DBV Technologies S.A 6-K, filed Jan 29, 2020

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DBV Technologies S.A. (DBVT)

6-K 2020-01-29 For: 2020-01-29

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Added on April 10, 2026

DBV TECHNOLOGIES S.A.

Date: January 29, 2020

/s/ Ramzi Benamar

Ramzi Benamar

Chief Financial Officer

DBV Technologies S.A filed this 6-K on January 29, 2020.

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Exhibit		Description

99.1		Financial Report, including the Company’s interim condensed consolidated financial statements as of September 30, 2019


I – INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019				1

II – MANAGEMENT DISCUSSION & ANALYSES				25

III – INFORMATION REGARDING RELATIONSHIPS WITH RELATED PARTIES				30

IV – RISK FACTORS				31


	Note	9/30/2019			12/31/2018¹
ASSETS
Intangible assets			48			29
Right-of-use assets related to leases	14		21,584			—
Property, plant, and equipment			21,676			20,219
Other non-current assets	4		14,502			6,033

Total non-current assets			57,809			26,281

Inventories			2,247			1,566
Other current assets	5		21,223			21,131
Cash and cash equivalents	6		73,010			122,770

Total current assets			96,480			145,468

TOTAL ASSETS			154,289			171,749


	Note	9/30/2019			12/31/2018¹
LIABILITIES
Shareholders’ equity
Share capital	7		3,616			3,016
Premiums related to the share capital	7		605,079			539,292
Reserves	7		(411,590	)		(254,946	)
Net (loss)	7		(111,264	)		(166,076	)

Total shareholders’ equity			85,841			121,286

Non-current liabilities
Long-term financial debt	8		862			1,278
Long-term lease debt	14		20,511			—
Non-current provisions			1,662			1,536
Other non-current liabilities			1,045			4,105

Total non-current liabilities			24,080			6,919

Current liabilities
Short-term financial debt	8		575			1,201
Short-term lease debt	14		3,278			—
Current provisions			583			1,270
Supplier accounts payable	9		18,197			28,567
Other current liabilities	9		21,735			12,506

Total current liabilities			44,368			43,543

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			154,289			171,749


		Nine months ended September 30,
	Note	2019			2018²
Operating income
Revenues	10		—			—
Other income	10		9,910			10,260

Total income			9,910			10,260

Operating expenses
Cost of goods sold			—			—
Research and development	11		(73,673	)		(76,876	)
Sales and marketing	11		(12,268	)		(20,785	)
General and administrative	11		(34,803	)		(30,094	)

Total expenses			(120,745	)		(127,754	)

Operating (loss)			(110,835	)		(117,495	)

Financial revenues	13		498			2,292
Financial expenses	13		(853	)		(437	)

Financial (loss) profit			(355	)		1,854

Income tax			(74	)		—

Net (loss)			(111,264	)		(115,640	)

Basic and diluted earnings per share (€/share)			(3.27	)		(4.06	)


	Nine months ended September 30,
	2019			2018³
Net (loss)		(111,264	)		(115,640	)
Actuarial gains and losses on employee benefits, net of corporate tax		224			72

Gain (Loss) directly recognized in shareholders’ equity		224			72

Other comprehensive income (loss)		(588	)		(2,135	)

Total comprehensive (loss)		(111,628	)		(117,704	)


	Note		9/30/2019			9/30/2018⁴
Net profit (loss) for the period				(111,264	)		(115,640	)
Reconciliation of the net profit (or loss) and the cash used for the operating activities:
Amortization and depreciation				4,029			1,057
Retirement pension obligations				350			190
Expenses related to share-based compensation				9,650			23,660
Other elements				726			213

Operating cash flows before change in working capital				(96,508	)		(90,520	)

Inventories				(681	)		(892	)
Customer accounts receivable				—			1,262
Other current and non-current assets				(8,032	)		(14,975	)
Supplier accounts payable				(10,864	)		938
Other current and non-current liabilities				7,824			(1,902	)
Change in working capital requirement				(11,753	)		(15,569	)

