Revenue generation has effectively ceased, with the company reporting zero or near-zero quarterly revenue since 2024 while sustaining deep net losses, such as the $47.6 million deficit recorded in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 15.73M | 4.8M | 5.71M | 11.28M | 14.71M | 12.81M | 11.52M | 7.93M | 220.85K | 256.58K | 251.32K | 230.59K | 163.37K |
| Revenue Growth % | -100% | - | -100% | 227.67% | -15.91% | -49.38% | -23.33% | 14.77% | 11.25% | 45.31% | 3489.36% | -13.93% | 2.09% | 8.99% | 41.14% | - |
| Cost of Goods Sold | 13.18M | 17.67M | 6.81M | 0 | 20.3M | 9.27M | 0 | 0 | 5.03M | 3.43M | 1.42M | 139.94K | 165.38K | 140.85K | 109.71K | 238.87K |
| COGS % of Revenue | - | - | - | - | 422.9% | 162.46% | - | - | 39.27% | 29.8% | 17.85% | 63.37% | 64.45% | 56.04% | 47.58% | 146.21% |
| Gross Profit | -13.18M | -17.67M | -6.81M | 15.73M | -15.5M | -3.56M | 11.28M | 14.71M | 12.81M | 11.52M | 7.93M | 80.9K | 91.2K | 110.47K | 120.88K | -63.57K |
| Gross Margin % | - | - | - | 100% | -322.9% | -62.46% | 100% | 100% | 100% | 100% | 100% | 36.63% | 35.54% | 43.96% | 52.42% | -38.91% |
| Gross Profit Growth % | - | -159.39% | -143.32% | 201.48% | -334.75% | -131.62% | -23.33% | 14.77% | 11.25% | 45.31% | 9698.03% | -11.29% | -17.44% | -8.61% | 290.16% | - |
| Operating Expenses | 151.58M | 135.49M | 113.71M | 92.16M | 101.47M | 93.93M | 170.12M | 192.8M | 203.22M | 185.46M | 128M | 54.43M | 30.05M | 27.66M | 17.85M | 9.49M |
| OpEx % of Revenue | - | - | - | 585.96% | 2114.06% | 1645.6% | 1508.67% | 1310.86% | 1585.77% | 1610.07% | 1614.75% | 24644.21% | 11711.45% | 11006.77% | 7740.08% | 5808.79% |
| Selling, General & Admin | 30.49M | 28.37M | 23.81M | 31.94M | 17.56M | 23.83M | 44.96M | 70.73M | 82.19M | 61.47M | 48.49M | 18.89M | 9.74M | 8.71M | 6.08M | 3.1M |
| SG&A % of Revenue | - | - | - | 203.06% | 365.9% | 417.43% | 398.72% | 480.89% | 641.33% | 533.65% | 611.7% | 8552.48% | 3794.95% | 3466.92% | 2637.56% | 1898.72% |
| Research & Development | 121.86M | 107.12M | 89.9M | 60.22M | 75.5M | 70.34M | 101.61M | 112.24M | 123.5M | 126.25M | 82.9M | 36.85M | 27.43M | 23.98M | 15.21M | 8.65M |
| R&D % of Revenue | - | - | - | 382.9% | 1572.92% | 1232.24% | 901.09% | 763.13% | 963.68% | 1096.04% | 1045.84% | 16687.57% | 10689.54% | 9541.7% | 6595.2% | 5296.47% |
| Other Operating Expenses | -763.21K | 1 | 0 | -1K | 8.41M | -232K | 23.55M | 9.83M | -6.96M | -5.21M | -3.65M | -6.44M | -5.4M | -5.03M | -3.44M | -2.27M |
| Operating Income | -124.76M | -153.16M | -120.53M | -76.43M | -96.63M | -98.61M | -158.84M | -171.02M | -190.12M | -173.94M | -122.13M | -54.34M | -29.82M | -27.48M | -17.67M | -9.41M |
| Operating Margin % | - | - | - | -485.96% | -2013.15% | -1727.65% | -1408.67% | -1162.79% | -1483.57% | -1509.99% | -1540.62% | -24603.46% | -11622.2% | -10932.76% | -7664.19% | -5760.44% |
| Operating Income Growth % | - | -27.08% | -57.69% | 20.9% | 2.01% | 37.92% | 7.12% | 10.04% | -9.3% | -42.42% | -124.76% | -82.21% | -8.53% | -55.47% | -87.79% | - |
| EBITDA | -111.58M | -135.49M | -113.71M | -63.27M | -76.33M | -90.24M | -148.38M | -168.43M | -186.88M | -170.64M | -120.63M | -53.06M | -29.01M | -27.01M | -17.3M | -9.19M |
