years

XML

Note Related to the Consolidated Statement of Income(Loss) - Summary of Detailed Information of Operating Income (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information of operating income [line items]
Total	€ 3,364	€ 4,138	€ 2,929
Subsidiaries [member]
Disclosure of detailed information of operating income [line items]
Total		463	368
Research tax credit [member]
Disclosure of detailed information of operating income [line items]
Total	3,187	3,347	2,219
Other income [member]
Disclosure of detailed information of operating income [line items]
Total	€ 178	€ 327	€ 341

XML

Notes Related to the Consolidated Statement of Income (Loss) - Additional Information (Detail)						1 Months Ended			12 Months Ended
	Nov. 09, 2017	Oct. 03, 2017 € / shares shares	Jun. 27, 2017 EUR (€) € / shares	Oct. 03, 2016 EUR (€) € / shares shares	Apr. 29, 2015 EUR (€) € / shares shares	Jan. 31, 2016 EUR (€) € / shares shares	Aug. 31, 2015 EUR (€) € / shares	Apr. 29, 2015 € / shares shares	Dec. 31, 2017 EUR (€) Employees shares	Oct. 03, 2017 € / shares	Jun. 27, 2017 EUR (€) € / shares	Dec. 31, 2016 EUR (€) Employees	Dec. 31, 2015 EUR (€) Employees	Nov. 08, 2017	May 06, 2016 shares	Aug. 03, 2015 shares	Apr. 02, 2013 shares
Disclosure of detailed information of operating income [line items]
Other income									€ 3,364,000			€ 4,138,000	€ 2,929,000
Increase in research and development expenses									5,743,000
Increase in general and administrative expenses									1,983,000
Expenses related to warrants allocated to Directors and Board fees									325,000			2,050,000	1,593,000
Decrease in general and administrative expenses												928,000
Increase in personnel expenses									3,609,000			2,392,000
Price of underlying share | € / shares						€ 24.75
Expected dividends						0.00%
Personnal expense									11,604,000			7,995,000	5,603,000
Increase in finance income									3,113,000
Closing exchange rate														1.1630
Accumulated tax loss carry forwards									128,802,000			80,281,000	€ 59,682,000
ERYTECH Pharma Inc employees [member]
Disclosure of detailed information of operating income [line items]
Increase of personnel expenses												1,194,000
BSPCE2014 [member]
Disclosure of detailed information of operating income [line items]
Shares granted for allocation | shares																	22,500
BSA2014 [member]
Disclosure of detailed information of operating income [line items]
Shares granted for allocation | shares																	3,000
BSA 2016 [member]
Disclosure of detailed information of operating income [line items]
Estimated fair value of plan assets									€ 198,000
Senior management [member] | BSPCE2014 [member]
Disclosure of detailed information of operating income [line items]
Shares granted for allocation | shares																	(12,000)
Employees [member] | BSPCE2014 [member]
Disclosure of detailed information of operating income [line items]
Shares granted for allocation | shares															5,000		(10,500)
Parent [member]
Disclosure of detailed information of operating income [line items]
Increase of personnel expenses												€ 1,198,000
Number of employees | Employees												73	49
Weighted average full time employees | Employees									98			66	44
Personnel expenses [member]
Disclosure of detailed information of operating income [line items]
Increase in share-based compensation expenses									€ 297,000
2014 plan [member]
Disclosure of detailed information of operating income [line items]
Personnal expense						€ 245,000						€ 498,000	€ 1,133,000
Estimated residual fair value						€ 636,000
2014 plan [member] | BSPCE2014 [member]
Disclosure of detailed information of operating income [line items]
Shares granted for allocation | shares						1,000
Shares allocated will not be granted | shares						3,000
Assumptions used to detairmine fair value | shares						5,000
2014 plan [member] | Bottom of range [member] | BSPCE2014 [member]
Disclosure of detailed information of operating income [line items]
Risk-free interest rate						0.18%
Volatility rate						21.25%
Expected maturity period						5 years
2014 plan [member] | Top of range [member] | BSPCE2014 [member]
Disclosure of detailed information of operating income [line items]
Risk-free interest rate						0.11%
Volatility rate						22.27%
Expected maturity period						5 years 6 months 3 days
2017 plan [member]
Disclosure of detailed information of operating income [line items]
Number of free shares granted | shares				55,000
2017 plan [member] | BSA 2017 [member]
Disclosure of detailed information of operating income [line items]
Price of underlying share | € / shares			€ 26.47								€ 26.47
Expected dividends			0.00%
Volatility rate			48.00%
Expected maturity period			3 years
Number of free shares granted | shares									55,000
Attrition rate			0.00%
Estimated fair value of plan assets									€ 394,000
Exercise price | € / shares											€ 26.47
Ripo margin			5.00%
2017 plan [member] | AGAP 2017 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense											€ 348,000
Number of free shares granted | shares				83,127					74,475
Performance criteria			ERYP2017 : average price of the 40 quoted market share price days before the allocation date, which was €24.48 ERYPi : average price of the 40 quoted market share price days before the acquisition date, Tri : ERYPi / (ERYP2017-1) If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%
Share price			€ 24.48
Estimated fair value of plan assets			€ 1,081,000								€ 1,081,000
2017 plan [member] | SO 2017 [member]
Disclosure of detailed information of operating income [line items]
Price of underlying share | € / shares			€ 26.47								€ 26.47
Expected dividends											0.00%
Volatility rate											48.00%
Expected maturity period			3 years
Personnal expense											€ 65,000
Number of free shares granted | shares				40,200					22,200
Attrition rate											0.00%
Estimated fair value of plan assets			€ 308,000								€ 308,000
Exercise price | € / shares											€ 26.47
Ripo margin											5.00%
2017 plan [member] | AGA 2017 [member]
Disclosure of detailed information of operating income [line items]
Price of underlying share | € / shares			€ 26.47								€ 26.47
Expected dividends											0.00%
Volatility rate											48.00%
Expected maturity period			3 years
Attrition rate											0.00%
Ripo margin											5.00%
2016 plan [member] | AGAP 2016 [member]
Disclosure of detailed information of operating income [line items]
Price of underlying share | € / shares		€ 24.48		€ 18.52						€ 24.48
Expected dividends		0.00%		0.00%
Volatility rate		48.00%		45.00%
Expected maturity period				3 years						3 years
Personnal expense									€ 533,000			€ 151,000
Number of free shares granted | shares		16,650		111,261					151,563
Attrition rate		0.00%		0.00%
Repo margin				5.00%
