Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 200

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 200
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2023 on the sale of fixed assets.
Fair value adjustments and net currency exchange differences
The following table summarizes our fair value adjustments and net currency exchange differences for the years ended December 31, 2024 and 2023, together with the changes to those items.

                                      ​                                         ​    ​       ​        ​       ​        ​       ​   ​      ​    
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​                                                                               ​   Year ended December 31,                    ​   ​          ​
​                                                                               2024                2023                           ​   % Change
​                                                                               ​   ​                   (Euro, in thousands)   ​   ​          ​
Net unrealized currency exchange gain/loss (-)                                  ​   €      22,727   ​       €       (20,544)   ​   ​     (211%)
Net realized currency exchange loss                                             ​   ​       (678)   ​       ​        (1,118)   ​   ​      (39%)
Fair value re-measurement of warrants                                           ​   ​           4   ​       ​             18   ​   ​      (78%)
Fair value loss on financial assets held at fair value through profit or loss   ​   ​           —   ​       ​          (390)   ​   ​     (100%)
Fair value gain on current financial investments                                ​   ​      73,742   ​       ​         38,286   ​   ​        93%
Total fair value adjustments and net currency exchange differences              ​   €      95,795   ​       €         16,252   ​   ​       489%
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The net currency unrealized exchange gain of €22.7 million in 2024 primarily related to €22.2 million of unrealized exchange gain on cash and cash equivalents and current financial investments at amortised cost held in U.S. dollars, as compared to an unrealized net exchange loss in 2023 of €20.4 million on cash and cash equivalents and current financial investments at amortized cost held in U.S. dollar. We have cash, cash equivalents and current financial investments held in U.S. dollars, which could generate foreign currency exchange gain or loss in our financial results in accordance with the fluctuation of the EUR/U.S. dollar exchange rate as our functional currency is EUR. 
Fair value re-measurement of warrants refers to the fair value re-measurement of the Gilead initial warrant B in 2023 and the