Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | DBV TECHNOLOGIES S.A. | |
Entity Central Index Key | 0001613780 | |
Entity File Number | 001-36697 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Address, Postal Zip Code | 92120 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 55,096,537 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Address, Country | FR | |
Entity Small Business | true | |
Entity Incorporation, State or Country Code | I0 | |
Entity Address, Address Line One | 177-181 avenue Pierre Brossolette | |
Entity Address, City or Town | Montrouge | |
City Area Code | 33 | |
Local Phone Number | 1 55 42 78 78 | |
Entity Tax Identification Number | 00-0000000 | |
American Depositary Share [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares, each representing one-half of one ordinary share, nominal value €0.10 per share | |
Trading Symbol | DBVT | |
Security Exchange Name | NASDAQ | |
Ordinary Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary shares, nominal value €0.10 per share | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets : | ||
Cash and cash equivalents | $ 74,107 | $ 77,301 |
Other current assets | 16,329 | 37,085 |
Total current assets | 90,437 | 114,386 |
Non-Current assets | ||
Property, plant, and equipment, net | 17,196 | 18,146 |
Right-of-use assets related to operating leases | 3,356 | 7,336 |
Intangible assets | 18 | 22 |
Other non-current assets | 6,575 | 6,833 |
Total non-current assets | 27,144 | 32,338 |
Total Assets | 117,581 | 146,723 |
Current liabilities: | ||
Trade payables | 11,416 | 11,429 |
Short-term operating leases | 2,034 | 3,003 |
Short-term financial debt | 333 | 510 |
Current contingencies | 3,529 | 4,095 |
Other current liabilities | 8,719 | 12,361 |
Total current liabilities | 26,031 | 31,397 |
Non-Current liabilities | ||
Long-term operating leases | 2,268 | 7,147 |
Non-current contingencies | 5,758 | 6,758 |
Other non-current liabilities | 1,461 | 2,147 |
Total non-current liabilities | 9,488 | 16,052 |
Total Liabilities | 35,519 | 47,449 |
Shareholders' equity : | ||
Ordinary shares, €0.10 par value; 55,096,537 and 55,095,762 shares authorized, and issued as at March 31, 2022 and December 31, 2021, respectively | 6,539 | 6,538 |
Additional paid-in capital | 359,478 | 358,115 |
Treasury stock, 144,501 and 153,631 ordinary shares as of March 31, 2022 and December 31, 2021, respectively, at cost | (1,193) | (1,232) |
Accumulated deficit | (275,219) | (258,528) |
Accumulated other comprehensive income | 543 | 519 |
Accumulated currency translation effect | (8,086) | (6,137) |
Total Shareholders' equity | 82,062 | 99,274 |
Total Liabilities and shareholder's equity | $ 117,581 | $ 146,723 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position (Parenthetical) - Common Shares [Member] - € / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock shares par value | € 0.10 | € 0.10 |
Common stock shares authorized | 55,096,537 | 55,095,762 |
Common stock shares issued | 55,096,537 | 55,095,762 |
Treasury stock, common, shares | 144,501 | 153,631 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Operating income | $ 2,546 | $ 2,941 |
Operating expenses | ||
Research and development expenses | (12,223) | (22,164) |
Sales and Marketing expenses | (464) | (729) |
General and administrative expenses | (6,630) | (9,683) |
Total Operating expenses | (19,317) | (32,575) |
Loss from operations | (16,771) | (29,634) |
Other Income (expenses) | ||
Financial income | 152 | 215 |
Loss before taxes | (16,619) | (29,419) |
Income tax | (87) | (30) |
Net loss | (16,706) | (29,449) |
Foreign currency translation differences, net of taxes | (1,933) | (8,744) |
Actuarial gains (loss) on employee benefits, net of taxes | 24 | (85) |
Total comprehensive loss | $ (18,615) | $ (38,279) |
Basic/diluted net loss per share attributable to shareholders | $ (0.30) | $ (0.54) |
Weighted average number of shares outstanding used in computing per share amounts: | 54,932,192 | 54,880,776 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net loss for the period | $ (16,706) | $ (29,449) |
Cash flows used in operating activities: | ||
Depreciation, amortization and accrued contingencies | (599) | 1,483 |
Retirement pension obligations | (9) | 0 |
Expenses related to share-based payments | 1,363 | 1,433 |
Other elements | (3) | (456) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in trade receivables | 0 | 2,101 |
Decrease (increase) in other current assets | 20,458 | (417) |
(Decrease) increase in trade payables | (19) | (2,567) |
(Decrease) increase in other current and non-current liabilities | (4,118) | (7,980) |
Change in operating lease liabilities and right of use assets | (1,849) | (353) |
Net cash flow used in operating activities | (1,483) | (36,204) |
Cash flows provided by (used in) investing activities: | ||
Acquisitions of property, plant, and equipment | (131) | (184) |
Proceeds from property, plant and equipment dispositions | 3 | 0 |
Acquisitions of non-current financial assets | (40) | (1) |
Proceeds from non-current financial assets | 179 | 0 |
Net cash flows provided by (used in) investing activities | 11 | (185) |
Cash flows (used in) provided by financing activities: | ||
(Decrease) in conditional advances | (168) | (164) |
Treasury shares | 40 | 578 |
Capital increases, net of transaction costs | 0 | 42 |
Other cash flows related to financing activities | 0 | (17) |
Net cash flows (used in) provided by financing activities | (129) | 440 |
Effect of exchange rate changes on cash and cash equivalents | (1,594) | (7,944) |
Net decrease in cash and cash equivalents | (3,194) | (43,893) |
Net cash and cash equivalents at the beginning of the period | 77,301 | 196,352 |
Net cash and cash equivalents at the end of the period | $ 74,107 | $ 152,459 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive income (loss) [Member] | Accumulated Currency Translation Effect [Member] |
Beginning balance at Dec. 31, 2020 | $ 205,491 | $ 6,518 | $ 1,152,042 | $ (1,169) | $ (958,543) | $ 484 | $ 6,158 |
Beginning balance (Shares) at Dec. 31, 2020 | 54,929,187 | ||||||
Net (loss) | (29,449) | (29,449) | |||||
Other comprehensive loss | (8,829) | (85) | (8,744) | ||||
Issuance of ordinary shares | 42 | $ 1 | 42 | ||||
Issuance of ordinary shares (Shares) | 7,500 | ||||||
Treasury shares | 488 | 488 | |||||
Share-based payments | 1,433 | 1,433 | |||||
Ending balance at Mar. 31, 2021 | 169,176 | $ 6,519 | 1,153,516 | (681) | (987,992) | 399 | (2,586) |
