DBV Technologies Reports Third Quarter 2024 Financial Results
DBV Technologies reported Q3 2024 financial results with a cash balance of $46.4 million, down from $141.4 million at end of 2023. The company reported a net loss of $90.9 million for the first nine months of 2024, compared to $61.5 million in the same period of 2023. Operating expenses increased to $96.4 million, primarily due to research and development costs for the VITESSE Phase 3 clinical trial. The company's cash runway extends into Q1 2025, but there is substantial doubt about its ability to continue as a going concern without additional capital.
DBV Technologies ha riportato i risultati finanziari del terzo trimestre 2024 con un saldo di cassa di 46,4 milioni di dollari, in diminuzione rispetto ai 141,4 milioni di dollari alla fine del 2023. L'azienda ha registrato una perdita netta di 90,9 milioni di dollari per i primi nove mesi del 2024, rispetto ai 61,5 milioni di dollari nello stesso periodo del 2023. Le spese operative sono aumentate a 96,4 milioni di dollari, principalmente a causa dei costi di ricerca e sviluppo per il trial clinico di Fase 3 VITESSE. La disponibilità di cassa dell'azienda si estende fino al primo trimestre del 2025, ma ci sono dubbi significativi sulla sua capacità di continuare come entità operativa senza ulteriori capitali.
DBV Technologies reportó los resultados financieros del tercer trimestre de 2024 con un saldo de caja de 46,4 millones de dólares, en comparación con 141,4 millones de dólares a finales de 2023. La compañía reportó una pérdida neta de 90,9 millones de dólares durante los primeros nueve meses de 2024, en comparación con 61,5 millones de dólares en el mismo período de 2023. Los gastos operativos aumentaron a 96,4 millones de dólares, principalmente debido a los costos de investigación y desarrollo del ensayo clínico de Fase 3 VITESSE. La reserva de efectivo de la compañía se extiende hasta el primer trimestre de 2025, pero existen dudas considerables sobre su capacidad para continuar como negocio en marcha sin capital adicional.
DBV 테크놀로지는 2024년 3분기 재무 결과를 보고하며 현금 잔고가 4640만 달러로 2023년 말의 1억 4140만 달러에서 감소했다고 발표했습니다. 이 회사는 2024년 첫 9개월 동안 9090만 달러의 순손실을 기록했으며, 이는 2023년 같은 기간에 비해 6150만 달러 증가한 수치입니다. 운영 비용은 9640만 달러로 증가했으며, 이는 주로 VITESSE 3상 임상 시험을 위한 연구 및 개발 비용 때문입니다. 회사의 현금 소진 기간은 2025년 1분기까지 연장되지만, 추가 자본 없이 지속 운영할 능력에 대한 상당한 의구심이 있습니다.
DBV Technologies a rapporté les résultats financiers du troisième trimestre 2024 avec un solde de trésorerie de 46,4 millions de dollars, en baisse par rapport à 141,4 millions de dollars à la fin de 2023. L'entreprise a enregistré une perte nette de 90,9 millions de dollars pour les neuf premiers mois de 2024, comparativement à 61,5 millions de dollars au cours de la même période en 2023. Les dépenses d'exploitation ont augmenté à 96,4 millions de dollars, principalement en raison des coûts de recherche et développement pour l'essai clinique de phase 3 VITESSE. La trésorerie de l'entreprise s'étend jusqu'au premier trimestre 2025, mais il existe des doutes importants quant à sa capacité à continuer ses activités sans capital additionnel.
DBV Technologies hat die Finanzergebnisse für das dritte Quartal 2024 mit einem Kassenbestand von 46,4 Millionen US-Dollar berichtet, was einem Rückgang von 141,4 Millionen US-Dollar zum Ende 2023 entspricht. Das Unternehmen meldete einen Nettoverlust von 90,9 Millionen US-Dollar für die ersten neun Monate des Jahres 2024, verglichen mit 61,5 Millionen US-Dollar im gleichen Zeitraum 2023. Die Betriebskosten stiegen auf 96,4 Millionen US-Dollar, hauptsächlich aufgrund von Forschungs- und Entwicklungskosten für die VITESSE-Phase-3-Studie. Die Bargeldreserve des Unternehmens reicht bis ins erste Quartal 2025, aber es bestehen erhebliche Zweifel an der Fähigkeit, ohne zusätzliches Kapital als fortführendes Unternehmen zu bestehen.