Performance criteria				ERYP2017 : average price of the 40 quoted market share price days before the allocation date, which was €24.48 ERYPi : average price of the 40 quoted market share price days before the acquisition date, Tri : ERYPi / (ERYP2017-1) If TRi <=0 % no shares granted are acquired If Tri>100% all the shares granted are acquired If 0%
Share price				€ 24.48
Estimated fair value of plan assets									€ 974,000
Ripo margin		5.00%
2016 plan [member] | AGA 2016 [member]
Disclosure of detailed information of operating income [line items]
Price of underlying share | € / shares		€ 24.48								€ 24.48
Expected dividends		0.00%
Volatility rate		48.00%
Expected maturity period										3 years
Attrition rate		0.00%
Ripo margin		5.00%
2016 plan [member] | SO 2016 [member]
Disclosure of detailed information of operating income [line items]
Price of underlying share | € / shares		€ 24.70		€ 18.52						€ 24.70
Expected dividends		0.00%		0.00%
Volatility rate		48.00%		45.00%
Expected maturity period		3 years		3 years
Number of free shares granted | shares		30,000		44,499					95,499
Attrition rate		0.00%		0.00%
Repo margin				5.00%
Estimated fair value of plan assets									€ 202,000
Exercise price | € / shares		€ 23.59		€ 18.52
Ripo margin		5.00%
2016 plan [member] | BSA 2016 [member]
Disclosure of detailed information of operating income [line items]
Price of underlying share | € / shares				€ 18.52
Expected dividends				0.00%
Volatility rate				45.00%
Expected maturity period				3 years
Number of free shares granted | shares				45,000					60,000
Attrition rate				0.00%
Repo margin				5.00%
Exercise price | € / shares				€ 18.52
2012 Plan [member] | BSA 2012 [member]
Disclosure of detailed information of operating income [line items]
Shares granted for allocation | shares					2,150			2,150								3,585
Price of underlying share | € / shares					€ 31.19		€ 37.52	€ 31.19
Risk-free interest rate							0.08%	0.07%
Expected dividends							0.00%	0.00%
Volatility rate					20.50%		22.50%
Expected maturity period					2 years 6 months		2 years 4 months 9 days
U.S. dollars [member]
Disclosure of detailed information of operating income [line items]
Foreign exchange rate	1.1630
Closing exchange rate									1.1993
FRANCE
Disclosure of detailed information of operating income [line items]
Tax rate									34.43%			34.43%	34.43%
Tranche Four [Member] | 2016 plan [member] | AGAP 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									€ 27,000
Estimated fair value of plan assets									180,000
Tranche Four [Member] | 2016 plan [member] | AGA 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									27,000
Estimated fair value of plan assets									180,000
Tranche Four [Member] | 2016 plan [member] | SO 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									23,000
Estimated fair value of plan assets									208,000
Orphan Europe [member]
Disclosure of detailed information of operating income [line items]
Global amount financed for research									600,000
Other income [member]
Disclosure of detailed information of operating income [line items]
Other income									178,000			€ 327,000	€ 341,000
Research and development expenses [member]
Disclosure of detailed information of operating income [line items]
Increase in research and development expenses												8,944,000
Increase of external services									2,766,000			6,934,000
Increase of personnel expenses									2,634,000			1,305,000
Personnal expense									7,916,000			5,282,000	3,977,000
Research and development expenses [member] | Personnel expenses [member]
Disclosure of detailed information of operating income [line items]
Increase of personnel expenses									2,488,000
Research and development expenses [member] | General and administrative expense [member]
Disclosure of detailed information of operating income [line items]
Increase of personnel expenses									824,000
Research and development expenses [member] | 2014 plan [member]
Disclosure of detailed information of operating income [line items]
Personnal expense						€ 165,000
Research and development expenses [member] | 2017 plan [member] | AGAP 2017 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense											€ 180,000
Research and development expenses [member] | 2017 plan [member] | SO 2017 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense											50,000
Research and development expenses [member] | 2016 plan [member] | AGAP 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									217,000			61,000
Research and development expenses [member] | 2016 plan [member] | SO 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									90,000			22,000
Research and development expenses [member] | Tranche Four [Member] | 2016 plan [member] | AGAP 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									22,000
Research and development expenses [member] | Tranche Four [Member] | 2016 plan [member] | AGA 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									22,000
Research and development expenses [member] | Tranche Four [Member] | 2016 plan [member] | SO 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									9,000
General and administrative expense [member]
Disclosure of detailed information of operating income [line items]
Increase of personnel expenses									€ 975,000
Increase of personnel expenses, percentage									36.00%
Increase in rental and maintenance costs									€ 383,000
Increase in rental and maintenance costs, percentage									75.00%
Personnal expense									€ 3,688,000			2,713,000	€ 1,627,000
General and administrative expense [member] | 2014 plan [member]
Disclosure of detailed information of operating income [line items]
Personnal expense						€ 81,000
General and administrative expense [member] | 2017 plan [member] | BSA 2017 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									165,000
General and administrative expense [member] | 2017 plan [member] | AGAP 2017 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense											168,000
General and administrative expense [member] | 2017 plan [member] | SO 2017 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense											€ 15,000
General and administrative expense [member] | 2016 plan [member] | AGAP 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									316,000			90,000
General and administrative expense [member] | 2016 plan [member] | BSA 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									126,000			€ 37,000
General and administrative expense [member] | 2012 Plan [member] | BSA 2012 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense					€ 512,000		€ 1,081,000
General and administrative expense [member] | Tranche Four [Member] | 2016 plan [member] | AGAP 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									5,000
General and administrative expense [member] | Tranche Four [Member] | 2016 plan [member] | AGA 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									5,000
General and administrative expense [member] | Tranche Four [Member] | 2016 plan [member] | SO 2016 [member]
Disclosure of detailed information of operating income [line items]
Personnal expense									€ 14,000

