Free cash flow remains deeply negative with a quarterly burn rate of $49.1 million in 2026Q1, reflecting the heavy financial burden of funding late-stage clinical trials without offsetting commercial revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -150.63M | -121.18M | -104.47M | -79.65M | -55.7M | -108.24M | -165.61M | -148.35M | -186.74M | -160.91M | -65.68M | -31.93M | -32.45M | -24.31M | -17.8M | -10.36M |
| Operating CF Margin % | - | - | - | -506.44% | -1160.42% | -1896.32% | -1468.67% | -1008.61% | -1457.2% | -1396.92% | -828.57% | -14457.12% | -12648.2% | -9671.81% | -7719.85% | -6341.99% |
| Operating CF Growth % | -378% | -15.99% | -31.16% | -43% | 48.54% | 34.64% | -11.63% | 20.56% | -16.05% | -144.99% | -105.71% | 1.62% | -33.51% | -36.55% | -71.81% | - |
| Net Income | -167.81M | -146.95M | -113.92M | -72.73M | -96.27M | -97.81M | -159.56M | -172.01M | -227M | -207.9M | -126.35M | -53.3M | -37.9M | -35.41M | -22.2M | -12.24M |
| Depreciation & Amortization | 5.65M | 3.19M | -925K | -14M | 13.16M | 8.38M | 10.46M | 2.6M | 3.87M | 4.12M | 1.49M | 1.28M | 813.52K | 625.73K | 480.4K | 288.18K |
| Stock-Based Compensation | 9.45M | 5.39M | 4.62M | 6.02M | 5.03M | 3.12M | -1.13M | 17.24M | 35.41M | 43.33M | 37.9M | 12.43M | 7.32M | 9.26M | 5.45M | 1.18M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 184K | 0 | 0 | 403.22K | 323.75K | 126.86K | 149.12K | -7.21M | 164.28K | -5.79M | 47.87K |
| Other Non-Cash Items | 102.5M | 15.84M | -3K | 99K | 66K | 656K | 220K | 381K | 1.03M | 182.99K | 163.27K | 353.13K | 7.35M | 2 | 6.02M | 18.08K |
| Working Capital Changes | 1.36M | 1.34M | 5.75M | 953K | 22.32M | -22.77M | -15.6M | 3.45M | -445.6K | -968.44K | 20.99M | 7.16M | -2.82M | 1.05M | -1.76M | 339.3K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 2.15M | -2.07M | 34K | 1.68M | 4.22K | -1.38M | 162.25K | -196.78K | -105.78K | -212.35K | 3.92K |
| Change in Inventory | -8.77M | -16.11M | 0 | 0 | 0 | -16.18M | 2.33M | -527K | -2.14M | -5M | -2.17M | 147.93K | -185.47K | 42.38K | 8.15K | 119.48K |
| Change in Payables | 4.83M | 15.83M | 272K | 8.42M | 3.46M | -7.56M | -5.08M | -7.65M | 12.43M | 4.69M | 4.02M | 9.83M | -669.59K | 952.9K | -2.09M | 1.51M |
| Cash from Investing | -1.3M | -1.37M | -757K | -808K | -100K | -433K | -2.87M | -5.66M | -11.81M | -11.03M | -9.16M | -6.38M | -1.73M | -2.58M | -629.23K | -1.76M |
| Capital Expenditures | -149K | 0 | -2.34M | -677K | -754K | -918K | -2.79M | -5.57M | -6.49M | -10.62M | -9.05M | -5.38M | -1.53M | -2.15M | -616.73K | -1.21M |
| CapEx % of Revenue | - | - | - | 4.3% | 15.71% | 16.08% | 24.73% | 37.85% | 50.67% | 92.2% | 114.21% | 2435.18% | 597.97% | 854.77% | 267.45% | 739.81% |
| Acquisitions | 0 | 0 | 0 | 0 | 7.61K | 511.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -434.92K | -57.48K | -546.76K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.15M | -1.37M | 1.58M | 0 | -611 | 604K | 26K | -30K | 0 | 0 | 0 | 0 | 0 | 0 | 44.98K | 282 |
| Cash from Financing | 365.97M | 276.18M | 587K | 6.77M | 194.1M | 274K | 149.55M | 207.58M | 178.62M | 402.58K | 1.84M | 287.53M | 152.81M | 29.78M | 63.3M | 16.35M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -474K | -582.92K | -303K | -4.65M | -1.8M | -578K | -289.22K | 735.79K | 3.65M | 1.12M | -245.18K | -10.81K |
| Equity Issued (Net) | 276.51M | 277.04M | 587K | 6.77M | 194.59M | 978K | 149.89M | 208.94M | 151.7M | 1M | 1.96M | 262.79M | 114.01M | 21.3M | 49.31M | 12.55M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.03M | -4.94M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -47K | -154K | 0 | 0 | -563K | 0 | -572.36K | -29.33K | -56.64K | -190.96K | -1.15M | 0 | -359.06K | 0 |
| Other Financing | 89.46M | -854.56K | 0 | 0 | -20K | -121.08K | -35K | 3.29M | -506.34K | -163.03K | 83.23K | -26.25K | 85.24K | -421 | 1 | -1 |
| Net Change in Cash | 216.21M | 161.71M | -108.91M | -67.83M | 131.9M | -119.05M | 3.1M | 52.68M | -20.65M | -166.93M | -73.81M | 249.13M | 118.62M | 2.89M | 44.87M | 4.23M |
