# EDGAR Filing Document

**Accession Number:** 0002020932
**File Stem:** 0001104659-26-026472
**Filing Date:** 2026-3
**Character Count:** 87740
**Document Hash:** 59efc6cf2484d42af2c8908f5640afcc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-026472.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001104659-26-026472

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Agomab Therapeutics NV
- **CENTRAL INDEX KEY:** 0002020932
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294220
- **FILM NUMBER:** 26744546

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** POSTHOFLEI 1/6
- **CITY:** ANTWERPEN
- **PROVINCE COUNTRY:** C9
- **ZIP:** 2600
- **BUSINESS PHONE:** 32 3 302 35 30

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** POSTHOFLEI 1/6
- **CITY:** ANTWERPEN
- **PROVINCE COUNTRY:** C9
- **ZIP:** 2600

**As filed with the Securities and Exchange Commission on March 11, 2026** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**AgomAb Therapeutics NV**

**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Belgium** | **Not applicable** |
| **(State or other jurisdiction of <br> incorporation or organization)** | **(I.R.S. Employer <br> Identification Number)** |

---

**Posthoflei 1/6**

**2600 Antwerpen, Belgium**

**Tel: +32 3 318 91 70**

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**Employee Stock Option Plan, dated March 2019**

**Employee Stock Option Plan, dated September 2019**

**Employee Stock Option Plan, dated March 2020**

**Employee Stock Option Plan – October 2020**

**Global Stock Option Plan, dated March 2021** 

**2022 Global Stock Option Plan**

**2023 Global Stock Option Plan**

**2024 Global Stock Option Plan** 

**2024 (B) Global Stock Option Plan**

**2026 Global Stock Option Plan**

**(Full title of the plans)** 

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**(Name and address of agent of service)**

**+1 800-221-0102** 

**(Telephone number, including area code, of agent for service)** 

***Copies to:***

---

| | |
|:---|:---|
| **Michael H. Bison <br> Marishka DeToy <br> Stephanie Richards <br> Goodwin Procter LLP <br> 100 Northern Avenue<br> Boston, Massachusetts 02210<br> (617) 570-1000** | **Roel Meers <br> Baker McKenzie BV/SRL<br> Bolwerklaan 21 Avenue du <br> Boulevard Box 1 <br> 1210 Brussels <br> Belgium<br> +32 2 639 36 11** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ◻ | Accelerated filer | ◻ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ◻ |
|  |  | Emerging growth company | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 registers common shares under the Registrant's Employee Stock Option Plan, dated March 2019, Employee Stock Option Plan, dated September 2019, Employee Stock Option Plan, dated March 2020, Employee Stock Option Plan, dated October 2020, Global Stock Option Plan, dated March 2021, 2022 Global Stock Option Plan, dated June 2022, 2023 Global Stock Option Plan, dated October 2023, 2024 Global Stock Option Plan, dated July 2024, 2024 (B) Global Stock Option Plan, dated November 2024 and 2026 Global Stock Option Plan, dated January 2026.

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

The information specified in Part I of Form S-8 is omitted from this Registration Statement in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "***Securities Act***") and the introductory note to Part I of this Registration Statement. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**ITEM 3.** **INCORPORATION OF DOCUMENTS BY REFERENCE** 

The following documents filed by AgomAb Therapeutics NV (the "***Registrant***") with the U.S. Securities and Exchange Commission (the "***Commission***") are incorporated by reference into this Registration Statement:

(a) The [Registrant's prospectus dated February 5, 2026, filed with the Commission on February 6, 2026](https://www.sec.gov/Archives/edgar/data/2020932/000110465926011523/tm2415594-17_424b4.htm) pursuant to Rule 424(b) under the Securities Act, relating to the Registration Statement on [Form F-1, as amended (File No. 333-292790)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926007712/tm2415594-11_f1a.htm) which contains audited financial statements for the Registrant's fiscal years ended December 31, 2024 and 2023 and the unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2025, for which such statements have been filed; and

(b) The description of the Registrant's common shares, no nominal value per share, and American Depositary Shares contained in the Registrant's Registration Statement on [Form 8-A filed with the Commission under Section 12(b) of the Securities Exchange Act of 1934, as amended (the *"**Exchange Act***") on February 3, 2026 (File No. 001-43098)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926009822/tm2415594d15_8a12b.htm), including any amendment or report filed for the purpose of updating such description.

All other reports and documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part of this Registration Statement from the date of the filing of such reports and documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**ITEM 4.** **DESCRIPTION OF SECURITIES** 

Not applicable.

**ITEM 5.** **INTERESTS OF NAMED EXPERTS AND COUNSEL** 

Not applicable.

**ITEM 6.** **INDEMNIFICATION OF DIRECTORS AND OFFICERS** 

Under Belgian law, the directors of a company may be liable for damages to the company in case of improper performance of their duties. The Registrant's directors may be liable to the Registrant and to third parties for infringement of the Registrant's articles of association or Belgian company law and, under certain circumstances, pursuant to Belgian tort, bankruptcy, social security or tax laws. Under certain circumstances, directors may be criminally liable.

The Registrant maintains liability insurance for the Registrant's directors and officers, including insurance against liability under the Securities Act.

The Belgian Companies and Associations Code includes a cap on liability for directors (including persons in charge of daily management) for any damages they cause due to mismanagement, including breaches of the articles of association and the Belgian Companies and Associations Code. This liability cap applies towards the company and third parties. For the Registrant, the cap currently amounts to €12,000,000.00 (subject to indexation). The cap applies irrespective of the number of claimants or defendants for the same (set of) facts. However, the cap does not apply to repetitive minor misconduct, serious error or cases of fraud or intent to harm. Furthermore, the cap does not apply to directors' liability under the special liability regimes relating to payment of withholding tax, VAT and social security contributions, and in certain other technical cases provided for by the Belgian Companies and Associations Code.

Certain of the Registrant's non-executive directors may, through their relationships with their employers or partnerships, be insured and/or indemnified against certain liabilities in their capacity as members of the Registrant's board of directors.