Ending balance (Shares) at Mar. 31, 2021 | 54,936,687 | ||||||
Beginning balance at Dec. 31, 2021 | 99,274 | $ 6,538 | 358,115 | (1,232) | (258,528) | 519 | (6,137) |
Beginning balance (Shares) at Dec. 31, 2021 | 55,095,762 | ||||||
Net (loss) | (16,706) | (16,706) | |||||
Other comprehensive loss | (1,909) | 24 | (1,933) | ||||
Issuance of ordinary shares | 1 | $ 1 | 0 | ||||
Issuance of ordinary shares (Shares) | 775 | ||||||
Treasury shares | 40 | 40 | |||||
Share-based payments | 1,363 | 1,363 | |||||
Other changes | 15 | (15) | |||||
Ending balance at Mar. 31, 2022 | $ 82,062 | $ 6,539 | $ 359,478 | $ (1,193) | $ (275,219) | $ 543 | $ (8,086) |
Ending balance (Shares) at Mar. 31, 2022 | 55,096,537 |
The Company
The Company | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
The Company | Note 1: The Company Incorporated in 2002 under the laws of France, DBV Technologies S.A. (“DBV Technologies,” or the “Company”, or the “group”) is a clinical-stage ™ ™ ™ Basis of Presentation The condensed consolidated financial statements of the Company and its wholly-owned The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. However, these condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to fairly state the results of the interim period. These interim financial results are not necessarily indicative of results to be expected for the full fiscal year ending December 31, 2022, or any other future period. Use of estimates The preparation of the Company’s condensed consolidated financial statements requires the use of estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of income and expenses during the period. The Company bases its estimates and assumptions on historical experience and other factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The actual results may differ from these estimates. On an on-going right Going concern These condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. Since its inception, the Company has primarily funded its operations with equity financings, and, to a lesser extent, public assistance aimed at supporting innovation and payments associated with research tax credits ( Crédit d’Impôt Recherche Following receipt of a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) in connection with its Biologics License Application (“BLA”) for Viaskin ™ pre-clinical ™ ™ In January 2021, the Company received written responses from the FDA to questions provided in the Type A meeting request the Company submitted in October 2020 following the CRL. In order to respond to the FDA’s requests and recommendations, the Company defined parallel workstreams primarily in order to generate the 6-month Following the submission of the adhesion study’s protocol to the FDA, the Company received an Advice/Information Request letter from the FDA in October 2021, requesting a stepwise approach to the modified Viaskin patch development program and provided partial feedback on this protocol. In December 2021, the Company decided not to pursue the stepwise approach to the development plans for Viaskin Peanut as requested by the FDA in the October 2021 feedback and announced its plan to initiate a pivotal Phase 3 clinical study for a modified Viaskin Peanut patch (mVP) in children ages 4-11. The Company considers this trial as the most straightforward approach to demonstrate effectiveness, safety, and improved adhesion of the modified Viaskin Peanut system. After receiving agreement from the FDA for its change in strategy, the protocol for the new Phase 3 pivotal study of the modified Viaskin Peanut (“mVP”) patch was completed at the end of February 2022 and was submitted to the FDA in April 2022. C , which is expected to be held , 3 The Company has incurred operating losses and negative cash flows from operations since inception. As of the date of the filing, the Company’s available cash and cash equivalents are not projected to be sufficient to support its operating plan for at least the next 12 months. As such, there is substantial doubt regarding the Company’s ability to continue as a going concern. Based on its current operations, as well as its plans and assumptions as revised pursuant to its change of strategy, announced in December 2021, the Company expects that its balance of cash and cash equivalents of $74.1 million as of March 31, 2022 will be sufficient to fund its operations into the first quarter of 2023. The Company intends to seek additional capital as it prepares for the new pivotal study and launch of Viaskin Peanut, if approved, and continues other research and development efforts. The Company may seek to finance its future cash needs through a combination of public or private equity or debt financings, collaborations, license and development agreements and other forms of non-dilutive The Company cannot guarantee that it will be able to obtain the necessary financing to meet its needs or to obtain funds at attractive terms and conditions. The ongoing COVID-19 If the Company is not successful in its financing objectives, the Company could have to scale back its operations, notably by delaying or reducing the scope of its research and development efforts or obtain financing through arrangements with collaborators or others that may require the Company to relinquish rights to its product candidates that the Company might otherwise seek to develop or commercialize independently. These Consolidated Financial Statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern Accounting Pronouncements adopted in 2022 The Company has to date. Accounting Pronouncements issued not yet adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 - Financial Instruments - Credit losses, which replaces the incurred loss impairment methodology for financial instruments in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The FASB has issued ASU 2019-10 other-than-temporary Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s Consolidated Financial Statements upon adoption. |
Significant Events and Transact
Significant Events and Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Significant Events And Transactions Disclosure [Abstract] | |
