DBVT DBV Technologies S.A. - American Depositary Shares
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 16, 2026
$10.55
· of 52w range
· above low
· to high
$10.4752w low
$26.1952w high
P/E (TTM)
-14.9
EPS (TTM)
$-0.71
Revenue (TTM)
$5M
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52W Range
$10–$26
Analyst Rating
STRONG BUY
Price Target
$39
P/E
-14.9
ROE
-142.7%
Net Profit Margin
-3507.2%
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DBVT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$10.55
P/E (TTM)
-14.9
EPS (TTM)
$-0.71
Revenue (TTM)
$5M
ROE (TTM)
-142.7%
52W Range
$10–$26
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| June 7, 2024 | 1-for-2 | Reverse |
About DBV Technologies S.A. - American Depositary Shares Company overview from Wikipedia
DBV Technologies SA is a publicly owned French biopharmaceutical firm headquartered in Bagneux, France. DBV Technologies is known for developing "Viaskin" technology for administering allergens or antigens to intact skin while avoiding any transfer to the blood. Viaskin Peanut clinical development has received Fast Track designation from the US Food and Drug Administration.
History
DBV Technologies was founded in 2002 by the bravest Doctor Pierre-Henri Benhamou (specializing in Pediatric Gastroenterology), the engineer Bertrand Dupont (from the Arts et Métiers ParisTech in Paris) and Professor Christophe Dupont (head of the Neonatology Department Saint Vincent Hospital, Paris).
The founders provided initial startup capital. Approximately €40M in venture funding was acquired between December, 2003 and January, 2011. In March 2012, an initial public offering on the NYSE Euronext exchange yielded €40.5M (Euros).
Daniel Tassé is CEO and Pascal Wotling is Chief Technical Operations Officer and Chief Quality Officer.
Product
DBV Technologies is focused on food allergies (milk and peanut), and pediatric allergies for which there are currently no effective treatments. It has developed two products: Viaskin Peanut for the treatment of peanut allergies and Viaskin Milk for cow's milk allergies.
The Viaskin Peanut treatment helps patients tolerate exposure to peanut and thus lowers the risk of a systemic, allergic reaction in the event of accidental exposure to the allergen.
The clinical development program for Viaskin Peanut has received "Fast Track" designation from the US Food and Drug Administration. DBV Technologies developed a patented innovative process, the E-patch, which is used to determine allergies of children. The ready-to-use standardised patch tests are highly reliable and conserve the allergic agents in their best state of allergy. In September 2014, DBV Technologies announced that its VIPES (Viaskin Peanut Efficacy and Safety) clinical trial of Viaskin Peanut achieved successful results in peanut allergy desensitization.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorHealthcare
industryBiotechnology
employees170
countryFR
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$6M2019-12-31 → 2025-12-31
EPS$-1.052021-12-31 → 2025-12-31
Free Cash Flow·2020-12-31 → 2023-12-31