**ITEM 7.** **EXEMPTION FROM REGISTRATION CLAIMED** 

Not applicable.

**ITEM 8.** **EXHIBITS** 

See the Exhibit Index on the page immediately preceding the exhibits for a list of exhibits filed as part of this Registration Statement, which Exhibit Index is incorporated herein by reference.

**ITEM 9.** **UNDERTAKINGS** 

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*Provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Signatures**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Antwerp, Belgium.

---

| | | |
|:---|:---|:---|
|  | **AGOMAB THERAPEUTICS NV** | **AGOMAB THERAPEUTICS NV** |
| Date: March 11, 2026 | By: | /s/ Tim Knotnerus |
|  |  | Tim Knotnerus<br> Chief Executive Officer and Director<br> (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: March 11, 2026 | By: | /s/ Pierre Kemula |
|  |  | Pierre Kemula<br> Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Tim Knotnerus, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and any subsequent registration statements pursuant to Rule 462 of the Securities Act and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each of said attorney-in-fact or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Tim Knotnerus | Chief Executive Officer and Director | March 11, 2026 |
| Tim Knotnerus | (Principal Executive Officer) |  |
| /s/ Pierre Kemula | Chief Financial Officer | March 11, 2026 |
| Pierre Kemula | (Principal Financial and Accounting Officer) |  |
| /s/ David Epstein | Chairman of the Board | March 11, 2026 |
| David Epstein |  |  |
| /s/ Angelika Jahreis | Director | March 11, 2026 |
| Angelika Jahreis |  |  |
| /s/ Felice Verduyn—van Weegen | Director | March 11, 2026 |
| Felice Verduyn—van Weegen |  |  |
| /s/ Ohad Hammer | Director | March 11, 2026 |
| Ohad Hammer |  |  |
| /s/ Colin Bond | Director | March 11, 2026 |
| Colin Bond |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on March 11, 2026.

---

| | |
|:---|:---|
| **Authorized Representative in the United States** | **Authorized Representative in the United States** |
| By: | /s/ Colleen A De Vries |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description** |
| [4.1(1)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926024095/tm267896d1_ex3-1.htm) | [Amended and Restated Articles of Association (English translation)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926024095/tm267896d1_ex3-1.htm) |
| [4.2(2)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926007712/tm2415594d12_ex4-2.htm) | [Form of Deposit Agreement among the Registrant, The Bank of New York Mellon, as depositary, and holders of American Depositary Receipts](https://www.sec.gov/Archives/edgar/data/2020932/000110465926007712/tm2415594d12_ex4-2.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/2020932/000110465926007712/tm2415594d12_ex4-2.htm) | [Form of American Depositary Receipt (included in Exhibit 4.2)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926007712/tm2415594d12_ex4-2.htm) |
| [5.1](tm268361d1_ex5-1.htm) | [Opinion of Baker McKenzie BV/SRL, counsel to the registrant](tm268361d1_ex5-1.htm) |
| [23.1](tm268361d1_ex23-1.htm) | [Consent of PwC Bedrijfsrevisoren BV / Reviseurs d'Entreprises SRL, independent registered public accounting firm](tm268361d1_ex23-1.htm) |
| [23.2](tm268361d1_ex5-1.htm) | [Consent of Baker McKenzie BV/SRL, counsel to the registrant (included in Exhibit 5.1)](tm268361d1_ex5-1.htm) |
| [24.1](#sabari_004) | [Power of Attorney (included on signature page)](#sabari_004) |
| [99.1(3)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-1.htm) | [Employee Stock Option Plan, dated March 2019](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-1.htm) |
| [99.2(4)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-2.htm) | [Employee Stock Option Plan, dated September 2019](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-2.htm) |
| [99.3(5)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-3.htm) | [Employee Stock Option Plan, dated March 2020](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-3.htm) |
| [99.4(6)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-4.htm) | [Employee Stock Option Plan – October 2020](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-4.htm) |
| [99.5(7)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-5.htm) | [Global Stock Option Plan, dated March 2021](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-5.htm) |
| [99.6(8)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-6.htm) | [2022 Global Stock Option Plan](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-6.htm) |
| [99.7(9)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-7.htm) | [2023 Global Stock Option Plan](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-7.htm) |
| [99.8(10)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-8.htm) | [2024 Global Stock Option Plan](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-8.htm) |
| [99.9(11)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-9.htm) | [2024 (B) Global Stock Option Plan](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-9.htm) |
| [99.10(12)](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-12.htm) | [2026 Global Stock Option Plan](https://www.sec.gov/Archives/edgar/data/2020932/000110465926004558/tm2415594d10_ex10-12.htm) |
| [107](tm268361d1_ex-filingfees.htm) | [Filing Fee Table](tm268361d1_ex-filingfees.htm) |

---

**(1)** Filed as Exhibit 4.1 to Registrant's Registration Statement on Form 6-K (File No. 333-43098), filed with the U.S. Securities and Exchange Commission on March 5, 2026, and incorporated herein by reference.

**(2)** Filed as Exhibit 4.2 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 29, 2026, and incorporated herein by reference.

**(3)** Filed as Exhibit 10.1 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(4)** Filed as Exhibit 10.2 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(5)** Filed as Exhibit 10.3 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(6)** Filed as Exhibit 10.4 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(7)** Filed as Exhibit 10.5 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(8)** Filed as Exhibit 10.6 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(9)** Filed as Exhibit 10.7 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(10)** Filed as Exhibit 10.8 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(11)** Filed as Exhibit 10.9 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

**(12)** Filed as Exhibit 10.12 to Registrant's Registration Statement on Form F-1 (File No. 333-292790), filed with the U.S. Securities and Exchange Commission on January 16, 2026, and incorporated herein by reference.

