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Cash flow information - Disclosure of reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow Information [Abstract]
Liabilities arising from financing activities, beginning period	€ 98,806	€ 57,834
Proceeds of issue	92,309	39,587
Transaction costs	(11,198)	(255)
Repayments	(2,097)	(1,793)	€ (1,956)
Revaluations	393	1,115
Accrued interest	13,365	7,932
Payment of interest	(11,025)	(7,685)
Exchange rate difference	(3,706)	2,073
Liabilities arising from financing activities, end of period	€ 176,847	€ 98,806	€ 57,834

Provisions - Narrative (Details) - EUR (€) € / shares in Units, € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Closing share price (in euro per share)	€ 4.72	€ 6.22
Other provisions	€ 7,675	€ 25,674
Legal proceedings provision
Disclosure of other provisions [line items]
Other provisions	€ 5,200	5,200
Onerous contracts provision
Disclosure of other provisions [line items]
Other provisions		€ 18,800

Revenues - Disclosure of products sales by channel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	€ 144,624	€ 114,797	€ 62,984
Direct product sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	119,305	75,968	60,306
Indirect product sales (Sales through distributors)
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	€ 25,320	€ 38,828	€ 2,678

Share-based compensation - Disclosure of number and weighted average exercise prices of phantom shares (Details) - Phantom shares - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
number of phantom shares
Outstanding, beginning balance (in shares)	670,500	841,450
Granted (in shares)	0	0
Forfeited (in shares)	(50,000)
Exercised (in shares)	(210,000)
Outstanding, ending balance (in shares)	410,500	670,500
Phantom shares, modification of program
number of phantom shares
Granted (in shares)		117,000
Forfeited (in shares)		(67,001)
Exercised (in shares)		(220,949)

Income tax benefit/(expense) - Disclosure of reconciliation of income tax expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes paid (refund) [abstract]
LOSS BEFORE TAX	€ (98,629)	€ (144,815)	€ (69,979)
Tax calculated at domestic tax rates applicable to profits in the respective countries	23,400	37,203	18,824
Income not subject to tax (mainly R&D tax credit)	190	7,435	10,739
Expenses not deductible for tax purposes	(1,902)	(26)	(2,509)
Deferred tax asset not recognized	(23,360)	(45,955)	(26,902)
Utilization of previously unrecognized tax losses	(1,593)	2,628	0
Income tax credit/withholding tax/other adjustments	553	101	(459)
Effect of change in applicable tax rate	(160)	586	(3,291)
Exchange differences	(25)	(526)	296
Income tax of prior years	98	90	(64)
Minimum income tax	(2)	(2)	(80)
INCOME TAX BENEFIT/(EXPENSE)	€ (2,800)	€ 1,536	€ (3,446)
Effective income tax rate	0.00%	0.00%	0.00%

Inventories - Schedule of inventories (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Classes of current inventories [abstract]
Raw materials	€ 35,379	€ 86,452
Work in progress	38,094	114,218
Finished goods	12,968	11,783
Purchased goods (third party products)	3,626	3,518
GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN	90,067	215,970
Less: write-down provision	(45,601)	(180,866)
INVENTORIES	€ 44,466	€ 35,104

Share-based compensation - Disclosure of number and weighted average exercise prices of free ordinary shares (Details) - Free ordinary shares program - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
number of free shares
Outstanding, beginning balance (in shares)	1,487,667	1,842,404
Granted (in shares)	445,320	401,911
Forfeited (in shares)	(14,725)	(120,000)
Exercised (in shares)	(549,632)	(636,648)
Outstanding, ending balance (in shares)	1,368,630	1,487,667

Income tax benefit/(expense)

12 Months Ended

Dec. 31, 2023

Income taxes paid (refund) [abstract]

Income tax benefit/(expense)

5.10 Income tax benefit/(expense)

The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current Income tax income/(expense) is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed within the foreseeable future.

5.10.1 Current income tax

Income tax income/(expense) is comprised of current and deferred tax.


	Year ended December 31,
in € thousand	2023	2022	2021

CURRENT TAX
Current income tax charge	(931)	(1,029)	(32)
Adjustments in respect of current income tax of previous year	(175)	97	(19)

DEFERRED TAX
Relating to origination and reversal of temporary differences	(1,695)	2,468	(3,395)
INCOME TAX BENEFIT/(EXPENSE)	(2,800)	1,536	(3,446)

The individual entities’ reconciliations, which are prepared on the basis of the tax rates applicable in each country while taking consolidation procedures into account, have been summarized in the reconciliation below. The estimated tax charge is reconciled to the effective tax charge disclosed.

The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows:


	Year ended December 31,
in € thousand	2023	2022	2021
LOSS BEFORE TAX	(98,629)	(144,815)	(69,979)
Tax calculated at domestic tax rates applicable to profits in the respective countries	23,400	37,203	18,824
Income not subject to tax (mainly R&D tax credit)	190	7,435	10,739
Expenses not deductible for tax purposes	(1,902)	(26)	(2,509)
Deferred tax asset not recognized	(23,360)	(45,955)	(26,902)
Utilization of previously unrecognized tax losses	(1,593)	2,628	—
Income tax credit/withholding tax/other adjustments	553	101	(459)
Effect of change in applicable tax rate	(160)	586	(3,291)
Exchange differences	(25)	(526)	296
Income tax of prior years	98	90	(64)
Minimum income tax	(2)	(2)	(80)
INCOME TAX BENEFIT/(EXPENSE)	(2,800)	1,536	(3,446)
Effective income tax rate	—	—	—

Although the Group operates at a loss overall, there are profitable entities with revenues from the sale of commercialized travel vaccines and from the sale of third-party products.

5.10.2 Deferred tax

As at December 31, 2023, the deferred tax assets of €204.5 million (December 31, 2022: €199.5 million) were not recognized as there was not sufficient evidence that adequate taxable profit will be available against which the unused tax losses can be utilized in the foreseeable future. Deferred tax assets were only recognized for entities where sufficient evidence has been provided that adequate taxable profit will be available against which the unused tax losses can be utilized in the foreseeable future.

As at December 31, 2023, the Group had tax losses carried forward of €879.1 million (December 31, 2022: €821.6 million), of which €290.0 million related to Valneva SE (December 31, 2022: €272.1 million), €564.2 million related to Valneva Austria GmbH (December 31, 2022: €521.7 million), €10.4 million related to Valneva Scotland, Ltd. (December 31, 2022: €19.6 million), €13.7 million related to Valneva Sweden AB (December 31, 2022: €8.2 million) and €0.9 million related to Vaccines Holdings Sweden AB (December 31, 2022: €0.0 million).

Tax losses carried forward in France, Austria, United Kingdom and Sweden have no expiry date.

The gross movement on the deferred income tax account was as follows:


	Year ended December 31,
in € thousand	2023	2022	2021
BEGINNING OF THE YEAR	4,943	2,292	5,158
Exchange differences	(294)	171	529
Income statement charge / (credit)	(1,695)	2,480	(3,395)
END OF THE YEAR	2,954	4,943	2,292

The deferred tax assets and liabilities are allocable to the various balance sheet items as follows:


	Year ended December 31,
in € thousand	2023	2022
DEFERRED TAX ASSET FROM
Tax losses carried forward	207,858	203,852
Fixed assets	1,765	3,541
Inventory	4,388	3,306
Borrowings and accrued interest	4,722	1,526
Provision	1,501	1,659
Other items	217	2,502
Non-recognition of deferred tax assets	(204,529)	(199,493)
TOTAL DEFERRED TAX ASSETS	15,921	16,893
DEFERRED TAX LIABILITY FROM
Fixed assets	(6,364)	(4,789)
Intangible assets	(5,157)	(6,229)
Other items	(1,446)	(932)
TOTAL DEFERRED TAX LIABILITY	(12,967)	(11,950)
DEFERRED TAX, NET	2,954	4,943

The corporate income tax rate in Austria was 25% in 2022 and was reduced to 24% in 2023. The corporate income tax rate will be reduced to 23% from 2024 onward.

The corporate income tax rate in the United Kingdom was 19% until March 2023 and was increased to 25% from April 2023 onward.

The corporate income tax rate in France was reduced to 25% from 2022 onward.

The deferred tax assets and liabilities presented above as at December 31, 2023 and December 31, 2022 have been adjusted for these changes in tax rates.

Borrowings - Schedule of reconciliation of loan (Details) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)
Disclosure of detailed information about borrowings [line items]
Borrowings, beginning period	€ 98,806
Proceeds of issue	92,309		€ 39,587
Borrowings, ending period	176,847		98,806
Less: non-current portion	(132,768)		(87,227)
CURRENT PORTION	44,079		11,580
Amended debt financing agreement due 2028
Disclosure of detailed information about borrowings [line items]
Borrowings, beginning period	89,182		49,671
Proceeds of issue	91,111		38,502
Transaction costs	(11,198)		(255)
Accrued interest	12,942		7,521
Payment of interest	(11,022)		(7,685)
Exchange rate difference	(3,494)		1,429
Borrowings, ending period	167,520	$ 186.2	89,182
Less: non-current portion	(127,119)		(79,709)
CURRENT PORTION	€ 40,401		€ 9,473

Contract liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Contract liabilities [abstract]

Disclosure of development of contract liabilities

Development of contract liabilities is presented in the table below:


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	9,411	128,758
Revenue recognition	(4,394)	(130,678)
Addition	1,870	10,833
Other releases	(1,032)	—
Exchange rate differences	(159)	498
BALANCE AS AT CLOSING DATE	5,697	9,411
Less non-current portion	—	—
CURRENT PORTION	5,697	9,411

Provisions - Schedule of changes in defined benefit obligation (Details) - Present value of defined benefit obligation - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of net defined benefit liability (asset) [line items]
BALANCE AS AT JANUARY 1	€ 330	€ 422
Current service cost	(1)	86
Actuarial losses/(gains)	130	(178)
BALANCE AS AT CLOSING DATE	€ 459	€ 330

Lease liabilities - Schedule of reconciliation of lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease liabilities [abstract]
OPENING NET BOOK VALUE	€ 53,574	€ 56,822
Additions	3,759	1,629
Revaluation due to variable payments	(2)	859
Termination of contracts	(22,539)	0
Lease payments	(4,286)	(3,900)
Interest expenses	1,183	833
Exchange rate differences	280	(2,669)
CLOSING NET BOOK VALUE	€ 31,969	€ 53,574

Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

Borrowings

5.24 Borrowings

Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Borrowings of the Group at period-end include the following:


	Year ended December 31
in € thousand	2023	2022
NON-CURRENT
Debentures and other loans	132,768	87,227
CURRENT
Debentures and other loans	44,079	11,580
TOTAL BORROWINGS	176,847	98,806

The maturity of the borrowings is as follows:


	Year ended December 31
in € thousand	2023	2022
Between 1 and 3 years	62,378	57,838
Between 3 and 5 years	70,390	28,765
Over 5 years	—	624
NON-CURRENT BORROWINGS	132,768	87,227
Current borrowings	44,079	11,580
TOTAL BORROWINGS	176,847	98,806

The carrying amounts of the Group’s borrowings are denominated in the following currencies:


	Year ended December 31
in € thousand	2023	2022
Borrowings denominated in EUR	3,581	4,433
Borrowings denominated in USD	173,266	94,373
TOTAL BORROWINGS	176,847	98,806

5.24.1 Other loans

In August 2023, Valneva signed the 7th amendment of the D&O Loan Agreement originally signed in February 2020. The amendment provided the Company with immediate access to $100.0 million (€90.0 million), out of which $50.0 million (€45.0 million) was drawn at the execution date of the amendment on August 16, 2023 and the remaining $50.0 million (€45.0 million) was drawn on December 28, 2023. The interest rate on the new debt remains unchanged at 9.95%, translating into an effective interest rate for the first draw of 14.17% and for the second draw of 13.47% as of December 31, 2023. The new tranches have a three-year interest-only period and will mature on August 16, 2028. Transaction costs amounting to €11.2 million have been deducted from the loan proceeds received. As at December 31, 2023, a total of $200.0 million have been drawn under the loan agreement. The book value of the loan amounts to $186.2 million (€167.5 million).

In April 2022, Valneva signed an amendment to increase the principal amount of the $60.0 million (€54.0 million) D&O Loan Agreement. The April 2022 amendment provided Valneva immediate access to $20.0 million (€18.0 million), with an additional $20.0 million (€18.0 million) available upon potential approval of VLA2001 by the European Medicines Agency. This additional $20.0 million (€18.0 million) was drawn in September 2022. The loan interest rate on this additional debt remains unchanged at 9.95% (equivalent to 10.09% on an annual basis). The interest-only period was extended from the second quarter of 2023 to the third quarter of 2024, and the loan will now mature in the first quarter of 2027 instead of the first quarter of 2026. As at December 31, 2022, $100.0 million (€90.0 million) was drawn down and the carrying amount was $95.0 million (€89.2 million). As at December 31, 2021, $60.0 million (€54.0 million) was drawn down and the carrying amount was $56.3 million (€49.7 million). The loan is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by Valneva SE and certain of its subsidiaries. Please refer to Note 5.35 for information about changes to the D&O Loan Agreement after December 31, 2023.

Noting the COVID-19 pandemic's impact on the travel industry and following a temporary waiver of the revenue covenant for the second half of 2020, Valneva, Deerfield and OrbiMed agreed to modify this covenant for 2021 and 2022, replacing the twelve-month rolling €115.0 million minimum revenue requirement with quarterly minimum revenue requirements representing an annual total of €64.0 million in 2021 and €103.8 million in 2022. In 2023, the twelve-month rolling €115.0 million minimum revenue requirement is effective again. The parties also agreed to modify the minimum cash requirement to €50.0 million for 2021 and 2022. Following an amendment to the D&O Loan Agreement in April 2022, the minimum liquidity requirement is €35.0 million for 2023.

The Group does not expect these limitations to affect its ability to meet its cash obligations. As at December 31, 2023, the Group’s consolidated liquidity or net revenues did not fall below the covenant minimum values.

If the Group’s consolidated liquidity or net revenues were to fall below the covenant minimum values, Valneva would not be able to comply with the financial covenants in the D&O Loan Agreement, which could result in additional costs (up to

additional 10 percentage points of interest over the duration of the default) and an early repayment obligation. The Group does not expect these limitations to affect its ability to meet its cash obligations.

The D&O Loan Agreement is included in the balance sheet item “Borrowings” and developed as follows:


in € thousand	2023	2022
BALANCE AS AT JANUARY 1	89,182	49,671
Proceeds of issue	91,111	38,502
Transaction costs	(11,198)	(255)
Accrued interest	12,942	7,521
Payment of interest	(11,022)	(7,685)
Exchange rate difference	(3,494)	1,429
BALANCE AS AT DECEMBER 31	167,520	89,182
Less: non-current portion	(127,119)	(79,709)
CURRENT PORTION	40,401	9,473

As at December 31, 2023, other loans also included borrowings related to financing of research and development expenses and CIR (R&D tax credit in France) of €3.6 million (December 31, 2022: €4.4 million) as well as an amount related to CEPI of €5.7 million December 31, 2022: €5.2 million), representing payments received which are expected to be paid back in the future. For detailed information see Note 5.8.1.

5.24.2 Borrowings and other loans secured

As at December 31, 2023, €171.1 million (December 31, 2022: €93.6 million) of the outstanding borrowings and other loans were guaranteed, secured or pledged. These borrowings and other loans related to financing of research and development expenses, fixed assets and CIR (R&D tax credit in France) and have various conditions (interest rates) and terms (maturities).

5.24.3 Fair value of borrowings and other loans

The fair value of the borrowings and other loans are calculated by discounting the contractual cash flows with interest rates derived from relevant bond yields and swap rates and adjusted for any further potential risk and liquidity risks related to the nature of each loan. The relevant bond yields were determined by an internal analysis based on Moody’s RiskCalc corporate rating methodology. In the year ended December 31, 2023, the resulting calculations revealed no material difference between the carrying amount and the fair value.

As at December 31, 2022, differences were identified only for guaranteed other loans, with a fair value of €3.9 million (carrying amount was €4.4 million).

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor [Line Items]
Auditor Name	Deloitte & Associés
Auditor Location	Paris, France
Auditor Firm ID	1756
PricewaterhouseCoopers
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers Audit
Auditor Location	Neuilly-sur-Seine, France
Auditor Firm ID	1347

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Loss for the year

€ (101,429)

€ (143,279)

€ (73,425)

Adjustments for non-cash transactions

44,984

44,070

56,476

Changes in non-current operating assets and liabilities

514

(147,713)

59,353

Changes in working capital

(145,578)

1,732

36,127

Cash used in operations

(201,509)

(245,189)

78,532

Income tax paid

(1,236)

(154)

(1,631)

NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES

(202,744)

(245,343)

76,901

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of subsidiaries, net of cash acquired

(10,951)

Purchases of property, plant and equipment

(14,231)

(29,246)

(92,229)

Proceeds from sale of property, plant and equipment

111

Purchases of intangible assets

(81)

(76)

(942)

Proceeds from assets classified as held for sale

3,358

Interest received

1,210

260

NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES

(20,585)

(29,054)

(93,117)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds/(payments) from issuance of common stock, net of costs of equity transactions

(240)

189,837

166,614

Disposal of treasury shares

209

Proceeds from borrowings, net of transaction costs

81,111

39,331

859

Repayment of borrowings

(2,097)

(1,793)

(1,956)

Payment of lease liabilities

(3,127)

(3,048)

(2,805)

Interest paid

(12,567)

(9,211)

(8,417)

NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES

63,081

215,116

154,504

NET CHANGE IN CASH AND CASH EQUIVALENTS

(160,248)

(59,282)

138,288

Cash and cash equivalents at beginning of the year

^[1]

286,532

346,642

204,394

Exchange gains/(losses) on cash

(204)

(828)

3,960

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD

€ 126,080

€ 286,532

^[1]

€ 346,642

^[1]

[1]	Cash and cash equivalents as at December 31, 2022 amounted to €289.4 million as it included restricted cash of €2.9 million. As at December 2021 restricted cash amounted to €0.04 million.

Expenses by nature (Tables)

12 Months Ended

Dec. 31, 2023

Expenses by nature [abstract]

Schedule of income statement items by nature of cost

The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost:


		Year ended December 31,
in € thousand	Note	2023	2022	2021
Consulting and other purchased services		80,988	141,631	169,158
Cost of services and change in inventory		11,417	190,086	105,648
Employee benefit expense other than share-based compensation	5.7	72,997	56,393	85,334
Share-based compensation expense	5.7	6,276	(5,215)	14,678
Raw materials and consumables used		14,113	12,723	14,676
Depreciation and amortization and impairment	5.12/13/14	16,853	44,285	14,281
Building and energy costs		13,088	14,696	10,960
Supply, office and IT costs		11,663	11,739	7,409
License fees and royalties		5,492	6,830	4,865
Advertising costs		13,361	7,343	2,176
Warehousing and distribution costs		3,939	1,898	1,419
Travel and transportation costs		2,700	2,208	538
Other expenses		4,432	2,329	1,309
OPERATING EXPENSES		257,320	486,945	432,452

Schedule of principal accountant fees and services

Principal Accountant Fees and Services


	Year ended December 31,
	PricewaterhouseCoopers									Deloitte & Associés
in € thousand	2023	%		2022	%		2021	%		2023	%		2022	%		2021	%
Audit fees	2,076	98	%	1,891	99	%	1,122	91	%	1,902	99	%	1,678	99	%	1,113	93	%
provided by the statutory auditor	1,539	73	%	1,386	72	%	937	76	%	1,622	84	%	1,376	81	%	939	78	%
provided by the statutory auditor's network	537	25	%	505	26	%	185	15	%	280	15	%	302	18	%	174	15	%
Audit-related Fees	—	—	%	—	—	%	90	7	%	—	—	%	13	1	%	85	7	%
provided by the statutory auditor	—	—	%	—	—	%	85	7	%	—	—	%	13	1	%	85	7	%
provided by the statutory auditor's network	—	—	%	—	—	%	5	—	%	—	—	%	—	—	%	—	—	%
Tax fees	40	2	%	25	1	%	25	2	%	—	—	%	—	—	%	—	—	%
provided by the statutory auditor's network	40	2	%	25	1	%	25	2	%	—	—	%	—	—	%	—	—	%
All Other Fees	—	—	%	—	—	%	—	—	%	19	1	%	—	—	%	—	—	%
Total	2,116	100	%	1,916	100	%	1,238	100	%	1,921	100	%	1,691	100	%	1,199	100	%

Employee benefit expense - Narrative (Details) € in Millions	12 Months Ended
	Dec. 31, 2023 employee	Dec. 31, 2022 EUR (€) employee	Dec. 31, 2021 employee
Classes of employee benefits expense [abstract]
Provision released, employer contribution costs on share-based compensation plans \| €		€ 23.2
Average number of employees \| employee	684	778	722

Earnings (Losses) per share

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Earnings (Losses) per share

5.11 Earnings (Losses) per share

Basic

Basic earnings (losses) per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of outstanding shares during the year, excluding shares purchased by the Company and held as treasury shares (see Notes 5.22 and 5.23).


	Year ended December 31,
	2023	2022	2021
Net profit (loss) from continuing operations attributable to equity holders of the Company (in € thousand)	(101,429)	(143,279)	(73,425)
Weighted average number of outstanding shares	138,624,381	115,473,914	97,619,320
BASIC EARNINGS (LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE)	(0.73)	(1.24)	(0.75)

Diluted

Diluted earnings per share are calculated by adjusting the weighted average number of ordinary outstanding shares to assume conversion of all dilutive potential ordinary shares. The Company has share options as dilutive potential ordinary shares. For the share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value

of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.


	Year ended December 31,
	2023	2022	2021
Profit used to determine diluted earnings per share (in € thousand)	(101,429)	(143,279)	(73,425)
Weighted average number of outstanding shares for diluted earnings (losses) per share (1)	138,624,381	115,473,914	97,619,320
DILUTED EARNINGS/(LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE)	(0.73)	(1.24)	(0.75)

(1) Potentially dilutive securities (2023: 2,861,904 share options; 2022: 1,504,892 share options, 2021: 5,846,267) have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported.

Revenues - Schedule of disaggregated revenue (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Product sales	€ 144,624	€ 114,797	€ 62,984
Other revenues from contracts with customers	8,075	245,709	284,202
Other non-IFRS 15 revenue	1,014	797	899
REVENUES	€ 153,713	€ 361,303	€ 348,086

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Property, plant and equipment - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Impairment charge/reversal	€ 1,869	€ (19,071)
Depreciation and amortization and impairment	16,853	44,285	€ 14,281
Cost of sales
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization and impairment	12,500	39,500
Research and development expense
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization and impairment	3,000	3,500
Marketing and distribution expense
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization and impairment	800	700
General and administrative expense
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation and amortization and impairment	500	600
Buildings, leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Impairment charge/reversal	0	(4,453)
Machinery, laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Impairment charge/reversal	1,869	(14,618)
Furniture, fittings and office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Impairment charge/reversal	0	0
Hardware
Disclosure of detailed information about property, plant and equipment [line items]
Impairment charge/reversal	€ 0	€ 0
Minimum \| Buildings, leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	5 years
Minimum \| Machinery, laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	1 year
Minimum \| Furniture, fittings and office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	4 years
Minimum \| Hardware
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	3 years
Maximum \| Buildings, leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	40 years
Maximum \| Machinery, laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	15 years
Maximum \| Furniture, fittings and office equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	10 years
Maximum \| Hardware
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	5 years

Tax and employee-related liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Tax And Employee-Related Liabilities [Abstract]

Schedule of tax and employee related liabilities


	Year ended December 31
in € thousand	2023	2022
Employee-related liabilities	10,815	10,778
Social security and other taxes	5,394	4,960
BALANCE AS AT DECEMBER 31	16,209	15,738
Less non-current portion	—	—
CURRENT PORTION	16,209	15,738

Other income/(expenses), net - Disclosure of other income (expenses) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Research and development tax credit	€ 6,797	€ 15,348	€ 21,949
Grant income	11,350	191	1,684
Profit/(loss) on disposal of fixed assets and intangible assets, net	(21)	(38)	(42)
Profit/(loss) from revaluation of lease agreements	45	(32)	0
Taxes, duties, fees, charges, other than income tax	(475)	(217)	(212)
Miscellaneous income/(expenses), net	3,824	(3,054)	(403)
OTHER INCOME AND EXPENSES, NET	€ 21,520	€ 12,199	€ 22,976

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Disclosure of expenses of share-based payments arrangements

The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The consolidated statement of profit or loss includes the following expenses arising from share-based payments:


	Year ended December 31
in € thousand	2023	2022	2021
Stock option plans	5,152	1,916	646
Free convertible preferred share plans	—	—	652
Free ordinary shares program	1,514	719	1,334

Phantom shares	(390)	(11,291)	11,877
SHARE-BASED COMPENSATION EXPENSE /(INCOME)	6,276	(8,656)	14,509

Disclosure of number and weighted average exercise prices of share options and phantom shares

Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows:


	2023			2022
	Number of options	Number of shares available	Average exercise price (in € per share)	Number of options	Number of shares available	Average exercise price (in € per share)
OUTSTANDING AS AT JANUARY 1	5,774,339	5,776,114	4.90	3,933,385	3,996,588	3.11
Granted	3,441,269	3,441,269	5.25	3,152,751	3,152,751	6.47
Expired	(3,648)	(4,015)	2.92	—	—	—
Forfeited	(647,024)	(647,024)	5.25	(196,834)	(196,834)	3.05
Exercised	(14,134)	(15,542)	2.92	(1,114,963)	(1,176,391)	3.32
OUTSTANDING AT YEAR END	8,550,802	8,550,802	5.02	5,774,339	5,776,114	4.90
Exercisable at year end	3,296,856	3,296,856	3.98	2,621,588	2,623,363	3.02

In accordance with the foregoing, changes in the outstanding phantom shares are as follows:


	Year ended December 31
number of phantom shares	2023	2022
OUTSTANDING AS AT JANUARY 1	670,500	841,450
Granted	—	117,000
Forfeited	(50,000)	(67,001)
Exercised	(210,000)	(220,949)
OUTSTANDING AT YEAR END	410,500	670,500

Disclosure of maturity analysis of available share options outstanding and phantom shares outstanding

Stock options outstanding at the end of the period have the following expiry dates and exercise prices:


	Exercise price (in € per share)	Number of options as at December 31, (presentation as number of convertible shares)
expiry date		2023	2022
2023	2.92	—	19,557
2025	3.92	43,655	43,655
2026	2.71	14,500	14,500
2027	2.85	551,475	551,475
2029	3.05	1,770,676	1,994,176
2032	6.47	2,750,477	3,152,751
2033	5.25	3,420,019	—
OUTSTANDING AT YEAR END		8,550,802	5,776,114

Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices:


	Exercise price (in € per share)	Number of phantom shares as at December 31,
expiry date		2023	2022



2027	2.85	6,250	6,250
2029	3.05	194,250	244,250
2030	—	210,000	420,000
OUTSTANDING AT YEAR END		410,500	670,500

Disclosure of significant inputs in the model, shares options and phantom shares

The significant inputs into the models were:


			As at Dec 15, 2023
Expected volatility (%), based on historical volatility			72.95
Expected vesting period (term in years)			5.50 – 6.50
Risk-free interest rate (%)			2.12 – 3.15

The significant inputs into the models were:


	Year ended December 31
	2023	2022
Expected volatility (in %)	51.26	51.07-86.95
Expected vesting period (term in years)	—	0.25-0.93
Risk-free interest rate (in %)	2.10	1.32-2.37

Disclosure of number of free ordinary shares granted

The number of free ordinary shares granted was as follows:


	Year ended December 31
number of free ordinary shares granted	2023	2022
Executive Committee (formerly Management Board)	263,842	196,855
Senior Leadership Group	181,478	205,056
FREE ORDINARY SHARES GRANTED	445,320	401,911

Disclosure of number and weighted average exercise prices of of free ordinary shares

In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows:


	Year ended December 31
number of free shares	2023	2022
OUTSTANDING AS AT JANUARY 1	1,487,667	1,842,404
Granted	445,320	401,911
Forfeited	(14,725)	(120,000)
Exercised	(549,632)	(636,648)
OUTSTANDING AT YEAR END	1,368,630	1,487,667

Commitments and contingencies - Schedule of other commitments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies [Abstract]
Loans and grants	€ 6	€ 49
Royalties	6,798	8,262
OTHER COMMITMENTS	€ 6,804	€ 8,311

General information

12 Months Ended

Dec. 31, 2023

General Information And Significant Events Of Period

General information

5.1 General information

5.1.1 Corporate Information

Valneva SE (the Company) together with its subsidiaries (the Group or Valneva) is a company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. The Company takes a highly specialized and targeted approach, applying deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions. The Group has a strong track record, having advanced multiple vaccines from early R&D to approvals, and currently markets three proprietary travel vaccines as well as certain third-party vaccines leveraging the Group’s established commercial infrastructure. Revenues from the growing commercial business help fuel the continued advancement of the vaccine pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world’s first vaccine against the chikungunya virus, as well as vaccine candidates against the Zika virus and other global public health threats.

VLA2001, the only inactivated whole-virus COVID-19 vaccine approved in Europe, was first commercialized in late 2021. Valneva suspended manufacturing of the vaccine in August 2022 and inventories were fully written down as of December 31, 2022. In order to save additional costs linked to the vaccine including license fees, Valneva requested the withdrawal of VLA2001’s marketing authorization in Europe. The withdrawal was accepted by EMA and became effective on December 1, 2023.

As at December 31, 2023, the Group’s portfolio includes three commercial vaccines:

▪IXIARO (also marketed as JESPECT), indicated for the prevention of Japanese encephalitis;

▪DUKORAL, indicated for the prevention of cholera, and, in some countries, prevention of diarrhea caused by enterotoxigenic Escherichia coli; and

▪IXCHIQ, Valneva’s single-shot chikungunya vaccine.

The Company is registered at 6 rue Alain Bombard, 44800 Saint-Herblain, France. Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the United States and over 700 employees in total.

Valneva SE is a public company listed on the Euronext Paris (symbol: VLA) and on the The Nasdaq Global Select Market (symbol: VALN) since May 2021.

Significant events of the period and significant agreements

Divestment of CTM Unit in Solna, Sweden

Valneva decided to divest its Clinical Trial Manufacturing (CTM) unit in Solna. The Company completed a business transfer agreement with NorthX Biologics, an established contract development and manufacturing organization (CDMO), with over 30 years of Good Manufacturing Practices (GMP) production experience. Their ownership of the unit took effect on July 1, 2023. Valneva maintains the manufacturing site in Sweden where the DUKORAL vaccine is manufactured and filled. The deal comprised Valneva’s CTM production equipment and approximately 30 staff members in Sweden, including the existing Valneva Sweden Site Head. The CTM business continues to utilize the existing premises in Solna. Valneva Sweden is sub-leasing the premises to NorthX Biologics and provides services in Facility Management, Engineering and Warehousing. Valneva is considering this sub-lease as an operational lease. A loss of €1.4 million from the divestment of the CTM Unit in Solna is included in the “Miscellaneous income/(expenses), net” (see Note 5.8).