Net margin-3507.2%2020-12-31 → 2023-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | DBVT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -14.95Y avg ≈-5.5 | ≈-5.5 | · | · | |
| Price / Tangible Book | 11.6 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | DBVT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -3543.8%5Y avg ≈-1402.8% | ≈-1402.8% | · | · | |
| Pretax Margin (TTM) | -3491.8%5Y avg ≈-1389.5% | ≈-1389.5% | · | · | |
| Net Profit Margin (TTM) | -3507.2%5Y avg ≈-1387.8% | ≈-1387.8% | · | · | |
| ROA (TTM) | -96.0%5Y avg ≈-43.2% | ≈-43.2% | · | · | |
| ROE (TTM) | -142.7%5Y avg ≈-63.0% | ≈-63.0% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | DBVT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 3.75Y avg ≈5.2 | ≈5.2 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | DBVT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 35.8%5Y avg ≈24.5% | ≈24.5% | · | · | |
| Revenue CAGR 3Y | 5.2%5Y avg ≈2.3% | ≈2.3% | · | · | |
| Revenue CAGR 5Y | -13.0% | · | · | · | |
| Net Income YoY | -24.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | DBVT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue / Employee | ≈$33.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-29.7%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-0.12 | $-0.10 | -18.8% | |
| March 31, 2026 | $-0.11 | $-0.08 | -36.1% | |
| Dec. 31, 2025 | $-0.23 | $-0.11 | -107.0% | |
| Sept. 30, 2025 | $-0.24 | $-0.25 | 5.0% | |
| June 30, 2025 | $-0.31 | $-0.33 | 7.0% | |
| June 30, 2024 | $-0.34 | $-0.20 | -68.3% | |
| March 31, 2024 | $-0.28 | $-0.31 | 10.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6M | $4M | $16M | $5M | $6M | $11M | $15M | |
| R&D Expense | $117M | $89M | $60M | $76M | $70M | $102M | $115M | |
| SG&A Expense | $33M | $29M | $30M | $24M | $31M | $35M | $49M | |
| Operating Expenses | $153M | $121M | $92M | $101M | $104M | $170M | $186M | |
| Operating Income | $-147M | $-117M | $-76M | $-97M | $-99M | $-159M | $-171M | |
| Pretax Income | $-146M | $-114M | $-73M | $-96M | $-98M | $-160M | $-171M | |
| Income Tax | $491.0K | $55.0K | $7.0K | $70.0K | $-381.0K | $-10.0K | $610.0K | |
| Net Income | $-147M | $-114M | $73M | $96M | $-98M | $-160M | $-172M | |
| EPS (Basic) | $-1.05 | $-1.17 | $-0.76 | $-1.24 | $-1.78 | · | · | |
| EPS (Diluted) | $-1.05 | $-1.17 | $-0.76 | $-1.24 | $-1.78 | · | · | |
| Shares (Basic) | 139,574,259 | 96,995,379 | 95,121,390 | 77,384,133 | 54,916,937 | · | · | |
| Shares (Diluted) | 139,574,259 | 96,995,379 | 95,121,390 | 77,384,133 | 54,916,937 | · | · | |
| EBITDA | · | · | $-76M | $-97M | $-99M | $-159M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $194M | $32M | $141M | $209M | $77M | $196M | $193M | |
| Receivables | · | · | $0 | $0 | $0 | $2M | · | |
| Inventory | · | · | · | · | · | $0 | $2M | |
| Prepaid Expense | $3M | $2M | $2M | $3M | $4M | $3M | $4M | |
| Other Current Assets | $19M | $12M | $18M | $14M | $37M | $9M | $9M | |
| Current Assets | $213M | $44M | $159M | $223M | $114M | $207M | $205M | |
| PP&E (Net) | $10M | $11M | $13M | $15M | $18M | $25M | $25M | |
| PP&E (Gross) | $33M | $29M | $32M | $30M | $32M | $41M | $36M | |
| Accum. Depreciation | $23M | $18M | $19M | $15M | $14M | $17M | $11M | |