XML

Notes Related to the Consolidated Statement of Income (Loss) - Summary of Operating Expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of operating expenses [line items]
Consumables	€ 2,539	€ 2,136	€ 1,076
Rental and maintenance	1,531	1,156	767
Services, subcontracting and fees	17,042	14,203	7,497
Personnel expenses	11,604	7,995	5,603
Other	1,008	613	3,200
Depreciation and amortization	530	425	288
Total	34,254	26,528	18,512
Research and development expenses [member]
Disclosure of operating expenses [line items]
Consumables	2,391	2,071	1,040
Rental and maintenance	636	645	462
Services, subcontracting and fees	14,175	11,409	4,475
Personnel expenses	7,916	5,282	3,977
Other	81	35	572
Depreciation and amortization	263	277	250
Total	25,463	19,720	10,776
Research and development expenses [member] | Other research and development expenses [member]
Disclosure of operating expenses [line items]
Consumables	1,859	917	244
Rental and maintenance	140	161	204
Services, subcontracting and fees	1,423	2,547	1,539
Personnel expenses	2,023	1,173	1,506
Other	20	8	56
Depreciation and amortization	94	25	26
Total	5,559	4,831	3,575
Research and development expenses [member] | Clinical studies [member]
Disclosure of operating expenses [line items]
Consumables	532	1,153	796
Rental and maintenance	496	484	259
Services, subcontracting and fees	12,407	8,410	2,570
Personnel expenses	5,828	4,070	2,384
Other	44	27	513
Depreciation and amortization	169	252	224
Total	19,476	14,397	6,745
Research and development expenses [member] | Intellectual property [member]
Disclosure of operating expenses [line items]
Services, subcontracting and fees	345	453	366
Personnel expenses	66	39	87
Other	17		3
Total	428	491	456
General and administrative expense [member]
Disclosure of operating expenses [line items]
Consumables	148	66	36
Rental and maintenance	894	511	304
Services, subcontracting and fees	2,867	2,793	3,022
Personnel expenses	3,688	2,713	1,627
Other	927	577	2,627
Depreciation and amortization	266	148	39
Total	€ 8,791	€ 6,808	€ 7,736

XML

Notes Related to the Consolidated Statement of Income (Loss) - Summary of Personal Expenses (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of employee benefits expense [line items]
Wages and salaries	€ 7,218	€ 4,857	€ 3,131
Share-based payments	1,475	1,178	1,124
Social security expenses	2,911	1,960	1,348
Total personnel expenses	11,604	7,995	5,603
Research and development expenses [member]
Disclosure of employee benefits expense [line items]
Wages and salaries	5,229	3,371	2,235
Share-based payments	833	688	822
Social security expenses	1,854	1,224	920
Total personnel expenses	7,916	5,282	3,977
Other research and development expenses [member]
Disclosure of employee benefits expense [line items]
Wages and salaries	1,166	688	953
Share-based payments	279	136	126
Social security expenses	578	350	427
Total personnel expenses	2,023	1,173	1,506
Clinical studies [member]
Disclosure of employee benefits expense [line items]
Wages and salaries	4,028	2,670	1,238
Share-based payments	541	532	678
Social security expenses	1,259	868	468
Total personnel expenses	5,828	4,070	2,384
Intellectual property [member]
Disclosure of employee benefits expense [line items]
Wages and salaries	34	13	43
Share-based payments	13	6	19
Social security expenses	18	19	25
Total personnel expenses	66	39	87
General and administrative expense [member]
Disclosure of employee benefits expense [line items]
Wages and salaries	1,990	1,486	896
Share-based payments	642	490	302
Social security expenses	1,057	736	429
Total personnel expenses	€ 3,688	€ 2,713	€ 1,627

XML

Notes Related to the Consolidated Statement of Income (Loss) - Summary of Subscription Warrants (Detail)			12 Months Ended
	Oct. 03, 2017 shares	Oct. 03, 2016 shares	Dec. 31, 2017 EUR (€) shares	Dec. 31, 2015 EUR (€) shares
2012 Plan [member]
Disclosure of subscription warrants [line items]
Number of shares that the company is authorized to issue				45,500
Date of General Meeting				May 21, 2012
Exercise price per new share subscribed (in €) | €				€ 7,362
Final date for exercising warrants				May 20, 2020
General conditions of exercise				The warrants are exercisable as of their acquisition date
Maximum number of new shares that can be issued				231,730
2012 Plan [member] | BSPCE2012 [member]
Disclosure of subscription warrants [line items]
Number of warrants granted				33,788
Number of warrants exercised				16,352
Parity				1 warrant for 10 shares
2012 Plan [member] | BSA 2012 [member]
Disclosure of subscription warrants [line items]
Number of warrants granted				10,760
Number of warrants exercised				5,525
Parity				1 warrant for 10 shares
2014 plan [member]
Disclosure of subscription warrants [line items]
Number of shares that the company is authorized to issue			22,500
Date of General Meeting			Jan. 22, 2014
Exercise price per new share subscribed (in €) | €			€ 12,250
Final date for exercising warrants			Jan. 22, 2024
General conditions of exercise			The warrants are exercisable as of their acquisition date
Maximum number of new shares that can be issued			198,100
2014 plan [member] | BSPCE2014 [member]
Disclosure of subscription warrants [line items]
Number of warrants granted			19,500
Number of warrants exercised			1,500
Number of obsolete warrants			1,090
Parity			1 warrant for 10 shares
2014 plan [member] | BSA2014 [member]
Disclosure of subscription warrants [line items]
Number of warrants granted			3,000
Number of warrants exercised			100
Number of obsolete warrants			0
Parity			1 warrant for 10 shares
2017 plan [member]
Disclosure of subscription warrants [line items]
Number of free shares / stock options / warrants granted		55,000
2017 plan [member] | AGAP 2017 [member]
Disclosure of subscription warrants [line items]
Number of free shares / stock options / warrants granted		83,127	74,475
Date of General Meeting			Jun. 27, 2017
Number of tranches			3
General conditions of exercise			NA
Maximum number of new shares that can be issued			74,475
2017 plan [member] | SO 2017 [member]
Disclosure of subscription warrants [line items]
Number of shares that the company is authorized to issue			420,000
Number of free shares / stock options / warrants granted		40,200	22,200
Date of General Meeting			Jun. 27, 2017
Number of tranches			2
General conditions of exercise			NA
Maximum number of new shares that can be issued			22,200
2017 plan [member] | BSA 2017 [member]
Disclosure of subscription warrants [line items]
Number of free shares / stock options / warrants granted			55,000
Date of General Meeting			Jun. 27, 2017
Number of tranches			3
General conditions of exercise			NA
Maximum number of new shares that can be issued			55,000
2017 plan [member] | Tranche One [Member] | AGAP 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 1 : 1 year
2017 plan [member] | Tranche One [Member] | SO 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 1 : 2 years
2017 plan [member] | Tranche One [Member] | BSA 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 1 : 1 year
2017 plan [member] | Tranche Two [Member] | AGAP 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 2 : 2 years
2017 plan [member] | Tranche Two [Member] | SO 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 2 : 3 years
2017 plan [member] | Tranche Two [Member] | BSA 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 2 : 2 years
2017 plan [member] | Tranche Three [Member] | AGAP 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 3 : 3 years
2017 plan [member] | Tranche Three [Member] | BSA 2017 [member]
Disclosure of subscription warrants [line items]
Vesting period			Tranche 3 : 3 years
2016 plan [member] | AGAP 2016 [member]
Disclosure of subscription warrants [line items]
Number of free shares / stock options / warrants granted	16,650	111,261	151,563
Number of tranches			3
Maximum number of new shares that can be issued			142,972
2016 plan [member] | SO 2016 [member]
Disclosure of subscription warrants [line items]
Number of shares that the company is authorized to issue			350,000
Number of free shares / stock options / warrants granted	30,000	44,499	95,499
Number of tranches			2
Maximum number of new shares that can be issued			95,499
2016 plan [member] | BSA 2016 [member]
Disclosure of subscription warrants [line items]
Number of free shares / stock options / warrants granted		45,000	60,000
Number of tranches			2
Maximum number of new shares that can be issued			60,000
2016 plan [member] | Tranche One [Member] | AGAP 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Oct. 03, 2016
Vesting period			Tranche 1 : 1 year
General conditions of exercise			Tranche 1 : 1 year
2016 plan [member] | Tranche One [Member] | SO 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Oct. 03, 2016
Vesting period			Tranche 1 : 2 years
2016 plan [member] | Tranche One [Member] | BSA 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Oct. 03, 2016
Vesting period			Tranche 1 : 1 year
2016 plan [member] | Tranche Two [Member] | AGAP 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Jan. 08, 2017
Vesting period			Tranche 2 : 2 years
General conditions of exercise			Tranche 2 and 3 : NA
2016 plan [member] | Tranche Two [Member] | SO 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Jan. 08, 2017
Vesting period			Tranche 2 : 3 years
General conditions of exercise			NA
2016 plan [member] | Tranche Two [Member] | BSA 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Jan. 08, 2017
Vesting period			Tranche 2 : 2 years
General conditions of exercise			NA
2016 plan [member] | Tranche Three [Member] | AGAP 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Jun. 27, 2017
Vesting period			Tranche 3 : 3 years
2016 plan [member] | Tranche Three [Member] | SO 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Jun. 27, 2017
2016 plan [member] | Tranche Three [Member] | BSA 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Jun. 27, 2017
2016 plan [member] | Tranche Four [Member] | AGAP 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Oct. 03, 2017
2016 plan [member] | Tranche Four [Member] | SO 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Oct. 03, 2017
2016 plan [member] | Tranche Four [Member] | BSA 2016 [member]
Disclosure of subscription warrants [line items]
Date of General Meeting			Oct. 03, 2017