Significant Events and Transactions | Note 2: Significant Events and Transactions Clinical programs Viaskin Peanut for children ages 4-11 - United States Regulatory History and Current Status In January 2021, the Company received written responses from the FDA to questions provided in the Type A meeting request the Company submitted in October 2020 following the CRL. The FDA agreed with its position that a modified Viaskin Peanut patch should not be considered as a new product entity provided the occlusion chamber of the current Viaskin Peanut patch and the peanut protein dose of 250 µg 4-11. 6-month, Based on the January 2021 FDA feedback, the Company defined three parallel workstreams: 1. Identify a modified Viaskin patch (which the Company calls mVP). 2. Generate the 6-month 3. Demonstrate the equivalence in allergen uptake between the current and modified patches in the intended patient population via EQUAL. The complexity of EQUAL hinged on the lack of established clinical and regulatory criteria to characterize allergen uptake via an epicutaneous patch. To support those exchanges, the Company outlined its proposed approach to demonstrate allergen uptake equivalence between the two patches, and allotted time to generate informative data through two additional studies: a. PREQUAL, a Phase I study with adult healthy volunteers to optimize the allergen sample collection methodologies and validate the assays we intend to use in EQUAL b. ‘EQUAL in adults’—a second Phase I study with adult healthy volunteers to compare the allergen uptake of cVP and Mvp; In March 2021, the Company commenced CHAMP (Comparison of adHesion Among Modified Patches), a trial in healthy adult volunteers to evaluate the adhesion of five modified Viaskin Peanut patches, to identify the one or two best-performing patches, which the Company completed in the second quarter of 2021. Based on the adhesion parameters studied, the Company selected the modified patch to advance to further clinical testing in the intended patient population. All modified Viaskin Peanut patches demonstrated better adhesion performance as compared to the then-current Viaskin Peanut patch, and the Company then selected two modified patches that performed best out of the five modified patches studied for further development. The Company then selected the circular patch for further development, which is approximately 50% larger in size relative to the current patch and circular in shape. In May 2021, the Company submitted its proposed STAMP protocol to the FDA, and in After careful review of the FDA’s information requests and consideration of all other options, in December 2021, the Company decided not to pursue the stepwise approach to the development plans for Viaskin Peanut as requested by the FDA in the October 2021 feedback. The Company estimated that the FDA’s newly proposed sequential approach would require at least five rounds of exchanges that necessitate FDA alignment prior to initiating STAMP, the 6-month (non-PDUFA) 3 and was submitted to the FDA in April 2022. The Company 3 Viaskin Peanut for children ages 4-11 - European Union Regulatory History and Current Status In August 2021, the Company announced it has received from the EMA the Day 180 list of outstanding issues, which is an established part of the prescribed EMA review process. It is a letter that is meant to include any remaining questions or objections at that stage in the process. The EMA indicated many of their objections and major objections from the Day 120 list of questions had been answered. One major objection remained at Day 180. The Major Objection questioned the limitations of the data, for example, the clinical relevance and effect size supported by a single pivotal study. In December 2021, the Company announced it has withdrawn the Marketing Authorization Application for Viaskin Peanut and formally notified the EMA of our decision. The initial filing was supported by positive data from a single, placebo-controlled Phase 3 pivotal trial known as PEPITES (V712-301). Viaskin Peanut for children ages 1-3 On June 26, 2020, the Company announced that in Part A, patients in both treatment arms showed consistent treatment effects after 12 months of therapy, as assessed by a double-blind placebo-controlled food challenge and biomarker results. Part A subjects were not included in Part B and the efficacy analyses from Part A were not statistically powered to demonstrate superiority of either dose versus placebo. These results validate the ongoing investigation of the 250 Pg dose in this age group, which is the dose being studied in Part B of the study. Enrollment for Part B of EPITOPE was completed in the first quarter of 2021 and top-line COVID-19 On March 11, 2020, the World Health Organization declared COVID-19 The Company has assessed the impact of the uncertainties created by the pandemic. As of March 31, 2022, those uncertainties were taken into account in the assumptions underlying the estimates and judgments used by the Company. The Company continues to update these estimates and assumptions as the situation evolves. The effects of the COVID-19 Legal Proceedings A class action complaint was filed on January 15, 2019 in the United States District Court for the District of New Jersey, entitled Travis Ito-Stone 2:19-cv-00525. 10b-5 A hearing was held on July 29, 2021 in the U.S. District Court for the District of New Jersey where the Court entered an order granting the Company’s Motion to Dismiss the Second Amended Class Action Complaint without prejudice. As the dismissal was without prejudice, the Plaintiffs replead their case by filing a Third Amended Class Action Complaint on September 30, 2021 in the same Court. The company moved to dismiss third amended complaint on December 10, 2021. The Company believes that the allegations contained in the amended complaint are without merit and will continue to defend the case vigorously. The Company believes this complaint will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 3 Cash and Cash Equivalents The following table presents for each reported period, the breakdown of cash and cash equivalents: March 31, December 31, 2022 2021 Cash 29,145 31,427 Cash equivalents 44,963 45,874 Total cash and cash equivalents as reported in the statements of financial position 74,107 77,301 Bank overdrafts — — Total net cash and cash equivalents as reported in the statements of cash flows 74,107 77,301 Cash equivalents are immediately convertible into cash at no or insignificant cost, on demand. They are measured using level 1 fair value measurements. |
Other current assets
Other current assets | 3 Months Ended |
Mar. 31, 2022 | |
Other Current Assets [Abstract] | |