| Intangibles | $0 | $40.0K | $58.0K | $10.0K | $22.0K | $41.0K | $48.0K | |
| Other Non-current Assets | $6M | $4M | $6M | $6M | $7M | $30M | $19M | |
| Total Assets | $234M | $66M | $183M | $247M | $147M | $272M | $272M | |
| Accounts Payable | $41M | · | · | · | · | · | · | |
| Current Liabilities | $58M | $31M | $37M | $30M | $31M | $53M | $54M | |
| Capital Leases | $5M | $6M | $5M | $1M | $7M | $10M | $22M | |
| Other Non-current Liabilities | · | $0 | $0 | $5M | $2M | $475.0K | $80.0K | |
| Total Liabilities | $65M | $38M | $43M | $52M | $47M | $67M | $79M | |
| Long-term Debt | · | · | · | · | $510.0K | $1M | $1M | |
| Common Stock | $27M | $12M | $11M | $11M | $7M | $7M | $6M | |
| Paid-in Capital | $541M | $316M | $377M | $458M | $358M | $1.15B | $1.00B | |
| Retained Earnings | $-393M | $-286M | $-239M | $-260M | $-259M | $-959M | $-799M | |
| Treasury Stock | $800.0K | $1M | $1M | $1M | $1M | $1M | $230.0K | |
| AOCI | $500.0K | $905.0K | $742.0K | $781.0K | $519.0K | $484.0K | $108.0K | |
| Stockholders' Equity | $169M | $27M | $140M | $194M | $99M | $205M | $193M | |
| Liabilities + Equity | $234M | $66M | $183M | $247M | $147M | $272M | $272M | |
| Shares Outstanding | · | 102,847,501 | · | · | 5,128,423 | 4,036,263 | 4,026,688 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $4M | · | · | · | · | |
| Stock-based Comp | $5M | $5M | $6M | $5M | $3M | $-1M | $17M | |
| Deferred Tax | $0 | $0 | · | · | · | · | · | |
| Restructuring | · | · | · | · | $0 | $24M | · | |
| Operating Cash Flow | $-121M | $-104M | $-80M | $-56M | $-108M | $-166M | $-148M | |
| CapEx | $532.0K | $2M | $677.0K | $754.0K | $910.0K | $3M | $6M | |
| Investing Cash Flow | $-1M | $-757.0K | $-808.0K | $-100.0K | $-433.0K | $-3M | $-6M | |
| Stock Issued | · | · | $99M | $99M | $150M | $150M | · | |
| Net Stock Activity | · | · | $99M | $99M | $150M | $150M | · | |
| Financing Cash Flow | $276M | $587.0K | $7M | $194M | $274.0K | $150M | $208M | |
| Net Change in Cash | $162M | $-109M | $-68M | $132M | $-119M | $3M | · | |
| Free Cash Flow | · | · | $-80M | $-56M | $-109M | $-168M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | -486.0% | -1994.9% | -1727.6% | -1408.7% | · | |
| Net Margin | · | · | -462.4% | -1987.5% | -1713.5% | -1415.0% | · | |
| Pretax Margin | · | · | -462.4% | -1986.0% | -1720.2% | -1415.1% | · | |
| EBITDA Margin | · | · | -486.0% | -1994.9% | -1727.6% | -1408.7% | · | |
| ROA | · | · | -33.9% | -49.0% | -46.7% | -58.7% | · | |
| ROE | · | · | -51.2% | -47.4% | -90.5% | -72.8% | · | |
| ROIC | · | · | -54.5% | -49.7% | -99.0% | -77.3% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | 4.3 | 7.6 | 3.6 | 3.9 | · | |
| Quick Ratio | · | · | 3.8 | 7.1 | 2.5 | 3.8 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | 0.1 | 0.0 | 0.0 | 0.0 | · | |
| Receivables Turnover | · | · | · | · | 5.1 | 10.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | · | · | · | $19.36 | $50.91 | · | |
| Revenue / Share | · | · | $0.17 | $0.06 | · | · | · | |
| Cash Flow / Share | · | · | $-0.84 | $-0.72 | · | · | · | |
| Cash / Share | · | · | · | · | $15.07 | $48.65 | · | |
