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DBV Technologies FY19 EPS €(4.15)

Cash & Cash Equivalents: cash and cash equivalents as of December 31, 2019 were €172.0 million, compared to €122.8 million as of December 31, 2018. In 2019, cash used in operating activities was

Benzinga · 03/04/2020 21:30
  • Cash & Cash Equivalents: cash and cash equivalents as of December 31, 2019 were €172.0 million, compared to €122.8 million as of December 31, 2018. In 2019, cash used in operating activities was €(128.5) million and cash flows used in investment activities were €(5.1) million. Cash from financing activities were €182.8 million, including €187.9 million received in connection with the Company’s April 2019 and October 2019 public offerings. Current cash and cash equivalents, including the €136.4 million in net proceeds from the February 2020 offering, which includes the net proceeds from the partial exercise of the related overallotment option in March 2020, after deducting commissions and estimated offering expenses, are projected to be sufficient to fund the Company’s operating plan into the first quarter of 2021.
     
  • Operating Income: operating income was €13.1 million in 2019, compared to €14.5 million in 2018, which corresponds to a decrease of 9.7%. In 2019, operating income was primarily generated by the Company’s Research Tax Credit (French Crédit Impôt Recherche, or CIR) and by revenue recognized by the Company under its collaboration agreement with Nestlé Health Science.
     
  • Research & Development Expenses: research and development expenses decreased by €5.7 million, or 5.3%, to €101.5 million in 2019, compared to €107.2 million in 2018. The decrease in research and development expenses resulted mainly from the completion of ViaskinTM Peanut Phase III clinical trials and lower manufacturing costs, partially offset by an increase in personnel expenses.
     
  • General & Administrative Expenses: general and administrative expenses were €44.4 million in 2019, compared to €41.4 million in 2018. The increase in general and administrative expenses was primarily attributable to an increase in personnel-related expenses as a result of our increased employee headcount, severance costs in connection with the Company’s reorganization, consulting fees and the implementation of retention measures for key personnel of the Company. This increase was partially offset by reduced share-based compensation expense as well as reduced expenses related to free share plans for employees.
     
  • Sales & Marketing Expenses: sales and marketing expenses were €18.9 million in 2019, compared to €32.2 million in 2018, reflecting a decrease of €13.3 million, or 41.3%. The decrease in sales and marketing expenses was primarily due to a decrease in consulting fees, marketing, tradeshows and travel expenses as part of budget discipline as the Company refocused on preparing for the submission of a BLA for Viaskin Peanut to the FDA.
     
  • Net Loss: net loss was €(153.6) million in 2019, compared to €(166.1) million in 2018. Loss per share (based on the weighted average number of shares outstanding over the period) was €(4.15) and €(5.74) in 2019 and 2018, respectively.