Other current assets | Note 4 Other Current Assets Other current assets consisted of the following: March 31, December 31, 2022 2021 Research tax credit 8,430 28,092 Other tax claims 3,696 3,561 Prepaid expenses 3,386 4,149 Other receivables 817 1,283 Total 16,329 37,085 Research tax credit In the fiscal year ended December 31, 2021, the Company recovered its Small and Medium-sized During the three months period ended March 31, 2022, the Company received the reimbursement of the 2019 and 2020 fiscal year research tax credit. The variance in Research Tax Credit is presented as follow: Amount in thousands of US Dollars Opening research tax credit receivable as of January 1, 2022 28,092 + Operating revenue 1,569 - Payment received (20,874 ) - Adjustment and currency translation effect (358 ) Closing research tax credit receivable as of March 31, 2022 8,430 Of which - Non-current — Of which - Current portion 8,430 The other tax claims are primarily related to the VAT as well as the reimbursement of VAT that has been requested. Prepaid expenses are comprised primarily of rental and insurance expenses, as well as legal and scientific consulting fees. Prepaid expenses also include upfront payments which are recognized over the term of the ongoing clinical studies. |
Lease contracts
Lease contracts | 3 Months Ended |
Mar. 31, 2022 | |
Lessee Disclosure [Abstract] | |
Lease contracts | Note 5 Lease contracts Future minimum lease payments under the Company’s operating leases’ right of use as of March 31, 2022 and December 31, 2021, are as follows: March 31, 2022 December 31, 2021 Real estate Other assets Total Real estate Other assets Total Current portion 2,159 66 2,225 3,361 77 3,438 Year 2 1,803 18 1,821 3,124 23 3,147 Year 3 605 15 620 2,299 18 2,317 Year 4 — — — 771 1 773 Year 5 — — — 790 — 790 Thereafter — — — 1,220 — 1,220 Total minimum lease payments 4,567 99 4,666 11,565 119 11,684 Less: Effects of discounting (358 ) (7 ) (365 ) (1,526 ) (8 ) (1,534 ) Present value of operating lease 4,209 92 4,302 10,039 111 10,150 Less: current portion (1,973 ) (61 ) (2,034 ) (2,929 ) (74 ) (3,003 ) Long-term operating lease 2,236 31 2,268 7,110 37 7,147 Weighted average remaining lease term (years) 2.21 1.87 4.14 2.01 Weighted average discount rate 3.51 % 3.32 % 4.84 % 3.32 % The Company recognizes rent expense, calculated as the remaining cost of the lease allocated over the remaining lease term on a straight-line basis. March 31, 2022 2021 Operating lease expense / (income) (1,150 ) 847 In January 2022, the company entered into a termination agreement for its U.S. office in Summit, NJ, following the resizing of its facility use. The Company recognized an income million as of March 31, 2022 due to the early termination of its Summit, NJ lease, offset by the payment of a one-time lump sum early termination fee of $1.5 million. Supplemental cash flow information related to operating leases is as follows for the period March 31, 2022 and 2021: March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 583 1,025 |
Trade Payables and Other Curren
Trade Payables and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Trade Payables and Other Current Liabilities | Note 6 Trade Payables and Other Current Liabilities 6.1 Trade Payables No discounting was performed on the trade payables to the extent that the amounts did not present payment terms longer than one year at the end of each fiscal period presented. 6.2 Other Current Liabilities Other current liabilities consisted of the following: March 31, December 31, 2022 2021 Social security 3,995 6,708 Deferred income 3,794 4,146 Tax liabilities 137 182 Other debts 793 1,325 Total 8,719 12,361 The other current liabilities include short-term debt to employees including social welfare and tax agency obligations. Deferred income primarily includes deferred income from the collaboration agreement with Nestlé Health Science, which amounted to $3.8 million as of March 31, 2022. |
Share-Based Payments
Share-Based Payments | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | Note 7 Share-Based Payments The Board of Directors has been authorized by the General Meeting of the Shareholders to grant restricted stock units (“RSU”), stock options There have been no changes in the vesting conditions and method of valuation of the SO and RSUs from that disclosed in Note 1 3 Change in Number of BSA/SO/RSU: Number of outstanding BSA SO RSUs Balance as of December 31, 2021 256,693 3,631,210 1,240,520 Granted during the period — — — Forfeited during the period — (159,403 ) (56,113 ) Exercised/released during the period — — (775 ) Expired during the period — — — Balance as of March 31, 2022 256,693 3,471,808 1,183,633 Reconciliation of the share-based payments expenses with the consolidated statements of operations Three months Ended March 31, 2022 2021 Research and development SO (375 ) (376 ) RSU (208 ) (251 ) Sales and marketing SO 5 (49 ) RSU 1 (22 ) General and administrative SO (698 ) (644 ) RSU (87 ) (91 ) Total share-based compensation (expense) (1,363 ) (1,433 ) |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Loss Contingency [Abstract] | |
Contingencies | Note 8 Contingencies Current contingencies and non-current March 31, December 31, 2022 2021 Current contingencies 3,529 4,095 Non-current 5,758 6,758 Total contingencies 9,288 10,853 The table below shows movements in contingencies: Pension retirement obligations Collaboration agreement - Loss at completion Other contingencies Total At January 1, 2022 1,008 9,800 45 10,853 Increases in liabilities — — — — Used liabilities — (1,286 ) (45 ) (1,331 ) Reversals of unused liabilities (9 ) — — (9 ) Net interest related to employee benefits, and unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans (24 ) — — (24 ) Currency translation effect (20 ) (181 ) — (202 ) At March 31, 2022 955 8,332 — 9,288 Of which Current — 3,529 — 3,529 Of which Non-current 955 4,803 — 5,758 In 2021 and during the first three months of 2022, the Company updated its measurement of progress of the Phase 2 clinical trial (“PII”) conducted as part of the collaboration and license agreement with Nestlé and updated the cumulative income recognized. The Company has recorded an accrual in the amount of the excess between the Company’s current best estimates of costs yet to be incurred and incomes yet to be recognized for the completion of the PII. There have been no significant changes in assumptions for the estimation of the retirement commitments from those disclosed in Note 14 to the consolidated financial statements included in the Annual Report. |
Operating Income
