Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
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 Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 96,250,954 | |
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 | |
Entity Address, Postal Zip Code | 92120 | |
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 | |
Security Exchange Name | NASDAQ | |
No Trading Symbol Flag | true |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 173,961 | $ 209,194 |
Other current assets | 21,578 | 13,880 |
Total current assets | 195,539 | 223,074 |
Non-Current assets | ||
Property, plant, and equipment, net | 14,135 | 15,096 |
Right-of-use assets related to operating leases | 1,832 | 2,513 |
Intangible assets | 68 | 10 |
Other non-current assets | 5,944 | 5,824 |
Total non-current assets | 21,979 | 23,444 |
Total Assets | 217,518 | 246,518 |
Current liabilities | ||
Trade payables | 19,094 | 14,473 |
Short-term operating leases | 1,944 | 1,894 |
Current contingencies | 5,076 | 3,944 |
Other current liabilities | 7,258 | 9,210 |
Total current liabilities | 33,373 | 29,521 |
Non-Current liabilities | ||
Long-term operating leases | 187 | 1,127 |
Non-current contingencies | 15,731 | 16,680 |
Other non-current liabilities | 3,987 | 4,735 |
Total non-current liabilities | 19,905 | 22,543 |
Total Liabilities | 53,277 | 52,064 |
Shareholders' equity: | ||
Ordinary shares, €0.10 par value; 96,250,954 and 94,137,145 shares authorized, and issued as at June 30, 2023 and December 31, 2022, respectively | 10,952 | 10,720 |
Additional paid-in capital | 375,759 | 458,221 |
Treasury stock, 149,972 and 149,793 ordinary shares as of June 30, 2023 and December 31, 2022, respectively, at cost | (1,082) | (1,109) |
Accumulated deficit | (210,940) | (259,578) |
Accumulated other comprehensive income | 687 | 781 |
Accumulated currency translation effect | (11,136) | (14,581) |
Total shareholders' equity | 164,240 | 194,453 |
Total Liabilities and Shareholders' equity | $ 217,518 | $ 246,518 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position (Parenthetical) - € / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Treasury stock, common, shares | 149,972 | 149,793 |
Common Shares [Member] | ||
Common stock shares par value | € 0.1 | € 0.1 |
Common stock shares authorized | 96,250,954 | 94,137,145 |
Common stock shares issued | 96,250,954 | 94,137,145 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating income | $ 2,288 | $ 1,529 | $ 4,482 | $ 4,074 |
Operating expenses | ||||
Research and development expenses | (17,616) | (18,611) | (33,653) | (30,834) |
Sales and marketing expenses | (516) | (1,037) | (950) | (1,500) |
General and administrative expenses | (9,231) | (5,704) | (16,120) | (12,334) |
Total Operating expenses | (27,364) | (25,352) | (50,723) | (44,669) |
Loss from operations | (25,076) | (23,823) | (46,242) | (40,595) |
Financial income(expenses) | 846 | 784 | 1,450 | 936 |
Loss before taxes | (24,230) | (23,039) | (44,791) | (39,659) |
Income tax | (13) | 0 | (13) | (87) |
Net loss | (24,243) | (23,039) | (44,804) | (39,746) |
Foreign currency translation differences, net of taxes | (221) | (11,394) | 3,445 | (13,327) |
Actuarial gains (losses) on employee benefits, net of taxes | (10) | 200 | (92) | 224 |
Total comprehensive loss | $ (24,475) | $ (34,234) | $ (41,452) | $ (52,849) |
Basic net loss per share attributable to shareholders | $ (0.26) | $ (0.35) | $ (0.48) | $ (0.66) |
Weighted average number of shares outstanding used in computing per share amounts: | 94,324,889 | 66,047,949 | 94,150,141 | 60,490,075 |
Diluted net loss per share attributable to shareholders | $ (0.26) | $ (0.35) | $ (0.48) | $ (0.66) |
Weighted average number of shares outstanding used in computing per share amounts: | 94,324,889 | 66,047,949 | 94,150,141 | 60,490,075 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net loss for the period | $ (44,804) | $ (39,746) |
Cash flows used in operating activities: | ||
Depreciation, amortization and accrued contingencies | 369 | 1,249 |
Retirement pension obligations | 11 | 14 |
Expenses related to share-based payments | 3,446 | 2,441 |
Other elements | 23 | (3) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in other current assets | (6,481) | 23,436 |
(Decrease) increase in trade payables | 3,419 | 5,894 |
(Decrease) increase in other current and non-current liabilities | (2,913) | (3,040) |
Change in operating lease liabilities and right of use assets | 535 | (1,979) |
Net cash flow provided by (used in) operating activities | (46,394) | (11,733) |
Cash flows provided by (used in) investing activities: | ||
Acquisitions of property, plant, and equipment, net from proceeds | (275) | (369) |
Proceeds from property, plant, and equipment dispositions | 0 | 3 |
Acquisitions of non-current financial assets | (27) | (279) |
Proceeds from non-current financial assets dispositions | 4 | 426 |
Net cash flows provided by (used in) investing activities | (299) | (218) |
Cash flows provided by (used in) financing activities: | ||
Decrease in conditional advances | 0 | (328) |
Treasury shares | 27 | 279 |
Capital increases, net of transaction costs | 7,766 | 195,270 |
Other cash flows related to financing activities | 0 | 0 |
Net cash flows provided by (used in) financing activities | 7,793 | 195,221 |
Effect of exchange rate changes on cash and cash equivalents | 3,668 | (12,600) |
Net increase (decrease) in cash and cash equivalents | (35,232) | 170,670 |
Net Cash and cash equivalents at the beginning of the period | 209,194 | 77,301 |
Net cash and cash equivalents at the end of the period | $ 173,961 | $ 247,971 |
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, 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 income (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 change in equity | 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 | ||||||
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) | (39,746) | ||||||
Ending balance at Jun. 30, 2022 | 244,416 | $ 10,708 | 456,447 | (953) | (203,050) | 743 | (19,480) |
