DBV Technologies Reports Second Quarter and Half-Year 2025 Financial Results
Rhea-AI Summary
DBV Technologies (NASDAQ:DBVT) reported its Q2 and H1 2025 financial results, highlighting a challenging period with increased operating expenses and net losses. The company's operating expenses rose to $69.9 million for H1 2025, up from $65.0 million in H1 2024, primarily due to the COMFORT Toddlers safety study launch.
Net loss increased to $69.0 million in H1 2025 from $60.5 million in H1 2024, with loss per share at $(0.58). Cash position strengthened to $103.2 million as of June 30, 2025, boosted by a March financing deal of up to $306.9 million, including $125.5 million received in April. The company expects current cash to fund operations into Q2 2026, though substantial going concern doubts remain.
Positive
- Secured significant financing of up to $306.9 million in March 2025
- Cash position increased to $103.2 million from $32.5 million in December 2024
- Reduced loss per share to $0.58 from $0.63 year-over-year
Negative
- Net loss increased to $69.0 million from $60.5 million year-over-year
- Operating expenses rose by $4.9 million to $69.9 million
- Substantial doubt about ability to continue as going concern
- Operating income declined to $2.2 million from $2.6 million
News Market Reaction 3 Alerts
On the day this news was published, DBVT declined 4.12%, reflecting a moderate negative market reaction. Argus tracked a trough of -10.7% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $64M from the company's valuation, bringing the market cap to $1.50B at that time. Trading volume was exceptionally heavy at 5.8x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Châtillon, France, July 29, 2025
DBV Technologies Reports Second Quarter and Half-Year 2025 Financial Results
DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT – CUSIP: 23306J309), a clinical-stage biopharmaceutical company, today reported financial results for the Second Quarter of 2025. The quarterly and half-year financial statements were approved by the Board of Directors on July 29, 2025.
Financial Highlights for the Second Quarter Ended June 30, 2025
The Company’s interim condensed consolidated financial statements for the quarter and six months ended June 30, 2025, are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and Europe (IFRS).
Operating Income
Operating income amounted to
| In millions of USD (unaudited) | U.S. GAAP | U.S. GAAP | IFRS | |||
| six months ended June 30, | three months ended June 30, | six months ended June 30, | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Research tax credit | 2.2 | 2.6 | 1.5 | 1.2 | 2.2 | 2.6 |
| Other operating income | — | — | — | — | — | — |
| Operating income | 2.2 | 2.6 | 1.5 | 1.2 | 2.2 | 2.6 |
Operating Expenses
Operating expenses amounted to
| In millions of USD (unaudited) | U.S. GAAP | U.S. GAAP | IFRS | |||
| six months ended June 30, | three months ended June 30, | six months ended June 30, | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Research & Development | (55.2) | (46.8) | (33.7) | (25.4) | (55.1) | (46.7) |
| Sales & Marketing | (0.7) | (1.7) | (0.4) | (1.0) | (0.7) | (1.7) |
| General & Administrative | (14.1) | (16.4) | (8.5) | (8.6) | (14.1) | (16.5) |
| Operating expenses | (69.9) | (65.0) | (42.6) | (35.0) | (69.8) | (64.9) |
Net Loss and Net Loss Per Share
The Company recorded a net loss for the six months ended June 30, 2025, of
On a per share basis, net loss (based on the weighted average number of shares outstanding over the period) was
| In millions of USD (unaudited) | U.S. GAAP | U.S. GAAP | IFRS | |||
| six months ended June 30, | three months ended June 30, | six months ended June 30, | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Net (loss) (in millions of USD) | (69.0) | (60.5) | (41.9) | (33.1) | (69.0) | (60.6) |
| Basic / diluted net (loss) per share (USD/share) | (0.58) | (0.63) | (0.31) | (0.34) | (0.58) | (0.63) |
Cash and Cash Equivalents
Our Condensed Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
Cash and cash equivalents amounted to
On March 27, 2025, the company announced a financing of up to
However, it should be noted that the Company financing also includes an aggregate of up to
These condensed consolidated financial statements do 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.
| In millions of USD (unaudited) | U.S. GAAP | IFRS | ||
| six months ended June 30, | six months ended June 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net cash & cash equivalents at the beginning of the period | 32.5 | 141.4 | 32.5 | 141.4 |
| Net cash flow used in operating activities | (53.6) | (69.8) | (53.3) | (68.7) |
| Net cash flow provided by / (used in) investing activities | (0.4) | (1.4) | (0.4) | (1.4) |
| Net cash flow provided by / (used in) financing activities | 117.0 | (0.1) | 116.7 | (1.1) |
| Effect of exchange rate changes on cash & cash equivalents | 7.7 | (3.9) | 7.7 | (3.9) |
| Net cash & cash equivalents at the end of the period | 103.2 | 66.2 | 103.2 | 66.2 |
These condensed consolidated financial statements do 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.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| In millions of USD (unaudited) | U.S. GAAP | IFRS | ||
| June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | |
| Assets | 143.4 | 65.7 | 143.2 | 65.5 |
| of which cash & cash equivalents | 103.2 | 32.5 | 103.2 | 32.5 |
| Liabilities | 57.2 | 38.3 | 57.1 | 38.2 |
| Shareholders’ equity | 86.2 | 27.4 | 86.2 | 27.4 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| In millions of USD (unaudited) | U.S. GAAP | U.S. GAAP | IFRS | |||
| six months ended June 30, | three months ended June 30, | six months ended June 30, | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Operating income | 2.2 | 2.6 | 1.5 | 1.2 | 2.2 | 2.6 |
| Research & Development | (55.2) | (46.8) | (33.7) | (25.4) | (55.1) | (46.7) |
| Sales & Marketing | (0.7) | (1.7) | (0.4) | (1.0) | (0.7) | (1.7) |
| General & Administrative | (14.1) | (16.4) | (8.5) | (8.6) | (14.1) | (16.5) |
| Operating expenses | (69.9) | (65.0) | (42.6) | (35.0) | (69.8) | (64.9) |
| Financial income/(expenses) | (1.1) | 2.0 | (0.6) | 0.7 | (1.3) | 1.8 |
| Income tax | (0.1) | — | (0.1) | — | (0.1) | — |
| Net loss | (69.0) | (60.5) | (41.9) | (33.1) | (69.0) | (60.6) |
| Basic/diluted net loss per share attributable to shareholders | (0.58) | (0.63) | (0.31) | (0.34) | (0.58) | (0.63) |
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 Technologies 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 Technologies 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 (DBV, ISIN code: FR0010417345) and the Company’s ADSs (each representing five ordinary shares) are traded on the Nasdaq Capital Market (DBVT – CUSIP: 23306J309).
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 and therapeutic potential of Viaskin® Peanut patch and EPIT. 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, 2024, filed with the SEC on April 11, 2025, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on April 28, 2025, and as amended further by Amendment No. 2 on Form 10-K/A filed with the SEC on May 14, 2025, 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 of DBV Technologies.
Investor Contact
Katie Matthews
DBV Technologies
katie.matthews@dbv-technologies.com
Media Contact
Brett Whelan
DBV Technologies
brett.whelan@dbv-technologies.com
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FAQ
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