Operating Income | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Operating Income | Note 9 Operating income The operating income is broken down in the following manner: Three months Ended March 31, 2022 2021 Research tax credit 1,569 1,807 Other operating income 976 1,133 Total 2,546 2,941 As of March 31, 2022, the Company recorded its collaboration contract’s income based on its updated measurement of progress of the Phase II clinical trial conducted as part of the collaboration and license agreement with Nestlé Health Science. The accrual recorded in the amount of the difference between the Company’s current best estimates of costs yet to be incurred and income yet |
Allocation of Personnel Expense
Allocation of Personnel Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Operating Expenses [Abstract] | |
Allocation of Personnel Expenses | Note 10 Allocation of Personnel Expenses The Company had an average of 88 employees during the three months ended March 31, 2022, in comparison with an average of 121 employees during the three months ended March 31, 2021. Allocation of Personnel Expenses by Function: Three months Ended March 31, 2022 2021 Research and Development expenses 3,075 4,718 Sales and Marketing expenses 245 518 General and Administrative expenses 2,595 3,766 Total personnel expenses 5,915 9,002 Allocation of Personnel Expenses by Nature: Three months Ended March 31, 2022 2021 Wages and salaries 3,987 4,454 Social security contributions 251 1,332 Expenses for pension commitments 297 402 Employer contribution to bonus shares 16 1,381 Share-based payments 1,363 1,433 Total 5,915 9,002 The decrease in personnel expenses is mainly due to a decreased headcount following the implementation of a new organization. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 11 Commitments There have been no significant changes in other commitments from those disclosed in Note 18 to the consolidated financial statements included in the Annual Report. |
Relationships with Related Part
Relationships with Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Relationships with Related Parties | Note 12 Relationships with Related Parties There were no new significant related-party |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 13 Loss Per Share Basic loss per share is calculated by dividing the net loss attributable to the shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. As the Company was in a loss position for each of the three months ended March 31, 2022 and 2021, the diluted loss per share is equal to basic loss per share because the effects of potentially dilutive shares were anti-dilutive The following is a summary of the ordinary share equivalents that were excluded from the calculation of diluted net loss per share for each of the three months ended March 31, 2022 and 2021 indicated in number of potential shares: Three months 2022 2021 Non-employee 256,693 225,008 Employee warrants — 75,000 Stock-options 3,471,808 2,670,710 Restricted stock units 1,183,633 1,129,945 |
Events After The Close Of The P
Events After The Close Of The Period | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Events after the Close of the Period | Note 14 Events after the Close of the Period The Company evaluated subsequent events that occurred after March 31, 2022, through the date the condensed consolidated financial statements were issued after their approval by the Board of Directors on April 29, 2022. On March 28, 2022, the Company entered into a binding office lease agreement in New Jersey for a lease term of 3 years and 2 months. The lease commencement was based upon delivery of possession of the premises by the l |
The Company (Policies)
The Company (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements of the Company and its wholly-owned The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. However, these condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to fairly state the results of the interim period. These interim financial results are not necessarily indicative of results to be expected for the full fiscal year ending December 31, 2022, or any other future period. |
Use of estimates | Use of estimates The preparation of the Company’s condensed consolidated financial statements requires the use of estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of income and expenses during the period. The Company bases its estimates and assumptions on historical experience and other factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The actual results may differ from these estimates. On an on-going right |
Going concern | Going concern These condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. Since its inception, the Company has primarily funded its operations with equity financings, and, to a lesser extent, public assistance aimed at supporting innovation and payments associated with research tax credits ( Crédit d’Impôt Recherche Following receipt of a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) in connection with its Biologics License Application (“BLA”) for Viaskin ™ pre-clinical ™ ™ In January 2021, the Company received written responses from the FDA to questions provided in the Type A meeting request the Company submitted in October 2020 following the CRL. In order to respond to the FDA’s requests and recommendations, the Company defined parallel workstreams primarily in order to generate the 6-month Following the submission of the adhesion study’s protocol to the FDA, the Company received an Advice/Information Request letter from the FDA in October 2021, requesting a stepwise approach to the modified Viaskin patch development program and provided partial feedback on this protocol. In December 2021, the Company decided not to pursue the stepwise approach to the development plans for Viaskin Peanut as requested by the FDA in the October 2021 feedback and announced its plan to initiate a pivotal Phase 3 clinical study for a modified Viaskin Peanut patch (mVP) in children ages 4-11. The Company considers this trial as the most straightforward approach to demonstrate effectiveness, safety, and improved adhesion of the modified Viaskin Peanut system. After receiving agreement from the FDA for its change in strategy, the protocol for the new Phase 3 pivotal study of the modified Viaskin Peanut (“mVP”) patch was completed at the end of February 2022 and was submitted to the FDA in April 2022. C , which is expected to be held , 3 The Company has incurred operating losses