Ending balance (Shares) at Jun. 30, 2022 | 94,022,679 | ||||||
Beginning balance at Mar. 31, 2022 | 82,062 | $ 6,539 | 359,478 | (1,193) | (275,219) | 543 | (8,086) |
Beginning balance (Shares) at Mar. 31, 2022 | 55,096,537 | ||||||
Net (loss) | (23,039) | (23,039) | |||||
Other comprehensive income (loss) | (11,194) | 200 | (11,394) | ||||
Issuance of ordinary shares | 107,176 | $ 4,170 | 103,007 | ||||
Issuance of ordinary shares (Shares) | 38,926,142 | ||||||
Issuance of warrants | 88,094 | 88,094 | |||||
Treasury shares | 240 | 240 | |||||
Share-based payments | 1,078 | 1,078 | |||||
Allocation of accumulated net losses | (95,209) | 95,209 | |||||
Ending balance at Jun. 30, 2022 | 244,416 | $ 10,708 | 456,447 | (953) | (203,050) | 743 | (19,480) |
Ending balance (Shares) at Jun. 30, 2022 | 94,022,679 | ||||||
Beginning balance at Dec. 31, 2022 | 194,453 | $ 10,720 | 458,221 | (1,109) | (259,578) | 781 | (14,581) |
Beginning balance (Shares) at Dec. 31, 2022 | 94,137,145 | ||||||
Net (loss) | (20,561) | (20,561) | |||||
Other comprehensive income (loss) | 3,584 | (82) | 3,666 | ||||
Issuance of ordinary shares | 0 | $ 1 | (1) | ||||
Issuance of ordinary shares (Shares) | 10,174 | ||||||
Treasury shares | (14) | (14) | |||||
Share-based payments | 1,632 | 1,632 | |||||
Ending balance at Mar. 31, 2023 | 179,094 | $ 10,721 | 459,852 | (1,123) | (280,138) | 698 | (10,915) |
Ending balance (Shares) at Mar. 31, 2023 | 94,147,319 | ||||||
Beginning balance at Dec. 31, 2022 | 194,453 | $ 10,720 | 458,221 | (1,109) | (259,578) | 781 | (14,581) |
Beginning balance (Shares) at Dec. 31, 2022 | 94,137,145 | ||||||
Net (loss) | (44,804) | ||||||
Ending balance at Jun. 30, 2023 | 164,240 | $ 10,952 | 375,759 | (1,082) | (210,940) | 687 | (11,136) |
Ending balance (Shares) at Jun. 30, 2023 | 96,250,954 | ||||||
Beginning balance at Mar. 31, 2023 | 179,094 | $ 10,721 | 459,852 | (1,123) | (280,138) | 698 | (10,915) |
Beginning balance (Shares) at Mar. 31, 2023 | 94,147,319 | ||||||
Net (loss) | (24,243) | (24,243) | |||||
Other comprehensive income (loss) | (232) | (10) | (221) | ||||
Issuance of ordinary shares | 7,766 | $ 231 | 7,535 | ||||
Issuance of ordinary shares (Shares) | 2,103,635 | ||||||
Treasury shares | 42 | 42 | |||||
Share-based payments | 1,814 | 1,814 | |||||
Allocation of accumulated net losses | (93,441) | 93,441 | |||||
Ending balance at Jun. 30, 2023 | $ 164,240 | $ 10,952 | $ 375,759 | $ (1,082) | $ (210,940) | $ 687 | $ (11,136) |
Ending balance (Shares) at Jun. 30, 2023 | 96,250,954 |
The Company
The Company | 6 Months Ended |
Jun. 30, 2023 | |
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 specialty biopharmaceutical company focused on changing the field of immunotherapy by developing a novel technology platform called Viaskin ™ ™ ™ Basis of Presentation The condensed consolidated financial statements of the Company and its wholly-owned subsidiaries are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and are presented in U.S. dollars. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. 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, 2023, 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-of-use Accounting Pronouncements adopted in 2023 In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13—Financial 2019-10 In October 2021, the FASB issued ASU 2021-08, Accounting Pronouncements issued not yet adopted 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 | 6 Months Ended |
Jun. 30, 2023 | |
Significant Events And Transactions of the Period Disclsure [Abstract] | |
Significant Events and Transactions | Note 2: Significant Events and Transactions Clinical programs 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 receipt of the Complete Response Letter. 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 (approximately 1/1000 of one peanut) remains unchanged and performs in the same way it has performed previously. In order to confirm the consistency of efficacy data between the existing and a modified patch, FDA requested an assessment comparing the uptake of allergen (peanut protein) between the patches in peanut allergic children ages 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 Phase 1 clinical trials in healthy adult volunteers: a. PREQUAL, a Phase 1 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 Phase 1 trial in healthy adult volunteers to evaluate the adhesion of five modified Viaskin Peanut patches. The Company completed CHAMP in the second quarter of 2021. 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 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 on October 14, 2021, the Company received an Advice/Information Request letter from the FDA. In this letter, the FDA requested a stepwise approach to the modified Viaskin patch development program and provided partial feedback on the STAMP protocol. Specifically, the FDA requested that the Company conduct allergen uptake comparison studies (i.e., ‘EQUAL in Adults’, EQUAL), and submit the allergen uptake comparison data for FDA review and feedback prior to starting the STAMP study. The FDA’s explanation was that the results from the allergen uptake studies might affect the design of the STAMP study. After careful review of the FDA’s information requests, in December 2021, the Company decided not to pursue the sequential 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 exchanges. In 2022, the Company announced the new Phase 3 pivotal study for modified Viaskin Peanut (mVP) patch would be in younger (4-7 On September 7, 2022, the Company announced the initiation of VITESSE, a new Phase 3 pivotal study of the modified Viaskin Peanut (mVP) patch in children ages 4-7 al On September 21, 2022, the Company announced it received feedback from the U.S. FDA in the form of a partial clinical hold on VITESSE. In the partial clinical hold letter, the FDA specified changes to elements of the VITESSE protocol, acknowledging the intent for the trial to support a future BLA submission. In the following