XML

Notes Analysis of Income and Expense - Summary of Breakdown of Plan Allocations (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of fair value of plan assets [line items]
Profit loss	€ (33,530)	€ (21,913)	€ (15,013)
Plan ten 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	896	210
Plan ten 2016 [member] | Allocation ofAGAP on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	533	151
Plan ten 2016 [member] | Allocation of SO on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	90	22
Plan ten 2016 [member] | Allocation of BSA on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	126	37
Plan ten 2016 [member] | Allocation ofAGAP on 7 january 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	92
Plan ten 2016 [member] | Allocation of SO on 7 january 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	46
Plan ten 2016 [member] | Allocation of BSA on 7 january 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	10
Plan 2014 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	245	968	1,124
Plan 2014 [member] | Allocation of BSPCE on 6 may 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	138	498
Plan 2014 [member] | Allocation of BSPCE on 22 january 2014 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	7	21	12
Plan 2014 [member] | Allocation of BSPCE on 1 september 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	51	261	209
Plan 2014 [member] | Allocation of BSA on 23 june 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	50	187	385
Plan 2014 [member] | Allocation of BSPCE on 23 June 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			517
Plan six 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	578
Plan six 2017 [member] | Allocation of AGAP on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	348
Plan six 2017 [member] | Allocation of SO on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	65
Plan six 2017 [member] | Allocation of BSA on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	165
Plan ten 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	49
Plan ten 2017 [member] | Allocation of AGAP on 3 october 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	27
Plan ten 2017 [member] | Allocation of SO on 3 october 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	23
TOTAL IFRS 2 EXPENSES [member]
Disclosure of fair value of plan assets [line items]
Profit loss	1,769	1,178	2,716
Plan 2012 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			1,593
Plan 2012 [member] | Allocation of BSA on 29 April 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			512
Plan 2012 [member] | Allocation of BSA on 31 August 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			1,081
Employees [member] | Plan ten 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	341	82
Employees [member] | Plan ten 2016 [member] | Allocation ofAGAP on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	250	71
Employees [member] | Plan ten 2016 [member] | Allocation of SO on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	45	11
Employees [member] | Plan ten 2016 [member] | Allocation of SO on 7 january 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	46
Employees [member] | Plan 2014 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	94	339	517
Employees [member] | Plan 2014 [member] | Allocation of BSPCE on 6 may 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	94	339
Employees [member] | Plan 2014 [member] | Allocation of BSPCE on 23 June 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			517
Employees [member] | Plan six 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	200
Employees [member] | Plan six 2017 [member] | Allocation of AGAP on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	156
Employees [member] | Plan six 2017 [member] | Allocation of SO on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	44
Employees [member] | Plan ten 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	49
Employees [member] | Plan ten 2017 [member] | Allocation of AGAP on 3 october 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	27
Employees [member] | Plan ten 2017 [member] | Allocation of SO on 3 october 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	23
Employees [member] | TOTAL IFRS 2 EXPENSES [member]
Disclosure of fair value of plan assets [line items]
Profit loss	685	421	517
Executives [Member] | Plan ten 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	419	91
Executives [Member] | Plan ten 2016 [member] | Allocation ofAGAP on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	283	80
Executives [Member] | Plan ten 2016 [member] | Allocation of SO on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	44	11
Executives [Member] | Plan ten 2016 [member] | Allocation ofAGAP on 7 january 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	92
Executives [Member] | Plan 2014 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	152	629	607
Executives [Member] | Plan 2014 [member] | Allocation of BSPCE on 6 may 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	44	159
Executives [Member] | Plan 2014 [member] | Allocation of BSPCE on 22 january 2014 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	7	21	12
Executives [Member] | Plan 2014 [member] | Allocation of BSPCE on 1 september 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	51	261	209
Executives [Member] | Plan 2014 [member] | Allocation of BSA on 23 june 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	50	187	385
Executives [Member] | Plan six 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	213
Executives [Member] | Plan six 2017 [member] | Allocation of AGAP on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	192
Executives [Member] | Plan six 2017 [member] | Allocation of SO on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	21
Executives [Member] | TOTAL IFRS 2 EXPENSES [member]
Disclosure of fair value of plan assets [line items]
Profit loss	784	720	607
Directors [member] | Plan ten 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	135	37
Directors [member] | Plan ten 2016 [member] | Allocation of BSA on 3 october 2016 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	126	37
Directors [member] | Plan ten 2016 [member] | Allocation of BSA on 7 january 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	10
Directors [member] | Plan six 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	165
Directors [member] | Plan six 2017 [member] | Allocation of BSA on 26 june 2017 [member]
Disclosure of fair value of plan assets [line items]
Profit loss	165
Directors [member] | TOTAL IFRS 2 EXPENSES [member]
Disclosure of fair value of plan assets [line items]
Profit loss	€ 300	€ 37	1,593
Directors [member] | Plan 2012 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			1,593
Directors [member] | Plan 2012 [member] | Allocation of BSA on 29 April 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			512
Directors [member] | Plan 2012 [member] | Allocation of BSA on 31 August 2015 [member]
Disclosure of fair value of plan assets [line items]
Profit loss			€ 1,081

