Mauna Kea Technologies : Universal Rregistration Document 2019

A Public Limited Company (Société anonyme) with share capital of €1,222,869.60

Registered office: 9 rue d'Enghien

75010 Paris, France

431 268 028 in the Paris Trade and Companies Register

UNIVERSAL REGISTRATION DOCUMENT 2019

Including the annual financial report

This universal registration document was filed on August 7, 2020 with the Autorité des marchés financiers (the "AMF" - French Financial Markets Authority), as the competent authority with respect to Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of the said regulation.

The universal registration document may be used for the purposes of a public offer of securities or the admission of securities to trading on a regulated market if it is supplemented by a securities note and, where appropriate, a summary and any amendments to the universal registration document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.

Pursuant to Article 19 of Regulation (EU) 2017/1129 of June 14, 2017, the information contained in the following documents is incorporated by reference in this Universal Registration Document (the "Universal Registration Document" or the "URD"):

• for fiscal year 2018, shown in the Mauna Kea Technologies Registration Document filed with the Autorité des Marchés Financiers on July 12, 2019 under number D.19-0683: the consolidated and annual financial statements, the Statutory Auditors' reports, the Management Report, as well as key figures relating to the company;
• for fiscal year 2017, shown in the Mauna Kea Technologies Registration Document filed with the Autorité des Marchés Financiers on April 27, 2018 under number D.18-0429: the consolidated and annual financial statements, the Statutory Auditors' reports, the Management Report, as well as key figures relating to the company.

Copies of this Universal Registration Document are available free of charge from the Company at 9 rue d'Enghien, 75010 Paris, France as well in electronic format on the Company's website (https://www.maunakeatech.com/fr/) and on the AMF's website (www.amf-france.org).

		TABLE OF CONTENTS
1.	Persons responsible.....................................................................................................	6
	1.1	Person responsible for the Universal Registration Document ......................................	6
	1.2	Attestation of the person responsible ..........................................................................	6
	1.3	Persons responsible for the financial information........................................................	6
	1.4	Expert statements and declarations of interest.............................................................	6
	1.5	Third party information..............................................................................................	6
	1.6	Statement of the competent authority relating to the approval of the document ...........	6
2.	Statutory auditors........................................................................................................	7
	2.1	Main statutory auditors...............................................................................................	7
	2.2	Alternate statutory auditors ........................................................................................	7
3.	Selected financial information.....................................................................................	8
4.	Risk factors...............................................................................................................	11
	4.1	Risks related to the markets in which the Group operates..........................................	12
	4.2	Risks related to the business and organization of the Group ......................................	15
	4.3	Financial risks..........................................................................................................	16
	4.4	Legal risks ...............................................................................................................	19
5.	Information about the Company................................................................................	23
	5.1	History and growth of the Company.........................................................................	23
	5.2	Investments..............................................................................................................	30
6.	Overview of operations.............................................................................................	31
	6.1	Executive summary..................................................................................................	31
	6.2	Our Technology .......................................................................................................	37
	6.3	Clinical, regulatory and reimbursement validation....................................................	40
	6.4	Marketing and market ..............................................................................................	55
	6.5	Marketing and partnerships ......................................................................................	63
	6.6	Transactions.............................................................................................................	66
7.	Organizational chart..................................................................................................	69
	7.1	Legal entity organizational chart ..............................................................................	69
	7.2	Group companies .....................................................................................................	69
	7.3	Principal intra-group flows.......................................................................................	69
8.	Property, plant and equipment...................................................................................	70
	8.1	Property and equipment............................................................................................	70
	8.2	Resources and Synergy ............................................................................................	70
	8.3	Societal impact.........................................................................................................	71
	8.4	Environmental Footprint ..........................................................................................	79

2019 UNIVERSAL REGISTRATION DOCUMENT / MAUNA KEA TECHNOLOGIES

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9.	Review of the results and financial position ..............................................................	81
	9.1	Overview .................................................................................................................	81
	9.2	Results analysis........................................................................................................	81
	9.3	Balance sheet analysis..............................................................................................	84
10.	Cash and capital........................................................................................................	86
	10.1	Information on the Group's capital, liquid assets and sources of financing................	86
	10.2	Cash flows variation.................................................................................................	89
	10.3	Information on the repayable advance conditions and financing structure .................	89
	10.4	Restriction on the use of capital................................................................................	89
	10.5	Sources of financing required in the future ...............................................................	90
11.	Innovation, patents, licenses, trademarks and domain names.....................................	91
	11.1	Innovation policy .....................................................................................................	91
	11.2	Patents and patent applications .................................................................................	91