months, we engaged with the FDA to address the feedback provided in the partial clinical hold letter and to finalize the VITESSE protocol. In addition, we continued internal preparations for VITESSE and conducted certain site assessment and start-up On December 23, 2022, the Company announced the FDA lifted the partial clinical hold and confirmed we satisfactorily addressed all clinical hold issues. The FDA stated that VITESSE may proceed with the revised trial protocol. On March 2, 2023, the Company announced the completion of EVOLVE, a 12-week 4–11-years On March 7, 2023, the Company announced that the first patient was screened in the VITESSE study. Screening of the last patient is anticipated in the first half in 2024 and topline results in the first half in 2025. On April 19, 2023, the Company outlined the 1-3 pre-specified Viaskin Peanut for children ages 4-11—European On August 2, 2021, the Company announced it received from the European Medicines Agency (“EMA”) of 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. On December 20, 2021, the Company announced it had withdrawn the Marketing Authorization Application (“MAA”) for Viaskin Peanut and formally notified the EMA of our decision. The initial filing was supported by data from a single, placebo-controlled Phase 3 pivotal trial known as PEPITES (V712-301). Viaskin Peanut for children ages 1-3 In June 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 µg 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. In June 2022, the Company announced positive topline results from Part B of EPITOPE, which enrolled 362 subjects ages 1 to 3 years, of which 244 and 118 were in the active and placebo arms respectively. Enrollment was balance for age and baseline disease characteristics between the active and placebo treatment arms. On April 19, 2023, the Company announced it will begin a new safety study after it received confirmation from the FDA that the EPITOPE study meets the pre-specified On May 10, 2023, the New England Journal of Medicine (NEJM) published results that demonstrated epicutaneous immunotherapy (EPIT) with VP was statistically superior to placebo in desensitizing children to peanut exposure 1-3 Viaskin Peanut for Children ages 4-7 On September 7, 2022, the Company announced the initiation of VITESSE, a new Phase 3 pivotal study of the modified Viaskin Peanut (mVP) patch in children ages 4-7 On September 21, 2022, the Company announced we had received feedback from the FDA in the form of a partial clinical hold on VITESSE. In the partial clinical hold letter, the FDA specified changes to elements of the VITESSE protocol, acknowledging the intent for the trial to support a future BLA submission. In the following months, we engaged with the FDA to address the feedback provided in the partial clinical hold letter and to finalize the VITESSE protocol. In addition, we continued internal preparations for VITESSE and conducted certain site assessment and start-up On December 23, 2022, the Company announced the FDA lifted the partial clinical hold and confirmed we satisfactorily addressed all clinical hold issues. The FDA stated that VITESSE may proceed with the revised trial protocol. On March 7, 2023, the Company announced that the first patient was screened in the VITESSE trial. Screening of the last patient is anticipated in the first half in 2024 and topline results in the first half in 2025. Financing In June 2023, the Company issued and completed sales of new ordinary shares (the “Ordinary Shares”) in the At-The-Market the one-half Legal Proceedings From time to time, the Company may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The Company is not currently subject to any material legal proceedings. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 3: Cash and Cash Equivalents The following tables summarize the cash and cash equivalents as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Cash 24,111 30,104 Cash equivalents 149,850 179,090 Total cash and cash equivalents as reported in the statements of financial position 173,961 209,194 Bank overdrafts — — Total cash and cash equivalents as reported in the statements of cash flows 173,961 209,194 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 | 6 Months Ended |
Jun. 30, 2023 | |
Other Current Assets [Abstract] | |
Other Current Assets | Note 4 Other Current Assets Other current assets consisted of the following: June 30, December 31, Research tax credit 9,662 5,792 Other tax claims 5,851 3,903 Prepaid expenses 4,494 2,680 Other receivables 1,571 1,504 Total 21,578 13,880 Research tax credit The variance in Research Tax Credit is presented as follows: Amount in Opening research tax credit receivable as of January 1, 2023 5,792 + Operating revenue 3,741 - Payment received — - Adjustment and currency translation effect 130 Closing research tax credit receivable as of June 30, 2023 9,662 Of which - Non-current — Of which - Current portion 9,662 Before currency translation effect, the balance in research tax credit as of June 30, 2023, consisted of $5.8 million research tax credit for the 2022 fiscal year filed with the tax authorities and yet to be reimbursed, and $3.7 million estimated research tax credit for the first six months of the 2023 fiscal year. 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 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 | 6 Months Ended |
Jun. 30, 2023 | |
Lessee Disclosure [Abstract] | |