- Progress in VITESSE Phase 3 clinical trial patient enrollment
- Preparatory activities for COMFORT studies advancing
- Cash position decreased by $95.0 million to $46.4 million
- Net loss increased by 47.8% to $90.9 million
- Operating expenses increased by $25.0 million to $96.4 million
- Going concern warning issued due to insufficient cash runway
- Operating income decreased by $3.2 million to $3.6 million
- Loss of revenue from terminated NESTEC collaboration agreement
Insights
The financial results reveal significant concerns about DBV Technologies' sustainability. The company's cash position has deteriorated dramatically, dropping from
Most critically, management has explicitly stated there is "substantial doubt" about their ability to continue as a going concern, with cash runway only extending into Q1 2025. The
Châtillon, France, November 6, 2024
DBV Technologies Reports Third Quarter 2024 Financial Results
DBV closes Q3 2024 with a cash balance of
DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT – CUSIP: 23306J200), a clinical-stage biopharmaceutical company, today reported financial results for the third quarter of 2024. The quarterly and nine months financial statements were approved by the Board of Directors on November 6, 2024.
Financial Highlights for the third quarter Ended September 30, 2024
The Company’s interim condensed consolidated financial statements for the nine months ended September 30, 2024, are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Cash and Cash Equivalents
Cash and cash equivalents amounted to
The Company has incurred operating losses and negative cash flows from operations since inception. As of the date of the filling, DBV’s available cash and cash equivalents will not be sufficient to support our operating plan for at least the next 12 months. As such, there is substantial doubt regarding its ability to continue as a going concern.
Based on its current operations, plans and assumptions, the Company expects that its balance of cash and cash equivalents will be sufficient to fund its operations into Q1 2025.
The Company intends to seek additional capital as it continues research and development efforts and prepares for the launch of Viaskin Peanut, if approved.
The Company cannot guarantee that it will be able to obtain the necessary financing to meet its needs or to obtain funds at attractive terms and conditions, including as a result of disruptions or fluctuations of the global financial markets due to various factors outside the Company's control. A severe or prolonged economic downturn could result in a variety of risks to the Company, including reduced ability to raise additional capital when needed or on acceptable terms, if at all.
If the Company is not successful in its financing objectives, the Company could have to scale back its operations, notably by delaying or reducing the scope of its research and development efforts or obtain financing through arrangements with collaborators or others that may require the Company to relinquish rights to its product candidates that the Company might otherwise seek to develop or commercialize independently.
| In millions of USD (unaudited) | U.S. GAAP | |
| nine months ended September 30, | ||
| 2024 | 2023 | |
| Net cash & cash equivalents at the beginning of the period | 141.4 | 209.2 |
| Net cash flow used in operating activities | (92.2) | (66.0) |
| Net cash flow provided by / (used in) investing activities | (1.5) | (0.6) |
| Net cash flow provided by / (used in) financing activities | (0.1) | 7.0 |
| Effect of exchange rate changes on cash & cash equivalents | (1.1) | (0.4) |
| Net cash & cash equivalents at the end of the period | 46.4 | 149.1 |
This interim condensed financial information does not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company was unable to continue as a going concern.
Operating Income
Until the end of 2023, our operating income was composed of both the French Research Tax Credit scheme (Crédit d’Impôt Recherche, or “CIR”) and the revenue recognized under the Collaboration Agreement with NESTEC. Following the termination of the Collaboration Agreement on October 30, 2023, our operating income is now exclusively generated by the French Research Tax Credit.
Operating income amounted to
| In millions of USD (unaudited) | U.S. GAAP | U.S. GAAP | ||
| nine months ended September 30, | three months ended September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Research tax credits | 3.6 | 5.0 | 1.1 | 1.2 |
| Other operating income | — | 1.9 | — | 1.1 |
| Operating income | 3.6 | 6.9 | 1.1 | 2.4 |
Operating Expenses
Operating expenses amounted to
General and Administrative expenses increased by
| In millions of USD (unaudited) | U.S. GAAP | U.S. GAAP | ||
| nine months ended September 30, | three months ended September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Research & Development | (70.4) | (47.4) | (23.7) | (13.8) |
| Sales & Marketing | (2.3) | (1.6) | (0.5) | (0.7) |
| General & Administrative | (23.7) | (22.3) | (7.2) | (6.2) |
| Operating expenses | (96.4) | (71.4) | (31.4) | (20.6) |
Net Loss and Net Loss Per Share
The Company recorded a net loss for the nine months ended September 30, 2024, of
On a per share basis, net loss (based on the weighted average number of shares outstanding over the period) was
| U.S. GAAP | U.S. GAAP | |||