| EBITDA Margin % | - | - | - | -402.28% | -1590.25% | -1580.9% | -1315.9% | -1145.15% | -1458.31% | -1481.34% | -1521.8% | -24023.87% | -11305.13% | -10745.4% | -7502.71% | -5625.17% |
| EBITDA Growth % | -3.58% | -19.15% | -79.73% | 17.11% | 15.41% | 39.18% | 11.9% | 9.87% | -9.52% | -41.45% | -127.37% | -82.91% | -7.41% | -56.09% | -88.25% | - |
| D&A (Non-Cash Add-back) | 13.18M | 17.67M | 6.81M | 13.16M | 20.3M | 8.38M | 10.46M | 2.6M | 3.24M | 3.3M | 1.49M | 1.28M | 813.52K | 470.88K | 372.34K | 220.99K |
| EBIT | -124.55M | -153.16M | -117.8M | -76.43M | -96.98M | -99.53M | -135.29M | -171.02M | -190.43M | -173.36M | -121.74M | -48.68M | -29.07M | -26.63M | -17.04M | -9.33M |
| Net Interest Income | 1.05M | 601.86K | 2.73M | 3.71M | -20.71K | -169K | -724K | -377.93K | 162.44K | -3.25M | 1.58M | 953.36K | 758.79K | 892.04K | 651.11K | 25.64K |
| Interest Income | 1.7M | 601.86K | 2.73M | 3.71M | 406.29K | 521K | 0 | 0 | 563.94K | 867.09K | 1.59M | 1.11M | 884.04K | 925.18K | 684.45K | 80.85K |
| Interest Expense | 656.16K | 0 | 0 | 0 | 427K | 690K | 724K | 377.93K | 479.76K | 3.99M | 17.65K | 159.62K | 125.25K | 33.14K | 33.34K | 55.21K |
| Other Income/Expense | -47.45M | 601.86K | 2.73M | 3.71M | 427K | 424K | -723K | -378K | 161.53K | -3.25M | 1.66M | 1.04M | 760.01K | 893.42K | 651.11K | 25.64K |
| Pretax Income | -172.21M | -152.56M | -117.8M | -72.72M | -96.2M | -98.19M | 159.56M | -171.4M | -190.24M | -177.11M | -126.35M | -48.52M | -29.07M | -26.59M | -17.08M | -10.07M |
| Pretax Margin % | - | - | - | -462.35% | -2004.25% | -1720.22% | 1415.09% | -1165.35% | -1484.52% | -1537.56% | -1593.87% | -21969.51% | -11327.94% | -10579.03% | -7405.29% | -6163.81% |
| Income Tax | -4.4M | -5.16M | -4.08M | 7K | 70K | -381K | 10K | 610K | 17.16K | 1.2K | 1.67M | 1.21M | 1.15M | 1.23M | 0 | 105.44K |
| Effective Tax Rate % | 2.55% | 3.38% | 3.47% | -0.01% | -0.07% | 0.39% | 0.01% | -0.36% | -0.01% | -0% | -1.32% | -2.5% | -3.95% | -4.62% | 0% | -1.05% |
| Net Income | -167.81M | -147.4M | -113.72M | -72.73M | -96.3M | -97.81M | -159.56M | -172.01M | -190.26M | -177.2M | -126.35M | -48.52M | -29.07M | -26.59M | -17.02M | -9.38M |
| Net Margin % | - | - | - | -462.4% | -2006.25% | -1713.54% | -1415% | -1169.51% | -1484.65% | -1538.29% | -1593.88% | -21969.51% | -11327.94% | -10579.03% | -7382.74% | -5744.52% |
| Net Income Growth % | -47.7% | -29.62% | -56.36% | 24.48% | 1.54% | 38.7% | 7.24% | 9.59% | -7.37% | -40.25% | -160.41% | -66.93% | -9.32% | -56.17% | -81.4% | - |
| Net Income (Continuing) | -167.81M | -147.4M | -113.72M | -72.73M | -96.27M | -98.05M | -159.56M | -172.01M | -190.26M | -177.2M | -120.55M | -49.54M | -29.2M | -26.66M | -17.08M | -9.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.00 | -26.40 | -5.90 | -3.80 | -6.20 | -8.90 | -14.75 | -26.40 | -39.25 | -42.00 | -4.90 | -10.35 | -8.60 | -13.00 | -6.35 | -4.55 |
| EPS Growth % | 11.82% | -347.46% | -55.26% | 38.71% | 30.34% | 39.66% | 44.13% | 32.74% | 6.55% | -757.14% | 52.66% | -20.35% | 33.85% | -104.72% | -39.56% | - |
| EPS (Basic) | - | -26.40 | -5.90 | -3.80 | -6.20 | -8.90 | -14.75 | -26.40 | -39.25 | -42.00 | -4.90 | -10.35 | -8.60 | -13.00 | -6.40 | -4.55 |
| Diluted Shares Outstanding | 85.66T | 5.58M | 19.23M | 19.02M | 15.48M | 11.02M | 10.82M | 7.4M | 5.79M | 4.95M | 4.89M | 4.7M | 3.38M | 2.72M | 2.67M | 2.68M |