Lease contracts | Note 5 Lease contracts Future minimum lease payments under the Company’s operating leases’ right of use as of June 30, 2023 and December 31, 2022, are as follows: June 30, 2023 December 31, 2022 Real estate Other Total Real estate Other Total Current portion 1,886 74 1,961 1,972 79 2,051 Year 2 291 43 334 1,168 74 1,243 Year 3 — — — 65 6 71 Thereafter — — — — — — Total minimum lease payments 2,177 118 2,295 3,204 160 3,364 Less: Effects of discounting (153 ) (10 ) (163 ) (325 ) (17 ) (343 ) Present value of operating lease 2,024 107 2,131 2,879 143 3,021 Less: current portion (1,873 ) (72 ) (1,944 ) (1,823 ) (71 ) (1,894 ) Long-term operating lease 151 36 187 1,055 72 1,127 Weighted average remaining lease term (years) 0.95 — 1.40 — Weighted average discount rate 2.90 % 2.50 % 3.00 % 2.45 % The Company recognizes rent expense, calculated as the remaining cost of the lease allocated over the remaining lease term on a straight-line basis. Rent expense presented in the consolidated statement of operations and comprehensive loss was: June 30, 2023 2022 Operating lease expense / (income) 1,543 950 Net termination impact (920 ) (1,657 ) Supplemental cash flow information related to operating leases is as follows for the period June 30, 2023 and 2022: June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows related to operating leases 963 1,079 |
Trade Payables and Other Curren
Trade Payables and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Trade Payables and Other Current Liabilities | Note 6: Trade Payables and Other Current Liabilities 6.1 Trade Payables Trade payables increased by $4.6 million as of June 30, 2023, compared to December 31, 2022. 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 period presented. 6.2 Other Liabilities The following tables summarize the other liabilities as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Other current liabilities Other non-current liabilities Total Other current liabilities Other non-current liabilities Total Employee related liabilities 4,374 — 4,374 5,872 45 5,917 Deferred income 2,264 3,987 6,251 2,137 4,690 6,828 Tax liabilities 187 — 187 69 — 69 Other debts 433 — 433 1,131 — 1,131 Total 7,258 3,987 11,245 9,210 4,735 13,945 The Employee related 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. |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' equity | Note 7: Shareholders’ equity The share capital as of June 30, 2023 is set at the sum of €9,625,095.40 ($10,952 thousands converted at historical rates). It is divided into 96,250,954 fully authorized, subscribed and paid-up Pursuant to the authorization granted by the General Meeting of the Shareholders held on April 12, 2023 (the “SH General Meeting”), the accumulated net losses of DBV Technologies S.A. after appropriation of the net result for the year ended December 31, 2022, have been allocated to additional paid-in |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Jun. 30, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | Note 8: 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 plan (“SO”), and non-employee Bons de Souscription d’Actions During the six months ended June 30, 2023, the Company granted 59,200 stock options and 35,800 restricted stock units to employees. There have been no changes in the vesting conditions and method of valuation of the SO and RSUs from that disclosed in Note 12 to the consolidated financial statements included in the Annual Report. Change in Number of BSA/SO/RSU: Number of outstanding BSA SO RSUs Balance as of December 31, 2022 251,693 5,306,569 1,589,081 Granted during the period — 59,200 35,800 Forfeited during the period — (75,200 ) (54,444 ) Exercised/released during the period — — (61,359 ) Expired during the period — — — Balance as of June 30, 2023 251,693 5,290,569 1,509,078 Share-based payments expense reflected in the condensed consolidated statements of operations is as follows: Three Months Six Months 2023 2022 2023 2022 Research & development SO (465 ) (290 ) (894 ) (665 ) RSU (271 ) (185 ) (529 ) (393 ) Sales & marketing SO (27 ) (38 ) (54 ) (33 ) RSU (8 ) (17 ) (17 ) (16 ) General & administrative SO (925 ) (478 ) (1,722 ) (1,176 ) RSU (118 ) (70 ) (231 ) (157 ) Total share-based compensation (expense) (1,814 ) (1,078 ) (3,446 ) (2,441 ) |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Note 9: Contingencies The following tables summarize the contingencies as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Current contingencies 5,076 3,944 Non-current 15,731 16,680 Total contingencies 20,807 20,625 The changes in contingencies are as follows: Pension Collaboration Other Total At January 1, 2023 790 19,835 — 20,625 Increases in liabilities 11 — 780 791 Used liabilities — — — — Reversals of unused liabilities — (1,083 ) — (1,083 ) Net interest related to employee benefits, and unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans 93 — — 93 Currency translation effect 15 366 — 381 At June 30, 2023 909 19,118 780 20,807 Of which Current — 4,296 780 5,076 Of which Non-current 909 14,822 — 15,731 The Company does not hold any plan assets related to long-term employee benefit for any of the periods presented. There have been no significant changes in assumptions for the estimation of the retirement commitments from those disclosed in Note 13 to the consolidated financial statements included in the Annual Report. In 2022 and during the first six months of 2023, 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 Health Sciences and updated the cumulative income recognized. The Company recognized a reversal of $1.1 million of the loss for completion recorded in the amount of the excess between the Company’s current best estimates of costs yet to be incurred and income yet to be recognized for the completion of the PII. The other contingencies mainly consisted of a provision for refurbishment amounting to the best estimate of costs to be incurred in case the Montrouge office lease agreement is not renewed at its July 2024 term. |
Operating Income
Operating Income | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Operating Income | Note 10: Operating income The following table summarizes the operating income during the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Research tax credit 1,975 1,491 3,741 3,060 Other operating income 312 37 741 1,014 Total 2,288 1,529 4,482 4,074 The increase in operating income was primarily due to the increase in the research and development costs eligible to research tax credit in France. The Company recognizes as other operating income accrued revenues based on its updated measurement of progress of the Phase 2 clinical trial conducted as part of the collaboration agreement with Nestlé. Moreover, the loss for completion recorded in the amount of the difference between the Company’s current best estimates of costs yet to be incurred and revenues yet to be recognized for the completion of the Phase 2 clinical trial was updated accordingly as of June 30, 2023 (see note 9 related to contingencies). |
