DBV Technologies Reports First Quarter 2023 Financial Results
04 Mai 2023 - 10:30PM
DBV Technologies Reports First Quarter 2023 Financial Results
Montrouge, France, May 4, 2023
DBV
Technologies Reports
First Quarter 2023
Financial Results
- DBV closes Q1
2023 with cash and cash equivalents
of $192.3
million.
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:
(1) $20.8 million of cash used
for operations, mainly driven by the impact of the initiation of
the VITESSE trial in early March 2023. Cash used for operations
increased by $19.3 million compared to the same quarter last year.
During the first quarter of 2022, the Company received $20.9
million from French tax authorities as reimbursement of 2019 and
2020 research tax credits.(2) Partially offset by
a $3.9 million positive impact of changes in exchange rates. The
Company’s treasury position, stated in US Dollars, has been
impacted by an appreciation of the Euro against the US Dollar
during the first quarter of 2023.
Operating
Income
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:
(1) $0.3 million increase in
the Research Tax Credit estimate as research and development costs
increased during the first quarter in 2023 compared to the same
quarter in 2022, mainly due to the initiation of the VITESSE
trial.(2) Offset by a $0.6 million decrease in
other operating income that consists of revenues recognized in
advance of the completion of the collaboration agreement with
Nestlé Health Science (“NHS”).
Operating
Expenses
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 TechnologiesDBV
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 StatementsThis
press 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 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, 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 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, 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.
Investor Contact Anne PollakDBV
Technologies+1 857-529-2363anne.pollak@dbv-technologies.com
Media ContactAngela MarcucciDBV
Technologies+1 646-842-2393 angela.marcucci@dbv-technologies.com
Viaskin and EPIT are trademarks of DBV
Technologies.
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