XML

Notes Related to the Consolidated Statement of Income (Loss) - Summary of Depreciation and Amortization Expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of depreciation and amortization [line items]
Depreciation and amortization expense	€ 530	€ 425	€ 288
Clinical studies [member]
Disclosure of depreciation and amortization [line items]
Depreciation and amortization expense	169	252	224
Other research and development expenses [member]
Disclosure of depreciation and amortization [line items]
Depreciation and amortization expense	94	25	26
Research and development expenses [member]
Disclosure of depreciation and amortization [line items]
Depreciation and amortization expense	263	277	250
General and administrative expense [member]
Disclosure of depreciation and amortization [line items]
Depreciation and amortization expense	€ 266	€ 148	€ 39

XML

Notes Related to the Consolidated Statement of Income (Loss) - Summary of Financial Income and Expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of finance income expense [line items]
Interest expense on finance leases	€ (8)	€ (4)	€ (5)
Interest expense related to borrowings	(7)
Interest expense on repayable loan			(25)
Other finance expenses	(3,168)	(66)	(34)
Total finance expense	(3,183)	(70)	(64)
Income from short term deposits	405	545	523
Other finance income	134	13	108
Total finance income	539	558	631
Total	€ (2,644)	€ 488	€ 567

XML

Notes Related to the Consolidated Statement of Income (Loss) - Summary of Reconciliation of Effective Tax Rate (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of reconciliation of effective tax rate [line items]
Loss before tax	€ (33,533)	€ (21,902)	€ (15,016)
Theoretical tax expense or income	11,545	7,541	5,170
Current year loss not capitalized	(12,071)	(8,303)	(5,001)
CICE (employment and competitiveness tax credit) not included in taxable income	34	24	18
Research tax credits	1,097	1,144	764
Tax rate differences	0	(51)	(7)
Share-based compensation expense	(592)	(398)	(935)
Permanent differences	(10)
Other differences	0	33	(6)
Effective tax (loss)/income	€ 3	€ (10)	€ 3

XML

Notes Related to the Consolidated Statements of Financial Position - Schedule of Intangible Assets (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about intangible assets [line items]
Total, net	€ 53	€ 57	€ 61
Total, net	53	57	61
Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Total, net	234	209	184
Total, net	234	209	184
Accumulated Amortization [member]
Disclosure of detailed information about intangible assets [line items]
Total, net	(180)	(152)	(122)
Total, net	€ (180)	€ (152)	€ (122)

XML

Notes Related to the Consolidated Statements of Financial Position - Schedule of Property, Plant and Equipment (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	€ 2,245	€ 918	€ 967
Acquisitions Through Business Combinations Property Plant And Equipment	1,161	1,372	48
Disposals Property Plant And Equipment		(44)	(98)
Ending balance	3,406	2,245	918
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	4,684	2,958	2,738
Acquisitions Through Business Combinations Property Plant And Equipment	1,664	1,770	318
Disposals Property Plant And Equipment		(44)	(98)
Ending balance	6,349	4,684	2,958
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(2,439)	(2,041)	(1,771)
Acquisitions Through Business Combinations Property Plant And Equipment	(503)	(398)	(270)
Ending balance	(2,439)	(2,439)	(2,041)
Laboratory equipment [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	974	974	974
Ending balance	974	974	974
Assets under construction [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	862	44	112
Acquisitions Through Business Combinations Property Plant And Equipment	868	862	29
Disposals Property Plant And Equipment		(44)	(98)
Ending balance	1,730	862	44
Plant, equipment, and tooling [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	850	727	617
Acquisitions Through Business Combinations Property Plant And Equipment	270	123	110
Ending balance	1,121	850	727
Plant, equipment, and tooling [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(523)	(426)	(346)
Acquisitions Through Business Combinations Property Plant And Equipment	(118)	(98)	(79)
Ending balance	(641)	(523)	(426)
General equipment, fixtures and fittings [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,466	1,079	959
Acquisitions Through Business Combinations Property Plant And Equipment	389	387	120
Ending balance	1,855	1,466	1,079
General equipment, fixtures and fittings [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(909)	(733)	(636)
Acquisitions Through Business Combinations Property Plant And Equipment	(207)	(175)	(98)
Ending balance	(1,116)	(909)	(733)
Office equipment and computers [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	531	134	76
Acquisitions Through Business Combinations Property Plant And Equipment	137	397	59
Ending balance	668	531	134
Office equipment and computers [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(125)	(51)	(36)
Acquisitions Through Business Combinations Property Plant And Equipment	(129)	(74)	(15)
Ending balance	(255)	(125)	(51)
Laboratory equipment [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(882)	(831)	(753)
Acquisitions Through Business Combinations Property Plant And Equipment	(48)	(51)	(78)
Ending balance	€ (930)	€ (882)	€ (831)