and negative cash flows from operations since inception. As of the date of the filing, the Company’s available cash and cash equivalents are not projected to be sufficient to support its operating plan for at least the next 12 months. As such, there is substantial doubt regarding the Company’s ability to continue as a going concern. Based on its current operations, as well as its plans and assumptions as revised pursuant to its change of strategy, announced in December 2021, the Company expects that its balance of cash and cash equivalents of $74.1 million as of March 31, 2022 will be sufficient to fund its operations into the first quarter of 2023. The Company intends to seek additional capital as it prepares for the new pivotal study and launch of Viaskin Peanut, if approved, and continues other research and development efforts. The Company may seek to finance its future cash needs through a combination of public or private equity or debt financings, collaborations, license and development agreements and other forms of non-dilutive The Company cannot guarantee that it will be able to obtain the necessary financing to meet its needs or to obtain funds at attractive terms and conditions. The ongoing COVID-19 If the Company is not successful in its financing objectives, the Company could have to scale back its operations, notably by delaying or reducing the scope of its research and development efforts or obtain financing through arrangements with collaborators or others that may require the Company to relinquish rights to its product candidates that the Company might otherwise seek to develop or commercialize independently. These Consolidated Financial Statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern |
Accounting Pronouncements adopted in 2022 | Accounting Pronouncements adopted in 2022 The Company has to date. |
Accounting Pronouncements issued not yet adopted | Accounting Pronouncements issued not yet adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 - Financial Instruments - Credit losses, which replaces the incurred loss impairment methodology for financial instruments in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The FASB has issued ASU 2019-10 other-than-temporary Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s Consolidated Financial Statements upon adoption. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Summary of breakdown of cash and cash equivalents | The following table presents for each reported period, the breakdown of cash and cash equivalents: March 31, December 31, 2022 2021 Cash 29,145 31,427 Cash equivalents 44,963 45,874 Total cash and cash equivalents as reported in the statements of financial position 74,107 77,301 Bank overdrafts — — Total net cash and cash equivalents as reported in the statements of cash flows 74,107 77,301 |
Other current assets (Tables)
Other current assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Current Assets [Abstract] | |
Summary of Other Current Asset | Other current assets consisted of the following: March 31, December 31, 2022 2021 Research tax credit 8,430 28,092 Other tax claims 3,696 3,561 Prepaid expenses 3,386 4,149 Other receivables 817 1,283 Total 16,329 37,085 |
Summary Of Research Tax Credit | The variance in Research Tax Credit is presented as follow: Amount in thousands of US Dollars Opening research tax credit receivable as of January 1, 2022 28,092 + Operating revenue 1,569 - Payment received (20,874 ) - Adjustment and currency translation effect (358 ) Closing research tax credit receivable as of March 31, 2022 8,430 Of which - Non-current — Of which - Current portion 8,430 |
Lease contracts (Tables)
Lease contracts (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Lessee Disclosure [Abstract] | |
Summary of Operating Leases Future Minimum Payments Receivable | Future minimum lease payments under the Company’s operating leases’ right of use as of March 31, 2022 and December 31, 2021, are as follows: March 31, 2022 December 31, 2021 Real estate Other assets Total Real estate Other assets Total Current portion 2,159 66 2,225 3,361 77 3,438 Year 2 1,803 18 1,821 3,124 23 3,147 Year 3 605 15 620 2,299 18 2,317 Year 4 — — — 771 1 773 Year 5 — — — 790 — 790 Thereafter — — — 1,220 — 1,220 Total minimum lease payments 4,567 99 4,666 11,565 119 11,684 Less: Effects of discounting (358 ) (7 ) (365 ) (1,526 ) (8 ) (1,534 ) Present value of operating lease 4,209 92 4,302 10,039 111 10,150 Less: current portion (1,973 ) (61 ) (2,034 ) (2,929 ) (74 ) (3,003 ) Long-term operating lease 2,236 31 2,268 7,110 37 7,147 Weighted average remaining lease term (years) 2.21 1.87 4.14 2.01 Weighted average discount rate 3.51 % 3.32 % 4.84 % 3.32 % |
Summary of Rent expenses | Rent expense presented in the consolidated statement of operations and comprehensive loss was: March 31, 2022 2021 Operating lease expense / (income) (1,150 ) 847 |
Summary of Supplemental cash flow information related to our operating leases | Supplemental cash flow information related to operating leases is as follows for the period March 31, 2022 and 2021: March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 583 1,025 |
Trade Payables and Other Curr_2
Trade Payables and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities [Abstract] | |
Summary of Other Current Liabilities | Other current liabilities consisted of the following: March 31, December 31, 2022 2021 Social security 3,995 6,708 Deferred income 3,794 4,146 Tax liabilities 137 182 Other debts 793 1,325 Total 8,719 12,361 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of RSU Activity | Change in Number of BSA/SO/RSU: Number of outstanding BSA SO RSUs Balance as of December 31, 2021 256,693 3,631,210 1,240,520 Granted during the period — — — Forfeited during the period — (159,403 ) (56,113 ) Exercised/released during the period — — (775 ) Expired during the period — — — Balance as of March 31, 2022 256,693 3,471,808 1,183,633 |
Summary of Share-Based Payments Expenses | Reconciliation of the share-based payments expenses with the consolidated statements of operations Three months Ended March 31, 2022 2021 Research and development SO (375 ) (376 ) RSU (208 ) (251 ) Sales and marketing SO 5 (49 ) RSU 1 (22 ) General and administrative SO (698 ) (644 ) RSU (87 ) (91 ) Total share-based compensation (expense) (1,363 ) (1,433 ) |
Contingencies (Tables)
Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Loss Contingency [Abstract] | |