Extension of existing loan agreement by $100 million (€90 million)

On August 16, 2023, Valneva entered into an agreement to increase the principal amount of its existing $100 million (€90 million) senior secured loan agreement with funds managed by leading U.S. healthcare investment firms Deerfield Management Company and OrbiMed (“the D&O Loan Agreement”). The add-on loan facility has a three-year interest-only period and will mature in the third quarter of 2028. The loan interest rate remains unchanged. The increased funding will be used to further invest in research and development (R&D), as well as continued market access preparation and commercialization of Valneva’s chikungunya vaccine (see Note 5.24).

Sale of BliNK equity interest

On September 8, 2023, the Company sold its 48.9% equity interest in BliNK Biomedical SAS, Marseille, which had been classified as an asset held for sale since June 30, 2022 (see Note 5.21).

Purchase of the office building in Vienna (VBC3)

On October 31, 2023, the Company acquired VBC 3 Errichtungs GmbH, Vienna, the legal entity that owns the Vienna building occupied by Valneva, which was previously leased. The acquisition price net of the entity’s cash is €11.0 million. For more information please refer to Note 5.1.2.

U.S. FDA Approval of World’s First Chikungunya Vaccine, IXCHIQ

On November 10, 2023, Valneva’s single-shot chikungunya vaccine candidate VLA1553 received approval from the U.S. Food and Drug Administration (FDA) under the brand name IXCHIQ. In the U.S., the vaccine is indicated for the

prevention of disease caused by the chikungunya virus (CHIKV) in individuals 18 years of age and older who are at increased risk of exposure to CHIKV.

EMA accepts Chikungunya vaccine Marketing Authorization Application for accelerated assessment

The European Medicines Agency (EMA) performed a technical validation of the Marketing Authorization Application (MAA) for Valneva’s single-shot chikungunya vaccine candidate VLA1553 and determined that all essential regulatory elements required for scientific assessment were included in the application. The MAA was granted accelerated assessment in November 2023 by EMA’s Committee for Medicinal Products for Human Use (CHMP) based on the vaccine candidate’s “major interest for public health and therapeutic innovation”.

Change in the Company’s governance structure

On December 20, 2023, the Company’s shareholders approved a transition from the Company’s two-tier governance model with a Supervisory Board and Management Board to a one-tier governance model led by a Board of Directors. This transition was effective on December 20, 2023. For convenience, references in these Notes to the “Board” should be interpreted to refer to the Supervisory Board or Board of Directors, as applicable.

The Executive Committee comprises the Company’s former Management Board and in addition, since January 1, 2024, the Company’s Chief Operating Officer and Chief People Officer. The Company’s Board of Directors also changed the name of the Board’s Audit and Risk Committee to the Audit, Compliance and Risk Committee in connection with the governance change, and for convenience these Notes refer to this committee as the Audit Committee.

5.1.2 Group information

The following list shows all subsidiaries held by the Company directly or indirectly:


Name	Country of incorporation	Consolidation Method	Interest held as at
			December 31, 2023		December 31, 2022
Vaccines Holdings Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva Austria GmbH	AT	Full Consolidation	100	%	100	%
Valneva Canada Inc.	CA	Full Consolidation	100	%	100	%
Valneva France SAS	FR	Full Consolidation	100	%	100	%
Valneva Scotland Ltd.	UK	Full Consolidation	100	%	100	%
Valneva Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva UK Ltd.	UK	Full Consolidation	100	%	100	%
Valneva USA, Inc.	US	Full Consolidation	100	%	100	%
VBC 3 Errichtungs GmbH	AT	Full Consolidation	100	%	—	%

The closing date for the consolidated financial statements is December 31 of each year.

The Company’s site in Saint-Herblain includes general and administrative functions as well as research and development facilities. Valneva SE has a site in Lyon which operates commercial activities.

Vaccines Holdings Sweden AB, located in Solna, Sweden, is the holding company of Valneva Sweden AB, also located in Solna, which manufactures DUKORAL and commercializes DUKORAL, IXIARO and third-party products such as Moskito Guard and other vaccines in the Nordic countries.

Valneva Austria GmbH, located in Vienna, Austria, focuses on pre-clinical and clinical development activities of vaccines. The facilities accommodate departments for pre-clinical R&D, technical/clinical product development, quality and regulatory affairs, general and administrative as well as commercial functions. Valneva Austria GmbH commercializes IXIARO, DUKORAL, VLA2001 and third-party products such as FLUCELVAX TETRA, FLUAD, Moskito Guard, Rabipur/RabAvert and Encepur.

Valneva Canada Inc., located in Kirkland, Canada, commercializes IXIARO, DUKORAL and third-party products such as KAMRAB and Rabipur.

Valneva France SAS, located in Lyon, France, commercializes IXIARO, DUKORAL and third-party products such as PreHevbri, Rabipur and Encepur.

Valneva Scotland Ltd., located in Livingston, Scotland (United Kingdom) is primarily involved in the production of IXIARO and Valneva's new chikungunya vaccine IXCHIQ. Valneva Scotland Ltd. was also executing the production of VLA2001 prior to suspension of its manufacturing.

Valneva UK Ltd., located in Fleet, England (United Kingdom), commercializes DUKORAL, IXIARO and third-party products such as PreHevbri, Rabipur in the United Kingdom.

Valneva USA, Inc., located in Bethesda, Maryland (USA), focuses on the commercialization of IXIARO to the U.S. military and the U.S. private market.

Acquisition of VBC 3 Errichtungs GmbH (VBC3)

On October 31, 2023, the Group acquired 100% of the equity of VBC 3 Errichtungs GmbH, located in Vienna, Austria, whereby Valneva SE purchased 6% and Valneva Austria GmbH 94% of the equity. VBC3 owns the building in which Valneva Austria GmbH carries out central administrative and R&D activities. Formerly the building was under a finance

lease. The purchase was treated as an acquisition of a group of assets, and the cost of the group was allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase.

The following table summarizes the recognised amounts of identifiable net assets based on their relative fair values at the acquisition date which was determined as October 1, 2023 as per contract details:


in € thousand			October 1, 2023
Cash			1,003
Property, Plant & Equipment			22,373
Loans and borrowings			(11,296)
Other liabilities			(126)
TOTAL IDENTIFIABLE NET ASSETS			11,955

The fair value of the consideration transferred, excluding the entity’s cash of €1.0 million, was €11.0 million and was settled in cash. Acquisition-related costs were of minor relevance and are not included as part of consideration transferred. They have been recognised as an expense in the consolidated statement of profit or loss, as part of other expenses.

Cash flow information - Schedule of adjustments to reconcile net loss to net cash generated from operations (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Cash And Cash Equivalents [Line Items]
Loss for the year	€ (101,429)	€ (143,279)	€ (73,425)
ADJUSTMENTS FOR
Depreciation and amortization	17,584	21,036	14,281
Write-off / impairment fixed assets/intangibles	(731)	23,249	0
Share-based compensation expense	5,111	(8,656)	14,509
Income tax expense/(income)	2,800	(1,536)	3,446
Dividends received from associated companies	0	0	0
(Profit)/loss from disposal of property, plant, equipment and intangible assets	(12)	38	46
Share of (profit)/loss from associates	0	(9)	5
(Profit)/loss from disposal held for sale	580	0	0
Provision for employer contribution costs on share-based compensation plans	(1,659)	(22,933)	19,079
Other non-cash (income)/expense	(804)	14,088	(11,604)
Interest income	(1,210)	(260)	(249)
Interest expense	23,325	19,054	16,964
Adjustments for non-cash transactions	44,984	44,070	56,476
CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION)
Other non-current assets	(192)	10,981	194
Long term contract liabilities	0	(5,241)	4,662
Long term refund liabilities	1,136	(154,833)	54,501
Other non-current liabilities and provisions	(430)	1,379	(3)
Changes in non-current operating assets and liabilities	514	(147,713)	59,353
CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION)
Inventory	(9,165)	84,224	(92,373)
Trade and other receivables	(2,855)	12,401	(21,349)
Contract liabilities	(3,471)	(114,603)	34,453
Refund liabilities	(112,689)	33,764	80,160
Trade and other payables and provisions	(17,398)	(14,053)	35,236
Changes in working capital	(145,578)	1,732	36,127
Cash used in operations	€ (201,509)	(245,189)	€ 78,532
Provision for employer contribution released		(23,200)
UK Authority
CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION)
Revenue from royalty obligation		€ 169,200

Assets classified as held for sale (Details) - EUR (€) € in Thousands			12 Months Ended
	Sep. 08, 2023	Sep. 07, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Proceeds from assets classified as held for sale			€ 3,358	€ 0	€ 0
Non-current assets held for sale \| BliNK Biomedical SAS
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Proceeds from assets classified as held for sale	€ 2,400
Profit from disposal of assets (liabilities) classified as held for sale	€ 200		€ 300
Earn-out, net revenue per security, percentage	0.00649%
Earn-out, period	7 years
BliNK Biomedical SAS
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items]
Proportion of ownership interest in associate		48.90%

Finance income/(expenses), net (Tables)

12 Months Ended

Dec. 31, 2023

Finance Income (Expense) [Abstract]

Disclosure of detailed information about finance income (cost)


	Year ended December 31,
in € thousand	2023	2022	2021
FINANCE INCOME
Interest income from other parties	1,210	260	249

TOTAL FINANCE INCOME	1,210	260	249
FINANCE EXPENSES
Interest expense on loans	(13,681)	(8,238)	(7,273)
Interest expense on refund liabilities	(8,419)	(9,597)	(8,478)
Interest expenses on lease liabilities	(1,183)	(955)	(903)
Other interest expense	(42)	(264)	(309)

TOTAL FINANCE EXPENSES	(23,325)	(19,054)	(16,964)
FOREIGN EXCHANGE GAIN/(LOSSES), NET	5,574	(12,587)	8,130
FINANCE INCOME/(EXPENSES), NET	(16,541)	(31,381)	(8,584)

Share-based compensation - Disclosure of maturity analysis of available phantom shares outstanding (Details) - Phantom shares	Dec. 31, 2023 shares € / shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of outstanding phantom shares (in shares)	410,500	670,500	841,450
2027
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price \| € / shares	€ 2.85
Number of outstanding phantom shares (in shares)	6,250	6,250
2029
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price \| € / shares	€ 3.05
Number of outstanding phantom shares (in shares)	194,250	244,250
2030
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price \| € / shares	€ 0
Number of outstanding phantom shares (in shares)	210,000	420,000

Leases (right of use assets) (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of reconciliation of right-of-use assets


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Furniture, fittings and other	Total assets

YEAR ENDED DECEMBER 31, 2023
Opening net book value	41,365	—	238	41,603
Additions	3,593	—	189	3,781
Amortization	(2,428)	—	(141)	(2,569)

Termination of contracts	(22,516)	—	(32)	(22,548)
Exchange rate differences	127	—	(2)	125
CLOSING NET BOOK VALUE	20,141	—	251	20,392


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Furniture, fittings and other	Total assets

YEAR ENDED DECEMBER 31, 2022
Opening net book value	47,993	15	278	48,285
Additions	1,482	—	147	1,629
Amortization	(2,944)	(15)	(145)	(3,103)
Impairment charge	(4,178)	—	—	(4,178)
Revaluation due to variable payments	859	—	—	859
Termination of contracts	—	—	(32)	(32)
Exchange rate differences	(1,847)	—	(10)	(1,857)
CLOSING NET BOOK VALUE	41,365	—	238	41,603

Contract liabilities

12 Months Ended

Dec. 31, 2023

Contract liabilities [abstract]

Contract liabilities

5.28 Contract liabilities

A contract liability has to be recognized when the customer already provided the consideration or part of the consideration before an entity has fulfilled its performance obligation (agreed goods or services which should be delivered or provided) resulting from the “contract”.

Development of contract liabilities is presented in the table below:


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	9,411	128,758
Revenue recognition	(4,394)	(130,678)
Addition	1,870	10,833
Other releases	(1,032)	—
Exchange rate differences	(159)	498
BALANCE AS AT CLOSING DATE	5,697	9,411
Less non-current portion	—	—
CURRENT PORTION	5,697	9,411

In the year ended December 31, 2023, revenue recognition in the amount of €3.8 million came from the Advanced Purchase Agreement (APA) for VLA2001 with the Kingdom of Bahrain. The other releases of €1.0 million are from the divestment of Valneva’s CTM Unit in Solna as of July 1, 2023.

In 2022, revenue recognized in the amount of €116.8 million related to the APA with the European Commission, €2.3 million related to the APA with the Kingdom of Bahrain, €2.0 million related to the agreement with Instituto Butantan and €5.9 million related to the Collaboration and License Agreement with Pfizer. Additions (amounts received for future performance obligations) in 2022 amounting to €4.2 million related to the Collaboration and License Agreement with Pfizer, €2.0 million related to Instituto Butantan, and €3.8 million related to the APA with the Kingdom of Bahrain.

Other assets

12 Months Ended

Dec. 31, 2023

Miscellaneous assets [abstract]

Other assets

5.19 Other assets

Other assets include the following:


	Year ended December 31
in € thousand	2023	2022
R&D tax credit receivables	43,762	49,174
Advance payments	759	1,672
Tax receivables	3,921	9,066
Prepaid expenses	4,468	4,939
Contract costs	3,710	3,710
Consumables and supplies on stock	872	1,380
Miscellaneous current assets	522	451
OTHER NON-FINANCIAL ASSETS	58,014	70,391
Deposits	194	11,822
Miscellaneous financial assets	916	165
OTHER FINANCIAL ASSETS	1,109	11,988
OTHER ASSETS	59,123	82,378
Less non-current portion	8,490	8,299
CURRENT PORTION	50,633	74,079

Due to the short term nature of the financial instruments included in other assets, their carrying amount is considered to be the same as their fair value.

The “R&D tax credit receivables” is mainly related to the received research and development tax credit primarily in connection with the COVID-19, chikungunya and Lyme vaccine candidates.

The reduction in “tax receivables” goes back to receipt of VAT claims. The reduction in “deposits” is related to the termination of the lease agreement and the subsequent purchase of VBC3. In 2022, VBC3 was still under a lease agreement for which a deposit was given. For more information about the VBC3 acquisition, see Note 5.13

Other income/(expenses), net - Narrative (Details) € in Thousands, £ in Millions, $ in Millions		1 Months Ended			12 Months Ended
	Sep. 08, 2023 EUR (€)	May 31, 2023 GBP (£)	Feb. 28, 2022 EUR (€) grant	Feb. 28, 2022 GBP (£) grant	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2019 USD ($)
Disclosure of attribution of expenses by nature to their function [line items]
Increase in other operating income (expense)					€ 9,300
Increase in other operating income (expense), percentage					76.00%	76.00%
Other income and expenses, net					€ 21,520		€ 12,199	€ 22,976
Grant income					11,350		191	1,684
Research and development tax credit					6,797		15,348	21,949
Gains on litigation settlements					4,700
Other revenues					9,088		246,506	285,101
Austria
Disclosure of attribution of expenses by nature to their function [line items]
Research and development tax credit							13,900	€ 20,200
Legal proceedings provision
Disclosure of attribution of expenses by nature to their function [line items]
Increase of litigation provision							3,100
Non-current assets held for sale \| BliNK Biomedical SAS
Disclosure of attribution of expenses by nature to their function [line items]
Profit (loss) from disposal of assets (liabilities) classified as held for sale	€ 200				300
CTM Unit, Sweden \| Disposal groups classified as held for sale
Disclosure of attribution of expenses by nature to their function [line items]
Profit (loss) from disposal of assets (liabilities) classified as held for sale					(1,400)
Scottish Enterprise
Disclosure of attribution of expenses by nature to their function [line items]
Grant income					11,100	£ 9.6
Number of grants received \| grant			2	2
Decrease in available funding \| £		£ 0.7
Government grant awarded, period		3 years
Scottish Enterprise \| Maximum
Disclosure of attribution of expenses by nature to their function [line items]
Government grant awarded			€ 23,900	£ 20.0
Coalition for Epidemic Preparedness Innovations (CEPI) \| IXCHIQ \| Partnering agreement, CEPI
Disclosure of attribution of expenses by nature to their function [line items]
Grant income					200		200
Other revenues					€ 5,000		€ 3,900
Coalition for Epidemic Preparedness Innovations (CEPI) \| IXCHIQ \| Partnering agreement, CEPI \| Maximum
Disclosure of attribution of expenses by nature to their function [line items]
Amount to be released under contract \| $									$ 24.6

Financial Instruments - Disclosure of financial instruments by category, assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments [Abstract]
Trade receivables	€ 41,645	€ 23,912
Other assets	1,109	11,988
Cash and cash equivalents	126,080	289,430
TOTAL ASSETS	€ 168,834	€ 325,330

- Definition

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

+ References + Details

Related-party transactions - Disclosure of borrowings related to research tax credit outstanding (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [line items]
Borrowings	€ 176,847	€ 98,806
Research Tax Credit 2020 \| BPI France
Disclosure of transactions between related parties [line items]
Borrowings	859
Research Tax Credit 2021 \| BPI France
Disclosure of transactions between related parties [line items]
Borrowings	1,419
Research Tax Credit 2022 \| BPI France
Disclosure of transactions between related parties [line items]
Borrowings	€ 1,198

Events after the reporting period	12 Months Ended
Events after the reporting period	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Events after the reporting period	5.35 Events after the reporting period Sale of Priority Review Voucher for $103 million The Company sold the Priority Review Voucher (PRV) it received from the U.S. Food and Drug Administration (FDA) for $103 million (€95 million) on February 2, 2024. The Company was awarded a tropical disease PRV in November 2023 following U.S. FDA approval of IXCHIQ, Valneva’s single-dose, live-attenuated vaccine indicated for the prevention of disease caused by chikungunya virus (CHIKV) in individuals 18 years of age and older who are at increased risk of exposure to CHIKV. With this approval, IXCHIQ became the world’s first licensed chikungunya vaccine available to address this unmet medical need. Valneva will invest proceeds from the sale of the PRV into its R&D projects, including the co-development of its Phase 3 vaccine candidate against Lyme disease, additional clinical trials for its chikungunya vaccine IXCHIQ and the expansion of the Company’s clinical pipeline. Amendment of the D&O Loan Agreement On March 18, 2024 Valneva signed an amendment to the with US Healthcare funds Deerfield and OrbiMed, deferring the commencement of the re-payment of the initial $100 million loan from July 1, 2024 to January 1, 2026. The maturity date of the loan will remain unchanged and the interest-only period has been extended by 18 months.

Leases (right of use assets) - Schedule of reconciliation of right-of-use assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets, beginning period	€ 41,603	€ 48,285
Additions	3,759	1,629
Revaluation due to variable payments	(2)	859
Termination of contracts	22,539	0
Exchange rate differences	280	(2,669)
Right-of-use assets, ending period	20,392	41,603
Total assets
Disclosure of quantitative information about right-of-use assets [line items]
Additions	3,781	1,629
Amortization	(2,569)	(3,103)
Impairment charge		(4,178)
Revaluation due to variable payments		859
Termination of contracts	22,548	32
Exchange rate differences	125	(1,857)
Land, buildings and leasehold improvements
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets, beginning period	41,365	47,993
Additions	3,593	1,482
Amortization	(2,428)	(2,944)
Impairment charge		(4,178)
Revaluation due to variable payments	0	859
Termination of contracts	22,516	0
Exchange rate differences	127	(1,847)
Right-of-use assets, ending period	20,141	41,365
Manufacturing and laboratory equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets, beginning period	0	15
Additions	0	0
Amortization	0	(15)
Impairment charge		0
Revaluation due to variable payments		0
Termination of contracts	0	0
Exchange rate differences	0	0
Right-of-use assets, ending period	0	0
Furniture, fittings and other
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets, beginning period	238	278
Additions	189	147
Amortization	(141)	(145)
Impairment charge		0
Revaluation due to variable payments		0
Termination of contracts	32	32
Exchange rate differences	(2)	(10)
Right-of-use assets, ending period	€ 251	€ 238

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments And Contingencies [Abstract]

Schedule of other commitments

The other commitments relate to minimum payments and consist of:


	Year ended December 31
in € thousand	2023	2022
Loans and grants	6	49
Royalties	6,798	8,262
OTHER COMMITMENTS	6,804	8,311

Schedule of pledges

The pledges consist of:


	Year ended December 31
in € thousand	2023	2022

Pledges on bank accounts	121,085	284,889

GUARANTEES AND PLEDGES	121,085	284,889

Equity - Narrative (Details)
€ / shares in Units, € in Thousands, $ in Millions

1 Months Ended

12 Months Ended

Oct. 31, 2022

EUR (€)

Oct. 31, 2022

USD ($)

Jun. 30, 2022

EUR (€)

€ / shares

Jun. 30, 2022

USD ($)

Dec. 31, 2023

EUR (€)

€ / shares

Dec. 31, 2022

EUR (€)

Dec. 31, 2021

EUR (€)

^[2]

Disclosure of classes of share capital [line items]

Issue of equity | €

€ 185,996

^[1]

€ 164,158

Number of ordinary shares issued (in shares) | shares

30,549,761

Par value per share (in euro per share) | € / shares

€ 0.15

Proceeds from issue of ordinary shares

€ 102,900

$ 99.9

Number of shares authorised (in shares) | shares

9,919,432

7,267,281

Maximum capital increase authorised | €

€ 5,200

Pfizer Inc. | Equity subscription agreement

Disclosure of classes of share capital [line items]

Issue of equity

€ 90,600

$ 95.0

Par value per share (in euro per share) | € / shares

€ 9.49

Share capital

Disclosure of classes of share capital [line items]

Issue of equity | €

€ 4,582

^[1]

€ 1,998

Number of ordinary shares issued (in shares) | shares

21,000,000

9,549,761

[1]	Capital Increase includes the cost of transactions, net of tax.
[2]	Capital Increase includes the cost of transactions, net of tax.

Share-based compensation - Disclosure of number and weighted average exercise prices of share options (Details)	12 Months Ended
	Dec. 31, 2023 shares € / shares	Dec. 31, 2022 shares € / shares
Number of options
Exercised (in shares)	(544,660)	(2,578,636)
Stock option plans
Number of options
Outstanding, beginning balance (in shares)	5,774,339	3,933,385
Granted (in shares)	3,441,269	3,152,751
Expired (in shares)	(3,648)	0
Forfeited (in shares)	(647,024)	(196,834)
Exercised (in shares)	(14,134)	(1,114,963)
Outstanding, ending balance (in shares)	8,550,802	5,774,339
Exercisable at year end (in shares)	3,296,856	2,621,588
Number of shares available
Outstanding, beginning balance (in shares)	5,776,114	3,996,588
Granted (in shares)	3,441,269	3,152,751
Expired (in shares)	(4,015)	0
Forfeited (in shares)	(647,024)	(196,834)
Exercised (in shares)	(15,542)	(1,176,391)
Outstanding, ending balance (in shares)	8,550,802	5,776,114
Exercisable at year end (in shares)	3,296,856	2,623,363
Average exercise price (in € per share)
Outstanding, beginning balance (in euro per share) \| € / shares	€ 4.90	€ 3.11
Granted (in euro per share) \| € / shares	5.25	6.47
Expired ( in euro per share) \| € / shares	2.92	0
Forfeited ( in euro per share) \| € / shares	5.25	3.05
Exercised ( in euro per share) \| € / shares	2.92	3.32
Outstanding, ending balance (in euro per share) \| € / shares	5.02	4.90
Exercisable at year end ( in euro per share) \| € / shares	€ 3.98	€ 3.02

Finance income/(expenses), net - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance Income (Expense) [Abstract]
Exchange rate, devaluation of US dollar against Euro	4.00%
Increase in loan volume	45.00%
Increase in average lending rate	148.00%
Interest expense on refund liabilities	€ (8,419)	€ (9,597)	€ (8,478)

Lease liabilities - Schedule of lease liabilities by currency (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Leases Payments [Line Items]
TOTAL LEASE LIABILITIES	€ 31,969	€ 53,574	€ 56,822
EUR
Disclosure Of Detailed Information About Leases Payments [Line Items]
TOTAL LEASE LIABILITIES	1,479	24,694
SEK
Disclosure Of Detailed Information About Leases Payments [Line Items]
TOTAL LEASE LIABILITIES	28,308	27,314
Other
Disclosure Of Detailed Information About Leases Payments [Line Items]
TOTAL LEASE LIABILITIES	€ 2,182	€ 1,566

Revenues - Disclosure of revenue by geographical markets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	€ 153,713	€ 361,303	€ 348,086
United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	32,964	(23,803)	54,791
Canada
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	28,193	18,904	4,226
United Kingdom
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	20,266	181,129	256,075
Austria
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	14,583	21,793	18,529
Germany
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	13,503	68,529	966
Nordics
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	12,695	12,043	2,440
France
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	5,866	46,608	1,367
Other Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	9,335	18,740	5,006
Rest of World
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	€ 16,308	€ 17,360	€ 4,684

Trade receivables - Narrative (Details) - EUR (€) € in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Trade Receivables [Line Items]
Trade receivables past due	€ 4.5	€ 4.4
Receivables from contracts with customers	41.6	€ 23.9
Receivables from governmental institutions (B+Country)
Disclosure Of Trade Receivables [Line Items]
Trade receivables past due	€ 3.4

Financial instruments

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Financial instruments

5.16 Financial instruments

Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each balance sheet date.

The valuation techniques utilized for measuring the fair values of assets and liabilities are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect management’s market assumptions.

The fair value of instruments that are quoted in active markets are determined using the quoted prices where they represent those at which regularly and recently occurring transactions take place. Furthermore, the Group uses valuation techniques to establish the fair value of instruments where prices, quoted in active markets, are not available.

5.16.1 Financial instruments by category

The Group has materially only short-term assets and all of the financial instruments are categorized as assets at amortized costs. Financial instruments can be found in the following positions within the assets:


	Year ended December 31
in € thousand	2023	2022
FINANCIAL INSTRUMENTS IN ASSETS
Trade receivables	41,645	23,912
Other assets (1)	1,109	11,988
Cash and cash equivalents	126,080	289,430
TOTAL ASSETS	168,834	325,330

(1) Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments.

The Group has only financial instruments which are categorized as liabilities at amortized costs. Financial instruments can be found in the following positions within the liabilities:


	Year ended December 31
in € thousand	2023	2022
FINANCIAL INSTRUMENTS IN LIABILITIES
Borrowings	176,847	98,806
Trade payables and accruals	44,303	41,491
Tax and employee-related liabilities (1)	10,815	10,778
Lease liabilities	31,969	53,574
Refund liabilities	39,941	143,085
Other liabilities (2)	34	32
TOTAL LIABILITIES	303,908	347,767

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments.

(2) Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments.

5.16.2 Fair value measurements

As at December 31, 2023 and December 31, 2022, the Group did not have assets and liabilities measured though profit and loss. In both periods, the Group also did not have open foreign currency options nor foreign currency forwards. Due to the short-term nature of its financial instruments fair valuation has no effect on the financial position.

5.16.3 Foreign currency sensitivity analysis

The following table details the Group’s sensitivity of financial instruments to a 10% increase and decrease in currency units against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. A positive number below indicates an increase in pre-tax profit or a reduction in pre-tax loss.

With all other variables held constant, the impact from changes in exchange rates on the pre-tax result would be as follows:


	Year ended December 31
in € thousand	2023	2022
$/EUR +10%	(24,079)	(21,245)
$/EUR -10%	29,430	25,966
GBP/EUR +10%	4,760	3,941
GBP/EUR -10%	(5,817)	(4,817)
SEK/EUR +10%	(8,846)	(9,318)
SEK/EUR -10%	10,812	11,388
CAD/EUR +10%	2,368	2,011
CAD/EUR -10%	(2,894)	(2,457)

The effect in the USD/EUR relationship is mostly due to borrowings denominated in USD while the cash and working capital is predominantly on a EUR basis. Due to higher borrowings in the year ended December 31, 2023, the Group’s sensitivity has slightly increased. The Group has not used any hedging instruments to reduce the impact of foreign exchange rate changes.

5.16.4 Credit quality of financial assets

The credit quality of financial assets that are not impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates as follows:


	Year ended December 31
in € thousand	2023	2022
TRADE RECEIVABLES
Receivables from governmental institutions (AAA-country)	205	757
Receivables from governmental institutions (AA-country)	11,535	3,620
Receivables from governmental institutions (A-country)	—	—
AA	—	—
A	—	4,861
Counterparties without external credit rating or rating below A	29,905	14,674
TRADE RECEIVABLES	41,645	23,912

OTHER ASSETS
A	—	11,296
Assets from governmental institutions (AA-country)	—	151
Counterparties without external credit rating or rating below A	1,109	541
OTHER ASSETS	1,109	11,988

CASH AND CASH EQUIVALENTS
AA	17,581	11,557
A	108,253	272,719
Counterparties without external credit rating or rating below A	245	5,154
CASH AND CASH EQUIVALENTS	126,080	289,430

The rating information refers to long-term credit ratings as published by Standard & Poor’s or another rating organization (equivalent to the Standard & Poor’s rating).

The maximum exposure to credit risk at the reporting date is the fair value of the financial assets.

5.16.5 Impairment of financial assets

Trade receivables

According to IFRS 9.5.5.15, the simplified approach (measure the loss allowance at an amount equal to lifetime expected credit losses) has to be used for trade receivables, which do not contain a significant financing component. This is the case for the Group, as all trade receivables are short-term with a maturity lasting less than 12 months.

Loss allowances have to be established for each trade receivable based on the expected credit losses. Accordingly, at the end of each reporting period, trade receivables were adjusted through a loss allowance in accordance with the revised expected outcome.

According to IFRS 9.5.5.17, default probabilities are to be determined on the basis of historical data but must be adjusted on the balance sheet date on the basis of up-to-date information and forward looking information. The analysis of the historical data showed as at December 31, 2023 and December 31, 2022 that losses incurred were immaterial, taking further into account the limited number of customers as well as credit checks mentioned in Note 5.2.5. Therefore, loss allowance was considered immaterial as at December 31, 2023 and December 31, 2022.

Other assets and cash and cash equivalents

Historically, no losses have been incurred on other assets measured at amortized costs and on cash and cash equivalents. As at December 31, 2023 and December 31, 2022, the expected credit loss was calculated using the cumulative expected default rate based on the counterparties’ ratings and was immaterial.