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Notes Related to the Consolidated Statements of Financial position - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Jan. 31, 2016 EUR (€)	Dec. 31, 2017 EUR (€) € / shares shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 EUR (€) € / shares shares	Dec. 31, 2015 EUR (€) € / shares shares	Dec. 31, 2014 shares	Dec. 31, 2012 EUR (€)
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment held under finance leases		€ 116,000		€ 203,000	€ 143,000
Rental for premises		234,000		132,000	97,000
Trade and other receivables		76,000		218,000	424,000
Prepayments relate to D&O insurance		373,000
Prepayments relate to purchase order		570,000
Current accounts		174,525,000		10,600,000	20,200,000
Term deposits		€ 11,000,000		€ 27,000,000	€ 25,400,000
Notice period for availability of term deposits		32 days	32 days	32 days	32 days
Maturities of term deposit		January 1st, 2019	January 1st, 2019
Number of shares fully paid up | shares		17,937,559		8,732,648	7,924,611	6,882,761
Nominal value | € / shares		€ 0.10		€ 0.10	€ 0.10
Costs of issuing ordinary shares		€ 16,722,000
Potential shares issued | shares		865,760	865,760	626,000	455,330
Number of treasury shares held | shares		2,500
Dispute settlement		€ 81,000
Residual conditional advance		23,000
Reimbursement	€ 104,000
Bank loan received		1,534,000		€ 1,480,000
Increase in trades and other payables		3,243,000		1,160,000	€ 1,588,000
Accruals		1,919,000
Share-based payments		1,120,000		758,000	2,387,000
Directors and other key management personnel [member]
Disclosure of detailed information about property, plant and equipment [line items]
Wages		2,402,000
Share-based payments		1,120,000
Pancreas project [member]
Disclosure of detailed information about property, plant and equipment [line items]
Conditional advance granted by BPI France		735,000
GR-SIL project [member]
Disclosure of detailed information about property, plant and equipment [line items]
Conditional advance granted by BPI France		135,000
Reimbursement of conditional advance	23,000
Reimbursement of conditional advance related subsidy to settle dispute	€ 81,000
Tedac project [member]
Disclosure of detailed information about property, plant and equipment [line items]
Conditional advance granted by BPI France		4,895,052
Reimbursement of conditional advance related subsidy to settle dispute		1,455,000
Repayment of conditional advance		1,181,000
Amount upon achieving cumulative sales		€ 5,281,000
Percentage of annuity equal to income generated through the sale of intellectual property rights		50.00%	50.00%
Conditional advance repayment limit		€ 5,300,000
Tedac project [member] | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Repayment of conditional advance		10,000,000
Tedac project [member] | Signature of agreement [member]
Disclosure of detailed information about property, plant and equipment [line items]
Conditional advance received							€ 62,607
Tedac project [member] | Milestones four [member]
Disclosure of detailed information about property, plant and equipment [line items]
Conditional advance received		1,118,735
Tedac project [member] | June thirty of first year in which cumulative sales condition is achieved [member]
Disclosure of detailed information about property, plant and equipment [line items]
Repayment of conditional advance		500,000
Tedac project [member] | June thirty of second year in which cumulative sales condition is achieved [member]
Disclosure of detailed information about property, plant and equipment [line items]
Repayment of conditional advance		750,000
Tedac project [member] | June thirty of third year in which cumulative sales condition is achieved [member]
Disclosure of detailed information about property, plant and equipment [line items]
Repayment of conditional advance		1,500,000
Tedac project [member] | June thirty of fourth year in which cumulative sales condition is achieved [member]
Disclosure of detailed information about property, plant and equipment [line items]
Repayment of conditional advance		2,531,000
Tedac project [member] | Second phase [member]
Disclosure of detailed information about property, plant and equipment [line items]
Amount upon achieving cumulative sales		60,000,000
Conditional advance repayment limit		€ 15,000,000
Percentage of payment through the sale of intellectual property rights		2.50%	2.50%
Conditional advance repayment term		15 years	15 years
Pancreas project [member]
Disclosure of detailed information about property, plant and equipment [line items]
Conditional advance payment | $			$ 260,000
Rental expenses [member]
Disclosure of detailed information about property, plant and equipment [line items]
Rental for premises		€ 168,000		€ 132,000	€ 97,000
Societe Generale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Bank loan received		€ 1,900,000
Interest rate		0.40%
Repayment terms		36	36
Bank loan repayable percentage		100.00%	100.00%

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Notes Related to the Consolidated Statements of Financial Position - Schedule of Inventories (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of inventories [line items]
Production inventory	€ 104	€ 71	€ 79
Laboratory inventory	72	74	87
Total inventory	€ 176	€ 145	€ 166

XML

Notes Related to the Consolidated Statements of Financial Position - Schedule of Other Current Assets (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Other Current Assets [Line Items]
Research Tax Credit	€ 3,326	€ 3,321	€ 3,743
Tax receivables (e.g. VAT) and other receivables	1,114	863	1,190
Cash to be received from bank related to exercise of warrants	23		553
Prepayments	1,327	339	220
Total	€ 5,791	€ 4,524	€ 5,705

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of cash and cash equivalents [line items]
Cash and cash equivalents	€ 185,525	€ 37,646	€ 45,634
Total cash and cash equivalents as reported in statement of financial position	185,525	37,646	45,634	€ 36,988
Bank overdrafts	(11)
Total cash and cash equivalents as reported in statement of cash flow	€ 185,515	€ 37,646	€ 45,634

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Detail) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of classes of share capital [line items]
Beginning balance	8,732,648	7,924,611	6,882,761
Follow-on offering		793,877
Exercise of share warrants	17,200	14,160	101,850
Free shares / Stock options / Share warrants	7,574
Private placement with institutional investors	3,000,000		940,000
Initial Public Offering (including 5,389,021 ordinary shares in the form of ADSs)	6,180,137
Ending balance	17,937,559	8,732,648	7,924,611

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Shareholders' Equity (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2017 shares
Disclosure of classes of share capital [line items]
Initial Public Offering	6,180,137
American depository scheme [member]
Disclosure of classes of share capital [line items]
Initial Public Offering	5,389,021