Net cash flow used in operating activities				(108,261	)		(106,090	)

Cash flows used in investing activities
Acquisitions of property, plant, and equipment				(3,601	)		(3,805	)
Acquisitions of intangible assets				(27	)		(31	)
Acquisitions of non-current financial assets				(14	)		(3,818	)

Net cash flows from investment activities				(3,642	)		(7,655	)

Cash flows from financing activities
Increase in conditional advances				—			—
(Decrease) in conditional advances				(1,042	)		(1,224	)
Treasury shares				150			28
Capital increases, net of transaction costs				66,387			133,155
Repayment of lease liabilities				(2,191	)		—
Interest paid on lease liabilities				(772	)		—
Other cash flows related to financing activities				(105	)		(144	)

Net cash flows used in financing activities				62 427			131,815

(Decrease) in cash				(49,476	)		18,070
Cash and cash equivalents at beginning period				122,770			137,880
Impact of exchange rate fluctuations				(284	)		(2,015	)

Cash and cash equivalents at the close of the period		6		73,010			153,935


	Shares of Common Stock
	Number of shares (Note 7)		Amount		Premiums related to the share capital		Reserve			Profit (loss)			Total shareholders’ equity
At January 1, 2018		24,990,822		2,499		406,709		(131,592	)		(147,693	)		129,923
Net (loss)		—		—		—		—			(115,640	)		(115,640	)
Foreign exchange translation		—		—		—		(2,135	)		—			(2,135	)
Profit (loss) directly recognized in shareholders’ equity		—		—		—		72			—			72

Total profit (loss) directly recognized in shareholders’ equity		—		—		—		(2,064	)		(115,640	)		(117,704	)

Allocation of prior (loss)		—		—		—		(147,693	)		147,693			—
Increase in capital		5,132,155		513		132,479		—			—			132,992
Treasury shares		—		—		—		(476	)		—			(476	)
Issue of share warrants		—		—		164		—			—			164
Share-based payments		—		—		—		23,660			—			23,660

At September 30, 2018		30,122,977		3,012		539,352		(258,165	)		(115,640	)		168,559

At January 1, 2018		24,990,822		2,499		406,709		(131,592	)		(147,693	)		129,923
Net (loss)		—		—		—		—			(166,076	)		(166,076	)
Foreign exchange translation		—		—		—		(683	)		—			(683	)
Profit (loss) directly recognized in shareholders’ equity		—		—		—		19			—			19

Total profit (loss) directly recognized in shareholders’ equity		—		—		—		(665	)		(166,076	)		(166,740	)

Allocation of prior (loss)		—		—		—		(147,693	)		147,693			—
Increase in capital		5,166,955		517		132,419		—			—			132,936
Treasury shares		—		—		—		(900	)		—			(900	)
Issue of share warrants		—		—		164		—			—			164
Share-based payments		—		—		—		25,904			—			25,904

At December 31, 2018		30,157,777		3,016		539,292		(254,946	)		(166,076	)		121,286

At January 1, 2019		30,157,777		3,016		539,292		(254,946	)		(166,076	)		121,286
Net (loss)		—		—		—		—			(111,264	)		(111,264	)
Foreign exchange translation		—		—		—		(588	)		—			(588	)
Profit (loss) directly recognized in shareholders’ equity		—		—		—		224			—			224

Total profit (loss) directly recognized in shareholders’ equity		—		—		—		(364	)		(111,264	)		(111,628	)

Allocation of prior (loss)		—		—		—		(166,076	)		166,076			—
Increase in capital		6,000,000		600		65,787		—			—			66,387
Treasury shares		—		—		—		145			—			145
Share-based payments		—		—		—		9,650			—			9,650

At September 30, 2019		36,157,777		3,616		605,079		(411,590	)		(111,264	)		85,841


	Information December 31, 2018		First-time application of IFRS 16			Information January 1, 2019 with IFRS 16
ASSETS
Intangible assets		29		—			29
Right-of-use assets related to leases		—		23,792			23,792
Property, plant, and equipment		20,219		—			20,219
Other non-current assets		6,033		—			6,033