General information - Corporate Information (Details) € in Millions, $ in Millions		12 Months Ended
	Aug. 16, 2023 EUR (€)	Dec. 31, 2023 EUR (€) employee vaccine	Oct. 31, 2023 EUR (€)	Sep. 08, 2023	Aug. 16, 2023 USD ($)	Jul. 01, 2023 employee	Sep. 30, 2022 USD ($)	Apr. 30, 2022 EUR (€)	Apr. 30, 2022 USD ($)
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Number of commercial vaccines \| vaccine		3
VBC 3 Errichtungs GmbH
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Assets acquisition, acquisition price \| €			€ 11.0
Debt financing agreement due 2027
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Borrowing facilities, maximum borrowing capacity							$ 100.0	€ 54.0	$ 60.0
Amended debt financing agreement due 2028
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Borrowing facilities, maximum borrowing capacity	€ 90.0				$ 100.0
Borrowings, interest-only period	3 years
BliNK Biomedical SAS
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Percentage of voting equity interests, disposal				48.90%
CTM Unit, Sweden
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Number of employees transferred \| employee						30
CTM Unit, Sweden \| Disposal groups classified as held for sale
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Loss from disposal \| €		€ 1.4
Minimum
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Number of employees \| employee		700

Impairment testing - Schedule of sensitivity analysis (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
WACC increase, percentage	1.00%
Reduced revenue percentage	10.00%
IXIARO
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
WEIGHTED AVERAGE COST OF CAPITAL (WACC)	9.08%	8.34%
BREAK-EVEN WACC	81.06%	56.27%
DUKORAL
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
WEIGHTED AVERAGE COST OF CAPITAL (WACC)	8.94%	8.30%
BREAK-EVEN WACC	8.04%	7.59%
Impairment if WACC increases by 1%	€ 3,330	€ 5,095
Impairment if sales reduce by 10%	€ 6,508	€ 4,023
IXCHIQ
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
WEIGHTED AVERAGE COST OF CAPITAL (WACC)	9.04%	8.25%
BREAK-EVEN WACC	113.62%	113.60%
CTM
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
WEIGHTED AVERAGE COST OF CAPITAL (WACC)	0.00%	9.50%
BREAK-EVEN WACC	0.00%	15.00%
Impairment if WACC increases by 1%	€ 0
Impairment if sales reduce by 10%	€ 0	€ 1

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies

Summary of significant accounting policies

5.2 Summary of significant accounting policies

The principal accounting policies applied in preparing these consolidated financial statements are outlined below. These policies have been consistently applied to all years presented.

5.2.1 Basis of preparation

These 2023 Consolidated Financial Statements have been prepared in accordance with the International financial reporting standards, which comprise IFRS (International Financial Reporting Standards), IAS (International Accounting Standard) and their interpretations, SIC (Standards Interpretations Committee) and IFRIC (International Financial Reporting Interpretations Committee), as issued by the International Accounting Standards Board (IASB).

The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.3.

For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column.

These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 18, 2024.

5.2.2 Impact of new, revised or amended Standards and Interpretations

Standards, amendments to existing standards and interpretations issued by IASB whose application has been mandatory since January 1, 2023


New standards and interpretations adopted by the Group		Effective date in accordance with IASB	Effects
IFRS 17	Insurance Contracts including Amendments to IFRS 17	January 1, 2023	none
AMENDMENTS ADOPTED BY THE GROUP
IAS 1	Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies	January 1, 2023	none
IAS 8	Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates	January 1, 2023	none
IAS 12	Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction	January 1, 2023	none
IAS 12	Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules	January 1, 2023	none
IFRS 9 & IFRS 17	Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information	January 1, 2023	none

The interpretations listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. The amendments to IAS 1 Presentation of Financial Statements have had an impact on the Group’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group’s financial statements.

Standards, amendments to existing standards and interpretations whose application is not yet mandatory.

The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2023.


New standards, Interpretations and Amendments		Effective date in accordance with IASB	Effects
IAS 1	Amendments to IAS 1 Presentation of Financial Statements	January 1, 2024	none
IFRS 16	Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback	January 1, 2024	none
IAS 7 & IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements	January 1, 2024	none
IAS 21	Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	January 1, 2025	none

These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions.

5.2.3 Consolidation

Subsidiaries

Subsidiaries are entities over which the Company has control. The Company controls an entity when the Company is exposed to, 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. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the Company’s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets of the acquired subsidiary exceeds the consideration, the difference is recognized directly in the income statement as a bargain purchase gain. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated.

5.2.4 Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros which is Valneva SE’s functional and presentation currency.

Transactions and balances

Foreign currency transactions are converted into the functional currency using exchange rates applicable on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement.

Subsidiaries

The results and financial position of all subsidiaries (none of which have the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are converted into the presentation currency as follows:

•assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date;

•income and expenses for each income statement are converted at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are converted on the dates of the transactions); and

•all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves.

When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale.

5.2.5 Financial risk management

The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance.

Financial risk management is carried out under the CFO’s responsibility. The Group’s risk management systems identify, evaluate and manage financial risks. The Audit Committee of the Group’s Board of Directors receives regular reports on the Group’s risk management systems, including the management of financial risks.

Market risk

Foreign exchange risk

The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to the British Pound (GBP), the Canadian Dollar (CAD), the Swedish Krona (SEK) and the US Dollar (USD). The foreign exchange risks from the exposure to other currencies are relatively limited. Foreign exchange risks arise from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations.

The objective of the Group is to limit the potential negative impact of the foreign exchange rate changes, for example by currency conversion of cash and cash equivalents denominated in foreign currency and by using foreign currency options. The Group has certain investments in foreign operations, the net assets of which are exposed to foreign currency translation risk.

Interest rate risk

The Group is exposed to market risks in connection with hedging both its liquid assets and its medium and long-term indebtedness and borrowings subject to variable interest rates.

Borrowings issued at variable rates expose the Group to cash flow interest rate risks, which are offset by cash and financial assets held at variable rates. During 2023, as well as 2022, both the Group’s investments as well as the borrowings at variable rates were denominated in EUR, SEK, USD, CAD and GBP.

The Group analyzes its interest rate exposure on a dynamic basis. Based on this analysis, the Group calculates the impact on profit and loss of a defined interest rate change. The same interest rate change is used for all currencies. The calculation only includes investments in financial instruments and cash in banks that represent major interest-bearing positions. As at December 31, 2023 and December 31, 2022, no material interest risk was identified. In case of increasing interest rates the positive effect from cash in banks will be higher than the negative effect from variable interest-bearing liabilities; in case of decreasing interest rates there will be no material negative impact.

Credit risk

The Group is exposed to credit risk which is the risk of financial loss if customers or counterparties to a financial instrument fail to meet their contractual obligations.

Valneva holds bank accounts, cash balances, and securities at sound financial institutions with high credit ratings. To monitor the credit quality of its counterparts, the Group relies on credit ratings as published by specialized rating agencies such as Standard & Poor’s, Moody’s, and Fitch. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group is also exposed to credit risks from its trade debtors, as its income from product sales, collaborations, licensing and services arises from a small number of transactions. The Group has policies in place to enter into such transactions only with highly reputable, financially sound counterparts. If customers are independently rated, these ratings are used. Otherwise, when there is no independent rating, a risk assessment of the credit quality of the customer is performed, taking into account its financial position, past payment experience and other relevant factors. Individual credit limits are set based on internal or external ratings in accordance with signature authority limits. The credit quality of financial assets is described in Note 5.16.4.

Liquidity risk

The Group is exposed to liquidity risk due to the maturity of its financial liabilities and the fluctuations of its operating cash flow, and the potential implementation of early repayment clauses in loan or grant agreements. Furthermore, fluctuations in the Group’s operating cash flow during accounting periods also generate liquidity risks. Prudent liquidity risk management therefore implies maintaining sufficient cash resources, cash equivalents and short-term deposits in order to satisfy ongoing operating requirements and the ability to close out market positions. Extraordinary conditions on the financial markets may, however, temporarily restrict the possibility to liquidate certain financial assets.

Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at December 31, 2023 will be sufficient to fund its operations for at least 12 months from the date of authorization for issuance of these consolidated financial statements. This is further supported by the gross proceeds of $103 million for the sale of the Priority Review Voucher (PRV) which Valneva received in February 2024. For the existing D&O Loan Agreement with covenants, amendments were agreed to reduce the minimum liquidity covenant and the minimum revenue covenant to prevent a breach of the covenants (see Note 5.24.1).

The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Balance as at December 31, 2023


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	44,079	62,378	70,390	—	176,847
Lease liabilities	2,879	5,313	5,414	18,362	31,969
Refund liabilities	33,637	6,303	—	—	39,941
Trade payables and accruals	44,303	—	—	—	44,303
Tax and employee-related liabilities (1)	10,815	—	—	—	10,815
Other liabilities	34	—	—	—	34
TOTAL	135,747	73,995	75,804	18,362	303,908

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

Balance as at December 31, 2022


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	11,629	74,815	44,859	939	132,242
Lease liabilities	26,674	5,915	5,706	21,268	59,563
Refund liabilities	140,098	—	7,000	—	147,098
Trade payables and accruals	41,491	—	—	—	41,491
Tax and employee-related liabilities (1)	10,778	—	—	—	10,778
Other liabilities	87	—	—	—	87
TOTAL	230,756	80,731	57,565	22,207	391,260

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

The fair values as well as the book values of the Group’s borrowings are disclosed in Note 5.24. To manage liquidity risk, the Group holds a combination of cash, cash equivalents and short-term deposit balances.

5.2.6 Capital risk management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide benefits for shareholders and for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximize returns. The Group’s cash and short-term deposits are located at several different banks. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt.

In order to pursue its business strategy to grow into a major, self-sustained vaccine company through organic growth and opportunistic mergers & acquisitions, the Group may rely on additional equity and debt financing. Capital consists of “Equity” as shown in the consolidated balance sheet.

5.2.7 Fair value estimation

The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to the relatively short maturity of the respective instruments.

Related-party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of rendering of services

Transactions with related parties are carried out similar to market:


	Year ended December 31
in € thousand	2023	2022	2021
PROVISION OF SERVICES
Operating activities	260	1,200	231
Financing activities	76	8	—
PROVISION OF SERVICES	335	1,208	231

Disclosure of borrowings related to research tax credit outstanding

The borrowings related to the Research Tax Credits outstanding:



in € thousand	Amount	Grant date
BPI payable relating to Research tax credit 2020	859	November 2021
BPI payable relating to Research tax credit 2021	1,419	November 2022
BPI payable relating to Research tax credit 2022	1,198	December 2023

Schedule of key management compensation

The aggregate compensation of the key management (including Executive Committee and Board of Directors) was as follows:


	Year ended December 31
in € thousand	2023	2022	2021
Salaries and other short-term employee benefits	3,439	3,172	2,213
Other long-term benefits	52	45	24
Share-based payments (expense of the year)	2,145	722	856
KEY MANAGEMENT COMPENSATION	5,636	3,939	3,093

Provisions - Schedule of assumptions used in preparing sensitivity analysis for actuarial assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Discount rate	3.20%	3.60%
Salary increase rate	2.50%	2.50%
Average remaining lifespan of employees (in years)	22 years	20 years
Minimum
Disclosure of other provisions [line items]
Turnover rate	0.00%	0.00%
Social security rate	43.00%	43.00%
Maximum
Disclosure of other provisions [line items]
Turnover rate	21.35%	21.35%
Social security rate	47.00%	47.00%

Cash flow information

12 Months Ended

Dec. 31, 2023

Cash Flow Information [Abstract]

Cash flow information

5.32 Cash flow information

5.32.1 Cash generated from operations

The following table shows the adjustments to reconcile net loss to net cash generated from operations:


	Year ended December 31,
in € thousand	2023	2022	2021
LOSS FOR THE YEAR	(101,429)	(143,279)	(73,425)

ADJUSTMENTS FOR
Depreciation and amortization	17,584	21,036	14,281
Write-off / impairment fixed assets/intangibles	(731)	23,249	—
Share-based compensation expense	5,111	(8,656)	14,509
Income tax expense/(income)	2,800	(1,536)	3,446
Dividends received from associated companies	—	—	—
(Profit)/loss from disposal of property, plant, equipment and intangible assets	(12)	38	46
Share of (profit)/loss from associates	—	(9)	5
(Profit)/loss from disposal held for sale	580	—	—
Provision for employer contribution costs on share-based compensation plans(1)	(1,659)	(22,933)	19,079
Other non-cash (income)/expense	(804)	14,088	(11,604)
Interest income	(1,210)	(260)	(249)
Interest expense	23,325	19,054	16,964
	44,984	44,070	56,476
CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION)
Other non-current assets	(192)	10,981	194
Long term contract liabilities	—	(5,241)	4,662
Long term refund liabilities (2)	1,136	(154,833)	54,501
Other non-current liabilities and provisions	(430)	1,379	(3)
	514	(147,713)	59,353
CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION)
Inventory	(9,165)	84,224	(92,373)
Trade and other receivables	(2,855)	12,401	(21,349)
Contract liabilities	(3,471)	(114,603)	34,453
Refund liabilities	(112,689)	33,764	80,160
Trade and other payables and provisions	(17,398)	(14,053)	35,236
	(145,578)	1,732	36,127
CASH USED IN OPERATIONS	(201,509)	(245,189)	78,532

(1) In the year ended December 31, 2022, the position “employee benefit other than share-based compensation” includes an income of €23.2 million, which resulted from release of the employer contribution provision, which was accounted for as of December 31, 2021 for the payable at the exercise of the IFRS 2 programs.

(2) As at December 31, 2022, the terms of the royalty and the CAPEX obligation towards the UK Authority were redefined under the 2022 settlement agreement. Management assessed the likelihood for this future obligation as remote. This resulted in a reduction of refund liabilities and recognition of other revenues recognized of €169.2 million.

5.32.2 Reconciliation of liabilities arising from financing activities

Liabilities arising from financing activities are those for which cash flows were (or future cash flows will be) classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. For development of borrowings and lease liabilities see Note 5.24 and 5.27.


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	98,806	57,834
Proceeds of issue	92,309	39,587
Transaction costs	(11,198)	(255)
Repayments	(2,097)	(1,793)
Revaluations	393	1,115
Accrued interest	13,365	7,932
Payment of interest	(11,025)	(7,685)
Exchange rate difference	(3,706)	2,073
BALANCE AS AT DECEMBER 31	176,847	98,806

Share-based compensation - Phantom shares (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€) shares employee program
Disclosure of terms and conditions of share-based payment arrangement [line items]
Provisions for phantom shares	€ 1,421	€ 2,976
Phantom shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted (in shares) \| shares	0	0
Number of programs modifies \| program		1
Number of employee included in the program modification \| employee		1
Provisions for phantom shares	€ 1,400	€ 3,000

Events after the reporting period (Details) € in Millions, $ in Millions	Mar. 18, 2024	Feb. 02, 2024 EUR (€)	Feb. 02, 2024 USD ($)	Aug. 16, 2023 EUR (€)	Aug. 16, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 30, 2022 EUR (€)	Apr. 30, 2022 USD ($)
Debt financing agreement due 2027
Disclosure of non-adjusting events after reporting period [line items]
Borrowing facilities, maximum borrowing capacity						$ 100.0	€ 54.0	$ 60.0
Amended debt financing agreement due 2028
Disclosure of non-adjusting events after reporting period [line items]
Borrowing facilities, maximum borrowing capacity				€ 90.0	$ 100.0
Other disposals of assets
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from sale of priority review voucher		€ 95.0	$ 103.0
Major debt financing agreement \| Amended debt financing agreement due 2028
Disclosure of non-adjusting events after reporting period [line items]
Borrowing facilities, extended interest-only period	18 months

Employee benefit expense - Disclosure of employee benefit expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Classes of employee benefits expense [abstract]
Salaries	€ 55,793	€ 57,272	€ 47,717
Social security contributions	14,359	(3,035)	35,923
Share-based compensation expense	6,276	(5,215)	14,678
Training and education	1,292	840	603
Other employee benefits	1,553	1,317	1,091
TOTAL EMPLOYEE BENEFIT EXPENSE	€ 79,273	€ 51,178	€ 100,012

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets other than goodwill [abstract]

Schedule of reconciliation of intangible assets


in € thousand	Software	Acquired R&D technology and projects	Development costs	Intangible assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2023
Opening net book value	585	26,731	1,394	—	28,711
Additions	85	—	—	—	85
Amortization charge	(420)	(2,683)	(160)	—	(3,262)

Exchange rate differences	4	24	4	—	33
CLOSING NET BOOK VALUE	255	24,073	1,239	—	25,567

AS AT DECEMBER 31, 2023
Cost	6,368	80,562	7,314	—	94,244
Accumulated amortization and impairment	(6,113)	(56,489)	(6,075)	—	(68,677)
CLOSING NET BOOK VALUE	255	24,073	1,239	—	25,567


in € thousand	Software	Acquired R&D technology and projects	Development costs	Intangible assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2022
Opening net book value	1,217	29,768	1,581	134	32,700
Additions	201	1	—	—	201
Amortization charge	(792)	(2,957)	(171)	—	(3,920)
Disposals	—	—	(2)	(125)	(127)
Exchange rate differences	(41)	(80)	(14)	(9)	(144)
CLOSING NET BOOK VALUE	585	26,731	1,394	—	28,711

AS AT DECEMBER 31, 2022
Cost	6,240	80,514	7,304	—	94,058
Accumulated amortization and impairment	(5,655)	(53,783)	(5,910)	—	(65,347)
CLOSING NET BOOK VALUE	585	26,731	1,394	—	28,711

Provisions - Schedule of provision for employee commitments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Provisions [abstract]
Employer contribution costs on share-based compensation plans	€ 1,684	€ 3,330
Phantom shares	1,421	2,976
Retirement termination benefits	459	330
Leaving indemnities	670	267
BALANCE AS AT CLOSING DATE	4,234	6,903
Less non-current portion	490	1,320
CURRENT PORTION	€ 3,744	€ 5,583

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies

Schedule of new and amended standards adopted by the Group


New standards and interpretations adopted by the Group		Effective date in accordance with IASB	Effects
IFRS 17	Insurance Contracts including Amendments to IFRS 17	January 1, 2023	none
AMENDMENTS ADOPTED BY THE GROUP
IAS 1	Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies	January 1, 2023	none
IAS 8	Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates	January 1, 2023	none
IAS 12	Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction	January 1, 2023	none
IAS 12	Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules	January 1, 2023	none
IFRS 9 & IFRS 17	Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information	January 1, 2023	none


New standards, Interpretations and Amendments		Effective date in accordance with IASB	Effects
IAS 1	Amendments to IAS 1 Presentation of Financial Statements	January 1, 2024	none
IFRS 16	Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback	January 1, 2024	none
IAS 7 & IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements	January 1, 2024	none
IAS 21	Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	January 1, 2025	none

Schedule of maturity analysis for Group’s financial liabilities

Balance as at December 31, 2023


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	44,079	62,378	70,390	—	176,847
Lease liabilities	2,879	5,313	5,414	18,362	31,969
Refund liabilities	33,637	6,303	—	—	39,941
Trade payables and accruals	44,303	—	—	—	44,303
Tax and employee-related liabilities (1)	10,815	—	—	—	10,815
Other liabilities	34	—	—	—	34
TOTAL	135,747	73,995	75,804	18,362	303,908

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

Balance as at December 31, 2022


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	11,629	74,815	44,859	939	132,242
Lease liabilities	26,674	5,915	5,706	21,268	59,563
Refund liabilities	140,098	—	7,000	—	147,098
Trade payables and accruals	41,491	—	—	—	41,491
Tax and employee-related liabilities (1)	10,778	—	—	—	10,778
Other liabilities	87	—	—	—	87
TOTAL	230,756	80,731	57,565	22,207	391,260

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

The maturity of the borrowings is as follows:


	Year ended December 31
in € thousand	2023	2022
Between 1 and 3 years	62,378	57,838
Between 3 and 5 years	70,390	28,765
Over 5 years	—	624
NON-CURRENT BORROWINGS	132,768	87,227
Current borrowings	44,079	11,580
TOTAL BORROWINGS	176,847	98,806

Trade payables and accruals (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables [abstract]
Trade payables	€ 17,564	€ 14,505
Accrued expenses	26,739	26,986
TOTAL	44,303	41,491
Less non-current portion	0	0
CURRENT PORTION	€ 44,303	€ 41,491

Earnings (Losses) per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Schedule of basic and diluted earnings per share


	Year ended December 31,
	2023	2022	2021
Net profit (loss) from continuing operations attributable to equity holders of the Company (in € thousand)	(101,429)	(143,279)	(73,425)
Weighted average number of outstanding shares	138,624,381	115,473,914	97,619,320
BASIC EARNINGS (LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE)	(0.73)	(1.24)	(0.75)


	Year ended December 31,
	2023	2022	2021
Profit used to determine diluted earnings per share (in € thousand)	(101,429)	(143,279)	(73,425)
Weighted average number of outstanding shares for diluted earnings (losses) per share (1)	138,624,381	115,473,914	97,619,320
DILUTED EARNINGS/(LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE)	(0.73)	(1.24)	(0.75)

Impairment testing

12 Months Ended

Dec. 31, 2023

Disclosure of impairment loss and reversal of impairment loss [abstract]

Impairment testing

5.15 Impairment testing

At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

De-recognition of VLA2001

As at December 31, 2022, impairment tests were adapted to the changes resulting in de-recognition of the COVID vaccine VLA2001 as a CGU as no material future cash flows are expected to be generated by this CGU following the Company's decision to wind down the COVID-19 program, and utilization of dedicated and shared assets was reviewed.

In addition, future cash flows generated by the IXCHIQ vaccine were taken into account as fixed assets originally expected to be utilized by COVID are now expected to be used across the IXIARO, DUKORAL and IXCHIQ CGUs. A triggering event was identified in December 2022 for the CGUs impacted by suspending manufacturing of VLA 2001 and impairment tests were performed as at December 31, 2022. As a consequence, impairment charges for VLA2001 of €14.8 million were recorded for the year ended December 31, 2022. This impairment was composed of €1.0 million for right of use assets, €1.9 million for leasehold improvements and €11.9 million for manufacturing equipment. In the year ended December 31, 2023, the impairment for manufacturing equipment could be reduced by €1.9 million, as certain assets were usable for other vaccine productions, especially IXCHIQ (see also Note 5.13 and 5.14).

IXIARO

The impairment test for the CGU of IXIARO did not result in any impairment for the years ended December 31, 2023 and 2022. Further, no triggering event was identified.

DUKORAL

As at December 31, 2022, impairment charges for DUKORAL CGU were recorded in the amount of €8.3 million, including €3.2 million of right of use assets, €2.5 million of leasehold improvements and €2.7 million of manufacturing equipment. As at December 31, 2023, no triggering event was identified and also the impairment testing did not result in further impairment needs. The results of the impairment testing on DUKORAL were not materially different from the position as at December 31, 2022. An increase in the WACC or reduction in revenue may result in further impairment charges (see table below).

IXCHIQ

The impairment test for the CGU of the new vaccine IXCHIQ as at December 31, 2023 did not result in any impairment requirement as the value in use for the CGU was considerably higher than the book value of its assets. Additionally, no triggering events were identified for IXCHIQ. Further details can be seen in the below sensitivity analysis.

Sensitivity to changes in assumptions

The net present value calculations are based upon assumptions regarding market size, expected sales volumes resulting in sales value expectations, expected royalty income or expected milestone payments.The net present value calculations are most sensitive to the following assumptions:

–discount rate

–reduction of expected revenues

The following table shows the these parameters and their sensitivity to the overall result in case of described changes:


in € thousand except ratios	IXIARO		DUKORAL		IXCHIQ		CTM*
WEIGHTED AVERAGE COST OF CAPITAL (WACC)
2023	9.08	%	8.94	%	9.04	%	—	%
2022	8.34	%	8.30	%	8.25	%	9.50	%
BREAK-EVEN WACC
2023	81.06	%	8.04	%	113.62	%	—	%
2022	56.27	%	7.59	%	113.60	%	15.00	%
Impairment if WACC increases by 1% (in € thousand)
2023	NO		3,330		NO		—
2022	NO		5,095		NO		NO
Impairment if sales reduce by 10% (in € thousand)
2023	NO		6,508		NO		—
2022	NO		4,023		NO		1

* CTM CGU was sold in July 2023, see Note 5.1.1.

Equity - Disclosure of ordinary shares and convertible preferred shares (Details) - € / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [abstract]
Par value per share (in euro per share)	€ 0.15
Ordinary shares issued (€0.15 par value per share) (in shares)	138,912,142	138,346,968
Convertible preferred shares registered (in shares)	0	20,514
TOTAL SHARES ISSUES (in shares)	138,912,142	138,367,482
Less Treasury shares (in shares)	(124,322)	(124,322)
OUTSTANDING SHARES (in shares)	138,787,820	138,243,160	105,114,763

Segment information (Details)	12 Months Ended
Segment information (Details)	Dec. 31, 2023 segment
Disclosure of operating segments [abstract]
Number of reportable segments	1

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [abstract]

Disclosure of ordinary shares and convertible preferred shares and development of outstanding shares

The ordinary shares and convertible preferred shares are classified as equity.


	Year ended December 31
number of shares	2023	2022
Ordinary shares issued (€0.15 par value per share)	138,912,142	138,346,968
Convertible preferred shares registered	—	20,514
TOTAL SHARES ISSUED	138,912,142	138,367,482
Less Treasury shares	(124,322)	(124,322)
OUTSTANDING SHARES	138,787,820	138,243,160

The following table shows the development of the number of outstanding shares:


	Year ended December 31
number of shares	2023	2022
OUTSTANDING AS AT JANUARY 1	138,243,160	105,114,763
Share-based compensation exercises	544,660	2,578,636
Capital Increase	—	30,549,761


OUTSTANDING AT YEAR END	138,787,820	138,243,160

Schedule of other reserves


in € thousand	Other regulated reserves	Other comprehensive income	Treasury shares	Capital from Share-based compensation	Other revenue reserves	Total
BALANCE AS AT JANUARY 1, 2023	52,820	(5,041)	(645)	17,636	(9,517)	55,252
Currency translation differences	—	3,300	—	—	—	3,300
Defined benefit plan actuarial losses	—	(130)	—	—	—	(130)
Share-based compensation expense	—	—	—	6,666	—	6,666

Purchase/sale of treasury shares	—	—	—	—	—	—
BALANCE AS AT DECEMBER 31, 2023	52,820	(1,871)	(645)	24,301	(9,517)	65,088


in € thousand	Other regulated reserves	Other comprehensive income	Treasury shares	Capital from Share-based compensation	Other revenue reserves	Total
BALANCE AS AT JANUARY 1, 2022	52,820	(5,146)	(645)	15,000	(9,517)	52,512
Currency translation differences	—	(73)	—	—	—	(73)
Defined benefit plan actuarial gains	—	178	—	—	—	178
Share-based compensation expense	—	—	—	2,636	—	2,636

Purchase/sale of treasury shares	—	—	—	—	—	—
BALANCE AS AT DECEMBER 31, 2022	52,820	(5,041)	(645)	17,636	(9,517)	55,252

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

Total

Share capital

Share premium

Other reserves

Retained earnings/ (Accumulated deficit)

Profit/(loss) for the period

Equity, beginning balance at Dec. 31, 2020

€ 77,422

€ 13,646

€ 244,984

€ 52,342

€ (169,156)

€ (64,393)

Total comprehensive income/(loss)

(76,097)

(2,672)

(73,425)

Income appropriation

(64,393)

64,393

Share-based compensation expense:

Value of services

2,632

Exercises

2,257

143

2,114

Capital Increase

^[1]

164,158

1,998

162,160

Treasury shares

209

(1)

209

Equity, ending balance at Dec. 31, 2021

170,581

15,786

409,258

52,512

(233,549)

(73,425)

Total comprehensive income/(loss)

(143,174)

105

(143,279)

Income appropriation

(73,425)

73,425

Share-based compensation expense:

Value of services

2,636

Exercises

3,758

387

3,371

Capital Increase

^[2]

185,996

4,582

181,413

Treasury shares

Equity, ending balance at Dec. 31, 2022

219,797

20,755

594,043

55,252

(306,974)

(143,279)

Total comprehensive income/(loss)

(98,258)

3,170

(101,429)

Income appropriation

(143,279)

143,279

Share-based compensation expense:

Value of services

6,666

Exercises

(39)

Treasury shares

Equity, ending balance at Dec. 31, 2023

€ 128,247

€ 20,837

€ 594,003

€ 65,088

€ (450,253)

€ (101,429)

[1]	Capital Increase includes the cost of transactions, net of tax.
[2]	Capital Increase includes the cost of transactions, net of tax.

