DBV Technologies narrowed its cash burn outlook and ended 2025 with a much larger cash cushion after a year of heavier spending tied to its peanut patch program and launch preparation.
The company reported cash and cash equivalents of $194.2 million at Dec. 31, 2025, up from $32.5 million a year earlier. It also received an additional $94 million in gross proceeds on Jan. 16, 2026 from warrant exercises, bringing its stated funding runway into the second quarter of 2027.
Operating income rose to $5.6 million in 2025 from $4.2 million in 2024, while net loss widened to $147.0 million from $113.9 million. Loss per share improved to $1.05 from $1.17, reflecting the larger share count.
Research and development expenses climbed to $116.7 million from $89.3 million, an increase of $27.3 million. DBV said the jump was driven by $16.1 million of pre-commercial inventory, $6.9 million of external clinical expenses as the Comfort Toddlers study enrolled patients, and $3.3 million of employee-related costs tied to quality and regulatory hiring.
Selling, general and administrative expenses increased to $32.8 million from $28.7 million, up $4.1 million, mainly because of market research and added roles for launch readiness. Total operating expenses rose to $152.7 million from $120.7 million.
Net cash used in operating activities increased to $121.2 million from $104.5 million. Net cash from financing activities jumped to $276.2 million from $0.6 million, helped by the 2025 private placement and the at-the-market program.
During 2025, DBV said it raised $125.5 million from the private placement received in April, plus $100.7 million by year-end from warrant exercises after positive VITESSE results, and $65 million through its at-the-market program by Dec. 31. The company said the 2025 private placement was structured for up to $306.9 million.
On the clinical side, DBV said it reported positive topline results from the Phase 3 VITESSE trial in children ages 4 to 7, initiated the Comfort Toddlers safety study in ages 1 to 3, and announced a planned infant study for ages 6 to 12 months. For 2026, it is targeting a biologics license application submission for 4 to 7-year-olds in the first half of the year and for 1 to 3-year-olds in the second half. Today the company's shares have moved 10.53% to a price of $20.78. Check out the company's full 8-K submission here.