| Basic Shares Outstanding | 85.66T | 5.58M | 19.23M | 19.02M | 15.48M | 11.02M | 10.82M | 7.4M | 5.79M | 4.95M | 4.89M | 4.68M | 3.38M | 2.72M | 2.67M | 2.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory approval and liquidity
As indicated by the company's recent financial disclosures, DBVT has effectively transitioned to a pre-revenue state, with quarterly revenue figures consistently hitting zero or near-zero levels since 2024, underscoring the firm's total reliance on future regulatory milestones rather than current commercial product sales to drive top-line growth.
The absence of meaningful revenue reflects the company's status as a clinical-stage entity awaiting BLA resubmission. Investors should note that the sporadic, minimal revenue reported in prior periods appears to be non-recurring, suggesting that the current trajectory is entirely dependent on the successful commercialization of the Viaskin platform.
Based on reported income statements, DBVT's cost structure is dominated by R&D expenditures, which reached $33.4 million in 2026Q1, highlighting the significant capital intensity required to sustain late-stage clinical trials like VITESSE while the company lacks any offsetting commercial revenue streams to mitigate these ongoing operational outflows.
The concentration of spending in R&D is a structural necessity for a biotech firm at this stage, yet it leaves the company highly exposed to clinical trial outcomes. Management's inability to scale down these costs without jeopardizing the regulatory path suggests that the current high-burn environment will likely persist until a definitive approval decision is reached.
According to the provided financial data, DBVT consistently reports deep net losses, such as the $47.6 million deficit in 2026Q1, which are exacerbated by fluctuating stock-based compensation and the absence of stable operating income, complicating any attempt to assess the underlying quality of the company's earnings.
The volatility in net income appears driven by the timing of clinical trial costs and non-operating items rather than operational efficiency. Analysts should be wary of interpreting these losses as purely transitory, as the lack of a commercial foundation means there is no core earnings base to anchor the company's valuation.
As highlighted by historical BLA withdrawals and recent financial filings, the primary risk to the investment thesis is the potential for further regulatory delays, which could exhaust the company's $194 million cash reserve and force dilutive financing before the Viaskin platform can demonstrate any commercial viability.
Short-term observers may focus on the company's ability to manage its cash runway, but the deeper risk remains the regulatory threshold for clinical efficacy. If the VITESSE trial fails to meet FDA expectations, the company's primary asset may face permanent impairment, rendering the current cost structure unsustainable.
Quick answers to the most common questions about buying DBVT stock.
For fiscal year 2025, DBV Technologies S.A. (DBVT) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.2M in 2011.
DBV Technologies S.A. (DBVT) reported a net loss of $147.4M for the fiscal year ending 2025.