DBV Technologies Reports Increased Operating Income but Wider Net Loss for 2025

DBV Technologies S.A., a biopharmaceutical company specializing in immunotherapy, reported an operating income of $5.6 million for the year ended December 31, 2025, compared to $4.2 million in the previous year. This increase is primarily attributed to a higher research tax credit. However, the company experienced a net loss of $146.9 million, a significant increase from the $113.9 million loss in 2024. This translates to a basic and diluted net loss per share of $1.05, compared to $1.17 in the prior year.

The company's operating expenses totaled $152.7 million, up from $120.7 million in 2024. Research and development expenses, the largest component, increased to $116.7 million from $89.3 million, driven by higher clinical trial activity, pre-commercial inventory build-up, and increased employee-related costs. Sales and marketing expenses also rose to $3.2 million from $2.7 million, reflecting preparations for the potential commercial launch of Viaskin Peanut. General and administrative expenses increased to $32.8 million from $28.7 million, primarily due to increased employee-related costs.

DBV Technologies is strategically focused on the development and regulatory approval of Viaskin Peanut, its lead product candidate for peanut allergies in children. The company plans a BLA submission in the first half of 2026 for Viaskin Peanut Patch as a potential treatment for children four to seven years old. The company also has an ongoing Phase 3 supplementary safety study of Viaskin Peanut patch in peanut-allergic toddlers ages one through three. Conditional on successful completion of this safety study, the Company plans a BLA submission in the second half of 2026 for children ages one to three. Key operational developments include the completion of subject screening in the VITESSE trial and the screening of the first subject in the COMFORT Toddlers supplemental safety study.

The company's financial position was significantly strengthened by financing activities during the year. Cash and cash equivalents increased substantially to $194.2 million as of December 31, 2025, compared to $32.5 million in the previous year. This increase was primarily due to proceeds from a PIPE financing and sales from an at-the-market (ATM) equity program. Subsequent to year-end, the full exercise of warrants from the PIPE financing generated additional gross proceeds of $94 million. DBV Technologies anticipates that its current cash and cash equivalents will be sufficient to fund operations into the second quarter of 2027.