Allocation of Personnel Expense
Allocation of Personnel Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Operating Expenses [Abstract] | |
Allocation of Personnel Expenses | Note 11: Allocation of Personnel Expenses The Company had an average of 88 employees during the six months ended June 30, 2023, in comparison with an average of 87 employees during the six months ended June 30, 2022. The following table summarizes the allocation of personnel expenses by function during the three and six months ended June 30, 2023 and 2022: Three Months Six Months 2023 2022 2023 2022 Research and Development expenses 4,014 3,097 8,020 6,172 Sales and Marketing expenses 208 344 373 589 General and Administrative expenses 2,858 2,767 5,958 5,362 Total personnel expenses 7,079 6,208 14,351 12,123 The following table summarizes the allocation of personnel expenses by nature during the three and six months ended June 30, 2023 and 2022: Three Months Six Months 2023 2022 2023 2022 Wages and salaries 4,078 3,509 8,516 7,497 Social security contributions 1,185 1,256 1,884 1,507 Expenses for pension commitments 246 211 504 509 Employer contribution to bonus shares (244 ) 154 — 170 Share-based payments 1,814 1,078 3,446 2,441 Total 7,079 6,208 14,351 12,123 The increase in personnel expenses was mainly due to recruitment of US employees partially offset by the departure of non-US |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 12: Commitments There were no significant changes in other commitments from those disclosed in Note 17 to the consolidated financial statements included in the Annual Report. |
Relationships with Related Part
Relationships with Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Relationships with Related Parties | Note 13: Relationships with Related Parties The Company’s related parties exclusively consisted of the members of the Board of Directors and the members of the Executive Committee. As of June 30, 2023, the total amount of remuneration granted to the members of the Board of Directors and Executive Committee has not significantly changed since December 31, 2022. There were no new significant related-party transactions during the period nor any changes in the nature of the transactions from those described in Note 18 to the consolidated financial statements included in the Annual Report. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 14: 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- and six-month 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 and six months ended June 30, 2023 and 2022 indicated in number of potential shares: Three Months Ended Six Months Ended 2023 2022 2023 2022 Non-employee 251,693 256,693 251,693 256,693 Stock options 5,290,569 3,442,358 5,290,569 3,442,358 Restricted stock units 1,509,078 1,145,223 1,509,078 1,145,223 Prefunded warrants 28,276,331 28,276,331 28,276,331 28,276,331 |
Events After the Close of the P
Events After the Close of the Period | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Events After the Close of the Period | Note 15: Events after the Close of the Period The Company evaluated subsequent events that occurred after June 30, 2023, through the date the condensed consolidated financial statements were issued after their approval by the Board of Directors on July 28, 2023, and determined that there are no significant events that require adjustments or disclosure in such condensed consolidated financial statements. |
The Company (Policies)
The Company (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements of the Company and its wholly-owned subsidiaries are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and are presented in U.S. dollars. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. 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, 2023, 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-of-use |
Accounting Pronouncements adopted in 2023 | Accounting Pronouncements adopted in 2023 In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13—Financial 2019-10 In October 2021, the FASB issued ASU 2021-08, |
Accounting Pronouncements issued not yet adopted | Accounting Pronouncements issued not yet adopted 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) | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | The following tables summarize the cash and cash equivalents as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Cash 24,111 30,104 Cash equivalents 149,850 179,090 Total cash and cash equivalents as reported in the statements of financial position 173,961 209,194 Bank overdrafts — — Total cash and cash equivalents as reported in the statements of cash flows 173,961 209,194 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 (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Current Assets [Abstract] | |
Summary of Other Current Asset | Other current assets consisted of the following: June 30, December 31, Research tax credit 9,662 5,792 Other tax claims 5,851 3,903 Prepaid expenses 4,494 2,680 Other receivables 1,571 1,504 Total 21,578 13,880 |
Summary of Research Tax Credit | The variance in Research Tax Credit is presented as follows: Amount in Opening research tax credit receivable as of January 1, 2023 5,792 + Operating revenue 3,741 - Payment received — - Adjustment and currency translation effect 130 Closing research tax credit receivable as of June 30, 2023 9,662 Of which - Non-current — Of which - Current portion 9,662 |
Lease contracts (Tables)
