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DBV Technologies S.A. (DBVT) Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 printed a smaller loss and modest upside vs consensus: net loss was $33.2M with diluted EPS of $(0.24) vs S&P Global consensus EPS of $(0.25); “revenue” (research tax credit/operating income) was $2.8M vs $1.5M in Q2 and above $0.89M consensus, reflecting higher eligible activities including FAREVA costs .
  • Liquidity: cash and cash equivalents were $69.8M at 9/30; post-quarter, DBV raised ~$30M gross via its new $150M ATM program; management guides cash runway into Q3 2026 but still flags “substantial doubt” for 12‑month going concern .
  • Clinical catalyst: VITESSE Phase 3 (Viaskin Peanut, ages 4–7) topline remains targeted for Q4 2025; last patient last visit was completed Nov 11, which could accelerate warrant exercises for up to $181.4M if primary endpoint is met .
  • Cost phasing helped sequentially: total operating expenses fell to $37.1M in Q3 from $42.6M in Q2; year-to-date opex is higher YoY, driven mainly by the COMFORT Toddlers supplemental safety study .

What Went Well and What Went Wrong

  • What Went Well

    • Modest beat vs Street: Q3 “revenue” (research tax credit/operating income) exceeded consensus* and EPS loss was slightly better than expected at $(0.24) .
    • Sequential expense containment: quarterly opex declined to $37.1M from $42.6M in Q2; management also noted lower YTD operating cash outflow vs 2024 due to cost containment and extended payment terms .
    • Clinical execution milestone: “Last patient last visit represents a very important milestone … we look forward to sharing topline results this quarter,” said CEO Daniel Tassé (re: VITESSE) .

  • What Went Wrong

    • Continued losses: net loss of $33.2M (vs $30.4M in Q3’24) and no product revenue; operating expenses remained elevated given ongoing clinical programs .
    • Going concern risk: cash “not sufficient to fund operations for the next 12 months,” raising substantial doubt despite runway guide into Q3 2026 .
    • Liquidity step-down q/q: cash declined from $103.2M at 6/30 to $69.8M at 9/30 before the ~$30M ATM issuance in October .

Financial Results

Quarterly P&L and cash (oldest → newest):

MetricQ1 2025Q2 2025Q3 2025
Revenue (Operating income / Research tax credits) ($USD Millions)$0.8 $1.5 $2.8
Total Operating Expenses ($USD Millions)$27.4 $42.6 $37.1
Research & Development ($USD Millions)$21.5 $33.7 $28.6
Sales & Marketing ($USD Millions)$0.3 $0.4 $1.2
General & Administrative ($USD Millions)$5.6 $8.5 $7.3
Net Loss ($USD Millions)$27.1 $41.9 $33.2
Diluted EPS ($USD)$(0.26) $(0.31) $(0.24)
Cash & Cash Equivalents (period end) ($USD Millions)$13.0 $103.2 $69.8

YoY comparison (Q3 2024 vs Q3 2025):

MetricQ3 2024Q3 2025
Revenue (Operating income / Research tax credits) ($USD Millions)$1.1 $2.8
Total Operating Expenses ($USD Millions)$31.4 $37.1
Net Loss ($USD Millions)$30.4 $33.2
Diluted EPS ($USD)$(0.32) $(0.24)

Results vs Wall Street consensus (S&P Global) – Q3 2025:

MetricConsensusActual
Revenue ($USD)$0.89M*$2.8M
Primary EPS ($USD)$(0.25)*$(0.24)
Primary EPS – # of Estimates1*—

KPIs and liquidity:

KPIQ3 2025Prior
Net cash used in operating activities (YTD) ($USD Millions)$(86.0) $(92.2) in 9M 2024
Cash runway (management estimate)Into Q3 2026 Into Q2 2026 at 6/30
Post-quarter ATM raise~$30M gross on Oct 6, 2025 ATM established Sept 5, 2025 (up to $150M)

Notes: *Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayFunding horizonInto Q2 2026 (as of 6/30/25) Into Q3 2026 (as of 10/28/25) Raised
Going concernNext 12 monthsSubstantial doubt (not sufficient) Substantial doubt (not sufficient) Maintained
VITESSE topline timingProgram milestoneNot specified in Q2 press release Q4 2025 expected New/Specified
ATM programCapital accessNoneUp to $150M ATM established Sept 5, 2025 New
Potential warrant proceedsFinancingUp to $181.4M if conditions met Up to $181.4M; exercise window accelerates if VITESSE hits primary endpoint Maintained

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was filed; themes are synthesized from Q1–Q3 earnings materials and press releases.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
R&D executionOpex up YoY from COMFORT Toddlers launch; Q2 R&D $33.7M (quarter) Q3 R&D $28.6M; 9M opex higher YoY; research tax credits supported by eligible FAREVA activities Progressing; spend phasing down q/q
Regulatory/BLA readiness2025 financing to advance Viaskin Peanut BLA and U.S. launch prep if approved Proceeds targeted for BLA prep and launch readiness; path reiterated Maintained
Liquidity/runwayRunway into June/Q2 2026; going concern caution Runway into Q3 2026; going concern caution unchanged Slightly improved horizon; risk persists
Capital marketsNoneATM up to $150M; ~$30M post‑quarter issuance (Oct 6) Added flexibility
Manufacturing/FAREVA—FAREVA platform activities drove higher eligible research tax credit Positive to tax credit income
Pivotal catalyst—VITESSE topline expected Q4; last patient last visit (Nov 11) Near‑term binary

Management Commentary

  • “Last patient last visit represents a very important milestone for DBV … We look forward to sharing topline results this quarter.” — Daniel Tassé, CEO (Nov 11, 2025) .
  • “Management is actively pursuing financing options including additional sales under the ATM Program, potential warrant exercises, and strategic transactions.” — Q3 release .
  • “The increase in Research tax credit … is primarily due to … more eligible activities … including the related costs of the FAREVA platform.” — Q3 financial highlights .

Q&A Highlights

  • No Q3 2025 earnings call transcript or Q&A was filed; no call highlights available [ListDocuments showed 0 transcripts].

Estimates Context

  • Q3 2025 came in above S&P Global consensus on both revenue and EPS: revenue $2.8M vs $0.89M consensus*; EPS $(0.24) vs $(0.25) consensus*, aided by higher research tax credits and sequential opex moderation .
  • With VITESSE topline slated in Q4 2025, estimate dispersion may widen around binary outcomes; management reiterated funding priorities and BLA readiness aims .

Notes: *Values retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term binary: VITESSE Phase 3 topline in Q4 is the primary stock catalyst; success could accelerate ~$181M warrant exercise capacity and extend runway materially .
  • Liquidity improved via ATM, but going concern risk remains until additional capital is secured and/or pivotal success de-risks the path; runway currently guided into Q3 2026 .
  • Sequential opex down and EPS modestly better than expected; monitor spend phasing into Q4 given pending readout and BLA prep activities .
  • “Revenue” beats are from research tax credits, not commercial sales; investment case is fundamentally clinical/regulatory execution and financing .
  • Watch post-quarter milestones: last patient last visit is complete, increasing confidence in Q4 timing for VITESSE topline .
  • If topline is positive, expect financing optionality (ATM, warrants) and regulatory momentum (BLA prep), but dilution risk also persists .

Sources: Q3 2025 results 8‑K and press release ; Q3 press release –; Q2 2025 8‑K/press release – –; Q1 2025 8‑K/press release – –; ATM program 8‑K ; VITESSE last patient visit press release (Nov 11, 2025) . Values marked with * are from S&P Global.

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