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](tm268361d1_ex5-1img01.jpg) | **Baker McKenzie BV/SRL**<br>Bolwerklaan 21 Avenue du Boulevard - box 1<br> 1210 Brussels<br> Belgium<br>Tel: +32 2 639 36 11<br> Fax: +32 2 639 36 99<br> www.bakermckenzie.com |

---

11 March 2026

AgomAb Therapeutics NV

Posthoflei 1 (box 6)

2600 Antwerp

Belgium

Dear all,

---

| | |
|:---|:---|
| **RE:** | **AGOMAB THERAPEUTICS NV – ISSUANCE OF SHARES UPON EXERCISE OF SUBSCRIPTION RIGHTS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Introduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) We have acted as external Belgian legal advisers to AgomAb Therapeutics NV of Posthoflei 1 (box 6), 2600
Antwerp, Belgium and registered under company number 0674.527.310 RLP Antwerp (division Antwerp) (the "**Company** "), on
certain Belgian law matters in connection with the Company's Registration Statement (as defined below) filed with the United States Securities
and Exchange Commission (the "**SEC**") under the United States Securities Act of 1933, as amended (the "**Securities Act** "), in respect of the potential issuance by the Company of new ordinary shares without nominal value of the Company (the "**New Shares** "), to be represented by American Depositary Shares (the "**ADSs** "), with admission to trading and listing
of the ADSs on the Nasdaq Global Select Market, covered by the Registration Statement to which this opinion is an exhibit, such New Shares
to be issued upon exercise of the following subscription rights (collectively, the "**ESOP Subscription Rights** ", and such
potential issuance of New Shares upon exercise of the respective ESOP Subscription Rights the "**Potential Issuance** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subscription rights issued by the Company on 14 March 2019 (the "**March 2019 ESOP Subscription Rights** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subscription rights issued by the Company on 9 October 2019 (the "**October 2019 ESOP Subscription Rights** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subscription rights issued by the Company on 17 April 2020 (the "**April 2020 ESOP Subscription Rights** "),

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| | | | | |
|:---|:---|:---|:---|:---|
| **Partners** <br> Koen VANHAERENTS<sup>1\*</sup> Jean-François VANDENBERGHE<sup>1,9\*</sup><br> Roel MEERS<sup>1,9\*</sup><br> Luc MEEUS<sup>1,5,9\*</sup><br> Fiona CARLIN<sup>1,3,9 \*</sup><br> Kurt HAEGEMAN<sup>1,9\*</sup><br> Dominique MAES<sup>1,9\*</sup><br> Michael VAN ACKER<sup>1,9\*</sup><br> Géry BOMBEKE<sup>1,9\*</sup><br> Elisabeth DEHARENG<sup>1,9</sup><br> Geert BOVY<sup>1,9\*</sup><br> Gavin BUSHELL<sup>1,4,9\*</sup><br> Gregory LEBRUN<sup>1,9\*</sup><br> Dimitri VAN UYTVANCK<sup>1,9\*</sup> | Davinia MARTENS<sup>1,9</sup><br> Julie PERMEKE<sup>1</sup> Joren JANSSEUNE<sup>1,9</sup><br> Arne NAERT<sup>1,9</sup><br> David HAVERBEKE<sup>1,9</sup><br> Wouter VANDORPE<sup>1,9</sup> <br>**Senior Counsels & Counsels**<br> Jozef SLOOTMANS<sup>1,9</sup><br> Pascal MALLIEN<sup>2,9</sup><br> Alain HUYGHE<sup>1,9</sup><br> Philippe LION<sup>1,9</sup><br> Stéphane MARTIN<sup>9</sup> Olivier VAN BAELEN<sup>1,9</sup><br> Els JANSSENS<sup>1,9</sup><br> Kim STAS<sup>1,9</sup><br> Bram HOORELBEKE<sup>1,9</sup> | Veerle LERUT<sup>1</sup> Benjamin PIRLET<sup>1,9</sup><br> Jérôme DE RUYVER<sup>1,9</sup><br> Sebastian TYTGAT<sup>1,9</sup><br> Nastassja WALSCHOT<sup>1,9</sup><br> William-James KETTLEWELL<sup>1,9</sup><br> Ellen DEVLOO<sup>1,9</sup><br> Pieter-Jan DENYS<sup>1,9</sup><br> Kristoff COX<sup>1,9</sup><br> Lisa WEINERT<sup>7,9</sup><br> Nicolas CELIS<sup>1,9</sup><br> **Associates**<br> Mario DEKETELAERE<sup>2</sup> Olivier VAN DEN BROEKE<sup>2,9</sup><br> Lien WILLEMS<sup>1,9</sup> | Ellen HERINCKX<sup>1</sup> Laura DECLERCQ<sup>1</sup> Amaranta RUTZ<sup>1</sup> Younes SEBBARH<sup>1,9</sup><br> Eva CLAEYS<sup>1</sup> Stéphanie DE POTTER<sup>1</sup> Anne-Sophie CORNE<sup>1,9</sup><br> Inès SILVESTRINI<sup>1,9</sup><br> Arnaud FLAMAND<sup>1,9</sup><br> Marie KRUG<sup>1,9</sup><br> Clémence ROUMA<sup>1</sup> Eline KEGELS<sup>1</sup> Stephanie VAN LAETHEM<sup>1</sup> Anne-Marie GÜLGER<sup>1</sup> Caroline MOUCHET<sup>1</sup> Caroline SERBANESCU<sup>1</sup> | Katia DEHON<sup>1</sup> Raphaël HENDRICKX<sup>1</sup> Dieter GEUENS<sup>1</sup> Tim MEYNEN<sup>1</sup> Guillian BACLIN<sup>1</sup><br> **Associated with the Brussels Bar**<br> **E-List**<br> Victor SAINT-CAST<sup>7</sup>**B-List**<br> Tom JENKINS<sup>4,8,9</sup><br> Roma MCCOOL<sup>4</sup> |

---

1 – **Advocaat / Avocat**, Member of the Brussels Bar \| 2 – **Advocaat**, Member of the Antwerp Bar \| 3 – **Barrister**, Inn of Court, Northern Ireland \| 4 – **Solicitor** (England and Wales) \| 5 – **Attorney**, Member of the New York Bar \| 6 – **Rechtsanwalt**, Member of the Düsseldorf Bar \| 7 – **Avocat**, Member of the Lille Bar \| 8 – **Solicitor** of the High Court of Hong Kong \| 9 – BV/SRL \| \* – Shareholder/Director of Baker McKenzie BV/SRL

Baker McKenzie BV/SRL. Vennootschap van advocaten/Société d'avocats. BTW/TVA: BE 0426.100.511 RPR Brussel/RPM Bruxelles.

