DBV Technologies S.A.

DBV Technologies S.A. (DBVT) reported a net loss of $146.9 million for FY 2025, up 29% from $113.9 million in 2024, driven by higher R&D expenses of $116.7 million (31% YoY increase) due to clinical trial activities and pre-commercial inventory build-up. Operating income from research tax credits rose 36% to $5.6 million, while total operating expenses increased 26% to $152.7 million. Loss from operations widened to $147.1 million from $116.6 million. Cash and cash equivalents grew to $194.2 million from $32.5 million, bolstered by $276.2 million in net financing proceeds from PIPE and ATM offerings. Balance sheet shows total assets of $233.7 million, liabilities $64.9 million, and shareholders' equity $140.2 million. Net cash used in operations was $121.2 million, up 16% YoY. Management states sufficient liquidity into Q2 2027, supporting BLA submission for Viaskin Peanut in H1 2026 and potential commercialization, assuming FDA approval.

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