Lease contracts (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022, are as follows: June 30, 2023 December 31, 2022 Real estate Other Total Real estate Other Total Current portion 1,886 74 1,961 1,972 79 2,051 Year 2 291 43 334 1,168 74 1,243 Year 3 — — — 65 6 71 Thereafter — — — — — — Total minimum lease payments 2,177 118 2,295 3,204 160 3,364 Less: Effects of discounting (153 ) (10 ) (163 ) (325 ) (17 ) (343 ) Present value of operating lease 2,024 107 2,131 2,879 143 3,021 Less: current portion (1,873 ) (72 ) (1,944 ) (1,823 ) (71 ) (1,894 ) Long-term operating lease 151 36 187 1,055 72 1,127 Weighted average remaining lease term (years) 0.95 — 1.40 — Weighted average discount rate 2.90 % 2.50 % 3.00 % 2.45 % |
Summary of Rent expenses | Rent expense presented in the consolidated statement of operations and comprehensive loss was: June 30, 2023 2022 Operating lease expense / (income) 1,543 950 Net termination impact (920 ) (1,657 ) |
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 June 30, 2023 and 2022: June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows related to operating leases 963 1,079 |
Trade Payables and Other Curr_2
Trade Payables and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities, Current [Abstract] | |
Summary of Other Liabilities | The following tables summarize the other liabilities as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Other current liabilities Other non-current liabilities Total Other current liabilities Other non-current liabilities Total Employee related liabilities 4,374 — 4,374 5,872 45 5,917 Deferred income 2,264 3,987 6,251 2,137 4,690 6,828 Tax liabilities 187 — 187 69 — 69 Other debts 433 — 433 1,131 — 1,131 Total 7,258 3,987 11,245 9,210 4,735 13,945 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of RSU Activity | Change in Number of BSA/SO/RSU: Number of outstanding BSA SO RSUs Balance as of December 31, 2022 251,693 5,306,569 1,589,081 Granted during the period — 59,200 35,800 Forfeited during the period — (75,200 ) (54,444 ) Exercised/released during the period — — (61,359 ) Expired during the period — — — Balance as of June 30, 2023 251,693 5,290,569 1,509,078 |
Summary of Share-Based Payments Expenses | Share-based payments expense reflected in the condensed consolidated statements of operations is as follows: Three Months Six Months 2023 2022 2023 2022 Research & development SO (465 ) (290 ) (894 ) (665 ) RSU (271 ) (185 ) (529 ) (393 ) Sales & marketing SO (27 ) (38 ) (54 ) (33 ) RSU (8 ) (17 ) (17 ) (16 ) General & administrative SO (925 ) (478 ) (1,722 ) (1,176 ) RSU (118 ) (70 ) (231 ) (157 ) Total share-based compensation (expense) (1,814 ) (1,078 ) (3,446 ) (2,441 ) |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Loss Contingency [Abstract] | |
Summary of Current Contingencies and Non-current Contingencies | The following tables summarize the contingencies as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Current contingencies 5,076 3,944 Non-current 15,731 16,680 Total contingencies 20,807 20,625 |
Summary of Movement in Provisions | The changes in contingencies are as follows: Pension Collaboration Other Total At January 1, 2023 790 19,835 — 20,625 Increases in liabilities 11 — 780 791 Used liabilities — — — — Reversals of unused liabilities — (1,083 ) — (1,083 ) Net interest related to employee benefits, and unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans 93 — — 93 Currency translation effect 15 366 — 381 At June 30, 2023 909 19,118 780 20,807 Of which Current — 4,296 780 5,076 Of which Non-current 909 14,822 — 15,731 |
Operating Income (Tables)
Operating Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of operating income | The following table summarizes the operating income during the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Research tax credit 1,975 1,491 3,741 3,060 Other operating income 312 37 741 1,014 Total 2,288 1,529 4,482 4,074 |
Allocation of Personnel Expen_2
Allocation of Personnel Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating Expenses [Abstract] | |
Summary of Allocation of Personnel Expenses By Function | The following table summarizes the allocation of personnel expenses by function during the three and six months ended June 30, 2023 and 2022: Three Months Six Months 2023 2022 2023 2022 Research and Development expenses 4,014 3,097 8,020 6,172 Sales and Marketing expenses 208 344 373 589 General and Administrative expenses 2,858 2,767 5,958 5,362 Total personnel expenses 7,079 6,208 14,351 12,123 |
Summary of Allocation of Personnel Expenses By Nature | The following table summarizes the allocation of personnel expenses by nature during the three and six months ended June 30, 2023 and 2022: Three Months Six Months 2023 2022 2023 2022 Wages and salaries 4,078 3,509 8,516 7,497 Social security contributions 1,185 1,256 1,884 1,507 Expenses for pension commitments 246 211 504 509 Employer contribution to bonus shares (244 ) 154 — 170 Share-based payments 1,814 1,078 3,446 2,441 Total 7,079 6,208 14,351 12,123 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share, Basic [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 and six months ended June 30, 2023 and 2022 indicated in number of potential shares: Three Months Ended Six Months Ended 2023 2022 2023 2022 Non-employee 251,693 256,693 251,693 256,693 Stock options 5,290,569 3,442,358 5,290,569 3,442,358 Restricted stock units 1,509,078 1,145,223 1,509,078 1,145,223 Prefunded warrants 28,276,331 28,276,331 28,276,331 28,276,331 |
Significant Events and Transa_2
Significant Events and Transactions of the Periods - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jan. 31, 2020 | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 € / shares | |
American Depositary Shares [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Stock Issued During Period, Shares, New Issues | shares | 2,052,450 | ||
Shares Issued, Price Per Share | (per share) | $ 1.9 | € 3.52 | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.0809 | ||
Proceeds From Issuance Of Common Stock | $ | $ 7.8 | ||
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 | ||