Summary of Current Contingencies and Non-current Contingencies | Current contingencies and non-current March 31, December 31, 2022 2021 Current contingencies 3,529 4,095 Non-current 5,758 6,758 Total contingencies 9,288 10,853 |
Summary of Movement in Provisions | The table below shows movements in contingencies: Pension retirement obligations Collaboration agreement - Loss at completion Other contingencies Total At January 1, 2022 1,008 9,800 45 10,853 Increases in liabilities — — — — Used liabilities — (1,286 ) (45 ) (1,331 ) Reversals of unused liabilities (9 ) — — (9 ) Net interest related to employee benefits, and unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans (24 ) — — (24 ) Currency translation effect (20 ) (181 ) — (202 ) At March 31, 2022 955 8,332 — 9,288 Of which Current — 3,529 — 3,529 Of which Non-current 955 4,803 — 5,758 |
Operating Income (Tables)
Operating Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of operating income | The operating income is broken down in the following manner: Three months Ended March 31, 2022 2021 Research tax credit 1,569 1,807 Other operating income 976 1,133 Total 2,546 2,941 |
Allocation of Personnel Expen_2
Allocation of Personnel Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Operating Expenses [Abstract] | |
Summary of Allocation of Personnel Expenses By Function | Allocation of Personnel Expenses by Function: Three months Ended March 31, 2022 2021 Research and Development expenses 3,075 4,718 Sales and Marketing expenses 245 518 General and Administrative expenses 2,595 3,766 Total personnel expenses 5,915 9,002 |
Summary of Allocation of Personnel Expenses By Nature | Allocation of Personnel Expenses by Nature: Three months Ended March 31, 2022 2021 Wages and salaries 3,987 4,454 Social security contributions 251 1,332 Expenses for pension commitments 297 402 Employer contribution to bonus shares 16 1,381 Share-based payments 1,363 1,433 Total 5,915 9,002 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following is a summary of the ordinary share equivalents that were excluded from the calculation of diluted net loss per share for each of the three months ended March 31, 2022 and 2021 indicated in number of potential shares: Three months 2022 2021 Non-employee 256,693 225,008 Employee warrants — 75,000 Stock-options 3,471,808 2,670,710 Restricted stock units 1,183,633 1,129,945 |
The Company - Additional Inform
The Company - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Subsidiary or Equity Method Investee [Line Items] | ||
Cash and cash equivalents | $ 74,107 | $ 77,301 |
Significant Events and Transa_2
Significant Events and Transactions - Additional Information (Detail) | Jan. 31, 2020 |
ViaskinTM Clinical Program For Children Aged Between Four to Eleven [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Clinical Program Trial Period | 6 months |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of breakdown of cash and cash equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||
Cash | $ 29,145 | $ 31,427 |
Cash equivalents | 44,963 | 45,874 |
Total cash and cash equivalent as reported in statement of financial position | 74,107 | 77,301 |
Bank overdrafts | 0 | 0 |
Total net cash and cash equivalents as reported in the statement of cash flow | $ 74,107 | $ 77,301 |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Asset (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Research Tax Credit | $ 8,430 | $ 28,092 |
Other tax claims | 3,696 | 3,561 |
Prepaid expenses | 3,386 | 4,149 |
Other receivables | 817 | 1,283 |
Total | $ 16,329 | $ 37,085 |
Other current assets - Summar_2
Other current assets - Summary Of Research Tax Credit (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Tax Credit Carryforward [Line Items] | |
Opening balance | $ 28,092 |
Operating revenue | 1,569 |
Payment received | (20,874) |
Adjustment and currency translation effect | (358) |
Closing balance | 8,430 |
Of which - Non-current portion | 0 |
Of which - Current portion | $ 8,430 |
Lease contracts - Summary of Op
Lease contracts - Summary of Operating Leases Future Minimum Payments Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current portion | $ 2,225 | $ 3,438 |
Year 2 | 1,821 | 3,147 |
Year 3 | 620 | 2,317 |
Year 4 | 773 | |
Year 5 | 790 | |
Thereafter | 1,220 | |
Total minimum lease payments | 4,666 | 11,684 |
Less: Effects of discounting | (365) | (1,534) |
Present value of operating lease | 4,302 | 10,150 |
Less: current portion | (2,034) | (3,003) |
Long-term operating leases | 2,268 | 7,147 |
Real Estate [Member] | ||
Current portion | 2,159 | 3,361 |
Year 2 | 1,803 | 3,124 |
Year 3 | 605 | 2,299 |
Year 4 | 771 | |
Year 5 | 790 | |
Thereafter | 1,220 | |
Total minimum lease payments | 4,567 | 11,565 |
Less: Effects of discounting | (358) | (1,526) |
Present value of operating lease | 4,209 | 10,039 |
Less: current portion | (1,973) | (2,929) |
Long-term operating leases | $ 2,236 | $ 7,110 |
Weighted average remaining lease term (years) | 2 years 2 months 15 days | 4 years 1 month 20 days |
Weighted average discount rate | 3.51% | 4.84% |
Other Asset [Member] | ||
Current portion | $ 66 | $ 77 |
Year 2 | 18 | 23 |
Year 3 | 15 | 18 |
Year 4 | 1 | |
Total minimum lease payments | 99 | 119 |
Less: Effects of discounting | (7) | (8) |
Present value of operating lease | 92 | 111 |
Less: current portion | (61) | (74) |
Long-term operating leases | $ 31 | $ 37 |
Weighted average remaining lease term (years) | 1 year 10 months 13 days | 2 years 3 days |
Weighted average discount rate | 3.32% | 3.32% |
Lease contracts - Summary of Re
Lease contracts - Summary of Rent expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Rent Expenses [Member] | ||
Operating lease expense / (income) | $ (1,150) | $ 847 |
Lease contracts - Summary of Su
Lease contracts - Summary of Supplemental cash flow information related to our operating leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating Lease, Payments | $ 583 | $ 1,025 |
Lease contracts - Additional In
Lease contracts - Additional Information (Detail) - NEW JERSEY $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Gain on termination of lease | $ 1.2 |
Early Termination of Lease Offset By The Payment Of A One Time Lump Sum Early Termination Fee | $ 1.5 |
Trade Payables and Other Curr_3
Trade Payables and Other Current Liabilities - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Nestl Health Science [Member] | |
Deferred revenues | $ 3.8 |
Trade Payables and Other Curr_4