Total non-current assets		26,281		23,792			50,074

Total current assets		145,468		—			145,468

TOTAL ASSETS		171,749		23,792			195,542


	Information December 31, 2018		First-time application of IFRS 16			Information January 1, 2019 with IFRS 16
LIABILITIES
Shareholders’ equity

Total shareholders’ equity		121,286		—			121,286

Non-current liabilities
Long-term financial debt		1,278		—			1,278
Long-term lease debt		—		22,682			22,682
Non-current provisions		1,536		—			1,536
Other non-current liabilities		4,105		(1,546	)		2,559

Total non-current liabilities		6,919		21,136			28,055

Current liabilities
Short-term financial debt		1,201		—			1,201
Short-term lease debt		—		2,973			2,973
Current provisions		1,270		—			1,270
Supplier accounts payable		28,567		—			28,567
Other current liabilities		12,506		(317	)		12,189
Total current liabilities		43,543		2,656			46,200

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		171,749		23,792			195,542


(thousands of euros)
Commitments given under operating leases as of December 31, 2018	30,429
Effects of rental expenses not recognized into IFRS 16	(4,061	)
Other effects, including currency effects and rent-free periods	4,035
Lease debt before discounting	30,402
Effect of discounting	(4,748	)

Lease debt after discounting	25,655

Existing finance leases as of December 31, 2018	—

Lease debt as of January 1, 2019 after first-time application of IFRS 16	25,655


(thousands of euros)	9/30/2019		12/31/2018
Deposits		1,424		1,374
Pledged securities and other non-current financial assets		4,227		4,226
Liquidity contract		577		432
Research tax credit		8,273		—

Total non-current assets		14,502		6,033


(thousands of euros)	3rd OSEO contract			4th OSEO contract			BPI advance			Total
At January 1, 2018		64			1,700			2,386			4,150
Receipts		—			—			—			—
Repayments		(64	)		(1,136	)		(600	)		(1,800	)
Other transactions		—			60			69			129

At December 31, 2018		—			624			1,854			2,479

Of which - Non-current portion											1,278
Of which - Current portion											1,201
At January 1, 2019		—			624			1,854			2,479
Receipts		—			—			—			—
Repayments		—			(632	)		(450	)		(1,082	)
Other transactions		—			8			32			40

At September 30, 2019		—			—			1,437			1,437

Of which - Non-current portion											862
Of which - Current portion											575
Stated interest rate		None			2,05%			None
Discount rate		0.4%-1.9%			1.5%-1.8%			3.20%
Maturity (in years)		0-3			7-9			2-7


	Nine months ended September 30,
(thousands of euros)	2019		2018
Revenues		—		—
Research tax credit		8,279		7,913
Subsidies		—		137
Other operating income		1,631		2,210

Total operating income		9,910		10,260


	Nine months ended September 30,
(thousands of euros)	2019		2018
Research and development expenses
Personnel expenses		29,882		32,349
Sub-contracting, collaborations and consultants		34,937		33,437
Depreciation and amortization		3,843		1,128
Small equipment and supplies		2,199		4,063
Conferences, travel expenses		1,173		1,915
Rental⁵		502		1,947
Others		1,138		2,037

Total research and development expenses		73,673		76,876


(thousands of euros)	Real estate			Other assets			Total
At December 31, 2018		—			—			—
First application of IFRS 16		23,462			330			23,792
Addition of assets		—			55			55
Amortization expense		(2,440	)		(88	)		(2,528	)
Translation adjustments and other		264			—			264

At September 30, 2019		21,286			298			21,584


(thousands of euros)	9/30/2019
Less than one year		3,278
One to five years		13,699
More than five years		6,812

Total		23,789


In thousands of euros	Nine months ended September 30,
	2019		2018
Revenues		—		—
Other income		9,910		10,260
of which Research Tax Credit		8,279		7,913
of which subsidies		—		137
of which other operating income		1,631		2,210

Total income		9,910		10,260