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.
DBVT is a depositary receipt: one DBVT stands for 5 shares of this company, per the cover page of its latest 10-K. The market cap and the multiples above are stated per receipt; the statements below, including EPS, are as filed and are per underlying share.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $14.7M | $11.3M | $5.7M | $4.8M | $15.7M | $4.2M | $5.6M |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | — | -$172.0M | -$159.6M | -$97.8M | $96.3M | -$72.7M | -$113.9M | -$146.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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