Trade Payables and Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other current liabilities | $ 8,719 | $ 12,361 |
Social Security [Member] | ||
Other current liabilities | 3,995 | 6,708 |
Deferred income [Member] | ||
Other current liabilities | 3,794 | 4,146 |
Tax Liabilities [Member] | ||
Other current liabilities | 137 | 182 |
Other Debts [Member] | ||
Other current liabilities | $ 793 | $ 1,325 |
Share-Based Payments - Summary
Share-Based Payments - Summary of RSU Activity (Detail) | 3 Months Ended |
Mar. 31, 2022shares | |
BSA Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of warrants outstanding, Beginning Balance | 256,693 |
Number of warrants outstanding, Exercised/released during the period | 0 |
Number of warrants outstanding, Ending Balance | 256,693 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSU outstanding, Beginning Balance | 1,240,520 |
Number of RSU outstanding, Forfeited during the period | (56,113) |
Number of RSU outstanding, Exercised during the period | (775) |
Number of RSU outstanding, Expired during the period | 0 |
Number of RSU outstanding, Ending Balance | 1,183,633 |
Employee Stock Option Member | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of stock options outstanding, Beginning Balance | 3,631,210 |
Number of stock options outstanding, Forfeited during the period | (159,403) |
Number of stock options outstanding, Ending Balance | 3,471,808 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Share-Based Payments Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | $ (1,363) | $ (1,433) |
Research & Development expenses [Member] | Employee Stock Option Member | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (375) | (376) |
Research & Development expenses [Member] | Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (208) | (251) |
Sales & Marketing expenses [Member] | Employee Stock Option Member | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | 5 | (49) |
Sales & Marketing expenses [Member] | Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | 1 | (22) |
General & Administrative expenses [Member] | Employee Stock Option Member | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (698) | (644) |
General & Administrative expenses [Member] | Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | $ (87) | $ (91) |
Contingencies - Summary of Curr
Contingencies - Summary of Current Contingencies and Non-current Contingencies (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Liability, Defined Benefit Plan [Abstract] | ||
Current contingencies | $ 3,529 | $ 4,095 |
Non-current contingencies | 5,758 | 6,758 |
Total contingencies | $ 9,288 | $ 10,853 |
Contingencies - Summary of Move
Contingencies - Summary of Movement in Contingencies (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Contingencies, Beginning balance | $ 10,853 | |
Increases in liabilities | 0 | |
Used liabilities | (1,331) | |
Reversals of unused liabilities | (9) | |
Net interest related to employee benefits, and unwinding of discount | 0 | |
Actuarial gains and losses on defined-benefit plans | (24) | |
Currency translation effect | (202) | |
Contingencies, Ending balance | 9,288 | |
Of which current | 3,529 | $ 4,095 |
Of which non-current | 5,758 | $ 6,758 |
Pension retirement obligations [Member] | ||
Contingencies, Beginning balance | 1,008 | |
Increases in liabilities | 0 | |
Reversals of unused liabilities | (9) | |
Actuarial gains and losses on defined-benefit plans | (24) | |
Currency translation effect | (20) | |
Contingencies, Ending balance | 955 | |
Of which non-current | 955 | |
Collaboration agreement -Loss at completion [Member] | ||
Contingencies, Beginning balance | 9,800 | |
Increases in liabilities | 0 | |
Used liabilities | (1,286) | |
Currency translation effect | (181) | |
Contingencies, Ending balance | 8,332 | |
Of which current | 3,529 | |
Of which non-current | 4,803 | |
Other provisions incl. restructuring [Member] | ||
Contingencies, Beginning balance | 45 | |
Increases in liabilities | 0 | |
Used liabilities | (45) | |
Contingencies, Ending balance | 0 | |
Of which current | $ 0 |
Operating Income - Summary of O
Operating Income - Summary of Operating Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Research Tax Credit | $ 1,569 | $ 1,807 |
Other operating income | 976 | 1,133 |
Total | $ 2,546 | $ 2,941 |
Allocation of Personnel Expen_3
Allocation of Personnel Expenses - Summary of Allocation of Personnel Expenses By Function (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Research and development expenses | $ 12,223 | $ 22,164 |
General and administrative expenses | 6,630 | 9,683 |
Total Operating expenses | 19,317 | 32,575 |
Expenses by Function [Member] | ||
Research and development expenses | 3,075 | 4,718 |
Sales and marketing expenses | 245 | 518 |
General and administrative expenses | 2,595 | 3,766 |
Total Operating expenses | $ 5,915 | $ 9,002 |
Allocation of Personnel Expen_4
Allocation of Personnel Expenses -Summary of Allocation of Personnel Expenses By Nature (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based payments | $ (1,363) | $ (1,433) |
Total Operating expenses | 19,317 | 32,575 |
Expenses by Nature [Member] | ||
Wages and salaries | 3,987 | 4,454 |
Social security contributions | 251 | 1,332 |
Expenses for pension commitments | 297 | 402 |
Employer contribution to bonus shares | 16 | 1,381 |
Share-based payments | 1,363 | 1,433 |
Total Operating expenses | $ 5,915 | $ 9,002 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Disclosure Of Commitments [Line Items] | |
Increase (decrease) in other commitments during the period | $ 0 |
Relationships with Related Pa_2
Relationships with Related Parties - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Increase decrease in related party transactions and changes in nature of the transactions | $ 0 |
Loss Per Share - Summary of the
Loss Per Share - Summary of the Common Stock Equivalents Which Were Excluded From the Calculation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Non-employee warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 256,693 | 225,008 |
Employee warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 75,000 |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,471,808 | 2,670,710 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,183,633 | 1,129,945 |
Events after the Close of the_2
Events after the Close of the Period - Additional Information (Detail) | Mar. 28, 2022 |
Subsequent Events [Abstract] | |
Lessee operating lease term | 3 years 2 months |