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subscription rights issued by the Company on 30 October 2020 (the "**October 2020 ESOP Subscription Rights** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) subscription rights issued by the Company on 5 March 2021 (the "**2021 ESOP Subscription Rights** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) subscription rights issued by the Company on 28 June 2022 (the "**2022 ESOP Subscription Rights** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subscription rights issued by the Company on 10 October 2023 (the "**2023 ESOP Subscription Rights** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) subscription rights issued by the Company on 8 July 2024 (the "**2024 ESOP Subscription Rights** "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) subscription rights issued by the Company on 4 November 2024 (the "**2024 (B) ESOP Subscription Rights** "), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) subscription rights issued conditionally by the Company on 15 January 2026 (the "**2026 ESOP Subscription Rights** "), the effective issuance of which was recorded in the notarial deeds dated 9 February 2026 and 4 March 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this opinion letter (the "**Opinion Letter** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we have reviewed only the documents referred to in paragraph 3 (Documents Reviewed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) we have completed only the searches and enquiries referred to in paragraph 4 (Searches and Enquiries);

and we have not examined any other documents relating to or affecting, and have not made any other searches or enquiries regarding the Company or any of the persons to whom ESOP Subscription Rights have been granted and other holders of ESOP Subscription Rights (each such person or holder an "**ESOP Subscription Right Holder**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Opinion Letter should be construed as implying that we are familiar with, or have made
independent review or investigation of factual matters such as, the affairs of the Company or any of the ESOP Subscription Right Holders,
and this Opinion Letter is based solely on the investigations and subject to the limits stated in this Opinion Letter. We do not assume
any responsibility for advising you of the (subsequent) discovery of information not previously known to us with respect to any matters
described in this Opinion Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The opinion in this Opinion Letter is limited to the matters stated herein and does not extend to, and
is not to be read as extending by implication to, any other matter in connection with the Potential Issuance, the ESOP Subscription Rights,
or otherwise.

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Belgian Law Opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Opinion Letter is limited to matters of Belgian law as in force, and as construed in published Belgian
case law, as at the date of this Opinion Letter. Consequently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we have made no investigation of foreign law, and do not express or imply any opinion on foreign law (including,
but not limited to, the laws of the United States of America) or on European Union law as it affects any jurisdiction other than Belgium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) we do not assume any responsibility for advising you of any changes in law or otherwise after the date
of this Opinion Letter with respect to any matters described in this Opinion Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) we express no opinion on matters of taxation, matters of antitrust and competition, matters of fact or
matters of accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As Belgian law counsel we are not qualified or able to assess the true meaning and purport of the terms
or any agreements, documents and legal acts (*rechtshandelingen / actes juridiques*) subject or expressed to be subject to any applicable
law other than Belgian law, including, but not limited to, the Registration Statement, and we have made no investigation of such meaning
and purport. Our review of agreements, documents or legal acts (*rechtshandelingen / actes juridiques*) subject or expressed to be
subject to any law other than Belgian law, including, but not limited to, the Registration Statement has therefore been limited to the
terms of such documents as they appear to us on their face.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) We do not admit we are "*experts*" within the meaning of the Securities Act, or the rules
and regulations of the SEC promulgated thereunder, with respect to any part of the Registration Statement or otherwise.

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Documents Reviewed

For the purposes of this Opinion Letter we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an electronic version of a copy of the Company's registration statement on Form S-8 relating to the New
Shares, to be filed with the SEC (the registration statement at the time it becomes effective, including all information deemed to be
a part thereof, including the amendments, exhibits and schedules thereto, at the time such registration statement becomes effective, is
herein referred to as the "**Registration Statement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an excerpt of the deed of incorporation of the Company as published in the Annexes to the Belgian Official
Gazette on 18 April 2017 (the "**Deed of Incorporation** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) an electronic version of a copy of the amended and restated articles of association of the Company
as filed in the legal entity file (*dossier van de rechtspersoon/dossier de la personne morale*) on 24 February 2026, electronically
certified by the Royal Federation of Belgian Notaries (*Koninklijke Federatie van het Belgisch Notariaat/Fédération Royale du Notariat Belge*) on 10 March 2026 (as available through the Fednot Database (as defined below)), and (ii) an electronic version
of a copy of the amended and restated articles of association of the Company, dated 4 March 2026, certified by a notary public (which
is not yet available through the Fednot Database on 10 March 2026);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an electronic version of a signed copy of the following documents :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to the March 2019 ESOP Subscription Rights: (A) the minutes of the extraordinary general
shareholders' meeting of the Company held on 14 March 2019, in relation to, amongst other things, the issuance of such ESOP Subscription
Rights and the approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of
directors of the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned
reports as submitted to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to the October 2019 ESOP Subscription Rights: (A) the minutes of the extraordinary general
shareholders' meeting of the Company held on 9 October 2019, in relation to, amongst other things, the issuance of such ESOP Subscription
Rights and the approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of
directors of the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned
reports as submitted to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in relation to the April 2020 ESOP Subscription Rights: (A) the minutes of the extraordinary general
shareholders' meeting of the Company held on 17 April 2020, in relation to, amongst other things, the issuance of such ESOP Subscription
Rights and the approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of
directors of the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned
reports as submitted to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in relation to the October 2020 ESOP Subscription Rights: (A) the minutes of the extraordinary general
shareholders' meeting of the Company held on 30 October 2020, in relation to, amongst other things, the issuance of such ESOP Subscription
Rights and the approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of
directors of the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned
reports as submitted to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in relation to the 2021 ESOP Subscription Rights: (A) the minutes of the extraordinary general shareholders'
meeting of the Company held on 5 March 2021, in relation to, amongst other things, the issuance of such ESOP Subscription Rights and the
approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of directors of
the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned reports as submitted
to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in relation to the 2022 ESOP Subscription Rights: (A) the minutes of the extraordinary general shareholders'
meeting of the Company held on 28 June 2022, in relation to, amongst other things, the issuance of such ESOP Subscription Rights and the
approval of the terms and conditions of the 2022 ESOP Subscription Rights, and (B) the relevant reports of the board of directors
of the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned reports as
submitted to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(vi);

