DBV Technologies Reports Second Quarter and Half-Year 2025 Financial Results
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.
DBV Technologies (NASDAQ:DBVT) ha comunicato i risultati finanziari del secondo trimestre e del primo semestre 2025, evidenziando un periodo difficile caratterizzato da un aumento delle spese operative e da perdite nette. Le spese operative sono salite a 69,9 milioni di dollari nel primo semestre 2025, rispetto ai 65,0 milioni di dollari dello stesso periodo del 2024, principalmente a causa dell'avvio dello studio di sicurezza COMFORT Toddlers.
La perdita netta è aumentata a 69,0 milioni di dollari nel primo semestre 2025, rispetto ai 60,5 milioni di dollari del primo semestre 2024, con una perdita per azione di $(0,58). La posizione di cassa si è rafforzata a 103,2 milioni di dollari al 30 giugno 2025, grazie a un finanziamento di marzo fino a 306,9 milioni di dollari, di cui 125,5 milioni ricevuti in aprile. L'azienda prevede che la liquidità attuale sosterrà le operazioni fino al secondo trimestre 2026, anche se permangono significativi dubbi sulla continuità aziendale.
DBV Technologies (NASDAQ:DBVT) informó sus resultados financieros del segundo trimestre y primer semestre de 2025, destacando un periodo complicado con un aumento en los gastos operativos y pérdidas netas. Los gastos operativos aumentaron a 69,9 millones de dólares en el primer semestre de 2025, frente a 65,0 millones en el primer semestre de 2024, principalmente debido al lanzamiento del estudio de seguridad COMFORT Toddlers.
La pérdida neta se incrementó a 69,0 millones de dólares en el primer semestre de 2025 desde 60,5 millones en el mismo período de 2024, con una pérdida por acción de $(0,58). La posición de efectivo se fortaleció a 103,2 millones de dólares al 30 de junio de 2025, impulsada por un acuerdo de financiamiento en marzo de hasta 306,9 millones, incluyendo 125,5 millones recibidos en abril. La compañía espera que el efectivo actual financie las operaciones hasta el segundo trimestre de 2026, aunque persisten dudas significativas sobre la continuidad del negocio.
DBV Technologies (NASDAQ:DBVT)는 2025년 2분기 및 상반기 재무 결과를 발표하며, 운영비 증가와 순손실 확대라는 어려운 시기를 강조했습니다. 회사의 운영비는 2025년 상반기 6,990만 달러로, 2024년 상반기의 6,500만 달러에서 증가했으며, 이는 주로 COMFORT Toddlers 안전성 연구 개시에 따른 것입니다.
순손실은 2025년 상반기 6,900만 달러로 2024년 상반기의 6,050만 달러에서 증가했으며, 주당 손실은 $(0.58)입니다. 현금 보유액은 2025년 6월 30일 기준 1억 320만 달러로 강화되었으며, 3월에 체결된 최대 3억 690만 달러 규모의 자금 조달 계약과 4월에 받은 1억 2,550만 달러가 그 배경입니다. 회사는 현재 현금이 2026년 2분기까지 운영 자금을 지원할 것으로 예상하지만, 계속 기업으로서의 상당한 불확실성은 여전히 존재합니다.
DBV Technologies (NASDAQ:DBVT) a publié ses résultats financiers du deuxième trimestre et du premier semestre 2025, soulignant une période difficile marquée par une augmentation des charges d'exploitation et des pertes nettes. Les charges d'exploitation ont augmenté à 69,9 millions de dollars pour le premier semestre 2025, contre 65,0 millions de dollars pour le premier semestre 2024, principalement en raison du lancement de l'étude de sécurité COMFORT Toddlers.
La perte nette a augmenté à 69,0 millions de dollars au premier semestre 2025, contre 60,5 millions de dollars au premier semestre 2024, avec une perte par action de $(0,58). La trésorerie s'est renforcée à 103,2 millions de dollars au 30 juin 2025, soutenue par un financement en mars pouvant atteindre 306,9 millions, dont 125,5 millions reçus en avril. La société prévoit que la trésorerie actuelle financera les opérations jusqu'au deuxième trimestre 2026, bien que des doutes importants subsistent quant à la continuité d'exploitation.
DBV Technologies (NASDAQ:DBVT) berichtete über seine Finanzergebnisse für das zweite Quartal und das erste Halbjahr 2025 und hob eine herausfordernde Phase mit gestiegenen Betriebsausgaben und Nettoverlusten hervor. Die Betriebsausgaben stiegen im ersten Halbjahr 2025 auf 69,9 Millionen US-Dollar im Vergleich zu 65,0 Millionen US-Dollar im ersten Halbjahr 2024, hauptsächlich aufgrund des Starts der Sicherheitsstudie COMFORT Toddlers.
Der Nettoverlust erhöhte sich im ersten Halbjahr 2025 auf 69,0 Millionen US-Dollar gegenüber 60,5 Millionen US-Dollar im ersten Halbjahr 2024, mit einem Verlust je Aktie von $(0,58). Die Barposition verbesserte sich zum 30. Juni 2025 auf 103,2 Millionen US-Dollar, gestützt durch eine Finanzierungsvereinbarung im März über bis zu 306,9 Millionen US-Dollar, einschließlich 125,5 Millionen US-Dollar, die im April eingingen. Das Unternehmen erwartet, dass die aktuellen Mittel den Betrieb bis zum zweiten Quartal 2026 finanzieren, obwohl erhebliche Zweifel an der Fortführungsfähigkeit bestehen bleiben.
- 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
- 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
Insights
DBV Technologies faces increased losses and uncertain funding despite raising $125.5M, with cash runway only until Q2 2026.
DBV Technologies' Q2 2025 results reveal concerning financial trends. The company's net loss widened to
The company's cash position improved significantly to
While the company secured potential additional funding of up to
The shift in R&D activities to North America has reduced French Research Tax Credit benefits, further straining finances. The reduced loss per share (from
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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