XML

Notes Related to the Consolidated Statements of Financial Position - Basic Earnings per Share and Diluted Earnings (Loss) per Share (Detail) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings per share [line items]
Net loss (in thousands of euros)	€ (33,530)	€ (21,913)	€ (15,013)
Weighted number of shares for the period	11,370,557	7,983,642	6,957,654
Basic loss per share (€/share)	€ (2.95)	€ (2.74)	€ (2.16)
Diluted loss per share (€/share)	€ (2.95)	€ (2.74)	€ (2.16)

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Details of Provisions (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other provisions [line items]
Provision for retirement indemnities	€ 214	€ 163	€ 100
Provision for retirement indemnities [member]
Disclosure of other provisions [line items]
Provision for retirement indemnities	€ 214	€ 163	100
Provisions for disputes [member]
Disclosure of other provisions [line items]
Provision for retirement indemnities			€ 81

XML

Notes Related to the Consolidated Statements of Financial Position - Estimate of the Retirement Commitments (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of defined benefit plans [line items]
Discount rate	1.30%	1.36%	2.03%
Wage increase	2.00%	2.00%	2.00%
Mortality table	INSEE 2014	INSEE 2014	INSEE 2014
Non-executive [member]
Disclosure of defined benefit plans [line items]
Social welfare contribution rate	44.00%	44.00%	44.00%
Executive [member]
Disclosure of defined benefit plans [line items]
Social welfare contribution rate	54.00%	54.00%	54.00%
Bottom of range [member]
Disclosure of defined benefit plans [line items]
Expected staff turnover	0.00%	0.00%	0.00%
Age of retirement:	65	65	65
Top of range [member]
Disclosure of defined benefit plans [line items]
Expected staff turnover	10.00%	10.00%	10.00%
Age of retirement:	67	67	67

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of breakdown of provisions (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of other provisions [line items]
Opening	€ 163	€ 181	€ 89
Other	(8)	30	(8)
Provisions	59	33	101
Reversals		81
Closing	214	163	181
Provision for retirement indemnities [member]
Disclosure of other provisions [line items]
Opening	163	100	89
Other	(8)	30	(8)
Provisions	59	33	20
Closing	€ 214	163	100
Provisions for disputes [member]
Disclosure of other provisions [line items]
Opening		81
Provisions			81
Reversals		€ 81
Closing			€ 81

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Type (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial liabilities [line items]
Financial liabilities related to finance leases	€ 117	€ 204	€ 144
Bank overdrafts	11
Conditional advances	1,182	1,182	563
Bank loans	1,534	1,480
Total financial liabilities	€ 2,843	€ 2,865	€ 707

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Liabilities by Maturity (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial liabilities
Bank loans	€ 1,534	€ 1,480
Conditional advances	1,182	1,182	€ 563
Liabilities related to leases	117	204	144
Bank overdrafts	11
Total financial liabilities	2,843	2,865	707
Less than one year [member]
Financial liabilities
Bank loans	735
Conditional advances			501
Liabilities related to leases	79	50	56
Bank overdrafts	11
Total financial liabilities	824	50	556
Later than one year and not later than three years [member]
Financial liabilities
Bank loans	799	1,480
Liabilities related to leases	39	154	88
Total financial liabilities	838	1,634	88
Later than five years [member]
Financial liabilities
Conditional advances	1,182	1,182	63
Total financial liabilities	€ 1,182	€ 1,182	€ 63

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Main Terms of Agreements (Detail) - EUR (€)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of financial liabilities [line items]
Financial liabilities	€ 2,843,000	€ 2,865,000	€ 707,000
Pancreas project [member]
Disclosure of financial liabilities [line items]
Conditional advance granted	735,000
GR-SIL project [member]
Disclosure of financial liabilities [line items]
Conditional advance granted	135,000
Tedac project [member]
Disclosure of financial liabilities [line items]
Conditional advance granted	4,895,052
Repayment	1,181,000
Bpi France [member]
Disclosure of financial liabilities [line items]
Total conditional advances granted						€ 879,000
Effect of the discount						(122,000)
Conditional advance granted						757,000
Repayment		(508,000)	(9,000)	€ (184,000)	€ (115,000)
Interest capitalized		7,000	23,000	39,000	52,000
Financial liabilities	€ 1,181,000	1,181,000	€ 563,000	549,000	694,000
Bpi France [member] | Pancreas project [member]
Disclosure of financial liabilities [line items]
Total conditional advances granted						735,000
Repayment		(485,000)		(150,000)	(100,000)
Bpi France [member] | GR-SIL project [member]
Disclosure of financial liabilities [line items]
Total conditional advances granted						81,000
Repayment		(23,000)		€ (34,000)	€ (15,000)
Bpi France [member] | Tedac project [member]
Disclosure of financial liabilities [line items]
Total conditional advances granted						€ 63,000
Conditional advance granted		€ 1,118,000

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Trade and Other Payables (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Trade and other payables [line items]
Vendors	€ 8,076	€ 4,832	€ 3,672
Payables to domestic vendors [Member]
Trade and other payables [line items]
Vendors	2,335	2,802	1,904
Payables to foreign vendors [Member]
Trade and other payables [line items]
Vendors	2,631	745	1,371
Payables to vendors accruals [Member]
Trade and other payables [line items]
Vendors	3,211	1,292	498
Other Trade Payables [Member]
Trade and other payables [line items]
Vendors	€ (101)	€ (7)	€ (101)

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Other Current Liabilities (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial liabilities [line items]
Social liabilities, taxation and social security	€ 2,706	€ 1,465	€ 1,241
Deferred revenue	0	0	0
Other payables			71
Total other current liabilities	€ 2,706	€ 1,465	€ 1,311

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Transactions Between Related Parties (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of transactions between related parties [line items]
Salary / Fees	€ 2,402	€ 1,500	€ 1,276
Retirement benefits	44	25	7
Share based payments	1,120	758	2,387
Executive officers / VP and Qualified person [member]
Disclosure of transactions between related parties [line items]
Salary / Fees	654	498	825
Retirement benefits	19	15	6
Share based payments	306	226	241
Executive committee [member]
Disclosure of transactions between related parties [line items]
Salary / Fees	1,519	818	279
Retirement benefits	25	10	1
Share based payments	478	495	554
Board of directors [member]
Disclosure of transactions between related parties [line items]
Salary / Fees	229	184	172
Share based payments	€ 336	€ 37	€ 1,593