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in relation to the 2023 ESOP Subscription Rights: (A) the minutes of the extraordinary general shareholders'
meeting of the Company held on 10 October 2023, in relation to, amongst other things, the issuance of such ESOP Subscription Rights and
the approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of directors
of the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned reports as
submitted to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(vii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in relation to the 2024 ESOP Subscription Rights: (A) the minutes of the extraordinary general shareholders'
meeting of the Company held on 8 July 2024, in relation to, amongst other things, the issuance of such ESOP Subscription Rights and the
approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of directors of
the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned reports as submitted
to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(viii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) in relation to the 2024 (B) ESOP Subscription Rights: (A) the minutes of the extraordinary general
shareholders' meeting of the Company held on 4 November 2024, in relation to, amongst other things, the issuance of such ESOP Subscription
Rights and the approval of the terms and conditions of such ESOP Subscription Rights, and (B) the relevant reports of the board of
directors of the Company and statutory auditor of the Company in relation to such ESOP Subscription Rights, each of the aforementioned
reports as submitted to the extraordinary general shareholders' meeting of the Company referred to in this paragraph 3(d)(ix);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in relation to the October 2026 ESOP Subscription Rights: (A) the minutes of the extraordinary general
shareholders' meeting of the Company held on 15 January 2026 (the "**2026 Shareholder Resolutions** "), in relation to, amongst
other things, the conditional issuance of such ESOP Subscription Rights and the approval of the terms and conditions of such ESOP Subscription
Rights, (B) the report of the board of directors of the Company in accordance with articles 7:180 and 7:191 of the Belgian Companies
and Associations Code, with respect to the proposal to issue such Subscription Rights, and to dis-apply, in the interest of the Company,
the statutory preferential subscription right of the Company's existing shareholders and, as far as needed, of the Company's existing
holders of subscription rights, to the benefit of the Beneficiaries (as defined in the report referred to in this paragraph 3(d)(x)),
(C) the report of the statutory auditor of the Company in accordance with articles 7:180 and 7:191 of the Belgian Companies and Associations
Code in relation to such Subscription Rights, and each report as submitted to the extraordinary general shareholders' meeting of the Company
referred to in this paragraph 3(d)(x), (D) the notarial deed dated 9 February 2026, establishing, amongst other things, the effective
realisation of the IPO Capital Increase (as defined below), the effective realisation of the IPO Shareholder Conversion (as defined below),
the effective realisation of the IPO Stock Split, and the effective issuance of a number of 2026 ESOP Subscription Rights, and (E) the
notarial deed dated 4 March 2026, establishing, amongst other things, the effective issuance of an additional number of 2026 ESOP Subscription
Rights;

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the report of the board of directors of the Company in accordance with articles 7:155, 7:179 and 7:191
of the Belgian Companies and Associations Code in relation to (amongst other things) (A) the proposed IPO Capital Increase (as defined
in the Shareholders' Resolutions), and the proposed dis-application, in the interest of the Company, of the statutory preferential subscription
right of the Company's existing shareholders and, as far as needed, of the Company's existing holders of subscription rights in connection
therewith, (B) the proposed IPO Share Conversion (as defined in the Shareholders' Resolutions), and (C) the proposed adoption
of a new consolidated text of the articles of association of the Company in accordance with the draft articles of association, attached
to the report referred to in this paragraph 3(d)(xi), which report also describes, for information purposes, (amongst other things) the
proposed IPO Stock Split (as defined in the Shareholders' Resolutions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the report of the statutory auditor of the Company in accordance with articles 7:155, 7:179 and 7:191
of the Belgian Companies and Associations Code in relation to the report of the board of directors of the Company referred to in paragraph
3(d)(xi) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Searches and Enquiries

We have carried out the following searches and enquiries using the registration number of the Company with the Crossroads Bank for Enterprises as it appears in this Opinion Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we obtained a "*full extract of the details of a registered entity (legal person)*" issued
by the Crossroads Bank of Enterprises in relation to the Company and referring to the circumstances in existence on 10 March 2026 (the
 "**CBE Excerpt** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on 10 March 2026, we carried out an on-line search in the Central Insolvency Register available on www.regsol.be
(the "**Regsol Search**") in relation to the Company which did not show any bankruptcy, public judicial reorganisation or
transfer under judicial authority files opened in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on 10 March 2026, we carried out an on-line search and review of the Annexes to the Belgian Official Gazette
relating to the Company which shows any notices published up to 10 March 2026 (the "**Publications** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on 10 March 2026, we conducted an
 online search in the database of articles of association maintained by the Royal Federation
 of Belgian Notaries (*Koninklijke Federatie van het Belgisch Notariaat/Fédération Royale du Notariat Belge*) available on <u>https://statuten.notaris.be/costa_v1/enterprises/search</u> (the "**Fednot Database**") in relation to the Company.

