Full Press Release Details
DBV Technologies Reports First Quarter 2023 Financial Results
DBV Technologies (Euronext: DBV ISIN: FR0010417345 Nasdaq Stock Market: DBVT), a clinical-stage
biopharmaceutical company, today reported financial results for the first quarter of 2023. The quarterly financial statements were approved by the Board of Directors on May 4, 2023.
Financial Highlights for the First Quarter and the Three Months Ended March 31, 2023
The Company s unaudited consolidated financial statements for the three months ended March 31, 2023, are prepared in accordance with generally
accepted accounting principles in the U.S. ( U.S. GAAP ).
Cash and cash Equivalents
| (in millions of USD) | Three months ended March 31, | |||
| 2023 | 2022 | |||
| Net cash & cash equivalents at the beginning of the period | 209.2 | 77.3 | ||
| Net increase/(decrease) in cash & cash equivalents, of which: | (16.9) | (3.2) | ||
| Net cash flow used in operating activities | (20.8) | (1.5) | ||
| Net cash flow provided by / (used in) investing activities | - | - | ||
| Net cash flow provided by / ((used in) financing activities | - | (0.1) | ||
| Effect of exchange rate changes on cash & cash equivalents | 3.9 | (1.6) | ||
| Net cash & cash equivalents at the end of the period | 192.3 | 74.1 |
Cash and cash equivalents amounted to $192.3 million as of March 31, 2023, compared to $209.2 million as
of December 31, 2022, which is a net decrease of $16.9 million due to:
| In millions of USD | Three months ended March 31, | |||||||||||
| 2023 | 2022 | Variation | ||||||||||
| Research tax credits | 1.8 | 1.5 | +0.3 | +20% | ||||||||
| Other operating income | 0.4 | 1.0 | -0.6 | -60% | ||||||||
| Operating income | 2.2 | 2.5 | -0.3 | -12% |
Operating income amounts to $2.2 million as of March 31, 2023, compared to $2.5 million as of
March 31, 2022, which is a decrease of $0.3 million due to:
| In millions of USD | Three months ended March 31, | |||||
| 2023 | 2022 | Variation |
| Research & Development | 16.0 | 12.2 | +3.8 | +31% | ||||
| Sales & Marketing | 0.4 | 0.5 | -0.1 | -20% | ||||
| General & Administrative | 6.9 | 6.6 | +0.3 | +5% | ||||
| Operating expenses | 23.3 | 19.3 | +4.0 | +21% |
Operating expenses amounted to $23.3 million as of March 31, 2023, compared to $19.3 million as of
March 31, 2022, which is an increase by $4.0 million mainly driven by research and development expenses to support initiation of the VITESSE trial.
Net Loss and Net Loss per Share
| Three months ended March 31, | ||||||||
| 2023 | 2022 | Variation | ||||||
| Net income / (loss) (in millions of USD) | (20.5) | (16.7) | -3.8 | -23% | ||||
| Basic / diluted net income / (loss) per share (USD/share) | (0.22) | (0.30) | +0.1 | +27% |
Net result for the three months ended March 31, 2023 is a loss amounting to $20.5 million, compared to a loss
amounting to $16.7 million for the same period in 2022.
On a per share basis, net loss (based on the weighted average number of shares
outstanding over the period) is $0.22 for the three months ended March 31, 2023.
CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION (unaudited)
| In millions of USD | March 31, 2023 | December 31, 2022 | ||
| Assets | 232.9 | 246.5 | ||
| of which cash & cash equivalents | 192.3 | 209.2 | ||
| Liabilities | 53.8 | 52.1 | ||
| Shareholders equity | 179.1 | 194.5 | ||
| of which net result | (20.5) | (96.3) |
CONDENSED STATEMENT OF CONSOLIDATED OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
| In millions of USD | Three months ended March 31, | |||
| 2023 | 2022 | |||
| Revenues | 2.2 | 2.5 | ||
| Research & Development | (16.0) | (12.2) | ||
| Sales & Marketing | (0.4) | (0.5) | ||
| General & Administrative | (6.9) | (6.6) | ||
| Restructuring income/(expenses) | - | |||
| Operating expenses | (23.3) | (19.3) | ||
| Finance income/(expenses) | 0.6 | 0,2 | ||
| Income tax | - | (0.1) | ||
| Net gain/(loss) | (20.5) | (16.7) | ||
| Basic/diluted net gain/(loss) per share attributable to shareholders | (0.22) | (0.30) |
CONDENSED STATEMENT OF CONSOLIDATED CASH FLOW (unaudited)
| In millions of USD | Three months ended March 31, | |||
| 2023 | 2022 | |||
| Net cash flows provided / (used) in operating activities | (20.8) | (1.5) | ||
| Net cash flows provided / (used) in investing activities | - | - | ||
| Net cash flows provided / (used) in financing activities | - | (0.1) | ||
| Effect of exchange rate changes on cash & cash equivalents | 3.9 | (1.6) | ||
| Net increase / (decrease) in cash & cash equivalents | (16.9) | (3.2) | ||
| Net cash & cash equivalents at the beginning of the period | 209.2 | 77.3 | ||
| Net cash & cash equivalents at the end of the period | 192.3 | 74.1 |
About DBV Technologies
DBV Technologies is developing Viaskin , an investigational proprietary technology platform
with broad potential applications in immunotherapy. Viaskin is based on epicutaneous immunotherapy, or EPIT , and is DBV Technologies method of delivering biologically active compounds
to the immune system through intact skin. With this new class of non-invasive product candidates, the Company is dedicated to safely transforming the care of food allergic patients. DBV Technologies food
allergies programs include ongoing clinical trials of Viaskin Peanut. DBV Technologies has global headquarters in Montrouge, France, and North American operations in Basking Ridge, 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-half of one ordinary share) are traded on the Nasdaq Global Select Market (Ticker: DBVT).
Forward Looking Statements
release may contain forward-looking statements and estimates, including statements regarding DBV s financial condition and planned clinical efforts. These forward-looking statements and estimates are not promises or guarantees and involve
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, including the impact of the COVID-19
pandemic, 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 Autorit des March s 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, 2022, filed with the SEC on March 2, 2023, 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 and EPIT are trademarks of DBV Technologies.