DBV Technologies Reports First Half 2017 Financial Results

DBV Technologies Reports First Half 2017 Financial Results

DBV Technologies (Euronext: DBV - ISIN: FR0010417345 - Nasdaq Stock Market: DBVT) today reported first half 2017 financial results. The interim financial report is available on the Investor Relations section of the Company's website, http://www.dbv-technologies.com/en/investor-relations. First half 2017 financial statements were subject to a limited review by the Company's external auditors.

First Half 2017 Financial Results

Cash Position: cash and cash equivalents as of June 30, 2017, were €198.7 million, compared to €256.5 million as of December 31, 2016, a decrease of €57.8 million.

Operating Income: operating income was €7.6 million for the first half 2017 compared to €4.8 million for the prior-year period, an increase of 60%. In the first half 2017, income was primarily generated by the Company's Research Tax Credit (Crédit Impôt Recherche) and by income recognized under the May 2016 collaboration agreement with Nestlé Health Science.

Research & Development Expenses: research and development expenses increased by €19.6 million, or 60%, to €52.5 million in the first half 2017, compared to €32.9 million in the first half 2016, reflecting costs associated with the ongoing Phase III and Phase II clinical trials of Viaskin Peanut and Viaskin Milk, respectively, as well as a substantial increase in the number of research and development personnel employed by the Company.

Sales & Marketing Expenses: sales and marketing expenses were €8.5 million for the first half 2017 compared to €5.5 million for the first half 2016, reflecting an increase of €3.0 million, or 56%, compared to the prior-year period. The increase in sales and marketing expenses resulted from an increase in U.S. employee headcount and expenses related to the potential launch and commercialization of Viaskin Peanut in North America.

General & Administrative Expenses: general and administrative expenses increased by €1.9 million, or 12%, to €17.7 million for the first half 2017, compared to €15.8 million for the first half 2016. The increase in general and administrative expenses was primarily attributable to an increase in global employee headcount, costs associated with legal and professional services, NASDAQ-listing expenses, as well as compensation and other personnel expenses. This increase was partially offset by a decrease in insurance expenses following the termination of the 12-month Public Offering of Security Insurance (POSI) policy related to the Company's July 2015 follow-on offering.  

Net Loss: net loss was €72.5 million for the first half 2017, compared to €49.4 million for the first half 2016. Loss per share (based on the weighted average number of shares outstanding over the period) was €(2.94) and €(2.03) for the first half 2017 and 2016, respectively.