Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 206

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 206
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 3,253,516   ​       €       3,517,698   ​   €      (264,182)
Cash and cash equivalents at end of the period                             ​   ​      64,239   ​       ​         166,803   ​   ​      (102,564)
Cash and cash equivalents classified as assets held for sale               ​   ​           —   ​       ​               7   ​   ​            (7)
Financial investments and cash and cash equivalents at end of the period   ​   €   3,317,755   ​       €       3,684,508   ​   €      (366,753)
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The net decrease of €102.6 million in cash and cash equivalents for the year ended December 31, 2024, consisted of positive unrealized exchange differences of €1.8 million and decrease in cash and cash equivalents of €104.4 million. This latter was composed of (i) €374.0 million of operational cash burn, (ii) the net sale of financial investments of €319.0 million, (iii €12.5 million cash out from the disposal of subsidiaries, and (iv) €36.9 million acquisition of financial assets held at fair value through other comprehensive income.
The operational cash burn/cash flow is defined as the decrease or increase in our cash and cash equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus:

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149

i. the net proceeds, if any, from share capital and share premium increases included in the net cash flows generated from/used in (-) financing activities
ii. the net proceeds or cash used, if any, in acquisitions or disposals of businesses; the acquisition of financial assets held at fair value, the movement in restricted cash and movement in financial investments, if any, the loan and advances given to third parties, if any, included in the net cash flows generated from/used in (-) investing activities
iii. the cash used for other liabilities related to the acquisition or disposal of businesses, if any, included in the net cash flow generated from/used in (-) operating activities. 
This alternative liquidity measure is in our view an important metric for a biotech company in the development stage.
The following table presents a reconciliation of the operational cash burn, to the closest IFRS measures, for each of the periods indicated:

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