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Share-based compensation - Disclosure of expenses of share-based payments arrangements (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
SHARE-BASED COMPENSATION EXPENSE /(INCOME)	€ 6,276	€ (8,656)	€ 14,509
Stock option plans
Disclosure of terms and conditions of share-based payment arrangement [line items]
SHARE-BASED COMPENSATION EXPENSE /(INCOME)	5,152	1,916	646
Free convertible preferred share plans
Disclosure of terms and conditions of share-based payment arrangement [line items]
SHARE-BASED COMPENSATION EXPENSE /(INCOME)	0	0	652
Free ordinary shares program
Disclosure of terms and conditions of share-based payment arrangement [line items]
SHARE-BASED COMPENSATION EXPENSE /(INCOME)	1,514	719	1,334
Phantom shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
SHARE-BASED COMPENSATION EXPENSE /(INCOME)	€ (390)	€ (11,291)	€ 11,877

Intangible assets - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	€ 25,567	€ 28,711	€ 32,700
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	94,244	94,058
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	255	585	1,217
Software \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	€ 6,368	6,240
Software \| Minimum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	3 years
Software \| Maximum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	6 years
Acquired R&D technology and projects
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	€ 24,073	26,731	29,768
Acquired R&D technology and projects \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	€ 80,562	80,514
Acquired R&D technology and projects \| Minimum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	1 year
Acquired R&D technology and projects \| Maximum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	24 years
General development costs \| Minimum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	10 years
General development costs \| Maximum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years
Development costs
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	€ 1,239	1,394	€ 1,581
Development costs \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	€ 7,314	7,304
Development costs \| Minimum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	1 year
Development costs \| Maximum
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years
IXIARO
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	24 years
Remaining useful life measured as period of time, intangible assets other than goodwill	9 years
Intangible assets other than goodwill	€ 25,000	27,700
IXIARO \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	€ 78,800	€ 78,700

Contract liabilities - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition	€ 4,394	€ 130,678
Other releases	1,032	0
Addition	1,870	10,833
Kingdom of Bahrain \| COVID VLA2001 \| Advance Purchase Agreement (APA)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition	€ 3,800	2,300
Addition		3,800
European Commission \| COVID VLA2001 \| Advance Purchase Agreement (APA)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition		116,800
Instituto Butantan \| IXCHIQ \| Partnering agreement, CEPI
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition		2,000
Addition		2,000
Pfizer Inc. \| Lyme VLA15 \| Amended Collaboration and License agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition		5,900
Addition		€ 4,200

Refund liabilities - Narrative (Details) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	€ 39,941	€ 143,085		€ 254,582
Trade receivables	41,645	23,912
Non-current refund liabilities	6,303	6,635
Additions, refund liability	465	52,012
Pfizer Inc. \| Lyme VLA15 \| Amended Collaboration and License agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	33,100	135,500
Trade receivables	10,700	4,600
Additions, refund liability		24,500	$ 25
GSK \| Supply agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	€ 6,500	6,600
Non-current refund liabilities		6,600
UK Authority
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from royalty obligation		169,200
UK Authority \| COVID VLA2001 \| Vaccine supply agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities				€ 166,900
Revenue from royalty obligation		89,200
Revenue from CAPEX obligation		€ 80,000

Refund liabilities - Disclosure of development of refund liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Refund Liabilities [Abstract]
BALANCE AS AT JANUARY 1	€ 143,085	€ 254,582
Additions	465	52,012
Payments	(352)	(2,626)
Other releases	(108,542)	(879)
Revenue recognition	(40)	(169,242)
Interest expense capitalized	8,419	9,597
Exchange rate difference	(3,095)	(357)
BALANCE AS AT CLOSING DATE	39,941	143,085
Less non-current portion	(6,303)	(6,635)
CURRENT PORTION	€ 33,637	€ 136,450

General information (Tables)

12 Months Ended

Dec. 31, 2023

General Information And Significant Events Of Period

Summary of all subsidiaries held by the company directly or indirectly

The following list shows all subsidiaries held by the Company directly or indirectly:


Name	Country of incorporation	Consolidation Method	Interest held as at
			December 31, 2023		December 31, 2022
Vaccines Holdings Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva Austria GmbH	AT	Full Consolidation	100	%	100	%
Valneva Canada Inc.	CA	Full Consolidation	100	%	100	%
Valneva France SAS	FR	Full Consolidation	100	%	100	%
Valneva Scotland Ltd.	UK	Full Consolidation	100	%	100	%
Valneva Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva UK Ltd.	UK	Full Consolidation	100	%	100	%
Valneva USA, Inc.	US	Full Consolidation	100	%	100	%
VBC 3 Errichtungs GmbH	AT	Full Consolidation	100	%	—	%

Summary of recognised amounts of identifiable net assets and fair value of consideration transferred at acquisition date


in € thousand			October 1, 2023
Cash			1,003
Property, Plant & Equipment			22,373
Loans and borrowings			(11,296)
Other liabilities			(126)
TOTAL IDENTIFIABLE NET ASSETS			11,955

Summary of significant accounting policies - Narrative (Details) - Feb. 02, 2024 € in Millions, $ in Millions	EUR (€)	USD ($)
Other disposals of assets
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from sale of priority review voucher	€ 95	$ 103

Trade receivables - Disclosure of detailed information about trade receivables (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other receivables [abstract]
Trade receivables	€ 41,714	€ 23,997
Less: loss allowance of receivables	(69)	(84)
TRADE RECEIVABLES, NET	€ 41,645	€ 23,912

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Disclosure of financial instruments by category


	Year ended December 31
in € thousand	2023	2022
FINANCIAL INSTRUMENTS IN ASSETS
Trade receivables	41,645	23,912
Other assets (1)	1,109	11,988
Cash and cash equivalents	126,080	289,430
TOTAL ASSETS	168,834	325,330

(1) Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments.

The Group has only financial instruments which are categorized as liabilities at amortized costs. Financial instruments can be found in the following positions within the liabilities:


	Year ended December 31
in € thousand	2023	2022
FINANCIAL INSTRUMENTS IN LIABILITIES
Borrowings	176,847	98,806
Trade payables and accruals	44,303	41,491
Tax and employee-related liabilities (1)	10,815	10,778
Lease liabilities	31,969	53,574
Refund liabilities	39,941	143,085
Other liabilities (2)	34	32
TOTAL LIABILITIES	303,908	347,767

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments.

(2) Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments.

Disclosure of foreign currency sensitivity analysis

With all other variables held constant, the impact from changes in exchange rates on the pre-tax result would be as follows:


	Year ended December 31
in € thousand	2023	2022
$/EUR +10%	(24,079)	(21,245)
$/EUR -10%	29,430	25,966
GBP/EUR +10%	4,760	3,941
GBP/EUR -10%	(5,817)	(4,817)
SEK/EUR +10%	(8,846)	(9,318)
SEK/EUR -10%	10,812	11,388
CAD/EUR +10%	2,368	2,011
CAD/EUR -10%	(2,894)	(2,457)

Disclosure of credit quality of financial assets


	Year ended December 31
in € thousand	2023	2022
TRADE RECEIVABLES
Receivables from governmental institutions (AAA-country)	205	757
Receivables from governmental institutions (AA-country)	11,535	3,620
Receivables from governmental institutions (A-country)	—	—
AA	—	—
A	—	4,861
Counterparties without external credit rating or rating below A	29,905	14,674
TRADE RECEIVABLES	41,645	23,912

OTHER ASSETS
A	—	11,296
Assets from governmental institutions (AA-country)	—	151
Counterparties without external credit rating or rating below A	1,109	541
OTHER ASSETS	1,109	11,988

CASH AND CASH EQUIVALENTS
AA	17,581	11,557
A	108,253	272,719
Counterparties without external credit rating or rating below A	245	5,154
CASH AND CASH EQUIVALENTS	126,080	289,430

General information - Group information (Details) - VBC 3 Errichtungs GmbH - EUR (€) € in Thousands	Oct. 31, 2023	Oct. 01, 2023
Disclosure Of General Information [Line Items]
Percentage of voting equity interests acquired	100.00%
Cash and cash equivalents recognised as of acquisition date		€ 1,003
Assets acquisition, acquisition price	€ 11,000
Valneva SE
Disclosure Of General Information [Line Items]
Percentage of voting equity interests acquired	6.00%
Valneva Austria GmbH
Disclosure Of General Information [Line Items]
Percentage of voting equity interests acquired	94.00%

Commitments and contingencies - Schedule of pledges (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies [Abstract]
Pledges on bank accounts	€ 121,085	€ 284,889
GUARANTEES AND PLEDGES	€ 121,085	€ 284,889

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Schedule of reconciliation of property, plant and equipment


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Computer hardware	Furniture, fittings and other	Assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2023
Opening net book value	74,493	34,544	1,140	675	1,583	112,435

Change in consolidation scope	22,373	—	—	—	—	22,373
Additions	9,088	2,884	414	33	1,985	14,404
Depreciation charge	(6,008)	(4,372)	(442)	(155)	—	(10,976)
Impairment charge/reversal	—	1,869	—	—	—	1,869
Disposals	(1,837)	(3,547)	(61)	(2)	—	(5,448)
Exchange rate differences	991	383	3	9	155	1,541
CLOSING NET BOOK VALUE	99,100	31,761	1,053	560	3,724	136,198

AS AT DECEMBER 31, 2023
Cost	125,580	73,686	3,438	1,895	3,724	208,323
Accumulated depreciation and impairment	(26,479)	(41,926)	(2,384)	(1,335)	—	(72,125)
CLOSING NET BOOK VALUE	99,100	31,761	1,053	560	3,724	136,198

The change in consolidation scope came from the acquisition of VBC3, see Note 5.1.2. The additions were primarily from the finalization of the Almeida facility in Livingston. The reversal of impairment is due to a reversal of a fixed asset impairment in the amount of €1.9 million related to production equipment.


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Computer hardware	Furniture, fittings and other	Assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2022
Opening net book value	10,284	21,066	1,335	202	92,659	125,545
Reclassification	45,082	16,576	—	—	(61,658)	—
Additions	30,902	24,484	281	552	(29,043)	27,176
Depreciation charge	(3,091)	(10,424)	(432)	(64)	—	(14,012)
Impairment charge	(4,453)	(14,618)	—	—	—	(19,071)
Disposals	—	(43)	(2)	—	—	(45)
Exchange rate differences	(4,230)	(2,497)	(42)	(14)	(375)	(7,158)
CLOSING NET BOOK VALUE	74,493	34,544	1,140	675	1,583	112,435

AS AT DECEMBER 31, 2022
Cost	96,528	76,315	3,245	1,912	1,583	179,583
Accumulated depreciation and impairment	(22,035)	(41,770)	(2,105)	(1,238)	—	(67,148)
CLOSING NET BOOK VALUE	74,493	34,544	1,140	675	1,583	112,435

Disclosure of revenue by geographical markets


	Year ended December 31,
in € thousand	2023	2022	2021
United States	32,964	(23,803)	54,791
Canada	28,193	18,904	4,226
United Kingdom	20,266	181,129	256,075
Austria	14,583	21,793	18,529
Germany	13,503	68,529	966
Nordics	12,695	12,043	2,440
France	5,866	46,608	1,367
Other Europe	9,335	18,740	5,006
Rest of World	16,308	17,360	4,684
REVENUE TOTAL	153,713	361,303	348,086

Nordics includes Finland, Denmark, Norway and Sweden.


	Year ended December 31,
in € thousand	2023	2022
United Kingdom	87,646	84,843
Austria	49,460	52,199
Nordics	39,111	40,250
Other Europe	4,839	5,211
United States	934	64
Canada	166	183
NON-CURRENT ASSETS	182,156	182,749

Related-party transactions - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2022
Disclosure of transactions between related parties [line items]
Borrowings	€ 176,847	€ 98,806
Key management personnel compensation	5,636	3,939	€ 3,093
Vital Meat SAS
Disclosure of transactions between related parties [line items]
Provision of services, transfer of assets		1,000
CIR
Disclosure of transactions between related parties [line items]
Borrowings	3,600	4,400
CIR \| BPI France
Disclosure of transactions between related parties [line items]
Borrowings, percentage of receivables				80.00%
Borrowings	3,500
Borrowings, commitment fee				0.50%
Borrowings, adjustment to interest rate basis				1.70%
CIR \| BPI France \| Minimum
Disclosure of transactions between related parties [line items]
Borrowings, interest rate				0.00%
Executive Committee
Disclosure of transactions between related parties [line items]
Key management personnel compensation	5,200	3,600	2,800
Former Supervisory Board
Disclosure of transactions between related parties [line items]
Key management personnel compensation	€ 500	€ 400	€ 300

Inventories - Schedule of write-down provisions related to the inventory categories (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Classes of current inventories [abstract]
Raw materials	€ 28,158	€ 79,939
Work in progress	15,177	99,089
Finished goods	1,524	1,417
Purchased goods (third party products)	743	421
TOTAL WRITE-DOWN PROVISION	€ 45,601	€ 180,866

Critical accounting judgements and key sources of estimation uncertainty	12 Months Ended
	Dec. 31, 2023
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty
Critical accounting judgements and key sources of estimation uncertainty	5.3 Critical accounting judgements and key sources of estimation uncertainty In applying the Group’s accounting policies, which are described in Note 5.2: Summary of significant accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 5.3.1 Critical judgements in applying the Group’s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in financial statements: •Note 5.5.2 Other revenues and Note 5.29 Refund liabilities: Revenue recognition of other revenues/refund liabilities: management’s judgement is required to determine the identification of performance obligations (especially when determining whether the license is distinct, which is the case when the customer can benefit from the license without further involvement), the determination of the transaction price (including the judgement of payables to customers), and allocation of the transaction price to the performance obligations on relative standalone selling price. The standalone selling price is sometimes not available or is based on hard-to-value intangible assets, so various valuation techniques are used. In addition, management’s judgement is required regarding whether revenue from collaborations, licensing and service agreements is recognized over time or at a point in time. Revenue is only recognized when it is highly likely that it will not reverse in future, and this is a judgement required from management. In particular, Note 5.5.2 underlines the judgements made in applying accounting policies, whereby the Research Collaboration and License Agreement with Pfizer and several amendments thereto are most relevant. 5.3.2 Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: •Note 5.5 Revenues: Revenue recognition of product sales: estimate of expected returns and replacements, and supply of products free of charge; •Note 5.5.2 Other revenues: Likelihoods for refund liabilities and for revenue recognition in accordance with the actual costs compared to the budget; •Notes 5.8 Other income/(expenses), net and 5.31 Other liabilities: Estimates of income recognized and repayments from grants, measured according to cost incurred compared to the budget; •Note 5.10 Income tax benefit/(expense): Recognition of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and whether sufficient evidence is provided for entities; •Note 5.12 Intangible assets: Amortization period of development expenditures and acquired technologies. The most significant criteria considered for the determination of the useful life include the patent life as well as the estimated period when Valneva can benefit from this intangible asset. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group’s financial statements within the next year; •Note 5.14 Property, plant and equipment: Depreciation period - assessment of useful life; •Note 5.15 Impairment testing: Impairment test of intangible, tangible assets and right of use assets: key assumptions underlying recoverable amounts. Budgets comprise forecasts of revenue, staff costs and overheads based on current and anticipated market conditions that have been considered and approved by the Executive Committee. The revenue projections are inherently uncertain due to the short-term nature of the business and unstable market conditions. If the Group does not successfully develop vaccine candidates and receive regulatory approval, or if Valneva fails to successfully manufacture or commercialize vaccine candidates if approved, an impairment may be required. For the main estimates and sensitivities related to the impairment test regarding the CGU, see Note 5.15; •Note 5.17 Inventories: Write-down analysis for inventories: For the assessment of write-down of raw material the current production plans have been taken into account. Raw material which will not be used before expiry date was written down. For this assessment the status of the expiry dates as of the balance sheet date was used. For the assessment of write-downs of work in progress, finished goods and purchased goods, the forecasted sales plans for 2024 and a minimum shelf life at the time of the most current sales expectation have been taken into account. In addition, those inventories have been assessed on the likelihood of the release of those products. •Note 5.23 Share-based compensation: Share-based payments and related expected employer contribution costs: assumption for fair value determination as well as the determination of accelerated vesting in the event of a change of control (as considered remotely); •Note 5.29 Refund liabilities: Recognition and classification of the refund obligation related to the Pfizer Collaboration and License Agreement; •Notes 5.30 Provisions and 5.33 Commitments and contingencies: Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources. In estimating the provision for onerous contracts, management made assumptions regarding the likelihood of termination costs for certain agreements. •Note 5.18 Trade receivables and 5.16.5 Impairment of financial assets: A simplified approach based on historical loss rates is used to determine the loss allowances in order to recognize expected credit losses (ECL) for short-term financial assets such as trade receivables. 5.3.3 Measurements of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: •Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). •Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following Notes: •Note 5.16: Financial instruments and •Note 5.23: Share-based compensation

Share-based compensation - Stock options plans (Details)	12 Months Ended
	Dec. 31, 2023 shares plan tranche € / shares	Dec. 31, 2022 shares € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options exercised (in shares)	544,660	2,578,636
Stock option plans
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of successive plans \| plan	7
Expiration period	10 years
Percentage of voting rights	50.00%
Number of share options exercised (in shares)	14,134	1,114,963
Number of share options granted (in shares)	3,441,269	3,152,751
Weighted average grant date fair value, options granted (in euro per share) \| € / shares	€ 3.22	€ 3.77
Stock option plans \| ESOP Plans 2013 to 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal tranches to exercise awards \| tranche	2
Stock option plans \| ESOP Plans 2013 to 2017 \| Tranche one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	2 years
Stock option plans \| ESOP Plans 2013 to 2017 \| Tranche two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	4 years
Stock option plans \| ESOP Plan 2019 onwards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal tranches to exercise awards \| tranche	3
Stock option plans \| ESOP Plan 2019 onwards \| Tranche one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	1 year
Stock option plans \| ESOP Plan 2019 onwards \| Tranche two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	2 years
Stock option plans \| ESOP Plan 2019 onwards \| Tranche three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Stock option plans \| ESOP 2013
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options exercised (in shares)	14,134	615,918
Stock option plans \| ESOP 2015
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options exercised (in shares)	0	478,845
Stock option plans \| ESOP 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options exercised (in shares)	0	20,200

Related-party transactions - Schedule of key management compensation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions [abstract]
Salaries and other short-term employee benefits	€ 3,439	€ 3,172	€ 2,213
Other long-term benefits	52	45	24
Share-based payments (expense of the year)	2,145	722	856
KEY MANAGEMENT COMPENSATION	€ 5,636	€ 3,939	€ 3,093

Borrowings - Schedule of maturity analysis of non-current borrowings (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
NON-CURRENT BORROWINGS	€ 132,768	€ 87,227
Current borrowings	44,079	11,580
TOTAL BORROWINGS	176,847	98,806
Between 1 and 3 years
Disclosure of detailed information about borrowings [line items]
NON-CURRENT BORROWINGS	62,378	57,838
Between 3 and 5 years
Disclosure of detailed information about borrowings [line items]
NON-CURRENT BORROWINGS	70,390	28,765
Over 5 years
Disclosure of detailed information about borrowings [line items]
NON-CURRENT BORROWINGS	€ 0	€ 624

Tax and employee-related liabilities

12 Months Ended

Dec. 31, 2023

Tax And Employee-Related Liabilities [Abstract]

Tax and employee-related liabilities

5.26 Tax and employee-related liabilities

Liabilities for tax and employee-related liabilities are generally measured at amortized costs. Liabilities related to employees comprise mainly accruals for bonuses and unconsumed vacations. The line social security and other taxes consists of amounts owed to tax authorities and social security institutions.


	Year ended December 31
in € thousand	2023	2022
Employee-related liabilities	10,815	10,778
Social security and other taxes	5,394	4,960
BALANCE AS AT DECEMBER 31	16,209	15,738
Less non-current portion	—	—
CURRENT PORTION	16,209	15,738

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Share-based compensation

5.23 Share-based compensation


	Year ended December 31
in € thousand	2023	2022	2021
Stock option plans	5,152	1,916	646
Free convertible preferred share plans	—	—	652
Free ordinary shares program	1,514	719	1,334

Phantom shares	(390)	(11,291)	11,877
SHARE-BASED COMPENSATION EXPENSE /(INCOME)	6,276	(8,656)	14,509

5.23.1 Stock option plans

The fair value of such share-based compensation is recognized as an expense for employee services received in exchange for the grant of the options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Annually, the Group revises its estimates of the number of options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement and makes a corresponding adjustment to equity.

The proceeds received net of any directly attributable transaction costs are credited to nominal capital (nominal value) and share premium (amount exceeding nominal value) when the options are exercised.

Beginning in 2013, the Company granted stock options to employees and management pursuant to seven successive plans.

Stock options granted from 2013 to 2017 are exercisable in two equal portions after being held for two and for four years (the vesting periods), while stock options granted from 2019 onwards are exercisable in three equal portions after being held for one year, two years and three years. Stock options granted in 2019 are subject to performance conditions.

All options expire no later than ten years after being granted. Stock options are not transferable or negotiable and unvested options lapse without compensation upon termination of employment with the Group (forfeiture). Stock options granted from 2013 onwards vest with the effectiveness of the takeover of more than 50% of the outstanding voting rights of the Group. As this change of control event was considered remote, it has not been considered in the determination of the vesting period.

Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows:


	2023			2022
	Number of options	Number of shares available	Average exercise price (in € per share)	Number of options	Number of shares available	Average exercise price (in € per share)
OUTSTANDING AS AT JANUARY 1	5,774,339	5,776,114	4.90	3,933,385	3,996,588	3.11
Granted	3,441,269	3,441,269	5.25	3,152,751	3,152,751	6.47
Expired	(3,648)	(4,015)	2.92	—	—	—
Forfeited	(647,024)	(647,024)	5.25	(196,834)	(196,834)	3.05
Exercised	(14,134)	(15,542)	2.92	(1,114,963)	(1,176,391)	3.32
OUTSTANDING AT YEAR END	8,550,802	8,550,802	5.02	5,774,339	5,776,114	4.90
Exercisable at year end	3,296,856	3,296,856	3.98	2,621,588	2,623,363	3.02

14,134 employee stock options (of which 14,134 were granted from ESOP 2013, 0 from ESOP 2015 and 0 from ESOP 2016) were exercised in 2023, whereas 1,114,963 employee stock options (of which 615,918 were granted from ESOP 2013, 478,845 from ESOP 2015 and 20,200 from ESOP 2016) were exercised in 2022.

Stock options outstanding at the end of the period have the following expiry dates and exercise prices:


	Exercise price (in € per share)	Number of options as at December 31, (presentation as number of convertible shares)
expiry date		2023	2022
2023	2.92	—	19,557
2025	3.92	43,655	43,655
2026	2.71	14,500	14,500
2027	2.85	551,475	551,475
2029	3.05	1,770,676	1,994,176
2032	6.47	2,750,477	3,152,751
2033	5.25	3,420,019	—
OUTSTANDING AT YEAR END		8,550,802	5,776,114

In 2023, 3,441,269 stock options were granted (2022: 3,152,751). The weighted average grant date fair value of options granted during 2023 was €3.22 (2022: €3.77). The fair value of the granted options was determined using the Black Scholes valuation model.

The significant inputs into the models were:


			As at Dec 15, 2023
Expected volatility (%), based on historical volatility			72.95
Expected vesting period (term in years)			5.50 – 6.50
Risk-free interest rate (%)			2.12 – 3.15

5.23.2 Free ordinary shares

In 2023, the Company’s Management Board granted 445,320 free ordinary shares for the benefit of Management Board and members of the Company’s senior management (2022: 401,911). The purpose of this free share plan 2023-2026 is to provide a long-term incentive program for the Company’s senior management.

The number of free ordinary shares granted was as follows:


	Year ended December 31
number of free ordinary shares granted	2023	2022
Executive Committee (formerly Management Board)	263,842	196,855
Senior Leadership Group	181,478	205,056
FREE ORDINARY SHARES GRANTED	445,320	401,911

In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows:


	Year ended December 31
number of free shares	2023	2022
OUTSTANDING AS AT JANUARY 1	1,487,667	1,842,404
Granted	445,320	401,911
Forfeited	(14,725)	(120,000)
Exercised	(549,632)	(636,648)
OUTSTANDING AT YEAR END	1,368,630	1,487,667

Subject to vesting conditions (service conditions), the free share granted to a participant will vest in and be delivered to that participant (“seront définitivement attribuées”) in three tranches. Each tranche will amount to one third of the total individual allocation. If one third is not a whole number, the number of free shares will be rounded down for the first two tranches and rounded up for the third tranche.

The first and the second tranche for the free shares granted in 2023 will vest on December 15, 2025, and the third tranche will vest on December 15, 2026.

Following the vesting of the free shares, no compulsory holding period will apply to the vested shares.

The expenses arising from the free ordinary share plan is the number of shares granted expected to vest multiplied with the share price at the grant date.

The 2023 and 2022 plans further provide for accelerated vesting of the free shares in the event of a Change of Control (as defined in the applicable terms & conditions) occurring no earlier than two years after the grant date. For the 2022 plan that is October 10, 2024, and for the 2023 plan it is December 15, 2025. As management considered the chance of a Change of Control remote at the grant date, this was not included in the determination of the vesting period. In addition,

the plan provides for the possibility to remain entitled to a prorated number of shares, for any unvested tranche, in case of retirement of a beneficiary before complete vesting. Finally, the terms and conditions applicable to the free share plans state that if a Change of Control takes place before the specified date and section III of Article L. 225-197-1 of the French Commercial Code does not apply, the plan will be canceled and the Company will indemnify the participants for the loss of unvested free shares, and, for the Management Board members, to getting all required shareholder approvals. The gross amount of this indemnity will be calculated as though such free shares had been vested upon the Change of Control. The conditions and limitations set forth in the applicable terms and conditions of the plan will apply to this calculation, mutatis mutandis.

In accordance with section II (4th paragraph) of Article L. 225-197-1 of the French Commercial Code, the Supervisory Board decided during its meetings held on June 22, 2022 and March 9, 2023 that the Management Board members should keep no less than 20% of the vested free shares of each tranche until termination of their office as Management Board member or corporate officer.

5.23.3 Phantom shares

In 2017, 2019 and 2020, phantom share plans were issued for employees who are US citizens, with the same conditions as the stock option programs (see above) but which will not be settled in equity, but in cash. Therefore, it is considered as a cash settled plan. The liability for the phantom shares is measured (initially and at the end of each reporting period until settled) at the fair value of the share options rights, by applying an option pricing model taking into account the terms and conditions on which the phantom rights were granted and the extent to which the employees have rendered services to date.

No new phantom shares were granted in 2023. In 2022, no new phantom shares were granted, but a change from one phantom share program to another for one employee was agreed.

In accordance with the foregoing, changes in the outstanding phantom shares are as follows:


	Year ended December 31
number of phantom shares	2023	2022
OUTSTANDING AS AT JANUARY 1	670,500	841,450
Granted	—	117,000
Forfeited	(50,000)	(67,001)
Exercised	(210,000)	(220,949)
OUTSTANDING AT YEAR END	410,500	670,500

The carrying amount of the liability relating to the phantom shares as at December 31, 2023 was €1.4 million (December 31, 2022: €3.0 million). The fair values of the granted options were determined on the balance sheet dates using the Black Scholes valuation model.

Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices:


	Exercise price (in € per share)	Number of phantom shares as at December 31,
expiry date		2023	2022



2027	2.85	6,250	6,250
2029	3.05	194,250	244,250
2030	—	210,000	420,000
OUTSTANDING AT YEAR END		410,500	670,500

The significant inputs into the models were:


	Year ended December 31
	2023	2022
Expected volatility (in %)	51.26	51.07-86.95
Expected vesting period (term in years)	—	0.25-0.93
Risk-free interest rate (in %)	2.10	1.32-2.37

Intangible assets - Schedule of reconciliation of intangible assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	€ 28,711	€ 32,700
Additions	85	201
Amortization charge	(3,262)	(3,920)
Disposals, intangible assets other than goodwill		(127)
Exchange rate differences	33	(144)
Intangible assets other than goodwill, ending balance	25,567	28,711
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	94,058
Intangible assets other than goodwill, ending balance	94,244	94,058
Accumulated amortization and impairment
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	(65,347)
Intangible assets other than goodwill, ending balance	(68,677)	(65,347)
Software
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	585	1,217
Additions	85	201
Amortization charge	(420)	(792)
Disposals, intangible assets other than goodwill		0
Exchange rate differences	4	(41)
Intangible assets other than goodwill, ending balance	255	585
Software \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	6,240
Intangible assets other than goodwill, ending balance	6,368	6,240
Software \| Accumulated amortization and impairment
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	(5,655)
Intangible assets other than goodwill, ending balance	(6,113)	(5,655)
Acquired R&D technology and projects
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	26,731	29,768
Additions	0	1
Amortization charge	(2,683)	(2,957)
Disposals, intangible assets other than goodwill		0
Exchange rate differences	24	(80)
Intangible assets other than goodwill, ending balance	24,073	26,731
Acquired R&D technology and projects \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	80,514
Intangible assets other than goodwill, ending balance	80,562	80,514
Acquired R&D technology and projects \| Accumulated amortization and impairment
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	(53,783)
Intangible assets other than goodwill, ending balance	(56,489)	(53,783)
Development costs
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	1,394	1,581
Additions	0	0
Amortization charge	(160)	(171)
Disposals, intangible assets other than goodwill		(2)
Exchange rate differences	4	(14)
Intangible assets other than goodwill, ending balance	1,239	1,394
Development costs \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	7,304
Intangible assets other than goodwill, ending balance	7,314	7,304
Development costs \| Accumulated amortization and impairment
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	(5,910)
Intangible assets other than goodwill, ending balance	(6,075)	(5,910)
Intangible assets in the course of construction
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	0	134
Additions	0	0
Amortization charge	0	0
Disposals, intangible assets other than goodwill		(125)
Exchange rate differences	0	(9)
Intangible assets other than goodwill, ending balance	0	0
Intangible assets in the course of construction \| Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	0
Intangible assets other than goodwill, ending balance	0	0
Intangible assets in the course of construction \| Accumulated amortization and impairment
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, beginning balance	0
Intangible assets other than goodwill, ending balance	€ 0	€ 0

Financial instruments - Narrative (Details)	12 Months Ended
Financial instruments - Narrative (Details)	Dec. 31, 2023
Currency risk
Disclosure of detailed information about financial instruments [line items]
Reasonably possible change in risk variable, percent	10.00%

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Schedule of disaggregated revenue

Revenues include both revenues from contracts with customers and other revenues (mainly subleases) which are out of scope from IFRS 15:


	Year ended December 31,
in € thousand	2023	2022	2021
Product sales	144,624	114,797	62,984
Other revenues from contracts with customers	8,075	245,709	284,202
Other non-IFRS 15 revenue	1,014	797	899
REVENUES	153,713	361,303	348,086

Disclosure of disaggregated revenue by type of goods or services

The Group’s revenues are disaggregated as follows:

Type of goods or service


	Year ended December 31,
in € thousand	2023	2022	2021
IXIARO	73,483	41,349	45,118
DUKORAL	29,775	17,334	2,440
Third party products	35,675	26,545	15,426
COVID VLA2001	5,691	29,568	—
PRODUCT SALES	144,624	114,797	62,984
IXCHIQ (1)	2,733	5,565	3,257
COVID VLA2001 (1)	1,973	280,010	253,314
Lyme VLA15	—	(45,869)	14,265
Services related to clinical trial material	275	3,205	10,001
Others	3,093	2,798	3,364
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	8,075	245,709	284,202
Other non-IFRS 15 revenue	1,014	797	899
REVENUES	153,713	361,303	348,086

(1) Revenues from these products were derived from contractual arrangements and do not represent product sales.

Disclosure of products sales by channel

Products are sold via the following sales channels:


	Year ended December 31,
in € thousand	2023	2022	2021
Direct product sales	119,305	75,968	60,306
Indirect product sales (Sales through distributors)	25,320	38,828	2,678
TOTAL PRODUCT SALES	144,624	114,797	62,984

Disclosure of revenue by geographical markets


	Year ended December 31,
in € thousand	2023	2022	2021
United States	32,964	(23,803)	54,791
Canada	28,193	18,904	4,226
United Kingdom	20,266	181,129	256,075
Austria	14,583	21,793	18,529
Germany	13,503	68,529	966
Nordics	12,695	12,043	2,440
France	5,866	46,608	1,367
Other Europe	9,335	18,740	5,006
Rest of World	16,308	17,360	4,684
REVENUE TOTAL	153,713	361,303	348,086

Nordics includes Finland, Denmark, Norway and Sweden.


