DBV Technologies Reports Q1 2021 Financial Results
May 03 2021 - 1:30AM
Montrouge, France, May 3, 2021
DBV Technologies
Reports Q1 2021 Financial
Results
DBV Technologies S.A. (Euronext: DBV – ISIN:
FR0010417345 – Nasdaq Stock Market: DBVT), 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 TechnologiesDBV
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 (Ticker:
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 (Ticker: DBVT).
Forward Looking StatementsThis
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 PollakDBV Technologies+1
857-529-2363anne.pollak@dbv-technologies.com
Media
ContactAngela MarcucciDBV
Technologies+1 646-842-2393angela.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").
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