Going concern statement
To date, we have incurred significant operating losses, which is reflected in the balance sheet showing €177.3 million accumulated losses as at 31 December 2015. We realized a consolidated net loss of €118.4 million for the year ended 31 December 2015. The Board has examined the financial statements and accounting policies. Based on conservative assumptions which exclude any payment from our collaboration with Gilead, we believe that our existing cash and cash equivalents of €348.2 million for the year ended 31 December 2015 will enable us to fund our operating expenses and capital expenditure requirements at least through the next 2 to 3 years. The Board is also of the opinion that additional financing could be obtained, if required. Taking this into account, as well as the favorable outlook of developments of our drug discovery and development activities, the Board is of the opinion that it can submit the financial statements on a going concern basis. Whilst our cash position is sufficient for our immediate and midterm needs, the Board points out that if the R&D activities continue to go well, we may seek additional funding to support the continuing development of our products or to be able to execute other business opportunities.