	Year ended December 31,
in € thousand	2023	2022
United Kingdom	87,646	84,843
Austria	49,460	52,199
Nordics	39,111	40,250
Other Europe	4,839	5,211
United States	934	64
Canada	166	183
NON-CURRENT ASSETS	182,156	182,749

Share-based compensation - Disclosure of significant inputs in the model, share options (Details) - Stock option plans	Dec. 15, 2023 yr
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (%), based on historical volatility	72.95%
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected vesting period (term in years)	5.50
Risk-free interest rate (%)	2.12%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected vesting period (term in years)	6.50
Risk-free interest rate (%)	3.15%

Share-based compensation - Disclosure of maturity analysis of available share options outstanding (Details) - Stock option plans - € / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 5.02	€ 4.90	€ 3.11
Available shares options outstanding (in shares)	8,550,802	5,776,114	3,996,588
2023
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 2.92
Available shares options outstanding (in shares)	0	19,557
2025
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 3.92
Available shares options outstanding (in shares)	43,655	43,655
2026
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 2.71
Available shares options outstanding (in shares)	14,500	14,500
2027
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 2.85
Available shares options outstanding (in shares)	551,475	551,475
2029
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 3.05
Available shares options outstanding (in shares)	1,770,676	1,994,176
2032
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 6.47
Available shares options outstanding (in shares)	2,750,477	3,152,751
2033
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price	€ 5.25
Available shares options outstanding (in shares)	3,420,019	0

Trade payables and accruals

12 Months Ended

Dec. 31, 2023

Trade and other payables [abstract]

Trade payables and accruals

5.25 Trade payables and accruals

Trade payables and accruals include the following:


	Year ended December 31
in € thousand	2023	2022
Trade payables	17,564	14,505
Accrued expenses	26,739	26,986
TOTAL	44,303	41,491
Less non-current portion	—	—
CURRENT PORTION	44,303	41,491

The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. All trade payables and accruals are current.

Finance income/(expenses), net

12 Months Ended

Dec. 31, 2023

Finance Income (Expense) [Abstract]

Finance income/(expenses), net

5.9 Finance income/(expenses), net

Interest income is recognized on a time-proportion basis using the effective interest method.


	Year ended December 31,
in € thousand	2023	2022	2021
FINANCE INCOME
Interest income from other parties	1,210	260	249

TOTAL FINANCE INCOME	1,210	260	249
FINANCE EXPENSES
Interest expense on loans	(13,681)	(8,238)	(7,273)
Interest expense on refund liabilities	(8,419)	(9,597)	(8,478)
Interest expenses on lease liabilities	(1,183)	(955)	(903)
Other interest expense	(42)	(264)	(309)

TOTAL FINANCE EXPENSES	(23,325)	(19,054)	(16,964)
FOREIGN EXCHANGE GAIN/(LOSSES), NET	5,574	(12,587)	8,130
FINANCE INCOME/(EXPENSES), NET	(16,541)	(31,381)	(8,584)

The foreign exchange gain/(losses), net are primarily driven by non-cash revaluation results of non-Euro denominated balance sheet positions, especially caused by USD denominated liabilities (devaluation of the USD against the EUR of 4% in 2023).

The increase in interest expense on loans is due to the 45% increase in Valneva's average loan volume in 2023 and due to the increase of the average interest rate by 1.48 percentage points. In the year ended December 31, 2023 further tranches of the D&O Loan Agreement were drawn, for further details see Note 5.24.

The interest expense on refund liabilities for the year ended December 31, 2023 of €8.4 million was mainly caused by payment deferrals related to the Pfizer agreement. Please refer to Note 5.29 for more information on the refund liability balances.

Trade receivables (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other receivables [abstract]

Disclosure of detailed information about trade receivables

Trade receivables include the following:


	Year ended December 31
in € thousand	2023	2022
Trade receivables	41,714	23,997
Less: loss allowance of receivables	(69)	(84)
TRADE RECEIVABLES, NET	41,645	23,912

Consolidated Statement of Financial Position - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Non-current assets	€ 197,238	€ 196,685
Intangible assets	25,567	28,711
Right of use assets	20,392	41,603
Property, plant and equipment	136,198	112,435
Deferred tax assets	6,592	5,637
Other non-current assets	8,490	8,299
Current assets	262,824	424,660
Inventories	44,466	35,104
Trade receivables	41,645	23,912
Other current assets	50,633	74,079
Cash and cash equivalents	126,080	289,430
Assets classified as held for sale	0	2,134
TOTAL ASSETS	460,062	621,344
EQUITY
Share capital	20,837	20,755
Share premium	594,003	594,043
Other reserves	65,088	55,252
Retained earnings/(Accumulated deficit)	(450,253)	(306,974)
Loss for the period	(101,429)	(143,279)
TOTAL EQUITY	128,247	219,797
LIABILITIES
Non-current liabilities	172,952	124,156
Borrowings	132,768	87,227
Lease liabilities	29,090	28,163
Refund liabilities	6,303	6,635
Provisions	1,074	1,320
Deferred tax liabilities	3,638	694
Other liabilities	79	116
Current liabilities	158,863	277,392
Borrowings	44,079	11,580
Trade payables and accruals	44,303	41,491
Income tax liability	632	532
Tax and Employee-related liabilities	16,209	15,738
Lease liabilities	2,879	25,411
Contract liabilities	5,697	9,411
Refund liabilities	33,637	136,450
Provisions	10,835	31,257
Other liabilities	592	5,523
TOTAL LIABILITIES	331,815	401,547
TOTAL EQUITY AND LIABILITIES	€ 460,062	€ 621,344

Leases (right of use assets) - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	€ 20,392	€ 41,603	€ 48,285
New lease contract	3,759	1,629
Sweden
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	€ 15,500	€ 14,700
Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Lease agreement, period	5 years
Lease agreement, interest rate percentage	7.00%
Maximum \| Sweden
Disclosure of quantitative information about right-of-use assets [line items]
Lease agreement, period	15 years
Lease agreement, notice period	6 years
Lease agreement, interest rate percentage	3.401%
Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Lease agreement, interest rate percentage	0.183%
Minimum \| Sweden
Disclosure of quantitative information about right-of-use assets [line items]
Lease agreement, period	10 years
Lease agreement, notice period	1 year
Lease agreement, interest rate percentage	2.493%

Contract liabilities - Disclosure of development of contract liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract liabilities [abstract]
BALANCE AS AT JANUARY 1	€ 9,411	€ 128,758
Revenue recognition	(4,394)	(130,678)
Addition	1,870	10,833
Other releases	(1,032)	0
Exchange rate differences	(159)	498
BALANCE AS AT CLOSING DATE	5,697	9,411
Less non-current portion	0	0
CURRENT PORTION	€ 5,697	€ 9,411

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Classes of current inventories [abstract]

Schedule of inventories


	Year ended December 31
in € thousand	2023	2022
Raw materials	35,379	86,452
Work in progress	38,094	114,218
Finished goods	12,968	11,783
Purchased goods (third party products)	3,626	3,518
GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN	90,067	215,970
Less: write-down provision	(45,601)	(180,866)
INVENTORIES	44,466	35,104

Schedule of write-down provisions related to the inventory categories

Write-down provisions related to the inventory categories as follows:


	Year ended December 31
in € thousand	2023	2022
Raw materials	28,158	79,939
Work in progress	15,177	99,089
Finished goods	1,524	1,417
Purchased goods (third party products)	743	421
TOTAL WRITE-DOWN PROVISION	45,601	180,866

Tax and employee-related liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Tax And Employee-Related Liabilities [Abstract]
Employee-related liabilities	€ 10,815	€ 10,778
Social security and other taxes	5,394	4,960
BALANCE AS AT DECEMBER 31	16,209	15,738
Less non-current portion	0	0
CURRENT PORTION	€ 16,209	€ 15,738

Share-based compensation - Disclosure of significant inputs in the model, phantom shares (Details) - Phantom shares - yr	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (%), based on historical volatility	51.26%
Expected vesting period (term in years)	0
Risk-free interest rate (%)	2.10%
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (%), based on historical volatility		51.07%
Expected vesting period (term in years)		0.25
Risk-free interest rate (%)		1.32%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility (%), based on historical volatility		86.95%
Expected vesting period (term in years)		0.93
Risk-free interest rate (%)		2.37%

Expenses by nature - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of attribution of expenses by nature to their function [line items]
Decrease in operating expenses	€ (229,600)
Operating expense	257,320	€ 486,945	€ 432,452
Impairment charge/reversal	1,869	(19,071)
Provision released, employer contribution costs on share-based compensation plans		23,200
Manufacturing and laboratory equipment
Disclosure of attribution of expenses by nature to their function [line items]
Impairment charge/reversal	€ 1,869	(14,618)
COVID VLA2001
Disclosure of attribution of expenses by nature to their function [line items]
Write-downs (reversals of write-downs) of inventories		159,400
Impairment charge/reversal		€ (14,800)

Related-party transactions

12 Months Ended

Dec. 31, 2023

Related-party transactions

5.34 Related-party transactions

In the year ended December 31, 2023, there have been no changes to related parties. Due to their significant influence through material transactions and provision of essential technical information Groupe Grimaud La Corbière SAS, Sevremoine (France) and its affiliate Vital Meat SAS are considered as related parties. Bpifrance, Maisons-Alfort (France) is considered as related party with significant influence through a membership in the Company’s Board of Directors.

5.34.1 Rendering of services

Transactions with related parties are carried out similar to market:


	Year ended December 31
in € thousand	2023	2022	2021
PROVISION OF SERVICES
Operating activities	260	1,200	231
Financing activities	76	8	—
PROVISION OF SERVICES	335	1,208	231

Services provided by Valneva to Groupe Grimaud La Corbière SAS, a significant shareholder of Valneva, are considered related party transactions and consist of services within a collaboration and research license agreement and of the provision of premises and equipment and sale of patents and cells.

Operating activities include Valneva’s agreement with Vital Meat SAS, an affiliate of Group Grimaud La Corbière SAS, to which Valneva transferred certain assets (patent and cell lines) for a consideration of €1.0 million in the year ended December 31, 2022.

From June 2022 onward, Bpifrance qualified as a related party, as a shareholder of Valneva with significant influence through membership on the Company's Board. Valneva has borrowed amounts amounting to 80% of French Tax Authorities receivables relating to Research Tax Credits for 2020, 2021 and 2022 from Bpifrance. The total amount borrowed from Bpifrance is €3.5 million. A commitment fee of 0.5% as well as interest at the EURIBOR one-month average rate of the previous month (the rate mentioned is a variable rate deducted at nil percent if it were to be negative) plus 1.7% p.a. is applicable to these borrowed amounts (see table above).

The borrowings related to the Research Tax Credits outstanding:



in € thousand	Amount	Grant date
BPI payable relating to Research tax credit 2020	859	November 2021
BPI payable relating to Research tax credit 2021	1,419	November 2022
BPI payable relating to Research tax credit 2022	1,198	December 2023

5.34.2 Key management compensation

The aggregate compensation of the key management (including Executive Committee and Board of Directors) was as follows:


	Year ended December 31
in € thousand	2023	2022	2021
Salaries and other short-term employee benefits	3,439	3,172	2,213
Other long-term benefits	52	45	24
Share-based payments (expense of the year)	2,145	722	856
KEY MANAGEMENT COMPENSATION	5,636	3,939	3,093

In the year ended December 31, 2023, the aggregate compensation of the members of the Company’s Executive Committee (former Management Board) amounted to €5.2 million (2022: €3.6 million, 2021: €2.8 million) and represents primarily salaries and share-based payments.

The presented key management compensation includes that of the former Supervisory Board in the amount of €0.5 million for the year ended December 31, 2023 (2022: €0.4 million; 2021: €0.3 million).

Equity

12 Months Ended

Dec. 31, 2023

Equity [abstract]

Equity

5.22 Equity

5.22.1 Share capital and share premium

The ordinary shares and convertible preferred shares are classified as equity.


	Year ended December 31
number of shares	2023	2022
Ordinary shares issued (€0.15 par value per share)	138,912,142	138,346,968
Convertible preferred shares registered	—	20,514
TOTAL SHARES ISSUED	138,912,142	138,367,482
Less Treasury shares	(124,322)	(124,322)
OUTSTANDING SHARES	138,787,820	138,243,160

Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, if any, from the proceeds.

When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes, if any) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects is included in equity attributable to the Company’s equity holders.

The profit or loss for the year is fully included in net result, while other comprehensive income solely affects retained earnings and other reserves.

The following table shows the development of the number of outstanding shares:


	Year ended December 31
number of shares	2023	2022
OUTSTANDING AS AT JANUARY 1	138,243,160	105,114,763
Share-based compensation exercises	544,660	2,578,636
Capital Increase	—	30,549,761


OUTSTANDING AT YEAR END	138,787,820	138,243,160

The Company has issued stock options to employees under various employee stock option plans (ESOPs) established in the last 10 years. For details, please refer to Note 5.23.

In June 2022, Pfizer invested €90.6 million ($95.0 million) million net representing 9,549,761 shares at a price of €9.49 per share through a reserved capital increase. In October 2022, the Company closed the Global Offering for a total of 21,000,000 new ordinary shares. Aggregate gross proceeds of the Global Offering, before deducting underwriting commissions and expenses payable by the Company, were €102.9 million ($99.9 million).The costs of both equity transactions which were directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Conditional and authorized capital

As at December 31, 2023, the Company had 9,919,432 (December 31, 2022: 7,267,281) shares of conditional capital in connection with (see Note 5.23):

•the possible exercise of existing stock options; and

•the possible final grant of existing Free Ordinary Shares.

Pursuant to resolution No. 21 of the Combined General Meeting held on December 20, 2023, the maximum aggregate amount of capital increases that may be carried out, with immediate effect or in the future, under resolutions 13 to 20 of said Meeting, may not exceed €5.2 million, it being specified that to this maximum aggregate amount will be added the additional nominal amount of shares or securities to be issued in accordance with applicable legal or regulatory provisions and, if applicable, with contractual provisions providing for other forms of adjustment, in order to preserve the rights of the holders of securities or other rights giving immediate and/or future access to the capital of the Company.

5.22.2 Other reserves


in € thousand	Other regulated reserves	Other comprehensive income	Treasury shares	Capital from Share-based compensation	Other revenue reserves	Total
BALANCE AS AT JANUARY 1, 2023	52,820	(5,041)	(645)	17,636	(9,517)	55,252
Currency translation differences	—	3,300	—	—	—	3,300
Defined benefit plan actuarial losses	—	(130)	—	—	—	(130)
Share-based compensation expense	—	—	—	6,666	—	6,666

Purchase/sale of treasury shares	—	—	—	—	—	—
BALANCE AS AT DECEMBER 31, 2023	52,820	(1,871)	(645)	24,301	(9,517)	65,088


in € thousand	Other regulated reserves	Other comprehensive income	Treasury shares	Capital from Share-based compensation	Other revenue reserves	Total
BALANCE AS AT JANUARY 1, 2022	52,820	(5,146)	(645)	15,000	(9,517)	52,512
Currency translation differences	—	(73)	—	—	—	(73)
Defined benefit plan actuarial gains	—	178	—	—	—	178
Share-based compensation expense	—	—	—	2,636	—	2,636

Purchase/sale of treasury shares	—	—	—	—	—	—
BALANCE AS AT DECEMBER 31, 2022	52,820	(5,041)	(645)	17,636	(9,517)	55,252

Other regulated reserves contain a non-distributable mandatory legal reserve from the merger with Intercell AG.

The Company did not obtain a dividend from its subsidiaries or pay a dividend to its shareholders in 2023 and 2022.

Cash and cash equivalents

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents [abstract]

Cash and cash equivalents

5.20 Cash and cash equivalents

Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term notes with a maximum maturity of three months that can be assigned or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates.


	Year ended December 31
in € thousand	2023	2022
Cash in hand	9	3
Cash at bank	126,071	286,530

Clearing accounts	(1)	(1)

Restricted cash	—	2,898
CASH AND CASH EQUIVALENTS	126,080	289,430

As at December 31, 2023, there was no restricted cash. As at December 31, 2022 the restricted cash mainly consisted of a locked bank account for a bank guarantee provided to a supplier as security for a payment relating to a settlement agreement announced in September 2022. As a result of a payment made in February 2023, this restriction has been removed.

In 2023, the minimum liquidity requirement for the Group according to the D&O Loan Agreement. (see Note 5.24.1) was €35 million.

Consolidated Statement of Cash Flows (Parenthetical) - EUR (€)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of cash flows [abstract]
Cash and cash equivalents	€ 126,080,000	€ 289,430,000
Restricted cash	€ 0	€ 2,898,000	€ 40,000.00

Financial instruments - Disclosure of financial instruments by category, liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments [Abstract]
Borrowings	€ 176,847	€ 98,806
Trade payables and accruals	44,303	41,491
Tax and employee-related liabilities	10,815	10,778
Lease liabilities	31,969	53,574	€ 56,822
Refund liabilities	39,941	143,085	€ 254,582
Other liabilities	34	32
TOTAL LIABILITIES	€ 303,908	€ 347,767

- Definition

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

+ References + Details

Other liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Miscellaneous liabilities [abstract]
Deferred income	€ 513	€ 5,519
Other financial liabilities	34	32
Miscellaneous liabilities	125	88
OTHER LIABILITIES	671	5,639
Less non-current portion	(79)	(116)
CURRENT PORTION	€ 592	€ 5,523

Financial instruments - Disclosure of foreign currency sensitivity analysis (Details) - Currency risk - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
$/EUR
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items]
Reasonably possible increase in risk variable, impact on pre-tax profit (loss)	€ (24,079)	€ (21,245)
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss)	29,430	25,966
GBP/EUR
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items]
Reasonably possible increase in risk variable, impact on pre-tax profit (loss)	4,760	3,941
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss)	(5,817)	(4,817)
SEK/EUR
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items]
Reasonably possible increase in risk variable, impact on pre-tax profit (loss)	(8,846)	(9,318)
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss)	10,812	11,388
CAD/EUR
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items]
Reasonably possible increase in risk variable, impact on pre-tax profit (loss)	2,368	2,011
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss)	€ (2,894)	€ (2,457)

Other assets (Tables)

12 Months Ended

Dec. 31, 2023

Miscellaneous assets [abstract]

Disclosure of other assets

Other assets include the following:


	Year ended December 31
in € thousand	2023	2022
R&D tax credit receivables	43,762	49,174
Advance payments	759	1,672
Tax receivables	3,921	9,066
Prepaid expenses	4,468	4,939
Contract costs	3,710	3,710
Consumables and supplies on stock	872	1,380
Miscellaneous current assets	522	451
OTHER NON-FINANCIAL ASSETS	58,014	70,391
Deposits	194	11,822
Miscellaneous financial assets	916	165
OTHER FINANCIAL ASSETS	1,109	11,988
OTHER ASSETS	59,123	82,378
Less non-current portion	8,490	8,299
CURRENT PORTION	50,633	74,079

Assets classified as held for sale	12 Months Ended
Assets classified as held for sale	Dec. 31, 2023
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
Assets classified as held for sale	5.21 Assets classified as held for sale BliNK Biomedical SAS Valneva previously held a 48.9% equity interest in BliNK Biomedical SAS, Marseille (BliNK), a private company not listed on a stock exchange. As a result of the management's intent to sell the equity interest, it was classified as an asset held for sale as of June 30, 2022. On September 8, 2023, the Company sold its equity interest in BliNK. The proceeds of the sale amounted to €2.4 million. For the year ended December 31, 2023, the final sale resulted in a profit of €0.2 million. The transaction stipulates an earn-out component which entitles the Company to receive 0.006491% for each equity interest share of BliNK’s net revenue over a period of seven years. The Company has assessed the fair value of the earn-out component as at December 31, 2023 to be immaterial. Divestment of CTM Unit in Solna, Sweden Valneva decided to divest its CTM unit in Solna as explained in Note 5.1.1 and 5.8. The transfer of ownership of the unit took effect on July 1, 2023. With the payment of the proceeds no remaining assets or liabilities held for sale were shown for the CTM unit as of December 31, 2023.

Expenses by nature - Schedule of income statement items by nature of cost (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expenses by nature [abstract]
Consulting and other purchased services	€ 80,988	€ 141,631	€ 169,158
Cost of services and change in inventory	11,417	190,086	105,648
Employee benefit expense other than share-based compensation	72,997	56,393	85,334
Share-based compensation expense	6,276	(5,215)	14,678
Raw materials and consumables used	14,113	12,723	14,676
Depreciation and amortization and impairment	16,853	44,285	14,281
Building and energy costs	13,088	14,696	10,960
Supply, office and IT costs	11,663	11,739	7,409
License fees and royalties	5,492	6,830	4,865
Advertising costs	13,361	7,343	2,176
Warehousing and distribution costs	3,939	1,898	1,419
Travel and transportation costs	2,700	2,208	538
Other expenses	4,432	2,329	1,309
OPERATING EXPENSES	€ 257,320	€ 486,945	€ 432,452

Impairment testing - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss recognised in profit or loss, property, plant and equipment	€ 1,869	€ (19,071)
Manufacturing and laboratory equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss recognised in profit or loss, property, plant and equipment	€ 1,869	(14,618)
COVID VLA2001
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		14,800
COVID VLA2001 \| Leasehold improvements
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		1,900
COVID VLA2001 \| Manufacturing and laboratory equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		11,900
COVID VLA2001 \| Right-of-use assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		1,000
DUKORAL
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		8,300
DUKORAL \| Leasehold improvements
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss, property, plant and equipment		2,500
DUKORAL \| Manufacturing and laboratory equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss, property, plant and equipment		2,700
DUKORAL \| Right-of-use assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		€ 3,200

Leases (right of use assets)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases (right of use assets)

5.13 Leases (right of use assets)

The Group leases various premises, equipment, and vehicles. Rental contracts are typically made for fixed periods ranging from a few months to five years. The rental contracts for the premises in Sweden (10 and 15 years) include a significantly longer fixed period. Generally, the rental contracts do not include an option for early termination or prolongation of the rental period. The rental contracts for the premises in Sweden include options to terminate the agreements earlier. The notice periods in these contracts are between one and six years. At the commencement date, it was not reasonably certain that these early termination options were to be exercised, so they were not included in the valuation of the lease liabilities and right of use assets. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates, a country-specific risk adjustment, a credit risk adjustment based on bond yields, and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different than that of the Group and the lease does not benefit from a guarantee from the Group. Valneva uses incremental borrowing rates between 0.183% and 7.000%, depending on the currency and the remaining term until maturity. For the rental contracts

for the premises in Sweden interest rates of 2.493% and 3.401% were determined following significant increases in right of use assets in Sweden.

The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. This includes also the major contracts for the premises in Sweden, which contain variable payments based on inflation rates or on published interest rates.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets (below €10,000) are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less and for which there is no option for the lessee to prolong the contract to more than 12 months or there is no reasonable certainty that such an option will be exercised. Low-value assets comprise mainly IT equipment and small items of office furniture.

The Group does not have residual value guarantees in the rental contracts.

5.13.1 Development of right-of-use assets


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Furniture, fittings and other	Total assets

YEAR ENDED DECEMBER 31, 2023
Opening net book value	41,365	—	238	41,603
Additions	3,593	—	189	3,781
Amortization	(2,428)	—	(141)	(2,569)

Termination of contracts	(22,516)	—	(32)	(22,548)
Exchange rate differences	127	—	(2)	125
CLOSING NET BOOK VALUE	20,141	—	251	20,392


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Furniture, fittings and other	Total assets

YEAR ENDED DECEMBER 31, 2022
Opening net book value	47,993	15	278	48,285
Additions	1,482	—	147	1,629
Amortization	(2,944)	(15)	(145)	(3,103)
Impairment charge	(4,178)	—	—	(4,178)
Revaluation due to variable payments	859	—	—	859
Termination of contracts	—	—	(32)	(32)
Exchange rate differences	(1,847)	—	(10)	(1,857)
CLOSING NET BOOK VALUE	41,365	—	238	41,603

In the year ended December 31, 2023, right of use assets decreased from €41.6 million to €20.4 million, mainly due to termination of contracts and amortizations. This was partly offset by modifications of lease contacts for buildings in Sweden and a new lease contract for office space in the United States.

The largest lease agreements for the premises in Austria was terminated in September 2023 with a termination value of €22.5 million. The largest remaining active lease contract was for the building in Solna, Sweden with a book value of €15.5 million as at December 31, 2023 (December 31, 2022: €14.7 million).

For details on lease liabilities, see Note 5.27. For details on the impairment charge, see Note 5.15.

5.13.2 Other amounts recognized in the consolidated income statement

Expense relating to short-term leases and leases of low-value assets as well as expenses relating to termination of lease contracts have not been material in 2023 and 2022. There have been no substantive revaluations in 2023 and 2022.

5.27 Lease liabilities

Lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in the event of default.


	Year ended December 31
in € thousand	2023	2022
OPENING NET BOOK VALUE	53,574	56,822
Additions	3,759	1,629
Revaluation due to variable payments	(2)	859
Termination of contracts	(22,539)	—
Lease payments	(4,286)	(3,900)
Interest expenses	1,183	833
Exchange rate differences	280	(2,669)
CLOSING NET BOOK VALUE	31,969	53,574

In the year ended December 31, 2023, lease liabilities decreased by €21.6 million, mainly due to the termination of the lease agreement for the premises in Austria in September 2023 with a termination value of €22.5 million.

The maturity of non-current lease liabilities is as follows:


	Year ended December 31
in € thousand	2023	2022
Between 1-3 years	5,313	4,573
Between 3-5 years	5,414	4,608
Over 5 years	18,362	18,982
NON-CURRENT LEASE LIABILITIES	29,090	28,163
Current lease liabilities	2,879	25,411
TOTAL LEASE LIABILITIES	31,969	53,574

The carrying amounts of the Group’s lease liabilities are denominated in the following currencies:


	Year ended December 31
in € thousand	2023	2022
EUR	1,479	24,694
SEK	28,308	27,314
Other	2,182	1,566
TOTAL LEASE LIABILITIES	31,969	53,574

Intangible assets

12 Months Ended

Dec. 31, 2023

Intangible assets other than goodwill [abstract]

Intangible assets

5.12 Intangible assets

Computer software

Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and implement the specific software. These costs are amortized on a straight-line basis over their estimated useful lives, generally three to six years.

Costs associated with developing or maintaining computer software programs are recognized as expenses when they were incurred.

The costs of computer software subject to a software as a service agreement (SaaS) are recognized as expenses when they are incurred.

Acquired research and development technology and projects

Acquired research and development technology projects are capitalized. Amortization of the intangible asset over its useful life starts when the product has been fully developed and is ready for use. These costs are amortized on a straight-line basis over their useful lives. This useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years, which is based on the patent life and technological replacement of a newer vaccine generation.

Development costs

Research expenses are recognized as expenses when incurred. Development expenses incurred on clinical projects (related to the design and testing of new or significantly improved products) are recognized as intangible assets when the following criteria have been fulfilled:

•it is technically feasible to complete the intangible asset so that it will be available for use or sale;

•management intends to complete the intangible asset and to utilize or sell it;

•there is an ability to utilize or sell the intangible asset;

•it can be demonstrated how the intangible asset will generate probable future economic benefits;

•adequate technical, financial, and/or other resources to complete the development and to utilize or sell the intangible asset are available; and

•the expenditure attributable to the intangible asset during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognized as expenses when they are incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life, generally 10 - 15 years. In 2023 and 2022, no development costs were capitalized.

Amortization

Amortization of intangible assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:

•Software 3 - 6 years

•Acquired R&D technology and projects 1 - 24 years

•Development costs 1 - 15 years

The useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years (with a remaining useful life period of 9 years) which is based on estimated period where Valneva benefits from the patent.


in € thousand	Software	Acquired R&D technology and projects	Development costs	Intangible assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2023
Opening net book value	585	26,731	1,394	—	28,711
Additions	85	—	—	—	85
Amortization charge	(420)	(2,683)	(160)	—	(3,262)

Exchange rate differences	4	24	4	—	33
CLOSING NET BOOK VALUE	255	24,073	1,239	—	25,567

AS AT DECEMBER 31, 2023
Cost	6,368	80,562	7,314	—	94,244
Accumulated amortization and impairment	(6,113)	(56,489)	(6,075)	—	(68,677)
CLOSING NET BOOK VALUE	255	24,073	1,239	—	25,567


in € thousand	Software	Acquired R&D technology and projects	Development costs	Intangible assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2022
Opening net book value	1,217	29,768	1,581	134	32,700
Additions	201	1	—	—	201
Amortization charge	(792)	(2,957)	(171)	—	(3,920)
Disposals	—	—	(2)	(125)	(127)
Exchange rate differences	(41)	(80)	(14)	(9)	(144)
CLOSING NET BOOK VALUE	585	26,731	1,394	—	28,711

AS AT DECEMBER 31, 2022
Cost	6,240	80,514	7,304	—	94,058
Accumulated amortization and impairment	(5,655)	(53,783)	(5,910)	—	(65,347)
CLOSING NET BOOK VALUE	585	26,731	1,394	—	28,711

As at December 31, 2023 and December 31, 2022, there were no acquired research and development technology project assets with a definite useful life which are not yet amortized.

Significant intangible assets (included in acquired R&D technology and projects as well as in development costs) with definite useful life are comprised primarily of the already commercialized vaccine against Japanese encephalitis (IXIARO) with acquisition costs amounting to €78.8 million (December 31, 2022: €78.7 million) and a net book value amounting to €25.0 million (December 31, 2022: €27.7 million).

For impairment test, see Note 5.15.