| nine months ended September 30, | three months ended September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net income / (loss) (in millions of USD) | (90.9) | (61.5) | (30.4) | (16.7) |
| Basic / diluted net income / (loss) per share (USD/share) | (0.95) | (0.65) | (0.32) | (0.17) |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited)
| In millions of USD | U.S. GAAP | |
| September 30, 2024 | December 31, 2023 | |
| Assets | 93.1 | 183.0 |
| of which cash & cash equivalents | 46.4 | 141.4 |
| Liabilities | 39.0 | 42.8 |
| Shareholders’ equity | 54.0 | 140.2 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
| In millions of USD | U.S. GAAP | U.S. GAAP | ||
| nine months ended September 30, | three months ended September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Operating income | 3.6 | 6.9 | 1.1 | 2.4 |
| Research & Development | (70.4) | (47.4) | (23.7) | (13.8) |
| Sales & Marketing | (2.3) | (1.6) | (0.5) | (0.7) |
| General & Administrative | (23.7) | (22.3) | (7.2) | (6.2) |
| Operating expenses | (96.4) | (71.4) | (31.4) | (20.6) |
| Financial income/(expenses) | 1.9 | 3.0 | (0.1) | 1.5 |
| Income tax | — | — | — | — |
| Net loss | (90.9) | (61.5) | (30.4) | (16.7) |
| Basic/diluted net loss per share attributable to shareholders | (0.95) | (0.65) | (0.32) | (0.17) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| In millions of USD | U.S. GAAP | |
| nine months ended September 30, | ||
| 2024 | 2023 | |
| Net cash flows provided / (used) in operating activities | (92.2) | (66.0) |
| Net cash flows provided / (used) in investing activities | (1.5) | (0.6) |
| Net cash flows provided / (used) in financing activities | (0.1) | 7.0 |
| Effect of exchange rate changes on cash & cash equivalents (U.S. GAAP presentation) | (1.1) | (0.4) |
| Net increase / (decrease) in cash & cash equivalents | (94.9) | (60.1) |
| Net cash & cash equivalents at the beginning of the period | 141.4 | 209.2 |
| Net cash & cash equivalents at the end of the period | 46.4 | 149.1 |
About DBV Technologies
DBV Technologies is a clinical-stage biopharmaceutical company developing treatment options for food allergies and other immunologic conditions with significant unmet medical need. DBV is currently focused on investigating the use of its proprietary technology platform, Viaskin, to address food allergies, which are caused by a hypersensitive immune reaction and characterized by a range of symptoms varying in severity from mild to life-threatening anaphylaxis. Millions of people live with food allergies, including young children. Through epicutaneous immunotherapy (EPIT™), the Viaskin platform is designed to introduce microgram amounts of a biologically active compound to the immune system through intact skin. EPIT is a new class of non-invasive treatment that seeks to modify an individual’s underlying allergy by re-educating the immune system to become desensitized to allergen by leveraging the skin’s immune tolerizing properties. DBV is committed to transforming the care of food allergic people. The Company’s food allergy programs include ongoing clinical trials of Viaskin Peanut in peanut allergic toddlers (1 through 3 years of age) and children (4 through 7 years of age).
DBV Technologies is headquartered in Châtillon, France, with North American operations in Warren, NJ. The Company’s ordinary shares are traded on segment B of Euronext Paris (Ticker: DBV, ISIN code: FR0010417345) and the Company’s ADSs (each representing one ordinary share) are traded on the Nasdaq Capital Select Market (Ticker: DBVT – CUSIP: 23306J200).
For more information, please visit www.dbv-technologies.com and engage with us on X (formerly Twitter) and LinkedIn.
Forward Looking Statements
This press release may contain forward-looking statements and estimates, including statements regarding DBV’s financial condition, forecast of its cash runway, the therapeutic potential of Viaskin® Peanut patch and EPIT™, designs of DBV’s anticipated clinical trials, DBV’s planned regulatory and clinical efforts including timing and results of communications with regulatory agencies, the ability of any of DBV’s product candidates, if approved, to improve the lives of patients with food allergies. These forward-looking statements and estimates are not promises or guarantees and involve substantial risks and uncertainties. At this stage, DBV’s product candidates have not been authorized for sale in any country. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals, and DBV’s ability to successfully execute on its budget discipline measures. A further list and description of risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements in this press release can be found in DBV’s regulatory filings with the French Autorité des Marchés Financiers (“AMF”), DBV’s filings and reports with the U.S. Securities and Exchange Commission (“SEC”), including in DBV’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 7, 2024, and future filings and reports made with the AMF and SEC by DBV. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. Other than as required by applicable law, DBV Technologies undertakes no obligation to update or revise the information contained in this Press Release.
Viaskin is a registered trademark and EPIT is a trademark of DBV Technologies.
Investor Contact
Katie Matthews
DBV Technologies
katie.matthews@dbv-technologies.com
Media Contact
Angela Marcucci
DBV Technologies
angela.marcucci@dbv-technologies.com
Attachment
FAQ
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