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DBV Technologies Reports Third Quarter 2024 Financial Results
DBVTDBV Technologies(DBVT) GlobeNewswire News Room·2024-11-06 21:30

Core Insights - DBV Technologies reported a cash balance of 46.4millionasofSeptember30,2024,downfrom46.4 million as of September 30, 2024, down from 141.4 million at the end of 2023, indicating a net decrease of 95.0millionprimarilyduetooperatingactivitiesrelatedtoclinicaltrials[3][4][5]−Thecompanyhasincurredoperatinglossesandnegativecashflowssinceinception,raisingsubstantialdoubtaboutitsabilitytocontinueasagoingconcernwithoutadditionalcapital[4][6]−DBVexpectsitscashreservestolastintoQ12025,butitplanstoseekadditionalfinancingtosupportongoingresearchanddevelopmentefforts[5][6]FinancialPerformance−FortheninemonthsendedSeptember30,2024,DBVreportedanoperatingincomeof95.0 million primarily due to operating activities related to clinical trials [3][4][5] - The company has incurred operating losses and negative cash flows since inception, raising substantial doubt about its ability to continue as a going concern without additional capital [4][6] - DBV expects its cash reserves to last into Q1 2025, but it plans to seek additional financing to support ongoing research and development efforts [5][6] Financial Performance - For the nine months ended September 30, 2024, DBV reported an operating income of 3.6 million, a decrease from 6.9millioninthesameperiodof2023,attributedtotheterminationofacollaborationagreementandlowerresearchtaxcredits[11][12]−Operatingexpensesincreasedto6.9 million in the same period of 2023, attributed to the termination of a collaboration agreement and lower research tax credits [11][12] - Operating expenses increased to 96.4 million for the nine months ended September 30, 2024, compared to 71.4millioninthesameperiodof2023,drivenmainlybyresearchanddevelopmentcosts[12][13]−ThenetlossfortheninemonthsendedSeptember30,2024,was71.4 million in the same period of 2023, driven mainly by research and development costs [12][13] - The net loss for the nine months ended September 30, 2024, was 90.9 million, compared to a net loss of 61.5millionforthesameperiodin2023,withanetlosspershareof61.5 million for the same period in 2023, with a net loss per share of (0.95) [14][16] Cash Flow Analysis - The net cash flow used in operating activities was (92.2)millionfortheninemonthsendedSeptember30,2024,comparedto(92.2) million for the nine months ended September 30, 2024, compared to (66.0) million for the same period in 2023 [17] - Cash and cash equivalents decreased by $94.9 million during the nine months ended September 30, 2024, reflecting significant cash outflows [17] Company Overview - DBV Technologies is focused on developing treatment options for food allergies using its proprietary Viaskin technology platform, which aims to modify immune responses through epicutaneous immunotherapy [18] - The company is currently conducting clinical trials for its Viaskin Peanut product aimed at peanut allergies in young children [18][19]