Minimum [Member] | ViaskinTM Clinical Program For Children Aged Between Four to Eleven [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Age Of Child | 4 years | ||
Maximum [Member] | ViaskinTM Clinical Program For Children Aged Between Four to Eleven [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Age Of Child | 11 years |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of breakdown of cash and cash equivalents (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||
Cash | $ 24,111 | $ 30,104 |
Cash equivalents | 149,850 | 179,090 |
Total cash and cash equivalents as reported in the statements of financial position | 173,961 | 209,194 |
Bank overdrafts | 0 | 0 |
Total cash and cash equivalents as reported in the statements of cash flows | $ 173,961 | $ 209,194 |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Asset (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Research tax credit | $ 9,662 | $ 5,792 |
Other tax claims | 5,851 | 3,903 |
Prepaid expenses | 4,494 | 2,680 |
Other receivables | 1,571 | 1,504 |
Total | $ 21,578 | $ 13,880 |
Other Current Assets - Summar_2
Other Current Assets - Summary Of Research Tax Credit (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Tax Credit Carryforward [Line Items] | |
Opening balance | $ 5,792 |
+ Operating revenue | 3,741 |
- Payment received | 0 |
- Adjustment and currency translation effect | 130 |
Closing balance | 9,662 |
Of which - Non-current portion | 0 |
Of which - Current portion | $ 9,662 |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Research Tax Credit Carryforward [Member] | ||
Other Current Assets [Line Items] | ||
Tax credit carryforward amount before currency translation | $ 3.7 | $ 5.8 |
Lease contracts - Summary of Op
Lease contracts - Summary of Operating Leases Future Minimum Payments Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current portion | $ 1,961 | $ 2,051 |
Year 2 | 334 | 1,243 |
Year 3 | 0 | 71 |
Thereafter | 0 | 0 |
Total minimum lease payments | 2,295 | 3,364 |
Less: Effects of discounting | (163) | (343) |
Present value of operating lease | 2,131 | 3,021 |
Less: current portion | (1,944) | (1,894) |
Long-term operating lease | 187 | 1,127 |
Real Estate [Member] | ||
Current portion | 1,886 | 1,972 |
Year 2 | 291 | 1,168 |
Year 3 | 0 | 65 |
Thereafter | 0 | 0 |
Total minimum lease payments | 2,177 | 3,204 |
Less: Effects of discounting | (153) | (325) |
Present value of operating lease | 2,024 | 2,879 |
Less: current portion | (1,873) | (1,823) |
Long-term operating lease | $ 151 | $ 1,055 |
Weighted average remaining lease term (years) | 11 months 12 days | 1 year 4 months 24 days |
Weighted average discount rate | 2.90% | 3% |
Other Asset [Member] | ||
Current portion | $ 74 | $ 79 |
Year 2 | 43 | 74 |
Year 3 | 6 | |
Thereafter | 0 | 0 |
Total minimum lease payments | 118 | 160 |
Less: Effects of discounting | (10) | (17) |
Present value of operating lease | 107 | 143 |
Less: current portion | (72) | (71) |
Long-term operating lease | $ 36 | $ 72 |
Weighted average discount rate | 2.50% | 2.45% |
Lease contracts - Summary of Re
Lease contracts - Summary of Rent expenses (Detail) - Rent Expenses [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating lease expense / (income) | $ 1,543 | $ 950 |
Net termination impact | $ (920) | $ (1,657) |
Lease contracts - Summary of Su
Lease contracts - Summary of Supplemental cash flow information related to our operating leases (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash outflows related to operating leases | $ 963 | $ 1,079 |
Trade Payables and Other Curr_3
Trade Payables and Other Current Liabilities - Summary of Other Liabilities by Nature (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other current liabilities | $ 7,258 | $ 9,210 |
Other non-current liabilities | 3,987 | 4,735 |
Total | 11,245 | 13,945 |
Employee Related Liabilities [Member] | ||
Other current liabilities | 4,374 | 5,872 |
Other non-current liabilities | 0 | 45 |
Total | 4,374 | 5,917 |
Deferred Incomes [Member] | ||
Other current liabilities | 2,264 | 2,137 |
Other non-current liabilities | 3,987 | 4,690 |
Total | 6,251 | 6,828 |
Tax Liabilities [Member] | ||
Other current liabilities | 187 | 69 |
Other non-current liabilities | 0 | 0 |
Total | 187 | 69 |
Other Debts [Member] | ||
Other current liabilities | 433 | 1,131 |
Other non-current liabilities | 0 | 0 |
Total | $ 433 | $ 1,131 |
Trade Payables and Other Curr_4
Trade Payables and Other Current Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Increase decrease in trade payables current | $ 3,419 | $ 5,894 |
Increase in Current Trade Payables [Member] | ||
Increase decrease in trade payables current | $ 4,600 |
Shareholders' equity - Addition
Shareholders' equity - Additional Information (Detail) € / shares in Units, $ in Thousands | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 EUR (€) € / shares shares | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Class of Stock [Line Items] | |||||||
Share capital | $ | $ 164,240 | $ 179,094 | $ 194,453 | $ 244,416 | $ 82,062 | $ 99,274 | |
Share Capital [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share capital authorized | shares | 96,250,954 | 96,250,954 | |||||
Nominal value | € / shares | € 0.1 | ||||||
Share capital | $ 10,952 | € 9,625,095.4 |
Share-Based Payments - Summary
Share-Based Payments - Summary of RSU Activity (Detail) | 6 Months Ended |
Jun. 30, 2023 shares | |
B S A Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of warrants outstanding, Beginning Balance | 251,693 |
Number of warrants outstanding, Ending Balance | 251,693 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSU outstanding, Beginning Balance | 1,589,081 |
Number of RSU outstanding, Granted during the period | 35,800 |
Number of RSU outstanding, Forfeited during the period | (54,444) |
Number of RSU outstanding, Released during the period | (61,359) |
Number of RSU outstanding, Ending Balance | 1,509,078 |
Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of stock options outstanding, Beginning Balance | 5,306,569 |