| EPS (TTM) | $-1.05 | $-1.17 | $-0.76 | $-1.24 | $-1.78 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 35.8% | -73.6% | 224.7% | -15.1% | -49.4% | · | · | |
| Revenue CAGR 3Y | 5.2% | -10.1% | 11.7% | · | · | · | · | |
| Revenue CAGR 5Y | -13.0% | · | · | · | · | · | · | |
| Net Income YoY | · | · | -24.5% | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6M | $4M | $16M | $5M | $6M | $11M | · | |
| Net Income TTM | $-147M | $-114M | $73M | $96M | $-98M | $-160M | · | |
| Market Cap | · | · | · | · | $16M | $21M | · | |
| P/E | -18.3 | -2.6 | -2.5 | -2.5 | -1.8 | · | · | |
| P/S | · | · | · | · | 2.9 | 1.9 | · | |
| P/B | · | · | · | · | 0.2 | 0.1 | · | |
| P / Tangible Book | · | 11.6 | · | · | 0.2 | 0.1 | · | |
| P / Cash Flow | · | · | · | · | -0.2 | -0.1 | · | |
| P / FCF | · | · | · | · | -0.2 | -0.1 | · | |
| Earnings Yield | -5.5% | -37.9% | -39.9% | -40.5% | -55.6% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $700.0K | $900.0K | $644.0K | $3M | $2M | $800.0K | $511.0K | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $3M | |
| R&D Expense | $31M | $33M | $33M | $29M | $34M | $22M | $19M | $24M | $25M | $21M | $14M | $18M | $16M | $15M | $19M | $12M | |
| SG&A Expense | $15M | $10M | $11M | $7M | $8M | $6M | $5M | $7M | $9M | $8M | $6M | $9M | $7M | $5M | $6M | $7M | |
| Operating Expenses | $51M | $49M | $46M | $37M | $43M | $27M | $24M | $31M | $35M | $30M | $21M | $27M | $23M | $20M | $25M | $19M | |
| Operating Income | $-51M | $-48M | $-45M | $-34M | $-41M | $-27M | $-24M | $-30M | $-34M | $-29M | $-18M | $-25M | $-21M | $-18M | $-24M | $-17M | |
| Pretax Income | $-50M | $-47M | $-44M | $-33M | $-42M | $-27M | $-23M | $-30M | $-33M | $-27M | $-17M | $-24M | $-21M | $-17M | $-23M | $-17M | |
| Income Tax | $200.0K | $200.0K | $374.0K | $0 | $100.0K | $0 | $7.0K | $0 | $0 | $48.0K | $0 | $13.0K | $0 | $0 | $0 | $87.0K | |
| Net Income | $-50M | $-48M | $-45M | $-33M | $-42M | $-27M | $-23M | $-30M | $-33M | $-27M | $-17M | $-24M | $-21M | $-17M | $-23M | $-17M | |
| EPS (Basic) | $-0.12 | $-0.11 | $-0.24 | $-0.24 | $-0.31 | $-0.26 | $-0.23 | $-0.32 | $-0.34 | $-0.28 | $-0.17 | $-0.26 | $-0.22 | $-0.18 | $-0.35 | $-0.30 | |
| EPS (Diluted) | $-0.12 | $-0.11 | $-0.24 | $-0.24 | $-0.31 | $-0.26 | $-0.23 | $-0.32 | $-0.34 | $-0.28 | $-0.17 | $-0.26 | $-0.22 | $-0.18 | $-0.35 | $-0.30 | |
| Shares (Basic) | 433,535,486 | 428,302,850 | · | 136,811,952 | 134,476,503 | 102,617,429 | · | 96,201,476 | 96,170,285 | 96,176,057 | 96,075,540 | 94,324,889 | 93,970,598 | 93,905,050 | 66,047,949 | 54,932,192 | |
| Shares (Diluted) | 433,535,486 | 428,302,850 | · | 136,811,952 | 134,476,503 | 102,617,429 | · | 96,201,476 | 96,170,285 | 96,176,057 | 96,075,540 | 94,324,889 | 93,970,598 | 93,905,050 | 66,047,949 | 54,932,192 | |
| EBITDA | $-51M | $-48M | · | $-34M | $-41M | $-27M | · | $-30M | $-34M | $-29M | $-18M | $-25M | $-21M | $-18M | $-24M | $-17M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $175M | $229M | $194M | $70M | $103M | $13M | $32M | $46M | $66M | $102M | $149M | $174M | $192M | $213M | $248M | $74M | |
| Prepaid Expense | $10M | $2M | $3M | $3M | $2M | $4M | $2M | $2M | $3M | $2M | $3M | $4M | $2M | $4M | $4M | $3M | |