Expenses by nature - Schedule of principal accountant fees and services (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PricewaterhouseCoopers
Disclosure of attribution of expenses by nature to their function [line items]
Audit fees	€ 2,076	€ 1,891	€ 1,122
Audit fees, percentage	98.00%	99.00%	91.00%
Audit-related Fees	€ 0	€ 0	€ 90
Audit-related fees, percentage	0.00%	0.00%	7.00%
Tax fees	€ 40	€ 25	€ 25
Tax fees, percentage	2.00%	1.00%	2.00%
All Other Fees	€ 0	€ 0	€ 0
All Other Fees, percentage	0.00%	0.00%	0.00%
Auditor's remuneration	€ 2,116	€ 1,916	€ 1,238
Auditor's remuneration, percentage	100.00%	100.00%	100.00%
Deloitte & Associés
Disclosure of attribution of expenses by nature to their function [line items]
Audit fees	€ 1,902	€ 1,678	€ 1,113
Audit fees, percentage	99.00%	99.00%	93.00%
Audit-related Fees	€ 0	€ 13	€ 85
Audit-related fees, percentage	0.00%	1.00%	7.00%
Tax fees	€ 0	€ 0	€ 0
Tax fees, percentage	0.00%	0.00%	0.00%
All Other Fees	€ 19	€ 0	€ 0
All Other Fees, percentage	1.00%	0.00%	0.00%
Auditor's remuneration	€ 1,921	€ 1,691	€ 1,199
Auditor's remuneration, percentage	100.00%	100.00%	100.00%
Statutory auditor \| PricewaterhouseCoopers
Disclosure of attribution of expenses by nature to their function [line items]
Audit fees	€ 1,539	€ 1,386	€ 937
Audit fees, percentage	73.00%	72.00%	76.00%
Audit-related Fees	€ 0	€ 0	€ 85
Audit-related fees, percentage	0.00%	0.00%	7.00%
Statutory auditor \| Deloitte & Associés
Disclosure of attribution of expenses by nature to their function [line items]
Audit fees	€ 1,622	€ 1,376	€ 939
Audit fees, percentage	84.00%	81.00%	78.00%
Audit-related Fees	€ 0	€ 13	€ 85
Audit-related fees, percentage	0.00%	1.00%	7.00%
Statutory auditor's network \| PricewaterhouseCoopers
Disclosure of attribution of expenses by nature to their function [line items]
Audit fees	€ 537	€ 505	€ 185
Audit fees, percentage	25.00%	26.00%	15.00%
Audit-related Fees	€ 0	€ 0	€ 5
Audit-related fees, percentage	0.00%	0.00%	0.00%
Tax fees	€ 40	€ 25	€ 25
Tax fees, percentage	2.00%	1.00%	2.00%
Statutory auditor's network \| Deloitte & Associés
Disclosure of attribution of expenses by nature to their function [line items]
Audit fees	€ 280	€ 302	€ 174
Audit fees, percentage	15.00%	18.00%	15.00%
Audit-related Fees	€ 0	€ 0	€ 0
Audit-related fees, percentage	0.00%	0.00%	0.00%
Tax fees	€ 0	€ 0	€ 0
Tax fees, percentage	0.00%	0.00%	0.00%

Other liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Miscellaneous liabilities [abstract]

Schedule of other liabilities


	Year ended December 31
in € thousand	2023	2022
Deferred income	513	5,519
Other financial liabilities	34	32
Miscellaneous liabilities	125	88
OTHER LIABILITIES	671	5,639
Less non-current portion	(79)	(116)
CURRENT PORTION	592	5,523

Equity - Schedule of other reserves (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reserves within equity [line items]
Other reserves, at beginning of period	€ 55,252
Currency translation differences	3,300	€ (73)	€ (2,877)
Defined benefit plan actuarial (losses)/gains	(130)	178	205
Share-based compensation expense	6,666	2,636	2,632
Purchase/sale of treasury shares			209
Other reserves, at end of period	65,088	55,252
Other reserves
Disclosure of reserves within equity [line items]
Other reserves, at beginning of period	55,252	52,512
Currency translation differences	3,300	(73)
Defined benefit plan actuarial (losses)/gains	(130)	178
Share-based compensation expense	6,666	2,636	2,632
Purchase/sale of treasury shares	0	0	209
Other reserves, at end of period	65,088	55,252	52,512
Other regulated reserves
Disclosure of reserves within equity [line items]
Other reserves, at beginning of period	52,820	52,820
Currency translation differences	0	0
Defined benefit plan actuarial (losses)/gains	0	0
Share-based compensation expense	0	0
Purchase/sale of treasury shares	0	0
Other reserves, at end of period	52,820	52,820	52,820
Other comprehensive income
Disclosure of reserves within equity [line items]
Other reserves, at beginning of period	(5,041)	(5,146)
Currency translation differences	3,300	(73)
Defined benefit plan actuarial (losses)/gains	(130)	178
Share-based compensation expense	0	0
Purchase/sale of treasury shares	0	0
Other reserves, at end of period	(1,871)	(5,041)	(5,146)
Treasury shares
Disclosure of reserves within equity [line items]
Other reserves, at beginning of period	(645)	(645)
Currency translation differences	0	0
Defined benefit plan actuarial (losses)/gains	0	0
Share-based compensation expense	0	0
Purchase/sale of treasury shares	0	0
Other reserves, at end of period	(645)	(645)	(645)
Capital from Share-based compensation
Disclosure of reserves within equity [line items]
Other reserves, at beginning of period	17,636	15,000
Currency translation differences	0	0
Defined benefit plan actuarial (losses)/gains	0	0
Share-based compensation expense	6,666	2,636
Purchase/sale of treasury shares	0	0
Other reserves, at end of period	24,301	17,636	15,000
Other revenue reserves
Disclosure of reserves within equity [line items]
Other reserves, at beginning of period	(9,517)	(9,517)
Currency translation differences	0	0
Defined benefit plan actuarial (losses)/gains	0	0
Share-based compensation expense	0	0
Purchase/sale of treasury shares	0	0
Other reserves, at end of period	€ (9,517)	€ (9,517)	€ (9,517)

Equity - Disclosure of development of outstanding shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [abstract]
Number of shares outstanding, beginning balance (in shares)	138,243,160	105,114,763
Share-based compensation exercises (in shares)	544,660	2,578,636
Capital Increase (in shares)	0	30,549,761
Number of shares outstanding, ending balance (in shares)	138,787,820	138,243,160

Refund liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Refund Liabilities [Abstract]

Disclosure of development of refund liabilities

Development of refund liabilities during the period is presented below:


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	143,085	254,582
Additions	465	52,012
Payments	(352)	(2,626)
Other releases	(108,542)	(879)
Revenue recognition	(40)	(169,242)
Interest expense capitalized	8,419	9,597
Exchange rate difference	(3,095)	(357)
BALANCE AS AT CLOSING DATE	39,941	143,085
Less non-current portion	(6,303)	(6,635)
CURRENT PORTION	33,637	136,450

General information - Summary of all subsidiaries held by the company directly or indirectly (Details)	Dec. 31, 2023	Dec. 31, 2022
Vaccines Holdings Sweden AB
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Austria GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Canada Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva France SAS
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Scotland Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Sweden AB
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva UK Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva USA, Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
VBC 3 Errichtungs GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	0.00%

Lease liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Lease liabilities [abstract]

Schedule of reconciliation of lease liabilities


	Year ended December 31
in € thousand	2023	2022
OPENING NET BOOK VALUE	53,574	56,822
Additions	3,759	1,629
Revaluation due to variable payments	(2)	859
Termination of contracts	(22,539)	—
Lease payments	(4,286)	(3,900)
Interest expenses	1,183	833
Exchange rate differences	280	(2,669)
CLOSING NET BOOK VALUE	31,969	53,574

Disclosure of maturity analysis of lease payments

The maturity of non-current lease liabilities is as follows:


	Year ended December 31
in € thousand	2023	2022
Between 1-3 years	5,313	4,573
Between 3-5 years	5,414	4,608
Over 5 years	18,362	18,982
NON-CURRENT LEASE LIABILITIES	29,090	28,163
Current lease liabilities	2,879	25,411
TOTAL LEASE LIABILITIES	31,969	53,574

Disclosure of lease liabilities by currency

The carrying amounts of the Group’s lease liabilities are denominated in the following currencies:


	Year ended December 31
in € thousand	2023	2022
EUR	1,479	24,694
SEK	28,308	27,314
Other	2,182	1,566
TOTAL LEASE LIABILITIES	31,969	53,574

Finance income/(expenses), net - Disclosure of detailed information about finance income (cost) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
FINANCE INCOME
Interest income from other parties	€ 1,210	€ 260	€ 249
TOTAL FINANCE INCOME	1,210	260	249
FINANCE EXPENSES
Interest expense on loans	(13,681)	(8,238)	(7,273)
Interest expense on refund liabilities	(8,419)	(9,597)	(8,478)
Interest expenses on lease liabilities	(1,183)	(955)	(903)
Other interest expense	(42)	(264)	(309)
TOTAL FINANCE EXPENSES	(23,325)	(19,054)	(16,964)
FOREIGN EXCHANGE GAIN/(LOSSES), NET	5,574	(12,587)	8,130
FINANCE INCOME/(EXPENSES), NET	€ (16,541)	€ (31,381)	€ (8,584)

Cash and cash equivalents - Disclosure of composition of cash and cash equivalents (Details) - EUR (€)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents [abstract]
Cash in hand	€ 9,000	€ 3,000
Cash at bank	126,071,000	286,530,000
Clearing accounts	(1,000)	(1,000)
Restricted cash	0	2,898,000	€ 40,000.00
CASH AND CASH EQUIVALENTS	€ 126,080,000	€ 289,430,000

Cover	12 Months Ended
Cover	Dec. 31, 2023 shares
Entity Addresses [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40377
Entity Registrant Name	Valneva SE
Entity Incorporation, State or Country Code	I0
Entity Address, Address Line One	6 rue Alain Bombard
Entity Address, Postal Zip Code	44800
Entity Address, City or Town	Saint-Herblain
Entity Address, Country	FR
Entity Common Stock, Shares Outstanding	138,912,142
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0001836564
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
American Depositary Shares, each representing two ordinary shares, €0.15 nominal value per share
Entity Addresses [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing two ordinary shares, €0.15 nominal value per share
Trading Symbol	VALN
Security Exchange Name	NASDAQ
Ordinary shares, €0.15 nominal value per share
Entity Addresses [Line Items]
Title of 12(b) Security	Ordinary shares, €0.15 nominal value per share
Business contact
Entity Addresses [Line Items]
Entity Address, Address Line One	6 rue Alain Bombard
Entity Address, Postal Zip Code	44800
Entity Address, City or Town	Saint-Herblain
Entity Address, Country	FR
Contact Personnel Name	Thomas Lingelbach
Country Region	+33
City Area Code	2
Local Phone Number	28 07 37 10

Other liabilities

12 Months Ended

Dec. 31, 2023

Miscellaneous liabilities [abstract]

Other liabilities

5.31 Other liabilities


	Year ended December 31
in € thousand	2023	2022
Deferred income	513	5,519
Other financial liabilities	34	32
Miscellaneous liabilities	125	88
OTHER LIABILITIES	671	5,639
Less non-current portion	(79)	(116)
CURRENT PORTION	592	5,523

As at December 31, 2022 deferred income mainly included conditional advances from government enterprise grants in Scotland.

Consolidated Statement of Profit or Loss - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit or loss [abstract]
Product sales	€ 144,624	€ 114,797	€ 62,984
Other revenues	9,088	246,506	285,101
REVENUES	153,713	361,303	348,086
Cost of goods and services	(100,875)	(324,441)	(187,920)
Research and development expenses	(59,894)	(104,922)	(173,283)
Marketing and distribution expenses	(48,752)	(23,509)	(23,643)
General and administrative expenses	(47,799)	(34,073)	(47,606)
Other income and expenses, net	21,520	12,199	22,976
OPERATING PROFIT/(LOSS)	(82,087)	(113,443)	(61,390)
Finance income	1,210	260	249
Finance expenses	(23,325)	(19,054)	(16,964)
Foreign exchange gain/(loss), net	5,574	(12,587)	8,130
Result from investments in associates	0	9	(5)
PROFIT/(LOSS) BEFORE INCOME TAX	(98,629)	(144,815)	(69,979)
Income tax benefit/(expense)	(2,800)	1,536	(3,446)
PROFIT/(LOSS) FOR THE PERIOD	€ (101,429)	€ (143,279)	€ (73,425)
Earnings/(losses) per share for profit/(loss) for the period attributable to the equity holders of the Company (expressed in € per share)
Basic earnings (losses) per share for profit (loss) for the period attributable to the equity holders of the Company (in euro per share)	€ (0.73)	€ (1.24)	€ (0.75)
Diluted earnings (losses) per share for profit (loss) for the period attributable to the equity holders of the Company (in euro per share)	€ (0.73)	€ (1.24)	€ (0.75)

Provisions - Schedule of other provisions (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Provisions [abstract]
Non-current	€ 584	€ 960
Current	7,091	24,714
PROVISIONS	€ 7,675	€ 25,674

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies

Basis of preparation

5.2.1 Basis of preparation

These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 18, 2024.

Impact of new, revised or amended Standards and Interpretations

5.2.2 Impact of new, revised or amended Standards and Interpretations

Standards, amendments to existing standards and interpretations issued by IASB whose application has been mandatory since January 1, 2023


New standards and interpretations adopted by the Group		Effective date in accordance with IASB	Effects
IFRS 17	Insurance Contracts including Amendments to IFRS 17	January 1, 2023	none
AMENDMENTS ADOPTED BY THE GROUP
IAS 1	Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies	January 1, 2023	none
IAS 8	Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates	January 1, 2023	none
IAS 12	Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction	January 1, 2023	none
IAS 12	Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules	January 1, 2023	none
IFRS 9 & IFRS 17	Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information	January 1, 2023	none

Standards, amendments to existing standards and interpretations whose application is not yet mandatory.

The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2023.


New standards, Interpretations and Amendments		Effective date in accordance with IASB	Effects
IAS 1	Amendments to IAS 1 Presentation of Financial Statements	January 1, 2024	none
IFRS 16	Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback	January 1, 2024	none
IAS 7 & IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements	January 1, 2024	none
IAS 21	Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	January 1, 2025	none

These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions.

Consolidation

5.2.3 Consolidation

Subsidiaries

Foreign currency translation

5.2.4 Foreign currency translation

Functional and presentation currency

Transactions and balances

Subsidiaries

•assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date;

•all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves.

When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale.

Financial risk management

5.2.5 Financial risk management

Market risk

Foreign exchange risk

Interest rate risk

The Group is exposed to market risks in connection with hedging both its liquid assets and its medium and long-term indebtedness and borrowings subject to variable interest rates.

Credit risk

The Group is exposed to credit risk which is the risk of financial loss if customers or counterparties to a financial instrument fail to meet their contractual obligations.

Liquidity risk

Balance as at December 31, 2023


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	44,079	62,378	70,390	—	176,847
Lease liabilities	2,879	5,313	5,414	18,362	31,969
Refund liabilities	33,637	6,303	—	—	39,941
Trade payables and accruals	44,303	—	—	—	44,303
Tax and employee-related liabilities (1)	10,815	—	—	—	10,815
Other liabilities	34	—	—	—	34
TOTAL	135,747	73,995	75,804	18,362	303,908

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

Balance as at December 31, 2022


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	11,629	74,815	44,859	939	132,242
Lease liabilities	26,674	5,915	5,706	21,268	59,563
Refund liabilities	140,098	—	7,000	—	147,098
Trade payables and accruals	41,491	—	—	—	41,491
Tax and employee-related liabilities (1)	10,778	—	—	—	10,778
Other liabilities	87	—	—	—	87
TOTAL	230,756	80,731	57,565	22,207	391,260

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

Capital risk management

5.2.6 Capital risk management

Fair value estimation

5.2.7 Fair value estimation

The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to the relatively short maturity of the respective instruments.

5.3.3 Measurements of fair values

A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values is included in the following Notes:

•Note 5.16: Financial instruments and

•Note 5.23: Share-based compensation.

Segment information

The Company’s Management Board, and since December 20, 2023, its Executive Committee, as the Company’s chief operating decision maker (“CDM”), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The committee evaluates all vaccine candidates and vaccine products together as a single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement format.

As a consequence, the Group has changed its internal reporting process as at January 1, 2023 to present a single operating segment instead of the previously disclosed product-based segments.

Segment reporting information for earlier periods has been restated to conform to these changes.

Revenues and contract liabilities

The Group mostly generates product sales revenues from the sale of its commercialized travel vaccines and from the sale of third-party products.

The Group’s product sales contracts generally include one nature of performance obligation. Revenue is recognized at the point in time when the identified performance obligation is transferred to the customer, either when the customer obtains control over the goods at the time of shipment or when the product is received by the customer, depending on the terms of the agreement, which generally happens within a few days. Sales contracts with retailers and with the U.S. Department of Defense (DOD) are shown as “direct product sales”, whereas sales to distributors are reported as “indirect sales - sales through distributors”.

Some of the Group’s product sales agreements include retrospective rebates, charge-back clauses, discounts and under certain conditions return rights which give rise to variable consideration under IFRS 15. The constraint on variable consideration (expected rebates, discounts and considerations for product returns) are taken into account and recognized on an accrual basis and reported as refund liabilities or as contract liabilities (for replacement doses) in the consolidated balance sheet.

In most cases, Valneva sells the products through retailers. When more than one party is involved in providing or distributing goods or services, the standard requires an entity to determine whether itself and its retailers are principals or agents in these transactions by evaluating the nature of its promises to the customer. An entity is a principal if it controls a promised good or service before transferring that good or service to the customer. An entity is an agent if its role is to arrange for another entity to provide the goods or services. Indicators that control has been transferred are that a) the retailer is primarily responsible for fulfilling the promise to its customers, b) the retailer has inventory risk, and c) the retailer has discretion in establishing the price for the sale to its customers. One of Valneva’s retailers has extensive rights to return and consequently no inventory risk and does not have the power to establish the price for the sales to its customers. Therefore, this retailer acts as agent rather than as principal. All of Valneva’s other retailers act as principal. While revenues to principals are recognized when the control is transferred to the principals, revenue from product sales to agents are recognized when the control is transferred to the final customer, when the goods are delivered to the final customer. Distribution costs and other amounts payable to customers are deducted from revenue for principals, and costs paid to agents are recognized as “Marketing and distribution expenses”.

Valneva also sells products acquired from third parties. Valneva considers that it is acting as principal given that it controls products before transferring them to the final customer. More specifically, Valneva has an inventory risk before the goods have been transferred to customers and has discretion in establishing the prices. Revenue is recognized when the product is delivered to the customers. Products purchased from third parties are recognized as “inventory” in the balance sheets and when sold as “cost of goods” in the statements of income.

The Group generates other revenues for its product candidates and proprietary technologies. The contracts in place often include several different promised goods or services such as research licenses, commercial licenses and further R&D services. The terms of such agreements include license fees received as initial fees, annual license maintenance fees and fees to be paid upon achievement of milestones, as well as license option fees and fees for the performance of research services. In addition, the Group’s licensing arrangements generally provide for royalties payable on the licensee’s future sales of products developed within the scope of the license agreement. Revenue recognized due to the termination of agreements is recognized in other revenues.

The Group’s license contracts in place provide distinct right to use licenses, and therefore the revenue is recognized at the point in time at which the licensee is able to direct the use of and benefit from the license. The consideration for licensing contracts may consist of fixed and variable parts. In case of right-to-use licenses, the fixed part of the consideration is recognized at the point in time when the licensee is able to direct the use and benefit from the license. For any variable consideration, revenue is recognized at the point in time when the variable consideration constraint is removed.

Revenue for research and development services within the Group’s contracts currently in place is recognized over time. The progress is measured on an input basis (costs incurred related to total costs expected). This input method is considered an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15.

Variable considerations are included in revenues only to the extent that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Group updates the estimated transaction price and its assessment of whether an estimate of variable consideration is constrained. Amounts allocated to a satisfied performance obligation are recognized as revenue, or as a reduction of revenue, in the period in which a change in estimate of variable consideration occurs. Revenues from license royalties are recognized when the underlying product sales occur.

Grants

Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received and the Group will comply with all conditions.

Grants received as reimbursement of approved research and development expenses are recognized as other income when the respective expenses have been incurred and there is reasonable assurance that funds will be received. Advance payments received under such grants are deferred and recognized when these conditions have been met. Advanced payments received which need to be repaid are recognized as borrowings (see Note 5.24.1).

Government grants received to support the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets.

Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets.

Research and development tax credits

Income tax income/(expense)

Deferred income tax income/(expense)

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

Intangible assets

Computer software

Costs associated with developing or maintaining computer software programs are recognized as expenses when they were incurred.

The costs of computer software subject to a software as a service agreement (SaaS) are recognized as expenses when they are incurred.

Acquired research and development technology and projects

Development costs

•it is technically feasible to complete the intangible asset so that it will be available for use or sale;

•management intends to complete the intangible asset and to utilize or sell it;

•there is an ability to utilize or sell the intangible asset;

•it can be demonstrated how the intangible asset will generate probable future economic benefits;

•adequate technical, financial, and/or other resources to complete the development and to utilize or sell the intangible asset are available; and

•the expenditure attributable to the intangible asset during its development can be reliably measured.

Amortization

Amortization of intangible assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:

•Software 3 - 6 years

•Acquired R&D technology and projects 1 - 24 years

•Development costs 1 - 15 years

Leases (right of use assets)

for the premises in Sweden interest rates of 2.493% and 3.401% were determined following significant increases in right of use assets in Sweden.

The Group does not have residual value guarantees in the rental contracts.

Property, plant and equipment

Property, plant and equipment mainly comprise a manufacturing facility and leasehold improvements in rented office and laboratory space. All Property, plant and equipment are stated at historical cost less depreciation and less impairment losses when necessary. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they incur.

Property, plant and equipment include machinery, for which validation is required to bring the asset to its working condition. The costs of such validation activities are capitalized together with the cost of the asset. Validation costs beyond the normal validation costs, which are usually required to bring an asset to its working condition, are expensed immediately. The usual validation costs are capitalized on the asset and depreciated over the remaining life of the asset or the shorter period until the next validation is usually required.

Depreciation of assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:

▪Buildings, leasehold improvements 5 - 40 years

▪Machinery, laboratory equipment 1 - 15 years

▪Furniture, fittings and office equipment 4 - 10 years

▪Hardware 3 - 5 years

Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

An asset’s carrying amount is immediately written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement “other income and expenses, net” (see Note 5.8).

Impairment testing

Financial instruments

Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each balance sheet date.

Inventories

Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual and standard costs. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality requirements and may not be sold (failed batches) are deducted from the value of inventories.

Trade receivables

Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this

allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss.

Cash and cash equivalents

Equity

Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, if any, from the proceeds.

The profit or loss for the year is fully included in net result, while other comprehensive income solely affects retained earnings and other reserves.

Share-based compensation

Borrowings

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Refund liabilities

A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future.

Provisions

Share-based provisions

Employer contribution costs on share-based compensation plans and phantom shares are calculated at the balance sheet date using the share price of Valneva as at December 31, 2023: €4.72 (December 31, 2022: €6.22).

Retirement termination benefits

Some Group companies provide retirement termination benefits to their retirees.

For defined benefit plans, retirement costs are determined once a year:

•Up to December 31, 2020, using the projected unit credit method where each period of service gave rise to an additional unit of benefit entitlement and where each unit was measured separately to determine the final obligation.

•From December 31, 2021 onward, under the new calculation method proposed by the IFRS IC and according to the updated recommendation of the ANC n 2013-02 as at December 31, 2021: under this method, when the plan provides for the payment of an indemnity to the employee, if he or she is present at the date of retirement, the amount of which depends on seniority and is capped at a certain years of service, the commitment must be calculated solely on the basis of the years of service prior to the retirement date.

The final obligation is then discounted. These calculations mainly use the following assumptions:

•a discount rate;

•a salary increase rate;

•an employee turnover rate.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.

For basic schemes and defined contribution plans, the Group recognizes the contributions as expenses when payable, as it has no obligations over and above the amount of contributions paid.

Borrowings - Narrative (Details) € in Thousands, $ in Millions					1 Months Ended		12 Months Ended				15 Months Ended	23 Months Ended		35 Months Ended		47 Months Ended
	Dec. 28, 2023 EUR (€)	Dec. 28, 2023 USD ($)	Aug. 16, 2023 EUR (€)	Aug. 16, 2023 USD ($)	Apr. 30, 2022 EUR (€)	Apr. 30, 2022 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Mar. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 16, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 29, 2020
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings, net of transaction costs							€ 81,111	€ 39,331	€ 859
Borrowings							176,847	98,806						€ 98,806
Secured bank loans received							€ 171,100	93,600						93,600
Fair value of guaranteed other loans								3,900						3,900
Guaranteed other loans								4,400						4,400
Maximum
Disclosure of detailed information about borrowings [line items]
Financial covenant, potential additional interest rate							10.00%
Amended debt financing agreement due 2028
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity			€ 90,000															$ 100.0
Proceeds from borrowings, net of transaction costs	€ 45,000	$ 50.0	€ 45,000	$ 50.0												$ 200.0
Borrowings, interest rate			9.95%															9.95%
Borrowings, interest-only period			3 years	3 years
Borrowings, transaction costs			€ 11,200
Borrowings							€ 167,520	89,182	49,671			€ 49,671		89,182			$ 186.2
Financial covenant, minimum cash requirement							€ 35,000
Amended debt financing agreement due 2028 \| Tranche one
Disclosure of detailed information about borrowings [line items]
Borrowings, effective interest rate							14.17%										14.17%
Amended debt financing agreement due 2028 \| Tranche two
Disclosure of detailed information about borrowings [line items]
Borrowings, effective interest rate							13.47%										13.47%
Debt financing agreement due 2027
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity					€ 54,000															$ 100.0	$ 60.0
Proceeds from borrowings, net of transaction costs					18,000	$ 20.0						54,000	$ 60.0	90,000	$ 100.0
Borrowings, interest rate																							9.95%
Borrowings								89,200	49,700			€ 49,700		89,200					$ 95.0			$ 56.3
Borrowings, interest rate on annual basis																							10.09%
Debt financing agreement due 2027 \| Additional tranche
Disclosure of detailed information about borrowings [line items]
Borrowings					€ 18,000																$ 20.0
Debt financing agreement due 2026
Disclosure of detailed information about borrowings [line items]
Financial covenant, twelve-month rolling minimum revenue requirement							€ 115,000			€ 115,000
Financial covenant, annual minimum revenue requirement								103,800	64,000
Financial covenant, minimum cash requirement									€ 50,000		€ 50,000
CIR
Disclosure of detailed information about borrowings [line items]
Borrowings							3,600	4,400						4,400
CEPI
Disclosure of detailed information about borrowings [line items]
Borrowings							€ 5,700	€ 5,200						€ 5,200

Consolidated Statement of Comprehensive Income - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of comprehensive income [abstract]
PROFIT/(LOSS) FOR THE PERIOD	€ (101,429)	€ (143,279)	€ (73,425)
Items that may be reclassified to profit or loss
Currency translation differences	3,300	(73)	(2,877)
Items that will not be reclassified to profit or loss
Defined benefit plan actuarial gains/(losses)	(130)	178	205
Other comprehensive income/(loss) for the year, net of tax	3,170	105	(2,672)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD	€ (98,258)	€ (143,174)	€ (76,097)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Earnings (Losses) per share - Schedule of diluted earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [line items]
Profit used to determine diluted earnings per share	€ (101,429)	€ (143,279)	€ (73,425)
Weighted average number of outstanding shares for diluted earnings (losses) per share (in shares)	138,624,381	115,473,914	97,619,320
Diluted earnings (losses) from continuing operations per share (in euro per share)	€ (0.73)	€ (1.24)	€ (0.75)
Share options
Earnings per share [line items]
Number of potential ordinary shares that are antidilutive in period presented (in shares)	2,861,904	1,504,892	5,846,267

Cash flow information (Tables)

12 Months Ended

Dec. 31, 2023

Cash Flow Information [Abstract]

Schedule of adjustments to reconcile net loss to net cash generated from operations

The following table shows the adjustments to reconcile net loss to net cash generated from operations:


	Year ended December 31,
in € thousand	2023	2022	2021
LOSS FOR THE YEAR	(101,429)	(143,279)	(73,425)

ADJUSTMENTS FOR
Depreciation and amortization	17,584	21,036	14,281
Write-off / impairment fixed assets/intangibles	(731)	23,249	—
Share-based compensation expense	5,111	(8,656)	14,509
Income tax expense/(income)	2,800	(1,536)	3,446
Dividends received from associated companies	—	—	—
(Profit)/loss from disposal of property, plant, equipment and intangible assets	(12)	38	46
Share of (profit)/loss from associates	—	(9)	5
(Profit)/loss from disposal held for sale	580	—	—
Provision for employer contribution costs on share-based compensation plans(1)	(1,659)	(22,933)	19,079
Other non-cash (income)/expense	(804)	14,088	(11,604)
Interest income	(1,210)	(260)	(249)
Interest expense	23,325	19,054	16,964
	44,984	44,070	56,476
CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION)
Other non-current assets	(192)	10,981	194
Long term contract liabilities	—	(5,241)	4,662
Long term refund liabilities (2)	1,136	(154,833)	54,501
Other non-current liabilities and provisions	(430)	1,379	(3)
	514	(147,713)	59,353
CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION)
Inventory	(9,165)	84,224	(92,373)
Trade and other receivables	(2,855)	12,401	(21,349)
Contract liabilities	(3,471)	(114,603)	34,453
Refund liabilities	(112,689)	33,764	80,160
Trade and other payables and provisions	(17,398)	(14,053)	35,236
	(145,578)	1,732	36,127
CASH USED IN OPERATIONS	(201,509)	(245,189)	78,532

Disclosure of reconciliation of liabilities arising from financing activities


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	98,806	57,834
Proceeds of issue	92,309	39,587
Transaction costs	(11,198)	(255)
Repayments	(2,097)	(1,793)
Revaluations	393	1,115
Accrued interest	13,365	7,932
Payment of interest	(11,025)	(7,685)
Exchange rate difference	(3,706)	2,073
BALANCE AS AT DECEMBER 31	176,847	98,806

Revenues - Narrative (Details) € in Thousands, dose in Thousands, $ in Millions		1 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	Jul. 31, 2022 dose	May 31, 2022	Dec. 31, 2023 EUR (€) performance_obligation customer	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Increase in product sales				€ 29,800
Decrease in other revenues from contract with customers				(237,600)
Other revenues from contracts with customers				€ 8,075	€ 245,709	€ 284,202
Revenue, number of performance obligations \| performance_obligation				1
Refund liabilities				€ 39,941	143,085	254,582
Product sales				144,624	114,797	62,984
Trade receivables				€ 41,645	23,912
Number of largest customers \| customer				1
Largest customers, percentage of annual revenue				12.00%
Other revenues				€ 9,088	246,506	285,101
Largest customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Product sales				17,700	16,000	41,800
Other revenues				5,000	169,200	253,300
UK Authority
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from royalty obligation					169,200
Covid VLA2001 contract
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other revenues from contracts with customers				1,973	280,010	253,314
Covid VLA2001 contract \| UK Authority \| Vaccine supply agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other revenues from contracts with customers					169,200	253,300
Refund liabilities						166,900
Revenue from CAPEX obligation					80,000
Revenue from royalty obligation					89,200
Covid VLA2001 contract \| UK Authority \| Vaccine supply agreement \| United Kingdom
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other revenues from contracts with customers					169,200	253,300
Covid VLA2001 contract \| European Commission \| Amended Advance Purchase Agreement (APA)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other revenues from contracts with customers					110,800
Product sales					6,000
Minimum number of doses to supply \| dose		1,250
Lyme VLA15
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other revenues from contracts with customers				0	(45,869)	14,265
Lyme VLA15 \| Pfizer Inc. \| Amended Collaboration and License agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other revenues from contracts with customers				0	(45,900)	14,300
Refund liabilities				33,100	135,500
Shared development costs, percentage incurred			40.00%
Milestone payments, development and commercialization \| $	$ 143
Future milestone, sales targets \| $	$ 100
Trade receivables				10,700	4,600
Lyme VLA15 \| Pfizer Inc. \| Amended Collaboration and License agreement \| United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
Other revenues from contracts with customers					(45,900)
Lyme VLA15 \| Pfizer Inc. \| Amended Collaboration and License agreement \| Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Royalties, percentage	14.00%
Lyme VLA15 \| Pfizer Inc. \| Amended Collaboration and License agreement \| Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Royalties, percentage	22.00%
Covid VLA2001 product
Disclosure of disaggregation of revenue from contracts with customers [line items]
Product sales				€ 5,691	29,568	0
Increase in revenue from sales of goods, percentage				(81.00%)
IXIARO
Disclosure of disaggregation of revenue from contracts with customers [line items]
Product sales				€ 73,483	41,349	45,118
Increase in revenue from sales of goods, percentage				78.00%
Decrease through foreign currency impact				€ (1,500)
DUKORAL
Disclosure of disaggregation of revenue from contracts with customers [line items]
Product sales				€ 29,775	17,334	2,440
Increase in revenue from sales of goods, percentage				72.00%
Decrease through foreign currency impact				€ (900)
Third party products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Product sales				€ 35,675	€ 26,545	€ 15,426
Increase in revenue from sales of goods, percentage				34.00%

Other income/(expenses), net (Tables)

12 Months Ended

Dec. 31, 2023

Analysis of income and expense [abstract]

Disclosure of other income (expenses)

Other income and expenses, net include the following:


	Year ended December 31,
in € thousand	2023	2022	2021
Research and development tax credit	6,797	15,348	21,949
Grant income	11,350	191	1,684
Profit/(loss) on disposal of fixed assets and intangible assets, net	(21)	(38)	(42)
Profit/(loss) from revaluation of lease agreements	45	(32)	—
Taxes, duties, fees, charges, other than income tax	(475)	(217)	(212)
Miscellaneous income/(expenses), net	3,824	(3,054)	(403)
OTHER INCOME AND EXPENSES, NET	21,520	12,199	22,976

Borrowings - Schedule of composition of borrowings (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
NON-CURRENT
Debentures and other loans	€ 132,768	€ 87,227
CURRENT
Debentures and other loans	44,079	11,580
TOTAL BORROWINGS	€ 176,847	€ 98,806

Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Provisions [abstract]

Schedule of provision for employee commitments


	Year ended December 31
in € thousand	2023	2022
Employer contribution costs on share-based compensation plans	1,684	3,330
Phantom shares	1,421	2,976
Retirement termination benefits	459	330
Leaving indemnities	670	267
BALANCE AS AT CLOSING DATE	4,234	6,903
Less non-current portion	490	1,320
CURRENT PORTION	3,744	5,583

Schedule of assumptions used in preparing sensitivity analysis for actuarial assumptions

Assumptions used


	Year ended December 31
	2023		2022
Discount rate	3.20	%	3.60	%
Salary increase rate	2.50	%	2.50	%
Turnover rate	0%-21.35%		0%-21.35%
Social security rate	43.00%-47.00%		43.00%-47.00%
Average remaining lifespan of employees (in years)	22		20

Schedule of changes in defined benefit obligation

Present value of obligation development:


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	330	422
Current service cost	(1)	86
Actuarial losses/(gains)	130	(178)
BALANCE AS AT CLOSING DATE	459	330

Schedule of other provisions


	Year ended December 31
in € thousand	2023	2022
Non-current	584	960
Current	7,091	24,714
PROVISIONS	7,675	25,674

Segment information	12 Months Ended
Segment information	Dec. 31, 2023
Disclosure of operating segments [abstract]
Segment information	5.4 Segment information The Company’s Management Board, and since December 20, 2023, its Executive Committee, as the Company’s chief operating decision maker (“CDM”), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The committee evaluates all vaccine candidates and vaccine products together as a single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement format. As a consequence, the Group has changed its internal reporting process as at January 1, 2023 to present a single operating segment instead of the previously disclosed product-based segments. Segment reporting information for earlier periods has been restated to conform to these changes.