XML

Notes Related to the Consolidated Statements of Financial Position - Summary of Financial Instruments Recognized in the Consolidated Statement of Financial Position and Effect on Net Income (Loss) (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of detailed information about financial instruments [line items]
Other current assets	€ 5,791	€ 4,524	€ 5,705
Cash and cash equivalents	185,525	37,646	45,634	€ 36,988
Financial liabilities - Non-current portion	2,019	2,816	151
Financial liabilities - current portion	824	50	557
Trade payables and related accounts	8,076	4,832	3,672
Total financial liabilities	2,843	2,865	707
Financial liabilities at amortised cost, category [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities - Non-current portion	2,019	2,816	151
Financial liabilities - current portion	824	50	557
Trade payables and related accounts	8,076	4,832	3,672
Total financial liabilities	10,919	7,697	4,380
Financial liabilities at fair value, class [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities - Non-current portion	2,019	2,816	151
Financial liabilities - current portion	824	50	557
Trade payables and related accounts	8,076	4,832	3,672
Total financial liabilities	10,919	7,697	4,380
Financial liabilities at carrying value [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities - Non-current portion	2,019	2,816	151
Financial liabilities - current portion	824	50	557
Trade payables and related accounts	8,076	4,832	3,672
Total financial liabilities	10,919	7,697	4,380
Financial assets at carrying value [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	234	132	97
Trade and other receivables	76	218	424
Other current assets	5,790	4,524	5,705
Cash and cash equivalents	185,525	37,646	45,634
Total financial assets	191,626	42,520	51,860
Financial assets at fair value through profit or loss, category [member]
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	185,525	37,646	45,634
Total financial assets	185,525	37,646	45,634
Loans and receivables, category [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	234	132	97
Trade and other receivables	76	218	424
Other current assets	5,790	4,524	5,705
Total financial assets	6,100	4,874	6,226
Financial assets at fair value through other comprehensive income, category [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	234	132	97
Trade and other receivables	76	218	424
Other current assets	5,790	4,524	5,705
Cash and cash equivalents	185,525	37,646	45,634
Total financial assets	€ 191,626	€ 42,520	€ 51,860

XML

Management of Financial Risks - Additional Information (Detail) € in Thousands, $ in Thousands			12 Months Ended
	Dec. 29, 2017	Nov. 09, 2017	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 EUR (€)	Dec. 31, 2015 EUR (€)	Dec. 31, 2014 EUR (€)
Disclosure of financial risk management [line items]
Cash and cash equivalents			€ 185,525		€ 37,646	€ 45,634	€ 36,988
Impact of 1% decrease in change in exchange rate			102
Impact of 5% decrease in change in exchange rate			490
Impact of 10% decrease in change in exchange rate			935
Bank account position held in USD			113,385
Impact of 1% decrease in change in exchange rate			936
Impact of 5% decrease in change in exchange rate			4,502
Impact of 10% decrease in change in exchange rate			8,595
U.S. dollars [member]
Disclosure of financial risk management [line items]
Exchange rate		1.1630
Liquidity risk [member]
Disclosure of financial risk management [line items]
Cash flows used by operating activities			24,700		€ 17,600	€ 14,600
Cash and cash equivalents			€ 185,500
Foreign currency exchange risk [member] | U.S. dollars [member]
Disclosure of financial risk management [line items]
Percentage of operating expenses denominated in U.S. dollars			30.00%	30.00%
Expenses in U.S. Dollars | $				$ 11,620
Exchange rate	1.1993

XML

Management of Financial Risks - Summary of Contractual Cash Flows of the Financial Liabilities (Detail) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial risk management [line items]
Bank loans	€ 1,534	€ 1,480
Liabilities related to finance leases	117	204	€ 144
Bank overdrafts	11
Trade payables and related accounts	8,076	4,832	3,672
Total financial liabilities	2,843	2,865	707
Less than one year [member]
Disclosure of financial risk management [line items]
Bank loans	735
Liabilities related to finance leases	79	50	56
Total financial liabilities	824	50	556
Liquidity risk [member] | Contractual cash flows [member]
Disclosure of financial risk management [line items]
Bank loans	(1,534)	(1,480)
Conditional advances	(1,182)	(1,182)	(570)
Liabilities related to finance leases	(117)	(149)	(149)
Bank overdrafts	(11)
Trade payables and related accounts	(8,076)	(4,832)	(3,672)
Total financial liabilities	(10,919)	(7,644)	(4,392)
Liquidity risk [member] | Less than one year [member] | Contractual cash flows [member]
Disclosure of financial risk management [line items]
Bank loans	(735)
Conditional advances			(507)
Liabilities related to finance leases	(79)	(59)	(59)
Bank overdrafts	(11)
Trade payables and related accounts	(8,076)	(4,832)	(3,672)
Total financial liabilities	(8,900)	(4,891)	(4,238)
Liquidity risk [member] | One to five years [member] | Contractual cash flows [member]
Disclosure of financial risk management [line items]
Bank loans	(799)	(1,480)
Conditional advances	(1,182)	(1,182)	(63)
Liabilities related to finance leases	(39)	(91)	(91)
Total financial liabilities	(2,020)	(2,753)	(153)
Gross carrying amount [member] | Liquidity risk [member] | Contractual cash flows [member]
Disclosure of financial risk management [line items]
Bank loans	1,534	1,480
Conditional advances	1,182	1,182	563
Liabilities related to finance leases	117	204	144
Bank overdrafts	11
Trade payables and related accounts	8,076	4,832	3,672
Total financial liabilities	€ 10,919	€ 7,697	€ 4,380

XML

Off-Balance Sheet Commitments - Additional Information (Detail) - EUR (€)	1 Months Ended	12 Months Ended
	Nov. 01, 2012	Dec. 31, 2017
Disclosure of off balance sheet commitments [Line Items]
Off-balance sheet commitments relating to operating leases amount		€ 726,000
Orphan Europe [member]
Disclosure of off balance sheet commitments [Line Items]
Payment received on signing agreement	€ 5,000,000
Future payments upon achievement of specified clinical, regulatory and commercial milestones	€ 37,500,000
Percentage of payment received for product delivered and royalties on sales	45.00%
Less than one year [member]
Disclosure of off balance sheet commitments [Line Items]
Off-balance sheet commitments relating to operating leases amount		484,000
One to five years [member]
Disclosure of off balance sheet commitments [Line Items]
Off-balance sheet commitments relating to operating leases amount		242,000
Later than five years [member]
Disclosure of off balance sheet commitments [Line Items]
Off-balance sheet commitments relating to operating leases amount		€ 0