Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 344

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 16I
Chunk 344
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 TCR T- cell therapy( uza-cel) targetingMAGE-A4 for head & neck cancer and potential future solid tumor indications, using our decentralized cell manufacturing platform. Under the terms of the Collaboration and Exclusive License Agreement, we paid an upfront exclusivity payment of$ 70.0 million and$ 15.0 million in R& D funding to Adaptimmune at signing of the collaboration agreement on May 30, 2024. A further $15.0 million in R& D funding will follow subject to the start of dosing in the proof-of-concept trial. Adaptimmune will be responsible for the

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clinical proof-of-concept trial in head & neck cancer and the supply of the vector for the manufacturing of uza-cel. We will be responsible for the delivery of fresh uza-cel product for the head & neck cancer proof-of-concept trial using our innovative, decentralized cell therapy manufacturing platform.

We capitalized the $70.0 million as intangible asset and amortize it over the expected exclusivity period. The $15.0 million has been recognized as deferred expense and will gradually be released in R& D expenses over the R& D period.

3. Material accounting policies

Our material accounting policies are summarized below.

BASIS OF PREPARATION AND GOING CONCERN ASSUMPTION

The consolidated financial statements are prepared in accordance with the IFRS Accounting Standards, issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of our activities and the results achieved. They give a true and fair view of our financial position, our financial performance and cash flows, on a going concern basis.

The consolidated financial statements are presented in Euros, which is also our functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated.

Basis of measurement.

The consolidated financial statements have been prepared on a historical costs basis, except for the following items:

-Financial instruments - fair value through profit or loss

-Financial instruments - fair value through other comprehensive income

-Contingent consideration

-Net defined benefit liability

-Cash settled share-based payment liabilities

NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2024

New standards and interpretations applicable for the annual period beginning on January 1, 2024