Income tax benefit/(expense) - Narrative (Details) - EUR (€) € in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	€ 204.5	€ 199.5
Tax losses carried forward	879.1	821.6
Valneva SE
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward	290.0	272.1
Valneva Austria GmbH
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward	564.2	521.7
Valneva Scotland Ltd.
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward	10.4	19.6
Valneva Sweden AB
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward	13.7	8.2
Vaccines Holdings Sweden AB
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses carried forward	€ 0.9	€ 0.0

Income tax benefit/(expense) (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes paid (refund) [abstract]

Disclosure of major components of tax expense (income)

Income tax income/(expense) is comprised of current and deferred tax.


	Year ended December 31,
in € thousand	2023	2022	2021

CURRENT TAX
Current income tax charge	(931)	(1,029)	(32)
Adjustments in respect of current income tax of previous year	(175)	97	(19)

DEFERRED TAX
Relating to origination and reversal of temporary differences	(1,695)	2,468	(3,395)
INCOME TAX BENEFIT/(EXPENSE)	(2,800)	1,536	(3,446)

Disclosure of reconciliation of income tax expense

The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows:


	Year ended December 31,
in € thousand	2023	2022	2021
LOSS BEFORE TAX	(98,629)	(144,815)	(69,979)
Tax calculated at domestic tax rates applicable to profits in the respective countries	23,400	37,203	18,824
Income not subject to tax (mainly R&D tax credit)	190	7,435	10,739
Expenses not deductible for tax purposes	(1,902)	(26)	(2,509)
Deferred tax asset not recognized	(23,360)	(45,955)	(26,902)
Utilization of previously unrecognized tax losses	(1,593)	2,628	—
Income tax credit/withholding tax/other adjustments	553	101	(459)
Effect of change in applicable tax rate	(160)	586	(3,291)
Exchange differences	(25)	(526)	296
Income tax of prior years	98	90	(64)
Minimum income tax	(2)	(2)	(80)
INCOME TAX BENEFIT/(EXPENSE)	(2,800)	1,536	(3,446)
Effective income tax rate	—	—	—

Disclosure of reconciliation of deferred income tax

The gross movement on the deferred income tax account was as follows:


	Year ended December 31,
in € thousand	2023	2022	2021
BEGINNING OF THE YEAR	4,943	2,292	5,158
Exchange differences	(294)	171	529
Income statement charge / (credit)	(1,695)	2,480	(3,395)
END OF THE YEAR	2,954	4,943	2,292

Disclosure of deferred tax assets and liabilities by balance sheet items

The deferred tax assets and liabilities are allocable to the various balance sheet items as follows:


	Year ended December 31,
in € thousand	2023	2022
DEFERRED TAX ASSET FROM
Tax losses carried forward	207,858	203,852
Fixed assets	1,765	3,541
Inventory	4,388	3,306
Borrowings and accrued interest	4,722	1,526
Provision	1,501	1,659
Other items	217	2,502
Non-recognition of deferred tax assets	(204,529)	(199,493)
TOTAL DEFERRED TAX ASSETS	15,921	16,893
DEFERRED TAX LIABILITY FROM
Fixed assets	(6,364)	(4,789)
Intangible assets	(5,157)	(6,229)
Other items	(1,446)	(932)
TOTAL DEFERRED TAX LIABILITY	(12,967)	(11,950)
DEFERRED TAX, NET	2,954	4,943

Trade payables and accruals (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other payables [abstract]

Schedule of trade and other payables

Trade payables and accruals include the following:


	Year ended December 31
in € thousand	2023	2022
Trade payables	17,564	14,505
Accrued expenses	26,739	26,986
TOTAL	44,303	41,491
Less non-current portion	—	—
CURRENT PORTION	44,303	41,491

Revenues - Disclosure of disaggregated revenue by type of goods or services (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	€ 144,624	€ 114,797	€ 62,984
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	8,075	245,709	284,202
Other non-IFRS 15 revenue	1,014	797	899
REVENUES	153,713	361,303	348,086
IXIARO
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	73,483	41,349	45,118
DUKORAL
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	29,775	17,334	2,440
Third party products
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	35,675	26,545	15,426
COVID VLA2001
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	5,691	29,568	0
IXCHIQ
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	2,733	5,565	3,257
COVID VLA2001
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	1,973	280,010	253,314
Lyme VLA15
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	0	(45,869)	14,265
Services related to clinical trial material
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	275	3,205	10,001
Others
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	€ 3,093	€ 2,798	€ 3,364

Property, plant and equipment - Schedule of reconciliation of property, plant and equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	€ 112,435	€ 125,545
Change in consolidation scope	22,373
Reclassification		0
Additions	14,404	27,176
Depreciation charge	(10,976)	(14,012)
Impairment charge/reversal	1,869	(19,071)
Disposals	(5,448)	(45)
Exchange rate differences	1,541	(7,158)
Property, plant and equipment, ending balance	136,198	112,435
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	179,583
Property, plant and equipment, ending balance	208,323	179,583
Accumulated depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	(67,148)
Property, plant and equipment, ending balance	(72,125)	(67,148)
Land, buildings and leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	74,493	10,284
Change in consolidation scope	22,373
Reclassification		45,082
Additions	9,088	30,902
Depreciation charge	(6,008)	(3,091)
Impairment charge/reversal	0	(4,453)
Disposals	(1,837)	0
Exchange rate differences	991	(4,230)
Property, plant and equipment, ending balance	99,100	74,493
Land, buildings and leasehold improvements \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	96,528
Property, plant and equipment, ending balance	125,580	96,528
Land, buildings and leasehold improvements \| Accumulated depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	(22,035)
Property, plant and equipment, ending balance	(26,479)	(22,035)
Manufacturing and laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	34,544	21,066
Change in consolidation scope	0
Reclassification		16,576
Additions	2,884	24,484
Depreciation charge	(4,372)	(10,424)
Impairment charge/reversal	1,869	(14,618)
Disposals	(3,547)	(43)
Exchange rate differences	383	(2,497)
Property, plant and equipment, ending balance	31,761	34,544
Manufacturing and laboratory equipment \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	76,315
Property, plant and equipment, ending balance	73,686	76,315
Manufacturing and laboratory equipment \| Accumulated depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	(41,770)
Property, plant and equipment, ending balance	(41,926)	(41,770)
Computer hardware
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	1,140	1,335
Change in consolidation scope	0
Reclassification		0
Additions	414	281
Depreciation charge	(442)	(432)
Impairment charge/reversal	0	0
Disposals	(61)	(2)
Exchange rate differences	3	(42)
Property, plant and equipment, ending balance	1,053	1,140
Computer hardware \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	3,245
Property, plant and equipment, ending balance	3,438	3,245
Computer hardware \| Accumulated depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	(2,105)
Property, plant and equipment, ending balance	(2,384)	(2,105)
Furniture, fittings and other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	675	202
Change in consolidation scope	0
Reclassification		0
Additions	33	552
Depreciation charge	(155)	(64)
Impairment charge/reversal	0	0
Disposals	(2)	0
Exchange rate differences	9	(14)
Property, plant and equipment, ending balance	560	675
Furniture, fittings and other \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	1,912
Property, plant and equipment, ending balance	1,895	1,912
Furniture, fittings and other \| Accumulated depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	(1,238)
Property, plant and equipment, ending balance	(1,335)	(1,238)
Assets in the course of construction
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	1,583	92,659
Change in consolidation scope	0
Reclassification		(61,658)
Additions	1,985	(29,043)
Depreciation charge	0	0
Impairment charge/reversal	0	0
Disposals	0	0
Exchange rate differences	155	(375)
Property, plant and equipment, ending balance	3,724	1,583
Assets in the course of construction \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	1,583
Property, plant and equipment, ending balance	3,724	1,583
Assets in the course of construction \| Accumulated depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, beginning balance	0
Property, plant and equipment, ending balance	€ 0	€ 0

Lease liabilities - Disclosure of maturity analysis of lease payments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Leases Payments [Line Items]
NON-CURRENT LEASE LIABILITIES	€ 29,090	€ 28,163
Current lease liabilities	2,879	25,411
TOTAL LEASE LIABILITIES	31,969	53,574	€ 56,822
Between 1 and 3 years
Disclosure Of Detailed Information About Leases Payments [Line Items]
NON-CURRENT LEASE LIABILITIES	5,313	4,573
Between 3 and 5 years
Disclosure Of Detailed Information About Leases Payments [Line Items]
NON-CURRENT LEASE LIABILITIES	5,414	4,608
Over 5 years
Disclosure Of Detailed Information About Leases Payments [Line Items]
NON-CURRENT LEASE LIABILITIES	€ 18,362	€ 18,982

Commitments and contingencies - Narrative (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Contractual capital commitments	€ 3,700	€ 9,900
Other provisions	7,675	25,674
Legal proceedings provision
Disclosure of other provisions [line items]
Other provisions	€ 5,200	€ 5,200

Other income/(expenses), net

12 Months Ended

Dec. 31, 2023

Analysis of income and expense [abstract]

Other income/(expenses), net

5.8 Other income/(expenses), net

Other income and expenses, net include the following:


	Year ended December 31,
in € thousand	2023	2022	2021
Research and development tax credit	6,797	15,348	21,949
Grant income	11,350	191	1,684
Profit/(loss) on disposal of fixed assets and intangible assets, net	(21)	(38)	(42)
Profit/(loss) from revaluation of lease agreements	45	(32)	—
Taxes, duties, fees, charges, other than income tax	(475)	(217)	(212)
Miscellaneous income/(expenses), net	3,824	(3,054)	(403)
OTHER INCOME AND EXPENSES, NET	21,520	12,199	22,976

Other operating income and expenses increased by €9.3 million, or 76%, to €21.5 million for the year ended December 31, 2023 from €12.2 million for the year ended December 31, 2022 due to higher grant income and net miscellaneous income.

In the year ended December 31, 2023, “grant income” increased due to the recognition of an €11.1 million grant income received from Scottish Enterprise, Scotland’s national economic development agency, for developing non-COVID-19 vaccines (the chikungunya vaccine and IXIARO).

On the other hand the “research and development tax credit” was positively affected in the year 2022 by an amount of €13.9 million related to the research and development programs executed in Austria, mainly for the COVID-19 and chikungunya vaccine candidates. For the year ended December 31, 2021, the research and development tax credit, included €20.2 million from the the research and development programs executed in Austria.

In the “miscellaneous income/(expenses), net”, an income of €4.7 million from a settlement with a supplier in connection with COVID-19 activities was recognised in the year ended December 31, 2023. Further non-recurrent transaction results were recorded, namely a loss of €1.4 million from the divestment of the CTM Unit in Solna as well as a €0.3 million gain from the sale of BliNK. In the year ended December 31, 2022, this position was negatively impacted by a litigation provision in the amount of €3.1 million.

5.8.1 Grants

Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received and the Group will comply with all conditions.

In February 2022 the Group received two grants worth up to £20.0 million (approximately €23.9 million) from Scottish Enterprise, Scotland’s national economic development agency, to support research and development relating to the manufacturing processes of the COVID-19 vaccine and other vaccine candidates. Following the termination of the COVID-19 vaccine program, in May 2023 the grant relating to this program was amended, reducing the available funding by £0.7 million and adjusting how the funds will be used. The funds under these grants will be received over three years, beginning in March 2022. If Valneva fails to comply with the terms of the grants, Scottish Enterprise may stop payments under the grants and require repayment of the funds provided to date. In the year ended December 31, 2023, €11.1 million (£9.6 million) of grant funds from Scottish Enterprise were recognized.

In 2019 the Group signed a funding agreement with CEPI. Valneva will receive up to $24.6 million for vaccine manufacturing and late-stage clinical development of a single-dose, live attenuated vaccine against chikungunya (VLA1553). In line with CEPI’s commitment to equitable access, the funding will underwrite a partnership effort to accelerate regulatory approval of Valneva’s chikungunya vaccine for use in regions where outbreaks occur and support World Health Organization prequalification to facilitate broader access in lower- and middle-income countries. Valneva has to pay back part of the consideration upon achievement of certain milestones. The refundable consideration is accounted for as a loan and measured in accordance with IFRS 9 (see Note 5.24.1). The difference between the proceeds from CEPI and the carrying amount of the loan is treated under IAS 20 and presented as “Borrowings”. The amount from the CEPI grant which benefits Instituto Butantan is recognized as revenue (see Note 5.5). In the year ended December 31, 2023, €0.2 million of grant income (2022: €0.2 million) and €5.0 million of other revenues (2022: €3.9 million) related to CEPI were recognized.

5.8.2 Research and development tax credits

In both periods the position included tax credits primarily from Austria and to a lesser extent from France.

Impairment testing (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of impairment loss and reversal of impairment loss [abstract]

Schedule of sensitivity analysis


in € thousand except ratios	IXIARO		DUKORAL		IXCHIQ		CTM*
WEIGHTED AVERAGE COST OF CAPITAL (WACC)
2023	9.08	%	8.94	%	9.04	%	—	%
2022	8.34	%	8.30	%	8.25	%	9.50	%
BREAK-EVEN WACC
2023	81.06	%	8.04	%	113.62	%	—	%
2022	56.27	%	7.59	%	113.60	%	15.00	%
Impairment if WACC increases by 1% (in € thousand)
2023	NO		3,330		NO		—
2022	NO		5,095		NO		NO
Impairment if sales reduce by 10% (in € thousand)
2023	NO		6,508		NO		—
2022	NO		4,023		NO		1

* CTM CGU was sold in July 2023, see Note 5.1.1.

Borrowings - Schedule of borrowings by denominated currency (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
TOTAL BORROWINGS	€ 176,847	€ 98,806
Borrowings denominated in EUR
Disclosure of detailed information about borrowings [line items]
TOTAL BORROWINGS	3,581	4,433
Borrowings denominated in USD
Disclosure of detailed information about borrowings [line items]
TOTAL BORROWINGS	€ 173,266	€ 94,373

Share-based compensation - Disclosure of number of free ordinary shares granted (Details) - Free ordinary shares program - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted (in shares)	445,320	401,911
Executive Committee (formerly Management Board)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted (in shares)	263,842	196,855
Senior Leadership Group
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted (in shares)	181,478	205,056

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents [abstract]

Disclosure of composition of cash and cash equivalents


	Year ended December 31
in € thousand	2023	2022
Cash in hand	9	3
Cash at bank	126,071	286,530

Clearing accounts	(1)	(1)

Restricted cash	—	2,898
CASH AND CASH EQUIVALENTS	126,080	289,430

Cash and cash equivalents - Narrative (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Cash And Cash Equivalents [Line Items]
Restricted cash	€ 0	€ 2,898,000	€ 40,000.00
Amended debt financing agreement due 2028
Disclosure Of Cash And Cash Equivalents [Line Items]
Financial covenant, minimum cash requirement	€ 35,000,000

Lease liabilities - Narrative (Details) - EUR (€) € in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Leases Payments [Line Items]
Decrease in lease liabilities		€ (21,600)
Termination of contracts		22,539	€ 0
Land, buildings and leasehold improvements
Disclosure Of Detailed Information About Leases Payments [Line Items]
Termination of contracts		€ 22,516	€ 0
Land, buildings and leasehold improvements \| Austria
Disclosure Of Detailed Information About Leases Payments [Line Items]
Termination of contracts	€ 22,500

Trade receivables

12 Months Ended

Dec. 31, 2023

Trade and other receivables [abstract]

Trade receivables

5.18 Trade receivables

Trade receivables include the following:


	Year ended December 31
in € thousand	2023	2022
Trade receivables	41,714	23,997
Less: loss allowance of receivables	(69)	(84)
TRADE RECEIVABLES, NET	41,645	23,912

In 2023 and 2022, no material impairment losses were recognized. As at December 31, 2023, the amount of trade receivables past due (which is defined as being more than 30 days late) reached €4.5 million (December 31, 2022: €4.4 million) of which €3.4 million come from a governmental authority with a credit rating of B+/B2.

Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.

As at December 31, 2023, trade receivables included €41.6 million (December 31, 2022: €23.9 million) of receivables from contracts with customers.

Summary of significant accounting policies - Schedule of maturity analysis for Group’s financial liabilities (Details) - Liquidity risk - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	€ 176,847	€ 132,242
Lease liabilities	31,969	59,563
Refund liabilities	39,941	147,098
Trade payables and accruals	44,303	41,491
Tax and employee-related liabilities	10,815	10,778
Other liabilities	34	87
TOTAL	303,908	391,260
Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	44,079	11,629
Lease liabilities	2,879	26,674
Refund liabilities	33,637	140,098
Trade payables and accruals	44,303	41,491
Tax and employee-related liabilities	10,815	10,778
Other liabilities	34	87
TOTAL	135,747	230,756
Between 1 and 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	62,378	74,815
Lease liabilities	5,313	5,915
Refund liabilities	6,303	0
Trade payables and accruals	0	0
Tax and employee-related liabilities	0	0
Other liabilities	0	0
TOTAL	73,995	80,731
Between 3 and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	70,390	44,859
Lease liabilities	5,414	5,706
Refund liabilities	0	7,000
Trade payables and accruals	0	0
Tax and employee-related liabilities	0	0
Other liabilities	0	0
TOTAL	75,804	57,565
Over 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings	0	939
Lease liabilities	18,362	21,268
Refund liabilities	0	0
Trade payables and accruals	0	0
Tax and employee-related liabilities	0	0
Other liabilities	0	0
TOTAL	€ 18,362	€ 22,207

Share-based compensation - Free ordinary shares (Details) - Free ordinary shares program	12 Months Ended
	Dec. 31, 2023 shares tranche	Dec. 31, 2022 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares granted (in shares) \| shares	445,320	401,911
Number of equal tranches to exercise awards	3
Number of tranches rounded down if the third tranche is not a whole number	2
Minimum number of vested free shares of each tranche	20.00%
Tranche one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%
Tranche two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%
Tranche three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.33%

Refund liabilities

12 Months Ended

Dec. 31, 2023

Refund Liabilities [Abstract]

Refund liabilities

5.29 Refund liabilities


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	143,085	254,582
Additions	465	52,012
Payments	(352)	(2,626)
Other releases	(108,542)	(879)
Revenue recognition	(40)	(169,242)
Interest expense capitalized	8,419	9,597
Exchange rate difference	(3,095)	(357)
BALANCE AS AT CLOSING DATE	39,941	143,085
Less non-current portion	(6,303)	(6,635)
CURRENT PORTION	33,637	136,450

As at December 31, 2023, from the total of €39.9 million, an amount of €33.1 million is connected to the Collaboration and License Agreement with Pfizer. Beside the future payment obligations to Pfizer these refund liabilities also contain considerations which should be recognized in future as revenue and amount to €10.7 million for the year ended December 31, 2023 (December 31, 2022: €4.6 million). Refund liabilities of €6.5 million relate to the expected payment to GlaxoSmithKline (GSK) due to the termination of the strategic alliance agreements (SAA) in 2019. The other releases in the year ended December 31, 2023 relate largely to payments made in the period in connection with the terms of the Pfizer Collaboration and License Agreement.

As at December 31, 2022, €135.5 million stems from the collaboration with Pfizer and €6.6 million (of which €6.6 million was non-current) related to the expected payment to GSK from the termination of the SAA in 2019. Revenue recognized in 2022 related primarily to the de-recognition of the previously included royalty obligation towards the UK Authority in the amount of €89.2 million and the de-recognition of the previously included capex obligation towards the UK Authority in the amount of €80.0 million. Additions included the milestone of $25 million (€24.5 million) received related to the Collaboration and License Agreement with Pfizer as well as other payments received where Valneva has a repayment obligation.

General information - Summary of recognised amounts of identifiable net assets and fair value of consideration transferred at acquisition date (Details) - VBC 3 Errichtungs GmbH € in Thousands	Oct. 01, 2023 EUR (€)
Disclosure Of Assets Acquisitions [Line Items]
Cash	€ 1,003
Property, Plant & Equipment	22,373
Loans and borrowings	(11,296)
Other liabilities	(126)
TOTAL IDENTIFIABLE NET ASSETS	€ 11,955

Revenues

12 Months Ended

Dec. 31, 2023

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Revenues

5.5 Revenues

Revenues include both revenues from contracts with customers and other revenues (mainly subleases) which are out of scope from IFRS 15:


	Year ended December 31,
in € thousand	2023	2022	2021
Product sales	144,624	114,797	62,984
Other revenues from contracts with customers	8,075	245,709	284,202
Other non-IFRS 15 revenue	1,014	797	899
REVENUES	153,713	361,303	348,086

Product sales increased in the year ended December 31, 2023 by €29.8 million compared to the prior period. This is a result of higher demand for IXIARO following globally increased travel activities. Further, DUKORAL sales went up substantially in 2023 after supply shortages in 2022, COVID-19 VLA2001 product sales strongly decreased following the Company’s decision to suspend the program.

Other revenues from contracts with customers decreased in the year ended December 31, 2023 by €237.6 million. In 2022, €169.2 million and in 2021 €253.3 million of revenues for COVID-19 VLA2001 were recognized as other revenues from the re-assessment of the likelihood of the royalty obligation and the de-recognition of the previously included capex obligation towards the UK Authority following the settlement agreement in connection to the UK Supply Agreement (discussed in Note 5.5.2). Furthermore, a release of non-refundable advance payments from EU member states related to the COVID-19 VLA2001 Advance Purchase Agreement (APA) with the European Commission amounting to €110.8 million was included as other revenues in 2022. This was offset by €45.9 million net negative revenue from the updated terms of the Collaboration and License Agreement with Pfizer. The other changes compared to 2022 are made up of individually insignificant transactions.

5.5.1 Product sales

The Group mostly generates product sales revenues from the sale of its commercialized travel vaccines and from the sale of third-party products.

5.5.2 Other revenues

Vaccine Supply Agreement with the UK Authority (UK Supply Agreement)

In September 2020, Valneva entered into the UK Supply Agreement with the Secretary of State for Business, Energy and Industrial Strategy of the United Kingdom (the UK Authority), pursuant to which Valneva was obligated to develop, manufacture and supply SARS-CoV-2 vaccines to the UK Authority in the United Kingdom of Great Britain and Northern Ireland, including an obligation for Valneva to upgrade its manufacturing facilities in Scotland. In September 2021,

Valneva received notice of the UK Authority’s decision to terminate the UK Supply Agreement, and the termination became effective in October 2021.

The impact of the termination of the UK Supply Agreement was assessed as at December 31, 2021. Payments received, where the likelihood of repayment is remote, totaled €253.3 million and were recognized as revenue in 2021. For amounts with uncertainties and a repayment likelihood which was more than remote, a refund liability of €166.9 million was recognized for the royalty on sales and certain other obligations which survive the termination of the UK Supply Agreement.

In June 2022, Valneva and the UK Authority signed a settlement agreement (the UK Settlement Agreement). The UK Settlement Agreement resolves certain matters relating to the obligations of the Company and UK Authority following the termination of the UK Supply Agreement and in relation to the separate agreement relating to clinical trials of VLA2001 in the UK, which remains in place. The Company continues to have certain other obligations pursuant to provisions of the UK Supply Agreement that survive its termination. Due to the termination of the agreements other revenue in the amount of €169.2 million (of which €80.0 million related to the capex obligation and €89.2 million related to the royalty obligation) were recognized in the year ended December 31, 2022.

There was no impact on the financial position of the Group for the year ended December 31, 2023.

Advance Purchase Agreement with the European Commission (EC APA)

In November 2021, Valneva entered into the EC APA in order to supply its VLA2001 COVID-19 vaccine to participating EC member states. The EC APA was amended in July 2022 to reduce the amount of doses of VLA2001 ordered. At the time of the amendment, Valneva had received advance payments for the original order volume. Per the terms of the EC APA, Valneva is not obligated to repay any amount of such advance payments that had already been spent or committed.

As of December 31, 2022, Valneva had fulfilled its remaining performance obligations under the contract and assessed that the risk of reimbursement of the advance payments was remote. Accordingly, the contract liability was released in full to revenue for the year ended December 31, 2022, including €6.0 million attributed to product sales (as partial advance payment for delivery of 1.25 million doses of VLA2001) and €110.8 million attributed to other revenue from contracts with customers. Therefore, product sales present the part directly related to vaccines sale with the original dose price according to the agreement.

There was no impact on the financial position of the Group for the year ended December 31, 2023.

Lyme - Pfizer Collaboration and License Agreement

In April 2020, Valneva signed the Collaboration and License Agreement with Pfizer to co-develop and commercialize the Group’s Lyme disease vaccine candidate (VLA15). This is classified as an agreement with a customer as defined by IFRS 15 guidance on revenue contracts with customers, and accordingly, amounts received or payable by Valneva under the Collaboration and License Agreement are accounted for in the Group’s revenues.

In 2021 and 2022 several amendments to the transaction price were made via amendments to the Collaboration and License Agreement and resulted in a reduction to the constrained (i.e. highly probable) transaction price, reflecting an increase in expected payments to customer related to Valneva’s contribution to Pfizer’s future development costs.

In addition, Valneva considered the constraint to determine if it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Valneva considered that it is no longer highly probable that it will be entitled to the consideration as payments to customers might further increase in the future. Therefore, for the year ended December 31, 2022, the cumulated revenue of €45.9 million was reversed as other revenues from contracts with customers. In the year ended December 31, 2023, no revenues were recognised.

While license and equipment purchase orders were fulfilled in prior periods, the R&D activities and additional services are ongoing through 2024 and will satisfy the performance obligation over time. During this period Valneva will fund 40% of the remaining shared development costs. Items not included in the transaction price as of December 31, 2023 are (i) $143 million of early commercialization milestones, (ii) royalties, ranging from 14% to 22%, and (iii) $100 million of sales milestones which will be recognized when they occur.

As at December 31, 2023, the discounted refund liability amounted to €33.1 million (December 31, 2022: €135.5 million). The decrease was due to payments made in the period in connection with the terms of this agreement. The amounts not recognized in revenue are disclosed as refund liabilities as well as trade receivables which amounted to €10.7 million for the year ended December 31, 2023 (December 31, 2022: €4.6 million).

5.5.3 Disaggregated revenue information

The Group’s revenues are disaggregated as follows:

Type of goods or service


	Year ended December 31,
in € thousand	2023	2022	2021
IXIARO	73,483	41,349	45,118
DUKORAL	29,775	17,334	2,440
Third party products	35,675	26,545	15,426
COVID VLA2001	5,691	29,568	—
PRODUCT SALES	144,624	114,797	62,984
IXCHIQ (1)	2,733	5,565	3,257
COVID VLA2001 (1)	1,973	280,010	253,314
Lyme VLA15	—	(45,869)	14,265
Services related to clinical trial material	275	3,205	10,001
Others	3,093	2,798	3,364
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	8,075	245,709	284,202
Other non-IFRS 15 revenue	1,014	797	899
REVENUES	153,713	361,303	348,086

(1) Revenues from these products were derived from contractual arrangements and do not represent product sales.