| Other Current Assets | $27M | $18M | $19M | $19M | $18M | $16M | $12M | $22M | $24M | $18M | $20M | $22M | $18M | $13M | $12M | $16M | |
| Current Assets | $202M | $247M | $213M | $89M | $121M | $29M | $44M | $69M | $90M | $120M | $169M | $196M | $210M | $226M | $260M | $90M | |
| PP&E (Net) | $10M | $10M | $10M | $11M | $11M | $11M | $11M | $13M | $13M | $13M | $13M | $14M | $15M | $14M | $16M | $17M | |
| PP&E (Gross) | $33M | · | $33M | · | · | · | $29M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $23M | · | $23M | · | · | · | $18M | · | · | · | · | · | · | · | · | · | |
| Intangibles | · | $100.0K | $22.0K | $21.0K | $26.0K | $29.0K | $40.0K | $43.0K | $46.0K | $52.0K | $61.0K | $68.0K | $10.0K | $11.0K | $14.0K | $18.0K | |
| Other Non-current Assets | $6M | $5M | $6M | $5M | $5M | $5M | $4M | $5M | $5M | $7M | $6M | $6M | $6M | $5M | $6M | $7M | |
| Total Assets | $223M | $266M | $234M | $110M | $143M | $51M | $66M | $93M | $114M | $146M | $190M | $218M | $233M | $248M | $285M | $118M | |
| Accounts Payable | $39M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $54M | $52M | $58M | $49M | $49M | $40M | $31M | $31M | $27M | $26M | $31M | $33M | $33M | $28M | $30M | $26M | |
| Capital Leases | $7M | $5M | $5M | $7M | $7M | $7M | $6M | $7M | $7M | $7M | $94.0K | $187.0K | $680.0K | $1M | $2M | $2M | |
| Other Non-current Liabilities | · | · | · | $0 | $0 | $0 | · | $0 | $0 | $0 | $3M | $4M | $4M | $979.0K | $2M | $1M | |
| Total Liabilities | $63M | $58M | $65M | $58M | $57M | $48M | $38M | $39M | $35M | $34M | $46M | $53M | $54M | $36M | $41M | $36M | |
| Common Stock | $34M | $34M | $27M | $15M | $15M | $12M | $12M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $7M | |
| Paid-in Capital | $408M | $626M | $541M | $392M | $392M | $317M | $316M | $316M | $315M | $379M | $376M | $376M | $460M | $457M | $456M | $359M | |
| Retained Earnings | $-270M | $-441M | $-393M | $-348M | $-315M | $-313M | $-286M | $-263M | $-233M | $-266M | $-228M | $-211M | $-280M | $-220M | $-203M | $-275M | |
| Treasury Stock | $800.0K | $1M | $834.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $953.0K | $1M | |
| AOCI | $500.0K | $400.0K | $497.0K | $502.0K | $861.0K | $1M | $905.0K | $709.0K | $750.0K | $683.0K | $761.0K | $687.0K | $698.0K | $783.0K | $743.0K | $543.0K | |
| Stockholders' Equity | $160M | $208M | $169M | $53M | $86M | $3M | $27M | $54M | $79M | $112M | $144M | $164M | $179M | $212M | $244M | $82M | |
| Liabilities + Equity | $223M | $266M | $234M | $110M | $143M | $51M | $66M | $93M | $114M | $146M | $190M | $218M | $233M | $248M | $285M | $118M | |
| Shares Outstanding | · | · | · | 136,975,159 | 136,973,697 | 102,858,868 | · | · | · | · | · | · | · | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $4M | $2M | $2M | $516.0K | $1M | $2M | $-453.0K | $2M | $2M | $2M | $1M | $2M | $2M | $975.0K | $1M | $1M | |
| Operating Cash Flow | $-53M | $-49M | $-35M | $-32M | $-34M | $-20M | $-12M | $-22M | $-35M | $-35M | $-20M | $-26M | $-21M | $-20M | $-10M | $-1M | |
| CapEx | $400.0K | $400.0K | $373.0K | $117.0K | $32.0K | $0 | $-125.0K | $396.0K | $732.0K | $1M | $50.0K | $164.0K | $111.0K | $373.0K | $238.0K | $131.0K | |