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Assumptions

For the purposes of this Opinion Letter, we have assumed (without making any investigation) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all copy documents reviewed by us conform to the originals, and all originals are genuine, complete and
up-to-date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all signatures, stamps and seals on any documents submitted to us are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the executed documents submitted to us have been signed by the persons whose names are indicated thereon
as being the names of the signatories and we have assumed the legal capacity (*bekwaamheid/capacité*) of the natural persons
executing such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of draft versions or (or draft updates to) any of the documents reviewed by us, the final
and executed versions of such documents are identical in all aspects to such drafts and are duly executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Registration Statement will become effective and will be filed in the form referred to in this Opinion
Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Publications give a true, complete and not misleading summary of the matters reflected in the documents
on which such excerpts are based and such matters have not been revoked or amended by subsequent decisions by the Company (or its board
of directors, general shareholders' meeting, or any of its other competent bodies or representatives) which were not published in the
Annexes to the Belgian Official Gazette;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) there have been, and there will be, no amendments or supplements to the documents referred to under paragraph
3 (Documents Reviewed) in the form as examined by us, such documents (or the matters documented therein and thereby) have not been or
will not be terminated, rescinded, declared null and void, or revoked, and there are no and will not be dealings, agreements or arrangements,
actions or events between, by or involving any of the parties to such documents which supersede any of such documents (or the matters
documented therein and thereby), or which otherwise affect the opinion given in this Opinion Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Deed of Incorporation of the Company refers to a valid notary deed, of which the contents are complete
and accurate, and which is not void or otherwise affected by any defects for which a court might dissolve the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the seat (*zetel* / *siège*) of the Company is located in Belgium since its incorporation,
and the Company's sole operational headquarters (*exploitatiezetel/siège d'exploitation*) are located at the place of its
registered office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the articles of association of the Company have not been amended since the restatement referred to in
paragraph 3(c) (although not constituting conclusive evidence, this assumption is supported by the Fednot Database and the Publications,
provided, however, that the amended and restated articles of association of the Company referred to in paragraph 3(c)(ii) are not yet
available through the Fednot Database), and accurately restate the original articles of association and the subsequent amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) the board reports referred to under paragraph 3 (Documents Reviewed) above and the granting of
ESOP Subscription Rights have been approved by duly appointed directors in accordance with the Company's articles of association and Belgian
law, (ii) the respective directors of the Company who passed such approval complied with the applicable provisions of, as relevant,
Article 523 of the Belgian Companies Code or Article 7:96 of the Belgian Companies and Associations Code (as well as Article 1.8, §6
of the Belgian Civil Code) dealing with conflicts of interest of directors (as the case may be), and (iii) such approvals have not
been amended, revoked, varied or declared null and void, and remain in full force and effect;

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) each of the resolutions of the general shareholders' meetings of the Company referred to, set out or implied
in the documents referred to under paragraph 3 (Documents Reviewed) above (i) accurately record resolutions that were duly passed
at a properly convened and quorate meeting of genuine shareholders of the Company, conducted in accordance with its articles of association
and Belgian law and on the basis of reports of the board of directors (as applicable) duly approved by duly appointed directors, (ii) do
not reflect any untruthful statements, and (iii) have not been amended, revoked, varied or declared null and void, and remain in
full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the directors of the Company have satisfied themselves that the ESOP Subscription Rights were issued and
granted for the purpose of carrying out the business of the Company as set out in its articles of association, and that the issuance and
grant of the ESOP Subscription Rights are of benefit to the Company, and their conclusions in this respect are not unreasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) with respect to each ESOP Subscription Right Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in case of a legal entity, it has been duly incorporated and is validly existing as a legal entity under
all laws applicable to that ESOP Subscription Right Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has all requisite power and capacity (corporate and otherwise) and has all requisite corporate benefit,
in each case as relevant, to subscribe for, hold and exercise the ESOP Subscription Rights that it holds, and to perform its obligations
thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no other action by, and no notice to or filing with, any governmental, administrative or other authority
or court on behalf of or by such party is required in order to enable it (as relevant) to validly subscribe for, hold and exercise the
ESOP Subscription Rights that it holds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (as relevant) it has duly authorised and approved the subscription, holding and exercise of the ESOP Subscription
Rights that it holds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (as relevant) each of the agreements to which it is a party in connection with the subscription for or
acquisition of ESOP Subscription Rights constitutes a valid and binding agreement or undertaking of said ESOP Subscription Right Holder,
enforceable against it in accordance with the terms and conditions of such ESOP Subscription Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) none of the ESOP Subscription Right Holders or the Company is or will be subject to any contractual restrictions,
restrictions imposed by any court, arbitral panel or governmental, administrative or other authority that do not have general (*erga omnes*) application or similar restrictions binding upon it which would (i) restrict its ability to enter into, assume or perform
its obligations under the ESOP Subscription Rights (except, in relation to the Company, as may be set out in its articles of association),
or (ii) have any implication on the opinion given in this Opinion Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) none of the ESOP Subscription Right Holders has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) resolved to enter into liquidation, been dissolved, been annulled as a legal entity, filed an application
for or been subject to proceedings for judicial reorganisation, filed an application for bankruptcy or been declared bankrupt; or

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ceased to pay its debts as they fall due or is subject to measures such as the appointment of a provisional
administrator or the sequestration of assets,