In the year ended December 31, 2023 product sales revenues for all active products increased significantly by €29.8 million compared to the same period in 2022.

IXIARO/JESPECT sales showed a 78% increase in sales which was primarily the result of the continued travel market recovery, as well as price increases. The increase in IXIARO product sales included an adverse €1.5 million foreign currency impact. DUKORAL sales in 2023 were 72% higher compared to 2022. This increase is also a result of the significant recovery in the private travel markets and price increases. Foreign currency fluctuations reduced DUKORAL sales by €0.9 million. Third Party product sales recorded a 34% increase which was mainly driven by sales of Rabipur/RabAvert and Encepur under the distribution agreement with Bavarian Nordic. On the other hand, sales revenues for the COVID-19 VLA2001 product decreased by 81% as the program was suspended given the strongly decreased demand.

In the year ended December 31, 2022, other revenues from contracts with customers were strongly influenced by one-off effects. An income of €169.2 million was related to the termination of the UK Supply Agreement and further €110.8 million to the termination of the EC APA. For more detail see above within this Note. This was partially offset by €45.9 million of negative revenue resulting from an increase in the refund liability linked to the amendment to the Collaboration and License Agreement with Pfizer.

In the year ended December 31, 2021, other revenues from VLA2001 of €253.3 million were related to the termination of the UK Supply Agreement. For more detail see further above within this Note. In 2021 other revenues included €14.3 million from the collaboration with Pfizer related to the Lyme vaccine candidate.

Sales channels for product sales

Products are sold via the following sales channels:


	Year ended December 31,
in € thousand	2023	2022	2021
Direct product sales	119,305	75,968	60,306
Indirect product sales (Sales through distributors)	25,320	38,828	2,678
TOTAL PRODUCT SALES	144,624	114,797	62,984

Geographical markets

In presenting information on the basis of geographical markets, revenue is based on the final location where Valneva’s distribution partner sells the product or where the customer/partner is located.


	Year ended December 31,
in € thousand	2023	2022	2021
United States	32,964	(23,803)	54,791
Canada	28,193	18,904	4,226
United Kingdom	20,266	181,129	256,075
Austria	14,583	21,793	18,529
Germany	13,503	68,529	966
Nordics	12,695	12,043	2,440
France	5,866	46,608	1,367
Other Europe	9,335	18,740	5,006
Rest of World	16,308	17,360	4,684
REVENUE TOTAL	153,713	361,303	348,086

Nordics includes Finland, Denmark, Norway and Sweden.

In the year ended December 31, 2023, revenues from product sales increased considerably, driven by the continued recovery of travel vaccine sales. Revenues from Canada and the United States especially contributed to this increase.

Revenues in the year ended December 31, 2022 were strongly influenced by one-off effects. Revenues from the United States included a €45.9 million net negative revenue from the updated terms of the Collaboration and License Agreement with Pfizer. Further 2022 revenues from the United Kingdom included non-product revenues of €169.2 million from the UK Authority following the UK Settlement Agreement. 2022 also contained a release of non-refundable advance payments from several EU member states, affecting specifically revenues from Germany, France, Austria, Nordics and Other Europe.

In the year ended December 31, 2021, revenues in the United Kingdom were related to VLA2001 including other revenues of €253.3 million following the termination of the UK Supply Agreement. For more detail see further above within this Note.

Information about major customers

The concentration risk on the customer portfolio of the Group is limited. In 2023, there was one single customer (share of 12%) with a contribution exceeding 10% of the annual revenue.

Product sales to the largest customer amounted to €17.7 million in 2023 (2022: €16.0 million, 2021: €41.8 million). Other revenues from the largest customer amounted to €5.0 million in 2023 (2022: €169.2 million, 2021: €253.3 million). In 2022 and 2021, the UK Authority was the largest customer due to the UK Supply Agreement explained above in Note 5.5.2.

5.5.4 Assets and liabilities related to contracts with customers

See Note 5.18 for details on trade receivables, Note 5.19 for details on costs to obtain a contract, Note 5.28 for details of contract liabilities and Note 5.29 for details of refund liabilities.

Other assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Miscellaneous assets [abstract]
R&D tax credit receivables	€ 43,762	€ 49,174
Advance payments	759	1,672
Tax receivables	3,921	9,066
Prepaid expenses	4,468	4,939
Contract costs	3,710	3,710
Consumables and supplies on stock	872	1,380
Miscellaneous current assets	522	451
OTHER NON-FINANCIAL ASSETS	58,014	70,391
Deposits	194	11,822
Miscellaneous financial assets	916	165
OTHER FINANCIAL ASSETS	1,109	11,988
OTHER ASSETS	59,123	82,378
Less non-current portion	8,490	8,299
CURRENT PORTION	€ 50,633	€ 74,079

Expenses by nature

12 Months Ended

Dec. 31, 2023

Expenses by nature [abstract]

Expenses by nature

5.6 Expenses by nature


		Year ended December 31,
in € thousand	Note	2023	2022	2021
Consulting and other purchased services		80,988	141,631	169,158
Cost of services and change in inventory		11,417	190,086	105,648
Employee benefit expense other than share-based compensation	5.7	72,997	56,393	85,334
Share-based compensation expense	5.7	6,276	(5,215)	14,678
Raw materials and consumables used		14,113	12,723	14,676
Depreciation and amortization and impairment	5.12/13/14	16,853	44,285	14,281
Building and energy costs		13,088	14,696	10,960
Supply, office and IT costs		11,663	11,739	7,409
License fees and royalties		5,492	6,830	4,865
Advertising costs		13,361	7,343	2,176
Warehousing and distribution costs		3,939	1,898	1,419
Travel and transportation costs		2,700	2,208	538
Other expenses		4,432	2,329	1,309
OPERATING EXPENSES		257,320	486,945	432,452

The €229.6 million decrease in operating expenses from €486.9 million in the year ended December 31, 2022 to €257.3 million in the year ended December 31, 2023 primarily resulted from one-off expenses recorded in 2022 which were related to the suspended COVID-19 program. These expenses included the write-down of COVID-19 vaccine inventory of €159.4 million (presented under “cost of services and change in inventory”) as well as impairment charges of fixed assets.

Expenses for “consulting and other purchased services” reduced substantially in the year ended December 31, 2023, as the comparison period of 2022 included considerable expenses for VLA2001 related to research and development and external manufacturing costs.

Expenses for “cost of services and change in inventory” strongly decreased as in the year ended December 31, 2022 effects from the significant changes to the ordered volumes and the expected future demand for VLA2001, in particular a write-down of inventory of €159.4 million, were recorded.

The expense position “depreciation and amortization and impairment” contains a reversal of a fixed asset impairment in the amount of €1.9 million related to production equipment in the year ended December 31, 2023, whereas 2022 included one-off charges of €14.8 million for the impairment of VLA2001 related fixed assets including idle manufacturing equipment, leasehold improvements and Right of Use assets.

“Employee benefit expenses other than share-based compensation” increased in the year ended December 31, 2023 compared to December 31, 2022 because of a €23.2 million release of the employer contribution provision and therefore an income to the social security contributions in 2022. In the same year “Share-based compensation expense” showed an income due to share-based payment program valuations resulting from the reduction in the share price.

Principal Accountant Fees and Services


	Year ended December 31,
	PricewaterhouseCoopers									Deloitte & Associés
in € thousand	2023	%		2022	%		2021	%		2023	%		2022	%		2021	%
Audit fees	2,076	98	%	1,891	99	%	1,122	91	%	1,902	99	%	1,678	99	%	1,113	93	%
provided by the statutory auditor	1,539	73	%	1,386	72	%	937	76	%	1,622	84	%	1,376	81	%	939	78	%
provided by the statutory auditor's network	537	25	%	505	26	%	185	15	%	280	15	%	302	18	%	174	15	%
Audit-related Fees	—	—	%	—	—	%	90	7	%	—	—	%	13	1	%	85	7	%
provided by the statutory auditor	—	—	%	—	—	%	85	7	%	—	—	%	13	1	%	85	7	%
provided by the statutory auditor's network	—	—	%	—	—	%	5	—	%	—	—	%	—	—	%	—	—	%
Tax fees	40	2	%	25	1	%	25	2	%	—	—	%	—	—	%	—	—	%
provided by the statutory auditor's network	40	2	%	25	1	%	25	2	%	—	—	%	—	—	%	—	—	%
All Other Fees	—	—	%	—	—	%	—	—	%	19	1	%	—	—	%	—	—	%
Total	2,116	100	%	1,916	100	%	1,238	100	%	1,921	100	%	1,691	100	%	1,199	100	%

Audit-related fees comprised mainly the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit and are not reported under Audit Fees.

Related-party transactions - Schedule of rendering of services (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions [abstract]
Operating activities	€ 260	€ 1,200	€ 231
Financing activities	76	8	0
PROVISION OF SERVICES	€ 335	€ 1,208	€ 231

Income tax benefit/(expense) - Disclosure of deferred tax assets and liabilities by balance sheet items (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	€ 6,592	€ 5,637
TOTAL DEFERRED TAX LIABILITY	(3,638)	(694)
DEFERRED TAX, NET	2,954	4,943	€ 2,292	€ 5,158
TOTAL DEFERRED TAX ASSETS
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	15,921	16,893
Tax losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	207,858	203,852
Fixed assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	1,765	3,541
TOTAL DEFERRED TAX LIABILITY	(6,364)	(4,789)
Inventory
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	4,388	3,306
Borrowings and accrued interest
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	4,722	1,526
Provision
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	1,501	1,659
Other items
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	217	2,502
TOTAL DEFERRED TAX LIABILITY	(1,446)	(932)
Non-recognition of deferred tax assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX ASSETS	204,529	199,493
TOTAL DEFERRED TAX LIABILITY
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX LIABILITY	(12,967)	(11,950)
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
TOTAL DEFERRED TAX LIABILITY	€ (5,157)	€ (6,229)

Earnings (Losses) per share - Schedule of basic earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Net profit (loss) from continuing operations attributable to equity holders of the Company	€ (101,429)	€ (143,279)	€ (73,425)
Weighted average number of outstanding shares (in shares)	138,624,381	115,473,914	97,619,320
Basic earnings (losses) from continuing operations per share (in euro per share)	€ (0.73)	€ (1.24)	€ (0.75)

Inventories - Narrative (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Inventories [Line Items]
Inventories, write-down provision	€ 45,601	€ 180,866
Raw materials, write-down provision	28,158	79,939
Work in progress, write-down provision	15,177	99,089
Finished goods, write-down provision	1,524	1,417
Purchased goods, write-down provision	743	421
COVID VLA2001
Disclosure Of Inventories [Line Items]
Inventories, write-down provision	31,200	176,900
Raw materials, write-down provision	26,600	78,800
Work in progress, write-down provision	4,600	98,100
IXIARO, DUKORAL and IXCHIQ
Disclosure Of Inventories [Line Items]
Inventories, write-down provision	12,200	2,200
IXIARO and DUKORAL
Disclosure Of Inventories [Line Items]
Finished goods, write-down provision	€ 1,500	1,400
Purchased goods, write-down provision		€ 400

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Property, plant and equipment

5.14 Property, plant and equipment

Depreciation of assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:

▪Buildings, leasehold improvements 5 - 40 years

▪Machinery, laboratory equipment 1 - 15 years

▪Furniture, fittings and office equipment 4 - 10 years

▪Hardware 3 - 5 years

Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

An asset’s carrying amount is immediately written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Computer hardware	Furniture, fittings and other	Assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2023
Opening net book value	74,493	34,544	1,140	675	1,583	112,435

Change in consolidation scope	22,373	—	—	—	—	22,373
Additions	9,088	2,884	414	33	1,985	14,404
Depreciation charge	(6,008)	(4,372)	(442)	(155)	—	(10,976)
Impairment charge/reversal	—	1,869	—	—	—	1,869
Disposals	(1,837)	(3,547)	(61)	(2)	—	(5,448)
Exchange rate differences	991	383	3	9	155	1,541
CLOSING NET BOOK VALUE	99,100	31,761	1,053	560	3,724	136,198

AS AT DECEMBER 31, 2023
Cost	125,580	73,686	3,438	1,895	3,724	208,323
Accumulated depreciation and impairment	(26,479)	(41,926)	(2,384)	(1,335)	—	(72,125)
CLOSING NET BOOK VALUE	99,100	31,761	1,053	560	3,724	136,198


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Computer hardware	Furniture, fittings and other	Assets in the course of construction	Total

YEAR ENDED DECEMBER 31, 2022
Opening net book value	10,284	21,066	1,335	202	92,659	125,545
Reclassification	45,082	16,576	—	—	(61,658)	—
Additions	30,902	24,484	281	552	(29,043)	27,176
Depreciation charge	(3,091)	(10,424)	(432)	(64)	—	(14,012)
Impairment charge	(4,453)	(14,618)	—	—	—	(19,071)
Disposals	—	(43)	(2)	—	—	(45)
Exchange rate differences	(4,230)	(2,497)	(42)	(14)	(375)	(7,158)
CLOSING NET BOOK VALUE	74,493	34,544	1,140	675	1,583	112,435

AS AT DECEMBER 31, 2022
Cost	96,528	76,315	3,245	1,912	1,583	179,583
Accumulated depreciation and impairment	(22,035)	(41,770)	(2,105)	(1,238)	—	(67,148)
CLOSING NET BOOK VALUE	74,493	34,544	1,140	675	1,583	112,435

Additions in 2022 mainly referred to investments in Scotland and Sweden and related to the production of VLA2001. Reclassification in 2022 mainly related to assets in Scotland for which final construction took place in 2022. With regards to impairment charges recognized in 2022, see Note 5.15.

From the total of €16.9 million (2022: €44.3 million) of depreciation, amortization and impairment expenses, €12.5 million (2022: €39.5 million) were charged to cost of goods and services, €3.0 million (2022: €3.5 million) were charged to research and development expenses, €0.8 million (2022: €0.7 million) were charged to marketing and distribution expenses and €0.5 million (2022: €0.6 million) were charged to general and administrative expenses. The decrease in depreciation and amortization charged to costs of goods and services was caused by impairments in VLA2001 and DUKORAL in 2022.

Non-current operating assets by region

Non-current operating assets for this purpose consist of intangible assets, right of use assets and property, plant and equipment. The main non-current operating assets are allocated to sites where production and research and development activities take place. Sales activities by distribution sites do not require major non-current operating assets. Revenues by region (see Note 5.5) are structured according to the location of the final customer. In some countries there are customers, but no assets.


	Year ended December 31,
in € thousand	2023	2022
United Kingdom	87,646	84,843
Austria	49,460	52,199
Nordics	39,111	40,250
Other Europe	4,839	5,211
United States	934	64
Canada	166	183
NON-CURRENT ASSETS	182,156	182,749

Employee benefit expense (Tables)

12 Months Ended

Dec. 31, 2023

Classes of employee benefits expense [abstract]

Disclosure of employee benefit expenses

Employee benefit expenses include the following:


	Year ended December 31,
in € thousand	2023	2022	2021
Salaries	55,793	57,272	47,717
Social security contributions	14,359	(3,035)	35,923
Share-based compensation expense	6,276	(5,215)	14,678
Training and education	1,292	840	603
Other employee benefits	1,553	1,317	1,091
TOTAL EMPLOYEE BENEFIT EXPENSE	79,273	51,178	100,012

Property, plant and equipment - Disclosure of non-current operating assets by region (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Non-Current Operating Assets By Region [Line Items]
NON-CURRENT ASSETS	€ 182,156	€ 182,749
United Kingdom
Disclosure Of Non-Current Operating Assets By Region [Line Items]
NON-CURRENT ASSETS	87,646	84,843
Austria
Disclosure Of Non-Current Operating Assets By Region [Line Items]
NON-CURRENT ASSETS	49,460	52,199
Nordics
Disclosure Of Non-Current Operating Assets By Region [Line Items]
NON-CURRENT ASSETS	39,111	40,250
Other Europe
Disclosure Of Non-Current Operating Assets By Region [Line Items]
NON-CURRENT ASSETS	4,839	5,211
United States
Disclosure Of Non-Current Operating Assets By Region [Line Items]
NON-CURRENT ASSETS	934	64
Canada
Disclosure Of Non-Current Operating Assets By Region [Line Items]
NON-CURRENT ASSETS	€ 166	€ 183

Income tax benefit/(expense) - Disclosure of major components of tax expense (income) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes paid (refund) [abstract]
Current income tax charge	€ (931)	€ (1,029)	€ (32)
Adjustments in respect of current income tax of previous year	(175)	97	(19)
Relating to origination and reversal of temporary differences	(1,695)	2,468	(3,395)
INCOME TAX BENEFIT/(EXPENSE)	€ (2,800)	€ 1,536	€ (3,446)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

Schedule of composition of borrowings

Borrowings of the Group at period-end include the following:


	Year ended December 31
in € thousand	2023	2022
NON-CURRENT
Debentures and other loans	132,768	87,227
CURRENT
Debentures and other loans	44,079	11,580
TOTAL BORROWINGS	176,847	98,806

Schedule of maturity analysis of non-current borrowings

Balance as at December 31, 2023


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	44,079	62,378	70,390	—	176,847
Lease liabilities	2,879	5,313	5,414	18,362	31,969
Refund liabilities	33,637	6,303	—	—	39,941
Trade payables and accruals	44,303	—	—	—	44,303
Tax and employee-related liabilities (1)	10,815	—	—	—	10,815
Other liabilities	34	—	—	—	34
TOTAL	135,747	73,995	75,804	18,362	303,908

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

Balance as at December 31, 2022


in € thousand	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	Over 5 years	Total
Borrowings	11,629	74,815	44,859	939	132,242
Lease liabilities	26,674	5,915	5,706	21,268	59,563
Refund liabilities	140,098	—	7,000	—	147,098
Trade payables and accruals	41,491	—	—	—	41,491
Tax and employee-related liabilities (1)	10,778	—	—	—	10,778
Other liabilities	87	—	—	—	87
TOTAL	230,756	80,731	57,565	22,207	391,260

(1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.

The maturity of the borrowings is as follows:


	Year ended December 31
in € thousand	2023	2022
Between 1 and 3 years	62,378	57,838
Between 3 and 5 years	70,390	28,765
Over 5 years	—	624
NON-CURRENT BORROWINGS	132,768	87,227
Current borrowings	44,079	11,580
TOTAL BORROWINGS	176,847	98,806

Schedule of borrowings by denominated currency

The carrying amounts of the Group’s borrowings are denominated in the following currencies:


	Year ended December 31
in € thousand	2023	2022
Borrowings denominated in EUR	3,581	4,433
Borrowings denominated in USD	173,266	94,373
TOTAL BORROWINGS	176,847	98,806

Schedule of reconciliation of loan

The D&O Loan Agreement is included in the balance sheet item “Borrowings” and developed as follows:


in € thousand	2023	2022
BALANCE AS AT JANUARY 1	89,182	49,671
Proceeds of issue	91,111	38,502
Transaction costs	(11,198)	(255)
Accrued interest	12,942	7,521
Payment of interest	(11,022)	(7,685)
Exchange rate difference	(3,494)	1,429
BALANCE AS AT DECEMBER 31	167,520	89,182
Less: non-current portion	(127,119)	(79,709)
CURRENT PORTION	40,401	9,473

Inventories

12 Months Ended

Dec. 31, 2023

Classes of current inventories [abstract]

Inventories

5.17 Inventories


	Year ended December 31
in € thousand	2023	2022
Raw materials	35,379	86,452
Work in progress	38,094	114,218
Finished goods	12,968	11,783
Purchased goods (third party products)	3,626	3,518
GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN	90,067	215,970
Less: write-down provision	(45,601)	(180,866)
INVENTORIES	44,466	35,104

The decrease in gross amounts of inventories before write-down is primarily related to decrease in the inventory of raw materials and work in progress as of December 31, 2023.

The total write-down provision on inventory amounts to €45.6 million as of December 31, 2023 (December 31, 2022: €180.9 million). The decrease in the write-down provision compared to prior year is mainly attributable to the suspension of manufacturing of VLA2001 in 2022. As a result, raw material acquired to produce VLA2001 which could not be repurposed and used for other products was written down. Work in progress related to VLA2001 was written down due to reduced sales expectations following the termination of supply agreements. In total an amount of €176.9 million related to VLA2001 inventory was included in 2022.

Write-down provisions related to the inventory categories as follows:


	Year ended December 31
in € thousand	2023	2022
Raw materials	28,158	79,939
Work in progress	15,177	99,089
Finished goods	1,524	1,417
Purchased goods (third party products)	743	421
TOTAL WRITE-DOWN PROVISION	45,601	180,866

As at December 31, 2023, €31.2 million of the inventory reserve related to VLA2001 (December 31, 2022: €176.9 million), of which €26.6 million was attributable to the raw materials (December 31, 2022: €78.8 million) and €4.6 million to work in progress (December 31, 2022: €98.1 million). As at December 31, 2023, the remaining write-down provision of €12.2 million in raw materials and work in progress relate to Valneva's commercialized vaccines IXIARO, DUKORAL and IXCHIQ (December 31, 2022: €2.2 million)..

As at December 31, 2023, the write down provision for finished goods for Valneva's commercialized vaccines IXIARO and DUKORAL based on sales expectations and limited shelf life of the products amount to €1.5 million (December 31, 2022: €1.4 million). Also a slight increase in the provision for third party products was necessary as at December 31, 2023 (December 31, 2022: €0.4 million).

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments And Contingencies [Abstract]

Commitments and contingencies

5.33 Commitments and contingencies

As at December 31, 2023, there were €3.7 million of capital expenditure contracted, mainly related to manufacturing sites (December 31, 2022: €9.9 million). The respective contracts are all related to the finalization of the Almeida building in Scotland, the new manufacturing facility and production site for IXIARO and IXCHIQ.

5.33.1 Other commitments, pledges and guarantees

The other commitments relate to minimum payments and consist of:


	Year ended December 31
in € thousand	2023	2022
Loans and grants	6	49
Royalties	6,798	8,262
OTHER COMMITMENTS	6,804	8,311

The pledges consist of:


	Year ended December 31
in € thousand	2023	2022

Pledges on bank accounts	121,085	284,889

GUARANTEES AND PLEDGES	121,085	284,889

The stated pledges on cash at banks originate from the requirements of the D&O Loan Agreement which in addition is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by the Company and certain of its subsidiaries. For more information about this loan agreement, please refer to Note 5.24.

5.33.2 Contingencies and litigations

Following the merger between the companies Vivalis SA and Intercell AG in 2013, certain former Intercell shareholders initiated legal proceedings before the Commercial Court of Vienna to request a revision of either the cash compensation paid to departing shareholders or the exchange ratio between Intercell and Valneva shares used in the merger. In October 2021, a court-appointed expert recommended an increase in the cash compensation as well as further valuation work on the exchange ratio. In April 2022, this expert presented the result of its work on the exchange ratio, and in April 2023 the court’s expert committee provided their view. However, the final outcome will depend on the court’s position on specific legal points. The Company therefore assessed the probability of several scenarios and decided to hold a provision of €5.2 million to cover the reassessed risk and potential legal costs (December 31, 2022: €5.2 million).

In July 2016, a claim for additional payment was raised and litigation was filed in December 2016, in connection with the 2009 acquisition of Humalys SAS, from which the Company had acquired a technology, which was later combined with other antibody discovery technologies and spun off to BliNK Biomedical SAS in early 2015. Former shareholders of Humalys claimed additional consideration as a result of the spin-off transaction. A first instance decision in the Humalys case was rendered on September 6, 2023. The court has rejected the plaintiff’s claims. No appeal was filed within the statutory timeline; therefore the judgment has become final.

Financial Instruments - Disclosure of credit quality of financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of external credit grades [line items]
TRADE RECEIVABLES	€ 41,645	€ 23,912
OTHER ASSETS	1,109	11,988
CASH AND CASH EQUIVALENTS	126,080	289,430
Receivables from governmental institutions (AAA-country)
Disclosure of external credit grades [line items]
TRADE RECEIVABLES	205	757
Receivables from governmental institutions (AA-country)
Disclosure of external credit grades [line items]
TRADE RECEIVABLES	11,535	3,620
OTHER ASSETS	0	151
Receivables from governmental institutions (A-country)
Disclosure of external credit grades [line items]
TRADE RECEIVABLES	0	0
AA
Disclosure of external credit grades [line items]
TRADE RECEIVABLES	0	0
CASH AND CASH EQUIVALENTS	17,581	11,557
A
Disclosure of external credit grades [line items]
TRADE RECEIVABLES	0	4,861
OTHER ASSETS	0	11,296
CASH AND CASH EQUIVALENTS	108,253	272,719
Counterparties without external credit rating or rating below A
Disclosure of external credit grades [line items]
TRADE RECEIVABLES	29,905	14,674
OTHER ASSETS	1,109	541
CASH AND CASH EQUIVALENTS	€ 245	€ 5,154

Lease liabilities

12 Months Ended

Dec. 31, 2023

Lease liabilities [abstract]

Lease liabilities

5.13 Leases (right of use assets)

for the premises in Sweden interest rates of 2.493% and 3.401% were determined following significant increases in right of use assets in Sweden.

The Group does not have residual value guarantees in the rental contracts.

5.13.1 Development of right-of-use assets


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Furniture, fittings and other	Total assets

YEAR ENDED DECEMBER 31, 2023
Opening net book value	41,365	—	238	41,603
Additions	3,593	—	189	3,781
Amortization	(2,428)	—	(141)	(2,569)

Termination of contracts	(22,516)	—	(32)	(22,548)
Exchange rate differences	127	—	(2)	125
CLOSING NET BOOK VALUE	20,141	—	251	20,392


in € thousand	Land, buildings and leasehold improvements	Manufacturing and laboratory equipment	Furniture, fittings and other	Total assets

YEAR ENDED DECEMBER 31, 2022
Opening net book value	47,993	15	278	48,285
Additions	1,482	—	147	1,629
Amortization	(2,944)	(15)	(145)	(3,103)
Impairment charge	(4,178)	—	—	(4,178)
Revaluation due to variable payments	859	—	—	859
Termination of contracts	—	—	(32)	(32)
Exchange rate differences	(1,847)	—	(10)	(1,857)
CLOSING NET BOOK VALUE	41,365	—	238	41,603

For details on lease liabilities, see Note 5.27. For details on the impairment charge, see Note 5.15.

5.13.2 Other amounts recognized in the consolidated income statement

5.27 Lease liabilities

Lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in the event of default.


	Year ended December 31
in € thousand	2023	2022
OPENING NET BOOK VALUE	53,574	56,822
Additions	3,759	1,629
Revaluation due to variable payments	(2)	859
Termination of contracts	(22,539)	—
Lease payments	(4,286)	(3,900)
Interest expenses	1,183	833
Exchange rate differences	280	(2,669)
CLOSING NET BOOK VALUE	31,969	53,574

The maturity of non-current lease liabilities is as follows:


	Year ended December 31
in € thousand	2023	2022
Between 1-3 years	5,313	4,573
Between 3-5 years	5,414	4,608
Over 5 years	18,362	18,982
NON-CURRENT LEASE LIABILITIES	29,090	28,163
Current lease liabilities	2,879	25,411
TOTAL LEASE LIABILITIES	31,969	53,574

The carrying amounts of the Group’s lease liabilities are denominated in the following currencies:


	Year ended December 31
in € thousand	2023	2022
EUR	1,479	24,694
SEK	28,308	27,314
Other	2,182	1,566
TOTAL LEASE LIABILITIES	31,969	53,574

Provisions

12 Months Ended

Dec. 31, 2023

Provisions [abstract]

Provisions

5.30 Provisions

5.30.1 Provisions for employee commitments


	Year ended December 31
in € thousand	2023	2022
Employer contribution costs on share-based compensation plans	1,684	3,330
Phantom shares	1,421	2,976
Retirement termination benefits	459	330
Leaving indemnities	670	267
BALANCE AS AT CLOSING DATE	4,234	6,903
Less non-current portion	490	1,320
CURRENT PORTION	3,744	5,583

Share-based provisions

Retirement termination benefits

Some Group companies provide retirement termination benefits to their retirees.

For defined benefit plans, retirement costs are determined once a year:

The final obligation is then discounted. These calculations mainly use the following assumptions:

•a discount rate;

•a salary increase rate;

•an employee turnover rate.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.

For basic schemes and defined contribution plans, the Group recognizes the contributions as expenses when payable, as it has no obligations over and above the amount of contributions paid.

Assumptions used


	Year ended December 31
	2023		2022
Discount rate	3.20	%	3.60	%
Salary increase rate	2.50	%	2.50	%
Turnover rate	0%-21.35%		0%-21.35%
Social security rate	43.00%-47.00%		43.00%-47.00%
Average remaining lifespan of employees (in years)	22		20

Changes in defined benefit obligation

Present value of obligation development:


	Year ended December 31
in € thousand	2023	2022
BALANCE AS AT JANUARY 1	330	422
Current service cost	(1)	86
Actuarial losses/(gains)	130	(178)
BALANCE AS AT CLOSING DATE	459	330

5.30.2 Other provisions


	Year ended December 31
in € thousand	2023	2022
Non-current	584	960
Current	7,091	24,714
PROVISIONS	7,675	25,674

The position mostly comprises €5.2 million from a provision for expected legal and settlement costs under a court proceeding related to the Intercell AG/Vivalis SA merger (December 31, 2022: €5.2 million). As at December 31, 2022 an amount of €18.8 million related to onerous purchase agreements in connection with the wind-down of COVID-19 activities which mostly were used during the year ended December 31, 2023.

Income tax benefit/(expense) - Disclosure of reconciliation of deferred income tax (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes paid (refund) [abstract]
Deferred tax liability (asset), at beginning of period	€ 4,943	€ 2,292	€ 5,158
Exchange differences	(294)	171	529
Income statement charge / (credit)	(1,695)	2,480	(3,395)
Deferred tax liability (asset), at end of period	€ 2,954	€ 4,943	€ 2,292

Employee benefit expense

12 Months Ended

Dec. 31, 2023

Classes of employee benefits expense [abstract]

Employee benefit expense

5.7 Employee benefit expense

Employee benefit expenses include the following:


	Year ended December 31,
in € thousand	2023	2022	2021
Salaries	55,793	57,272	47,717
Social security contributions	14,359	(3,035)	35,923
Share-based compensation expense	6,276	(5,215)	14,678
Training and education	1,292	840	603
Other employee benefits	1,553	1,317	1,091
TOTAL EMPLOYEE BENEFIT EXPENSE	79,273	51,178	100,012

In the year ended December 31, 2022, the social security contributions included an income of €23.2 million resulting from the release of the provision of employer contribution charges on share-based payment programs due to the reduction in the share price.

During 2023, the Group had an average of 684 employees (2022: 778 employees, 2021: 722 employees).