Skip to main content

Market Overview

DBV Technologies Reports Q1 2021 Financial Results

Share:

Montrouge, France, May 3, 2021

DBV Technologies Reports Q1 2021 Financial Results

DBV Technologies S.A. (GREY:DBVTF), a clinical-stage biopharmaceutical company, today reported financial results for the first quarter of 2021. The quarterly financial statements were approved by the Board of Directors on April 30, 2021.

"I am pleased with DBV's overall continued cost reduction measures through the first quarter of 2021," said Daniel Tasse, Chief Executive Officer, DBV Technologies. "We remain diligent about our spend and confident that our cash on hand as of March 31, 2021 will support our operations until the second half of 2022. We continue to focus our attention on advancing Viaskin Peanut's regulatory dossier and developing our pipeline with the goal of improving the lives of patients with food allergies."

Q1 Financial Highlights1

  • Cash & Cash Equivalents: cash and cash equivalents as of March 31, 2021 were $152.5 million, compared to $196.4 million as of December 31, 2020. For the three months ended March 31, 2021, the net decrease of $43.9 million was primarily due to cash used in operating activities of $36.2 million and the effect of exchange rates on cash and cash equivalents of $7.9 million. Cash flows used in investment activities were $0.2 million and cash flows from financing activities were $0.4 million. Excluding restructuring amounts paid for $4.9 million on the first quarter of 2021, the cash used in operating activities amounts to $(31.3) million, reflecting the Company's continued implementation of budget discipline measures. Based on its current assumptions, DBV expects that its current cash and cash equivalents will support its operations until the second half of 2022.

  • Operating Income: operating income was $2.9 million for the three months ended March 31, 2021, compared to $4.7 million for the three months ended March 31, 2020, a decrease of 37.7%. For both the three months ended March 31, 2021 and 2020, operating income was primarily generated from DBV's Research Tax Credit (French Crédit Impôt Recherche, or CIR) and from revenue recognized by DBV under its collaboration agreement with Nestlé Health Science. The decrease in operating income is primarily attributable to a decrease of the CIR, as eligible expenses have declined in correlation with Research and Development costs.

  • Operating Expenses: Operating expenses for the three months ending March 31, 2021, were $32.6 million compared to $45.9 million for the three months ending March 31, 2020. The $13.4 million decrease in operating expenses is mainly attributable to the decrease in personnel expenses, which is directly related to the workforce reduction DBV implemented as part of its 2020 global restructuring plan. The personnel expenses decreased by $9.7 million, from $18.7 million for the three months ended March 31, 2020 to $9.0 million for the three months ended March 31, 2021, a 52% decrease, compared to a 61% decrease of the average number of headcounts between the two periods (311 and 121 FTEs for the three months ended March 31, 2020 and 2021 respectively). As of March 31, 2021, DBV had 104 employees. The decrease in other operating expenses was primarily due to the budget discipline measures taken by DBV. As a result of the ongoing COVID-19 pandemic, DBV also experienced a decrease in other expenses, in particular tradeshows and travel expenses.

  • Net Loss: Net loss was $(29.4) million for the three months ended March 31, 2021, compared to $(40.9) million for the three months ended March 31, 2020. Net loss per share (based on the weighted average number of shares outstanding over the period) was $(0.54) and $(0.79) for the three months ended March 31, 2021 and 2020, respectively.

The Company will not host a conference call to discuss its first quarter 2021 financial results.  It intends to host a conference call to discuss its half-year 2021 financial results in August.

U.S. GAAP CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION (unaudited)
($ in thousands)

  U.S GAAP
    March 31,   December 31,
    2021   2020
         
Assets $ 221,405 $ 272,246
of which cash and cash equivalents   152,459   196,352
         
Liabilities   52,229   66,754
         
Shareholders' equity $ 169,176 $ 205,491
of which net result   (29,449)   (159,555)


U.S. GAAP CONDENSED STATEMENT OF CONSOLIDATED OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
($ in thousands, except per share data)

  U.S GAAP
    Three Months Ended March 31,
    2021   2020
         
Operating income $ 2,941 $ 4,720
         
Operating expenses :        
Research and development expenses   (22,164)   (27,532)
Sales & marketing expenses   (729)   (7,297)
General & administrative expenses   (9,683)   (11,113)
Restructuring expenses   -   -
Total Operating expenses   (32,575)   (45,942)
Financial (Expenses)   215   309
Income tax   (30)   -
Net (loss) $ (29,449) $ (40,913)
Comprehensive (loss) $ (38,279) $ (46,788)
         
Basic/diluted net loss per share attributable to shareholders $ (0.54) $ (0.79)


U.S. GAAP CONDENSED STATEMENT OF CONSOLIDATED CASH FLOW (unaudited)
($ in thousands)

  U.S GAAP
    Three Months Ended March 31,
    2021   2020
     
Net cash flow used in operating activities $ (36,204) $ (49,683)
Net cash flows used in investing activities   (185)   (930)
Net cash flows provided by financing activities   440   150,611
Effect of exchange rate changes on cash and cash equivalents   (7,944)   (5,811)
Net (decrease) / increase in cash and cash equivalents   (43,893)   94,187
Net cash and cash equivalents at the beginning of the period   196,352   193,255
Net cash and cash equivalents at the end of the period $ 152,549 $ 287,442


About DBV Technologies
DBV Technologies is developing Viaskin™, an investigational proprietary technology platform with broad potential applications in immunotherapy. Viaskin is based on epicutaneous immunotherapy, or EPIT™, DBV's 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's food allergies programs include ongoing clinical trials of Viaskin Peanut. DBV Technologies has global headquarters in Montrouge, France, and North American operations in Summit, NJ. The Company's ordinary shares are traded on segment B of Euronext Paris (ARCA:DBV, ISIN code: FR0010417345)), part of the SBF120 index, and the Company's ADSs (each representing one-half of one ordinary share) are traded on the Nasdaq Global Select Market (NASDAQ:DBVT).

Forward Looking Statements
This press release may contain forward-looking statements and estimates, including statements regarding DBV's forecast of its cash runway, DBV's anticipated cost reduction measures, DBV's planned regulatory efforts, and the ability of any of DBV's product candidates, if approved, to improve the lives of patients with food allergies.. 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 restructuring plans. 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, 2020, filed with the SEC on March 17, 2021, 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 Pollak
DBV Technologies
+1 857-529-2363
anne.pollak@dbv-technologies.com

Media Contact
Angela Marcucci
DBV Technologies
+1 646-842-2393
angela.marcucci@dbv-technologies.com 

1 The Company's unaudited consolidated financial statements for the quarter ended March 31, 2021 are prepared in accordance with generally accepted accounting principles in the U.S. ("U.S. GAAP").

Attachment


Primary Logo

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com