and none of them has taken, or become subject to, similar proceedings or measures in any applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) each of the ESOP Subscription Right Holders and the Company has complied, and will continue to comply,
with the requirements of good faith (*goede trouw/bonne foi*) and public policy (*openbare orde/ordre public*), and there has
been and will be no mistake of fact (*dwaling/erreur*), fraud (*bedrog/dol*), duress (*geweld/violence*), or abuse of circumstances
(*misbruik van omstandigheden/abus de circonstances*) in relation to the ESOP Subscription Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) none of the ESOP Subscription Right Holders or the Company is or will be seeking to achieve any purpose
not apparent from (as relevant) the ESOP Subscription Rights which might render the ESOP Subscription Rights illegal or void, and the
ESOP Subscription Rights have been or will be issued and acquired (as relevant), for bona fide commercial reasons and on arms' length
terms by each of the parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the obligations of the ESOP Subscription Right Holders or the Company under the ESOP Subscription Rights
are or will be binding and enforceable upon them under any applicable law (other than Belgian law), and the exercise and performance by
the Company and each relevant ESOP Subscription Right Holder of its rights and obligations under the relevant ESOP Subscription Rights
is or will be lawful in any place of exercise or performance (other than Belgium);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any factual circumstances, statements and matters set out in or implied by any of the documents referred
to in paragraph 3 (Documents Reviewed) are true, accurate and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) there are no provisions of the laws of any jurisdiction outside Belgium which would have any implication
for the opinion given in this Opinion Letter and, insofar as the laws of any jurisdiction outside Belgium may be relevant, such laws have
been or will be complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for the purpose of the opinion referred to in paragraph 6 (Opinion) in so far as it relates to the actual
issuance of the New Shares to be issued upon exercise of the ESOP Subscription Rights, (i) such ESOP Subscription Rights have been
or will be validly granted to the initial beneficiaries of such grants in accordance with their respective terms and conditions and applicable
laws, (ii) at the moment of their exercise, such ESOP Subscription Rights will be validly outstanding, will not have expired and
will not have been cancelled in accordance with their respective terms and conditions and applicable laws, (iii) such ESOP Subscription
Rights will be validly exercised in accordance with their respective terms and conditions and applicable laws, (iv) the applicable
exercise price of such ESOP Subscription Rights and the issue price of the New Shares underlying such ESOP Subscription Rights will be
duly and fully paid up, (v) the relevant underlying New Shares will be duly subscribed for, (vi) the issuance of the relevant
underlying New Shares and the corresponding capital increase will be duly recorded by means of a notarial deed before a notary public
as required by Belgian law, and (vii) such notarial deed and an excerpt therefrom will be duly filed and registered as required by
Belgian law;

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the undertakings and agreements contained in the ESOP Subscription Rights and agreements pursuant to which
such ESOP Subscription Rights are granted, subscribed for, or acquired are and will be duly performed and complied with by all parties
thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the issuance of the ESOP Subscription Rights, the Potential Issuance and the (other) transactions contemplated
by the Potential Issuance do not or will not require the publication of a prospectus in accordance with Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or
admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as amended from time to time, and/or the Belgian act of
11 July 2018 on the offering of investment instruments to the public and the admission of investment instruments to the trading on a regulated
market, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Opinion

Based upon and subject to the assumptions, qualifications and limitations set out in this Opinion Letter, having regard to such legal considerations as we have deemed relevant, and subject to any matters, documents or events not disclosed to us, we express the following opinion insofar as Belgian law is concerned: the New Shares, when duly authorized and issued and fully paid up upon exercise of the relevant ESOP Subscription Rights in accordance with the respective terms and conditions of such ESOP Subscription Rights, will be validly issued, fully paid up and non-assessable (meaning that a holder of the relevant New Shares will not by reason of merely being such a holder, be subject to assessment or calls by the Company or its creditors for further payment on such securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Qualifications

The opinion expressed in this Opinion Letter is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **Reliance on searches and enquiries** 

The searches and enquiries referred to in paragraph 4 (Searches and Enquiries) may not be up-to-date and do not constitute conclusive evidence of the matters stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Construction of certain terms** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Opinion Letter Belgian legal concepts which are expressed in English are to be construed in accordance
with the Belgian legal concepts to which they refer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When used in paragraph 6 (Opinion), the terms "legal" and "valid" are references to
the legal character of the relevant obligation and the terms "binding" and "enforceable" mean that the relevant obligation
or instrument is of a type and form enforced by Belgian courts. None of these means that such an obligation or instrument will be enforced
in accordance with its terms in every circumstance, and they are not to be construed as a prediction of the outcome of litigation.

![](tm268361d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **Excluded matters** 

We do not express an opinion regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) any laws of any jurisdiction (including, but not limited to, Belgium and the European Union)
imposing economic or trade sanctions or similar restrictive measures or regarding anti-terrorism, anti-money laundering, anti-bribery
or anti-tax evasion measures, (ii) any regulations enacted, administered, imposed or enforced by any relevant sanctions authority
or (iii) the extent, scope, legality or enforceability of any person's obligation to comply with any of such laws or regulations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the accuracy or completeness of any statements or warranties of fact set out in documents referred to
in paragraph 3 (Documents Reviewed) (except for the representations and warranties as to which we are expressing an opinion), which statements
and warranties we have not independently verified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Disclosure, Reliance and Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Opinion Letter is issued by Baker McKenzie BV/SRL, a Belgian limited liability company (*BV/SRL*),
and not by or on behalf of Baker & McKenzie International (a Swiss *Verein*) ()"**BMI**") or any of its other member
or associated firms (together with BMI, the "**Other Baker McKenzie Entities** "). In this Opinion Letter the expressions
 "we", "us", "our" and like expressions should be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Other Baker McKenzie Entity or any directors, shareholders, members, partners, lawyers, employees,
contractors or consultants of Baker McKenzie BV/SRL or any Other Baker McKenzie Entity will be liable (whether contractually
or non-contractually) to any person under or in connection with this Opinion Letter or in connection with the Potential Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Opinion Letter may only be relied upon by the Company in connection with the Registration Statement.
This Opinion Letter is strictly limited to the matters stated in it and may not be read as extending by implication to any matters not
specifically referred to in it. Nothing in this Opinion Letter should be taken as expressing an opinion in respect of any representations
or warranties, or other information, contained in any document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) We consent to the filing of this Opinion Letter as an exhibit to the Registration Statement and to the
reference to us in the Registration Statement. In giving this consent, we do not concede that we are within the category of persons whose
consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Opinion Letter may only be relied upon, and be disclosed, on condition that it is construed in accordance
with Belgian law and that any dispute arising out of or in connection with it is brought before a Belgian court.