11.3 Collaboration, research, service and license agreements granted by or to the Company

................................................................................................................................94

	11.4	Other elements of intellectual property .....................................................................	96
12.	Trends.......................................................................................................................	97
	12.1	Principal trends since the end of the last financial year .............................................	97

12.2 Known trend, uncertainty, request for commitment, or event reasonably likely to

		influence Company outlook......................................................................................	97
13.	Profit projections or estimates ...................................................................................	98
14.	Administrative, Executive and Supervisory Bodies and General Management ..........	99
	14.1	Executives and directors...........................................................................................	99
	14.2	Conflicts of interest within the administrative and management bodies and General
		Management ..........................................................................................................	104
15.	Compensation and benefits .....................................................................................	105
	15.1	Compensation policy of corporate officers..............................................................	105

15.2 Amounts allocated by the Company for the purposes of paying pensions and

		retirement and other benefits to directors and executives ........................................	113
	15.3	Options granted to directors and executives............................................................	113
16.	Functions of administrative and executive bodies....................................................	114
	16.1	Company management...........................................................................................	114
	16.2	Specialized committees - Corporate governance ....................................................	114
	16.3	Statement relating to corporate governance ............................................................	116
	16.4	Report of the Chairman on internal controls ...........................................................	117
17.	Employees ..............................................................................................................	121
	17.1	Human resources....................................................................................................	121
	17.2	Equity stakes and stock options of directors and executives ....................................	124
	17.3	Employee participation in Company share capital...................................................	124
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	17.4	Profit-sharing and participation agreements............................................................	124
18.	Principal Shareholders ............................................................................................	125
	18.1	Breakdown of the capital and voting rights.............................................................	125
	18.2	Significant shareholders not represented on the Board of Directors.........................	125
	18.3	Voting rights of the principal shareholders .............................................................	125
	18.4	Participation of shareholders in Annual General Meetings ......................................	126
	18.5	Control of the Company.........................................................................................	127
	18.6	Agreement that may cause a change in control .......................................................	127
	18.7	Statement of pledges ..............................................................................................	127
19.	Transactions with related parties .............................................................................	128
	19.1	Intra-group transactions..........................................................................................	128
	19.2	Transactions with related parties ............................................................................	128
	19.3	Assessment procedure of current regulated agreements...........................................	128

19.4 Statutory auditors' reports on regulated agreements and commitments prepared for the

financial year ended December 31, 2019 ................................................................

128

20. Financial information concerning the issuer's assets and liabilities, financial position

	and profits and losses ..............................................................................................	130
	20.1	Consolidated financial statement ............................................................................	130
	20.2	Annual statements..................................................................................................	163
	20.3	Pro forma financial information..............................................................................	191
	20.4	Historical financial statements of Mauna Kea Technologies SA..............................	192
	20.5	Verification of annual historical financial information ............................................	192
	20.6	Date of most recent financial information...............................................................	202
	20.7	Consolidated interim financial information.............................................................	202
	20.8	Dividend distribution policy...................................................................................	202
	20.9	Legal and arbitration proceedings...........................................................................	202
	20.10	Significant change to financial or commercial position ...........................................	202
21.	Additional information............................................................................................	203
	21.1	Share capital ..........................................................................................................	203
	21.2	Memorandum and bylaws ......................................................................................	215
	21.3	Insurance and risk coverage ...................................................................................	221
22.	Material contracts ...................................................................................................	223
23.	PUBLICLY AVAILABLE DOCUMENTS.............................................................	224
24.	Disclosures on equity investments...........................................................................	225
25.	Correspondence table..............................................................................................	226

25.1 Correspondence table - Rubrics of Appendices 1 and 2 of the Delegated European

Regulation No. 2019/980 .......................................................................................

226

25.2 Correspondence table of the annual financial report and the management report

pursuant to the French Commercial Code ...............................................................

228

2019 UNIVERSAL REGISTRATION DOCUMENT / MAUNA KEA TECHNOLOGIES

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