Valneva SE balance sheet

At the end of fiscal 2025, Valneva SE had total assets of $468m, total liabilities of $343m and shareholders' equity of $125m. It held $129m in cash against $210m of debt: net debt of $81.6m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Valneva SE: balance sheet, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	72	250	392	307	139	174	129
Receivables	—	24	50	26	46	36	33
Inventory	—	33	140	38	49	56	59
Total current assets	—	377	663	454	291	310	261
Total assets	—	549	925	665	509	518	468
Total current liabilities	—	215	418	297	176	119	110
Short-term debt	—	9	8	—	—	—	—
Long-term debt	—	57	57	93	147	172	189
Total debt	30	65	65	106	196	194	210
Total liabilities	—	455	732	430	367	330	343
Shareholders' equity	152	95	193	235	142	188	125
Net debt (negative = net cash)	−43	−185	−327	−201	56	20	82
Shares outstanding	—	45m	53m	69m	69m	81m	87m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Valneva SE's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Valneva SE.