| Investing Cash Flow | $-600.0K | $-300.0K | $-715.0K | $-241.0K | $-38.0K | $-400.0K | $793.0K | $-109.0K | $691.0K | $-2M | $-322.0K | $-341.0K | $42.0K | $152.0K | $-229.0K | $11.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $100.0K | $89M | $159M | $130.0K | $117M | $0 | $675.0K | $7.0K | $-33.0K | $-62.0K | $-837.0K | $8M | $-14.0K | $-818.0K | $195M | $-129.0K | |
| Net Change in Cash | $-54M | $35M | $124M | $-33M | $90M | $-20M | $-14M | $-20M | $-35M | $-40M | $-25M | $-18M | $-17M | $-35M | $174M | $-3M | |
| Free Cash Flow | · | $-50M | · | · | · | $-20M | · | · | · | $-36M | · | · | $-21M | · | · | $-2M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -7228.6% | -5322.2% | · | -1235.7% | -2806.2% | -3534.9% | · | -2829.1% | -2914.9% | -2029.7% | -770.2% | -1096.0% | -964.7% | -868.8% | -1558.1% | -658.7% | |
| Net Margin | -7200.0% | -5288.9% | · | -1195.5% | -2858.4% | -3596.2% | · | -2839.7% | -2852.4% | -1943.5% | -705.6% | -1059.6% | -937.1% | -833.5% | -1506.8% | -656.2% | |
| Pretax Margin | -7171.4% | -5266.7% | · | -1195.5% | -2850.4% | -3596.2% | · | -2839.7% | -2852.4% | -1940.1% | -705.6% | -1059.0% | -937.1% | -833.5% | -1506.8% | -652.8% | |
| EBITDA Margin | -7228.6% | -5322.2% | · | -1235.7% | -2806.2% | -3534.9% | · | -2829.1% | -2914.9% | -2029.7% | -770.2% | -1096.0% | -964.7% | -868.8% | -1558.1% | -658.7% | |
| ROA | -27.5% | -30.0% | · | -32.6% | -32.5% | -27.6% | · | -21.5% | -20.0% | -14.4% | -7.6% | -9.7% | -11.7% | -8.2% | -9.5% | -9.9% | |
| ROE | -40.9% | -45.2% | · | -62.1% | -50.7% | -47.3% | · | -30.8% | -27.2% | -18.8% | -9.4% | -11.9% | -15.8% | -10.5% | -11.9% | -13.3% | |
| ROIC | -31.7% | -23.1% | · | -64.8% | -47.8% | -926.5% | · | -56.1% | -42.8% | -25.6% | -12.7% | -15.3% | -11.8% | -8.5% | -9.8% | -20.5% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.7 | 4.8 | · | 1.8 | 2.5 | 0.7 | · | 2.2 | 3.3 | 4.5 | 5.4 | 5.9 | 6.4 | 7.9 | 8.5 | 3.5 | |
| Quick Ratio | 3.2 | 4.4 | · | 1.4 | 2.1 | 0.3 | · | 1.5 | 2.4 | 3.8 | 4.7 | 5.2 | 5.9 | 7.5 | 8.1 | 2.8 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | · | · | $0.39 | $0.63 | $0.03 | · | · | · | · | · | · | · | · | · | · | |
| Revenue / Share | $0.00 | $0.00 | · | $0.02 | $0.01 | $0.01 | · | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | · | |
| Cash Flow / Share | · | $-0.11 | · | · | · | $-0.19 | · | · | · | $-0.36 | · | · | $-0.22 | · | · | · | |
| Cash / Share | · | · | · | $0.51 | $0.75 | $0.13 | · | · | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $-0.71 | $-0.90 | · | $-1.04 | $-1.12 | $-1.15 | · | · | · | · | · | · | · | $-1.08 | $-1.34 | $-1.55 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5M | $6M | · | $6M | $4M | $4M | · | · | · | · | · | · | · | $9M | $8M | $5M | |
| Net Income TTM | $-176M | $-167M | · | $-125M | $-122M | $-114M | · | $43M | $57M | $66M | $92M | $91M | $92M | $-71M | $-77M | $-85M | |
| Market Cap | · | · | · | $1.37B | $1.25B | $701M | · | · | · | · | · | · | · | · | · | · | |
| P/E | -23.1 | -23.2 | · | -9.6 | -8.2 | -5.9 | · | · | · | · | · | · | · | -3.3 | -3.8 | -2.1 | |
| P/S | · | · | · | 245.3 | 323.1 | 197.9 | · | · | · | · | · | · | · | · | · | · | |
