DBV Technologies S.A. DBVT
DBV Technologies is a late-stage specialty biopharmaceutical company focused on changing the field of immunotherapy by developing a novel technology platform called Viaskin. Our therapeutic approach is based on epicutaneous immunotherapy, or EPIT, our proprietary method of delivering biologically active compounds to the immune system through intact skin using Viaskin, an epicutaneous patch (i.e., a skin patch). We have generated significant data demonstrating that Viaskin patch's mechanism of action is novel and differentiated. Viaskin patch targets antigen-presenting immune cells in the skin, called Langerhans cells, that capture the antigen and migrate to the lymph nodes in order to activate the immune system without passage of the antigen into the bloodstream, minimizing systemic exposure in the body. We are advancing this unique technology to treat children suffering from food allergies for whom safety is paramount since the introduction of the offending allergen into their bloodstream can cause severe or life-threatening allergic reactions, such as anaphylactic shock. We believe Viaskin technology may offer convenient, non-invasive immunotherapy to patients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6M | $4.2M | $15.7M | $4.8M | $5.7M | $11.3M | $14.7M | — | — |
| R&D | $116.7M | $89.3M | $60.2M | $75.5M | $70.3M | $101.6M | $115.1M | — | — |
| SG&A | $32.8M | $28.7M | $29.5M | $24.3M | $30.5M | $35.1M | $49.1M | — | — |
| Total operating expenses | $152.7M | $120.7M | $92.2M | $101.5M | $104.3M | $170.1M | $185.7M | — | — |
| Operating income | -$147.1M | -$116.6M | -$76.4M | -$96.6M | -$98.6M | -$158.8M | -$171.0M | — | — |
| Pre-tax income | -$146.5M | -$113.9M | -$72.7M | -$96.2M | -$98.2M | -$159.6M | -$171.4M | — | — |
| Income tax | $491.0K | $55.0K | $7.0K | $70.0K | $381.0K | $10.0K | $610.0K | — | — |
| Net income | -$146.9M | -$113.9M | -$72.7M | $96.3M | -$97.8M | -$159.6M | -$172.0M | — | — |
| EPS, basic | -1.05 | -1.17 | -0.76 | -1.24 | -1.78 | — | — | — | — |
| EPS, diluted | -1.05 | -1.17 | -0.76 | -1.24 | -1.78 | -2.95 | -4.65 | — | — |
| Shares, diluted (wtd. avg.) | $139.6M | $97.0M | $95.1M | $77.4M | $54.9M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $194.2M | $32.5M | $141.4M | $209.2M | $77.3M | $196.4M | $193.3M | $140.6M | — |
| Receivables | — | — | $0 | $0 | $0 | $2.2M | — | — | — |
| Inventory | — | — | — | — | — | $0 | $2.3M | — | — |
| Total current assets | $212.9M | $44.4M | $158.9M | $223.1M | $114.4M | $207.4M | $204.6M | — | — |
| Property, plant and equipment | $10.4M | $11.3M | $12.6M | $15.1M | $18.1M | $24.8M | $25.0M | $23.2M | — |
| Other intangibles | $22.0K | $40.0K | $58.0K | $10.0K | $22.0K | $41.0K | $48.0K | — | — |
| Total assets | $233.7M | $65.7M | $183.0M | $246.5M | $146.7M | $272.2M | $271.7M | — | — |
| Short-term debt | — | — | — | — | — | — | $810.0K | — | — |
| Total current liabilities | $58.0M | $31.1M | $37.3M | $29.5M | $31.4M | $52.7M | $54.0M | — | — |
| Long-term debt | — | — | — | — | $510.0K | $1.3M | $1.5M | $2.8M | — |
| Total liabilities | $64.9M | $38.3M | $42.8M | $52.1M | $47.4M | $66.8M | $78.5M | — | — |
| Retained earnings | -$393.1M | -$286.4M | -$238.9M | -$259.6M | -$258.5M | -$958.5M | -$799.0M | — | — |
| Total equity | $168.8M | $27.4M | $140.2M | $194.5M | $99.3M | $205.5M | $193.2M | $138.9M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$121.2M | -$104.5M | -$79.7M | -$55.7M | -$108.2M | -$165.6M | -$148.3M | — | — |
| Depreciation and amortisation | $3.0M | $2.7M | $3.6M | $2.7M | $4.4M | $4.4M | — | — | — |
| Stock-based compensation | $5.4M | $4.6M | $6.0M | $5.0M | $3.1M | -$1.1M | $17.2M | — | — |
| Capital expenditure | $532.0K | $2.3M | $677.0K | $754.0K | $910.0K | $2.8M | $5.6M | — | — |
| Investing cash flow | -$1.4M | -$757.0K | -$808.0K | -$100.0K | -$433.0K | -$2.9M | -$5.7M | — | — |
| Financing cash flow | $276.2M | $587.0K | $6.8M | $194.1M | $274.0K | $149.5M | $207.6M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-215657.
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