| Free Cash Flow | -151.2M | -121.18M | -106.81M | -80.33M | -56.45M | -109.16M | -168.42M | -153.94M | -193.23M | -171.53M | -74.73M | -37.31M | -33.99M | -26.46M | -18.42M | -11.57M |
| FCF Margin % | - | - | - | -510.75% | -1176.13% | -1912.4% | -1493.65% | -1046.67% | -1507.87% | -1489.12% | -942.78% | -16892.3% | -13246.17% | -10526.58% | -7987.31% | -7081.8% |
| FCF Growth % | -67.15% | -13.45% | -32.97% | -42.29% | 48.28% | 35.19% | -9.41% | 20.33% | -12.65% | -129.52% | -100.33% | -9.77% | -28.47% | -43.64% | -59.19% | - |
| FCF per Share | -0.00 | -21.71 | -5.55 | -4.22 | -3.65 | -9.91 | -15.57 | -20.80 | -33.40 | -34.64 | -15.28 | -7.94 | -10.07 | -9.72 | -6.89 | -4.32 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.82x | 0.92x | 1.10x | 0.58x | 1.11x | 1.04x | 0.86x | 0.98x | 0.91x | 0.52x | 0.66x | 1.12x | 0.91x | 1.05x | 1.10x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and liquidity constraints
According to recent financial disclosures, DBVT's operating cash flow consistently tracks its net losses, with the OCF/NI ratio reaching 1.03 in 2026Q1, indicating that the company's cash burn is almost entirely driven by its ongoing, non-revenue-generating clinical development activities and associated administrative overhead.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash adjustments or working capital tailwinds to mitigate its quarterly cash outflows. Investors should monitor this alignment, as it confirms that the reported net loss is a direct proxy for the actual cash depletion occurring within the business.
As reported in quarterly filings, DBVT's free cash flow remains deeply negative, with a quarterly burn rate that reached $49.1 million in 2026Q1, reflecting the heavy financial burden of funding late-stage clinical trials without any offsetting commercial revenue to stabilize the company's cash position.
The trajectory of free cash flow highlights a structural reliance on external capital to sustain operations, as the company has yet to achieve a commercial inflection point. This persistent negative trend suggests that the firm's survival is contingent upon its ability to manage clinical trial costs while awaiting potential regulatory approval.
Based on historical data, DBVT's working capital changes have shown significant quarterly fluctuations, such as the $11.2 million inflow in 2024Q4, which appears to provide only temporary relief against the company's underlying operational cash burn rather than signaling a sustainable improvement in liquidity management.
These shifts in working capital appear to be driven by timing differences in payables and accruals rather than operational efficiency. Analysts should be cautious in interpreting these movements, as they do not represent a fundamental change in the company's ability to generate cash from its core activities.
Analysis of the cash flow statement reveals that DBVT's reported figures are heavily influenced by stock-based compensation and fluctuating depreciation, which, as noted in recent filings, may obscure the true magnitude of the cash required to maintain the company's clinical infrastructure and regulatory compliance efforts.
The reliance on non-cash adjustments to reconcile net income to operating cash flow warrants further investigation into the sustainability of the current burn rate. Investors should consider that these adjustments do not alleviate the fundamental need for cash to fund the VITESSE trial and other essential R&D programs.
Quick answers to the most common questions about buying DBVT stock.
DBV Technologies S.A. (DBVT) generated $-121.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DBV Technologies S.A. (DBVT) reported negative free cash flow of $121.2M in 2025, indicating capital requirements exceeded cash from operations.
DBV Technologies S.A. (DBVT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.