Number of stock options outstanding, Granted during the period | 59,200 |
Number of stock options outstanding, Forfeited during the period | (75,200) |
Number of stock options outstanding, Ending Balance | 5,290,569 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Share-Based Payments Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payments | $ (1,814) | $ (1,078) | $ (3,446) | $ (2,441) |
Research and Development expenses [Member] | Stock Options [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payments | (465) | (290) | (894) | (665) |
Research and Development expenses [Member] | Restricted Stock Units [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payments | (271) | (185) | (529) | (393) |
Sales and Marketing expenses [Member] | Stock Options [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payments | (27) | (38) | (54) | (33) |
Sales and Marketing expenses [Member] | Restricted Stock Units [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payments | (8) | (17) | (17) | (16) |
General and Administrative expenses [Member] | Stock Options [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payments | (925) | (478) | (1,722) | (1,176) |
General and Administrative expenses [Member] | Restricted Stock Units [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payments | $ (118) | $ (70) | $ (231) | $ (157) |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 shares | |
Share options [Member] | |
Share-Based Payments [Line iteam] | |
Number of stock options outstanding, Granted during the period | 59,200 |
Restricted Stock Units [Member] | |
Share-Based Payments [Line iteam] | |
Number of RSU outstanding, Granted during the period | 35,800 |
Contingencies - Summary of Curr
Contingencies - Summary of Current Contingencies and Non-current Contingencies (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Liability, Defined Benefit Plan [Abstract] | ||
Current contingencies | $ 5,076 | $ 3,944 |
Non-current contingencies | 15,731 | 16,680 |
Total contingencies | $ 20,807 | $ 20,625 |
Contingencies - Summary of Move
Contingencies - Summary of Movement in Contingencies (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Contingencies, Beginning balance | $ 20,625 | |
Increases in liabilities | 791 | |
Used liabilities | 0 | |
Reversals of unused liabilities | (1,083) | |
Net interest related to employee benefits, and unwinding of discount | 0 | |
Actuarial gains and losses on defined-benefit plans | 93 | |
Currency translation effect | 381 | |
Contingencies, Ending balance | 20,807 | |
Of which Current | 5,076 | $ 3,944 |
Of which Non-current | 15,731 | $ 16,680 |
Pension retirement obligations [Member] | ||
Contingencies, Beginning balance | 790 | |
Increases in liabilities | 11 | |
Actuarial gains and losses on defined-benefit plans | 93 | |
Currency translation effect | 15 | |
Contingencies, Ending balance | 909 | |
Of which Non-current | 909 | |
Collaboration agreement -Loss at completion [Member] | ||
Contingencies, Beginning balance | 19,835 | |
Reversals of unused liabilities | (1,083) | |
Currency translation effect | 366 | |
Contingencies, Ending balance | 19,118 | |
Of which Current | 4,296 | |
Of which Non-current | 14,822 | |
Other provisions incl. restructuring [Member] | ||
Increases in liabilities | 780 | |
Currency translation effect | 0 | |
Contingencies, Ending balance | 780 | |
Of which Current | $ 780 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Loss contingency reversal amount | $ (1,083) |
Collaboration And License Agreement [Member] | |
Loss contingency reversal amount | $ 1,100 |
Operating Income - Summary of O
Operating Income - Summary of Operating Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Research tax credit | $ 1,975 | $ 1,491 | $ 3,741 | $ 3,060 |
Other operating income | 312 | 37 | 741 | 1,014 |
Total | $ 2,288 | $ 1,529 | $ 4,482 | $ 4,074 |
Allocation of Personnel Expen_3
Allocation of Personnel Expenses - Summary of Allocation of Personnel Expenses By Function (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Research and Development expenses | $ 17,616 | $ 18,611 | $ 33,653 | $ 30,834 |
Sales and Marketing expenses | 516 | 1,037 | 950 | 1,500 |
General and Administrative expenses | 9,231 | 5,704 | 16,120 | 12,334 |
Total Operating expenses | 27,364 | 25,352 | 50,723 | 44,669 |
Expenses by Function [Member] | ||||
Research and Development expenses | 4,014 | 3,097 | 8,020 | 6,172 |
Sales and Marketing expenses | 208 | 344 | 373 | 589 |
General and Administrative expenses | 2,858 | 2,767 | 5,958 | 5,362 |
Total Operating expenses | $ 7,079 | $ 6,208 | $ 14,351 | $ 12,123 |
Allocation of Personnel Expen_4
Allocation of Personnel Expenses -Summary of Allocation of Personnel Expenses By Nature (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based payments | $ (1,814) | $ (1,078) | $ (3,446) | $ (2,441) |
Total Operating expenses | 27,364 | 25,352 | 50,723 | 44,669 |
Expenses by Nature [Member] | ||||
Wages and salaries | 4,078 | 3,509 | 8,516 | 7,497 |
Social security contributions | 1,185 | 1,256 | 1,884 | 1,507 |
Expenses for pension commitments | 246 | 211 | 504 | 509 |
Employer contribution to bonus shares | (244) | 154 | 0 | 170 |
Share-based payments | 1,814 | 1,078 | 3,446 | 2,441 |
Total Operating expenses | $ 7,079 | $ 6,208 | $ 14,351 | $ 12,123 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
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 | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Related Party Transactions [Abstract] | |
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 (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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 | 251,693 | 256,693 | 251,693 | 256,693 |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,290,569 | 3,442,358 | 5,290,569 | 3,442,358 |
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 | 1,509,078 | 1,145,223 | 1,509,078 | 1,145,223 |
Prefunded warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 28,276,331 | 28,276,331 | 28,276,331 | 28,276,331 |