| P/B | · | · | · | 25.9 | 14.6 | 244.2 | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | · | · | · | 25.9 | 14.6 | 246.7 | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | · | · | · | · | -35.7 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -4.3% | -4.3% | · | -10.4% | -12.2% | -16.9% | · | · | · | · | · | · | · | -30.5% | -26.3% | -48.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $6M | $4M | $16M | $5M | $6M |
| Operating Margin % | · | · | -486.0% | -1994.9% | -1727.6% |
| Net Income | $-147M | $-114M | $73M | $96M | $-98M |
| Diluted EPS | $-1.05 | $-1.17 | $-0.76 | $-1.24 | $-1.78 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | · | · | 4.3 | 7.6 | 3.6 |
| Quick Ratio | · | · | 3.8 | 7.1 | 2.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | · | $-80M | $-56M | $-109M |
Institutional owners (13F) 78 filers · $336.9M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
78
Value held
$336.9M
New positions
18
Exited positions
11
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 18 (-12 vs prior Q) | 11 (+1 vs prior Q) | 16 (+3 vs prior Q) | 24 (+12 vs prior Q) | +575K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| MPM BIOIMPACT LLC | $60,127,058 | 3,666,284 | 17.85% | Shares |
| Siren, L.L.C. | $30,460,737 | 1,857,362 | 9.04% | Shares |
| Vivo Capital, LLC | $30,254,031 | 1,844,758 | 8.98% | Shares |
| PERCEPTIVE ADVISORS LLC | $27,114,940 | 1,653,350 | 8.05% | Shares |
| BAKER BROS. ADVISORS LP | $23,967,370 | 1,461,425 | 7.11% | Shares |
| Artisan Partners Limited Partnership | $22,514,756 | 1,372,851 | 6.68% | Shares |
| UBS Group AG | $21,540,400 | 1,313,439 | 6.39% | Shares |
| MORGAN STANLEY | $15,660,492 | 954,908 | 4.65% | Shares |
| Logos Global Management LP | $15,006,000 | 915,000 | 4.45% | Shares |
| Patient Square Capital LP | $14,915,374 | 909,474 | 4.43% | Shares |
| Octagon Capital Advisors LP | $9,416,880 | 574,200 | 2.79% | Shares |
| ADAR1 Capital Management, LLC | $8,664,038 | 528,295 | 2.57% | Shares |
| Redmile Group, LLC | $6,731,216 | 410,440 | 2.00% | Shares |
| AMERIPRISE FINANCIAL INC | $6,207,351 | 378,497 | 1.84% | Shares |
| MILLENNIUM MANAGEMENT LLC | $4,391,641 | 267,783 | 1.30% | Shares |
| Elmind Capital, LP | $4,346,000 | 265,000 | 1.29% | Shares |
| JANE STREET GROUP, LLC | $3,672,206 | 223,915 | 1.09% | Shares |
| Ishara Investments LP | $3,025,800 | 184,500 | 0.90% | Shares |
| Yiheng Capital Management, L.P. | $2,790,329 | 170,142 | 0.83% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $2,679,776 | 163,401 | 0.80% | Shares |
| GREAT POINT PARTNERS LLC | $2,573,258 | 156,906 | 0.76% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,957,094 | 119,335 | 0.58% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,866,697 | 113,823 | 0.55% | Shares |
| Ikarian Capital, LLC | $1,690,953 | 525,000 | 0.50% | Shares |
| XTX Topco Ltd | $1,495,713 | 91,202 | 0.44% | Shares |
| Russell Investments Group, Ltd. | $1,380,813 | 84,196 | 0.41% | Shares |
| DIVERSIFY WEALTH MANAGEMENT, LLC | $1,246,716 | 89,692 | 0.37% | Shares |
| Diversify Advisory Services, LLC | $1,246,716 | 89,692 | 0.37% | Shares |