\* \* \*

![](tm268361d1_ex5-1img02.jpg)

---

| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| **Baker M** **cKenzie BV/SRL** | **Baker M** **cKenzie BV/SRL** |
| /s/ Michael Van Acker | /s/ Roel Meers |
| Michael Van Acker | Roel Meers |
| Partner | Partner |
| Michael.VanAcker@bakermckenzie.com | Roel.Meers@bakermckenzie.com |

---

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of AgomAb Therapeutics NV of our report dated October 27, 2025 relating to the financial statements, which appears in AgomAb Therapeutics NV's Registration Statement on Form F-1 (333-292790).

Diegem, Belgium

March 11, 2026

PwC Bedrijfsrevisoren BV / Reviseurs d'Entreprises SRL

Represented by

---

| |
|:---|
| /s/ Didier Delanoye |
| Statutory auditor |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Agomab Therapeutics NV**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Shares, no nominal value per share | 457(a) | 207750 | $1.13 | $234757.50 | 0.0001381 | $32.42 |
| 2 | Equity | Common Shares, no nominal value per share | 457(a) | 156386 | $1.13 | $176716.18 | 0.0001381 | $24.40 |
| 3 | Equity | Common Shares, no nominal value per share | 457(a) | 119980 | $1.13 | $135577.40 | 0.0001381 | $18.72 |
| 4 | Equity | Common Shares, no nominal value per share | 457(a) | 229871 | $1.13 | $259754.23 | 0.0001381 | $35.87 |
| 5 | Equity | Common Shares, no nominal value per share | 457(a) | 1241083 | $0.64 | $794293.12 | 0.0001381 | $109.69 |
| 6 | Equity | Common Shares, no nominal value per share | 457(a) | 464850 | $0.75 | $348637.50 | 0.0001381 | $48.15 |
| 7 | Equity | Common Shares, no nominal value per share | 457(a) | 1109677 | $0.70 | $776773.90 | 0.0001381 | $107.27 |
| 8 | Equity | Common Shares, no nominal value per share | 457(a) | 1188032 | $2.70 | $3207686.40 | 0.0001381 | $442.98 |
| 9 | Equity | Common Shares, no nominal value per share | 457(a) | 1806236 | $1.91 | $3449910.76 | 0.0001381 | $476.43 |
| 10 | Equity | Common Shares, no nominal value per share | 457(a) | 2933873 | $14.35 | $42101077.55 | 0.0001381 | $5814.16 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $51485184.54  |  | $7110.09  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $7110.09  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1(a) These shares may be represented by the Registrant's American Depositary Shares ("ADSs"). Each ADS represents one of the Registrants common shares, no nominal value per share (the "Common Shares"). ADSs issuable upon deposit of the Common Shares registered hereby were registered pursuant to a separate Registration Statement on Form F-6 (File No. 333-292962) (the "Registration Statement"). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional Common Shares that become issuable under the Registrant's warrant plans described herein by reason of any stock dividend, stock split or other similar transaction. 1(b) Represents Common Shares issuable upon the exercise of outstanding equity awards under the Employee Stock Option Plan, dated March 2019 (the "March 2019 Plan") as of the date of this Registration Statement. No further grants will be made under the March 2019 Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $1.13, which is the weighted-average exercise price for outstanding warrants granted under the March 2019 Plan of EUR21.25, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> 2(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the Employee Stock Option Plan, dated September 2019 (the "September 2019 Plan") as of the date of this Registration Statement. No further grants will be made under the September 2019 Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $1.13, which is the weighted-average exercise price for outstanding warrants granted under the September 2019 Plan of EUR21.25, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> 3(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the Employee Stock Option Plan, dated March 2020 (the "March 2020 Plan") as of the date of this Registration Statement. No further grants will be made under the March 2020 Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $1.13, which is the weighted-average exercise price for outstanding warrants granted under the March 2020 Plan of EUR21.25, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> 4(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the Employee Stock Option Plan - October 2020 (the "October 2020 Plan") as of the date of this Registration Statement. No further grants will be made under the October 2020 Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $1.13, which is the weighted-average exercise price for outstanding warrants granted under the October 2020 Plan of EUR21.25, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup> 5(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the Global Stock Option Plan, dated March 2021 (the "March 2021 Plan") as of the date of this Registration Statement. No further grants will be made under the March 2021 Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $0.64, which is the weighted-average exercise price for outstanding warrants granted under the March 2021 Plan of EUR0.55, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>6</sup> 6(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the 2022 Global Stock Option Plan (the "2022 Plan") as of the date of this Registration Statement. No further grants will be made under the 2022 Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $0.75, which is the weighted-average exercise price for outstanding warrants granted or to be granted under the 2022 Plan of EUR0.65, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>7</sup> 7(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the 2023 Global Stock Option Plan (the "2023 Plan") as of the date of this Registration Statement. No further grants will be made under the 2023 Plan. [Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $0.70, which is the weighted-average exercise price for outstanding warrants granted under the 2023 Plan of EUR0.61, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>8</sup> 8(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the 2024 Global Stock Option Plan (the "2024 Plan") as of the date of this Registration Statement. No further grants will be made under the July 2024 Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $2.70, which is the weighted-average exercise price for outstanding warrants granted under the 2024 Plan of EUR2.34, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>9</sup> 9(a) See Note 1a. Represents Common Shares issuable upon the exercise of outstanding equity awards under the 2024 (B) Global Stock Option Plan (the "2024 (B) Plan") as of the date of this Registration Statement. No further grants will be made under the 2024 (B) Plan. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon $1.91, which is the weighted-average exercise price for outstanding warrants granted under the 2024 (B) Plan of EUR1.66, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026 and taking into account a 1-for-21.645 forward stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>10</sup> 10(a) See Note 1a. Represents Common Shares reserved for issuance under the 2026 Stock Option Plan (the "2026 Plan"). Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) and 457(c) promulgated under the Securities Act and based on $14.35, which is the weighted-average exercise price for outstanding warrants granted or to be granted under the 2026 Plan of EUR12.42, converted from euros to U.S. dollars at an exchange rate of $1.1555 per euro, the Euro Foreign Exchange Reference rate of the European Central Bank for the euro on March 9, 2026.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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