DBV Technologies S.A.
DBVTNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $11.51 Prior regular-session close from the quote source.
- $11.55–$12.08 Regular-session low and high so far today.
- 373.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $8.63–$26.19 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own DBVT if DBV is a small clinical-stage biotech whose equity value is almost entirely a binary bet: either its lead immunotherapy program secures regulatory approval/partnered commercialization (unlocking high-margin, scalable revenue) or continued clinical/regulatory failure forces dilution.
DBVT price history
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Investment thesis
What must happen next
DBV’s ability to continue funding trials and operations depends on non-operating cash inflows (financing, licensing, or partner payments) because operating cash flow is large and persistently negative.StrengtheningMateriality: High
operating_cash_flow was -79653000.0 (FY2023), -104474000.0 (FY2024), -121181000.0 (FY2025) — persistent, large negative operating cash flows. If financing/licensing dries up, the company will need to cut R&D, dilute shareholders, or sell assets; if such inflows continue, trials and commercialization prep can proceed.
Watch: A pivot to a licensing-heavy model that immediately produces substantial positive operating cash flow.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow was -79653000.0 (FY2023), -104474000.0 (FY2024), -121181000.0 (FY2025) — persistent, large negative operating cash flows.
Open source ↗Operating losses will remain structurally large until a regulatory approval or a major licensing/commercial deal converts R&D spend into revenue and margin expansion.StrengtheningMateriality: High
operating_income: -76432000.0 (FY2023), -116589000.0 (FY2024), -147056000.0 (FY2025) — worsening operating losses while development continues. Sustained negative operating income without offsetting non-dilutive receipts forces dilution or strategic alternatives; approvals/partnerships allow margin recovery and reduce financing risk.
Watch: Company announces a rapid, credible cost-reduction/restructuring plan that materially lowers R&D/SG&A.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income: -76432000.0 (FY2023), -116589000.0 (FY2024), -147056000.0 (FY2025) — worsening operating losses while development continues.
Open source ↗Sudden large swings in cash, assets and equity show the company finances operations through episodic external funding or deals rather than from operating revenue.StrengtheningMateriality: Medium
cash: 209194000.0 (2022-12-31) → 141367000.0 (2023-12-31) → 32456000.0 (2024-12-31) → 194200000.0 (2025-12-31), indicating large inflows in 2025. Reliance on episodic funding raises execution and dilution risk and makes calendar milestones (financings, deal closings) critical value inflection points.
Watch: Consistent, growing commercial sales producing self-sustaining cash flow.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
cash: 209194000.0 (2022-12-31) → 141367000.0 (2023-12-31) → 32456000.0 (2024-12-31) → 194200000.0 (2025-12-31), indicating large inflows in 2025.
Open source ↗
Full investment case & evidence
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Original research
DBV’s ability to continue funding trials and operations depends on non-operating cash inflows (financing, licensing, or partner payments) because operating cash flow is large and persistently negative. If financing/licensing dries up, the company will need to cut R&D, dilute shareholders, or sell assets; if such inflows continue, trials and commercialization prep can proceed.
Operating losses will remain structurally large until a regulatory approval or a major licensing/commercial deal converts R&D spend into revenue and margin expansion. Sustained negative operating income without offsetting non-dilutive receipts forces dilution or strategic alternatives; approvals/partnerships allow margin recovery and reduce financing risk.
Sudden large swings in cash, assets and equity show the company finances operations through episodic external funding or deals rather than from operating revenue. Reliance on episodic funding raises execution and dilution risk and makes calendar milestones (financings, deal closings) critical value inflection points.
All standing thesis claims
Original report summary
DBV is a small clinical-stage biotech whose equity value is almost entirely a binary bet: either its lead immunotherapy program secures regulatory approval/partnered commercialization (unlocking high-margin, scalable revenue) or continued clinical/regulatory failure forces dilution.
Bull case and bear case
Bull case and bear case for DBV Technologies S.A.
Where the evidence on DBV Technologies S.A. stands: Strengthening on the latest evidence (Nov 10, 2026). Of its 3 thesis points, 3 strengthening.
Bull case: what the evidence supports
DBV’s ability to continue funding trials and operations depends on non-operating cash inflows (financing, licensing, or partner payments) because operating cash flow is large and persistently negative.
Operating losses will remain structurally large until a regulatory approval or a major licensing/commercial deal converts R&D spend into revenue and margin expansion.
Sudden large swings in cash, assets and equity show the company finances operations through episodic external funding or deals rather than from operating revenue.
Bear case: what would count against it
A pivot to a licensing-heavy model that immediately produces substantial positive operating cash flow.
Company announces a rapid, credible cost-reduction/restructuring plan that materially lowers R&D/SG&A.
Consistent, growing commercial sales producing self-sustaining cash flow.
Thesis-Break Engine
Thesis-break watch · DBV Technologies S.A.
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
DBV Technologies S.A. filed an SEC 8-K on 2026-10-28: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
DBV Technologies S.A. filed an SEC 8-K on 2026-09-30: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
DBV Technologies S.A. filed an SEC 8-K on 2026-07-16: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A pivot to a licensing-heavy model that immediately produces substantial positive operating cash flow.
- Company announces a rapid, credible cost-reduction/restructuring plan that materially lowers R&D/SG&A.
- Consistent, growing commercial sales producing self-sustaining cash flow.
DBVT news
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Financial statements
DBVT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
DBVT: quick answers
- Which well-known investors own DBVT?
- 1 of the 37 well-known funds tracked here reported DBVT shares in their latest 13F filing. By share of the fund's portfolio: Duquesne Family Office (Stanley Druckenmiller), 0.1%. Fund portfolios
DBVT in well-known investors’ portfolios
1 of 37 funds reported DBVT shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Stanley DruckenmillerDuquesne Family Office | 0.12% | $6.3M | No change | Q2 2026 |