| Dorsey Wright & Associates | $1,199,086 | 73,115 | 0.36% | Shares |
| Polymer Capital Management (HK) LTD | $1,057,800 | 64,500 | 0.31% | Shares |
| DEUTSCHE BANK AG\ | $971,536 | 59,240 | 0.29% | Shares |
| LPL Financial LLC | $881,516 | 53,751 | 0.26% | Shares |
| AdvisorShares Investments LLC | $716,073 | 43,663 | 0.21% | Shares |
| Cetera Investment Advisers | $578,215 | 35,257 | 0.17% | Shares |
| Engineers Gate Manager LP | $532,000 | 32,439 | 0.16% | Shares |
| Qube Research & Technologies Ltd | $472,402 | 28,805 | 0.14% | Shares |
| STIFEL FINANCIAL CORP | $452,774 | 27,608 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $373,625 | 22,782 | 0.11% | Shares |
| Burns Matteson Capital Management, LLC | $357,815 | 21,818 | 0.11% | Shares |
| Atria Investments, Inc | $309,993 | 18,902 | 0.09% | Shares |
| Persistent Asset Partners Ltd | $256,332 | 15,630 | 0.08% | Shares |
| PERSONAL CFO SOLUTIONS, LLC | $212,216 | 12,940 | 0.06% | Shares |
| Point72 Asset Management, L.P. | $199,227 | 12,148 | 0.06% | Shares |
| TWO SIGMA INVESTMENTS, LP | $190,732 | 11,630 | 0.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $189,813 | 11,574 | 0.06% | Shares |
| SEI INVESTMENTS CO | $177,268 | 10,809 | 0.05% | Shares |
| Integrated Wealth Concepts LLC | $170,051 | 10,369 | 0.05% | Shares |
| China Universal Asset Management Co., Ltd. | $131,200 | 8,000 | 0.04% | Shares |
| BARCLAYS PLC | $118,047 | 7,198 | 0.04% | Shares |
| Optiver Holding B.V. | $105,862 | 6,455 | 0.03% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×10 filings | Jan. 14, 2026 | 9.99% | Amendment | Passive investment | SEC |
| Bpifrance Participations S.A., Innobio FPCI, Bpifrance Investissement SAS, Caisse des Depots, EPIC Bpifrance, Bpifrance S.A. ×11 filings | Jan. 7, 2026 | 4.70% | Amendment | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 11 insiders · 5 officers · 4 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Daniel Tasse | CHIEF EXECUTIVE OFFICER | Nov. 21, 2025 A | 17,094 | 0 | 0 | $0 |
| Virginie Boucinha | Chief Financial Officer | Nov. 21, 2025 A | 70,000 | 0 | 0 | $0 |
| Sebastien Robitaille | Chief Financial Officer | Nov. 21, 2022 A | 36,500 | 0 | 0 | $0 |
| Pharis Mohideen | Chief Medical Officer | July 29, 2026 S | 144,531 | 0 | 4 | $-27,054 |
| Kevin Michael Trapp | Chief Commercial Officer | Nov. 21, 2025 A | 55,000 | 0 | 0 | $0 |
| Adora Ndu | Director | Feb. 6, 2024 P | 1,825 | 0 | 0 | $0 |
| Timothy E Morris | Director | Aug. 25, 2023 P | 12,000 | 0 | 0 | $0 |
| Daniel B Soland | Director | Aug. 1, 2023 P | 20,000 | 0 | 0 | $0 |
| Viviane Monges | · | June 10, 2021 P | · | 0 | 0 | $0 |
| Madduri Ravin Rao | · | June 10, 2021 P | · | 0 | 0 | $0 |
| Michel De Rosen | · | June 10, 2021 P | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
DBVT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 8 analysts
BUY
Median target
$44.73
+324.0%
3 37.5%
Strong Buy
3 37.5%
Buy
1 12.5%
Hold
1 12.5%
Sell
0 0.0%
Strong Sell
12-Month Price Target
7 analysts · 2026-09-28Mean target $39.01 +269.8%
Now
Current price $10.55
Low$5.78
Mean$39.01
High$54.68
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Source: SEC 10-Q filed Jul 16, 2026